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Analyst and Investor Day
September 12, 2011
[1]
Safe Harbor Summary
This presentation includes forward-looking statements that are subject to many
risks and uncertainties. These forward-looking statements, such as statements
about Amyris’s short-term and long-term growth strategies, total addressable
market expectations, and efforts to develop and commercialize products, can
sometimes be identified by use of terms such as “intend,” “expect,” “plan,”
“estimate,” “future,” “strive,” and similar words. These statements involve many
risks and uncertainties that may cause actual results to differ from what may be
expressed or implied in these statements. These risks are discussed in Amyris’s
Securities and Exchange Commission filings and reports, including the risks
identified under the section captioned “Risk Factors” in its annual report on Form
10-K filed on March 14, 2011 and its quarterly reports on Form 10-Q filed May 11
and August 11, 2011. Amyris disclaims any obligation to update information
contained in these forward-looking statements whether as a result of new
information, future events, or otherwise.
[2]
Your Speakers Today
JOHN MELO
JERI HILLEMAN
CEO
CFO
NEIL RENNINGER
PAULO DINIZ
Co-Founder & CTO
President, Brasil
MARIO PORTELA
JOEL VELASCO
COO
SVP, External Relations
JIM RICHARDSON
President, Lubricants
[3]
Agenda
9-9:30
Technology and Near-Term Products (Neil)
9:30-10
Production: Operations and Expansion (Mario)
Showcase: Brasil Feedstock (Joel)
10-10:30
Q&A
10:30-10:45
Break
10:45-12
Markets and Customers (John)
Showcase: Amyris Lubricants (Jim)
Outlook (Jeri)
12-1
Q&A
[4]
Overview
Transformational year since IPO : Delivered on Milestones and More
 Achieved target yield for Commercialization of Farnesene
 3 Production Facilities in Place; 2 in Construction
 Expanded Demand: 10 Customer Agreements added since IPO
 Launched Squalane, Lubricants on track for Q4
Outlook for Year Ahead: Escalating Value Creation
 Continue to Advance Efficiency and Expand Molecules and Products
 Maximize CMO Production and Paraíso and SMA on-line
 Execute on Product Roll-out and Deliver on Customer Agreements
 Achieve Positive Cash Flow from Operations
[5]
Synthetic Biology: The Technology of this Century
Amyris Modifies Microorganisms to Enable Production of
1,000s of Target Molecules
YEAST CELL
ANTI-MALARIAL DRUG
ISOPRENOID PATHWAY
FARNESENE (C15)
SUGAR SOURCE
ISOPRENE (C5)
C10
[6]
VIDEO: Industrializing Synthetic Biology through Automation
THIS SLIDE CONTAINS A VIDEO
[7]
Industrializing Synthetic Biology through Microfluidics
[8]
Producing High-Value Products Through Low-Cost Fermentation
PLANT SUGARS
FERMENTATION
PROPRIETARY
BUILDING BLOCK
FINISHED PRODUCTS
IN 6 VERTICALS
Fuels
Lubricants
Polymers &
Plastic Additives
Farnesene (C15)
Home &
Personal Care
C10
Isoprene (C5)
Flavors &
Fragrances
Cosmetics
[9]
Value Creation through Diversified Product Slate
Products
Fuels
Lubricants
Polymers &
Plastic Additives
Home &
Personal Care
Customers & Partners
Diesel
Jet
Base Oils
Industrial Lubricants
Passenger Car Motor Oil
Oxygen Scavengers
