Forward-looking Statements

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2 Forward-looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, such as statements regarding market adoption of natural gas as a vehicle fuel, oil, gasoline, diesel and natural gas prices and Clean Energy s ability to continue to offer natural gas at a discount to gasoline and diesel, continued interest and investment in natural gas as a vehicle fuel, including government incentives promoting the use of cleaner fuels, the strength of Clean Energy s key markets and businesses, the benefits of natural gas relative to gasoline, diesel and other vehicle fuels, Clean Energy s ability to successfully enter new businesses, such as the virtual natural gas pipelines business of NG Advantage, build, sell and open new natural gas fueling stations and add incremental volume to Clean Energy s fueling infrastructure, Clean Energy establishing relationships with new customers and expanding relationships with existing customers, and future growth and sales opportunities in all of Clean Energy s key customer markets, which include trucking, refuse, airport, taxi, transit, ready mix and off-system sales. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to, future supply, demand, use and prices of crude oil and natural gas and fossil and alternative fuels, including gasoline, diesel, natural gas, biodiesel, ethanol, electricity, and hydrogen, Clean Energy s ability to recognize the anticipated benefits of building CNG and LNG stations, the availability and deployment of, as well as the demand for, natural gas engines that are wellsuited for the U.S. heavy-duty truck market, future availability of capital, including equity or debt financing, as needed to fund the growth of Clean Energy s business, Clean Energy s ability to efficiently manage any growth it might experience and retain and hire key personnel, the acceptance and availability of natural gas vehicles in Clean Energy s markets, the availability of tax and related government incentives for natural gas fueling and vehicles, changes to federal, state or local fuel emission standards, Clean Energy s ability to capture a substantial share of the anticipated growth in the market for natural gas fuel and otherwise compete successfully, Clean Energy s ability to manage risks and uncertainties related to its international operations, construction and permitting delays at station construction projects, Clean Energy s ability to integrate acquisitions and investments, such as its investment in NG Advantage, compliance with governmental regulations, Clean Energy s ability to source and supply sufficient LNG to meet the needs of its business, Clean Energy s ability to effectively manage its current LNG plants, and Clean Energy s ability to manage and grow its RNG business. The forward-looking statements made herein speak only as of the date of this presentation and Clean Energy undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. Additionally, Clean Energy s Form 10-Q, filed on November 5, 2015 with the Securities and Exchange Commission ( contains risk factors that may cause actual results to differ materially from the forward-looking statements contained in this presentation. 2

3 Largest Alternative Transportation Fuel Provider 950+ FLEET CUSTOMERS NGVS FUELED DAILY 550+ NATURAL GAS FUELING STATIONS 3

4 Clean Energy is the only natural gas fueling solutions provider in the industry to offer CNG, LNG & RNG fueling REGIONAL FLEETS AIRPORT TRANSIT REFUSE FLEETS HEAVY DUTY TRUCKING PUBLIC TRANSIT CONSTRUCTION VEHICLES 4

5 IN-HOUSE Suite of services CNG, LNG & RNG FUELING SERVICES FACILITIES MODIFICATION 24/7 SERVICE & SUPPORT ENGINEERING & CONSTRUCTION COMPRESSORS & EQUIPMENT RENEWABLE FUELS STATION TECHNOLOGY & CONSTRUCTION GRANTS & FINANCING 5

6 Most Robust Nationwide Network: Public & Private Locations 6

7 Benefits of Fueling with Clean Energy FAVORABLE ECONOMICS LOWER EMISSIONS CONTINUED NATIONAL FLEET ADOPTION 7

8 Natural Gas Is Economic Diesel Gallon Equivalent (DGEs) Btu Conversion Factor = 7.2 per Mcf Gasoline Gallon Equivalent (GGEs) Btu Conversion Factor = 8.1 per Mcf $1.90* per MMBtu 7.2 = $0.26 per DGE $1.90* per MMBtu 8.1 = $0.23 per GGE FUEL PRICES DIESEL 1 $2.79 GASOLINE 1 $2.85 LNG 2 CNG 2 $2.37 $2.15 *NYMEX price on December16, 2015 *Our commodity cost per gallon sold 1: , Los Angeles avg, gasbuddy.com 2: , per gallon pricing for large fleet customers 8

