Wells Fargo 13th Annual Energy Symposium

Jenniffer Deckard, President and Chief Executive Officer

Christopher Nagel, Chief Financial Officer

December 10, 2014

Forward Looking Statements and Non-GAAP Financial Measures

This presentation contains forward-looking statements. These statements can be identified by the use of forward-looking terminology including “will,” “may,” “believe,”

“expect,” “anticipate,” “estimate,” “continue,” or other similar words. These statements discuss future expectations including company growth expectations, demand for

our products, capacity expansion plans, market trends, commercial product launches and research and development plans and may contain projections of financial

condition or of results of operations, or state other “forward-looking” information. These forward-looking statements involve risks and uncertainties. Many of these risks

are beyond management’s control. When considering these forward-looking statements, you should keep in mind the risk factors, Management’s Discussion and

Analysis of Financial Condition and Results of Operations, and other cautionary statements in the company’s SEC filings, including our Quarterly Report on Form 10-Q

and our Prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933.

Forward-looking statements are not guarantees of future performance or an assurance that our current assumptions or projections are valid. Our actual results and plans

could differ materially from those expressed in any forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether

as a result of new information or future events, except as required by law.

This presentation includes certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS. These non-GAAP financial measures are used as

supplemental financial measures by our management to evaluate our operating performance and compare the results of our operations from period to period without

regard to the impact of our financing methods, capital structure or non-operating income and expenses. Adjusted EBITDA is also used by our lenders to evaluate our

compliance with covenants. We believe that these measures are meaningful to our investors to enhance their understanding of our financial performance. These

measures should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP and may differ from similarly titled

measures used by other companies. For a reconciliation of such measures to the most directly comparable GAAP term, please see the Appendix to this presentation. We

are not able to reconcile our projections to the comparable GAAP measures because we do not predict the future impact of adjustments.

1

Fairmount Santrol Serves Two Major Markets: Oil & Gas and Industrial & Recreation

Oil & Gas – Proppant Solutions Product Lines:

Northern White Frac Sand

Texas Gold Frac Sand (Mined in Voca, TX)

Resin-Coated Frac Sand

Self-Suspending Proppant Technology, Propel

SSP

2

Industrial & Recreation Product Lines:

Foundry

Sports and Recreation

Specialty Products

Building Products

Glass

Water

$0

$200

$400

$600

$800

$1,000

$1,200

1984 1989 1994 1999 2004 2009 LTM Q3 2014

2014 ROIC ~ 20%

($MM) 1890s: Fairmount

Santrol’s predecessor

companies begin

operations

1978: Best Sand

Corporation acquired by

William Conway and

group of investors

1980s: Partnered with

Halliburton and Baker

Hughes to invest in

large-scale proppant

production

2013: Invested capital totaled $560MM and

included 3 acquisitions

We Have a Long History of Investing for Growth

3

1976: Pioneered the

first resin-coated

proppant

REVENUE

Lost time incident rate less than half industry average

Highly engaged workforce with 87% retention rate

14 facilities with zero waste to landfill

Industry-leading integrated logistics network – 49 distribution terminals with over 8,500 rail cars

Unit train capabilities at 3 production facilities and 3 in-basin terminals

State of the art R&D facilities

Phenolic resin manufacturing facility located in Michigan

Proprietary product and process technologies

798 million tons of proven mineral reserves

12 active sand processing facilities with more than 12.3 million tons of annual sand processing capacity

11 coating facilities with annual capacity of 2.4 million tons

Broad and innovative product suite addressing over 90% of the proppant market

API qualified sand

Leading Proppant Solutions Provider

Differentiated in Every Area of the Value Chain

OPERATIONAL

SCALE

PRODUCT PORTFOLIO

DISTRIBUTION

COMMITMENT TO

PEOPLE, PLANET &

PROSPERITY

TECHNOLOGY AND

INNOVATION

4

Our Product Portfolio Addresses Over 90% of the Proppant Market

5

2013 PROPPANT MARKET SHARE (%) (1) FMSA VOLUME MIX (2)

Raw Frac Sand

~80%

Resin Coated Sand

(Including

PowerProp®) (3)

~20%

Delivered In-Basin Pricing: $80 - $120 per ton

RAW FRAC SAND (81%)

Delivered In-Basin Pricing:

$350 - $550 per ton

RESIN COATED SAND (12%)

Delivered In-Basin Pricing: $500 - $900 per ton

CERAMICS (7%)

___________________________

1. Based on The Freedonia Group estimates. Freedonia Group estimates lightweight ceramics represents half of ceramic demand. Other proppant demand of <1% not shown.