Farnesene-Based Polymers
Surfactants
Other Ingredients
Flavors &
Fragrances
Ingredient #1
Ingredient #2
Cosmetics
Squalane
[ 10 ]
Value Creation through Diversified Product Slate
Products
Diesel
Jet
Fuels
Lubricants
Polymers &
Plastic Additives
Home &
Personal Care
Customers & Partners
Base Oils
Industrial Lubricants
Passenger Car Motor Oil
Oxygen Scavengers
Farnesene-Based Polymers
Surfactants
Other Ingredients
Flavors &
Fragrances
Ingredient #1
Ingredient #2
Cosmetics
Squalane
= Farnesene
= Farnesene-derived molecule
[ 11 ]
Finishing Farnesene
Diesel
Base Oil
Hydrogenation
Squalane
FARNESENE
Surfactants
Polymers
P&G
Application
F&F
Molecule
[ 12 ]
No Compromise® Products
Amyris
Renewable Diesel
Amyris
Renewable Chemicals
[ 13 ]
Common Routes to Diesel from Biological Sources
Fermentable
Sugars
Amyris
Renewable Diesel
Farnesene
Renewable Diesel
Triglycerides
(Vegetable oil)
Oil Crops
Biodiesel
Fatty Acid Methyl Ester
(FAME)
Each product has a different value proposition in the
marketplace and associated cost of production
[ 14 ]
Diesel Fuel Performance Comparison
Energy Density
Cold Filter Pour Point (°C)
Higher value provides increase fuel economy
Lower value improves cold weather engine operation
Amyris Diesel
Amyris Diesel
Renewable Diesel
Renewable Diesel
Biodiesel
Biodiesel
Petroleum
Petroleum
Petroleum
110
115
120
125
130
-80
-70
-60
-50
-40
-30
-20
-10
0
Measured in 1000 x BTU/Gal
Lubricity (µ)
Engine Emission Impact (NOx)
Lower value provides decrease engine wear
Lower value better for environment and health
NOx reduction
Amyris Diesel
Amyris Diesel
Renewable Diesel
Renewable Diesel
Biodiesel
Biodiesel
Petroleum
Petroleum
300
Sources: NREL, Neste, MWM
350
400
450
500
550
-20
-10
NOx increase
Baseline NOx level
0
10
20
[ 15 ]
30
Building the Value Proposition with Diesel de Cana™
Monetizing Beneficial Performance Characteristics of Renewable Diesel
 Regulatory approval for fuels is required in each geography
 OEM approval is required to drive demand for the product
 Policy forces help aid demand through incentives and/or mandates
City of Sao Paulo mandates
100% renewable fuel use in
city buses by 2018
Biodiesel approved for use
only up to 20%, by bus
manufacturers
80% of the Sao Paulo bus
fleet diesel demand available
for Amyris Renewable Diesel
(100 MGPY)
[ 16 ]
Expediting Validation through Industry Partnerships
Engine Testing
Validating Amyris Diesel through fuel system, engine and vehicle manufacturer tests
Brazil
Fleet Testing
Confirming Amyris Diesel fuel quality and durability through robust road demonstration
Brazil
Registration & Approvals
Achieving market entry by securing government registration and approvals
[ 17 ]
Diesel de Cana’s Land Use Efficiency vs. Alternatives in Brazil
WITH CELLULOSIC TECHNOLOGY IN PLACE FOR CANE...
Soybean
Biodiesel
468 Liters/year
900  1,000 km
Ethanol with
Ignition
improver
5,100  6,800 km
6,936  9,250km
6.460 Liters/year
8.800 Liters/year
Amyris
Diesel
4.180 liters/year
5.684 Liters/year
Source: UNICAMP, Embrapa, Amyris, SPTRANS, Mercedes-Benz; NOTE: Amyris Diesel figures consider technology at target productivity and yields.
