October 2014 Management Presentation

© 2015 Gevo, Inc. | 1

April 2015 Alcohol to Hydrocarbons

Forward-Looking Statements

© 2015 Gevo, Inc. | 2

Certain statements in this presentation may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements that are not purely statements of historical fact, and can sometimes be identified by our use of terms such as “intend,” “expect,” “plan,” “estimate,” “future,” “strive” and similar words. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2011, as amended, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Gevo. This presentation is based on information that is generally available to the public and does not contain any material, non-public information. This presentation has been prepared solely for informational purposes and is neither an offer to purchase nor a solicitation of an offer to sell securities.

Why Should We Care?

© 2012 Gevo, Inc. | 3

Petroleum Industry Mega Trends

Canadian Oil Sands Supply Costs and Development Projects (2011-2045) 7

March 2012

devoted to mining is 374,000 ha (or 2.6 percent of the total surface area), which pales in comparison to the 14,170,000 ha that could be recovered using in situ methods.

Figure 2.2 Mining and Extraction

Source: Suncor Energy Inc.

Figure 2.3 In Situ - SAGD

Source: Suncor Energy Inc. (Firebag project).

North American Sources

Shifting Product Demand

Human Health Concerns

“By 2040, oil sands will account for 25 percent of total liquids supply in NA, SA” Exxon 2012 Outlook for Energy

0

1

2

3

4

5

6

7

8

9

2010

2035

Gasoline -10%

Diesel, Jet + 25%

2010

2035

mmBPD

Source: Exxon

US Oil “Boom” from fracking

© 2015 Gevo, Inc. | 4

“Nationally, the average economic value of health impacts associated with fossil fuel usage is $0.14–$0.35/kWh. For coal, oil, and natural gas, respectively, associated economic values of health impacts are $0.19–$0.45/kWh, $0.08–$0.19/kWh, and $0.01–$0.02/kWh” Environment International Volume 52, February 2013, Pages 75–80

Our Understanding of Trace Chemicals is Changing

Reference: OurStolenFuture.org

Oil/Carbohydrate Spread Growing

© 2015 Gevo, Inc. | 6

$0

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$1,400 Ja

n-01

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Cos

t of

Car

bon

($/M

T)

Carbon Source WTI Crude Oil CBOT Corn

Source: CBOT, EIA

Oil Costs Have Historically Risen Faster than Carbohydrates

Confidential

PP

PE

PVC PX

Polystyrene Butadiene ABS

Nylon Butenes (Chemicals)

Synthetic Rubber

PET

Polycarbonate Acrylic Acid

Silicones

Gasoline

Diesel

Jet Fuel

Lubricants

Surfactants

Ethanol

Butenes (Fuels)

1

10

100

1,000

10,000

$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00

Price ($/lb)

Low Cost Makes The Market Opportunities Possible

Sources: Nexant, IEA, F.O. Licht, Gevo

© 2014 Gevo, Inc. | 7 © 2014 Gevo, Inc. | 7

Gevo’s IBA cost is expected to improve further to continue expanding into higher value markets

Mar

ket s

ize

(bn

lbs)

© 2015 Gevo, Inc. | 8 Source: Adapted from Nexant

Benzene

Toluene

Xylenes

Aromatics

Unsaturated Polyesters

Polypropylene

Jet Fuel

Gasoline

Diesel

Natural Gas Steam Cracking Olefins

Pyrolysis Gasoline

meta-Xylene

para-Xylene

ortho-Xylene

Methyl Methacrylate

Toluene Diamine

Cyclohexane

Ethyl Benzene

Cumene

Acrylonitrile

Propylene Oxide

Isobutene

Ethanol

alpha-Olefin

Polyols

Phenol

Acetone

Styrene

Adipic Acid

Caprolactam

Toluene Diisocyanate

Phthalic Anhydride

Isophthalic Acid

PTA

Ethylene Glycol

MTBE/ETBE

Polyesters(PET)

Plasticizers

Polyurethane

Nylon 6

Nylon 66

SB Latex

ABS

Polystyrene

Butadiene-Styrene

Polybutadiene

Polyacrylonitrile

Polyisobutylene

Polyester

Poly(vinyl cloride)

Polyethylene

Ethylene

Propylene

Butylenes

Butadiene

Vinyl Chloride

Crude Oil

Ethylene Oxide

EDC

Hydrocarbon Fuels

Naphtha

Chemicals and Materials

Well Developed Systems for Oil and Gas…..