2. Breakdown of FMSA volume mix is based on Proppant Solutions segment only and excludes Industrial & Recreational volumes

3. Fairmount Santrol’s PowerProp product competes with lightweight ceramics offered by competitors up to 12,000 psi

Super LCC

CoolsetC

OptiProp G2C

PowerPropP

HyperpropC

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Closure Pressure (000s psi)

THSP

Super DCC

FAIRMOUNT SANTROL PROPPANTS VS. CLOSURE PRESSURE (1)

_____________________

C = curable product; P = pre-cured

1. Pressure performance data is specific to 20/40 mesh. TLC, THS and PowerProp provide a degree of proppant flowback resistance. SLC, SDC, OptiProp specifically address proppant flowback prevention.

Recommended range for each product based on optimal crush, conductivity, and price tradeoffs.

API-Spec Northern White Frac Sand

Texas Gold API-Spec Frac Sand

Raw Sand Resin-Coated Sand Resin-Coated Ceramic

ADDED VALUE

Eliminate

Flowback?

Reduce

Fines? Embedment?

Suite of Product Solutions for Well Environment Complexity

6

TLCP

Q3: Fully

commercialized

Coolset

Resin Provides Unique Solutions to Completion Challenges

PERFORMANCE IMPROVEMENT FROM RESIN COATED SAND

0

1,000

2,000

3,000

4,000

5,000

2 4 6 8 10

Con

duct

ivity

(m

d-F

T)

Closure Pressure (000s psi)

Northern White Frac

Resin Coated Proppant

PowerProp

Allows more

conductivity at

crucial closures vs.

raw sand:

6,000 psi – 59%

8,000 psi – 82%

10,000 psi – 401%

7

CONDUCTIVITY FRAMEWORK

Crush Strength

Flowback Control

Specific Gravity

Fines Encapsulation

Embedment

Chemical Reactions and Scaling

Size, Roundness and Sphericity

Diagenesis

PROVEN ECONOMIC VALUE OF RESIN-COATED PROPPANT

CO

ND

UC

TIV

ITY

F

LO

WB

AC

K FLOWBACK PREVENTION

9.5x payback over a 10-year period

based on 23 vertical wells

Source: Santrol, Copyright 2014, Testing done by 3rd party verification lab from Jan 2012 to Feb 2014

($ IN THOUSANDS) 23 WELLS SINGLE WELL

10% NPV Total Workover Costs $2,770 $120

10% NPV Incremental Production $325 $14

Incremental Cost of Resin ($460) ($20)

Economic Value of Curable Resin $2,635 $114

Santrol, Copyright 2014, Unconventional Resources Technology Conference (URTeC)

DRIVE EFFICIENCIES

& ENHANCE PRODUCTIVITY

Proven History of Innovation as a Proppant Solutions Provider

8

BIOBALLS ENCAPSULATED

CURABLE PROPPANT

DUAL COAT

TECHNOLOGY

SELF-SUSPENDING

PROPPANT

POWERPROP® COOLSET LTNA™

PROCESS INNOVATION

PRODUCT INNOVATION

ZERO WASTE FACILITIES

PROPRIETARY PROCESSING TECHNOLOGIES

INNOVATIVE PEOPLE ENGAGEMENT

(1995) (1997) (2006) (2010) (2014) (2014)

PATENTED

TECHNOLOGIES

Pioneered development of resin coating in 1976

38 years of product and process expertise

Proprietary new products involve patented IP,

especially at high-end of the market

Unique Position in Coated Products with Barriers to Entry

9

0.2

0.3

0.4

0.8

1.5

2.4

TECHNICAL

RELATIONSHIPS

CAPTIVE RESIN

SUPPLY AND

NEW

DEVELOPMENT

RAW FRAC

SAND SUPPLY

Process to gain customer acceptance is lengthy

and technical, but critical

Market to E&Ps to pull through demand

Resin manufacturing allows FMSA to create and

protect unique formulations

Fully-integrated captive sand source

– Secures supply

– Reduces cost

Resin-Coating

Capacity (1)

