© 2014 LanzaTech Inc. All rights reserved. The Road to Awesome! Jennifer Holmgren CEO, LanzaTech © 2014 LanzaTech Inc. All rights reserved.

Our Superheroes! 2

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Boeing 787 - a carbon-fiber plane burning carbon-based fuel Carbon is Pervasive Heavy Industry Steel Steelmaking, ferroalloy production, and other industrial processes use carbon as a reagent Transportation Fuels High energy density fuels allow for cars, boats, and planes Liquid Fuels Chemical Products Carbon forms the backbone of all organic chemical and material products All food contains carbon Nutrition DNA: The green is carbon. Our biochemistry is entirely dependent on carbon, as is all of the food that we eat 1,3-butadiene (precursor for rubber) Boeing 787 - a carbon-fiber plane burning carbon-based fuel Polyethylene Terephthalate (PET plastic) 4

But Problematic when Combusted Greenhouse Gas Emissions (CO2, CH4) Combustion of carbon-containing energy sources inherently produces CO2. Incomplete combustion and gas venting result in additional CO2 and CH4 emissions. These greenhouse gases have been identified as the primary cause of climate change. Greenhouse gas emissions are a global problem with global consequences. Particulate Emissions (PM10, PM2.5) Carbon combustion also releases particulates into the atmosphere. Accumulation of particulates in our air has severe consequences for human health. Particulates pose a local threat, and are the chief culprit of air pollution that we can see, smell, and taste. They are also a global problem! Studies have verified the presence of particulates in the US that originated from fossil fuel combustion in China.1 NOx, SOx, and Hg Emissions Nitrous oxides, sulfur oxides, and mercury emissions are also a direct result of fossil fuel combustion. These emissions have a significant negative impact on human health, with a particularly strong link to respiratory illnesses. They are also detrimental to the local environment, as NOx and SOx are the primary cause of acid rain. 1. http://aliciapatterson.org/stories/china%E2%80%99s-rise-creates-clouds-us-pollution 5

Example: PM2.5 Readings Daily Average Pollution The World Health Organization (WHO) guidelines consider anything over 10 micrograms per cubic meter of PM2.5 to be hazardous to health 10 Worst Chinese Cities 10 Worst U.S Cities Xingtai Shijiazhuang Baoding Handan Hengshui Tangshan Jinan Langfang Xi’an Zhengzhou 155.2 Bakersfield, CA Merced, CA Fresno, CA Hanford, CA Los Angeles, CA Modesto, CA Visalia, CA. Pittsburgh, PA El Centro, CA Cincinnati, OH Washington, DC 18.2 148.5 18.2 127.9 17 127.8 16.2 120.6 16.2 114.2 15.3 114.0 15.2 113.8 15 104.2 14 102.4 13.8 WHO guideline 10 10.6 Sources: Chinese Ministry of Environmental Protection, American Lung Association and WHO. Simon Denver and Richard Johnson/The Washington Post. Published on February 2, 2014, 5:46 p.m. 6

Utilize Only as Much Carbon as we Must! The Carbon Imperative Energy can be Carbon free Liquid Fuels & Petrochemicals must contain C Efficiency: Recycle C Wind: Solar: Hydro: Utilize Only as Much Carbon as we Must! 7

C The LanzaTech Process Gas Feed Stream Gas Reception Compression Fermentation Recovery Product Tank Novel gas fermentation technology captures CO-rich gases and converts the carbon to fuels and chemicals Proprietary Microbe Process recycles waste carbon into fuels and chemicals Gases are sole source of carbon and energy for the organism Potential to make material impact on the future energy pool (>100s of billions of gallons per year) Innovative: gases are sole source of energy Proprietary: 60 patents, including two proprietary microbe patents Integrative: Direct production of fuels and chemicals (2,3 Butanediol, Isoprene, Propanol, Butanol, MEK); multi step production of chemicals and chemical intermediates (olefins) Thermo Chemical Opportunities: 2,3 Butanediol produced through the LanzaTech Process can be used to make true “Drop in” hydrocarbon fuels (gasoline, diesel, jet fuel). The LanzaTech (LT) process converts waste gas from steel mills to ethanol. These steel mill gases are often flared and emitted as CO2. By producing fuel from these waste gases, the LT process addresses critical sustainability issues related to land use and competition with food: it requires no land other than existing industrial facilities to co-locate plants and its carbon resource is entirely independent of the food chain. C

Get as Much Value as we Can from Every Carbon Molecule Sources of Carbon Traditional (Virgin) Recycled or Underutilized Get as Much Value as we Can from Every Carbon Molecule 9

Enabling Industrial Carbon Efficiency LanzaTech complements industries that require carbon, by reusing their residual carbon. The process turns waste from carbon based processes into additional fuel and chemical products that require carbon. This reduces global fossil carbon requirements by making more efficient use of carbon. It also means a net reduction in local air pollution associated with combustion of carbon-based residues. The Steel Industry is one example: 10

