gevo

An Alternative Solution for Plant Owners

Advancing the New Era of Renewables

Mark Smith, Chief Financial Officer Gevo, Inc

Gevo: Who We Are

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Founded in 2005, based in Englewood, Colorado. Experienced & successful management team
Team has developed and commercialized biobased ethanol, lactic acid, PLA polymers, lysine, others

45 employees Pilot plant, laboratory & office space totaling 30,000 square feet >165 patents & applications including exclusive licenses from UCLA (isobutanol pathway) and Cargill (cellulosic sugars) Exclusive development & commercialization agreements with ICM 1 million gallon per year demo plant in St. Joseph, MO with ICM Committed to becoming the world leader in renewable fuels and chemicals Englewood, CO St. Joseph, MO

Business Overview
Feedstock Processing

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Fuels & Chemicals

Corn Sugar Cellulosic Other

Biology

Fuel Blendstocks and Hydrocarbons

Bioprocessing Chemical Processing

Chemicals and Chemical Intermediates

A Path to Renewable Hydrocarbons Isobutanol

Already used directly in the chemical industry Hydrocarbon-like properties makes it useful directly in fuels Excellent fuel blendstock properties Compatible with existing industry infrastructure Easily converted into hydrocarbons for chemicals and fuels Toxicology is well known and understood, readily biodegrades Can be made inexpensively via fermentation

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CH3

CH

CH2

CH3
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Isobutanol is a platform for many types of hydrocarbons

ETBE

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-H2O Isobutanol Isobutylene Isooctene

Jet Fuel

+ C8, C12, C16 Mixtures

Diesel Blendstocks & Additives

or
Gasoline Blendstocks PET other polymers Xylenes and other aromatics terephthalic acid

Other Monomers Solvents

Methyl Methacrylate (MMA) Butyl Rubber Additives (antioxidants, plastics modifiers)

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Access to Multiple Large Markets

Market Size
$4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0
Ethanol Market $13.2 B Isooctene Market $13.3 B High Value Blendstock Market $40.9 B High Purity Isobutylene $2.8 B Chemical Market $2.1 B Chemical Grade Isobutylene $8.9 B Jet Fuel Market $66.5 B

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Diesel Market $106.4 B

Market Price $/gal

Alkylate Market $55.4 B

45.0

50.0

Market Size (Billion Gallons per Year)

$65/bbl Oil, $3.75 corn Source: EMI, OPIS, Gevo

A low cost platform approach enables access to multiple large markets worth over $290 Billion
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Attractive Margin Pools

Margin Pools
$2.50

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(No Subsidy)

$2.00

Chemical Market $1.1 B

Net Margin $/gal

$1.50 High Purity Isobutylene $1.0 B Chemical Grade Isobutylene $2.3 B High Value Blendstock Market $10.8 B

$1.00

$0.50

Isooctene Market $2.7 B Ethanol Market $1.2 B Jet Fuel Market $2.8 B Alkylate Market $0.9 B 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 Diesel Market $3.5 B

$0.00

($0.50) Market Size (Billion Gallons per Year)

$65/bbl Oil, $3.75 corn Source: EMI, OPIS, Gevo, CEH

Development of Gevo
Critical Few Customer/Partners in Each Market

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Advancing the New Era of Renewables

License

Current Feedstocks; Corn, sugar, starches Future Feedstocks; Cellulosics, Biomass

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Conflict of RFS and Air Quality Create Opportunity

40 35 RFS2 Obligation (excluding biodiesel) (BGY) 30 25 20 15 10 5 0

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Advancing the New Era of Renewables

RFS can not be met unless the limit on oxygen content is increased

Market for E10 - 3.7% oxygen content Ethanol Blend Wall

E10

Oxygen Content less than 3.7% by weight

Oxygen Content must exceed 3.7% by weight

Would there be a blend wall if you had renewable hydrocarbons?

