1CONFIDENTIAL

Bill BradyPresident and CEO, Mascoma Corp,

ABL ConferenceWashington, D.C. April 2011

Direct, low cost conversion:

BiomassFuels and

Commodity Chemicals

• Converts non-food plant matter (cellulose) to fuels and chemicals cheaply

• No Sugars Required

• Cellulose is Low Cost and Abundant

• Low to negative carbon footprint

Why this makes sense:

Mascoma Corporation

BUILDING BIOREFINERIES “FUELS FIRST”

Today : Ethanol Conversion across a variety of cellulosic feedstocks

Tomorrow : Expansion to Advanced Fuels and Chemicals

Our Pathway to Commercialization

Develop a Commercial Pathway to Generate Revenue in the Short Term & Scale in the Long Term

Get the Technology Ready

Get Competitive With Oil – Now and Later

Mascoma Corporation

Pull it All Together in Big (Complex) Projects

CBP is “widely considered to be the ultimate low-cost configuration for cellulose hydrolysis and fermentation” – U.S. Department of Energy study

Patented Consolidated BioProcessing (CBP) TechnologyRome Facility

DISTINCT, COMPREHENSIVE CAPABILITES IN BIOFUELS

Feedstock

Simple Pretreatment

Bioprocessing & Distillation

CBP Ethanol

Direct microbial conversion of biomass to ethanol and reduction of additional

enzymes

Consolidated BioProcessing Technology

Low cost and abundant feedstock

Pretreatment Advantages

• Flexible pretreatment system• Proven reliability

CBP Advantages

• Little to no additional enzymes• Single tank fermentation

Economic Advantages

• Low operating costs• Low capital costs

Advanced Biofuels & Chemicals

Mascoma Corporation

DISTINCT, COMPREHENSIVE CAPABILITES IN BIOFUELS

Mascoma Corporation

“Corn CBP”

Transform Existing

Ethanol Assets

Build 2nd Generation

Ethanol Infrastructure

Expansion

Hardwood CBP :

Kinross, MI

Hardwood CBP :

Alberta, CN

• Advanced

Fuels

• Chemicals

• Geographic

Expansion

CLEAR PATH TO SCALE : Financial, Products, Markets

Mascoma Corporation

Bagasse :

Brazil

$2 Billion $50 - 100 Billion

$1 + Trillion

Market

Size

Iraq

Oil

Pri

ce

to

De

liv

er

a 1

6%

IR

R

100

20

90

80

70

60

50

40

30

110

1000 2000 3000 4000 5000 6000 7000 8000 9000 10,000 11,000

Production - kpd

GOMMiocene

SantosBasin

AngolaUltra Deep

RussiaGreenfield

Nigeria

Canada/heavy oil

Supply Curve Source: Credit Suisse Equity Research

Kinross/Alberta 2013 with incentives

COMPETITIVE WITH CRUDE OIL PRODUCTION TODAY

2015 without

incentives

2015 with incentives

Mascoma Corporation

MascomaJ.M.

LongyearValer

o

Frontier Renewable

Resources, LLC

Kinross, LLC

75% 25%

• 40MMgal, 15MW Ethanol Facility• 500kton of hardwood per annum• $350 mm CapEx

The Scope :

• Advanced Biofuel Tax Policy has to be Clear, Consistent, Long Term

• Market Infrastructure has to Enable Growth

• Venture Investors have done their job• PE and Debt Providers want more certainty• A Gap Exists

• LG Programs and Strategics can fill the gap

Clear Market Signals Attract Investors

Funding Gaps (aka “The Valley”)

Managing Complex Partnerships

Mascoma Corporation

PULLING TOGETHER BIG, COMPLEX PROJECTS : Kinross Example

The Issues :