1. Licensing Cellulosic Biofuel Technology Today Coskata: Accelerating to Commercialization Wes Bolsen CMO & VP, Government Affairs Coskata, Inc.

2. 2 Coskata’s platform technology is progressing to commercialization Coskata has a 3-step process platform for biomass to fuels and chemicals 1. Biomass Gasification 2. Syngas Fermentation 3. Product Recovery Can use any sustainable biomass First focus is Ethanol, but can selectively produce other fuels and chemicals Secured US Department of Agriculture’s intent to fund the largest biofuel loan guarantee in US Government history Coskata’s ethanol technology is ready for commercialization and licensing Produces ~400 liters of ethanol per dry ton of material Feedstock flexible process enables rapid licensing and commercialization

3. 3 Ethanol Production Proprietary microorganisms convert syngas (CO and H 2 ) into ethanol. 6 CO + 3 H 2 O C 2 H 5 OH + 4 CO 2 6 H 2 + 2 CO 2 C 2 H 5 OH + 3 H 2 O Each reaction is independent allowing for a range of H 2 /CO ratios. Proprietary bioreactor designs enhance productivity. Ethanol Production Proprietary microorganisms convert syngas (CO and H 2 ) into ethanol. 6 CO + 3 H 2 O C 2 H 5 OH + 4 CO 2 6 H 2 + 2 CO 2 C 2 H 5 OH + 3 H 2 O Each reaction is independent allowing for a range of H 2 /CO ratios. Proprietary bioreactor designs enhance productivity. Coskata’s proprietary technology drives efficiency 3 Advanced bioreactor at Lighthouse facility.

4. 4 Feedstock flexibility is critical to commercialization Gasification + EnzymaticCatalytic Feedstock FlexibilityNoYes Ethanol SpecificityYesNoYes Yield* (gal/dry ton) ~55-8576-89**~100+ *Best estimates from publicly available data **Chemical catalysis yield estimate from 2012 NREL targets (76 for ethanol, 89 for all alcohols) Source: Press; DOE; Company reports 4

5. 5 Coskata is ready for commercialization Lighthouse (2009) Semi-Plant Demonstration Madison, Pennsylvania  Integrated biorefinery  Linear scale-up to commercial production  Will test multiple commercial- scale bioreactor and separations designs Flagship Commercial Production Boligee, Alabama  55 MM Gallons / yr  Multiple gasifiers that process ~1700 dry tons/day of biomass Horizon (2008) Integrated Processing Warrenville, Illinois  Integrated processing system with methane thermal reformer, multiple bioreactor designs, and distillation Currently Operating Under Development 5

6. 66 Coskata Integrated Biorefinery Operating: Now ready for full-scale facilities Coskata has: Successfully scaled its cellulosic ethanol technology Shown the process to be cost- competitive with gasoline from multiple feedstocks Completed design for commercial scale facilities Enabled commercialization through licensing model IT’S TIME TO START BUILDING!

7. 7 Coskata’s partners support commercialization 7

8. 8 Significant U.S. biomass resources are available Sandia estimates production of 90 billion gallons of ethanol per year by 2030. Source: Sandia National Labs, Feasibility, economics, and environmental impact of producing 90 billion gallons of ethanol per year by 2030 8

9. Perspective paper by Rathin Datta, Mark Maher, Coleman Jones, and Richard Brinker J. Chemical Technology and Biotechnology, 2011, 86: 473-480, Society of Chemical Industry Ethanol-The Primary Renewable Liquid Fuel

10. The biofuel option most naturally compatible with biomass will have the highest yield from the least amount of feedstock, leading to greater efficiency, lower costs, and less greenhouse gas emissions. Because of its molecular advantages, biomass-to-ethanol achieves the highest yields. Requires at least half as much carbon as other biofuels,. Makes the best use of the significant oxygen portion in the feedstock. Natural Efficiencies: Half the Carbon ProductConversion equation Theoretical Yield Typical Yields Achieved Ethanol3”CH 2 O”  C 2 H 5 OH + CO 2 51% 46 to 50% (90 to 98% of theoretical achieved in industrial carbohydrate fermentations) n-Butanol or iso-Butanol 6“CH 2 O”  C 4 H 9 OH + 2CO 2 + H 2 O 41% 23 to 25% (55 to 60% of theoretical yields achieved in industrial scale ABE fermentations) Octane C8- Hydrocarbon 13“CH 2 O”  C 8 H 20 + 5CO 2 + 3H 2 O 29.7% Not practiced industrially – wide mix of hydrocarbons and oxygenates produced

11. 1)Biomass-to-ethanol has natural efficiencies. On a molecular level, ethanol is the fuel that is most compatible with biomass. Ethanol requires at least half as much carbon as other biofuels Cellulosic ethanol is the fuel that best utilizes the oxygen in the biomass A ton of biomass converted to ethanol will have higher yields than other alternative biofuels, resulting in the lowest cost to the consumer, and less greenhouse gas emissions to the environment 2)Ethanol has a history of superior performance. A fabric of American transportation for over a century, ethanol has the proven longevity other fuels don’t. 3)Today’s cars are ready for ethanol. America’s cars are rapidly being developed to run on higher ethanol blends. The transition to electric vehicles will take decades. Ethanol is ready today. 4)Sufficient biomass exists to make an impact. America has sufficient biomass to supplant our dependence on foreign oil by 30%. Major Conclusions

12. 12 Licensing Cellulosic Biofuel Technology Today