Hydrocarbon Solutions Address Refining Challenges

Refining Challenges Solutions

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Increasing regulatory pressure

RVP Benzene Sulfur

Clean, low RVP blendstocks

Isobutanol Isooctene Isooctane

Meeting the RFS mandate Global economic downturn

Low refining margins High reinvestment costs Tight capital markets

Qualify as renewable fuels Reduce/eliminate capital outlay Creates options for changing market demand
Jet Diesel

Changing market demand

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Properties of Isobutanol & Renewable Hydrocarbons

Regular Gasoline Blend octane (R+M/2) Blend RVP (psi) Relative Energy Aromatics Sulfur (ppm) Fungible 87 7 - 14 100% 10-35% 30 Yes Renewable Isobutanol 102 4-5 82% 0% <1 Yes Renewable Isooctene 108-112 1-2 98% 0% <1 Yes

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Renewable Isooctane 100 1-2 95% 0% <1 Yes
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Isobutanol Lowers RVP in Gasoline

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9.0

8.0

RVP (psi)

7.0
Base Reference Gasoline

6.0

Ethanol Blends Isobutanol blends 10% Ethanol + Isobutanol Blends

5.0 0% 5% 10% 15% 20% 25% 30%

% Alcohol in Blend
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Renewable Gasoline that meets ASTM Specs

Hydrocarbon fingerprint
Analysis Octane (R+M/2) Sulfur (ppm) Benzene (%) Aromatics (%)

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Refinery Gasoline 87 60 2.0 32 Renewable Gasoline > 100 <1 < 0.1 20

Typical Refinery Gasoline Gevo 90% Renewable Gasoline

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Renewable Jet Fuel That Meets ASTM Specs

n-C11

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Conventional Jet A Fuel Renewable Jet Fuel
0.770 170-300 49 -81 28 0.85

Conventional Jet Fuel

n-C12

Specification

n-C10 n-C13

n-C14

n-C9

Density at 15 C (Kg/L) Boiling Point (C) Flash Point (C)

0.775-0.840 150-300 38 -47 25 > 0.85

i-C12

Renewable Jet Fuel

Freezing Point (C) Smoke Point (mm) Lubricity, BOCLE (mm)

i-C16

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Gevo Addresses Critical Issues of Isobutanol Production

Challenges
Butanol Low yield (usually due to lower value coproducts, e.g. ABE) Kills production organism before it gets to economical concentration Difficult and expensive to separating butanol away from water High capital cost

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Solution

Biocatalyst that produces only one productisobutanol (No ABE) Gevos Integrated Fermentation Technology (GIFTtm) yields economic concentrations and a simple, inexpensive way to separate butanol from water Incremental capital add on to ethanol plants

Hydrocarbons Complex mixtures and separations Acidic conversions, high temperature and pressure reactions Capital Intensive

High purity feedstock & intermediates Green hydrocarbon technology Less steps = less capital

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Mitigating Risk in Commercialization

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Market Adoption
Make products that can be adopted quickly
Well known Hydrocarbon-like Alcohols

Unknown Competitors

Well Known Hydrocarbons

Speed of Adoption
Fuel Isobutanol Isobutylene Isooctene Alkylate Jet Fuel Chemical Isobutanol

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Mitigating Technology & Implementation Risk

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Process Technology
Anaerobic Performs like Ethanol Use proven, well known equipment for process Years of commercial operation at scale globally Low temperature, low pressure Avoid mass transfer/heat transfer issues

Microbe

Process Equipment

Chemistry

KEEP IT SIMPLE
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Isobutanol Fermentation Fits a Dry Mill Footprint

Titer (g/l)
100 80 60 g/l 40 20 0 5/15/08 8/23/08 12/1/08 3/11/09 6/19/09 4/11/07 7/20/07 10/28/07 9/27/09 2/5/08 1/1/07 1/5/10

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Productivity (g/l/h)
Corn Dry Mill Target

Corn Dry Mill Target

g/l/h

2.5 2 1.5 1 0.5 0

Cellulosic Biomass Target

5/15/08

8/23/08

12/1/08

3/11/09

6/19/09

4/11/07

7/20/07

9/27/09 9/27/09

2/5/08

1/1/07

Gas Chromatograph of Fermentation Broth

Isobutanol
%

100 80 60 40 20 0

Yield (% max theoretical.)

