presenter: bryan sherbacow mr. sherbacow brings over 15 years of

Presenter: Bryan Sherbacow

Mr. Sherbacow brings over 15 years of senior leadership experience in corporate development of both industrial process and financial services businesses with expertise in organizational development, project development, financial structuring, mergers and acquisitions, public offerings, government relations and environmental matters. Over the past seven years he has been an active participant in the U.S. renewable energy sector as a principal investor, officer and director of a publicly traded biofuels company as well as a corporate advisor. Mr. Sherbacow has been a frequent contributor to several renewable energy publications as well as a featured guest on CNBC.

Since 2010, Mr. Sherbacow has served as President of AltAir Fuels, an integrated refiner of renewable jet, renewable diesel and renewable chemicals. During this time AltAir has been awarded and delivered 5 separate U.S. Defense Logistics Agency contracts for over 600 thousand gallons of renewable jet fuel. To date, more than 30 successful military and commercial certification flights have been conducted using AltAir’s renewable jet fuel. Currently, AltAir is constructing a west coast bio refinery with a production capacity of 30 million gallons per year. The facility is scheduled for commercial production in the 1st quarter of 2015.

Paramount, CA GreenJet Refinery

Bryan Sherbacow, President

• Location Paramount, California

• Operating Agreement Alon USA to provide O&M and logistics services

• Production Capacity 40 million gallons per year with design capacity to increase to 72 million gallons per year

• Feedstock Inedible agricultural waste fats and oils

• Product Offtake United and World Fuel Services. • Start-up Timing 1st quarter 2015

AltAir Fuels – Renewable Jet Biorefinery

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Camelina Tallow Algal oils Jatropha Rapeseed Pennycress Soy Palm

AltAir Fuels – More Feedstocks, More Fuels, More Experience

F76 HRJ 5 HRJ 8 Renewable Jet Renewable Diesel Naphtha LPG

Feedstock Diversity Process Versatility

• Over 2 years commercial operation of 1 million gallons capacity Houston pilot plant

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Mil Spec

AltAir Fuels – More Feedstocks, More Fuels, More Experience

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AltAir Fuels – Technology Guaranteed

Lipid Feedstock

deCO2 & HDO

Separation Selective Hydrocrack

Product Recovery

Gasoline/Chemicals

Jet

Diesel

H2

Water, CO2

• First reaction removes oxygen from natural oils Produces diesel range waxy paraffins

• Second reaction “cracks” diesel paraffins End products are molecularly identical to petroleum fuels/components

Renewable Products

Process technology developed and guaranteed by UOP Honeywell

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Meets fuel performance requirements

Requires NO change to airplanes or engines

Requires NO change to infrastructure

Can be mixed or alternated with Jet-A fuel

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AltAir Fuels – PROJECT PARTNERS

• Strong regional refinery host

Operations & Maintenance Environmental Access to petroleum blendstock products

• Redundant, regional, multi-feedstock supply relationships

with substantial excess supply capacity

• Multimodal logistics Rail Truck Trans load access to pipeline and barge

• Proximity to large jet/diesel user markets

AltAir Fuels – Regionally Integrated Production

Paramount Refinery

Truck Delivery

LAX Delivery Site

California Production

Corcoran Crusher

200k Acre Camelina

Direct Rail Access

Tallow Suppliers

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AltAir Fuels – FACT SHEET: RENEWABLE JET

The industry is exploring reliable alternatives to conventional jet fuel that are sustainable and have a smaller carbon footprint. Main requirements for sustainable alternative jet fuels: 1. Can be mixed with conventional jet fuel, can use the same supply infrastructure and do not require adaptation of

aircraft or engines (drop-in fuel) 1. Meet the same specifications as conventional jet fuel, in particular resistance to cold (Jet A: -40˚C, Jet A-1: -47˚C),

and high energy content (min 42.8 MJ/kg) 1. Meet sustainability criteria such as lifecycle carbon reductions, limited fresh water requirements, no competition

with food production and no deforestation

Sustainable aviation biofuels (“biojet fuels”) are one of the most promising solutions to meet the industry’s ambitious carbon emissions reduction goals





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AltAir Fuels – ASTM CERTIFIED FUEL

