Intelligent Biofuels Fulcrum BioEnergy, Inc. Advanced Biofuels Leadership Conference Commercialization of Waste-to-Ethanol is a Reality April 19, 2011 Washington DC

Intelligent Biofuels 2 FULCRUM IS COMMERCIALIZING WASTE-TO-BIOFUELS ● Develop, Own and Operate Facilities That Will Transform Garbage to Fuel ● Proven, Clean and Efficient Thermochemical Technology ● Secured Feedstock Supply to Produce One Billion Gallons Per Year ● Secured Equity Financing ● First Project Ready to Begin Construction During Q Executing on a Focused Strategy

Intelligent Biofuels 3 CAPITAL SECURED ● Committed Equity Investors ● Recently Completed $75 Million Series C Preferred Stock Financing ● Additional $10 Million Private Equity Raised ● In Term Sheet Negotiations With U.S. DOE For Project Debt Loan Guarantee

Intelligent Biofuels 4 Proven Technology Ready for Commercial Deployment BREAK THROUGH TECHNOLOGY Ethanol Storage Heat Recovery Boiler Ethanol Distillation Electric Power Generation Feedstock Preparation Oxygen Generation Unit Gasification System Gas Processing Alcohol Synthesis MSW to Syngas Syngas to Ethanol  Plant Designed Around Commercial Systems  Multiple Suppliers for Each of the Systems  Fulcrum Patent Pending on the Entire Process and Alcohol Synthesis System

Intelligent Biofuels 5 SIERRA BIOFUELS PLANT FIRST IN A PIPELINE OF STANDARDIZED PLANTS Output  10.5 Million Gallons/Yr of Advanced Ethanol  16 Megawatts of Renewable Power Feedstock  147,000 Tons/Yr of Post-Sorted MSW  20-Year, Fixed Zero-Cost Contracts Pre-Construction Stage  Permits in Place  EPC Underway With Fluor Economics  Fully-Funded  Ethanol Offtake Agreement Executed Sierra BioFuels Plant Storey County, NV Commercial Operations Q4 2012

Intelligent Biofuels : THE YEAR OF CONSTRUCTION Commercial Production of Advanced Biofuels is Under Construction  Construction has Begun  Fulcrum and Others Starting Construction in Q Active Financial Markets  Project and Private Equity  DOE/USDA Loan Guarantee Closings Advanced Biofuel Fundamentals Remain Strong  Energy Security, High Oil Prices Reinforce Need for Alternatives  Biofuels Represent Investment in Infrastructure, Jobs Here at Home  Nearest-Term Substitute for Oil

Intelligent Biofuels 7 POLICY CONSIDERATIONS FOR LAWMAKERS, INDUSTRY Facilitate a Robust Project Financing Environment for Biorefineries  Better Utilize Existing DOE, USDA Loan Guarantee Programs  Establish 30% ITC for Biorefineries – Parity With Renewable Electricity  Long-Term Financing Program – Public/Private Bank (CEDA) Fortify Existing Regulatory Markets  No Adv. Biofuel Waivers Under RFS2 – EPA can Send Strong Market Signal  Make RFS2 More Feedstock Neutral, Goal Oriented Biofuel Industry Coordination  Competition Between Biofuel Pathways, Industry Organizations is Unhelpful in 220 BGPY Market - Preventing Real Policy Wins for our Industry  Need a Unified Renewable Fuel Policy and Better Industry Coordination  Collaboration on Recent DOE LG Budget Issue a Good Model Focus on Policies That Will Put Steel in the Ground

Intelligent Biofuels 8 Social, Economic and Environmental Benefits Energy Independence Job Growth Landfills Global Warming Reduce America’s Dependence on Foreign Oil by 20%, and Reduce Greenhouse Gas Emissions by More Than 75% SOCIAL, ECONOMIC AND ENVIRONMENTAL BENEFITS