___________________________

1. Competitor capacity (in million tons) based on PropTester 2013 Proppant Market Report published February 14, 2014

Captive

Sand Source

Captive Resin

Manufacturing

INTEGRATED

DISTRIBUTION

NETWORK

Pee

rs

98% of resin coated product is sold through in-

basin terminals

We Have Leadership Position in the Largest Proppant Categories

10

#2 POSITION IN RAW FRAC SAND CAPACITY

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

0.0

0.5

1.0

1.5

2.0

2.5

___________________________

Source: PropTester 2013 Proppant Market Report published February 14, 2014

2013 CAPACITY (MM TONS) 2013 CAPACITY (MM TONS)

#1 POSITION IN RESIN-COATED SAND CAPACITY

Peers

11

Comprehensive Logistics Platform and Vertically Integrated Operations with Access to Every Major U.S. Oil & Gas Basin

Coating Operations (11)

Mining & Processing (12)

Research & Development (2)

Resin Manufacturing (1)

Specialty Products (4)

Basin

Play

Oil & Gas Terminals (49)

Unit Train Destination (3)

Manufacturing Footprint

Logistics Network

International Operations

2H 14: Added 3

terminals and 1

operating facility

The Industry’s Largest Operations and Distribution Footprint

We Are Built on a Foundation of Sustainable Development

_____________________

Source: Company website and corporate filings. 12

Conducted four enterprise wide

Appreciative Inquiry Summits with

>1,300 stakeholders

87% employee retention rate

PEOPLE

14 Zero Waste Facilities

Planted ~370k trees since 2007,

while consistently reducing annual

emissions

PLANET

Saved > $6MM by diverting 1.2MM

lbs. of bulk bags from landfill since

2008

Health & Wellness initiatives pro-

actively result in positive health care

cost trends and presenteeism

PROSPERITY

Q3:

donated over

3,700 paid

volunteer hours in

one day

Q3:

2 newly certified

zero waste to

landfill facilities

We Have Multiple Avenues to Support Long-Term Sustainable Growth

13

Strong Industry Dynamics

Reserves and

Capacity Expansion

Enhanced Logistics

Capabilities

Increased Use of

Resin-Coated Sand

Product and

Process Innovation

Commitment to Sustainable Development

Strong Long-Term Industry Dynamics

PROPORTIONAL

HORIZONTAL RIG COUNT

WELLS PER RIG

LATERAL LENGTH

STAGES PER WELL

RIG COUNT

PROPPANT PER STAGE

Growth in Proppant Demand Continues

14

PROPPANT

DEMAND

Source: Wells Fargo Securities, LLC estimates, November 26, 2014

WELLS FARGO RESEARCH CASES FOR U.S. PROPPANT DEMAND IN 2015 AND 2016

0

10

20

30

40

50

60

70

80

2010 2011 2012 2013 2014E 2015E 2016E

Mill

ions

of T

ons Low case up 9%

High case up 21%

Achievable Near-Term Capacity Expansion

15

Raw Frac Sand

Processing

2.8

8.8 1.0 0.5

3.0

2009 SEPT 2014 Q1 2015 (BREWER)

Q1 2015 (WEDRON)

Q1 2016 (WEDRON)

YE 2016 (+4.5MM TONS)

EXPLORATION & DEVELOPMENT

MM TONS

0.9

2.4

0.8

2009 AUG 2014 3Q 2014 - 2Q 2015 YE 2015 (+0.8MM TONS)

MM TONS

Proppant

Coating

___________________________

1. Refers to the facility expansion that is expected to occur

3.2

200MM+

RESERVES

Under Active

Development

13.3

1 1 1

ACHIEVABLE = PERMITS + RAIL CARS + TERMINAL CAPACITY

Continuing to Enhance Our Logistics and Leading Terminal Network

16

2014 2009 2014 2009

22

49

# of Rail Cars

2014 2009

2,000

8,500

# of Unit Train Shipments

2015* 2014

90

200*

2016*

13,000*

Terminal Capacity # of Terminals

2016* 2016*

* Estimate

Additional Market Trends Support Long-Term Resin Demand

17

RCS

DEMAND

DEEPER WELLS

GEOLOGIES WITH

FLOWBACK CHALLENGES

RIG COUNT

WELLS PER RIG

LATERAL LENGTH

STAGES PER WELL

PROPPANT PER STAGE

PROPPANT

DEMAND

PROPPANT DEMAND DRIVERS

RESIN DEMAND DRIVERS

___________________________

Source: The Freedonia Group (Total Resin Demand)

PROPORTIONAL

HORIZONTAL RIG COUNT

Continued focus on ultimate recovery

CONDUCTIVITY = EURS

(EMBEDMENT, FINES)

