1. Perspectives on Biofuels Financing Options April 2011 Presentation by Pavel Molchanov, Raymond James & Associates Advanced Biofuels Leadership Conference

2. 2 Mainly conventional biofuels –Aventine (AVRW) –BioFuel Energy (BIOF) –Cosan (CZZ) –Green Plains (GPRE) –Gushan (GU) –Pacific Ethanol (PEIX) Publicly Traded Biofuel Space Is Small but Growing Mainly advanced biofuels –Amyris (AMRS) –BlueFire (BFRE) –Codexis (CDXS) –Gevo (GEVO) –OriginOil (OOIB) –PetroAlgae (PALG) –Rentech (RTK) –Syntroleum (SYNM) –Verenium (VRNM) After the 2008-09 shakeout in corn ethanol and biodiesel, the number of publicly traded conventional biofuel companies declined All of the recent IPO activity has come from advanced biofuel companies

3. 3 Public Capital Raising in the Biofuel Space Is Rebounding Since mid-2005, biofuels have accounted for approximately 16% of all capital raised by U.S.-traded clean tech companies (as compared to ~66% for solar power) From January 2010 through today, there have been 8 capital markets transactions raising a total of $617 million (including $442 million of equity) While this is a big improvement vs. the trough years of 2008-09, it’s still a fraction of 2006-07 activity levels

4. 4 Generally Positive After-Market for Recent Clean Tech IPOs Looking more broadly than just biofuels, overall clean tech IPO activity has been limited since the 2008 financial collapse, but with a clear pick-up over the past 12 months The IPOs that have successfully priced are mostly trading well in the after-market Priced in 2009 –September: A123 Systems (AONE) –November: STR Holdings (STRI) Priced in 2010 –April: Codexis (CDXS) – biofuels –May: JinkoSolar (JKS) –June: Tesla Motors (TSLA) –September: China Ming Yang (MY) –September: Amyris (AMRS) – biofuels –October: Daqo New Energy (DQ) Priced in 2011 –February: Gevo (GEVO) – biofuels

5. 5 Codexis (CDXS) Codexis is a producer of biocatalysts for pharmaceuticals and advanced biofuels In April 2010, Codexis priced its IPO at $13.00 (vs. range of $13.00 to $15.00), raising $90 million; currently trading around $11 At the time of the IPO, the company had: –Strategic partners: Shell, Cosan, others –EBITDA: Negative –Commercial-scale production: Currently pharma only; 2012-13 for biofuels

6. 6 Amyris (AMRS) Amyris is an early-stage producer of farnesene for renewable specialty chemicals and advanced biofuels In September 2010, Amyris priced its IPO at $16.00 (vs. range of $18.00 to $20.00), raising $98 million; currently around $30 At the time of the IPO, the company had: –Strategic partners: Total, Procter & Gamble, others –EBITDA: Negative –Commercial-scale production: First half of 2012

7. 7 Gevo (GEVO) Gevo is an early-stage producer of isobutanol for renewable specialty chemicals and advanced biofuels In February 2011, Gevo priced its IPO at $15.00 (vs. range of $13.00 to $15.00), raising $123 million; currently trading around $18 At the time of the IPO, the company had: –Strategic partners: Total, Cargill, others –EBITDA: Negative –Commercial-scale production: First half of 2012

8. 8 Solazyme (SZYM) Solazyme is an early-stage producer of algae-based renewable specialty chemicals and advanced biofuels In March 2011, Solazyme filed for an IPO of up to $100 million At the time of the IPO filing, the company had: –Strategic partners: Chevron, Ecopetrol, Qantas, others –EBITDA: Negative –Commercial-scale production: 2012 for cosmetics; 2013 for chemicals

9. 9 VC Funding Provides Pre-IPO Equity Capital… Venture capital firms have historically been the principal source of capital for early-stage clean tech companies, including biofuels Despite overall cutbacks in VC activity in the post-meltdown era, clean tech remains a key focus area – totaling $3.7 billion in the U.S. in 2010 Over the past 12 months, major VC investments in biofuels and renewable chemicals included: –Elevance Renewable Sciences (Series C - $100 million): Naxos Capital Partners, Total Energy Ventures, TPG Biotech, TPG Growth –Fulcrum BioEnergy (Series C - $75 million): investors not disclosed –Solazyme (Series D - $50+ million): Braemar Energy Ventures, Morgan Stanley, Lightspeed Venture Partners, Roda Group, Harris and Harris Group, VantagePoint Venture Partners, Zygote Ventures –Genomatica (Series D - $45 million): VantagePoint Venture Partners, Bright Capital, Waste Management, Alloy Ventures, Draper Fisher Jurvetson, Mohr Davidow Ventures, TPG Biotech –LS9 (Series D - $30 million): BlackRock, Flagship Ventures, Khosla Ventures, Lightspeed Venture Partners, CTTV Investments –Qteros (Series C - $22+ million): investors not disclosed

10. 10 …But Strategic Partners Tend to Have Even Deeper Pockets While VCs are useful sources of seed capital, perhaps the most crucial driver of an advanced biofuel company’s commercialization / scale-up roadmap is relationships with strategic industry partners These “big brothers” provide three types of benefits: (1) capital for R&D and/or scale-up; (2) operational, distribution and marketing support; and (3) the “seal of approval” from a blue chip partner While some strategics have only one biofuel partner (e.g., Exxon and Synthetic Genomics), most take a portfolio approach: –Chevron: Solazyme, LS9 –Shell: Cosan, Iogen, Codexis, Virent –Statoil: Weyland, Bio Architecture Lab –Total: Gevo, Coskata, Amyris, Elevance, BioDME, Futurol –Valero: Solix, ZeaChem, Terrabon, Algenol, Mascoma Outside the energy sector, strategics that have shown interest in biofuels include chemical producers and airlines Perhaps most intriguing strategic of all is the Department of Defense – America’s largest energy user

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