New Agricultural Visions Australia (NAVA)

1. New Agricultural Visions Australia New Agricultural Visions Australia (NAVA) Mission: delivering products from Australian and eventually worldwide agriculture through the application of sustainable and environmentally beneficial biomass conversion technologies.

2. New Agricultural Visions Australia NAVA Founders • Dr David Stalker - Over 20 years of experience agricultural biotechnology. A founding scientist of Calgene, Inc in 1981, the pioneering agricultural biotechnology company in Davis, CA. Involved in the conception and commercialization of agricultural biotechnology products include Flavr Savr tomato, BXN cotton and Bollgard II cotton. Director of Round-Up Ready Technology for Monsanto Co from 1997 -1999 and has an extensive background in the invention and commercialization of biotech crops and has consulted widely for the industry. • Dr Trevor Stevenson - As a founding scientist of Florigene Ltd (initially Calgene Pacific) in 1986, developed the initial scientific program for flower color modification. Florigene now sells genetically engineered flowers world wide and Dr Stevenson’s pioneering efforts were critical to Florigene’s current success. Currently Associate Professor of Plant Biotechnology at RMIT. Over 15 years experience in agricultural biotechnology. NAVA Confidental

3. New Agricultural Visions Australia NV Founders (cont) • Dr Michael Dalling – A former Professor at the University of Melbourne, Dr Dalling was a founder and initial Managing Director of Florigene (Calgene Pacific) in 1986 where he established the critical early business/corporate relationships that ultimately resulted in the commercial success of Florigene. In 1993, was appointed Managing Director of the Strategic Industry Research foundation (SIRF), a Victorian Government initiative which worked to bridge the gap between industry and publicly funded research organizations. Under Dr Dalling’s leadership, SIRF initiated and managed a number of industry led collaborative ventures, such as Ceramic Fuel Cells Limited and the Biomolecular Research Institute Limited. Was also involved in the application of technology for a number of start-up companies in Asia. In 1997, was named Group Vice-President for Australia’s flagship agrichemical company, Nufarm Ltd, in charge of Nufarm’s biotechnology effort as well as critical research and business aspects for Nufarm’s agricultural chemicals business. NAVA Confidental

4. New Agricultural Visions Australia Investing in People(not platforms) • The Founder’s possess over 50 collective years in agricultural biotechnology research and development, regulatory approval, commercial planning and commercial execution • The Founders have demonstrated the ability to originate, generate and commercialize agricultural biotech products • The Founders have established a network of high-level biotech (scientific/commercial) relationships worldwide • The Founders have developed a novel paradigm for NAVA’s corporate infrastructure NAVA Confidental

5. New Agricultural Visions Australia Founders’ Biotech Product Expertise • NAVA Founders direct contribution to the following Ag Biotech Products through either project conception, technology innovation, program development, regulatory approval, product focus and market launch • FlavSavr™ tomato • Round-Up Ready® Flex cotton • BXN™ cotton • Bxn/Bt cotton • Bollgard II cotton • Laurical™ canola • Genetically-Modified Color Carnations • Moondust™ • Moonshadow™ NAVA Confidental

6. New Agricultural Visions Australia NAVA/RMIT Partnership • NAVA affiliated with Royal Melbourne Institute of Technology (RMIT): a major research University located in Melbourne • NAVA’s 10,000 sq ft laboratory facilities located on RMIT’s Bundoora campus • Creates a novel funding paradigm where a corporate entity is located within the confines of a major University to off-load infrastructural costs • RMIT holds a minimum royalty position regarding NAVA technology/products in exchange for providing base NAVA infrastructure • NAVA owns all developed technology • Education of students/post grads in a research setting with directed commercial focus and developed products as the mission NAVA Confidental

7. New Agricultural Visions Australia NAVA Research and Development Programs • BioEnergy - developing technology for the efficient conversion of agricultural cellulose-based residues to liquid fuels with farmer/grower directed benefits. • BioMaterials - developing technology for the generation of high-value polymers for industrial uses from plant cell wall materials. • Fiber Modification - focused effort on cotton fiber modification for high value textiles; including fabrics for enhanced dye absorption, wrinkle and shrink resistance and natural color denims. • Platform & Enabling Technologies– a series of core technologies relating to the development of transgenic plants. NAVA Confidental

8. New Agricultural Visions Australia Crop Biomass Targets • BioEnergy (Ethanol) • Wheat and barley straw residue as the initial crop targets for Australian agriculture (sugar cane as next tier target) • Corn as a target for developed NAVA technology export to benefit US agriculture/ethanol production • BioComposites • Wheat and rice as crop targets for novel biopolymer development NAVA Confidental

9. New Agricultural Visions Australia BioEthanol – the Facts • Benefits of Bioethanol • Provides new income source for growers • Renewable, clean and green resource • Greenhouse gas benefits • Provides rural sustainability on a macro-scale • Replacement for toxic additives; suitable for virtually all vehicles • The Reality! • Using current technology, bioethanol not cost competitive with petrochemical-based fuels NAVA Confidental

