Global Bioenergies Sa · SWB:1DK
Global Bioenergies Sa — Investor Presentation (December 2018)
52 slides from Global Bioenergies Sa's investor presentation, December 2018
Slide 1: A concrete, mature and scalable solution to reduce emissions
A GLOBAL BIOENERGIES | A concrete, mature and scalable solution to reduce global and local emissions December 2018 Listed on Euronext Growth: ALGBE
Slide 2: Forward-looking statements
aA GLOBAL BIOENERGIES This presentation contains certain forward-looking statements that have been based on current expectations about future acts, events and circumstances. These forward-looking statements are, however, subject to risks, uncertainties and assumptions that could cause those acts, ev
Slide 3: Our carbohydrate-to-hydrocarbon fermentation process
Our carbohydrate-to-hydrocarbon fermentation process High value Industrial Our renewable sugars fermentation isobutene High process performance Sp > ot re renewable f ‘< Well established eS jet fuel chemical units High value bio-based materials and cosmetics ¢ Our process: — Engineered bacteria base
Slide 4: Executive summary
Executive summary . Aunique Science, based on an innovative Synthetic Biology approach. Strong IP position. . The technology is now mature: High performances reached. Scale-up in progress. . First commercial plant in sight. Will bring GBE to breakeven. . Potential to broadly deploy the technology wo
Slide 5: 1. Unique Science and strong IP
1. Unique Science and strong IP « We taught bacteria to convert sugars into isobutene, a gaseous 4-carbons building-block molecule traditionally derived from fossil oil (>15 million tons/yr) Genetically engineered bacteria PML vd beet or cane sucrose, a bd a c, G6eEeE Isobutene corn or wheat glucose
Slide 6: 2. The technology is now mature
2. The technology is now mature 2018: Major breakthroughs achieved at lab-scale on yield and productivity. Lab-scale 2017 performances reproduced at demo-scale. First ton produced in 2017. Commercial Plants Product development initiated: engine testing shows robust decrease _ in particles emissions.
Slide 7: 3. First commercial plant in sight
3. First commercial plant in sight IBN-One: Joint-Venture with Cristal Union - Engineering entrusted to Technip and IPSB - >€100m Capex for a 50,000 tons/year capacity Many Letters of Intent received to purchase products: - Total volume exceeding plant capacity - >10,000 tons in high-premium markets
Slide 8: 4. Technology deployment
4. Technology deployment * Progress and success of IBN-One will be adoption trigger: - High availability of sugar > Sugar players looking for new markets - Potential for tens of plants in the medium term in OECD to reduce carbon footprint and improve air quality in cities ¢ Potential for thousands o
Slide 9: 5. Environmental impact
5. Environmental impact ¢ Life cycle analysis indicates 69% reduction in CO, emissions when compared to oil-derived gasoline. > The process has the potential to reduce CO, emissions by up to 1 billion tons, representing several % of the global CO, figures ¢ Gasoline using isobutene-derived octane bo
Slide 10: 6. Why invest now?