Corn Dry Mill Target

10/28/07

5/15/08

8/23/08

12/1/08

3/11/09

4/11/07

7/20/07

6/19/09

2/5/08

1/1/07

10/28/07

Source: Gevo Testing

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1/5/10

1/5/10

Jump Start to Demo

Demo Plant
1 MGY nameplate capacity Purpose is to generate samples and confirm engineering parameters ICM estimates it will take 3-4 months to build Located at ICM, St. Joseph, MO Significantly reduces capital cost and time

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Leading provider of first-generation ethanol technology Engineered and licensed technology for over 100 Plants Exclusive Partner ship Agreement with Gevo
3, 4, 5 carbon alcohols

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Mitigating Risk in Commercialization

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Capital Investment
Keep capital investment low by leveraging existing infrastructure

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Capital Light Approach: Re-purpose Ethanol Plants

Step 3 Step 2
Hydrocarbon Unit (~$18M CapEx for 100MGPY Ethanol) Biomass Converting Unit

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Hydrocarbons
Chemicals Gasoline Diesel Jet

Step 1
Biocatalyst Change
iBuOH Process Unit (~$30M CapEx to retrofit 100MGPY Ethanol)

Isobutanol

Animal Feed (~5kg for each gallon produced)

Commercialization Strategy
Access capacity via retrofits of existing ethanol (tolling) Enter market with high value products Use existing petrochemical channels and infrastructure Add technology and production capability incrementally Readily scalable technology

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Biomass to Hydrocarbons
120.00 100.00 80.00 60.00 40.00 20.00 0.00

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Titer of iBuOH

Step 3

Biomass Converting Unit

Hydrocarbons
Chemicals Gasoline Diesel Jet Isobutanol
Grinding Hydrolysis Acid Recovery

Animal Feed

Lignin

Energy

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Timeline

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Advancing the New Era of Renewables

2008

2009

2010

2011

Pilot Plant Scale

Demonstration Plant Scale Commercial Scale

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Enables Alignment of Total Value Chain

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Advancing the New Era of Renewables

Ethanol Producer re-purpose their capacity to value added products Refiners achieve flexibility to integrate renewable products Agriculture gains further markets for products Animal producers gain value added feed Environment gets lower GHGs and emissions

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Enables Alignment of Total Value Chain

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Advancing the New Era of Renewables

Ethanol Producer re-purpose their capacity to value added products Refiners achieve flexibility to integrate renewable products Agriculture gains further markets for products Animal producers gain value added feed Environment gets lower GHGs and emissions

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Who Are We. Real People, Real Innovation

Founded in 2005 45 employees Based in Englewood, Colorado. Committed to becoming the world leader in renewable

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fuels and chemicals Investors:

Malaysian Life Sciences Capital Fund

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Gevo Summary

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Gevos Integrated Fermentation Technology (GIFTtm): Unique organisms and process 165 patents filed Blocking approach Platform intermediate readily converts to hydrocarbons: gasoline, jet, diesel

Highlights

Economically viable routes to chemicals and plastics such as PMMA and PET Leverage existing infrastructure Retrofit traditional ethanol plants; avoid blenders wall Readily scalable low cost technology Speed Multiple feedstocks Proven on corn and cellulosics Exclusive partnership with ICM, the leader in technology and engineering for biorefineries 1 MGPY Demo Plant to come on-line in summer of 2009

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gevo

Advancing the New Era of Renewables

Thank You