© Virent 2012

Andrew Held Virent, Inc. Senior Director Feedstock Development

Louisiana Biofuels and Bioprocessing Summit September 11-12, 2012 Baton Rouge, LA

Virent is replacing crude oil.

Virent at a Glance The global leader in catalytic biorefinery research, development, and commercialization

Employees

Financial Infrastructure

120 Employees

25x Development Pilot Plants 1x 10,000 gal/yr Demo Plant

Partners & Investors

> $77 MM in Equity Funding > $75 MM in Gov & Industry

© Virent 2012 2

BioForming® Concept

Biomass

Cane

Corn

Reformate

Distillate

Biomass

Sugar Cane

Corn

Aqueous Phase

Reforming (APR)

Modified ZSM-5

Condensation + Hydrotreating

Aromatics Gasoline

Jet Fuel Diesel

Process flexibility enables the production of gasoline, aromatic chemicals, jet fuel and diesel from a variety of raw materials.

Feedstocks to APR include any water soluble carbohydrate. APR prepares biomass derived feedstocks for optimal

conversion into hydrocarbons. Option for natural gas co-processing significantly improve

yields and economics. Overall process efficiency > 85%.

© Virent 2012 3

High Quality, Drop-in Fuels

Energy Dense, Drop-in Fuels

Premium Biogasoline – 120,000 Btu/gal

Virent Distillates Meet ASTM Specifications

Virent Fuel in Scuderia Ferrari Race Fuel

Slide 4 © Virent 2012 4

Commercial Sugars and Cellulosics

© Virent 2012 5

Cellulosics – Portfolio Approach Dilute acid and enzyme hydrolysis

Wet oxidation and enzyme hydrolysis

Cold Acid Solvent Extraction

Catalytic Biomass Deconstruction

© Virent 2012 6

Fully Renewable Synthetic Jet Cellulosic Biomass to Jet Fuel, 3/26/2012

Distillation

10% recovered (T10), °C ≤205 182 164

EP, °C ≤300 265 290

T90-T10, °C ≥22 62 86

Thermal Stability

Temperature 260°C 325°C

Tube Deposit Rating <3 1 1

Change in Pressure, mm Hg ≤25 2 0

Excellent freeze point and density due to unique Virent jet composition

Very high thermal stability

Physical and Chemical Properties

Heat of Combustion (measured), MJ/Kg ≥42.8 43.3 43.3

Flash point, °C ≥38 51 40

Freeze Point, °C ≤-47 -50 <-60

Density @ 15°C, kg/L 0.775 - 0.840 0.804 0.805

Specification Test MIL-DTL-

83133G Spec Requirement

JP-8

Analysis from Wright Patterson AFB

© Virent 2012 7

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Phoenix (DE-EE0005357)

Blackbird (DE-EE0005006)

NABC (DE-AC36-08GO28308)

AC

Purification

Separations Benzene

Para-xylene

Bagasse

Corn Stover

Wood

RCL

DHOG Gasoline

Jet Fuel Diesel Fuel

Corn Stover Pre-treatment

Purification HDO AC Aromatic-Rich

Gasoline

Corn Stover Pre-treatm

ent Wood

Hydrolysis

HDO

The three projects above total more than $25 million; DOE support is >$20 million.

Fuel Co-product

Sustainable Bioproducts Initiative

LSU LED PROJECT - A REGIONAL PROGRAM FOR PRODUCTION OF MULTIPLE AGRICULTURAL FEEDSTOCKS AND PROCESSING TO BIOFUELS AND BIOBASED CHEMICALS

USDA NIFA AFRI Bioenergy CAP: Award No. 2011-69005-30515 Timeline: 5 year project starting Q3 2011

Virent and team members will demonstrate agronomic, economic, technical, and sustainability attributes for energy cane and sweet sorghum to biofuels and bioproducts in the Southeast U.S.

Purifi-cation

Hydro-carbons

Distillate

Aromatics / Gasoline

Sweet Sorghum

Energy Cane Process-ing

MS Process

Sustainability

MS Process

Economics

© Virent 2012 9

World Petrochemical Market

Ethylene

Assoc. Gases /Naphtha

115 Mt/a

Estimates of world demand , 2009 Sources: ICIS Chemical Business; BMI, CMAI.

