About Boral Resources America’s largest manager and marketer of coal combustion products Only coal ash management company with operations coast to coast and a full suite of ash beneficiation and reclaiming technologies Terry Peterson, East Region Vice President, offers 35 years experience in all aspects of coal ash mangement

What Successful Ash Markets Need Ash market growth requires: Investment in logistics infrastructure to support supply consistency and reliability Variety of ash quality strategies and technologies to adapt to highly variable ash source conditions Development of pricing dynamics to support investments in logistics infrastructure and ash quality technologies While fly ash concrete garners most attention, a variety of coal combustion products require a variety of use options Fly ash, bottom ash, synthetic gypsum Flowable fills, cement and aggregate production, geotechnical, building products and agricultural applications

Boral and Dominion – A Long History Boral served as ash marketer at Chesapeake Energy Center (Virginia) 2006 through plant closure in 2014 and Brayton Point Power Station (Massachusetts) 2006 through plant closure in 2017 Operated Carbon Burn-Out beneficiation systems (on dry, as produced materials) at both facilities, resulting in nearly 100% fly ash beneficial use in concrete Chesapeake – 689,000 tons life of project Brayton Point – 1.5 million tons life of project Marketed non-spec fly ash and bottom ash for non-concrete applications Ash management and marketing services at Mount Storm, Virginia City, and Clover power stations

Peril in Beneficial Use Mandates Oversupply of concrete grade fly ash looming in North Carolina as a result of legislative action

Mid-Atlantic Ash Markets Demand Fly Ash for Concrete Market Demand Current and Forecast State 2017 Market 16% National Replacement Rate 2021 Forecast 16% Current Replacement Rate 2021 Forecast 25% Aspirational Replacement Rate Virginia 295,898 353,126 551,759 W. Virginia 58,122 74,605 116,571 Maryland 201,885 227,217 355,027 D.C. 39,164 39,815 62,210 TOTAL 595,069 tons 694,763 tons 1,085,567 tons Based on Portland Cement Association cement consumption forecast data and American Coal Ash Association historic production and use survey data for fly ash use in concrete and concrete products.

Coal Ash Markets Conclusions Successful coal ash beneficial use markets require an adaptable mix of management strategies and technologies that can adapt to changing conditions and support sustainable activities Beware of one-size-fits all “solutions” and mandates that attempt to pick winners in technologies It takes time to determine appropriate actions, and time to grow them sustainably