9 Lowest Emissions Offering Available ISL G Near Zero NOx Engine First Mid-range engine in North America to reduce NOx emissions by 90% from EPA 2010 limit of 0.2 g/bhp-hr. Meets the 2017 EPA Greenhouse gas emission requirements. Certified by the EPA and California Air Resources Board CLEANER COST-EFFICIENT DOMESTIC RENEWABLE The first renewable natural gas made from organic waste and available as a commercial vehicle fuel. 9

10 The Natural Gas Fuel Market Clean Energy is serving fleet customers at 39 major airports Over 25 % of transit buses operate on NG Over 55% new refuse trucks are NG Heavy-duty truck market is beginning to transition 6% of Heavy-duty truck market equals entire refuse market Rail industry piloting LNG locomotives Virtual pipeline delivery of CNG to large industrial and institutional energy users. 10

11 AIRPORTS 2B GAL/YR MARKET SIZE AT 39 AIRPORTS STATIONS 11

12 TRANSIT 1.5B GAL/YR MARKET SIZE 35% OF NEW TRANSIT VEHICLES ARE NATURAL GAS 8K FUELS TRANSIT VEHICLES A DAY 12

13 2B GAL/YR MARKET SIZE REFUSE TRUCKS 179K TRUCK MARKET 9K+ TRUCKS A DAY 130+ CUSTOMERS 13

14 HEAVY DUTY TRUCKS 25B+ GAL/YR MARKET SIZE 3.6M CLASS 8 TRUCKS 3,000+ NATURAL GAS TRUCKS 14

15 25B+ Gallons of Fuel Used Per Year By Market 3.6B 6.6B 1.5B 2B 2B 1.7 B Transit buses Airport vehicles Refuse trucks Heavy duty trucks Mining Rail Marine Gallons of Fuel Used Per Year 15 15

16 Refuse Truck Adoption % of Natural Gas trucks # of trucks sold industry wide 8k 8k 8k 8k 8k 5k 5k 6k 50% 60% 60% 55% 3% 8% 10% 20% *9 Liter Introduced in

17 NUMEROUS RECOGNIZED FLEETS Fueling with Natural Gas 17

18 Delivering Natural Gas Fuel Beyond the Pipeline NG Advantage is Clean Energy s CNG bulk fueling partner responsible for delivering all of the benefits of natural gas to off-pipeline industrial facilities including: Hospitals Paper mills Asphalt facilities Manufacturing plants Food processors 18

19 Clean Energy Compression s non-lubricated compressor technology produces the cleanest CNG in the industry, reducing maintenance costs, improving system performance, and increasing customer satisfaction. 19

20 Benefits of Fueling with Natural Gas Cleaner Reduces a fleet s carbon footprint and NOx emissions Safe 17 million+ vehicles around the world are fueling safely with natural gas Domestic Is abundant in North America and fuels the growth of our economy Competitive Edge Gives fleets a green advantage to win bids and attract new customers Cheaper Offers prices that are more stable and less volatile than gasoline and diesel Reduced Maintenance Runs cleaner, protecting vehicle engines 20

21 Balance Sheet Highlights ($ millions) Cash and Short-term Investments Land, Property, and Equipment Total Assets Convertible Debt Other Long-Term Debt* Total Stockholders Equity $166 $518 $1,045 $545 $19 $373 *Other Long-Term debt excludes non-recourse debt at the CERF subsidiary level 21

22 Debt Maturity Schedule (000s) Thereafter Convertible Notes 7.5% Boone Pickens/ $50,000 $50,000 $50,000 Leonard Green Partners* 7.5% Temasek/RRJ Notes* $145, % Citi Notes $250,000 * Payable in equity or cash at our option Non-Recourse Canton Bonds ($11,150 non-recourse to the company) Capital lease Obligations $1, $2, $1, $1, $1, $4, Other $2,906 $2,009 $2,147 $1,916 $1,313 $537 Total $4,846 $149,485 $4,070 $303,584 $53,131 $55,554 23

23 US Natural Gas Shale Plays As reported by the American Petroleum Institute in