March 2014

The Aemetis Biorefinery Advanced Renewable Fuels and Chemicals Produced

by Conversion of Existing Biofuels Facilities

Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue” and similar expressions identify forward-looking statements.

Actual results, performance or events may differ materially from those projected in such statements due to, without limitation: (i) general economic conditions, (ii) ethanol and gasoline prices, (iii) commodity prices, (iv) distillery grain soluble markets, (v) persistency levels, (vi) transportation rates for rail/trucks, (vii) interest rate levels, (viii) ethanol imports, (ix) changing levels of competition, (x) changes in laws and regulations, including govt. support/incentives for biofuels, (xi) changes in process technologies, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures and (xiv) general competitive factors on a local, regional, national and/or global basis, (xv) natural gas and steam prices, and (xvi) chemicals and enzyme prices. The matters discussed herein may also involve risks and uncertainties described from time to time in the company’s annual reports and/or auditors’ financial statements. The company assumes no obligation to update any forward-looking information contained herein, and assumes no liability for the accuracy of any of the information presented herein as of a future date.

Disclaimer

Agenda

Introduction

Background

Recent / Future Developments

Team

Value Proposition

Key Highlights: Aemetis, Inc.

• Founded in 2006 with headquarters in Cupertino, California • Largest biofuels producer in California; Largest US biofuels producer in Asia • Owns/Operates 115 mgy renewable fuels and chemicals plants in US and India

o Acquired Cilion, Inc. 60 mgy ethanol plant in Keyes, CA (2012) (build cost $145M) o Built 50 mgy advanced biofuel plant in Kakinada, India (2008) (build cost $22M)

• First upgraded corn ethanol facility approved by the EPA to produce D5 Advanced Biofuels using the milo/biogas/CHP pathway

• Acquired Zymetis, a renewable fuels/chemicals biotechnology company, in 2011 o 5 granted patents on enzyme and microbe technology for biofuels/chemicals production o Operates biotechnology research and development laboratory at Maryland Biotech Center

• Strong positive cash flow in the higher-margin California biofuels market • 125 employees worldwide • Key Customers:

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Timeline Key Company Milestones

February 2007 US: Acquired Energy Enzymes - former Department of Energy funded enzyme technology for enzyme production and integration

November 2008 India: Built and commissioned 50 MGY advanced biofuels plant in Kakinada, India Mid-2009 India: Obtained permits to sell biofuels into Europe, U.S. and Indian domestic market April 2011 US: Retrofitted and restarted operations of 60 MGY ethanol plant in Keyes, California

owned by Cilion, Inc. July 2011 US: Acquired Zymetis, Inc., a novel biorefining technology company, for its patent

portfolio and production process January 2012 India: Completed construction of glycerin refining unit and obtained permits to sell into

domestic food and pharmaceutical markets in India April 2012 India: Glycerin refining and oil pretreatment units commissioned at India plant July 2012 US: Acquired 60 MGY Keyes ethanol plant through acquisition of Cilion, Inc. June 2013 US: Achieved high-volume production of advanced biofuels using milo feedstock and a

Combined Heat & Power (CHP) system in an integrated process with traditional feedstock by upgrading the Keyes plant

August 2013 US: Received EPA approval as the first converted corn ethanol plant to produce D5 Advanced Biofuels using milo, biogas and a Combined Heat & Power system

January 2014 India: Completed construction of distillation unit creating the only distilled biodiesel plant in India, providing biofuel qualified for EU and US delivery

Biofuels Industry - Ethanol

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• Large Gasoline Market: 130 billion gallon gasoline market per year in US • Ethanol Market: 14 billion gallons per year in US generates $40 billion revenues

• Capacity: 210 plants cost about $28 billion to construct • Lowers Cost of Gasoline by up to $1.09 per Gallon: Replaces 10% of

gasoline in US, lowering cost at pump by replacing crude oil demand with renewable fuel

• Provides 115 Octane o More power – allows use of lower quality, lower cost crude oil to make gasoline

• Contains 30% Oxygen o Cleaner burning gasoline – required by federal air quality laws