© 2015 Gevo, Inc. | 9 Source: Adapted from Nexant

Benzene

Toluene

Xylenes

Aromatics

Unsaturated Polyesters

Polypropylene

Jet Fuel

Gasoline

Diesel

Natural Gas Steam Cracking Olefins

Pyrolysis Gasoline

meta-Xylene

para-Xylene

ortho-Xylene

Methyl Methacrylate

Toluene Diamine

Cyclohexane

Ethyl Benzene

Cumene

Acrylonitrile

Propylene Oxide

Isobutene

Ethanol

alpha-Olefin

Polyols

Phenol

Acetone

Styrene

Adipic Acid

Caprolactam

Toluene Diisocyanate

Phthalic Anhydride

Isophthalic Acid

PTA

Ethylene Glycol

MTBE/ETBE

Polyesters(PET)

Plasticizers

Polyurethane

Nylon 6

Nylon 66

SB Latex

ABS

Polystyrene

Butadiene-Styrene

Polybutadiene

Polyacrylonitrile

Polyisobutylene

Polyester

Poly(vinyl cloride)

Polyethylene

Ethylene

Propylene

Butylenes

Butadiene

Vinyl Chloride

Crude Oil

Ethylene Oxide

EDC

Hydrocarbon Fuels

Naphtha

Chemicals and Materials

……Can Be Co-Opted for Renewables

  From just EtOH and IBA most chemicals can be made cost effectively

Alcohols

Crossing Over from Agriculture to Chemicals

Complicated Raw Materials Demanding Performance

Complex Mixture Animal Feed

Simple Alcohol

Renewable Feedstock

Crossing Over from Agriculture to Chemicals

Complicated Raw Materials Demanding Performance

Complex Mixture

(EtOH or IBA)

Animal Feed

Simple Alcohol

Ag World

Renewable Feedstock

Crossing Over from Agriculture to Chemicals

Complicated Raw Materials Demanding Performance

Complex Mixture

(EtOH or IBA)

Animal Feed

Alkenes

Hydrogen

Hydrocarbon Fuels

Polymers/Plastics

Chemical Products

Simple Alcohol

Ag World Chemical World

Renewable Feedstock

Isobutanol

Low-Cost Renewable Chemicals and Fuels Through Isobutanol

Feedstock Proprietary Technology

Direct “drop-in”

Yeast Biocatalyst

Proven at commercial scale

GIFT® Separator

Derivatives

Price and performance attributes driving demand

Diesel fuel

PX / PET

Jet fuel

Isooctane

Commercial Markets

Chemical intermediates

Premium flex fuel (i60)

Solvents

Marine / Off-road blendstock (i16)

Specialty blendstock (i12.5)

© 2015 Gevo, Inc. | 14

Gevo Isobutanol, Ethanol & Animal Feed Plant

© 2015 Gevo, Inc. | 15

LUVERNE, MN

275,000 Gallon Fermenters Asceptic, not sterile

Fermentation time: <45 Hours Yield: ~1.9 gallons/BU Titer: ~115 g/l

Customers and Partners

Low RVP, high octane are desired blend properties

Priced lower than Gasoline

5 7-

9 12

18

>

50

RV

P (

psi)

70-75 87-93 >100 118

Priced higher than Gasoline

Ethanol Winter

Gasoline

Typical summer Gasoline

Butane (gasoline - $0.70/gal)

Natural Gasoline (gasoline - $0.50/gal)

Alkylate (gasoline + ~ $0.20/gal)

Isobutanol

Octane

Mitigates stress corrosion cracking (SCC) Stress Corrosion Cracking (SCC)

SCC Present

No SCC (12.5% IBA)

Fully compatible with infrastructure (pipelines, tanks, etc.)

