Aemetis, Inc · NASDAQ:AMTX
Aemetis — Non-Deal Roadshow (October 2021)
36 slides from Aemetis's roadshow presentation, Oct 21, 2021
Slide 1: Aemetis
(®) AEMETIS sr
Slide 2: Disclaimer
Disclaimer @® AEMETIS This document has been prepared by Aemetis Inc. (the “Company’) solely for use as a non-deal road show. By accepting this document, you agree to maintain absolute confidentiality regarding the information disclosed in this document. The information contained in this document ha
Slide 3: Table of Contents
Table of Contents ® AEMETIS Introduction Market Backdrop Investment Thesis Segments Overview Appendix WU AEMETIS INC. | 2
Slide 4: Introduction
Introduction
Slide 5: Today's Presenters
Today’s Presenters @ AEMETIS Eric McAfee - Chairman of the Board and CEO = Founder of Aemetis (NASDAQ: AMTX) and co-founder of Alto Ingredients (NASDAQ: ALTO) Pane = Founding shareholder of oil production company Evolution Petroleum (NYSE: EPM) oa od = Founded eight public companies and funded twent
Slide 6: Aemetis at a Glance
Aemetis at a Glance ® AEMETIS | An integrated energy transition platform Key Highlights 5 : Delta Airlines to offtake 250 million gallons of -$610mm market cap (NASDAQ: AMTX) (") Gictuenie Avion | uclowe 10 yee 2 operating biofuel plants 4 planned biofuel plant Mission Strategy Replace high carbon i
Slide 7: Aemetis Evolution
Aemetis Evolution 2008 Commenced production of biodiesel facility located in Kakinada, In: June 2014 Aemetis stock began trading on the NASDAQ: AMTX @ AEMETIS 2021 ‘Announced plans to expand RNG business to include 17 dairy digesters and 30+ miles of pipeline by 2022 2019 Upgraded Kakinada plant to
Slide 8: Aemetis Integrated Value Proposition
Aemetis Integrated Value Proposition @® AEMETIS | Integrated value chain supports growth while minimizing technology and execution risk ® Mr of, Ph Fame, (hetDetles San ca dish Dil Coon “Blass Fedo Gyrecuctof (producing celulosic > Keyes Plant) bydkogen componen), 2 oe z Credits ° C3) RNG Digester f
Slide 9: Current Capitalization and Price Performance
Current Capitalization and Price Performance ® AEMETIS | Company may look to opportunistically refinance existing debt and fund new projects As reported Sinmitiors) 6/30/21 Cash and cash equivalents 7 Revohing Cred Facty Third Eye Capital non reveling reveling notes $87 Third Eye Capital acquston no
Slide 10: Market Backdrop
Market Backdrop
Slide 11: RNG is a Net-Zero Fuel Available Now
RNG is a Net-Zero Fuel Available Now @ AEMETIS | RNG is an attractive energy source: it has an immediate and positive impact on climate change U.S. Methane Emissions Regulatory Framework Supporting RNG = Congressionally mandated in 2005, RFS requires the Renewable incorporation of renewable content
Slide 12: Strong Demand Drivers for RNG
Strong Demand Drivers for RNG @® AEMETIS | Transportation, utility and energy platforms are going low-carbon: RNG is a solution RNG Will Power Growth in Alternative Fuel Heavy-Duty Vehicles (ottions) 15 10 a ; | | | 00 2021 2023 202% 2027 2029 2031 2033 2035 5 TT eee eT | HT 2 2039 1037 2021-2040 CA
Slide 13: Renewable Diesel is a Low-Carbon Alternative
Renewable Diesel is a Low-Carbon Alternative ® AEMETIS | Renewable diesel key to decarbonizing the global liquid fuel pool r= [Ml Active Low-Carton Mandates [lf Carbon Mandates in Development or GHG Emissions Goal ‘Reduce the carbon intensity of transportation fuels by atleast 20% California (Clean
Slide 14: Sustainable Aviation Fuel (SAF) Overview
