The document summarizes a presentation on emerging biomass conversion technologies for producing renewable fuels. It describes: 1) The IH2 process which can convert various biomass feedstocks like wood residues, agricultural waste, and algae into drop-in hydrocarbon fuels. 2) The process has been demonstrated at bench and pilot scale and is being scaled up with the goal of having a 5 tonne per day demonstration unit available by 2014. 3) There is significant interest from Asian countries and US petroleum refiners in partnering to commercialize the technology.

1. 2012 AFPM Annual Meeting
March 13
10:30 am – 12:00 pm

2. Describe:
• Types of technology pathways under
development;
• Biomass feedstock choices;
• Development timeline for each technology
type; and
• Interface with petroleum refining industry
AM-12-32 Page 2 2012 Annual Meeting

3. Dr. Alan Del Paggio
Vice President – Upstream & Renewables
CRI Catalyst Company
Houston, Texas

4. IH2 Process Differentiators
Green CO2
Key Differentiators
Feedstock Flexible Light Gases 3) Renewable H2
Wood/Forest
Stand Alone (or Synergistic) Operation Residue
Hi Press
Steam
Attractive economics HDO’d Liquid
Low capex (low P, low TAN, simple)
Low opex Agri Residues Distilled
Hydrocarbon
Products Gasoline, Jet
Exothermic and /or Diesel
2) Bubbling Fluidized Bed 4) Fixed Bed Range
Hydrocarbon product Garbage (MSW)
Proprietary Catalyst Hydrotreater Hydrocarbon
Renewable H2 Proprietary Catalyst Fuels / Blend
High energy density (i.e. 18 kBTU/lb) 340-470C Renewable H2 Hot Water Stocks
Yields 67-157 gal/ton MAF* <500psig <500psig
Energy Crops
Replaces ‘whole barrel’ gas/jet/diesel
Low TAN N/S stream
O below detection limit for Fertilizer
Algae
Fungible
1st Stage 2nd Stage
Self-sufficient internal “green” H2
Char (burn)
>90% GHG reduction** 1) Feed Conditioning
Sizing , Drying & Feeding
Eases logistical constraints (H2)
Integrates existing technologies
Rapid implementation
* Moisture & Ash Free basis
** IH2 technology LCA Analyses conducted by Prof. David Shonnard, et al Michigan Technical University; feed stock dependent
AM-12-32 Page 4 2012 Annual Meeting

5. Installed Equipment Costs $112.6mln Operating Costs Total $1.60/gal*
Wood $71.97/dry ton
4.7 Feed
29.6 Other Op Costs:
17.7 5.9
1st Stage HP/ 2nd Catalyst, Disposal, etc.
36.6 Fixed Cost
Stage HC
Fractionation 17.3
6.8 91.31 Depreciation
HMU
2.14 Avg Income Tax
Utilities & Avg ROI
44.0 7.8
Contingency @ 35%
*Includes $0.093/gal coproduct credit
Total Capital Investment $232.8mln
• 2000mt/d wood (delivered to 1st stage at 10% moisture)
Installed Equipment • Land acquisition & development costs included
Costs
• Equipment cost - HMU is largest @ $44mln ~40% TIC
Land/Develop
102.7
112.6
• Total Capital ~Double Installed Equipment
Permits & S/U • Feed Stock ~55% of Operating Cost
• Minimum Fuel Selling Price – 1.60$/gal (2007 USD)
Standard Project Add-
In's**
11.7
• Refinery Synergy w/Refinery H2 Supply
5.7
• Reduces Capital Cost ~44.0MM$
** Prorated Expense (10%), H O & Construction (20%), Field
Expense (10%), Working Capital (10%) , Project Contingency • Estimated MSP $1.36/gal (2007 USD)
(30%)
Title: Techno-economic Analysis of the Integrated Hydropyrolysis and Hydroconversion
• NREL Economics validated by Global Engineering & Construction
Process for the Production of Gasoline and Diesel Fuels from Biomass Company
Author: Eric C. D. Tan Platform: Analysis Report Date: May 23, 2011
AM-12-32 Page 5 2012 Annual Meeting

6. • Bench Scale
- Since 2009 @ 0.5-kg/hr
• Pilot Scale
- February S/U, continuous @ 50-kg/d
• Pre Commercial Scale
- Basic Engineering 5t/d demo(s)
• Commercial Scale
- Target availability 1/1/14 begin Engineering
• Significant interest from Asia
• US Refiners looking to partner
AM-12-32 Page 6 2012 Annual Meeting