Carbon Efficiency Means Cleaner Air By making more efficient use of the carbon required by industry, we burn less carbon overall reducing global GHG. On a local level, burning less carbon means lower PM, NOx, and SOx emissions. Air Pollutant Comparison between LanzaTech Ethanol and Electricity Production from BOF Gas 0.12 Flaring Power Generation LanzaTech Fermentation 0.1 g/MJ Gas 0.08 0.06 0.04 0.02 Particulate Matter NOx SOx LanzaTech ethanol has lifecycle carbon emissions that are 70% less than that of fossil gasoline. The process also reduces local PM, NOx, and SOx emissions by more than 85%. 11

Many Sources of Carbon on Path to Commercialization Asia Asia Tang Ming Group 2014 2015 2013 2008 2012 Two Demonstration facilities in China 100,000 gallon/year ethanol capacity Exceeded all production and performance milestones Commercial facility approved for construction 2014 Demonstration facility in Taiwan 12,000 gallon/year ethanol capacity with LCY and China Steel China commercial facility in design; financing secured Industrial Off Gases MSW Mobile Lab in Asia demonstrated operation with a syngas stream MSW Demonstration facility in Asia 6,000 gallon/year ethanol capacity Q4 2014 Integrated syngas to Butadiene Demonstration facility Q1 2015 in Korea with SKI SynGas

Waste Carbon as a Resource for Product Synthesis Industrial Waste Gas Steel, PVC, Ferroalloys CH4 Associated Gas, Biogas Solid Waste Industrial, MSW, DSW Biomass Inorganic CO2 Reforming Gasification H2 Renewable Electricity CO CO + H2 CO + H2 + CO2 CO2 + H2 CO2 + H2O + e- Gas Fermentation Fuels Chemicals Food

Commercialization of Aviation Fuel Production of jet fuel from LanzaTech ethanol demonstrated in 2012 Off-take agreement executed with Virgin Atlantic ASTM certification: Key next step You can only get there through teamwork! LanzaTech cooperates with many different partners, also in the aviation industry. Imperial College of London

Butadiene: Key Chemical Intermediate Styrene Butadiene Rubber (SBR) Global Market Size: ~4.9 million tons, ~$13 billion Polybutadiene Rubber (BR) 2,3-BDO Butadiene Global Market Size: ~3 million tons, ~$8 billion Global Market Size: ~11 million tons, ~$22 billion Syngas Acrylonitrile Butadiene Styrene (ABS) Resins Industrial Waste Biomass NG Coal MSW/DSW Global Market Size: ~8 million tons, ~$16 billion Ethanol Advanced Biofuel Nylon 6,6 (from Adiponitrile/HDMA) Global Market Size: ~1.8 million tons, ~$6.9 billion

1 organism, >20 products…so far! Discovery Lab Cont. Culture Pilot/ Demo FAEE/FABE CO/H2 Fatty Acids, Terpenoids 3-HP Farnesene Isoprene Pyruvate sec-Butanol MEK Acetyl-CoA Succinate Lactate 1,2-PDO Acetoin n-Propanol Propanal meso-2,3-butanediol i-Propanol Acetone D-(-)-2,3-Butanediol 1,3-BDO 3-HB Butyrate n-Butanol Acetone i-Propanol Ethanol

Waste Carbon as a Resource for Product Synthesis Industrial Waste Gas Steel, PVC, Ferroalloys CH4 Associated Gas, Biogas Solid Waste Industrial, MSW, DSW Biomass Inorganic CO2 Reforming Gasification H2 Renewable Electricity CO CO + H2 CO + H2 + CO2 CO2 + H2 CO2 + H2O + e- Gas Fermentation Fuels Chemicals Food

Conversion of Acetate to Lipids H2 Acetate Carbon Source Energy Carbon Source Yeast Yeast accumulate lipids to >70% of their cell mass Energy Source Algae 2nd fermentation Patent filed, optimization underway Algae accumulate lipids to >50% of their cell mass 40% of algal lipids content are Omega-3 fatty acids (Specifically DHA) Lipids Product Markets Hydrocarbon Transport Fuels >US $ 3 trillion/year Oleochemicals US $15 billion/yr Animal Feeds US $370 billion/yr Food, Nutritional Supplements US $25 billion/yr

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Building a Sustainable Company Leveraging Gas Fermentation Technology Diverse AND Flexible Feedstocks AND End Products Carbon Capture and Reuse can Change the View of Carbon Capital-light Licensing Business Model Partnerships that Drive Customer Value and Future Success Extremely Competitive Production Economics Without Incentives Extensive Synthetic Biology Platform to Enable Future Growth Combining Disruptive Technology with Business Model Innovation 2020

A New Normal Woman on Catwalk in a Fashion Show, Shanghai As Shown in Taiwan Paper 12/7/13

Cuyahoga River: 1969 Resulted in: Clean Water Act, 1972 Great Lakes Water Quality Agreement Creation of the federal and state Environmental Protection Agencies

We all Need to be Superheros!