1. Utilizing Retrofits & Bolt On Technologies to Maximize Capital Efficiency Rob Tripp, CEO November 2014

2. to edit Master title style Leverage technology into ownership positions in refineries with strategic operating partners to become a low-cost producer Execution Strategy 1 USA Canada South East Asia Execution Partners

3. to edit Master title style Managing Risk for Commercialization 2 Business/ Strategic Risk Operating/ Legal Risk Political/ Regulatory Risk Financial Risk Market Risk Technology Risk Project Cost Risk Scale Risk Long-term Performance Risk

4. to edit Master title style Process Development Commercial Operations R&D Benefuel Corporate Development Cycle 3

5. to edit Master title style Benefits  Reduction of technology risk  Cost reduction potential  Leverage existing assets  Permitting Retrofitting Distressed Assets - Benefits & Challenges 4 Challenges  “As is Where is” basis  Difficult for EPC to wrap  Existing IP to manage for  Logistical restraints

6. to edit Master title style Biolubricant Bolt-On Technology 5 Benefits  Incrementally add technology to an operating, cash flow positive plant  Use a side stream of the final product as the feedstock.  Leverage existing plant resources to cost effectively implement Challenges  Time to market may be longer  May compete for capital & resources  Requires additional expertise and resources to implement.