Avondale Partners, LLC
Daniel J. Mannes, CFA
West Conshohocken, PA

Robert W. Baird & Company
J. Michael Horwitz, Jr. and Ben Kallo
San Francisco, CA

JMP Securities
Analyst in Transition
San Francisco, CA

Johnson Rice & Company LLC
Dr. William Burns, CFA
New Orleans, LA

Lazard Capital Markets
Graham Mattison
New York, NY

Pritchard Capital Partners LLC
Veny Aleksandrov
New York, NY

Wedbush Morgan Securities
Al Kaschalk
Los Angeles, CA

The analysts above follow ADA-ES, Inc. in research. Please note that any opinions, estimates or forecasts regarding ADA-ES' historical or predicted performance made by the analysts are exclusively those of the analyst and do not represent opinions, forecasts or predictions of ADA-ES or its management. ADA-ES does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.