Isobutanol is an Excellent Gasoline Blendstock

Not miscible in water

Less water contamination in fuel

Enables pipeline shipping

© 2015 Gevo, Inc. | 16

Isobutanol to Butylene, Jet, Isooctane, and PX IBA to Hydrocarbon Plant, SHR, Silsbee, TX

Isobutanol Isobutylene C8-C16 olefins

Dehydration

Oligom

erization

Hydrogenation

Distillation

Isooctane

Jet

2-phase separator

Water

i-BuOH

© 2014 Gevo, Inc. | 17 1 Includes value for co-products (mixed xylenes, hydrogen, gasoline blendstock) 2 Assume s RIN at $0.45/gal

Dehydrogenation

Crystallization

PX

Yield

91% 98% 98%

PX Jet fuel Isooctane

(% of theoretical, mass basis)

PX

Jet Fuel

Isooctane

Operational since 2011

  Ready for commercial engineering

  Jet and Isooctane are lowest cost renewable options (according to market place)

  Jet is isoparaffinic kerosene

  PX is raw material for PET

Ethanol to Hydrocarbons

Converting Ethanol to Chemicals--Economically

© 2015 Gevo, Inc. | 19

Confidential

Chemical reaction

•  Change of process conditions leads to different product mixes in same capital base

Isobutylene

Propylene

Hydrogen Other

Isobutylene Propylene

Hydrogen

Other Isobutylene Propylene

Acetone

Hydrogen Other

Catalyst

•  Acetone, Propylene (and propylene derivatives), Isobutylene, and Hydrogen are All Projected to be Cost Competitive with Petro-based Equivalents

Ethanol Can Give Chemicals and Hydrogen (ETO Process)

© 2015 Gevo, Inc. | 20

For each 1 million gallons of ethanol feed, the following could produced:   1.5 KT of Acetone, or   1.1 KT of Propylene, which can be converted to

–  1.7 KT of n-Butanol –  300K Gallons of diesel or Jet

  AND 0.18 to 0.2 KT of hydrogen (depending on co-products) –  Which equates to ~0.5 MW of electricity –  Or be sold as renewable hydrogen

Plant A Plant using 20MPGY Ethanol feed could produce: -4 KTA of Hydrogen or 10 MWatts of power and -30 KTA of Acetone

How Much Product Can Be Made From Ethanol?

© 2015 Gevo, Inc. | 21

Production Plant Scenarios

Plant B Plant using 60MPGY Ethanol feed could produce: -10 KTA of Hydrogen or 25 MWatts of power and -69 KTA of Propylene

Plant B Plant using 100MPGY Ethanol feed could produce: -19 KTA of Hydrogen or 48 MWatts of power and -30 MGPY of Diesel of Jet Fuel

  Para-Xylene is a building block for polyester plastics and fibers

  Working to arrange commercial supply

  Cost competitive bio-acetone and isobutanol for solvents, pharmaceuticals and electronics applications

  Rubber for tires   Building block for plastics

for car parts   Cost competitive

  Feedstock for

superabsorbant   Feedstock for

polypropylene   Cost competitive

  ASTM Certification led by Gevo, expected 1H 2015

  Supplied to US Military and others for engine and flight testing.

Oligomerization technology can be used to produce a Renewable Diesel

  Early stage, has potential

Products, Partners, and Customers

Jet Fuel C8/Isooctane PX

  Sales of both isooctane and isooctene

  Suitable for fuel cells   Cost competitve

Isobutylene

© 2015 Gevo, Inc. | 22

Diesel

Solvents Hydrogen

Propylene

Interest from Automobile, Fuel Cell Manufacturers, Gas

Suppliers Interest from

Strategics

Interest from Strategics

Interest from Strategics

FUTURE Cleaner processes Reduce, eliminate toxics Cost competitive Renewable Carbon reductions Emission Reductions Co-produce food/feed Clean water Co-produce energy Profitable

October 2014 Management Presentation

© 2015 Gevo, Inc. | 24