The Aemetis Biorefinery: 100% Replacement, Renewable Jet and Diesel Fuels by Conversion of Existing Biofuels Refinery Facilities

Eric A. McAfee, Chairman/CEO

Advanced Biofuels Marketing Conference, San Francisco

October 29, 2012

Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue” and similar expressions identify forward-looking statements.

Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, (ii) ethanol and gasoline prices, (iii) commodity prices, (iv) distillery grain soluble markets, (v) persistency levels, (vi) transportation rates for rail/trucks, (vii) interest rate levels, (viii) ethanol imports, (ix) changing levels of competition, (x) changes in laws and regulations, including govt. support/incentives for biofuels, (xi) changes in process technologies, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures and (xiv) general competitive factors on a local, regional, national and/or global basis, (xv) natural gas and steam prices, and (xvi) chemicals and enzyme prices. Many of these factors may be more likely to occur, or may be more pronounced, as a result of terrorist activities.

The matters discussed herein may also involve risks and uncertainties described from time to time in the company’s annual reports and/or auditors’ financial statements. The company assumes no obligation to update any forward-looking information contained herein, and assumes no liability for the accuracy of any of the information presented herein as of a future date.

Disclaimer

“Aemetis” means “One Prudent Wisdom” (Ae = Scottish; Metis = Greek)

The Prudence and Wisdom of Replacing Petroleum Products with

Renewable Chemicals and Fuels

Aemetis, Inc.

• $200 million per year revenues run rate from production of fuels, chemicals and byproducts • Founded 2006 in Cupertino, California to produce non-food biofuels and biochemicals • 100% owned Biofuels and biochemicals production facilities in North America and Asia • 105 million gallons per year biofuels capacity • 110+ employees

• Industry-leading microbial and enzyme technology for production of chemicals/fuels • 5 granted patents; 10 pending patents on microbe, enzyme and production processes • Research and Development facility and PhD technology team at Maryland Biotech Center

• 50 mgy greenfield India integrated non-food stearine biodiesel and refined glycerin plant (2007) • Montana renewable fuels test plant built and operated (2008) • 50 mgy retrofitted California ethanol plant, commissioned (May 2011) and acquired (July 2012) • Florida 1 million gallon per year commercial facility for test fuels (completion Q1 2013) • Montana 50 million gallon renewable jet fuel and diesel plant (2014) • California 50 million gallon renewable jet fuel and diesel plant (2014)

• Global business development and marketing capabilities in renewable chemicals and advanced fuels

Aemetis Facilities and Operations

Country Total Barrels Per Capita

United States 22.5 Japan 12.7 Russia 7.0 Brazil 4.7 China 2.3 India 1.0

Rising Personal Incomes = Use More Crude Oil

22.5

12.7

7.03

4.72

2.30 1.00

0

3

6

9

12

15

18

21

24

27

30

1980 1985 1990 1995 2000 2005 2010

Crud

e O

il Ba

rrel

s per

Yea

r Per

Per

son

Per Capita Petroleum Consumption for Select Countries

United States Japan Russia Brazil China India

Sources: U.S. Energy Information Administration and U.S. Census Bureau International Database 2011

BRIC and Middle East Demand Outlook

• Issues: Production of Commercial Scale Renewable Jet Fuel • Need for long-term fuel contracts to repay capital investment in fuel

production facilities with low cash flow volatility • Rapid expansion of non-food, advanced biofuel feedstock • Failure of $20+ billion of first generation investments in corn ethanol

• Solution: Convert existing biofuels and oil refineries vs. build new plants • Reduced cost of refinery conversion vs. greenfield facilities

• Lower Permitting Costs • Significantly Lower Construction Costs: Use existing rail, storage, etc. • Lower Personnel and Operating Costs

• Reduced time to scaled-up production by converting existing refineries to produce renewable fuels • Fewer pieces of equipment to design/install • Trained employees already in place

