7thBio-basedChemicalsCommercializa4on&Partnering

Boston,July7,2016

  Produc(onofrenewablelowcarbonfuelsandchemicalsfrom“liquidwood”

  AnchoredbyEnsyn’scommercialRTPprocess–30yeartrackrecord

  Exis(ngchemicals,hea(ng&coolingbusinessoffersteadygrowth

  Refineryfeedstockmarketrepresentsaglobalopportunityfortheproduc(onoflowcarbonfuels

  World-classstrategicrela(onshipsacrossthevaluechain

  Commercialproduc(oninOntarioandWisconsin–Quebecnowinprogress

  Addi(onalexpansionunderwayinBrazilandthesoutheasternU.S.A

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Overview

RefineryCo-processing

ConversiontoLiquidBiocrude

BiomassFeedstock

Hea4ng&CoolingRenewableFuelOil(RFO)

RefineryFeedstock(Biocrude)

RTPProcess

FoodIngredients&RenewableChemicals

Ensyn’sBusiness–ForestBiomasstoHighValueProducts

ChemicalFeedstock

Ensyn’sRTP®Technology

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Approximate Product Yields

(weight %)

gas char Liquids

§  Not“severe”–anon-cataly(c,thermalprocess§  SimilartoFluidCataly(cCracking(FCC)§  Nocatalysts,highpressureorhydrogen§  Gasandcharusedtorunthefacilityanddrythebiomass(energyself-sufficient)

§  35patentsissued,97pending

MaximumConversionofSolidCarbontoLiquidCarbon

A30+YearGrowthStoryBackedbyCommercialOpera(ons

1984

1989CommercialDeployment

1998-2005HeavyOil

2006OntarioFacility&

returntoBio-energy

OngoingBioenergyExpansion

StrategicRela(onshipsAcrosstheValueChainFeedstock ConversiontoRFO RefineryFeedstocks Hea4ng&Cooling SpecialtyChemicals

&FoodIngredients

Ensyn’sStrongInvestorBase

Chevron Technology Ventures

Ini(alCommercializa(on–SpecialtyChemicals

§  Ini(alcommercialapplica(on–specialtychemicals&hea(ngfuels)

§  25+yearsofcommercialproduc(on

§  Over40milliongallonsproduced

§  FivecommercialRTPfacili(esinopera(on

§  Strategicrela(onship:KerryGroup(RedArrowProducts,Wisconsin)

§  Over30foodproductsdeveloped

§  Kerryisthemarketleader

IndustrialChemicalsUnderDevelopment

§  Resins§  PhenolReplacementinwood

resins

§  Concreteaddi(ves/emulsifiers

§  Atleast20industrial(non-food)chemicalsofinterest

FuelOil

§  Over25yearsofcombus(ononanindustrialscale

§  Approximately20milliongallonsusedinindustrialboilers

§  Nowdemonstratedacrossarangeofapplica(ons  Hea(ng&coolingmarkets

  Largecommercialandins(tu(onalusers

  Districthea(ngsystems

  Miningopera(ons

Hea(ngSales&Contracts

§  MemorialHospital,NewHampshire  100%conversiontoRFOforalmost2years

  Genera(ngD-7RINs

§  Youngstown,OhioDistrictHea(ng

  Commercialdeliverieshavebegun

§  BatesCollege

§  Addi(onalcontractsundernego(a(onwithmajordistricthea(ngcompanies

§  StrategicAllianceswithInfrastructure&hea(ngoilsuppliers

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RefineryCo-processingvs.Tradi(onalBiofuels

Leveragingexis4nginfrastructure:

§  LowerstherefinersCAPEX&OPEXofcompliance§  Facilitatesimplementa(on§  Upto5%biocrudeprocessedwithconven(onalpetroleumfeedstocks§  Providescomparableyieldsonavolumetricbasis§  Doesnotcompeteformarketsharewiththerefiner§  Allowsrefinertocontrolgenera(onoftheirregulatorycredits

Co-processingDeployment

§  5+yearsofdevelopment,includingrefinerytrials

§  StrategicalliancewithHoneywellUOPexpandedin2014toincludeRefineryCo-processing

§  Innego(a(onswithamo(vatedgroupof“EarlyAdopter”refiners

§  Refinerstrategicrela(onshipsincludeChevron&Tesoro

§  Severaladdi(onalrefinerini(a(vesunderway

§  Biocrudesupplyforthesecontracts:  Ini(allyfromtheOntariofacility  Addi(onaldeliveriesfromprojectsindevelopment

Produc(onFacili(es&Projects

OntarioProduc(onFacility

§  3milliongallonsperyearinaddi(ontoapprox.3milliongpyinWisconsin

§  Commissionedin2006asamerchantplantforchemicalsandfuelsproduc(on

§  Enhancedin2014asEnsyn’sanchorfuelsfacility

§  FacilityisqualifiedbytheU.S.EPAundertheRFSprogram

§  SalestoqualifiedusersintheU.S.aregenera(ngD-7RINs

CoteNordProject,Quebec

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§  10milliongallonperyearfacilitybeingdevelopedbyEnsynandArbecForestProducts

§  FirstofseveralprojectscontemplatedbythepartnersundertheirJDA

§  LocatedatArbec’ssawmillfacilityinPortCar(er,Quebec

§  Feedstockfortheprojectislocalforestresidues

§  Productwillbesoldtohea(ngandrefiningcustomersintheU.S.Northeast

§  Projectfunded,civilworkhasbegunandmajorequipmentmodulesordered

AracruzProject-Brazil

§  20milliongallonperyearfacilitybeingdevelopedinpartnershipwithFibriaCelulose

§  LocatedatFibria’spulpmillinAracruz,EspiritoSanto

§  Feedstockiseucalyptusforestresidues

§  OqaketargetedforU.S.refineriesandhea(ngclients

§  Preliminaryengineeringsubstan(allycomplete

ViennaProject,Georgia

§  20milliongallonperyearfacilitybeingdevelopedbyEnsyn,RenovaCapitalPartners,andRoseburgForestProducts

§  Loca(onisamothballedmillinDoolyCounty,Georgia

§  Feedstockisforestresiduesandthinningsfromlocalsources

§  Producttargetedforrefineriesanddistricthea(ngclients

§  Condi(onalcommitmentfromtheUSDAfora$70millionloanguaranteewithCi(bankastheLenderofRecord

§  Preliminaryengineeringsubstan(allycomplete

Thankyou!