6. Why invest now? ¢ The golden era for renewables is coming: - Trends: Oil availability down, sugar availability up - Citizens and States now expect concrete green solutions « The company is at the tipping point between technology development and commercial deployment. Value of this new stature not
Slide 11: Appendix 1: Our Science is unique
A GLOBAL BIOENERGIES Appendix 1: Our Science is unique
Slide 12: Day 1
Day 1 Global Bioenergies founded 10 years ago by: — Philippe Marliére, a visionary scientist, and — Marc Delcourt, a seasoned entrepreneur Developing a biological process to produce renewable gasoline is Our mission since day 1, starting from a paper project At that time, several companies were invo
Slide 13: Project
Project * Goal: develop a biological process to produce renewable gasoline « Upside: fermentation to a gas will bring key benefits, such as alleviation of product-to-strain toxicity and simplification of purification scheme « Means: teach bacteria how to convert sugars into isobutene, a gaseous 4-ca
Slide 14: A new synthetic biology approach
Genetically engineered microorganism | Natural enzyme OAs A new synthetic biology approach Classical metabolic engineering approach: Isoprenoids, introduce, in a well domesticated organic acids, microbe, a cascade of natural amino acids, biochemical reactions, in order © ¢@e ea-m@me mo ~m< dy Glucos
Slide 15: Design of several metabolic pathways to IBN
Natural reactions Do c 2 B is) oO oO = Bd oO fas = @ ® ne) WwW ian) {0} Design of several metabolic pathways to IBN Upstream segment: natural reactions, but core metabolism was completely rewired in order to increase yields beyond the limits of current production strains (see details in W02013007786
Slide 16: Generating new enzymatic reactions (1/2): lead discovery
Generating new enzymatic reactions (1/2): lead discovery Natural romiscuous A enzymatic : nana a An approach based onanalogies tivi 5 activity | 1. Identify enzymes whose product share structural Mevalonate-5-diphosphate —— properties with IBN or intermediate to IBN oH ° ° I ps 2. Test for potential
Slide 17: Generating new enzymatic reactions (2/2): high-throughput enzyme engineering
Generating new enzymatic reactions (2/2): high-throughput enzyme engineering Library design 2009-2012: Global Bioenergies a develops its own core technology for pr enzyme engineering: a _ High- Throughput Screening (HTS) platform based on an automated Library creation gas chromatography readout. The
Slide 18: Development of the isobutene process at the lab scale
Development of 1LFermenter a) lsobutene Gas eee peak PE FE VE FEEL EESE EESESEESSEPESERE ELIE L the isobutene process at the lab scale A prototype bacterial strain containing all the genes encoding for each enzyme of one of the pathways was generated in 2011 and led to a detectable level of renewabl
Slide 19: A complete IP fortress...
A complete IP fortress... * Global Bioenergies’ metabolic pathways to IBN are extensively IP protected *« Patents on new enzymatic reactions, enzyme variants operating these, and processes using these « We today have exclusive rights on more than 35 patent families either owned, co-owned, or exclusi
Slide 20: Appendix 2: A mature technology
A GLOBAL BIOENERGIES Appendix 2: A mature technology
Slide 21: Yield performances today
Ax GLOBAL BIOENERGIES 3 kg of industrial grade beet sugar Yield performances today « Stoechiometry says: 1 kg of high purity isobutene Stoechiometric Final target 2011 2018 Yield Comment (Kg of sugar necessary to produce 1 kg of isobutene) 3 3.8 A part of the sugar is necessary for bacterial growth
Slide 22: Renewable gasoline: collaboration with GULD
Renewable gasoline: collaboration with GULD Pea Isobutene produced at Demo plant converted into isooctane and ETBE A mix containing in total 34% renewable content (ETBE + isooctane) was produced and tested on the Montlhéry circuit using a normal Audi car The mix fulfilled the European EN228 gasoline
Slide 23: Life cycle analysis: 69% reduction in CO2 emission
Life cycle analysis: 69% reduction in CO, emission ETBE was studied by EVEA, an independent company specialized in life cycle analysis Conclusion of this preliminary analysis was that it would produce 69% less CO, if compared to fossil gasoline when produced in a commercial-scale plant Rule of thumb
Slide 24: Massive reduction in particles emission
Massive reduction in particles emission « Literature says isobutene derivatives are non particulogenic octane boosters, outperforming the incumbents, aromatics * Mexico City already massively used isobutene derivatives to improve its air quality « We entrusted FEV, the main engine testing specialist
Slide 25: Achievements 2014-18
Achievements 2014-18 « Improve the strain performances dramatically (engineer enzymes and pathways, rewire the core metabolism, cut side leaks, define operating conditions...) *« Scale the process up from 1 to 5,000L: design, build and operate a pilot and a demo plant ¢« Define and reduce to practic
Slide 26: Appendix 3: First commercial plant in sight
A GLOBAL BIOENERGIES Appendix 3: First commercial plant in sight
Slide 27: Moving to commercial scale exploitation
Moving to commercial scale exploitation IBN-One, the first commercial plant project, is on its way. Global Bioenergies’ main milestone today is to bring it to life.
