Aaron F. Zahn — Biography Aaron F. Zahn is Managing Partner and Chief Executive Officer of Pascal Partners, a distributed Infrastructure investment and development company. Mr. Zahn’s personal passion is “infrastructure Innovation” — the pursuit of economically viable and sustainable means and methods of deploying goods and services that support economic and social growth. He has led private investment and job creation in the State of Florida to demonstrate the economic and environmental benefits associated with Infrastructure Innovation. From 2009 to 2017, Mr. Zahn was Chairman and Chief Executive Officer of BCR Environmental Corporation, a ‘water and wastewater technology firm, along with BCR’s Florida based project development and operations subsidiary NuTerra. Under Mr. Zahn’s leadership, BCR became the only company in 30 years to work with the U.S. EPA to develop and obtain national regulatory approval for two new technologies that convert human waste to recycled usable materials. The first national approval was granted by the U.S. EPA in 2010 with the second in 2015. In 2013, Mr. Zahn created NuTerra as a project development and services company to deploy innovative technologies for public utilities. NuTerra has become a preeminent project development and services company for organics waste recycling facilities. While under Mr. Zahn’s management NuTerra completed $180+MM of public-private-partnerships, eliminated more than 20,000 MW/year of energy consumption, ‘and now recycles over 120,000 tons / year of waste in Florida. Together, these businesses pioneered innovation in the wastewater and organic waste infrastructure markets to demonstrate a success story of cost effectively solving significant public issues such as: 1) ground and surface water quality management, 2) public budget constraints, 3) energy conservation, and 4) environmental health and safety. Prior to BCR Environmental, Aaron worked as an investment professional for two multi-strategy hedge funds in New York, NY managing over $6 billion in equity. He was also a Senior Manager of the Capital Markets team at General Growth Properties playing a key role in $25+ billion of acquisitions and financing activities along with providing financial oversight for $200+ million of commercial real estate development. Over the past decade, Mr. Zahn has counseled the U.S. Environmental Protection Agency, the Florida Department of Environmental Protection, State and Local political leaders, and private sector leaders on the potential economic and environmental impacts that innovation in infrastructure (water, wastewater, rail and port systems, energy, etc.) could have on the State ‘and World. He is a recognized national leader in water, wastewater, waste and power infrastructure systems. During Mr. Zahn’s tenure, BCR received numerous awards including: 2015 Florida Department of Environmental Protection Excellence Award, 2013 Biosolids Program Excellence Award fromAARON F. ZAHN afiahn@@gmaitcom /(312)286-1040 sactsoniles FL 3240 ‘with public, private and goverment experience. Operational experience spans start-ups, mergers and ‘acquisitions, mature companies and business tumarounds. Investment and capital markets experience spans venture / growth capital, private equity, hedge funds, structure products and credit markets. ‘Skill sets: corporate strategy development, business development, sales program management, theory of constraints, public policy, human capital development, investment analysis and management, platform speaker, merger and acquisitions execution and integration, research and development management, strtegic partnership development. PROFESSIONAL EXPERIENCE Pascal Partners, Jacksonville, FL July ‘17— Current Pascal Partners is a private investment and development company focused on sustainable infrastructure in power, data and environmental markets throughout the United States. ‘Managing Partner and Chief Executive Officer Primary Responsibilities BCR Environmental Corporation, Jacksonville, FL January ‘09 — July “17 BCR Environmental is a U.S. based clean-technology company focused on the water, wastewater and waste markets. The ‘Company developed, patented, and deploys industry-revolutionizing solutions that treat the primary output streams from water and wastewater plants into reusable products. Chairman and Chief Executive Officer Primary Responsibilities General Business Financial Operational ‘Strategic Business Planning and 4 Strategic Financial Planning ‘+ Organizational Change Execution ‘Equity and Debt Capital Markets + Infrastructure Development ‘+ Executive Team Development and “Mangement ‘© Business Process Reengineering Recruitment ‘© Estblish Banking Relationships ‘© Productivity Enhancement ‘+ New Business Development and Sales «Revenue Enhancement © Cost Control Programs ‘+ Sirategi Partnerships ‘Capital Profitability Improvement ‘© Change Management Programs * Emerging & Advanced Technologies «Mergers and Acquisitions ‘Project Management Development and Commercalization ‘© Quality Control Management ‘© Corporate Development > Grew business from pre-revenue to ~$20 million in annual sales within five years, ‘+ Implemented corporate strategy to obtain long-term recurring revenue contracts with 3 x industry standard durations and built contracted revenue backlog from $0 to $100+ million; + Drove profit margins of Company to 2 x industry standards by deploying technology advantage ina solution sale model; + Attracted $20+ million of private equity capital to fund corporate growth and develop 