NOVEMBER 2015

DEINOVE

DEMOGRAPHIC ENVIRONMENTAL

• 9 billion humans in 2050

• 70% in urban areas

• Number of vehicles X 3

• Reduction of greenhouse gases

• Fight against global warming

• Depletion of fossil resources

ECONOMIC GEOPOLITICAL

• +40% global energy demand in

2040

• Increase in food demand

• Growth & local job creation

• Energy independence vs. instability

MEETING THE CHALLENGES OF A WORLD WITHOUT OIL

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DEINOVE

DEINOVE designs and develops disruptive technologies…

… by exploiting the exceptional properties of Deinococcus bacteria…

…to develop innovative methods of producing compounds of

industrial interest

> Replace petroleum-derived molecules with bio-based molecules

> Bring value to abundant and non-food resources

> Develop innovative natural ingredients for cosmetics, feed and

food

RENEWABLE, RESPONSIBLE AND COST-EFFECTIVE INDUSTRIAL PROCESSES

3

PartnershipsWide range of applications

Exclusive world rights

DEINOVE

STRONG COMPETITIVE ADVANTAGES

DEINO-LIBRARY

6,000

strains

DEINOL

2G bioethanol

TECHNOLOGICAL

PLATFORM

DEINOCHEM

Carotenoids Muconic acid

2G BIOMASS

Microbe of the year 2014

170 patents

4

DEINOVE BACTERIA LIBRARY

4 years of harvesting in numerous hostile biotopes

A patented selection method using radiation

A biobank with 6,000 strains, including:

2,500 Deinococcus strains

3,500 other rare and extremophile bacteria

Natural source of:

Pigments

Anti-oxidants

Vitamins

Enzymes

Surfactants…

BIODIVERSITY CREATING OPPORTUNITIES

All strains were collected in accordance with international laws

(Convention of Biological Diversity)

6,000exclusive strains

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A UNIQUE METABOLIC ENGINEERING PLATFORM

GUIDING DEINOCOCCUS TOWARD INDUSTRIAL PERFORMANCE

High-throughput cloning

robot combined with a

highly-specialized software

for strain construction

Instrumented technology

platform for fermentation

300 strains per month

49Collaborators

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CURRENT BIOREFINERY PROCESSES

ALREADY OPERATIONAL BUT NOT ALWAYS PROFITABLE

Conventional processes:

• Extensive pretreatments

• Enzymes for hydrolysis

representing up to 25% of

the total cost

• Multiple steps requiring

heavy equipment

• Energy consumption for

regulating biological

processes

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THE DEINOVE CONSOLIDATED BIO PROCESS (CBP)

A TECHNOLOGICAL BREAKTHROUGH CREATING INDUSTRIAL VALUE

DEINOVE

Advantages compared to conventional processes:

• Operation at high temperature

• Ability to degrade biomass

OPEX savings Savings in enzymes

Energy savings

CAPEX savings A single reactor

Simplified distillation process

8

PATENTS

A VERY WIDE IP PROTECTION

PCT contracting states

PF1: Process for chromosomal engineering

using a novel DNA repair system

PF2: Use of bacteria for the production of

bioenergy

PF3: Methods for isolating bacteria

PF4: Compositions and methods for

degrading lignocellulosic biomass

PF5: High performance metabolic bacteria

PF6: Recombinant bacteria and the uses

thereof for producing ethanol

PF8/PF9: Enzymes/laccases and uses

thereof

19 patent families 170 international patent applications

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INCOME

GENERATION

STRATEGY AND BUSINESS MODEL

A CAPITAL-LIGHT BUSINESS MODEL

POTENTIAL

PARTNERS

• Biofuel producers

• Biomass

producers

• Chemical

companies

• Industrial

companies

operating in

targeted markets

(agri-food,

cosmetics, etc.)

• Technological

centres

RESEARCH PROJECTS

Structuring and screening of the bacteria bank

Tests on the various types of biomass/ pretreatments

Strain optimization according to the applications

Fermentation tests in the laboratory

Characterization of the moleculesproduced

Economic analysis and regulatory validations

Scaling up to the industrial pilot

(sub-contracting)

R&D

Partner financing

Public institutions

Marketing

Technology licenses

(non-exclusive or limited exclusivity)

Sale of batches of finished products

(e.g. carotenoids)

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Proof of concept

BIO-BASED CHEMICAL

COMPOUNDS

Genetic engineeringOptimization of the production parameters

and scale-up

Collection and knowledgeof the strains

Development of the genetic engineering platform

Creation of the Company

Start-up 9% ethanol

Collaborations with Suez, Abengoa and MBI

Start-up

Collaboration with Avril (formerly

Sofiprotéol)