Continued Innovation and Launch of Game-Changing Technologies

18

Propel SSP

Continued Successful Field Trials

CoolSet

Commercially Launched in Q3

Reduces well maintenance costs

Prevents proppant flowback at

reservoir temperature of 100°

without activator

Enhances conductivity and

increases hydrocarbon production

Increases hydrocarbon recovery

Simplifies downhole chemistry

Reduces water consumption

CURRENT MARKET

EXPECTATION INDUSTRY

PR

EM

IUM

PR

OD

UC

TS

Flight to quality API spec

Proven and leading

coated technologies

15 – 20% of the

industry is non-API

PR

OD

UC

T B

RE

AD

TH

AN

D S

CA

LE

Products optimally

matched to well

application and job

sizes

Texas Gold (Brady

brown)

Northern White

Resin Coated Proppants

Large-scale capacities

and reserves

No other top 3

supplier of both sand

and coated proppants

IN-B

AS

IN D

EL

IVE

RY

In-basin proppant

solutions

Close proximity to well

49 terminals

Large-scale capacities

98% of RCP and 85% of

Frac Sand sold in basin

50 unit trains shipped per

quarter

+8,500 railcars, 11,000 by

mid 2015 and +13,000 by

mid 2016

~30% of market has

origin only solution

18 – 24 month lead

time for rail cars

Track space

opportunities

tightening

Well-Positioned in All Markets

BENEFITS TO CUSTOMER

Strength and conductivity

Flowback control

Proppant transport

Solutions for wide range of

well environments

Simplified purchasing

function for customer –

reduced number of

suppliers

Long-term stability

Increased availability of

sand at well site

Closest to well site

minimizes customer job

cost and complexity

Reduces capital

investment for customer

19

We Have a Long and Sustained History of Trusted Partnership with Our Customers

20

STRONG, DIVERSE AND BALANCED CUSTOMER BASE LONG-TERM CUSTOMER PARTNERSHIPS

Serving the major Oil Field Service

companies since the late 70’s

Through multiple industry cycles

Unique ability to partner with our customers

as their needs change over time

– Ability to fill “just-in-time” requirements

– Adjust to shifting products and

geographies

Long-term collaboration with both OFSs

and E&Ps on their total proppant-related

needs, including product development

Selected Direct Customers

Selected Shared Ultimate Customers

Strong 2014 Financial Performance

21

$ IN THOUSANDS, EXCEPT PER SHARE DATA

Third Quarter YTD

2014 2013 % Change 2014 2013 % Change

Revenue $373.5 $265.7 40.6% $1,002.7 $713.9 40.5%

EBITDA $107.4 $61.0 76.1% $280.2 $201.3 39.2%

Adj. EBITDA $116.9 $82.1 42.4% $296.9 $228.5 29.9%

Diluted EPS $0.32 $0.15 113.3% $0.80 $0.57 40.4%

Adj. Diluted EPS $0.35 $0.23 52.2% $0.83 $0.66 25.8%

Proppant Volume (tons) 1,945 1,389 40.0% 5,297 3,523 50.4%

THIRD-QUARTER 2014 RESULTS

Remain on track for 2014 EBITDA of $390MM to $395MM, resulting in

22% ― 24% growth over 2013, with leverage down to 3.2x

Prudent Financial Policy and Strengthening Capital Structure

22

Cash and Cash Equivalents $45.1

Debt (net of original issue discount)

Revolving Credit Facility 1.4

Term Loan B-1 320.6

Term Loan B-2 913.0

Other Debt, Including Capital Leases 16.5

Total Long-Term Debt, Including Current

Portions $1,251.5

LTM Adjusted EBITDA $361.0

Debt / LTM Adjusted EBITDA 3.5x

Liquidity

Cash

45.1

Revolver Capacity

113.5

Total Liquidity $158.6

Committed to a strong and stable capitalization profile

–Cash flow generation exceeds capital expenditures and debt service

–Maintain flexibility to pursue growth opportunities and acquisitions

Superior return on invested capital

–Commitment to return metrics for all capital investments

CURRENT CAPITALIZATION AS OF SEPTEMBER 30, 2014

$ M M , U N L E S S O T H E R W I S E N O T E D

The Leading, Fully Integrated Proppant Solutions Producer

23

Leading Proppant Producer; Broadest Product Suite

Industry’s Largest Captive Terminal Footprint and Broadest Logistics Capabilities