• ASTM standard approved in May 2011 for up to 50/50 blend of Biojet and Jet-A

Synthetic Paraffinic Kerosene (SPK) from a Bio-Derived Source

Property Jet A or Jet A-1 SPK

ASTM Test Method

Camelina Jet Algae Jet

Fluidity

Freezing point, degrees Celsius max -40 Jet A -63 -55

D 5972, D 7153,

D 7154, or D 2386

-47 Jet A-1

Combustion

Net heat of combustion, MJ/kg min 42.8 44.0 43.5

D 4529, D 3338,

or D 4809

Nearly 4% more

energy content

23 °C Lower Freeze

Point

* Data Provided by UOP

Freezing point

High temperature thermal stability

Energy density

Storage stability

Boeing fuel testing requirements:

Elastomeric compatibility

Must be a replacement solution

Meet ASTM fuel specs

Have a low CO2 footprint

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AltAir Fuels – Renewable Jet Boeing Fuel Test Results





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AltAir Fuels – RENEWABLE





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AltAir Fuels – RENEWABLE GHG CYCLE

AltAir Fuels – Global Initiatives to Adopt Renewable Jet

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• The European Union, with its Biofuels Flightpath project, has set a target of two million tons per year of aviation biofuels in Europe in 2020, which is about three to four percent of total jet fuel use in Europe.

• Aviation Initiative for Renewable Energy in Germany has set a target of 10% of alternative aviation fuel for 2025.

• Indonesia has introduced a biojet fuel mandate of 2% commencing in 2016, rising to 5% by 2025.

• A three percent volume blend-in of sustainable biojet fuel yearly worldwide would reduce

aviation CO2 emissions by about two percent, which would be a reduction of over 10 million tons of CO2.

Rel

ativ

e C

O2 e

mis

sio

ns

as

com

par

ed t

o je

t fu

el

Jet fuel from crude oil

Liquid hydrogen from water and nuclear power

Jet fuel from plant sources

Jet fuel from coal with CO2 sequestration

Jet fuel from coal

0

1

2

3

*Based on a Life Cycle Assessment performed by Massachusetts Institute of Technology

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84%

AltAir Fuels – GreenJet - Reduces Greenhouse Gas by 84%*

AltAir Fuels – Cultivated, Processed and Successfully Tested

January 7th, 2009 January 30th, 2009 August 2nd, 2009

November 23rd, 2009

October 13th, 2009

April 22nd , 2010 March 25th, 2010 March 18th, 2011

December 30th, 2008

August 27th, 2010

• AltAir has been awarded and delivered 5 separate U.S. Department of Defense contracts • More than 30 successful military and commercial certification flights conducted using AltAir Green Jet

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AltAir Fuels – Alternative Fuels in Practice

Between 2008 and 2011, at least ten airlines and several aircraft manufacturers performed flight tests with various blends containing up to 50% biojet fuel. The following observations were made*: • No modifications to the aircraft were required • Engines powered on biojet showed an improvement in fuel efficiency in some cases • Since ASTM certification 2011, 21 airlines have performed over 1,600 commercial passenger flights • Lufthansa successfully completed a six-month series of commercial flights to study the long-term effect of biojet

fuel on engines, noting no adverse effects • KLM conducted 26 long-haul flights in 2013 demonstrating it is possible to organize and coordinate a complex

supply chain and fly regular scheduled flights on biojet fuel. • In 2013, United Airlines executed the first non-test commercial contract for biojet with AltAir * International Air Transport Association (IATA)

• The technology to produce renewable, drop-in jet fuel is now available

• Regulatory approvals from the FAA and standards body ASTM have been issued

• Federal (EPA’s RFS) and California (LCFS) environmental frameworks provide environmental credits that allow renewable jet to be competitively priced

• Operational Q1 2015 with 40 million gallons per year capacity

• Sustainable biojet allows users to reduce their carbon footprint, ease their dependence on fossil fuels, and offset the risks associated with the high volatility of oil and fuel prices

AltAir Fuels – Paramount Opportunity

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Thank You For Letting Us Share Our Progress

AltAir Fuels – Paramount Opportunity

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presenter: bryan sherbacow mr. sherbacow brings over 15 years of

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