Sustainable Aviation Fuel (SAF) Overview ® AEMETIS | SAF is available today as a drop-in blendstock solution to low-carbon air travel Ww | ‘= ' a i 6° »% 7 ' aN @ Fructis deivered to arport alate wing nat! vegetale reorai ote @ Feedstock is cotected - such from <4 as orchard / forestry waste waste t
Slide 15: Unit Economics of RNG
Unit Economics of RNG ® AEMETIS RNG Illustrative Unit Economics Market Natural Gas Price Total Revenue per Unit RNG meets fuel quality standards of geologic soto Lifecycle GHG emission natural gas and is fungible reduction results in lower Ci in existing gas pipeline aon generates HN, ‘score and LCF
Slide 16: Investment Thesis
Investment Thesis
Slide 17: Investment Thesis
Investment Thesis Highly Experienced Management Team Diversified Approach to Low-Carbon Fuels Low Execution Risk With Proven Technology Durable Counterparty Relationships De-Risk Business Plan High Visibility to Expansion Favorable Regulatory Tailwinds Support Cash Flow Visibility @® AEMETIS AEMETIS
Slide 18: Highly Experienced Management Team
Qhdighly Experienced Management Team ® AEMETIS Eric McAfee - Chairman of the Board and CEO “= Founder of Aemetis (NASDAQ: AMTX) and co-founder of Alto ingreaients (NASDAQ: ALTO) -* Founding shareholder of oil production company Evolution Petroleum (NYSE: EPM) Founded eight public companies and funde
Slide 19: Diversified Approach to Low-Carbon Fuels
@Diversified Approach to Low-Carbon Fuels @ Renewable @) California © @® AEMETIS Dairy RNG Diesel / Jet Ethanol = Operates dairy farm = Building renewable diesel / jet = Owns and operates 65 may = Owns and operates an biomethane digesters refinery n Riverbank, CA to ethanol plant in Keyes, CA integr
Slide 20: Low Execution Risk With Proven Technology
@Low Execution Risk With Proven Technology 9) RD / SAF Primary Feedstock Byproducts ©) Technology Type Technology Partners &) Worldwide Adoption Supplemental Revenue| @® AEMETIS “ California Dairy RNG ® carol ; 4 ap RRETEEN Pape rung emt cade «peronate Staes l ) = ees . pes 7 + Wet Distiler's Grain
Slide 21: Durable Counterparty Relationships De-Risk Business Plan
Durable Counterparty Relationships De-Risk Business Plan Dairy RNG = Aemetis has spent years building strong relationships with local dairy farms — Company currently supplies animal feed to 120,000 dairy cows at ~80 dairies in Califomia’s Central Valley = The Dairy RNG 5-year program is premised on
Slide 22: High Visibility to Expansion
Qhigh Visibility to Expansion @® AEMETIS 2020 2021 2022 2023 2024 2025 RNG KAD digesters 2 2 13 40 12 13 Added Total RNG 4 8 24 5 6 7 55,539 111,077 472,078 749,772 1,083,003 1,444,005 Jet / Diesel Fuel (mgy) India Bi navi 50.0 50.0 50.0 50.0 100.0 100.0 (Sin milions) | soza | llRenewable Diesel / J
Slide 23: Favorable Regulatory Tailwinds Support Cash Flow Visibility
@Favorable Regulatory Tailwinds Support Cash ® AEMETIS Flow Visibility Key Highlights Average Cl Pathway Values = Federal and state programs allow for Aemetis’ lay sa renewable fuel to be sold at a premium to iasaaee $300 conventional products 200 ING 2 s20 3 — The RFS program requires refiners or S
Slide 24: Segments Overview
Segments Overview
Slide 25: Dairy Renewable Natural Gas
Dairy Renewable Natural Gas Overview 1 Methane emission on-site at dairy far = Construction of biomethane digesters at nearby dairy farm locations = Digesters are connected by pipeline to gas. cleanup and compression facility at existing AMTX ethanol plant + Biogas is scrubbed and compressed into re
