CRI Excerpt from American Fuel and Petrochemical Manufacturer’s Panel Discussion

2012 AFPM Annual MeetingMarch 1310:30 am – 12:00 pm

Technology Pathways to Advanced Biofuels

2012 Annual MeetingAM-12-32 Page 2

Describe:• Types of technology pathways under

development;• Biomass feedstock choices;• Development timeline for each technology

type; and• Interface with petroleum refining industry

Session Objective

Dr. Alan Del PaggioVice President – Upstream & RenewablesCRI Catalyst Company Houston, Texas

Biomass to Transportation Fuels via IH2 Technology


Key DifferentiatorsFeedstock Flexible

Stand Alone (or Synergistic) Operation

Attractive economics Low capex (low P, low TAN, simple)Low opex

Exothermic

Hydrocarbon productHigh energy density (i.e. 18 kBTU/lb)Yields 67-157 gal/ton MAF*Replaces ‘whole barrel’ gas/jet/dieselLow TANO below detection limitFungible

Self-sufficient internal “green” H2

>90% GHG reduction** Eases logistical constraints (H2)

Integrates existing technologies Rapid implementation

2) Bubbling Fluidized Bed Proprietary Catalyst

Renewable H2

340-470C<500psig

1) Feed ConditioningSizing , Drying & Feeding

1st Stage 2nd Stage

4) Fixed Bed Hydrotreater

Proprietary CatalystRenewable H2

<500psig

HDO’d Liquid

3) Renewable H2Light Gases

Distilled Hydrocarbon

Products

Hi Press Steam

Hot Water

N/S stream for Fertilizer

Char (burn)

Green CO2

Agri Residues

Wood/Forest Residue

Garbage (MSW)

Energy Crops

Algae

Gasoline, Jet and /or Diesel

Range Hydrocarbon Fuels / Blend

Stocks

IH2 Process Differentiators

* Moisture & Ash Free basis** IH2 technology LCA Analyses conducted by Prof. David Shonnard, et al Michigan Technical University; feed stock dependent


4.7

17.7

6.8

44.0

36.6

Feed

1st Stage HP/ 2nd Stage HC

Fractionation

HMU

Utilities & Con-tingency @ 35%

Installed Equipment Costs $112.6mln

112.6

5.7

11.7

102.7Installed Equipment Costs

Land/Develop

Permits & S/U

Standard Project Add-In's**

Total Capital Investment $232.8mln

91.31

7.8

2.14

17.3

5.9

29.6Wood $71.97/dry ton

Other Op Costs: Cata-lyst, Disposal, etc.

Fixed Cost

Depreciation

Avg Income Tax

Avg ROI

Operating Costs Total $1.60/gal*

*Includes $0.093/gal coproduct credit

** Prorated Expense (10%), H O & Construction (20%), Field Expense (10%), Working Capital (10%) , Project Contingency (30%)

• 2000mt/d wood (delivered to 1st stage at 10% moisture)

• Land acquisition & development costs included

• Equipment cost - HMU is largest @ $44mln ~40% TIC

• Total Capital ~Double Installed Equipment

• Feed Stock ~55% of Operating Cost

• Minimum Fuel Selling Price – 1.60$/gal (2007 USD)

• Refinery Synergy w/Refinery H2 Supply

• Reduces Capital Cost ~44.0MM$

• Estimated MSP $1.36/gal (2007 USD)

• NREL Economics validated by Global Engineering & Construction Company

Title: Techno-economic Analysis of the Integrated Hydropyrolysis and Hydroconversion Process for the Production of Gasoline and Diesel Fuels from BiomassAuthor: Eric C. D. Tan Platform: Analysis Report Date: May 23, 2011

IH2 Process Estimates


IH2 Technology Deployment

• 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