Waste-to-Value

• Situation
  • U.S. waste generation per capita is now 4.5 lbs/day, nearly double 1960 levels
  • Over 60% of waste still goes directly into landfills
  • Consumer behavior is difficult to change
  • Industry is change resistant
• Market Opportunities
  • Aggregate market forecast to grow 3-4% CAGR through 2016 (many segments growing much faster)
  • Oil & Gas drilling waste management forecast to grow at 10% CAGR through 2018
  • Historically-low multiples create opportunity for exit multiple expansion based on growth
  • Increasing focus on “dematerialization” to reduce materials content and excess energy use in products and packaging
• NewWorld Investment Focus
  • Waste-to-energy infrastructure (such as biomass-to-energy projects)
  • Waste-to-materials recovery
  • Waste-to-fertilizer infrastructure