© 2010 Evergreen Energy Inc.

NYSE Arca: EEEJune 2010 Investor Presentation

www.evgenergy.com

© 2010 Evergreen Energy Inc. 2

Safe Harbor

Statements in this presentation that relate to future plans or projected results of Evergreen Energy Inc. are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended by the Private Securities Litigation Reform Act of 1995 (the PSLRA), and Section 21E of the Securities Exchange Act of 1934, as amended by the PSLRA, and all such statements fall under the safe harbor provisions of the PSLRA. Our actual results may vary materially from those described in any forward-looking statement due to, among other possible reasons, the realization of any one or more of the risk factors described in our annual or quarterly reports, or in any of our other filings with the Securities and Exchange Commission, all of which filings any reader of this release is encouraged to study. In addition, our ability to execute our business plan and develop the GreenCert™ or K-Fuel® technologies may be adversely impacted by an unfavorable decisions in the Buckeye litigation, which will limit our ability to utilize the proceeds received from the sale of Buckeye, raise significant additional capital or effectively complete any restructure transaction on a timely basis to fund our business operations.

© 2010 Evergreen Energy Inc. 3

Scientifically verifiable environmental intelligence solution that scales across the enterprise to capture the entire carbon life-cycle

Commercially validated clean coal process to upgrade coal, improve efficiency of combustion and reduce emissions and contaminants

Global Business Challenge: Carbon Management

Evergreen delivering solutions to address compelling global market conditions

© 2010 Evergreen Energy Inc. 4

Evergreen Energy Today: Positioned for Future Growth

Capturing growing market opportunity with cleantech solutions – Driving GreenCert™ to commercial revenue– Furthering K-Fuel opportunities

Improving financial position– Decreased cash used in operating activities from continuing operations:

Q110 was $4.3 million, $1.3 million less than Q109– Sold certain non-core assets of both Buckeye Industrial Mining Co and

Evergreen on April 1, 2010

Realigning board to reflect cleantech leadership

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Environmental Intelligence SolutionsEvaluate your GHG needsQuantify the environmental benefits of projectsIdentify and Assess potential of additional projectsPlan your environmental management strategy

© 2010 Evergreen Energy Inc. 6

Intelligent solutions to reduce greenhouse gas and other environmental problems of local relevance, national importance and global concern are internationally needed.

Global Business Challenge: Environmental Information Management

Providing software solutions to address compelling global market conditions

Reduce LiabilityCreate Revenue StreamMitigate Risk

© 2010 Evergreen Energy Inc. 7

Addressable Market

Source: New Carbon Finance, 2008

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Energy Product Tree

Enterprise

Emissions Monitoring &

InventoryTracking

(EMIT)

Analytics

Reporting

Consultingand

AssessmentServices

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Construct a Process-Oriented Framework for Environmental Accounting

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Monitoring Tools Provide Quantifiable Business Improvements

GHG Affects Business

GreenCert Addresses Issues

RiskLong term operational sustainability will be impacted by ever increasing environmental and operational regulations

• Companies delivering these benefits will increase value to their stakeholders, rating agencies and customers

• Transparent auditable system that reduces risk along with repeatable processes

LiabilityPolitical, financial and societal demands/requirements will increase the economic, operational and legal liability

• By using our method of quantification (triangulation) we meet or exceed existing and anticipated Government regulations

• By increasing the certainty of the GHG quantification (measurement accuracy, multiple quantification methodologies and greater detail data) liability is decreased and the ability to defend reported information increased

OpportunityImproved efficiency will return an operational ROI by identifying the incremental improvements and monetizing the GHG offsets

• Monetization decrease in GHG emissions allows development of incremental revenue