7,600  9,500 km
10,300  12,900km
[ 18 ]
No Compromise® Products
Amyris
Renewable Diesel
Amyris
Renewable Chemicals
Disruptive supply and
pricing of existing
products
Superior performance and
market pull for novel,
renewable molecules
[ 19 ]
No Compromise® Squalane
Innovative Process
[ 20 ]
No Compromise® Flavors & Fragrances
Customer
World’s 2nd largest F&F company
World’s largest F&F company
Application
Three fragrance ingredients
Farnesene as building block
Value
Proposition
Replace existing plant-derived sources
of fragrance molecules with price points
of $50/kg and higher
Use farnesene as a building block for
the synthesis of a key fragrance
ingredient with an ASP>$400/kg
[ 21 ]
No Compromise® Home and Personal Care Ingredients
Customer
Application
Value
Proposition
Leading AgriChemical Company in Asia
World’s largest CPG company
Farnesene derived non-ionic
surfactants for applications including
emulsifiers, laundry detergents, hardsurface cleansers
Farnesene as ingredient in one of
P&G’s largest product lines
Develop renewable replacements for
surfactants phased-out by regulatory
agencies
Achieve performance currently not
achievable with traditional petroleum
based compounds; hedge oil volatility
[ 22 ]
No Compromise® Renewable Chemicals
Customer
Leading chemical company
Leading chemical company
Application
Oxygen Scavengers for use in PET
juice and beer bottles
Rubber products, adhesives, soft grips
Value
Proposition
Replace non-renewable products
(ASP~$10/kg) for customers such as
Coca-Cola
Replace petroleum derived feedstocks
such as isoprene ($4/kg) and butadiene
($3.7/kg)
[ 23 ]
Technology and Product Summary
 World’s Experts at Engineering Yeast
 Broad Platform of Molecules and Applications
 Delivering No Compromise® fuels and chemicals
[ 24 ]
Agenda
9-9:30
Technology and Near-Term Products (Neil)
9:30-10
Production: Operations and Expansion (Mario)
Showcase: Brasil Feedstock (Joel)
10-10:30
Q&A
10:30-10:45
Break
10:45-12
Markets and Customers (John)
Showcase: Amyris Lubricants (Jim)
Outlook (Jeri)
12-1
Q&A
[ 25 ]
Simple Fermentation Process
Basis of Design
[1]
Fermentable
Sugars
[2]
[2]
Fermentation
[3]
[4]
[3]
Separations
[4]
Purification
Vinasse
Disposal
Amyris
Farnesene
Aqueous
Hydrocarbon
[ 26 ]
Integrated Scaled Up
U.S. and Brazilian Sites Working in Sync
Lab
2 Liters
Pilot Plant
300 Liters
Lab
2L scale
Pilot Plant
300 L
Demo Plant
5000 L
Production
200 - 600K L
[ 27 ]
Successful Commercialization Takes Years of Preparation
FERMENTOR
SIZE
Liters
 Mass and Energy Balances
 Better Cost Understanding
 Scaled to 200,000L BC Fermentor
 First Squalane at Glycotech
 Multiple Fermentation and
Chemical CMO Plant Operations
U.S.
Brazil
Design
1,000,000
Commercial
Plant Design
10,000
 Semi-Continuous Ferm’tn
 Alternate Feedstock
 4 x 300L Fermentors
 Integrated Process Dev
1,000
 4x Capacity
 Yield + Syrup
100,000
Detailed Design/
Construction
Contract
Manufacturing
 SMA Construction Underway
 Paraíso Construction Underway
 Built out Engineering Services
Demo Plant
Pilot Plant
Commercial
Production
 Opnl Excellence – Contamtn Free
 Deployment – Biomin Start-up
 2x 5000L Fermentors
 Performance Meets/Exceeds
Pilot Plant
100
Emeryville Pilot Plant
 Conversion to Sugar Cane
10
Lab
2007
Lab
2008
2009
2010
Mid-2012
[ 28 ]
Production Roadmap
Annual Production at Target Efficiency
Operating:
50,000,000 liters
In Construction: 150,000,000 liters
Secured Access: 650,000,000 liters
(13M tons crush)
2011
2012
2013
2014
[ 29 ]
Biomin
Execution of Production in Brazil
Biomin
• First Commercial Production
• Smooth Start Up
• Successful Learnings from Transition to Ongoing
Operations
First
Biofene™
production
[ 30 ]
1
Additional Plants on Track: 2011
Antibioticos
León, Spain
Operating
Tate and Lyle
Decatur, IL
Commencing Operations
Source: Amyris
[ 31 ]
VIDEO: Producing Biofene
THIS SLIDE CONTAINS A VIDEO
[ 32 ]
Brazilian Production
Paraiso Mill (Brotas, SP)
• 1 million tons sugarcane
crush
• Six 200K liter fermentors
• Advantaged economics
• Designed for rapid
deployment (modified
Biomin)
3-D plan
• Long lead items being
ordered, construction
started
• Target completion by mid2012
Construction started
[ 33 ]
Brazilian Production
São Martinho (Pradopolis, SP)
• Complete foundation work
~November 2011
• Start fermenter installation
~October 2011
• On plan for mid-2012 start-up
[ 34 ]
Production Roadmap
Annual Production at Target Efficiency
Operating:
50,000,000 liters
In Construction: 150,000,000 liters
Secured Access: 650,000,000 liters
(13M tons crush)
2011
2012
2013
2014
[ 35 ]
Sugarcane in Brazil: Brazil is #1
• Brazil is the world’s largest cane producer, twice #2 India
• Brazil's South-Central region accounts for 90% of country’s cane harvest
• Brazil’s sugarcane sugar yields have grown at 3% CAGR since late 1970s
Source: University of Minnesota Institute on the Environment; Brazilian Sugarcane Industry Association (UNICA), Food and Agricultural Organization (FAO)
[ 36 ]
Sugarcane in Brazil: Nationwide Output Estimates
SUGARCANE
580 Million Tons
⅖ of World Crop
RAW SUGAR
37 Million Tons
¼ of World Demand
ETHANOL
6 Billion Gallons
½ of U.S. Production
ELECTRICITY
1,500 MW
~3% of Brazil Demand
Source: UNICA, CONAB. Data is estimate for 2011 crop year.