Focus on Innovation and New Product Development

Trusted Partner to Our Customers

Multiple Avenues of Growth with a Track Record of Success

Commitment to Sustainability

Questions & Answers

24

Appendix

25

Appendix: Reconciliation of Non-GAAP Financial Measures

26

Three Months Ended September 30, Nine Months Ended September 30,

2014 2013 2014 2013

Reconciliation of adjusted EBITDA (in thousands) (in thousands)

Net income attributable to FMSA Holdings, Inc. $ 54,077 $ 24,747 $ 132,537 $ 93,311

Interest expense, net 16,567 16,224 51,045 42,765

Provision for income taxes 21,436 11,032 53,848 40,726

Depreciation, depletion, and amortization 15,270 8,957 42,792 24,510

EBITDA 107,350 60,960 280,222 201,312

Non-cash stock compensation expense(1) 4,361 2,022 8,674 5,731

Management fees & expenses paid to sponsor(2) 285 2,037 826 2,607

Loss on extinguishment of debt(3) - 11,760 - 11,760

(Gain)/loss on disposal of assets(4) 1,921 - 1,921 -

Transaction expenses(5) - 5,354 638 7,053

Initial Public Offering fees & expenses 3,017 - 4,638 -

Adjusted EBITDA $ 116,934 $ 82,133 $ 296,919 $ 228,463

(1) Represents stock-based awards issued to our employees, including one time adjustment in Q3 2014 for modification to certain outstanding options.

(2) Includes fees and expenses paid to American Securities for consulting and management services pursuant to a management consulting agreement. In connection with the IPO, this agreement will be terminated.

(3) Upon entering into new credit facilities, we were required to write-off a portion of the remaining unamortized deferred financing fees.

(4) Includes the loss related to the sale and disposal of certain assets including PP&E, discontinued inventory, and an investment in foreign operations.

(5) Expenses associated with evaluation of potential acquisitions of businesses, some of which were completed.

Appendix: Reconciliation of Non-GAAP Financial Measures

27

September 30 - YTD Fourth Quarter

2014 2013 LTM

Reconciliation of adjusted EBITDA

(in thousands)

Net income attributable to FMSA Holdings, Inc. $132,537 $10,650 $143,187

Interest expense, net 51,045 19,161 70,206

Provision for income taxes 53,848 4,493 58,341

Depreciation, depletion, and amortization 42,792 13,261 56,053

EBITDA 280,222 47,565 327,787

Non-cash stock compensation expense(1) 8,674 4,402 13,076

Management fees & expenses paid to sponsor(2) 826 321 1,147

Loss on extinguishment of debt(3) - - -

(Gain)/loss on disposal of assets(4) 1,921 6,424 8,345

Transaction expenses(5) 638 5,409 6,047

Initial Public Offering fees & expenses 4,638 - 4,638

Adjusted EBITDA $296,919 $64,121 $361,040

(1) Represents stock-based awards issued to our employees attributable to each period presented.

(2) Includes fees and expenses paid to American Securities for consulting and management services pursuant to a management consulting agreement. In connection with the IPO, this agreement will be

terminated.

(3) Upon entering into new credit facilities, we were required to write-off a portion of the remaining unamortized deferred financing fees.

(4) Includes the loss related to the sale and disposal of certain assets including PP&E, discontinued inventory, and an investment in foreign operations.

(5) Expenses associated with evaluation of potential acquisitions or businesses, some of which were completed.

Appendix: Reconciliation of Non-GAAP Financial Measures

28

Three Months Ended September 30, Nine Months Ended September 30,

2014 2013 2014 2013

Reconciliation of adjusted earnings

(in thousands) (in thousands)

Net Income attributable to FMSA Holdings Inc. $ 54,077 $ 24,747 $ 132,537 $ 93,311

After-tax effect of adjustments noted on slide 25* 3,708 13,597 5,696 15,208

Adjusted net income attributable to FMSA Holdings Inc. $ 57,785 $ 38,344 $ 138,233 $ 108,519

*except non-cash stock compensation expense

Earnings per share

Basic $ 0.34 $ 0.16 $ 0.84 $ 0.60

Diluted $ 0.32 $ 0.15 $ 0.80 $ 0.57

Adjusted earnings per share

Basic $ 0.37 $ 0.25 $ 0.88 $ 0.70

Diluted $ 0.35 $ 0.23 $ 0.83 $ 0.66