NET Power Truly Clean Cheaper Energy Engage Energy

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

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. 50 MWth 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 CO 2 and non-carbon atmospheric emissions without any additional cost Water is not required Co-produces valuable, useable industrial gases, in addition to CO 2, 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 CO 2 power cycle” ▫ By using pure, high-pressure CO 2 as a working fluid, capturing all CO 2 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/k. W • Additional economic benefits: ▫ Gas sales; siting resiliency; ramping and availability; permitting and environmental; H 20 September 29, 2017 1. LCOE calculated using EPRI methodology 2. Assumes natural gas at $2. 85/MMBTU and coal at $1. 73/MMBTU 3. Cost data: EIA (2013), Parsons Brinkerhoff (2013); Black & Veatch (2012); DOE NETL (2012) 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 • 50 MWth 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 Number of NET Power turbines Need. ED to Satisfy Different Markets NET Power equivalent units (log scale) 10000 100 10 1 2. 41664050733828 2. 19865708695442 2. 65321251377534 2. 88138465677057 3. 1102529173534 3. 58160836603206 2. 31806333496276 2. 76715586608218 2. 34439227368511 4. 05277086947488 2. 98091193777684 3. 463594402187 3. 4920616045126 2. 49692964807321 1. 76342799356294 3. 11193427633268 2. 65030752313194 2. 620136054973 Canada US 2. 59549622182557 Europe 3. 26857797188284 Asia 2. 65513843481138 Russia 2. 48000694295715 Middle east Africa 2. 26007138798507 South Am. 76 Power Demand to 2040 (IEA) (total units 4, 108) EOR Demand (Kuuskraa) (total unit 6, 018) ECBMR Demand (Godec, Dipietro) (total units 21, 601) 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 Virtually Emissions Free Greater than 97% CO 2 capture • All CO 2 is generated as a clean, high-pressure, pipeline-ready byproduct • Oxy-combustion eliminates NOx production; no other air emissions Low Water Usage Can operate without requiring water • 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 Can Operate “Capture Ready” Emits only a nearly-pure CO 2 stream in this configuration Improved Permitting Does not trigger Major Source permitting requirements • Can begin capturing CO 2 without requiring new Capex or a performance penalty • Even when emitting CO 2, still cleaner than any other natural gas plant due to elimination of NOx • 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 Siting Flexibility Increased siting ability over combined cycle • 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 Operational Flexibility Increased operational flexibility due to unique cycle • 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 Tested in 2013 1 Assembled Using Existing Components 2 7 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 § 58. 9% (LHV) net efficiency, with capture of >97% of carbon 3 5 6 4 § Oxy-fuel, closed-loop, CO 2 working fluid § 200 -400 bar; 6 -12 pressure ratio § CO 2 and water are the only byproducts 5 September 29, 2017 § All components, other than combustor and turbine, currently available § 740 H now in commercial use at two facilities 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 7 6 Heat Exchanger Additional Heat Fuel Input 1 Combustor 5 Pressure (bar) Pump 5 2 Compressor Turbine Heat Exchanger Water Separator 3 4 © 8 Rivers Capital, LLC Specific Enthalpy (k. J/kg) 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 50 MWth 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: Steel Piping 70 250 60 1, 200 50 1, 000 150 100 Feet per MW 300 1, 400 Tons per MW Cubic Yards per MW Concrete 40 30 20 600 400 50 10 200 0 Wire and Control Cable Craft Labor Peak 25, 000 10 8 6 4 2 0 20, 000 Feet per MW Personnel per MW 12 September 29, 2017 800 15, 000 10, 000 5, 000 0 The information contained in this material is confidential and contains intellectual property of 8 Rivers Capital, LLC and its affiliates.

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