1. Mascoma Confidential 1 Mascoma Corporation A focus on learning and deployment Bill Brady, President & CEO April 2014

2. Mascoma Confidential 2 Mascoma Advanced Bioconversion  - We are focused on commercializing our Consolidated Bioprocess (CBP) yeast products, and Process Technologies that leverage the power of our CBP yeast products  - We believe that our CBP Technology will eventually drive all bioconversion of biomass to petroleum replacements  - Through this process, We will redefine the enzyme delivery business  - We are driven by Innovation, Speed, and Collaborative Partnerships

3. Mascoma Confidential 3 Strategically, this is how we are growing the company (1) molecule biomass feedstock ethanolpropanol advanced molecules corn sugar cane various cellulosic Today 1 1 Produce ethanol from various biomass feedstock sources 2 2 Produce products beyond ethanol

4. Mascoma Confidential 4 “Making corn ethanol better” “Addressing Brazil’s ethanol expansion problem” “$.50/gallon cost savings … addresses fundamental enzyme cost problem” “Bio IPA addresses the world C3 shortage issue” Business Segment MGT (Mascoma Grain Technology) Mascoma Brazil Americas Region Cellulosic Mascoma Chemicals Time to marketCapital Req’d Value to Cust./Mascoma now later good low great high Strategically, this is how we are growing the company (2)

5. Mascoma Confidential 5 Business Segment Product(s)The “Mascoma Advantage” MGT (Mascoma Grain Technology) TransFerm Yeast TransFerm Yield + Yeast 50% enzyme reduction Enzyme reduction plus 3% Yield Boost Mascoma BrazilCane Boost Yeast C5E Process Technology 2 – 5% Yield boost from Cane 20% Yield boost from bagasse C5 Americas Region Cellulosic CBP5x / CBP56x Yeasts DP Yield+ Process technology G1/G2 Leverage Process Technology $.30 -.50/gallon savings Increase “dissolving pulp” capacity plus C5 to ethanol “bolt on” cellulosic conversion to G1 infrastructure Mascoma Chemicals CBP IPA YeastLow cost conversion of glucose/acetic acid to isopropanol (IPA) We Have Developed Several Products to Serve the Needs of our Target Markets 2 Billion Gallons Produced 20% Share of Market Customers/Partners in Development 6 Customer Development Projects Product in Development

6. Mascoma Confidential 6 ? - ? TransFerm GA Enzyme Displacement Cost Savings TransFerm + 2%-4% Additional Yield Improved Conversion Of Sugar; Advanced Enzymes TransFerm Yield + plus Additional Yield Further Advancement In Enzymes And Metabolism “MGT 1.2” and Future Generations TransFerm Yield + Gross Incremental Value (¢/gallon) Key Assumption: Ethanol Price of $2.50/gal For a Typical 100 Million Gallon/Year Ethanol Plant – WITH NO CAPITAL REQUIRED: TransFerm Could Create ~$1MM - $2MM of Incremental Annual Value Transferm Yield + Could Create ~$8MM – $10MM of Incremental Annual Value Our MGT Product Line Creates Significant Potential Value for Customers 8¢ - 10¢ 1¢ - 2¢ Under Development

7. Mascoma Confidential 7 The Business Concept : CaneBoost products produce large volumes of low cost ethanol Industry wide impact of Mascoma products on ethanol production in Brazil 0.75 (~150 m gals) 0.50 6.25 15.0 0.0 2.5 5.0 7.5 10.0 12.5 1.50 0.0 0.25 0.50 0.75 1.00 1.25 1.0 1.1 5.0 Existing Bagasse Energy Cane Additional Ethanol Produced (MM m 3 /annum) Marginal Cost of additional ethanol prior to fees ($/gal) Volume impact Marginal production cost Average production cost of EtOH in Brazil 1 = 1.03 1 Valdez, C (2011), USDA, Brazil’s Ethanol Industry looking forward, http://www.ers.usda.gov/media/126865/bio02.pdfhttp://www.ers.usda.gov/media/126865/bio02.pdf 2 Estimated capex of between $1.5 and $2.5/annual gallon additional ethanol capacity

8. Mascoma Confidential 8 IPA cash production cost ($/metric tonne) Benchmarking against the supply curve assuming various raw material sources 1,2,3,4. 1200 1000 600 400 200 0.00 0500 Cumulative production (‘000 metric tonnes) 800 100015002000 IPA cash production cost from corn ($747) PDH (integrated) Naphtha cracker (integrated) Refinery Splitter (integrated) Un-integrated producer 1 Volumes estimated from: Burridgge, E. (2009) ICIS, Chemical Profile: IsoPropanol: http://www.icis.com/Articles/2009/11/02/9259817/chemical-profile-isopropanol.html. 2 Cash cost of production estimated assuming a 95% yield of IPA from propylene and a cash cost of $200/ton for other operating expenses. 3 Each individual companies facilites were investigated to determine whether they were vertically integrated and which feedstocks they used to produce propylene. http://www.icis.com/Articles/2009/11/02/9259817/chemical-profile-isopropanol.html 4 if the IPA production was not vertically integrated with the propylene production it was assumed that market price was paid for propylene (this is currently $1350 per ton), for the purpose of these calculations we selected $1300 per metric tonne. IPA cash production cost from bagasse xylose ($210) Bio-IPA competitive on the existing supply curve IPA demand (1800 ktonne)