Headwaters develops and commercializes technologies that enhance the value of coal, gas, oil and other natural resources. The Company is the largest provider of technologies used to produce coal-based solid synthetic fuels, and the industry leader in managing and marketing coal combustion products (“CCPs”) in the United States. Headwaters is developing and commercializing proprietary technologies to convert or upgrade fossil fuels into high-value products, as well as developing nanocatalyst technologies that have multiple applications. Headwaters has experienced dramatic growth over the last several years, generated from internal growth as well as through acquisitions.

Headwaters is proud to say that it has adopted a corporate governance policy that will help fulfill the Company’s responsibility to its shareholders, by ensuring that policies are in place to oversee and evaluate the Company’s overall corporate performance, financial controls and maintain the integrity of Headwaters’ business strategy. The following corporate governance guidelines are in place to guarantee that the Board will have the necessary authority to make appropriate decisions that are independent of management.

The Board of Directors and management realize that corporate governance is an evolving process. Periodic reviews and updates will be an ongoing process.