[ 37 ]
Sugarcane in Brazil: Location & Share of Agriculture
Sugarcane
occupies 2.5% of
Brazil’s arable land
Millions of Hectares (2009)
BRAZIL TOTAL AREA
851.2
TOTAL ARABLE LAND
329.9
1. Total Crop Land
59.8
Soybean
21.6
Corn
14.4
Sugarcane
8.1
2. Pastures
158.8
3. Available Area
111.3
1 Hectare = 2.5 acres
Sources: UNICA, NIPE-Unicamp, IBGE, CTC, CanaSat, see http://www.dsr.inpe.br/canasat/
[ 38 ]
38
Sugarcane in Brazil: Rule of Thumb
1 hectare yields
85 tons cane
⅓ juice
⅓ bagasse
⅓ straw
Source: UNICA; Bagasse is 50% humidity 276 kg/t; Straw is 15% humidity 165 kg/t; Biofene at target yield production
1 ton yields
85 liter of ethanol or
50 liter of Biofene™
[ 39 ]
Sugarcane in Brazil: ATR & Consecana
Pricing of Sugarcane in Brazil
 Sugarcane’s value is in Total Recoverable Sugars (ATR, in Portuguese)
 Average ton of cane at mill gate will have 135 Kg of ATR this harvest year
 Payment for cane is a function of market prices of ethanol and sugar
 Consecana system designed to align incentives between millers & growers
ATR  PRODUCT CONVERSION
ATR in cane
~135 Kg/tonc
~1.05 Kg  1 Kg of Sugar
~1.70 Kg  1 Liter of Ethanol
~3.05 Kg  1 Liter of Biofene®
Source: ORPLANA, UNICA
[ 40 ]
Sugarcane in Brazil: ATR & Consecana
Volatility in ATR Pricing
 Mills have to process cane regardless of returns (not flexible)
 Amyris seeks to source sugars based lowest of ethanol and sugar
 Some mills see supplying sugars to Amyris as a hedge in current volatility
EXAMPLE WITH TODAY’S COST:
1 Kg of Sugar  US$ 0.37 Kg
US$ 0.17 per Lb.