Propylene Butadiene Benzene Toluene Xylene

Olefins Aromatics

Crude Oil

70 Mt/a

11 Mt/a

40 Mt/a

23 Mt/a

40 Mt/a

Natural Gas Liquids

• Approximately 300M tonnes in 2009

• Market value ~ US$400B (today)

Virent focusing on BTX

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Catalytic Processing Offers Flexibility to Replace More than Fuels

0.0E+00

2.0E+06

4.0E+06

6.0E+06

8.0E+06

1.0E+07

1.2E+07

1.4E+07

1.6E+07

1.8E+07

2.0E+07

0 5 10 15 20 25 30 35 40 45

FID

Resp

onse

(Arb

itrar

y U

nits

)

Retention Time (Minutes)

11 % Benzene

1.2% Benzene

38 % Toluene

12 % Toluene

Optimized Product for Gasoline Blending

Composition Shifted for Aromatics Production

Product Composition Flexibility

Bio-reformate can replace typical reformate which is dominant feedstock for many chemicals, fibers, and plastics in use today

• Benzene

• Toluene

• Para-Xylene

• Meta-Xylene

• Ortho-Xylene

© Virent 2012 11

Virent - TCCC

Adapted from Coca-Cola website graphic http://www.thecoca-colacompany.com/citizenship/plantbottle_basics.html

Current State-of-the-Art PET

PTA 69%

MEG 31%

Ethylene PX Petro-based feedstock

PET Resin

Blow molding

Petro-based feedstock

Bio-based feedstock Ethanol

Bio-MEG 31%

Today, the vast majority of PET is sourced from fossil derived feedstocks.

Partially bio-based PET bottles (up to 30%) can be produced from MEG that is derived from ethanol.

© Virent 2012 12

100% Renewable, Recyclable PET

PTA 69%

MEG 31%

Ethylene PX Petro-based feedstock

PET Resin

Blow molding

Petro-based feedstock

Bio-based feedstock Ethanol

Bio-MEG 31%

Bio-based feedstock

BioFormPX

Bio-PTA 69%

Bio-PET Resin

Blow molding

Slide 13

Virent technology for bio-based PX enables a 100% bio-based PET bottle that is:

• 100% Recyclable

• 100% Renewable

Adapted from Coca-Cola website graphic http://www.thecoca-colacompany.com/citizenship/plantbottle_basics.html © Virent 2012 13

Economics – Biomass Breakeven

14

Notes: *Product Values utilize historic Crude to Product Value Ratios from Mid 2007 to Mid 2010 *Major Utilities Cost Assumptions of $4/mmbtu NG and $0.07/kw-hr *Includes Variable and Fixed costs

Cash cost breakeven for a Virent BioForming® refinery producing aromatics.

60

70

80

90

100

110

120

0 50 100 150 200 250

Crud

e O

il, $

/BBL

Biomass, $/tonne

© Virent 2012

IEA Projection

Industry Projection

Favors crude

Favors biomass

Green House Gas (GHG) Emissions Cradle To Grave Analysis

• Initial Virent internal GHG estimates conducted for one potential commercial plant configuration • GHG emissions calculated based on economic allocation methodology (5 yr. price average) • Utilized EcoInvent and GREET data in conjunction with GaBi software for GHG analysis. • Does not include any transportation effects post-gate.

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> 30% reduction

> 55% reduction

> 35% reduction

Summary Leading technology for catalytic conversion of plant matter

to direct replacement hydrocarbons, including aromatics.

Pursuing opportunities in aromatic chemicals as a first plant deployment Initial target is PX for the production of biobased PTA and PET.

Establishing strategic partnerships to commercialize biobased aromatics production and supply chain.

Advancing commercialization of Virent’s liquid fuels technology with Shell. Pursuing additional fuel opportunities with other third parties.

Developing pathways to advance integration with cellulosic feedstocks to further improve yields and profitability.

© Virent 2012 16

Virent converts plant-based sugars into 100% renewable chemicals and fuels. Our bio-based products are identical to those produced from petroleum—direct replacements that utilize today’s processing, storage and transportation infrastructure.

Andrew Held, Senior Director Feedstock Development andrew_held@virent.com

Thank you.

© Virent 2012