20+ waste recycling facilities in Florida with annual capacity of 200,000 tons / year; ‘+ Led efforts to become only company in the world to achieve nationwide approval from U.S. Environmental Protection ‘Agency for two (2) new products for treatment of human waste; + Led research and development around global patent portfolio and trade secrets while commercializing three (3) separate product lines; Executed two (2) technology licenses to deploy BCR technology in tangential and international markets; Recruited, trained and managed world class Board of Directors, executive team and Science Advisory Board.GNOSIS Management, Minneapolis, MN April 08 Current GNOSIS is a special opportunity investment and advisory firm focused on small and middle market corporate investments. The firm's investment focus is on Clean Technologies and Humanitarian enterprises. ‘Managing Director / Partner ‘Primary Responsibilities '* Investment origination and management. Garrison Investment Group, LP, New York, NY July ‘07 - April 08 Garrison is a credit opportunity investment fund focused on middle market corporate, real estate and structured finance investments, Underwriting & Due Diligence. Documentation & Structuring. Investment Monitoring & Management. Investment Origination. ‘© Negotiated and structured acquisition ofa $50 million middle market consumer finance company. ‘+ Negotiated and structured a $150 million revolving and term corporate credit facility for a transaction processing, company. ‘+ Negotiated and executed primary and secondary market transactions for middle market corporate credit facilities. ‘Sandelman Partners, LP, New York, NY May "05 — July ‘07 ‘At the time of employment, Sandelman Partners was a multi-strategy investment management firm with $4.0+ billion of equity tunder management. Member of the Private Finance team since the inception of the fund in 2005 and developed initial strategy for corporate credit and realestate portfolio at inception. Portfolio Management. Investment Analysis & Execut Documentation & Structuring. Investment Monitoring & Management. © Underwriting & Due Diligence. ‘© Investment Origination. t contributor to fund performance with a managed portfolio generating high-teens annual retums with low jt volatility and low S&P 500 correlation. ‘+ Negotiated and provided initial seed capital investment in 3" party collateral manager that grew to manage $2+ billion ‘of assets. Managed a 144A offering forthe collateral manager in order to establish permanent investment capital for the platform and monetize the initial investment. ‘+ Managed amendment and restructuring process for distressed credits. ‘+ Developed and expanded trading platform for corporate and realestate credit. Identified and recruited front and middle office professionals. ‘+ Negotiated, marketed and closed an array of financing vehicles to optimize fund leverage.General Growth Properties, Chicago,IL August 103 - May ‘05 General Growth Properties, Inc. isa publicly traded Real Estate Investment Trust (REIT) and is listed on the NYSE under the ticker symbol GOP. ‘Senior Manager ~ Capital Markets Primary Res Equity and Debt Capital Markets. Investor Relations. Mergers and Acquisitions. Commercial Real Estate Development, Risk Management. '* On August 20, 2004, GGP announced the execution of a definitive merger agreement with The Rouse Company for approximately $12.6 billion. Member of exect team responsible for executing The Rouse Company acquisition by November 12, 2004. © Managed $3+ Bridge, Acquisition, First Lien Mortgage, and Mezzanine Loan Transacti ‘+ Participant ona team that closed $10+ bilion of debt and equity transact '* Managed restructuring $1+ billion corporate debt obligations. Coordinated and negotiated with Rating Agencies, Trustee, Servicer, and Lenders. + Managed a team of 10 Financial Analysts who performed development and leasing analysis. '* Developed foreign currency hedging strategies on equity investments in Europe and Central America. ‘Managed financial projections and feasibility analyses of$200+ milion in regional mall re-development. Baring Asset Management / Babson (BAM), Charlotte, NC June 00—June ‘03, BAM is a global financial services firm with $288+ billion of assets under management and 600+ investment professionals. ‘Associate Director ~ Portfolio Manegement Respons ‘+ Equity and Debt Capital Markets. ‘© Portfolio Management. ‘= Investment Analysis & Execution. '* Attime of employment, was part of i billion. 31 20-person team to grow assets under management from $1+ billion to $6.4+ PUBLIC POLICY EXPERIENCE University of Florida, Gainesville, Florida July "15 ~ Present Position: Member of Board of Advisors for Bob Graham Center for Public Service ‘The Bob Graham Center for Public Service, housed atthe University of Florida in Gainesville, is a community of students, scholars and citizens who share a commitment to training the next generation of public and private sector leaders for Florida, ‘the United States and the international community. ‘of Jacksonville Mayor Lenay Curry Transition Team, Jacksonville, Florida May °15~ July ‘15 Position: Member of Committee for Economic Development ‘Committee for Economic Development with specific focus on economic expansion and a specific focus on: 1) Establish an 7 matrix” for recipients of public funding to grow jobs or expand businesses, 2) Process map the relationships independent authorities, JAXPORT, JAX Chamber, Visit Jacksonville and the Jacksonville Sports Counc! o eliminate redundancies and evaluate