1 Liter of Ethanol  US$ 0.60 L
US$ 2.28 per Gallon
ATR for Sugar (VHP)
was lowest cost
ATR for Ethanol (Hydrous)
was lowest cost
Source: ORPLANA, UNICA; Biofene at target yield; US$1 equals R$1.60
1 Liter of Biofene  US$ 0.73 L
US$ 2.75 per Gallon
[ 41 ]
Partnering with Amyris - payback to mill owners
Pre-tax payback for mill owners on incremental CapEx
7.0
6.5
5.7
6.0
Years Payback
5.0
4.1
4.0
3.0
2.0
2.0
1.0
0.0
Sugar/Ethanol
Cogeneration
Amyris Diesel
Amyris Chemicals
Note: assumes mill pays 100% of capex and margin is shared 50/50
Partnering with Amyris yields mill owners higher returns on capital
while diversifying revenue streams beyond sugar and ethanol
[ 42 ]
Agenda
9-9:30
Technology and Near-Term Products (Neil)
9:30-10
Production: Operations and Expansion (Mario)
Showcase: Brasil Feedstock (Joel)
10-10:30
Q&A
10:30-10:45
Break
10:45-12
Markets and Customers (John)
Showcase: Amyris Lubricants (Jim)
Outlook (Jeri)
12-1
Q&A
[ 43 ]
Value Creation through Diversified Product Slate
Products
Fuels
Lubricants
Polymers &
Plastic Additives
Home &
Personal Care
Customers & Partners
Diesel
Jet
Base Oils
Industrial Lubricants
Passenger Car Motor Oil
Oxygen Scavengers
Farnesene-Based Polymers
Surfactants
Other Ingredients
Flavors &
Fragrances
Ingredient #1
Ingredient #2
Cosmetics
Squalane
[ 44 ]
Chemicals:
$40B addressable at today’s yield with positive cash margin
$M
ASP ($/kg)
Future: new pathways in development and applications
that reach positive cash margin in future
Current: Positive cash margin today
Cosmetics
Nonionic
Anionic personal
Cationic personal
personal care
care surfactant
care surfactant
1,700
Specialty surfactant
Paraffinic Emollients
$2
Emollients
Squalane
300
$5
50
$30
1,000
$4-5
700
$4
900
$2
400
$3
150
$1,500
b-carotene
F&F 1
42
$30
Polymers &
Plastics
Additives
F&F 3
Linalool
60
$1,500
50
>$100
80
$10
NPE nonionic
surfactant
1,000
$3
Geraniol
Myrcene
43
$4
120
$10
Menthol
165
$3
250
$3-4
200
$12
Limonene
Plasticizer
(phthalate)
9,000
Adhesives
600
$12-15
Lycopene
Canthaxanthin
Pinene
F&F 2
Plasticizer
O2
scavenger (non phthalate)
80
$3-11
50
$1,000
250
$1,800
Amphoteric
surfactant
Flavors &
Fragrances
Consumer
Products
Astaxanthin
300
$60
12,000
$3
$2
900
$2-4
Cationic
surfactants
Isoprene &
replacement for Adipic Acid
natural and synthetic
rubber
Butadiene
40,000
10,000
$4
$4
Octene
1,300
$3
Hexene
1,500
$3
Anionic
surfactant
6,500
5,100
$3-8
$2-3
Lubricants
2,500
$3-5
Industrial lube & base oild
Source: Amyris estimates, Nexant
6,000
2,600
$4-6
$7
Lubricant additives
Consumer & automotive lube and base oils
825
$2-3
Decene
[ 45 ]
Terephthalic
acid
50,000
$1.3
Model for Success in Application Development and Delivery
Prioritize
applications
Identify first target
customer
•
Strong strategic
position
•
Incentive to
move quickly
‘Drop in’ molecule
Joint Engagement:
•
•
Rapid
identification of
target chemistry
Develop lowest
cost process
Accelerate
introduction
•
Shorter time
to market
•
Expanded
end market
adoption
[ 46 ]
Product Introduction Plan Starting 2011
SALES
PRODUCTION VOLUME
[ 47 ]
Diesel: Capital and Partner to Scale Fast
Emerging agreement with Total for Commercialization
of Amyris Diesel:
• Validation of Amyris technology and diesel
economics: expansion after extensive evaluation
• Agreement would provide current funding and
establishment of JV to fund scale up and
commercialize diesel
Impact
• Expect definitive agreements executed by year end;
first dedicated plant operational 2013-2014
[ 48 ]
Amyris Lubricants: 3-Pronged Business
Base Oils:
NovaSpec
1
Amyris-Cosan joint venture