Business Challenges to Replacing Petroleum

• First generation ethanol production policy = Biased against US biofuels • EPA created Foreign Incentive that exports US ethanol jobs to Brazil

• $20+ million per year for 60 mgy Brazilian plant (Advanced Biofuel RIN) • About 30% of corn ethanol carbon intensity is “Indirect Land Use” • Total Brazilian sugarcane ethanol carbon intensity is higher than

gasoline when delivered to US (RFA study) • EPA mandate for 90% petroleum gasoline in U.S. (2012 became 85%) • EPA misfueling regulations are complicated and expensive • Oil and gas industry remains heavily subsidized

• Ethanol blenders tax credit to oil companies (ended Dec 2011) • Oil receives Master Limited Partner/Accel. Depr./Military Protection

• RFS2 markets and incentives for Advanced Biofuels face political uncertainty

Policy Challenges to Replacing Petroleum

• 100% Replacement, Renewable Jet and Diesel Fuel Facilities • Upgrade existing biofuels plants and oil refineries at lower cost and significantly earlier

production dates than greenfield projects

• Proprietary Renewable Plant Oil Grown on Excess and Fallow Land

• The Aemetis Biorefinery converts non-food, renewable feedstocks into high value advanced fuels and biochemicals

Aemetis Biorefinery Technologies

First Flight Using 100% Renewable Jet Fuel

• Ottawa, Canada - Oct. 29, 2012: Flight test by Canadian Research Council • Altitude 35,000 feet: Test operated using no petroleum blendstock • Feedstock: 100% Carinata oil (genetics: canola and Ethiopian mustard) • Refining Process: Catalytic Hydrothermolysis (CH) converts plant oil to crude oil-type

intermediate, which is refined into fungible, replacement jet/diesel fuels • CH Catalyst: Water

Aemetis Biorefinery CH Technologies • Catalytic Hydrothermolysis technology uses water to convert triglycerides, esters

and fatty acids directly into cracked and cyclized hydrocarbons • Same hydrocarbon types as petroleum – distributed over entire boiling range

• Chevron Lummus Global Hydrotreating process saturates residual olefins and removes residual oxygen • Aromatics and cycloparaffins are preserved • Hydrogen consumption & GHG generation are much less than SPK from HEFA

• Jet fuel, diesel, fuel gas and naphtha products – 100% fungible, renewable fuels

• Produces high yields of pure hydrocarbon fuels • Meets petroleum specifications for jet and diesel • 100% drop-in, renewable fuels replace petroleum • Produces cycloparaffin and aromatic compounds

• Ideal composition for Jet and Diesel fuels • Readi Jet and Readi Diesel meet petroleum specs

• Effective for most renewable plant oil feedstocks • Reduces hydrogen consumption vs. FT & SPK • Reduces CO2 emissions vs. FT & SPK • Minimizes water, chemical, catalyst and energy consumption

Benefits of Catalytic Hydrothermolysis Technology

Typical Alternate Fuel Hydrocarbons SPK from

FT & HEFA Catalytic Hydrothermolysis (CH)

Cyclohexanes

Cyclopentanes

Alkylbenzenes

Polycyclics

+ Paraffins

+ +

+

ChevronLG/ARA 100% Drop-in Renewable Diesel

Virtually indistinguishable from petroleum diesel

ReadiJet™ via ChevronLG/ARA CH Process Specification Test Results (US Air Force Research Lab)

Specification Test MIL-DTL-83133H Spec Requirement

ReadiJetTM from Camelina

ReadiJetTM from Carinata

Petroleum JP-8 Reference

Total Acid Number, mg KOH/g ≤0.015 0.011 0.012 0.003

Aromatics, vol % ≤25 24.2 16.8 18.8

Olefins, vol % ≤5 1.3 1.8 0.8

Heat of Combustion (m), MJ/kg ≥42.8 42.9 43.2 43.3

Hydrogen Content, % mass ≥13.4 13.3* 13.8 13.8

Smoke Point, mm ≥19 22 26 22

Thermal Stability @ 260°C:

