Cobalt is developing a process to produce butanol, a biofuel that can be used as a gasoline blend, from woody biomass and agricultural residues. Butanol has advantages over ethanol as a biofuel such as being compatible with existing vehicle and fuel infrastructure. Cobalt plans to scale up its technology through a series of pilot plants and commercial facilities to produce 50 million gallons per year of butanol by 2014 to help meet the growing demand for renewable fuels. The company has an experienced management team and engineering processes protected by intellectual property.

1. Cobalt: A Better Way to Make a Better Biofuel Rick Wilson: 650-230-0750

3. Cobalt’s Opportunity Woody Biomass Agriculture Residue Energy Crops U.S. Market – From Zero to 15 Billion GPY in 10 Years Conventional Biofuel (Corn Ethanol) Cellulosic Biofuel Biomass-Based Diesel Other Advanced Biofuel 0 5 10 15 20 25 30 35 40 2008 2010 2012 2014 2016 2018 2020 2022

5. Butanol: Drop in Biofuel Source: GM, BP, Tetra Tech, internal analysis Fuel Efficiency + 25% Infrastructure Compatible YES Engine Compatible YES Evaporative Emissions Lower VOC Tailpipe Emissions Reduced Biodegradable (not MTBE) YES Non Toxic (not MTBE) YES Green House Gases -90 % Approval US 16% EU 15%

7. Challenges for Competing Technologies

10. Cobalt: A Better Way to Make a Better Biofuel Rick Wilson: 650-230-0750