2014 VitAg Tax-exempt Bond Authorization Request

Effective biosolids solution Safe manufacturing process Environmentally-friendly product High-value slow-release fertilizer Proven technology and experienced team Green sustainable business

A Sustainable Biosolids Process Manufacturing A High Nitrogen, Dry, Granular, Organically-enhanced Fertilizer Product

VitAg Biosolids-To-Fertilizer Plant – Zellwood, FL

VitAg Process – Safe – Green -- FL Class AA+ Product

2

AM Process Overview

MunicipalBiosolids

• Process brings together two large volume industries• Safely processes biosolids, sulfuric acid and ammonia into fertilizer• Relatively low temperature and pressure• Sterilizes biosolids; breaks-down macromolecules• Standard materials & equipment widely used in fertilizer industry• Community friendly; 12 issued U.S. Patents

The VitAg Zellwood Plant: A Safe Design – Popular Product -- Environmentally-Friendly

•Plant engineering design achieved 100% completion

•EPC construction contract with CDM Smith Constructors Inc.

•62 acres (see above) under lease/purchase contract

•All permits procured for construction including FL Domestic Wastewater Permit

•20-year biosolids feedstock agreement executed for 230 wet tons per day

•30% of production sales secured through off-take agreements

•Strong project support from Orange County

VitAg Accomplished Project Milestones

Zellwood Property Plant Location CDM Smith 3-D VitAg Plant Modular Design

VitAg Plant Project Impacts

4

VitAg Tax Exempt Bonds

• Amount to be authorized = $65,000,000

• Increased from $55,000,000

• Rating = unrated with credit protection

• OCIDA requirements: 25% equity, 1.25 DSCR

• Actual: 33+% equity, average >2.5 times DSCR

• Issuing authorities = OC Industrial Development Authority OC Board of Commissioners State of Florida

• Lead Underwriter = Citigroup

• Timing Authorizations – May 2014 Marketing/Pricing – June 2014 Project closing - Late June 2014

6

Approval and execution of the TEFRA resolution

entitled “Approving the issuance of Orange

County Industrial Development Authority Industrial

Development Revenue Bonds (VitAG Florida LLC

Project), Series 2014, in an aggregate principal

amount not to exceed $65,000,000.

6

Requested Action