1. Breaking the Biofuels Sugar Cost Barrier CEO Kef Kasdin April 21, 2011

2. Refine CO 2 + H 2 0 + Nutrients Fuels & Chemicals Feed Creation Growth $ Harvest $ Process $ Logistics $ Sugarcane, Corn, Cellulose From Sunlight to Sugar Today 2 The cost amplifier

3. From Sunlight to Sugar Today 3 World sugar price volatility

4. Sugarcane Economics 4

5. Productivity Per Acre Drives Cost 5

6. State of the Art: Liquid Photobioreactor 6

7. Proterro is developing a fermentation- ready sugar to enable economical production of biofuels and chemicals. 7 Protose: Is feedstock, not fuel Is not derived from corn, sugarcane, or cellulose Does not require harvesting or separation Is a geographically flexible sugar source

8. Refine CO 2 + H 2 0 + Nutrients Fuels & Chemicals Feed Creation From Sunlight to Protose 8 Removing the cost amplifier Lower cost than sugarcane, corn or cellulose Significantly higher productivity per acre Reach market through partners Proterro Protose™ Sugar

9. Synthetic Biology Accomplishment 9 Engineered a novel sugar-producing organism Natural System Cyanobacteria + salt = sucrose Final strain for continuous, scalable Protose production DNA Manipulation

10. Proterro Invented Solid Phase PBR 10 Demonstrated & Scaled 10x; Modular approach 1 foot x 1 foot1 meter x 1 meter

11. 11 Kef Kasdin, CEO kef@proterro.com Proterro, Inc. 103 Carnegie Center Suite 100 Princeton, NJ 08540