proie of agency insure appropriate staffing levels and expertise exist throughout the impacted agencies. ‘Connect Florida Statewide Leadership Institute, Florida ‘September ‘13 - September ‘14 Position: Member of Class IVLeadership Florida is an organization that takes a statewide view of the conditions and challenges that face our great state. Leadership Florida offers a leadership continuum that expands the impact of community leaders across the state. Created in 1982 by the Florida Chamber of Commerce, Leadership Florida builds a sense of statewide community by identifying and training individuals. The Connect Florida Statewide Leadership Insitute isa leadership program in the State of Florida, Florida Governor Rick Scott Transition Team, Florida ‘September 10 - December ‘10 Position: Member of Committee for Economic ‘Committee for Economic Development of the State of Florida with specific focus on economic expansion around: 1) emerging technologies, 2) infrastructure (water / energy), 3) capital markets, 4) higher market based education, and 5) research and development. OTHER RELEVANT EXPERIE! Young Presidents Organization (YPO) June *14~ Present Position: Member and Board Member of YPO Florida Chapter ‘YPO (Young Presidents’ Organization) is the world’s premier peer network of chief executives and business leaders. Founded in 1950, YPO connects 22,000 business leaders in more than 125 countries around a shared mission: Better Leaders Through Education and Idea Exchange. EDUCATION Yale University, New Haven, CT ‘September ‘97 - May ‘01 B.A., Double Major Philosophy and Psychology: Senior Focus ~ Philosophy of Law Course Work Included: Multivariable Caleulus, Microeconomics, Statistics, Financial Theory and Markets, Probabilistic Management Models, Organic Chemistry, Electromagnetism / Relativity, Scheme and Java Computer Languages. ‘© Candidate for the Level It Chartered Financial Analyst program. ‘© Candidate for the Level Il Chartered Alternative Investment Analyst. AWARDS, ACTIVITIES & OTHER 2016 Florida Governor's Business Ambassador Award - The Governor's Business Ambassador Award is given to individuals for their efforts jobs and opportunities for Florida families. 2016 Jacksonville 40 Under 40 - Jacksonville Business Journal honors 40 of the city’s up-and-coming leaders under the age of 40. 2015 University of Florida Bob Graham Center Young Floridian Award - Two external panels of leading citizens select the winner of the Young Floridian of the Year Award. The award is presented to an individual that has used their professional expertise and leadership to help improve the quality of life in State of Florida 2015 Environmental Excellence Award - An award honoring the one company in Florida leading in the following categories: 1) innovation of environmental technologies to address current and future headline issues facing the State's environmental and water resources, 2) regulatory compliance and practices, and 3) positive impact on the State's environmental resources. lids Excellence Program Award ~ Florida Water Association's Biosolids / Residuals Program Excellence Award recognize excellence in all areas of biosolids management including programs with sound management, effective ‘communication to stakeholders, and community-friendly practices. The purpose of these awards is to recognize and Promote the safe management, public acceptance and beneficial use of biosolids. Activities - Avid traveler, sailor, kite boarder, photographer and golfer. 2013 Bi References available upon request.Florida Water Associ Tech Review. 3n, and 2012 Top 50 Water Companies in the World by Artemis Water tn 2016, Mr. Zahn received the Governor of Florida's Business Ambassador Award for the work he has done in building jobs and contributing to environmental stewardship of Florida’s natural resources. In 2016, he also received recognition as Jacksonville 40 under 40. In 2015, Mr. Zahn ‘was awarded the Young Floridian of the Year Award from the Senator Bob Graham Center for Public Service at University of Florida for his professional expertise and leadership to improve the quality of life in the State of Florida, (Mr. Zahn has been a personal contributor to State leadership in many forms. In 2010, Aaron ‘was chosen by Governor-elect Rick Scott to participate on the State of Florida Economic Development Transition Team. In 2012, Aaron was selected by Leadership Florida to participate in the Connect Florida Statewide Leadership institute Class IV. In 2014, Mr. Zahn ‘orchestrated an information panel to inform and educate Floridians about the significant impacts infrastructure has on the environment and economy of Florida titled: “The Infrastructure Nexus of Jacksonville.” In 2015, Aaron Zahn supported the transition of Jacksonville's Mayor Curry by actively participating in the Transition Team’s sub-committee for Economic Development. ‘Mr. Zahn is an active member and Board Member of the Young Presidents Organization (YPO), ‘a member of the Board of Advisors for the Bob Graham Center for Public Service at University of Florida and is current advisor to a private wireless infrastructure development company. ‘Aaron and his wife Branan Zahn have been significant supporters of YMCA of Jacksonville, Baptist Health and Nemours Children’s Health System, and Yale University. Aaron is proud father of Ethan (4) and Scarlett (1) and together they enjoy exploring the natural resources of Florida. ‘Aaron is a double major graduate from Yale University, New Haven, CT and the Hawken School, Gates Mills, OH.