© 2015 Gevo, Inc. | 1

ABC17 Patrick Gruber, Ph.D. CEO

Replacing Mainstream Hydrocarbon Fuels, and Their GHG emissions, with Low Carbon,

Commercially Viable Alternatives

Forward-Looking Statements

Certain statements within this presentation may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements relate to a variety of matters, including but not limited to: the ability of Gevo to enter into a definitive offtake agreement with Lufthansa; the ability of Gevo to build out the Luverne production facility to increase the production of isobutanol and/or hydrocarbon products; addressable markets, size of markets and market demand for isobutanol, ethanol and their derivatives; optimized isobutanol production costs and plant-level economics, including achievable EBITDA margins; future market opportunities related to Gevo’s alcohol-to-hydrocarbons technologies; Gevo’s ability to successfully scale up its ethanol-to-olefins technology; Gevo’s ability to obtain customer, licensing, investment and strategic partnership commitments and the timing of bringing such commitments online; Gevo’s future isobutanol and ethanol production capacity and the timing associated with bringing such capacity online; estimates of the timing and costs of capital expenditures at the Luverne plant and the impact of such installations; Gevo’s ability to sustain achievements in production capacity; the strength of Gevo’s intellectual property position and its ability to successfully and profitably license its technology platform to third parties; the performance of Gevo’s isobutanol yeast biocatalyst; the availability of additional production volumes to seed additional market opportunities; the expected applications of isobutanol, including its use to produce renewable paraxylene, PET, isobutanol-based fuel blends, isooctane and ATJ bio-jet; the expected cost-competitiveness and relative performance attributes of isobutanol and the products derived from it; the receipt and timing of ASTM and MIL-SPEC certification; the future price volatility of isobutanol and its derivatives; any potential decreases in Gevo’s expense levels, including as a result of the Butamax settlement, and anticipated EBITDA burn rates and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of Gevo’s management and are subject to significant risks and uncertainty. All such forward-looking statements speak only as of the date they are made, and Gevo assumes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo 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 discussion of the 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 the company in general, see the risk disclosures in Gevo’s Annual Report on Form 10-K for the year ended December 31, 2015, as amended, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the Securities and Exchange Commission by Gevo, including any prospectus supplements related to this offering. 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.

© 2017 Gevo, Inc. | 2

Burning of fossil resources as fuels generates Greenhouse Gasses. – Mostly Carbon Dioxide (CO2)

– Also Nitrogen oxides, and Sulfur oxides

It is unequivocal that GHG’s are increasing from burning of fossil carbon (fuels, synthetic fiber, and plastics). Its simple chemistry.

The Problem

© 2017 Gevo, Inc. | 3

Burning of Fossil Carbon Sources Generates Increased GHG‟s

Transportation fuels, electricity generation, heat, chemical

production, manufacturing, etc.

Atmospheric CO2

Natural Gas Oil © 2017 Gevo, Inc. | 4

Atmospheric CO2 Has Increased by ~16 GT From 2006 to 2015 from Fossil Carbon Use

Land Use Change 3.5 GT

Land Sink 11.5 GT

Ocean Sink 9.7 GT

Transportation and Industry 34.0 GT

Data: CDIAC/NOAA-ESRL/GCP Carbon Budget GT=Giga tons

More Carbon Dioxide is being generated than the sinks can take up

© 2017 Gevo, Inc. | 5

The Solution (Simplified)

Land Use Change 3.5 GT

Land Sink 11.5 GT

Ocean Sink 9.7 GT

Transportation and Industry 34.0 GT

Reduce

Reduce and eliminate Increase

Reduce fossil fuels for transportation and energy generation with low carbon alternative carbon sources. Reduce land use change by increasing yield and productivity. Increase the amount of carbon being put into the ground y good farming practices.