10. New Agricultural Visions Australia Lignocellulosic Potential NAVA Confidental

11. New Agricultural Visions Australia Estimated Availability of Nonwood Fibers(million bone dry metric tons) Agricultural ResidueUSAusWorld Wheat Straw 76.0 36.0 600.0 Rice Straw 3.0 195.0 Barley Straw 8.5 12.0 92.0 Corn Stover 250.0 550.0 Cotton Stems 4.6 0.4 68.0 Sorghum Stems 28.0 2.1 252.0 Sugar Cane/Bagasse 4.4 41.2 102.0 NAVA Confidental

12. New Agricultural Visions Australia Natural gas Ligno-Cellulosics Oil Coal Corn 98 (kernals@ $2.50/bushel) 122 ($2.5/1000 cu ft) 44 (poplar; switchgrass) $/dry ton 129($17.5/barrel) 33 19 (corn stover) 94($12/barrel) 44 ($6/barrel) 5.0 (kernals@ $2.50/bushel) 2.3 (poplar; switchgrass) $/gJoule 3.1 ($17.5/barrel) 2.3 1.0 1.0 (stover) 2.3 ($12/barrel) 1.2 ($6/barrel) The Case for Cellulosics NAVA Confidental

13. New Agricultural Visions Australia A US Case Study: Processing 30% of corn stover has the following impact: • Adds 5 to 8 billion gallons of ethanol for Fuels with no increased land use • Increases direct farm income $2.3 billion from Feedstock Sale of 30% of total • Improved Soil Quality (no till farming) • Lowers the cost of sugars processed to sweeteners and ethanol to less than $4/cwt • Mitigates GHGs by more than 60- 97 M metric tons C/year; 12% - 20% of Kyoto commitment NAVA Confidental

14. New Agricultural Visions Australia Production Costs – Lignocellulosic Ethanol Feedstock / pretreatment 60% cost/L Fermentation 20-25% Recovery 15-20% • Raw material costs • Transport & storage • 1st pretreatment • Cellulase enzyme(s) • 2nd pretreatment • Saccharification • Fermentation • Distillation • Purification NAVA Confidental

15. New Agricultural Visions Australia Intrinsic NAVA Technology • Trade Secrets– exclusively owned by NAVA founder, Dr David Stalker: • Expression of Novel Polysaccaharide Hydrolase Domains in Plants • Novel Non-Agrobacterium Methods for Plant Transformation • Novel Selectable Markers for Plant Transformation • Methods relating to the Production of BioComposite Proteins in Plants • Novel BioComposite Genes and BioMaterials Compositions • Method(s) for Ethanol Production from Ag Residues NAVA Confidental

16. New Agricultural Visions Australia Enabling Technology • Plant Biotech License Options for FTO - commercial license and royalty terms have been negotiated in principle for the following technologies: • Monocot Agrobacterium Transformation from Japan Tobacco - wheat and barley as initial target crops and corn as a option crop. Fields of Use: • Production of Ethanol from Ag Residues • Production of Biocomposites from Ag Residues • Expandable to Select Agronomic Input Characters • Actin Promoters for Monocot Expression - negotiated option from Cornell University • Constitutive Plant Promoters for Plant Expression - negotiated option from HybriTech • Cellulose Binding Domain Expression in Plants - in discussions with CBD Technologies NAVA Confidental

17. New Agricultural Visions Australia Advantages in NAVA R&D Investment • Australia is an agrarian country with a broad history of supporting agricultural innovation • High-quality research can be undertaken in Australia at one-half the cost of conducting research in the US • Australian research tax credit advantages for incoming corporate R&D $$ • Numerous sources of matching funds from the State and Commonwealth governments • $US << $AUS conversion rate • Incoming $$ are primarily directed to variable R&D costs and are not spent on infrastructure (provided by RMIT) • Wholly-owned NAVA intellectual property portfolio NAVA Confidental

18. New Agricultural Visions Australia Benefits to Australia • Generate alternative revenue source for Australia’s cereal growers/farmers from a large agricultural post-harvest waste stream. • Lessen Australia’s dependence on fossil fuels by generating new feedstocks for ethanol production within Australia. Augment Australia’s goals to be environmentally conscious and self-sufficient with respect to energy production. • If the technology is successful, provide Australia with new industrial potential, technology innovation for large-scale bioprocessing and eventual rural job creation. • Assist in decreasing the $7 billion dollar chemical deficit that Australia currently faces and provide for existing carbon credits. • A cleaner, healthier environment and more efficient use of waste biomass from both urban and rural areas. • Provide novel technology for the biotechnology of cereal crops that will be utilized outside the scope of existing patents. NAVA Confidental