Finished
Lubricants:
EvoShield
2
Direct to Customer
3
Distributorship Network
[ 49 ]
Base Oil Market Framework
Demand & Supply Balance
Finished Lubes Sales, kT
40.367
Base Oils demand for
Synthetics Products, kT
43.376
40
7.544
4.181
Semi-Syn
by Application
Flat
20
10
Auto
54%
0
2008
+10 Yrs
Source: Kline 2010 Report
5.335
Group IV
Group III
14.984
Group II
3.243
40000
12.210
396
Eur
36%
Rest
14%
Asia
17%
3.921
Group III
2.265
2008
+10 Yrs
Top 10 GIII & GIV Capacity, kT/Year
50.569
50000
2.661
Ind'l
46%
Base Oil Capacity, kT
45.703
Group IV
741
NA
33%
Conventional
30
4.662
2008 Synthetics
By Region
Synthetic
+5 Yrs (only GIII)
GIV
GIII
878
842 *
1085
30000
517
20000
29.732
29.732
Group I
103
10000
Petro-
0
2009
+ 5 Years
Canada
216
Ineos
145
93
XOM
284
Petronas
289
Caltex-GS
60
362
241
Neste
SK-Pert**
S-Oil
SK
Shell
Source: LnG 2010 (confirmed capacities, investments and divestments)
* Included total volumes of Bahein and RWAIS Joint Ventures
** Pertamina JV with SK Energy
[ 50 ]
Traditional Performance
Amyris Lubricants: Customer Value Proposition
Traditional
high
performance
Base Oils
Lubricants
Environmentally
friendly base oils,
poor traditional
performance
Environmental Performance
[ 51 ]
Finished Lubricants: EvoShield
[ 52 ]
Finished Lubricant Product Offering
Lead Product Categories

Automotive

Heavy Duty Engine Oils

Automatic Transmission Fluid

Heavy Equipment Lubricants

2-cycle Engine Oil
Strategy

Target markets leveraging differentiated base oil

Target niche market with fast time to market and above average margin

Build on existing customer or partnership
[ 53 ]
Product Introduction Plan Starting 2011
SALES
PRODUCTION VOLUME
[ 54 ]
Economics Remain Attractive as Volume Ramps
TARGET
PRODUCTION
VOLUME
(ML/yr)
150-200
+
+
40-50
6-9
2011
($/L)
2012
$6-$7
$4-$5
TARGET ASP
$3.50-$4.50
2011
TARGET
GROSS
MARGIN
(%)
2012
2013
~40%
~40%
2012
2013
Profitable
2011
GAAP* and NET
CASH
OPERATING
EXPENSE
2013
($M)
$160-$170
$140-$145
* Excluding ~$25M stock based expense
~$100
$70-$80
GAAP
Net Cash
2011
$170-$180
GAAP
Net Cash
2012
GAAP
Net Cash
2013
[ 55 ]
CapEx Outlook
2011
2012
CMO
SMA
2011
2012
Paraiso
Lab
2013 Expansion
$55-$70M Net Project
CapEx Spend1
$20-$35M Net Project
CapEx Spend2
1. reflects~$20M Biomin project financing and U.S. Equipment lines
2. reflects ~$100M SMA/Paraiso project financing (Sᾶo Martinho contribution expected 2013)
[ 56 ]
ROY 2011-2012 Cash Outlook
Key Assumptions: Cash Outlook dependent on achieving targets for OpEx,
CapEx, Debt, Product Margin
2011
2012
Cash Flow From
Operations
Cash Balance
$0
$100M
2H2011
2012
2H2011
2012
[ 57 ]
Amyris Near-Term Strengths…
Feedstock
Access and
Production
Strong
Customer
Demand
Significantly
Expanding
Growth Platform
• Expect 5 current facilities to produce >200 million
liters at target production efficiency
• Feedstock for expansion: 13 million tons under
LOI/agreement
• Expect to be supply constrained
• Outlook of $1 billion demand supporting 2013 sales
• Diesel step out through Total JV
• Adding C5 and C10 molecules along with new
customer agreements
[ 58 ]
…Support Outlook for Scale, Growth and Profitability
Feedstock
Access and
Production
Strong
Customer
Demand
• Compelling mill economics support growth and
partner investment of capital
• Target 10% of Brazilian cane by 2020
• Defined demand and customer agreements of $2.5
billion exceed 2015 production plan
• Addressing large markets with No Compromise®
products
Significantly
Expanding
Growth Platform
Total diesel and jet
volumes expands
organic growth outlook
2020
[ 59 ]
[ 60 ]