Presentation from GF Biochemicals Press Tour 9 December 2015

1. Making levulinic acid
happen
CASERTA
DECEMBER 9TH 2015

2. MAKING LEVULINIC ACID HAPPEN
INTRODUCTION TO
GFBIOCHEMICALS
Maxim Katinov, CEO

3. The first company producing levulinic acid directly from biomass at commercial scale

6. We make sustainable chemicals
Our mission: bringing levulinic acid to market by technology innovation

7. Wood Waste is our ultimate target feedstock

8. 2008
FOUNDATION
Mission: Bringing levulinic
acid to the market by
technology innovation
2014
ORGANIZATION
Key personnel from global
leaders enforce GFBiochemicals
to further develop the
technologies
2016
GROWTH
Capacity increase
Capacity 4,500 MT
2009
FACILITY
Lease Caserta plant to
develop and demo
breakthrough technologies
2015
PRODUCTION START
Commercial production of
levulinic acid starts July 2015
Capacity 1,200 MT
2017
CAPACITY
Capacity increase
Capacity 10,000 MT
2013
NEW FUNDS
New investor and
rebranding Green
Future to
GFBiochemicals
2019
EXPANSION
New world-scale facility
Capacity 50,000 MT
Focused and dedicated to levulinic acid since 2008

9. MAKING LEVULINIC ACID HAPPEN
INTRODUCTION TO
LEVULINIC ACID
Marcel Van Berkel, CCO

10. Levulinic acid: essential building block for a Green Future

11. Levulinic acid: a recognized versatile platform molecule*
Levulinic acid
DALA
Salts
Ketals
Esters
DPA
Pharma
Flavors & fragrances
Detergents
Plasticizers
Personal care
Pharma
Agro
Resins & Coatings
Plasticizers
Fuel additives
MeTHF
GVL
MeBDO
MEK/MVK
Oligomers
Nylon Apparel
Fuel
Solvents
Biobased polymers
Solvents
Bio-lubricants
Building block for
nylon
Solvents
Bio-lubricants
*main levulinic acid derivatives

12. Price + Performance + Sustainability =
Levulinic acid

13. MAKING LEVULINIC ACID HAPPEN
Q&A

14. MAKING LEVULINIC ACID HAPPEN
LAB VISIT AND
PLANT TOUR

15. MAKING LEVULINIC ACID HAPPEN
GFBIOCHEMICALS
TECHNOLOGY
Aris de Rijke, Director
Technology & Engineering

16. Levulinic Acid production history
LEVULINIC ACID
Biobased Route Traditional Route (Oil)
3-step route from hemicellulose
GFBiochemicals
1-step route from cellulose 5-step route from OIL
BUTANE/BENZENE
SUCCINIC ACID
ACETYL SUCCINATE
MALEIC ACID
ANHYDRIDE
FURFURAL FURFURYLALCOHOL

17. Levulinic acid production at industrial scale
Challenges
GFBiochemicals levulinic acid
technology
› Handling biochar and tar
› High purity levulinic acid
› Enables continuous operation
› Innovative recovery/purification
technology
› Low carbon footprint
− 1-step conversion
− Energy generation from own char
− High conversion yield
scale-up

18. Biochar
Steam
Energy Recovery
Levulinic acid
Cellulosic Biomass
Pre-treatment Reactor Flash
Filter
Solid/Liquid
Separation
Product
Recovery &
Concentration
Final
Purification
Steam
• Tested on large-scale in Caserta
• High and robust operational reliability
• Favorable scale-up economics
Continue R&D investment to maintain leadership and assure future growth
Proprietary Technology
GFBiochemicals breakthrough technology since 2008

19. GFBiochemicals proprietary technology
GFBiochemicals filed patents
GFBiochemicals patents in
preparation
› Levulinic acid compositions
› Isolation and purification of levulinic
acid (multiple patents)
› Trade secrets
› Production and recovery
technology of levulinic acid
› Ongoing technology innovation
“Innovation demands creative individuals who can dream new ideas and
turn them into reality” *
*as written on the wall of Niall McLaughlin’s building for Cranfield University

20. MAKING LEVULINIC ACID HAPPEN
Q&A

21. MAKING LEVULINIC ACID HAPPEN
MARKET DEVELOPMENT AND
APPLICATION BENEFITS
Marcel Van Berkel, CCO

22. A more than $30bn market opportunity in chemicals
Agro-chemicals ($0,05bn)
Personal care ($0,04bn)
Pharmaceuticals ($0,1bn)
Flavors & flagrances ($0,02bn)
Detergents ($0,31bn)
Fertilizers ($0,07bn)
Polymers & plasticizers ($1,6bn)
Resins & coatings ($0,8bn)
Solvents
($0,6bn)
Fuel additives ($0,8bn)
Specialty markets Large volume markets
Source: market reports from SRI/CEH, ICIS & Freedonia
Market
Opportunity
Attainable Market
Within 10 years
Key Target Building Blocks
Biobased
$2bn
Levulinic acid
& esters
Biobased
$3.8bn
Methyl-
tetrahydro furan
(MeTHF)
Biobased
$3.4bn
Diphenolic acid
(DPA)
Biobased
>$20bn
GammaValeroLa
ctone (GVL) To Be
Continued

23. Lower price ranges enable new markets
High-end existing
Markets
Specialty Markets
Large volume markets
Commodity markets
Volume levulinic acid
Marketpricelevulinicacid($/kg)
Specialty
markets of
polymers,
plasticizers,
solvents,
agrochemicals
Solvents, polymers, plasticizers,
resins & coatings, fuel additives
Nylon Intermediates, Biofuels

24. Levulinic acid in Flavors and Fragrances
› Has a creamy whiskey-like odor
› Adds caramel and maple flavors
› The esters are used for fruity flavors
and fragrances
› Inhibits microbial growth

25. › Renewable biobased ingredient for
perfuming and skin conditioning
› Alternative preservation system
› Levulinic acid and its salts are used
in organic and natural cosmetic
formulations
Levulinic acid for Personal Care
& Beauty Products

26. High performance Coatings with levulinic acid
› Improves processability and reduces VOC in
coatings such as latex and polyester
› Diphenolic acid (DPA) can replace bisphenol
A (BPA) providing better crosslinking and
durable impact resistance
› Methyl Butanediol (MeBDO) derived from
levulinic acid improves the durability of
polyester coating resins

27. High performance PHA’s with levulinic acid
› Performance material for the production of
PHA co- and terpolymers, such as PHB3HV
and PHB3HV4HV
› Co-nutrient during PHB production with
metabolically engineered strains
› Yield improvement and composition design
for crystallinity and property control

28. Levulinic acid: Road to a flourishing bioeconomy

29. MAKING LEVULINIC ACID HAPPEN
Q&A

30. MAKING LEVULINIC ACID HAPPEN