Slide 28: IBN-One: Rationale
IBN-One: Rationale « |IBN-One is today a 50-50 Joint-Venture between Global Bioenergies and Cristal Union ¢ Cristal Union: — €2.5b in revenues — #4 in the sugar industry in Europe * High availability of sugar because of the end of the European quota system > Sugar players are looking for additional
Slide 29: IBN-One: where are we today?
IBN-One: where are we today? ¢ GBE and CU already invested €1m each in the project * The French State (Investissements d’Avenir) provided complementary financing « Engineering: preliminary studies have been completed by - a » 3 TechnipFMC a mon « Regulatory context: Isobutene derivatives are now in
Slide 30: Market opportunity in the cosmetics
Market opportunity in the cosmetics Isododecane (trimer of isobutene) is widely used as an emollient in many rinsed and non-rinsed products The present market of emollients is exceeding 300,000 tons per years Silicons are the dominant molecule in the emollients, but are presently phased out because:
Slide 31: IBN-One
IBN-One aaa A Joint Venture with ‘ er . CRISTELUNION IBN-One: Artist’s view Sugar mill Production — Industrial sucrose is converted into gaseous, low purity isobutene Purification —isobutene is isolated from surrounding fermentation gases Shipping — Liquid high purity isobutene (99.7%) is stored and
Slide 32: Ecosystem of expected off-takers for IBN-One and future plants
Ecosystem of expected off-takers for IBN-One and future plants: biofuels and more... - Gasoline na Chemicals and cosmetics Collaborations with: VOREAL COND oy CLARIANT™ Audi INEOS ASPEN. _ \ — REPFOL | Lubricants and paints : (~ Jet fuel >) INE@QS ARKEMA SN SkyNRG Ny 2 Plastics and rubber Domestic g
Slide 33: A co-ownership / licensing business model
A co-ownership / licensing business model pe GosaL BIoENERGIES Infrastructure funds Cristal Union Sourcing agreement (sugar & ethanol, utilities) Brownfield Industrial site Licensing agreement Equity investment > Base Case (at full capacity) Production: 50,000 tons/yr (isobutene and derivatives) EBI
Slide 34: IBN-One: conclusion
IBN-One: conclusion ¢ IBN-One is a specific case: - High profitability in base case scenario due to first-mover’s advantage - Global Bioenergies plans to invest in IBN-One and to remain a significant shareholder on the long term (25+%) ¢ Dividend will add to licensing revenues ¢ Revenues range from
Slide 35: Appendix 4: Potential to largely deploy the technology
Appendix 4: Potential to largely deploy the technology
Slide 36: Deployment path
Deployment path 1. IBN-One up and running — Commercial Flagship 2. Have several other Ilsobutene commercial plants emerging - JV/Licensing business model - Partners from the upstream (sugar and other agri players) or downstream (chemical companies using isobutene as a feedstock, oil players...) - Eq
Slide 37: Business Overview of EPCs
Business Overview of EPCs ¢ EPC: Engineering Procurement and Construction - large corporations involved in the build-up and maintenance of plants. * Key players: Bechtel, Halliburton, TechnipFMC, Linde, ThyssenKrupp, Neste Engineering Solutions... * Currently develop technology licensing as part of
Slide 38: Rationale for a strategic alliance with an EPC
Rationale for a strategic alliance with an EPC ¢ Geographic exclusivity for site-specific upstream design package for new Isobutene plants > will place the EPC in the pole position for the further construction deals ¢ Counterpart of such privileged situation: — EPC to give access to its licensing ca
Slide 39: Longer vision: going down the value chain
Longer vision: going down the value chain ¢« Technology licensing will make the company profitable ¢« Becoming a production partner, by investing in the JVs, will bring additional value — similar to oil Majors having stakes in oil fields *« However: A large part of the value lies in Applications and
Slide 40: Appendix 5: Large reduction in CO2 emission and improvement of air quality
