BIOFUELS/ETHANOL WORLD MARKET

UPDATE

May 2012

TABLE OF CONTENTS

INDUSTRY NEWS

Global Biofuel Production Needs to Double: IEA

E15 Clears Final Federal Hurdle with Fuel Survey Initiation

New University Study Says Ethanol Reduced Gas Prices by More than $1 per Gallon in 2011

Biofuels are the Long-Term Solution to Gas Prices: BIO says

Energy Department Announces up to $15 Million to Research Biomass-Based Supplements for Traditional Fuels

Agriculture Secretary Vilsack Urges Petroleum Companies to Increase Adoption of American Made Renewable Energy

American Biofuel Industry Moves from the Beaker to Barrel, ABFA President Testifies to Congress

Six Trade Associations File a Motion in Support of EPA’s Renewable Fuel Standard

ACE Responds to API E15 Infrastructure Concerns

The Military’s Commitment to Biofuels and Alternative Energy is a National Security Imperative, BIO Says

The BioBusiness Alliance of Minnesota Releases Roadmap for Minnesota’s Advanced Biofuels and Biobased Chemicals Industry

Oil Incumbents Building Empires to Dominate Biofuels and Other Alternative Fuels

CME Group Adds Ethanol to Expanded CBOT Grain and Oilseed Trading Hours on CME Globex

TECHNOLOGY NEWS

ThermoEnergy’s Sugar Recovery System Meets Key Environmental Demands

Codexis Awarded Biofuels Enzyme Patent

OrginOil’s Algae Technology May Help Clean up Wastewater from Oil and Gas Operations

GreenShift Receives Fifth Corn Oil Extraction Patent

Proterro Meets Key Productivity Milestones for Clean, Fermentation-ready Sugar Feedstock in its Lab and at Independent Greenhouse Test Sites

Arisdyne Systems Awarded Second Patent on Ethanol Yield Improvements Using Low Energy

FEEDSTOCKS

USDA Expects 75 Year High Corn Acreage in 2012

Ceres Sweet Sorghum Hybrids Processed by Amyris

TMO Renewable Expands Production of 2G Ethanol with Cassava Stalk

FuturaGene Starts Final Brazilian Field Trial for Yield Enhanced Eucalyptus Plantations

CELLULOSIC

DuPont Engages Fagen on its Way to Commercializing Cellulosic Biofuels

Exceptional Jet Fuel Produced from High-Quality Cellulosic Sugars

Aquaflow Poised to Fire up Next Generation Biofuels Refining in New Zealand

Shengquan and Novozymes in Partnership to Commercialize Cellulosic Ethanol

ALGAE

Algae.Tec Announces Commencement of Australian Advanced Biofuels Facility Commissioning

OriginOil and Algasol Renewables to Develop an Integrated Algae Growth and Harvesting System

BIODIESEL

EPA Releases March Biodiesel Production Volume

Honeywell Green Diesel™ to be Produced from Bio Feedstocks in U.S. Facility

Neste Oil Sold its First Batch of NExBTL Renewable Diesel to the U.S. Market

HERO BX Adopts Arisdyne’s Oleochemical Cavitation System to Reduce Biodiesel Catalyst Consumption and Lower Monoglycerides Following Two Month Test

Neste Oil Produces Premium-Quality NExBTL Renewable Diesel from Waste Fat Sourced from the Fish Processing Industry

LS9 Announces Florida Plant Grand Opening and Receives $4.5 Million from Florida Opportunity Fund

BIOBUTANOL

Butamax^™ and Fagen Announce Collaboration to Retrofit Ethanol Plants for Biobutanol Production

Cobalt and the Naval Air Warfare Center Team Up to Produce a Renewable Jet Fuel from Bio N-Butanol

Butamax Granted Core Patent for Making Biobutanol and Distillers Grains

Butamax Expands Early Adopters Group as Two New Ethanol Producers Join for Early Access to Biobutanol Production

Gevo Dismisses Butamax Patent Infringement Lawsuit

USPTO Orders Re-examination of Gevo “AFT” Patent 8,017, 376 and Butamax Requests Re-examination of Gevo “GIFT” Patent 8,101,808

USPTO Affirms Gevo’s Request for Re-examination of Butamax Patent

Gevo Granted Critical Patent Enabling Commercially Viable Yields of Isobutanol Production from Yeast

BIOFUEL USE

Honeywell Green Jet Fuel^™ to Power Flights Using New Biofeedstock Specifically Designed for Biofuel Production

Eco-Energy to Develop Ethanol Unit Train Facility in Atlanta, GA Market

Gevo and VP Racing Fuels Announce Collaboration to Develop and Commercialize Specialty Fuel Blends

Raizen North America Awarded Biofuel Sustainability Certification at Vopak Terminal Deer Park, by Intertek

FINANCIALS

The Andersons

Aventine Renewable Energy

BioFuel Energy

Ceres

Dyadic International

Gevo

Green Plains

KiOR

Lignol

Pacific Ethanol

Renewable Energy Group

Rentech

Solazyme

Southwest Iowa Renewable Energy

COMPANY NEWS

Iogen Energy to Refocus its Strategy and Activities

Mascoma and Lallemand Ethanol Technology Announce Commercial Agreement with Pacific Ethanol for Drop-In MGT™ Yeast Product and Commercial Roll-Out Progress

Lakeside Energy and American Securities Take Equity Stake in InEn Tec Inc.

Eco-Energy and Quad County Corn Processors Cooperative Announce Ethanol Marketing Agreement

Inventure Renewables and Inventure International Close $5 Million Round with Lead Investor Wilmar International

Pure Biofuels del Perú, SAC Announces Management Buyout by Pegasus Capital Advisors

PROJECT NEWS

The Andersons Finalizes Purchase of Iowa Ethanol Plant

High Plains Gas, Inc. Awarded Contract for Ethanol Facility

Aemetis Celebrates One Year Anniversary of Ethanol Production Facility in Keyes, CA

Solazyme and Bunge Form Joint Venture for Commercial Scale Renewable Oil Production Facility in Brazil

Novozymes Partners with Danish Biorefinery Project