Natural Gas Oil © 2017 Gevo, Inc. | 6

We Need the Same Prodcuts, but From a Different Carbon Source

© 2017 Gevo, Inc. | 7

+

Process Energy

CO2

Carbon Source

• By eliminating both fossil carbon from both raw materials and process it is possible to eliminate GHG’s from business system

Increased

Replace the Carbon Source and Energy Source to Eliminate GHG‟s

Fuel

© 2017 Gevo, Inc. | 8

CO2

+

Process Energy

+

Process Energy

CO2

CO2

Carbon Source

• By eliminating both fossil carbon from both raw materials and process it is possible to eliminate GHG’s from business system

Increased

Reduced

Replace the Carbon Source and Energy Source to Eliminate GHG‟s

© 2017 Gevo, Inc. | 9

Fuel

Fuel

CO2

+

Process Energy

CO2 Reduced

We can do better than just replacing the fuel…

© 2017 Gevo, Inc. | 10

Fuel

Capture Protein Capture Oil Sequester Carbon

Reality of RENEWABLE CARBON to Hydrocarbon Chemistry

~33%

Chemistry Routes Biological Routes

Combinations

Theoretical Mass Yield

© 2017 Gevo, Inc. | 11

12CO2 + 12H2O +H2------> C12H26 + 18O2

Starch

Sugar

Sugar

Ag Residue or Grasses

Wood

Available Today

Available Future

Biogenic MSW (no plastics or

synthetics)

Carbohydrates

Vegetable oil

Tallow oil

Biobased fats and oils Biogas

Corn oil

© 2017 Gevo, Inc. | 12

Palm oil

What are the Non-Fossil Feedstock Possibilities?

Bagasse

756 354

147 9 593

Carbohydrates Vegetable Oils Rendered Fats MSW BiogenicWaste

In order to replace large quantities of fossil fuels, we will be growing feedstock directly or indirectly....

Carbohydrates are the most scalable, and ubiquitous

*Based on updated Nexant Models and engineering projections Assumed $3.60/bu corn, average tallow/grease price from NRA market report

$283

$1 154 $1 199

$49

Carbohydrate Vegetable Oil Rendered Fats MSW BiogenicWaste

Source: 2010/2011 USDA Foreign Agriculture Service (FAS), NRA 2015, USDA ERS Oil Crop Yearbook 2015/16, World Bank Global Review of Solid Waste Management 2012

Feedstock Availability (MMT)

Feedstock Cost per Ton ($/MT)

© 2017 Gevo, Inc. | 13

The Cost of the Feedstock is Critical to the Economics of the Product

Sugar Price

$/lb

$0.05

$0.06

$0.07

$0.08

$0.09

$0.10

$0.11

$0.12

$0.13

$0.14

$0.15

$0.16

$0.17

$0.18

$0.19

$0.20

$0.21

$0.22

$0.23

$0.24

$0.25

Cellulosic Sugars

Cane, Beet or Refined Corn sugar

Corn Starch Agave, Sorghum

Molasses

* HC = Hydrocarbon; Jet & Isooctane

A $0.01/lb ($22/mt) change in sugar price impacts the production cost of jet fuel

– $0.20-0.25/gal

– ~$8-10/bbl

Corn is effective because of the high yield of co-products offset the cost of corn

Corn oil High Protein Animal Feed

© 2017 Gevo, Inc. | 14

Low Cost/ Low Volitility of Renewables

© 2016 Gevo, Inc. | 15

Jet and Crude Oil data obtained from U.S. Energy Information Administration (EIA) Corn data obtained from the United States Department of Agriculture (USDA) Net Corn is subtraction of DDG value (100% value of corn, 18 lbs per bushel)

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USD

$ p

er

US

Po

un

d

Month of the Year

Cushing, OK WTI Crude Oil $/lb

Jet FOB Gulf Coast $/lb

US Monthly Average Corn $/lb

NET Corn US Monthly Average $/lb

© 2017 Gevo, Inc. | 16

© 2017 Gevo, Inc. | 17

Carbon Emissions Reduction - Luverne

*Petroleum based Jet Fuel Emissions based on standard EU RED value s – GHG modeled per EU RED standards

Net GHG Emissions: -7.89 gCO2e/MJ

80,05

0,80 0,80 0,80 6,81 6,81 6,81

25,69

5,42 5,42

(4,30) (4,30)

(37,83)

16,91

16,91 16,91

(50,00)

(20,00)