A GLOBAL BIOENERGIES Appendix 5: Large reduction in CO, emission and improvement of air quality in cities
Slide 41: Largest Product Opportunity: Renewable gasoline
Largest Product Opportunity : Renewable gasoline *) 2 * Octane rating 100 i.e + +t . Isooctane + Blendable upto 35% the gold standard + No/low emission of Inexpensive particles processes * Octanerating 110 +t + Ethanol --— ETBE + Blendable up to 23% Awidely usedadditive + No/lowemissionof particles
Slide 42: Clean exhaust gas
Clean exhaust gas (air quality in cities) It is very polluting, globally and locally Fossil gasoline Autonom F F , It is dense in energy, and thus provide a large vehicle autonomy. It is the mainstream standard. Mainstream compatibility CO2 savings (fight against global warming)
Slide 43: Ethanol: a good substitute, now at its limits in OECD
Ethanol: a good substitute, now at its limits in OECD —Fossil gasoline ——Ethanol Autonomy Blendwall reached: more —— ethanol cannot be added 25% reduction in mileage P : Se in developed countries, unless huge investments in cars and infrastructures are made. Clean exhaust gas Mainstream (air quality
Slide 44: Electric car: a good way to improve air quality in cities
Electric car: a good way to improve air quality in cities —Fossil gasoline Electric vehicle New cars and Autonomy infrastructures to be built >60% reduction in mileage from scratch Plug-in hybrids bring some level of compatibility Clean exhaust gas RO Mainstream (air quality in 7 compatibility No ex
Slide 45: GBE's renewable gasoline combines all advantages
—Fossil gasoline —=GBE's renewable gasoline Autonomy High blends Similar autonomy or distribution infrastructures Clean exhaust gas Mainstream (air quality in cities) compatibility Effect on air quality impact comparable and maybe even , i . b i th lectri y Same CO, savings as etter than electric ca
Slide 46: Metrics
Ax GLOBAL BIOENERGIES Metrics Production 2,000 plants | 10,000 plants Capacity Production 100 500 As a reference, present gasoline ATF market is 1,000 million tons per (Ian aaes) year. Jet fuel is 200 million tons. CO, savings 200 4,000 World total CO, emissions are (million tons) 37,000 million ton
Slide 47: Diversifying the feedstocks
Availability Cost of resource GHG savings Potential partners Diversifying the feedstocks Today Short term Longer term 1G Food crops Traditional feedstocks Sucrose: Beet, cane Glucose: corn, wheat 2G Wood chips, straw, bagasse Advanced feedstocks Forestry: wood chips Agri : wheat straw, corn stover..
Slide 48: Vision for road transport in France and in the USA
2x GLOBAL BIOENERGIES Vision for road transport in France and in the USA France: 45Mtoe (million tons oil equivalent) 30Mtoe USA: 600Mtoe 400Mtoe 68% <0.5% o> I Fossil fuels @ Biofuels i Electricity Transition Pillars Impact Consumption reduction (better cars, shared transportation...) Oil consumpti
Slide 49: Appendix 6: Who are we today?
A GLOBAL BIOENERGIES Appendix 6: Who are we today?
Slide 50: Executive committee
ZA GLOBAL BIOENERGIES Executive committee ie f Marc Delcourt Aseasoned management team... $ ¥ Samuel Dubruque Chief Executive Officer Chief Financial Officer Dp A Macha Anissimova Frédéric Paques Bernard Chaud Chief Scientific Officer Chief Operating Officer Head of Industrial 2. SF) ‘a Luc Mathis C
Slide 51: Backed by a hands-on Board of Directors
...backed by a hands-on Board of Directors John Pierce — Chairman of the Board Leading American figure of the industrial biology sector, former Chief Bioscientist of BP Marc Delcourt— Co-fonder and CEO Entrepreneur with a scientific background. Has founded and managed industrial biotechs since 1997
Slide 52: Equity and finances
Ax GLOBAL BIOENERGIES Equity and finances CM-CIC Innovation 33% Average daily liquidity 2012 Beck 2013 Wi 32k Seventure Partners 2014 €77k ~” 2018 2016 Philippe 2017 — 2018 YTD 6,8% Marc Delcourt 7,2% Existing shares as at Oct 1“, 2018 5,079,455 + Dilutive instruments (stock-options, warrants...) +
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