• Improve operational efficiency driving down “product” cost

© 2010 Evergreen Energy Inc. 11

Creating a World-Class Energy Solutions SuiteGreenCertTM Energy 2.0

Extends customer-driven functionality to reduce risk and provide enterprise-wide accountability while maintaining a scalable and stable solutionUses the IBM service-oriented architecture frameworkRelease of GreenCert Energy 2.0, also available on-premise or through software-as-a-service (SaaS), anticipated in late 2010

GreenCertTM EMIT 1.0 (Emission Monitoring and Inventory Tracking)A SaaS-based emission monitoring tool for EPA Clean Air Interstate Rule (CAIR) informationDesigned to give executives, regulatory bodies and other businesses and non-government related organizations the ability to evaluate and analyze environmental reporting as it relates to CAIR requirements Enables comparisons across a single utility, against other utilities or like enterprises; with the ability to define regional, temporal and informational boundaries

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Tivoli Storage ManagerTivoli Identity ManagerTivoli Directory Integrator

Lotus QuickrLotus Sametime

WebSphere PortalLotus Dashboard Framework

C‐LOCK® Patented Process

WebSphere Process ServerEnterprise Services Bus (ESB)

iLogDB2 Content ManagerDB2 Records ManagerDB2 Database Manager

BI PlatformAnalytics Platform

Dashboard Framework

Utilizing IBM’s Solutions Framework for GreenCert Energy 2.0

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Partner Ecosystem Builds credibility, momentum, mass, and business

Sales Partners

Environmental Firms

ISVs

SystemIntegrators

Current Planned

Collaboration

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Partner MarketingMarket Focus:• Utility prospects that have the most to

gain/lose with GreenCert™ • Europe, Asia, Asia-Pacific, and US

– Adjusting efforts to better penetrate these markets

Partner Marketing:• IBM has provided Evergreen with a

marketing resource to plan 2010 events with customer focus:– IOD EMEA May 2010 with IBM– EUEC with Black & Veatch 2010– EUEC with Evergreen direct– EPA Cognos reporting initiative led

by EIM with IBM

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Reduce emissions and lower impuritiesCaptures value between low and high rank coal

– Third party sales and/or use within the enterpriseValidated process and productDemonstrated commercial technologyProduces clean, efficient and affordable energy

Cleaner Coal Solutions

© 2010 Evergreen Energy Inc. 17

K-Fuel: A Simple & Proven Technology

ConditionScreen Process CoolNon-Condensable Gas

Process Water To Treatment

K-Fuel® Product

Steam Condensate

Steam From Boiler

Coal Feed

Cooling Water In

Cooling Water Out

ConditionScreen Process Cool

Proprietary process applies time, heat and pressure to upgrade low-rank coals

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K-Fuel’s Value-Added Benefits

Increases the heating value of sub-bituminous and lignite coals by up to 2x greater

Makes low rank coal reserves more marketable

Increases efficiency and throughput in slurry-type gasifier when used to pre-treat feed

Economic

Increasingly stringent global environmental requirements

Increasing investor scrutiny of public company environmental footprint

Reduce Mercury up to 80%

Improved combustion efficiency reduces SO2, CO2, and NOx

Environmental

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− Allegheny Power− Black Hills Power and Light− Clifty Creek− Denman Tire

− Emerald Performance− First Energy − Notre Dame − Painesville

Demonstrated Commercial Production

Successful Test Burns in Power Generation Facilities

K-Fuel AccomplishmentsPatented: The world’s first commercially validated coal upgrading technology− 11 current patents − 33 countries

© 2010 Evergreen Energy Inc. 20

Commercialization PlansNext Commercial Facility to be Developed in China

Qualifying Chinese Equipment Suppliers– Low cost equipment and fabrication– Location near large and growing coal producers and consumers

Expansion In Asia and Beyond– Known opportunities in Indonesia – Recovery of US coal markets can drive demand for high rank coal

© 2010 Evergreen Energy Inc. 21

Leaders Title ExperienceThomas H. Stoner, Jr.(joined ’09)

