John Plaza President and Founder Chief Executive Officer - Integrated Bio-refineries - maximizing distillate fuels including jet fuel - Advanced Biofuels Leadership Conference April 22 nd, 2013 Imperium Renewables

Imperium Renewables Inc. – Who we are Company founded in 2004 $275M in capital raised since 2005 Strong history of innovation and practical commercialization efforts for clean fuels in transportation sector 49 employees in Washington State 100 million gallons of annual biodiesel production capacity First renewable jet fuel producer with initial demo on Boeing 747 with Virgin Atlantic in Ongoing R&D effort since 2010 for proprietary drop-in renewable fuels suitable for use in Aviation with PNNL and LanzaTech 2

Imperium Grays Harbor – what we do 3  One of the largest biodiesel facilities in the world.  Current site is 10.5 acres  Additional 12 acres adjacent for new construction  Deep water port  Major rail infrastructure  Biodiesel production sourced from oils and fats  Established relationships with major feedstock producers  Reliable supplier to petroleum industry  Major supplier to domestic and global marketplace

Imperium’s vision for the next years Maximize Drop-in Distillate Production Options  Integrated bio-refinery - maximize distillates including jet fuel  Ability to use wide range of biomass feedstocks that are readily available and not tied to commodity pricing  End fuel product must be “drop-in” replacement and complement ASTM specifications as required  Superior performance to petroleum equivalent  Economically viable with fuel markets over the long term and without government subsidy BiomassProcessingInfrastructureApplication 4

Imperium Alcohol to Jet Fuel (ATJ) Strategy Proprietary development of technology for ATJ drop-in fuel with PNNL – Research started in July 2010 with joint funding from Imperium and Battelle – Technology development focused on converting mixed alcohols derived from biomass sources into hydrocarbon equivalent “drop-in” fuels for aviation and other transportation fuels  Renewable jet fuel is of SPK composition as opposed to aromatic based product  Agnostic to source of ethanol – can be mixed alcohols and aqueous solution  High yield conversion of available carbon into desired end products Received $4M in Q4-’11 from DOE for biomass to jet fuel funding opportunity in collaborative partnership led by LanzaTech – Allows for the use of existing biomass sources which are environmentally sustainable and economically viable in the long-term  Waste stream gases from industrial facilities  Municipal solid waste  Forest and agriculture wastes 5

Alcohol to Jet Fuel (ATJ) Collaborative 6 Gas Reception Gasoline Jet Diesel Separation Catalytic Conversion Alcohol Product Recovery Fermentation Gas Feed Stream IAF/PNNL Technology A novel route to Drop-in hydrocarbon Fuels with a low cost, low value feedstock LanzaTech Technology

S, N, O containing Compounds < 5% Paraffins % Aromatic < 2% Olefins < 5% The Compound Selection in our Fuel Production 7 Ideal Carbon Length C8-C14 Ideal Carbon Length C8-C14 Normal Paraffins Iso-paraffins Cyclic Paraffins

Fuel test results from 2012 PNNL prepared samples for fuel property evaluation Off-site specification testing conducted by AFRL Positive results with continued focus on improving yields and limiting aromatics 8 Specification Test MIL-DTL H Spec Requirement PNNL-1PNNL-2FT-SPKJP-8 Aromatics, vol %≤ Olefins, vol % Heat of Combustion (measured), MJ/Kg ≥ Distillation: IBP, °C % recovered, °C≤ % recovered, °C % recovered, °C % recovered, °C EP, °C≤ T90-T10, °C Residue, % vol≤ Loss, % vol≤ Flash point, °C≥ Freeze Point, °C≤-47< °C, kg/L ( )

Natural Gas, CH 4 Associated Gas, Biogas Solid Waste Industrial, MSW, DSW Inorganic CO 2 CO CO + H 2 CO + H 2 + CO 2 CO 2 + H 2 CO 2 + H 2 O + e - Fuels Chemicals Gas Fermentation ReformingGasification Renewable Electricity Renewable H 2 Industrial Waste Gas Steel, PVC, Ferroalloys 9 Biomass LanzaTech is key partner - Recycling Carbon for production of alcohol Source: LanzaTech

The Importance Integration and Product Diversification  Fuel pricing can be supported with alcohol inputs and distillate/chemical outputs –There must be an adequate difference between the intermediate alcohol feedstock and wholesale jet fuel on a $/gallon basis –Lanzatech’s technology and business model facilitates this –EIA projections suggest there is a positive price differential in most cases, except in the Low Oil Price case –Co-location facilitates significantly reduced processing and capital requirements – bolt on strategy  Flexibility to produce paraffins or cyclic components for fuels and/or chemicals –Not all biofuel routes allow for production of paraffins or cyclics –PNNL ATJ technology has low hydrogen demand and greater flexibility to produce paraffins and cyclic components for synthetic jet fuel  Other material benefits of our ATJ strategy –Ability for feedstock flexibility and partnership opportunities on alcohol supplies –Alcohol intermediates isolate feedstock variations prior to ATJ conversion technology –Long term, this route offers cost competitive pathway for sustainable aviation fuel that can be on parity to petroleum based fuels based on forward projections from EIA and other global sources. 10

Imperium ATJ FAQ’s  Why is Imperium pursuing ATJ technology? – Broad source of inputs for biomass-based alcohols – Large and diverse group of technology solutions to effectively source biomass-based alcohols – Alcohols have limited market demand due to blend wall whereas hydrocarbon fuels derived from biomass have unlimited market demand if certified and economically viable  What makes this strategy different than the other ATJ strategies? – Unique technology approach – Very efficient yield from available carbon in alcohol into drop-in fuels, largely isoparaffins – Strong technology development team with decades of previous successes (PNNL)  How can it be economically viable? – Inputs not tied to commodities – IE, waste stream inputs – Integrated with alcohol production – process optimization – Diversified products included chemicals and able to optimize production depending on market conditions 11

Next steps  Securing tolling facility for production of renewable jet fuel currently for larger volume demands in 2014  Ethanol will be supplied from Lanzatech’s facilities in China or India  Technology used for tolling will be supplied by PNNL/IAF  Fuel production would occur in 2014 with test flights to follow –Will include enough production to facilitate ASTM certification process  Anticipating additional scale up in