OakBio: High-Value Products from Waste Carbon

1. OakBio High Value Products from Waste Carbon Heyward Robinson Vice President, Business Development hrobinson@oakbio.com 888-591-9413 x803

2. Mission To profitably decouple the production of chemicals, fuels and food from petrochemicals and GHG emissions

3. OakBio Waste Carbon: Massive Opportunity Inexpensive Feedstock High Value Products CO2 Bioreactor N-butanol Animal Feed Bioplastics Others Proprietary Microbes Hydrogen

4. OakBio High Value Products Animal Feed Bioplastics n-butanol • Petrochemical alternative • Acrylics, solvents, … • $10B market • Superior biofuel to ethanol • ~$100B market • Drop in gasoline replacement • Demonstrated Platforms • Raw flue gas • Syngas • Cellulosic Biomass • Fishmeal alternative • Nutraceuticals • $400B + Market • Non-GMO, GRAS* microbes • Demonstrated Platforms • Raw flue gas • Syngas • Organic acid • *Generally Regarded As SafeFDA designation • PHAs** – Versatile family of bioplastic polymers • Emerging and rapidly expanding market - $50B by 2030 • Biodegradable, including marine degradable • Demonstrated Platforms • Raw flue gas • Syngas • **Polyhydroxyalkanoates 4

5. OakBio Proof-of-Concept: Cement Plant OB311: Oakbio proprietary strain adapted to grow off flue gas Direct feed from flue stack Original strain (wild type) Oakbio field lab Bioplastic made from cement flue gas • OB311 well suited for industrial biotech; grows on toxic flue gas at high density while cleaning gas stream • Direct conversion demonstrated of CO2 in cement flue gas to bioplastic

6. BACKUP SLIDES

7. Waste Carbon: a Global Problem Industrial CO2 and GHG emissions, Municipal Waste, Agricultural Waste, Chemical Waste.

8. OakBio Carbon Sources CO2 Emissions Oil Refining (174*) Chemical Industry (148) Iron and Steel (70) Cement Manufacturing (69) Pulp and Paper (38) Corn Ethanol and other Biofuels (large) Organic Carbon Agricultural Waste Woody biomass Municipal solid waste Refinery waste *US CO2 emissions in million metric tons/year (per EPA)

9. OakBio Business Model We seek Industrial Partnerships for: Oakbio Core Competency Develop new industrial strains for product production and validate on relevant feedstocks Co-development Joint venture Out-license • Partnering model: • Reduces future CAPEX • Reduces time to profitability • Keeps focus on core competency • Diversifies risk Spin Out (product manufacturer) 9

10. OakBio Oakbio Microbial Platform Families • n-butanol production strains • PHA production strains • Grows on CO2+ H2and/or Syngas; no light required • Naturally proficient at making C4 products • Well-suited to make commodity chemicals OB311 • Used for animal feed and feed additives • Community of several safe and nutritious microbes • > 65% protein, contains all essential amino acids • Contains valuable vitamins & carotenoids • Produced from CO2and H2, or CH4, Syngas, organic acids OBFC • Grows on sugars, waste carbon, cellulosics, waste water • No antibiotics or inducers required • Produces n-butanol • Uses versatile proprietary system for rapid expression of new targets OB644

11. How it works made simple Atmosphere Plants Biomass CO2 Food Materials Industry (Energy) Plants: Photoautotrophic Oakbio: Chemoautotrophic Electricity Bioplastic 24X7 Operation. Water Conserving. Fluegas resistant. Small footprint. H2 Biofuels CO2 Others (Energy) Other pollutants (H2S, CO, SOx, NOx)

12. OakBio Proof-of-Concept: Oil Refinery Biomass Growth at 250ml Scale Refinery Gasifier Output 74% H2, 17% CO2, 7% CH4, 2% CO • Refinery gasifier waste stream contains both H2 and CO2, greatly reducing cost • Butanol is a known valuable product which refineries currently make Oakbio field lab Industrial Demonstrated direct conversion of CO2 waste gas to bioplastic and butanol

13. OakBio CO2 Platform Technology Development Target CO2 + H2 as feedstock Select best microbial hosts Chemoautotrophs Fluegas resistant strains (cement, NG power, others) Adapt hosts to raw flue gas Improve CO2 uptake efficiency with metabolic engineering Fluegas resistant strains with improved CO2 uptake • Target desired chemical products • naturally produced • engineered (n-butanol) CO2 to Bioplastic strains CO2 to n-butanol strains Optimized gas bioreactor system Pilot Scale validation and integration CO2 to new product strains

14. OakBio Oakbio Cost Advantage Techno-economics for 1MM ton CO2 capture 493K ton n-butanol/yr 120K ton H2/yr Cost H2 = $1/kg Market Price as chemical feedstock Petro Chemical process OAKBIO Gas process $4.65/gal OAKBIO ADVANTAGE Production cost $3.7/gal $1.2/gal $1.2/Kg $0.4/Kg Oakbio n-butanol more profitable than petrochemical equivalent Could become cost-competitive as a gasoline replacement 14

15. Experienced Team OakBio • Brian Sefton, BSc, MBA – CEO • Experienced CEO. Drove product development, marketing, sales and value creation in multiple industries. Authored Oakbio’s patents in bioreactor design, gas driven biosynthesis, genetics and control systems. • William Coleman, PhD – VP Biology • Co-founded the CH4-to-liquid fuels bioconversion platform at Intrexon. Expert in synthetic biology for engineering bacterial strains to produce chemicals and biofuels. CSO at Kairos Scientific. • Heyward Robinson, PhD – VP Business Development • Former Senior Scientist, SRI International; Former Menlo Park Mayor and City Council Member; Ph.D. Materials Science and Engineering, Stanford University; Ex-board member, numerous public agencies and environmental non-profits • Russell Howard, PhD – Co-founder, BoardMember • CEO Maxygen from lab to post IPO; raised >$200MM public markets; >30 corporate deals; multiple spin-offs. Ex-member Codexis Board. + Comprehensive Advisory Board