CONFIDENTIAL

Terry Kulesa, CEO Jeff Manternach, CFO

Red Rock Biofuels LLC Fort Collins, CO

Company Overview

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CONFIDENTIAL 2

Introduction

Late stage development project, construction starting 2015

• Woody biomass to 15Mgal/yr drop in diesel, jet, and naphtha fuels

• Validates biomass-to-liquids as a low-carbon fuel supply strategy

Strong fundamental project economics

• Long term, fixed price supply & offtake contracts lock in margins

• Low cost feedstock & nat gas make high value fuels, RINS, LCFS

Partnership of experienced operations & technology venture teams

• IR1 Group: Biorefinery development / ops; $650M+ of projects

• Flagship Ventures: Experienced investor w/ deep tech background

World Class Project Partners

• Title III DPA project, $74.1M Phase I & II funds from DON,DOE,USDA

• Financing: Flagship Ventures & Stern Brothers

• Commercial Partners: Southwest Airlines, Fluor, Velocys

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RRB Improved Conventional Tech to Use Biomass,

Enabling “Carbon Reuse” as Liquid Fuels

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Sasol, Shell & Others Coal or natural gas feed only;

no ability to scale down

Red Rock Biofuels Modular and Scalable;

Biomass/NatGas flexible

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Fischer-Tropsch Germany, 1930’s

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Hydroprocessing Russia, 1930’s

Gasification England, early 1800’s

(Baltimore Gas Works, 1816)

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FEED/FEL3 Design & Engineering by

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Woody Biomass Gasifier Fischer-Tropsch Hydroprocessing Jet & Diesel

136,000 Dry tons/yr

15.1 million gallons/yr

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RRB, A Partnership of IR1 and Flagship:

Experienced Plant and Company Builders

IR1 Group Flagship Ventures Entrepreneurs, VCs with US$1.4b under management; sustainability and healthcare

Recent sustainability companies founded:

Recent sustainability investments:

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Plant finance, construction, operations. $650M+ construction; 325+ Mgal/yr

Recent projects:

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Site Layout

Greenfield Site

• Enterprise zone site with highway & rail access; • Kinder Morgan 42” nat gas pipe

RRB’s Lakeview, OR Site: Excellent Feedstock &

Product Logistics

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Availability = 1.5 – 2.5x need

Lakeview has Ample Biomass Resources

Availability = 1.5 – 2.5x need

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$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$/g

allo

n

Other OpEx

Nat Gas

Biomass

Significant Feedstock Cost Advantage

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RRB Cash Cost of Production at Given Oil & Nat Gas Prices

Low production cost across wide range of oil prices

Crude oil price $/bbl; nat gas price $/mmbtu

CONFIDENTIAL

World Class Project Partners

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