NET Power Truly Clean, Cheaper Energy Engage Energy Conference September 29, 2017 September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

…or it’s pier from which we Previously, two visions for natural gas power generation in a low-carbon future It’s a bridge to the low-carbon future. …or it’s pier from which we will eventually fall. September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

NET Power makes possible a third vision for natural gas … a destination. 50MWth Demonstration Plant, La Porte, Texas September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

NET Power is changing the value proposition for gas Produces electricity from natural gas Targets electricity costs that are competitive with existing natural gas power plants Captures or eliminates substantially all CO2 and non-carbon atmospheric emissions without any additional cost Water is not required Co-produces valuable, useable industrial gases, in addition to CO2, including N₂, O₂ and Ar, that can reduce the cost of electricity below that of conventional plants September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

NET Power uses a new approach to power generation called the Allam Cycle Traditional CCS is prohibitively expensive Conventional fossil power generation systems all require Band-Aid CCS approaches Unavoidably cost-additive CCS is inherent to the Allam Cycle An “oxy-fuel, direct-fired, supercritical CO2 power cycle” By using pure, high-pressure CO2 as a working fluid, capturing all CO2 doesn’t require added costs Applicable to natural gas AND coal September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

NET Power aims to compete head-to-head with conventional, emitting resources Highly efficient: Comparable efficiencies to NGCC (59% LHV) Low capital costs: Targeting $1000/kW Additional economic benefits: Gas sales; siting resiliency; ramping and availability; permitting and environmental; H20 LCOE calculated using EPRI methodology Assumes natural gas at $2.85/MMBTU and coal at $1.73/MMBTU Cost data: EIA (2013), Parsons Brinkerhoff (2013); Black & Veatch (2012); DOE NETL (2012) September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

NET Power offers value beyond electricity September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

NET Power is about to demonstrate the technology at large scale in La Porte, Texas 50MWth natural gas plant $140 million investment, plus major in-kind contributions Construction largely complete Major industrial partners 8 Rivers, Exelon, CB&I co-own NP Toshiba developing the turbine First commercial-scale plants under development First phase of engineering complete and site down-select underway Targeting 2021 delivery September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

Colorado sits at a nexus in the changing energy landscape, and NET Power can unlock its full value September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

Appendix September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

NET Power partners with renewables to avoid diminishing returns Data obtained from: Brick, S., and Thernstrom, S., Renewables and decarbonization: Studies of California, Wisconsin, and Germany, The Electricity Journal, 2016, 29, 6-12. September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

Market opportunity for NET Power turbine sales September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

NET Power is Environmentally Superior Greater than 97% CO2 capture Virtually Emissions Free All CO2 is generated as a clean, high-pressure, pipeline-ready byproduct Oxy-combustion eliminates NOx production; no other air emissions Can operate without requiring water Low Water Usage No steam cycle means no steam make-up water required Eliminates water needs (becoming a net water producer) with air cooling, for a small efficiency penalty Emits only a nearly-pure CO2 stream in this configuration Can Operate “Capture Ready” Can begin capturing CO2 without requiring new Capex or a performance penalty Even when emitting CO2, still cleaner than any other natural gas plant due to elimination of NOx Does not trigger Major Source permitting requirements Improved Permitting No Major Source emissions levels means faster, cheaper, more certain permitting process No NOx enables siting in EPA Non-Attainment Zones without offsets, which includes many metropolitan regions September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

NET Power Offers Improved Flexibility Increased siting ability over combined cycle Siting Flexibility Elimination of NOx enables siting near major metropolitan areas that are EPA Non-Attainment Zones, without requiring purchase of offsets Streamlined, minor source permitting expands siting opportunities, certainty, and timeline Performance resiliency at high altitude and in hot, dry climates improves economics compared to combined cycle, which experiences major de-rating in these environments Increased operational flexibility due to unique cycle Operational Flexibility Turndown not limited by NOx production concerns, as with combined cycle Large parasitic load enables technology to turndown to zero net load to grid, providing fast response; desirability depends on individual plant economics Ramp rate similar to combined cycle at 2-5% minute Ability to increase power to grid beyond nameplate rating during peak power prices through use of on-site, stored oxygen (temporarily eliminating the parasitic load of Air Separation Unit oxygen production system) September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

Allam Cycle Natural Gas Platform 5 1 2 3 4 7 6 Except for these components, all equipment is mature technology ❶ Fuel Combustion ❷ CO₂ Turbine ❸ Heat Rejection ❹ Water Separation ❺ Compression and Pumping ❻ Additional Heat Input ❼ Heat Recuperation Tested in 2013 Assembled Using Existing Components 58.9% (LHV) net efficiency, with capture of >97% of carbon Oxy-fuel, closed-loop, CO2 working fluid 200-400 bar; 6-12 pressure ratio CO2 and water are the only byproducts All components, other than combustor and turbine, currently available 740H now in commercial use at two facilities September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

The NET Power Advantage - The Allam Cycle Pressure (bar) Additional Heat Specific Enthalpy (kJ/kg) Turbine Fuel Input Compressor Pump Heat Exchanger 1 2 3 4 5 6 7 Water Separator Combustor © 8 Rivers Capital, LLC September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

NET Power’s effective heat rate (LHV) 4,713 2,755 -596 utility Price location dependent Note: Heat rates are net of additional ASU parasitics for capture of specialty gases. Assumes gas costs are offset at $4.44/MMBtu LHV September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

Toshiba turbine on site 50MWth turbine is complete. Actually sized as 200 MWth, but uses only 1 combustor vs 4 500 MWth commercial turbine uses same technology September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

NET Power is much smaller than other first-of-a-kind projects Compared to IGCC, bulks are small driver of costs: September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

+1 (919) 667-1800 www.NETPower.com / www.8Rivers.com September 29, 2017 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.