Segetis Presentation Austin December 2013

Turning Levulinic Acid’s Potential as a Biobased Building Block into Reality

RENEW. REINVENT. SUSTAIN. CHANGE THE WORLD.™

December 17, 2013

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RenewWe believe that biobased materials are a viable alternative to petrochemicals and contribute to improving quality of life

ReinventOur disruptive technology will turn Levulinic Acid’s potential as a Biobased Building Block into reality

SustainSupporting sustainable lifestyles by transforming Levulinic Acid into high performance materials reducing toxicity, air and environmental impact

Renew.Reinvent.Sustain.Change the WorldTMRenew.Reinvent.Sustain.Change the WorldTM

Ingredients for Success

• Breakthrough Levulinic Acid & Derivatives Technology• Added value for Minnesota’s renewable resources• 30 employees with 5 year track record of achievement• Intellectual Property portfolio for long-term advantage• >$50bn addressable market opportunity• Safe products provide compelling value proposition• 3 years of repeat seed sales to strategic customers • Over 50 active customer relationships• Cash flow positive within 2 years of plant start-up

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Minnesota State and Segetis Make a Great TeamMinnesota State and Segetis Make a Great Team

Savvy Investors

Segetis has been backed by Venture Capital, Strategic and Private Equity Investors since its founding in 2006

Diverse mix of global investorsDiverse mix of global investors

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“Target, Wal-Mart, Whole Foods lead retail race to safer chemicals”*

Segetis Formulation Aids: In Target stores today

Seventh GenerationCleaners

Method Detergent

Method Dishwash

5*Mark Rossi, November 18, 2013

Segetis Plasticizer – Already in Market

Biobased flex PVC product offering

Biobased PVC Compound

Wall and Door Products

Preferred Procurement

Facility Manager

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Establishing Levulinic Acid as a Biobased Building Block

Cellulosic Biomass

Levulinic Acid (LA)

Sugar

Diverse, renewable feedstocks

Thermochemical conversion

>$50bn markets

Segetis Bio-based PVC Plasticizer and Formulation

Aids

Bio-based Plastics

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Added Value for Minnesota’s Renewable Resources

Levulinic Acid Feedstock OptionsLevulinic Acid Feedstock Options

Lower Cost – opens more markets

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Cellulosic Sugar(from wood)

Corn SugarBeet Sugar

LA Conversion Validated

In development

Biomass Capacity

Pilot

Supply Chain

Segetis Confidential Information

Getting Started: First Plant in Minnesota

• First-of-its-Kind Levulinic Acid and Derivatives production– Locate in the Iron Range Region– Source corn syrup from ADM in Marshall, MN– Start-up end of 2015– Innovative technology to diversify Iron Range Region economy

• Project Cost Estimated at $92MM:– Capital $62MM – LA (22MM lb/yr) + Plasticizer (35MM lb/yr)– Process Development, Market Development and Registration

$30MM

• Provide economics and scale required to drive initial market adoption in strategic market segments

• Next step toward market driven global rollout with conventional project financing

Segetis Confidential Information 9

Impact on Minnesota Economy

Benefit First Plant Next Generation Expansion

Sales $50MM $325MM

Capital Investment $62MM $180MM

Corn Consumption 88MM lbs/yr N/A

Wood Consumption N/A 900MM lbs/yr

Green House Gas Reduction 282MM lbs/yr 1.6MM lbs/yr

Direct Jobs

Construction Jobs

80

300 Person yrs

180

450 Person yrs

Indirect Jobs 400 900

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Polyester & Polyurethane Intermediates

$7bn

Polyester & Polyurethane Intermediates

$7bn

Polycarbonate Co-Monomer

$2bn

Polycarbonate Co-Monomer

$2bn

Nylon Intermediates$8bn

Nylon Intermediates$8bn

Other LA Derivatives$5bn

Other LA Derivatives$5bn

Plasticizers $14bnPVC &

biopolymers

Plasticizers $14bnPVC &

biopolymers

Agrochemical formulations

$3.5bn

Agrochemical formulations

$3.5bn

Household & Industrial

Cleaners$2.5bn

Household & Industrial

Cleaners$2.5bn

Bio-based acrylate polymers

$5bn

Bio-based acrylate polymers

$5bn

Levulinic Acid (LA)Levulinic Acid (LA)

Segetis Biobased Specialty Chemicals

Biobased Intermediate

Chemicals

>$50bn Addressable Market Opportunity

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Segetis Financial Success

MetricsFirst Plant

(2015)

Next Generation Expansion

(2019)

Sales $50MM $325MM

Capital Investment $62MM $180MM

Gross Margin 30% 40%

EBIDTA $5MM (10%) $60MM (18.5%)

Cash-Flow + 2 yrs from Start-up 1 yr from Start-up

Funding DriverProject Financing not

Available for 1st of its kindConventional Project

Financing

Segetis Confidential Information 12