• Not Subsidized o Federal blender tax credit ended Dec 2011 o Biofuels do not receive tax-free Master Limited Partnership (MLP) status o No military costs required for protection of foreign oil fields or shipping lanes

Biofuels Industry - Biodiesel

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• Large Diesel Market: 50 billion gallon per year diesel market in US • Biodiesel Capacity: About 2 billion gallons per year of US biodiesel

production capacity generates about $8 billion of annual revenues • High Cost of Vegetable Oil Feedstock

• Soy oil process (majority of feedstock used) = Costs about $4 per gallon • Biodiesel sales price above $4 per gallon due to high cost feedstocks

• Provides Lubricity for Ultra Low Sulfur Diesel (ULSD) o More lubrication for engine o Allows use of diesel with lower sulfur content and lower emissions

• Not Subsidized o Federal $1 per gallon biodiesel blender tax credit ended Dec 2013 o Biofuels do not receive tax-free Master Limited Partnership (MLP) status o No military costs required for protection of foreign oil fields or shipping

lanes for biodiesel feedstock or delivery

Agenda

Introduction

Background

Recent / Future Developments

Team

Value Proposition

• Original Build Cost $132 million in 2008 o Also $15 million (cost ) for extra equipment

• Aemetis acquired 100% in July 2012 o $15 million cash o 11% of Aemetis common stock

• Operating at 120% of nameplate capacity • 420,000 tons of animal feed per year

• Original Build Cost $22 million in 2008 • Built by Aemetis • Non-food feedstock

o Byproduct of edible palm oil • Refined glycerin for pharma and industrial

customers • Only large distilled biodiesel producer in India

Facility Overview

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60 mgy Ethanol Plant - Modesto, CA

50 mgy Biodiesel Plant - Kakinada, India

California 60 MGY Ethanol & DDG Plant

India Plant Pictures India 50 MGY Biodiesel & Glycerin Plant

• Aemetis upgrades ethanol and biodiesel plants with advanced technology, feedstocks and new processes to produce advanced biofuels products o Demonstrate upgrades at Aemetis plants, then acquire or joint venture with existing

biofuels facilities to deploy technology

• Aemetis already built and operates advanced biofuels plants in India and US o Non-food feedstocks

o Waste stearine producing biodiesel; Grain sorghum producing advanced ethanol o Geographic and feedstock diversity o Global customer base in Europe, US and Asia

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Plant Upgrade Strategy

• Larger Markets: o Advanced Ethanol = 16 billion gallon market by 2022 = $50 billion, larger market than Gen1 o Advanced Biodiesel from cellulose/other sugars = 10 billion gallons = $40 billion new market

• Lower Capital Costs:

o Acquire plants or JV with existing Gen 1 biofuels facilities at significant discount o Leverage Gen 1 capital equipment, permits, operating personnel, vendors

• Lower Operating Costs:

o Non-food ag waste and low-cost sugar feedstocks do not compete with food supply o Feedstock geographic diversity o Sequester carbon in byproducts = reduce greenhouse gases = high value byproducts

• Higher Margins:

o Gen 2 Feedstocks – Agricultural waste and low-cost sugars with limited alternative markets o Gen 2 Biofuels/Biochemicals - Higher product value and carbon sequestration value

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Upgrade Gen 1 to Advanced Biofuels

Improved Profitability Aemetis Technology Projected to Significantly Increase Profitability

G2

D5 Advanced Ethanol (Milo)

D4 Advanced BioDiesel (Cellulose/Sugar)

D6 Traditional Ethanol (Corn)

$0.50 per Gallon $0.70 per Gallon

D5 Advanced Biofuels using Milo, Biogas and Combined Heat & Power

$1.50+ per Gallon

Sustainable High Margins Due to Patented Technology

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G1

Existing Biofuels Plants

Lower Carbon Fuels Aemetis Technology Projected to Significantly Reduce Carbon Content of Biofuels

