Making Sugar from CO 2 Kef Kasdin, CEO April 22, 2014 ABLC Washington, DC

2 Not Crop-Based / Not CellulosicBenefits to PartnersFermentation-Ready Proterro makes low cost sucrose that unlocks economical production of biofuels and chemicals We Make Sugar…  Avoids pricing volatility  Predictable, reliable source of production  Much less land vs crops  1/10 water of algae systems  Drop-in sugar feedstock  No further processing required for fermentation to biofuels/biochemicals  Easily scalable  Complements 1 st and 2 nd generation ethanol  Clean sucrose (no other sugars or inhibitors for biochem)  Monetizes CO 2 To supplement sugars extracted from crops or deconstructed from cellulosic materials

The Feedstock Challenge 3 Corn and Sugar Access to a reliable, low-cost feedstock remains a critical barrier to scale for the production of bio-based fuels and chemicals. FeedstockChallenges Price Volatility: Seasonally- and market-driven price volatility Food v. Fuel: Land competition Biomass Availability: Access to amount of biomass required to obtain economies of scale is limited Biomass Recalcitrance and Non-Homogeneity: Fractionation and deconstruction of biomass into usable intermediates require complicated and expensive multi- step processes Cellulosics Proterro addresses these challenges by making affordable, fermentation-ready sucrose

Converting Sunlight to Fuels & Chemicals 4 CO 2 + H Nutrients CO 2 + H Nutrients Hydrocarbons Alcohols Organic Acids Oils RefineFuels & Chemicals Growth $ Harvest $ Process $ Logistics $ Sugarcane, Corn, Cellulose CO 2 + H Nutrients Complex; labor, capital & energy intensive Air and CO 2 H2O, Nutrients Air Sucrose, Water Photons Photobioreactor Lower cost than sugarcane, corn, cellulose Proterro Patented Process

Path to Commercialization 1.Lab scale development and proof of concept 2.Greenhouse Testing –1/3 rd m 2 photobioreactor; 3 months 3.Pilot Program – Orlando, Florida –Outdoor testing in natural light; 50 m2 growth surface per bioreactor –4 months continuous operation –Consistent and controllable sugar production –No contamination effect on sucrose productivity –Results verify process is scalable 4.Demonstration Program –Outdoor testing adjacent to mill or other CO 2 source –~100 photobioreactors working as a system 5.First Commercial Plant ✔ ✔  5

Commercial Scale Photobioreactor Developed with ILC Dover 6 ILC Dover  Engineered solutions employing high- performance flexible materials since 1947  Specializes in advanced fabrics and engineered inflatables  NASA spacesuits  Containment solutions for pharma PBR is very robust: able to withstand Category 1 hurricane winds

Robust, Modular Photobioreactor Made from Off the Shelf Materials 7 Key Features  Collapsible low-cost polyethylene cylinder  Naturally sheds rain and snow  Favorable aerodynamic shape for wind loading  Patented cyanobacteria grow on vertical fabric panels  Water and nutrients drain by gravity on panels  CO 2 -augmented air, flue gas inflates cylinder  Natural low point for condensate drain  Can be UV stabilized  Validated low fabrication costs S E NW

Preliminary Demonstration Plant Design 8

9 Strong Value Proposition for Partners  Utilize excess production capacity  Gain access to low- cost sugar supply  Utilize emitted CO 2 to produce more sucrose  Attractive return on investment  Stable, reliable low- cost source of sucrose - Commodity hedging not core competency  High purity feedstock stream - Bioengineered organisms highly susceptible to any byproduct inhibitors - Attractive return on investment  Utilize and monetize CO 2  Response to regulatory pressure to mitigate CO 2 footprint  Attractive return on investment First Generation Ethanol Renewable Fuels & Chemicals CO 2 Emitters Proterro provides a compelling partner opportunity across markets

10 Bioreactor Engineered Organism Process Aggressive Patent Filings  Notice of allowance on photobioreactor claims  US Patent 8,367,379 issued Feb 2013  US Patent 8,597,914 issued Dec 2013  Developing comprehensive patent estate with 70+ global applications pending or planned to file Robust Intellectual Property Position

Proterro, Inc. 100 Princeton South Corporate Center Suite 150 Ewing, NJ Kef Kasdin, CEO