10,00

40,00

70,00

100,00

Fossil Fuel Emission Factor Current Process Biomass CHP Biomass CHP w/ Best Land

management

gm

CO

2 e

q p

er

MJ F

ue

l

Lifecycle GHG Emissions and Carbon Savings of Jet Fuel

Use Transport & Distribution Processing Savings from soil accumulation Cultivation of raw materials

0% reduction

43% reduction

68% reduction 110% reduction

New EU RED rules to reduce indirect land use change -Limits the share of biofuels from crops grown on agricultural land that can be counted towards the 2020 renewable energy targets to 7% -Sets an indicative 0.5% target for advanced biofuels as a reference for national targets which will be set by EU countries in 2017 -Harmonizes the list of feedstocks for biofuels across the EU whose contribution would count double towards the 2020 target of 10% for renewable energy in transport -Requires that biofuels produced in new installations emit at least 60% fewer greenhouse gases than fossil fuels

© 2017 Gevo, Inc. | 18

Fossil Based Feedstocks for Alternative Jet Fuel and Gasoline

FACT: Using these as raw materials for fuels and then burning them as fuel INCREASES FOSSIL CO2 emissions.

Coal

Natural Gas

Synthetic Materials from MSW (plastics, foams, carpet fiber, car parts, packaging, films, food service ware, household goods, etc)

This slide is one we use when talking to airlines who have been told that these feedstocks are a

lower GHG alternative than petro-jet

© 2017 Gevo, Inc. | 19

© 2013 Gevo, Inc. | 20

Jet Fuel

Renewable Gasoline (Isooctane)

Specialty Chemicals & Solvents

Specialty Gasoline Blendstock (Marine / Off-Road, „Ethanol Free‟, On-Road)

Gevo Production Facilities Core Addressable Markets

Isobutanol – Drop-in Markets

Hydrocarbons – Drop-in Markets

South Hampton Resources Silsbee, TX

Luverne, MN

Isobutanol Production – Side-by-Side with Ethanol

Hydrocarbon Biorefinery

15 MGPY Ethanol 1.5 MGPY Isobutanol*

Gevo‟s Current Business System

* MGPY = million gallons per year; estimated isobutanol and ethanol design capacity

Isobutanol

Isobutanol

Renewable Hydrocarbons

© 2017 Gevo, Inc. | 21

Product mix at Luverne Production Plant

~45K MT/Y of animal feed

5.7M L/Y (~4500t/Y)

IBA

~57M L/Y ETOH

~1,400 MT/Y corn oil

Approximate capacities © 2017 Gevo, Inc. | 22

Potential Product mix at Future Luverne Production Plant

~30M L/Y Jet

~7.6M L/Y Isooctane

Approximate capacities

~45K MT/Y of animal feed

5.7M L/Y (~4500t/Y)

IBA

~1,400 MT/Y corn oil

© 2017 Gevo, Inc. | 23

Targeting a Growth Market: Jet Fuel

The aviation industry is expected to double in passengers over the 20 years to 2034

The aviation industry accounts for 2% of GHG emissions (about the same as all of Germany), but it is expected to grow to 3% by 2050

Sources: International Air Transport Association (IATA); EIA 2016 Annual Energy Outlook

World Jet Fuel Demand

100,00

110,00

120,00

130,00

140,00

150,00

160,00

170,00

180,00

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040

Year over Year Jet Fuel Demand Growth: ~3BGPY

Growth that the airlines industry intends to be offset for GHG’s

© 2017 Gevo, Inc. | 24

It took a lot to get ASTM Qualification…

Took ~6 years to get approved

Took 186,000 gallons of fuel

ATJ plant has run ~30,000 hrs

One of 4 “Alternative Fuels”

Could use any carbohydrate source

© 2017 Gevo, Inc. | 25

Jet Fuel: True Drop in, but with Improved Properties

The energy density of ATJ is 1-2% higher than petro-jet. This means more miles per gallon of fuel, or more weight might be carried by a plane.