CEO, Director

Pres. & CEO, Econergy International PLC Pres. & CEO, EUA Highland Corporation

Miles F. Mahoney (joined ’09)

President & COO

VP & GM of Global Alliances and Channels, SAS Institute, Inc.VP of Strategic System Integrators, Crystal Decisions (acquired by Business Objects)

Diana L. Kubik(joined ’06) CFO Practice Dtr., 2 Degrees Consulting, Sr. Dtr., Finance Qwest Communications

Number of accounting positions, including six years with Deloitte & Touche

Michael Gionfriddo(joined ’10) CTO Distinguished Engineer and CTO of the Junos Space Business Unit at Juniper Networks

CTO of Enhanced Communication Delivery Systems (ECDS)

Dennis Pungitore (joined ’10)

GM - Energy Group

Over 25 years experience working for companies such as ABB, Siemens, Allis Chalmers & Voith Director of Energy Programs for the Cabot Corporation Specialty chemical division

Guido Bartels (joined ’10)

Director GM Global Energy & Utilities Industry of IBM’s energy and utility business Chairman of the GridWise™ Alliance and member of the US Department of Energy’s Electricity Advisory Committee (EAC)

William G. Gibson(joined ’10) Director Former Pres. & CEO, Network General (acquired by NetScout)

35 years in high technology: positions at AT&T, Crystal Decision, Lucent & NEC

Dr. Manual H. Johnson (joined ’04) Director

Co-Chairman and Senior Partner, Johnson Smick International, Inc.Former Vice Chairman, Board of Governors, Federal Reserve System

Dr. Robert S. Kaplan(joined ’05) Director Marvin Bower Professor of Leadership Development, Harvard Business School

Former Dean, Carnegie-Mellon Business School

Richard Perl(joined ’09)

Director Founder & President of Pacific Partners International Investments, Inc.

Chester N. Winters(joined ’10) Director GP, NewWest Capital Partners; Chairman & CEO of Highland Energy Group

Univ. of Colorado: Dept. of Economics Advisory Board & Bard Center Board

Strong Leadership

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Strengthening capital structure– Oct ’09: Filed universal shelf registration – Oct ’09: Raised $5 million net proceeds, excluding transactions costs, through a PIPE– Jan ’10: Raised net proceeds of approximately $8.0 million through a Registered Direct Offering– Mar ’10: Raised approximately $5 million in net proceeds through a Registered Direct Offering– Apr ’10: Retired 2009 Convertible Notes at approximately $21.1 million– Apr ’10: Sold assets of both Buckeye and Evergreen to Rosebud Mining Co. for approximately

$32.9 million in aggregate proceeds, which excludes the release of $5.0 million of cash reclamation bonds

Advancing licensing models for GreenCert™ Optimizing strategic relationships to enhance value and leverage sales and marketing reachRealizing benefits from ongoing cost controls– Decreased cash used in operating activities from continuing operations in Q110 to $4.3 million,

an improvement of $1.3 million over Q109– Reduced costs at Fort Union plant, and lower professional fees and other general and

administrative costs contributed to Q110 cost savings– Optimized previous investments in internal control and systems infrastructure to transition to a

pure play technology company

Improving Financial Profile

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Leveraging Momentum to Build a Stronger Business

Bringing cleantech solutions to market– Advancing GreenCert™

• Leveraging distribution channels with industry leaders• Delivering solution in licensing model: SaaS and on-premise • Investing in growth regions: Asia-Pacific, EMEA & Americas • Enhancing product offering

– Realizing opportunities for K-Fuel in Asia• Working toward signing a commercialization agreement with an

integrated utility/chemical manufacturer to build the first K-Fuel plant in Inner Mongolia

• Working with EJV, Evergreen-China, to drive K-Fuel adoptionFortifying the balance sheet via the sale of additional non-core assetsContinuing to streamline operating costs and expenses

© 2010 Evergreen Energy Inc. 24

Solutions today …

for a cleaner tomorrow