G2

Advanced Biofuel - Milo

Advanced Biofuel – AgWaste/Sugars

Traditional Ethanol - Corn

80 Carbon Units 46 Carbon Units <30 Carbon Units

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G1

17% reduction in Carbon Intensity vs. Gasoline Gasoline = 96 Carbon Units

52% reduction in GHG emissions 70% or more reduction in GHG emissions

Agenda

Introduction

Background

Recent / Future Developments

Team

Value Proposition

• August 2013: EPA approved Aemetis California 60 mgy ethanol plant as Advanced Biofuels facility – First plant in US o Corn Milo (grain sorghum)

• Keyes plant advantage: Located 40 miles from deep water Pacific port in Stockton = import less expensive milo from Argentina and Texas, rather than use higher priced Midwest milo

o Natural Gas Biogas (from landfills) • Keyes plant advantage: Can acquire biogas supply due to steam turbine in place

o Grid Electricity Combined Heat & Power • Keyes plant advantage: Expensive steam turbine already installed and operating due to the high

cost of California power, unlike other plants in CA and Midwest that use coal • Jan 2013: India government increased diesel price 25% to equal world price by

mid-2014 o Operating margins for biodiesel sales to India customers increase significantly during 2014 o Cash flow provides debt-free India plant

• Nov 2013: EU issued 5-year Anti-Dumping tariff blocking Argentina and Indonesia biodiesel o US already subject to five-year anti-dumping tariff in EU o Malaysia and India are remaining suppliers to EU o Aemetis India plant distilled biodiesel is highest quality product at low cost

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Recent Favorable Policies

Agenda

Introduction

Background

Recent / Future Developments

Team

Value Proposition

• Eric McAfee, Chairman and CEO, Founder o Founder of Aemetis in 2006; Pacific Ethanol (Nasdaq: PEIX); Evolution Petroleum (NYSE: EPM);

Procera Networks (Nasdaq: PKT); founded biofuels companies that produce more than $1 billion per year of annual revenues

o GlobalScot appointed by First Minister of Scotland to advise on renewable energy

• Harold Sorgenti, Director o Former President/CEO of ARCO Chemical Company (12 years including IPO) o Principal of Sorgenti Investment Partners (chemical investments)

• John Block, Director o Former Secretary of Agriculture from 1981-86 under President Reagan o Food industry executive for 18 years

• Fran Barton, Director o Former CFO of several multi-billion-dollar revenues companies: AMD, Atmel, Amdahl, UTStarcom,

Digital Equipment (PC division)

• Dr. Steven Hutcheson, Director o Founder of Zymetis, Inc. o 25 years bacterial molecular biology and molecular genetics at University of Maryland o PhD University of California Berkeley in cellular biology

Board of Directors

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• Eric McAfee, Chairman and CEO

• Andy Foster, President, AE Advanced Fuels o Eight years in biofuels industry with Aemetis o Extensive high tech/govt background, including White House and Governor staff

• Sanjeev Gupta, Managing Director, Universal Biofuels (India) o Seven years with Aemetis; former President of $250 million global specialty chemical company o Nabisco Brands - India

• Todd Waltz, CFO o Six years with Aemetis; former Ernst & Young, Litton Industries (5 years) and Apple, Inc. (12 years)

• Jarrett Hollis, Senior Vice President, Plant Operations o Plant manager of large Midwest and California ethanol plants for 15 years o Plant manager of 55 mgy Cilion plant startup in 2008 as new facility and restart 2011

• Michael Rosa, Senior Vice President, Plant Engineering o Land-O-Lakes (33 years); large-scale food-processing facility construction o Plant engineer for construction and retrofit of $130 million Cilion plant

Senior Management Team

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Agenda

Introduction

Background

Recent / Future Developments

Team

Value Proposition

Aemetis Value Proposition

Strong positive cash flow from $180 million biofuels/biochemicals revenues Operating plants in California and India cost $165 million to construct/upgrade Patented technology to produce advanced fuels by upgrading facilities

High efficiency production with significant scalability at low cost Lower cost than traditional gasoline and diesel, with high oxygenate/octane Strong management and board leadership with proven track record

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Advanced Renewable Fuels and Chemicals Produced by Conversion of Existing Biofuels Facilities

www.aemetis.com