Lower freezing point

Very low sulfur means lower SOx

© 2017 Gevo, Inc. | 26

Renewable Jet Expected to Become Cost Advantaged

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040

WTI Oil Price (EIA) $50 $55 $70 $79 $85 $91 $95 $99 $104 $110 $115 $120 $126 $131 $138 $146 $154 $163 $170 $179 $187 $197 $207 $217

Petro Jet Price (EIA) $1,55 $1,80 $2,19 $2,41 $2,60 $2,76 $2,88 $2,99 $3,12 $3,28 $3,43 $3,57 $3,73 $3,88 $4,09 $4,30 $4,53 $4,80 $4,99 $5,23 $5,45 $5,72 $6,00 $6,29

Renewable Jet Net Price $1,76 $1,78 $1,78 $1,78 $1,78 $1,78 $1,78 $1,81 $1,81 $1,83 $1,85 $1,87 $1,89 $1,91 $1,94 $1,96 $1,98 $2,00 $2,02 $2,05 $2,07 $2,09 $2,11 $2,13

$0,00

$1,00

$2,00

$3,00

$4,00

$5,00

$6,00

$7,00

Petro Jet Fuel Price

Potential Renewable Jet Net Price*

Pri

ce

The EIA predicts rising jet fuel prices over the next two decades

As Gevo’s production becomes optimized, production costs and policy driven net backs will result in a cost benefit when compared to petroleum-based jet fuel

This cost advantage can be used to DRIVE SUSTAINABILITY

* ATJ estimated economics are based on optimized future plant and include RIN and tax credits Source: EIA 2016 Annual Energy Outlook, USDA Agricultural Projections to 2025, Global Harvest Initiative © 2017 Gevo, Inc. | 27

Timeframes Matter

2017 2020 2025

What price is oil?

Is carbon valued?

Time Required to Deploy Assets

Dillema: The future prices of oil and carbon can’t be known now with certainty. It takes 2-3 years to build production assets. Decision making timeframe is now, given trends

Scenario 1 Scenario 2 Scenario 3

Oil Price >$75/bbl >$75/bbl

Each gallon of gas made from renewable isooctane would have an extremely high RIN content, potential very low fossil carbon content, low CI, and be cleaner overall

Isooctane: “The other ~80-90% of gasoline”

© 2017 Gevo, Inc. | 29

Each gallon of gas made from renewable isooctane would have an extremely high RIN content, potential very low fossil carbon content, low CI, and be cleaner overall

Isooctane: “The other ~80-90% of gasoline”

© 2017 Gevo, Inc. | 30

Isobutanol Gasoline Blendstock Market

Key Partners

Target market is “high octane, RFS compliant, High RIN value, Ethanol Free Fuels”

© 2017 Gevo, Inc. | 31

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PETE

32

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50 Million Gallons Fuel Grade Ethanol

Potential for a Low Cost Route to Renewable Diesel

~19M Gal ~2M Gal ~8000t Hydrogen

Chemical Catalysis

Potential for low cost route to renewable diesel

Generates large quantities of hydrogen

Bunker Fuel

Diesel Fuel

Total Production Cost: $3.44/gal with no credit for hydrogen, no RINS, no credits Total Production Cost: $2.75/gal with hydrogen co-product sales, no RINS, other credits

Illustrative examples, based on lab results and economic modeling © 2017 Gevo, Inc. | 33

To slow down GHG emissions, we need to REPLACE BOTH the carbon source and the energy of production AT LARGE SCALE WITH MAINSTREAM HYDROCARBON PRODUCTS

To REVERSE GHG, WE NEED TO SINK CO2. The easiest, practical way is through good agricultural practices

Renewable hydrocarbons can be COST COMPETITIVE in the relative near term.

Renewable hydrocarbons offer PERFORMANCE ADVANTAGES

It advantageous to produce co-products, particularly from the feedstocks. It is possible to address food while reducing carbon. Gevo has proven it.

Take-Aways

© 2017 Gevo, Inc. | 34

Low Cost Alcohol From Renewable Carbon Enable Hydrocarbons

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

Alcohols

From just isobutanol (IBA) and ethanol most chemicals can be made cost-effectively

© 2017 Gevo, Inc. | 35

http://www.corvallisadvocate.com/wp-content/uploads/2013/07/sugar-beets.jpg

© 2015 Gevo, Inc. | 36