Slide 26: Renewable Diesel / Jet Fuel
Renewable Diesel / Jet Fuel ® AEMETIS As a chemically identical replacement for traditional petroleum diesel, RD is poised for growth beyond its current product Overview Advanced Technology Creates RD and SAF While Lowering Cl = The ‘Carbon Zero’ biorefinery will be located at the former Army Ammuni
Slide 27: California Ethanol Plant
California Ethanol Plant ® AEMETIS Overview Asset Map = Aemetis owns and operates a 65 million gallon per year (MGY) ethanol plant in Keyes, CA — Along with ethanol, the Keyes plant produces high-grade alcohol, CO,, wet distillers grains (‘WDG"), distillers com oil ("DCO") and condensed distillers s
Slide 28: India Biodiesel
India Biodiesel Overview = Recently completed upgrades to 50 million gallon India Distilled Biodiesel Plant on East Coast of India — Distilled biodiesel and refined glycerin facility includes waste oil feedstock unit — Biodiesel is marketed and sold primarily to customers in India, primarily in bulk
Slide 29: Investment Thesis
Investment Thesis ® AEMETIS Highly Experienced Management Team Diversified Approach to Low-Carbon Fuels Low Execution Risk With Proven Technology Durable Counterparty Relationships De-Risk Business Plan High Visibility to Expansion Favorable Regulatory Tailwinds Support Cash Flow Visibility AEMETIS
Slide 30: Appendix
Appendix
Slide 31: Corporate Structure
Corporate Structure AE Advanced Fuels, Inc. Aemetis Facility Keyes, Inc. Aemetis ‘Advanced Fuels Keyes, ne Biogas 1, LLC eva Biogas 2,LLC mee Biogas 3, LC Fuel Aemets ae Property Services, LLC Keyes, Inc. Biogas Ethanol ‘Aemetis, inc. (NASDAQ: AMTX) ‘Aemetis Advanced Products Keye: Inc. Aemetis Inte
Slide 32: LCFS and RIN Credits Calculation
LCFS and RIN Credits Calculation ® AEMETIS LCFS Calculations = Revenue generated from LCFS credits is dependent on a few variables — RNG produced, Cl score and LCFS credit price = LCFS revenue calculated by multiplying RNG production by total LCFS Credits per MMBtu and LCFS credit price = Cl scores
Slide 33: RNG Contracts Overview
RNG Contracts Overview ® AEMETIS = Aemetis leases land from dairy farms in order to build dairy digesters that capture emissions from dairy manure — Aemetis has an exclusive right to the waste produced through the life of the lease (typically 25 years with a 10 year option) — Aemetis owns the infras
Slide 34: Sustainable Advantage in Low CI Dairy RNG
Sustainable Advantage in Low Cl Dairy RNG ® AEMETIS Key Aemetis Value Drivers LOCATION INTERNAL SYNERGIES STRONG RELATIONSHIPS TRUST California pioneered the LCFS market design aimed at reducing transportation-driven greenhouse gas emissions in the state RNG produced from Aemetis’ dairy facilities a
Slide 35: Low Carbon Fuel Standard (LCFS)
Low Carbon Fuel Standard (“LCFS”) ® AEMETIS Program Summary California Performance (Reduction in Cl) = LCFS and similar programs target a reduction in carbon 2010 2015 2020 2025 2030 intensity (“CI’ as measured by the direct and indirect 0% greenhouse gas (“GHG”) emissions produced from’ === Aistori
Slide 36: Renewable Fuel Standard (RFS)
Renewable Fuel Standard (“RFS”) Program Summary RFS Overview = Enacted by Congress in 2005, the RFS program establishes. minimum renewable volumes to be blended into traditional petroleum-based fuel products = To comply with the program, a refiner or importer of gasoline or diesel fuel must either b