Waste-based feedstock and biofuels market in Europe

1 GREENEA5 chemin des Perri res17330 Coivert -FranceGREENEAR umunsk 29 120 00 Prague -Czech RepublicT. +33 (0)5 79 97 97 50F. +33 (0)5 46 33 86 feedstock and biofuels market in Europe19 October2016 AgendaGREENEA | 2 Overview of UCO and UCOME prices2 PRICINGMap of current and planned plants, capacity development3 HVOM arket trends, future opportunities and challenges4 CONCLUSIONC ompany introduction5 WHY GREENEA?P. 12P. 15P. 18P. 20 Current situation on the Waste-based feedstock and biofuel markets1 market OVERVIEWP. 3 Overview of the current market situationEuropean UCO resources are estimated at 806,000 MT per yearGREENEA | 5 European UCO market is already mature with limited growth possibilitiesSource: GREENEA analysisGREENEA | 6To secure enough feedstock Waste-based biodiesel producers have to look for alternative sourcesSource: GREENEA analysisHouseholdcollectionImports fromoverseasHigh acidity feedstockSupply: low quantities and difficult to collectInterest: low due to high collection costsSupply: decreasing due to rising local demandInterest: high due to mature market in EuropeSupply: high availabilityInterest.

2 Still moderate due to processing difficultyInteresting option, however, the quantities offered are decreasing and the competition is really a viable option due to high operational costs, relatively low quantities to gain and unsure some initial investment but allows more flexibility on quality and thus gives access to bigger | 7 Europe relies on UCO imports for biodiesel production but competition overseas is fierceSource: GREENEA analysis941,000676,000 UCO collected1,617,000EU demandImportDEMAND FOR UCO IN Europe IN 2016 (EST.)In kT58%Percentage of European UCO demand covered by imports in 2016 (est.)40%Percentage of UCO imported to the EU that came from AsiaDue to investments in UCOME production in Asia, UCO quantities for export will be limited thereEuropean biodiesel market is estimated at 14 million tonsGREENEA | 9 Germany, Italyand the UK are key playerson the waste-basedbiodiesel marketWASTE-BASED BIODIESEL PRODUCTION AND CONSUMPTION IN 2016 (EST.)

3 147199237412484634150649385640580 FranceItalyUKSpainHollandGermanyConsumpt ionProductionIn kTNo local demand due to lack of DC cap of DC boosted the demand by nearly 50% compared to | 10 The supply of Waste-based biodiesel in Europe does not cover the local demand1,470 4984712852,724 Biodiesel from acid oil / PFAD / POMEEU demandWaste-based biodiesel importsUCOMETME cat 1/2 Waste-based BIODIESEL CONSUMPTION IN EUROPEIn kTSource: GREENEA analysis10%Percentage of Waste-based biodiesel demand in Europe that has to be covered by importAsia is Europe s main supplier of Waste-based biodieselGREENEA | 11 The supply-demandstructure mightalter due to comingregulationchangesPossible introduction of DC in 2017 or implementation of the Register of biofuels Origination (RBO).

4 FranceUncertainty of what will happen after of changing DC rules regarding implementation of DC changes in implementation of DC implementation of DC implementation of DC of GHG emission savings issue with registering for DC in Belgium still | 13 The margins for UCOME producers have been increasing since the beginning of the yearSource: GREENEA analysisEUR per ton 2015-2016: UCO AND UCOME PRICE +5%+4%UCOME FOBUCO DDP5%Increase of UCOME price since the beginning of 20164%Increase of UCO price since the beginning of 2016 GREENEA | 14In 2016, UCO and UCOME show again an upward price trendSource: GREENEA analysisBase 1001059511008510090 DecNovFebAprAugSeptMayJulJuneOctMarJanUC OME 2015 UCOME 2014 UCOME 20162014-2016: YEARLY UCOME PRICE TREND2014 The fall was due to a crash on the veg-oil upward price trend is caused by the rise of veg-oil : SPREAD BETWEEN UCO AND UCOME / UCOC rashing UCOME prices do not necessarily result in a collapse of UCO-UCOME margin2014 EUR per ton HVO: market developmentGREENEA | 16(under construction)Location: UAEC apacity: 400,000 MT(under construction)Location: FranceCapacity: 500,000 MTLocation: ItalyCapacity: 580,000 MT(under construction)Location: ItalyCapacity: 550,000 MTLocation: SpainCapacity: 180,000 MT(co-processing)Location: SpainCapacity.

5 60,000 MT(co-processing)Location: SwedenCapacity: 180,000 MT(co-processing)Location: FinlandCapacity: 100,000 MTLocation: The NetherlandsCapacity: 1,000,000 MTLocation: FinlandCapacity: 260,000 MTLocation: FinlandCapacity: 260,000 MTLocation: SingaporeCapacity: 1,000,000 MT(under construction)Location: USAC apacity: 280,000 MTLocation: USAC apacity: 250,000 MTLocation: USAC apacity: 500,000 MT(expansion to 800,000 MT)Location: USAC apacity: 125,000 MTLocation: ChinaCapacity: 20,000 MTLocation: BrazilCapacity: 230,000 MTIn the last 5 years, HVO has been developing rapidlySource: GREENEA analysisGREENEA | 17 TOTAL and ENI plants will significantly increase the HVO production capacity in EuropeSource: GREENEA analysis23%The share of European biodiesel market that HVO might get by 20204204202,7202,3002020+42%3,4503,87020 16 Pure HVOCo-processingHVO INSTALLED CAPACITY+Discussed projects in: Japan China Eastern EuropeConclusionGREENEA | 19 HVO development and struggle for feedstock supply will dominate the market in the next 5 years HVONew investments in Europe and overseas increase the HVO investments in UCOME production for export to market in Europe and increased local demand in Asia will put pressure on UCO countries should implement DC to be able to process high acidity Greenea?

6 WIDE INTERNATIONAL PRESENCEWe speak:English, Spanish, Portuguese, Polish, German French and ItalianParis, FrancePrague, Czech RepublicGREENEA OFFICES IN EUROPEFrom our two offices in Paris and Prague we communicate with clients from all around the world thanks to our international and multilingual Greenea? Since 2011 our average annual growth is 18%Founded in 2007 market ,animalfeed, | chemin des Perri res 17330 Coivert, FranceGREENEAR umunsk 29 120 00 Prague, Czech RepublicFabien HillairetCEO & biofuels Broker+33 5 79 97 97 AllemandouBiofuels Broker+33 5 79 97 97 Go bFeedstock Broker +33 5 79 97 97