Tube Deposit Rating ≤3 1 1 1

Change in Pressure, mm Hg ≤25 0 0 2

Flash point, °C ≥38 48 46 51

Freeze Point, °C ≤-47 -54 -57 -51

Viscosity @ -20°C, cSt ≤8.0 3.9 3.5 4.9

Viscosity @ -40°C, cSt ≤12.0 7.4 6.5 9.9

Density, kg/L @ 15°C 0.775 - 0.840 0.818 0.802 0.804

Lubricity (BOCLE), wear scar mm ≤0.85 0.59 0.57 0.53

ReadiDiesel™ via ChevronLG/ARA CH Process Specification Test Results (Provided by Canmet Energy & AFPET*)

Specification Test ASTM D 975 Requirement

ReadiDieselTM from Carinata

Total Acid Number, mg KOH/g 0.003*

Aromatics, vol % ≤35 21.3

Olefins, vol % 5.6

Sulfur, ppm ≤15 <1

Distillation (D2887) 90% min/max, oC 300/356 326

Cetane Index ≥40 53

Flash point, °C ≥52 69

Cloud Point, °C -17.4

Viscosity @ 40°C, min/max, cSt 1.9/4.1 2.074

Viscosity @ 60°C, cSt 1.5

Density, kg/L @ 15°C 0.8268

Lubricity (HFRR) @ 60oC, micron ≤520 340*

• Specification Testing – Complete - Air Force, Navy, Rolls-Royce, NRC Canada

• Initiated Fit-For-Purpose Testing • Carinata, Camelina, Waste Vegetable oil, Canola

• Generating Larger Samples and Data for Certification • Produced 900 gallons of Carinata CH crude, 300 gallons of waste vegetable oil crude

• Hydrotreated in Chevron pilot plant, Richmond, CA

• Jet Fuel Testing • NRC Canada, Institute for Aerospace Research (Oct 2012)

• Air worthiness ground testing and flight test on Falcon 20 (GE engine)

• Flown on 100% biofuel, including engine restart

• Air Force Research Laboratory “Tier 3” Testing

• Includes small turbine engine testing and emissions testing

• Rolls-Royce/FAA CLEEN program – 250 liters of ReadiJetTM

• Compatibility, component, and rig testing

• Pratt & Whitney/FAA CLEEN Program Engine Test

• PW615F turbofan – 400 gallons of ReadiJet from Carinata & Canola

Fuel Test Activities

50 mgy Montana Refining Facility • Montana Refining Company - Existing Oil Refinery in Great Falls, Montana

• Produces jet fuel and diesel from petroleum • Produces 10,000 barrels per day of various petroleum products, including multiple grades

of gasoline, jet fuels, LPG’s and asphalt products • Oil supplied from U.S. and Canadian oil fields

• Aemetis Conversion of Oil Refinery to use Renewable Feedstock • 50 million gallons per year of new renewable jet fuel and diesel capacity • Jet fuel is 100% replacement for petroleum jet fuel

Aemetis 60 Million Gallon Ethanol Plant Keyes, California

• Built and 100% owned by Aemetis subsidiary Universal Biofuels Private Ltd. • Kakinada, India plant uses non-food stearine portion of palm oil as feedstock • Capacity of 50 million gallons of biodiesel • Glycerin refining unit produces pharmaceutical-grade glycerin • Edible oil unit produces food-quality oil products • Licensed to sell fuels into India and for export (Europe and US) • Plant operational since November 2008

Aemetis India 50 Million Gallon Facility Integrated Chemical/Fuels Plant

• Aemetis Biorefinery Joint Ventures Provide Value to Existing Refineries • Funding: Capital for expansion and working capital provided by Aemetis • Technology: License to technology for production processes • Management: Engineering/construction mgmt of facility upgrades • Professional Services: Train plant operators and assist commissioning • Biochemical and Biofuels Marketing: Long-term contracts for products

Joint Ventures with Existing Refineries

www.aemetis.com