20182009 2010 2011 20122008 2013 2014 2015 2016 201720072006 20202019

BIOFUELS

Commercialization of “natural"

compounds

Commercialization of GMOstrains-derived compounds

1st key milestone

Commercialization of 2G bioethanol

Selection of the chassis strain

Adaptation to industrial biomass and scale-up

Genetic engineering Licensing revenues

Development of the fermentation engineering platform

EVOLUTION OF DEINOVE PROJECTS

FROM STRAIN COLLECTION TO COMMERCIAL EXPLOITATION

3rd key milestone/300L

IPO

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Collaborationwith Flint Hills Resources

DEINOL

THE PROGRESS MADE SO FAR

SELECTION OF A CHASSIS STRAIN ADAPTED TO THE INDUSTRIAL CONSTRAINTS Ability to grow up to 48°C (minimizing contamination)Resistant to acidic and basic environments (pH 4 to 9)Resistant to desiccation (starters)

ETHANOL-PRODUCING STRAIN• 9% vol/vol – 7.2% wt/volFrom synthetic glucose substrate20L fermenters

• 7 to 8% v/v – 5.6% to 7.4% wt/volFrom synthetic glucose/xylose substrate20L fermenters

RESISTANCE TO INHIBITORSFurfural, acetic acid, aldehyde, etc.Natural property of Deinococcus clearly superior to traditional microorganisms (yeast, other bacteria, etc.)

HYDROLYSIS OF LIGNOCELLULOSIC BIOMASS

Comparable performance to Trichoderma reesei(reference organism)Natural production of cellulases and hemicellulases (hydrolytic enzymes)

DIVERSIFICATION OF 2G SUBSTRATESUse of "real" second generation biomassAgricultural waste: corn stover, wheat straw, sugarcane bagasseUrban and household wasteEnergy tobaccoetc.

ASSIMILATION OF SUGARS FROM BIOMASSStrict co-assimilation of glucose, xylose, arabinose, etc. (absence of diauxie)Assimilation of oligomersHigh temperature

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DEINOL

THE PROGRESS MADE SO FAR

SCALE-UPSuccessful 2G bioethanolproduction in a 300-liter reactor

Substrate: 2G sugars(glucose/xylose)

Production of bioethanol at 7.3% v/v (5.8% w/v), consistent with the results obtained in 20-liter fermenters

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DEINOL

NEXT STEPS AND EXPECTED RETURN

SCALE-UP2016/2017: pilot / demonstration scale (m3)2018: commercial scale

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COMMERCIALIZATIONLicense revenue on commodities:

2-3%Additional revenue from the value

created by the DEINOVE technology (reduction of process costs):

2-3% additional

~ 2-4 m € / year / factory(without upfronts)

QUANTIFICATION OF SAVINGS USING THE PROCESSvs the conventional methodQuantification of the gain in enzymes

DIVERSIFICATION OF 2G SUBSTRATESContinuation and multiplication of the experiments on 2G substrates (agricultural residues, dedicated energy crops, forest residues, household waste)

R&D PROJECT / 2 YEARS

LAUNCHED IN 2014

Conversion of urban and household waste into

ethanol using Deinococcus bacteria

Achievements:

> Characterization of the types of usable waste

> Analysis of the growth conditions on these

substrates

Next steps:

> Scale-up

> Definition of the industrial feasibility conditions

DEINOL

INDUSTRIAL PARTNERS

R&D PARTNERSHIP / 3 YEARS

LAUNCHED IN 2014

Abengoa: 1st European producer of ethanol, US

and Brazil locations

Achievements:

> DEINOVE tests on Abengoa biomass: corn

residues and sugarcane bagasse after acid

pretreatment

Next steps:

> Adaptations of the strain according to the

pretreatment

> Laboratory scale-up

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ENZYMOLOGY AND BIOPROCESSES

VTT, DEINOVE's partner since 2010,

member of the Scientific Advisory Board

Test campaigns in a 300L fermenter and

optimization of the fermentation parameters

Next steps:

> Partnership to improve Deinococcus

metabolism

> Test in a 300L-fermenter based on

2G biomass

DEINOL

TECHNOLOGICAL PARTNERS

RAW MATERIAL AND SCALE-UP

LAUNCHED IN 2014

Achievements:

> Production of ethanol from AFEX® biomass,

corn residue pretreated with ammonia

(alkaline pretreatment): very good results at

the 2L scale

Next steps:

> DEINOVE: Optimization of the strain

> MBI: scaling up to 4m3 on AFEX® biomass

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2G BIOFUELS

AN INDUSTRY THAT IS GAINING MOMENTUM

PRODUCTION CAPACITIES OF THE MAIN INDUSTRIAL UNITS

2G production capacities

350,000 t/year late 2014

+135,000 t/year late 2016

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BIO-BASED CHEMISTRY

THE PLANT CHEMISTRY VALUE CHAIN

Source: Roquette - Panorama Conference - Paris - 6 February 2014

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Biorefineries

Experts in

transforming

vegetal resources

Technologies

Experts in biotech

and solution

providers

Chemists

Bio-based chemistry Biotech & chemistry Oil-based chemistry

Developing

biobased products

& polymers

Main focus

on oil-based

commodities

Double expertise

biotech &

chemicals

DEINOCHEM

THREE MAJOR APPLICATION FIELDS

*Additions for the 2014-2015 period Source: IFPEN; Nexant

CAROTENOIDS

$1.8 Billion in 20191

AND OTHER SPECIALITY INGREDIENTS

MUCONIC ACID

$100 Million in 20192

AROMATIC ISOPRENOIDS

$2 Billion in 20143

PRODUCTION OF COMMODITY PRODUCTS FROM BIOMASS (KT)

1 BBC Research. 2 Technavio Research. 3 Fritz Consulting 19

Acids

Alcohols

Aromatics

Isoprenoids

Olefins

Acids

AlcoholsAcids

Alcohols

Isoprenoids

Acids

Alcohols

Olefins

Isoprenoids

Olefins

Capacity (ktpy)

Capacity (ktpy)

Capacity (ktpy) Capacity (ktpy)

Capacity (ktpy)

DEINOCHEM

MUCONIC ACID: A VERSATILE CHEMICAL INTERMEDIATE

Muconic acid

Caprolactam

Terephthalic acid

Adipic acid

NYLON

(textiles)

PLASTICS

(automobile/packaging)

FOOD

(acidifying agent)

World Market: several tens of

billions of dollars

Growing demand for bio-based

solutions

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DEINOCHEM

ISOPRENOIDS*

Carotenoids

(pigments/antioxidants)

Aromatic

isoprenoidsMuconic acid

(and derivatives)

Applications

Molecules

Deinoxanthin (naturally-occurring

compounds)

Commercial carotenoids (lycopene,

etc.)

Linalool, geraniol, bisabolol

Muconic acid, platform molecule for

the production of caprolactam,

terephthalic acid and adipic acid

Progress

Structuring the biobank:

identification of the various

carotenoids producers

Extraction of Deinoxanthin by

POS

Production of 2 other carotenoids

(platforms) by genetic engineering

Launch of regulatory approval

proceedings

POC production of 3 molecules

1st key milestone for the

Isoprenoids/Ademe programme

POC production / glucose+xylose

(x5 in several weeks)

POC production / 2G biomass

PROGRESS OF THE R&D PROGRAMS

*Investments for the Future programme/ADEME 21

DEINOCHEM

R&D PROJECT / 3 YEARS

LAUNCHED IN 2014

COLOR2B, development of a process for

producing natural additives for animal feed.

Achievements:

> Identify 20 strains capable of producing

the molecules of interest in terms of

animal nutrition and health.

> 1st key milestone validated in May 2015

Next steps:

> Characterize the molecules produced

> Perform applications tests

INDUSTRIAL PARTNERS

R&D PARTNERSHIP / 17 MONTHS

STARTING IN LATE 2015

Development of a method for producing natural

additives for animal feed with Flint Hills Resources,

a subsidiary of Koch Industries, one of the largest

private companies in the world, a leader in refining,

chemistry and biofuels in the United States.

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TECHNOLOGICAL AND COMMERCIAL

PARTNERSHIP - STARTING IN 2015Use of energy tobacco as a raw material in

biochemistry

Next steps:> Study on biomass assimilation by Deinococcus> Selection of the targeted molecules

DEINOCHEM

PRODUCTION OF CAROTENOIDS (STARTING IN 2015)

OBJECTIVE: DEVELOP A COMMERCIAL RANGE OF CAROTENOIDS FOR THE

FOOD, FEED AND COSMETIC MARKETS

Achievements:

> Production of Deinoxanthin, exclusive carotenoid

> Production of other commercial carotenoids

> Launch of regulatory approval processes of the strains, particularly in the US

Partnership with POS Bio-Sciences, a company specializing in the extraction,

fractionation, purification and optimization of bio-based ingredients

On-going:

> Deinoxanthin production tests

Next steps:

> Functional characterization of Deinoxanthin

> Production tests on other carotenoid compounds

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DEINOCHEM

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FUNCTIONAL TESTS Qualification of the effects of Deinoxanthine and other carotenoids

SCALE-UPExtraction of Deinoxanthine in larger volumes

IMPROVED PRODUCTION LEVELS of different carotenoids

APPROVAL OF THE STRAIN for the intended applications

IMPROVED PRODUCTION LEVELS

Choice of target molecules for industrial productionSCALE-UP

Production of industrial batches of carotenoids(up to several tons / year)

NEXT STEPS

Sale price: 300-3,000 € / kg

Production cost: 200-600 € / kg

CAROTENOIDS MUCONIC ACID

IMPROVED PRODUCTION LEVELS

DEVELOPMENT OF INDUSTRIAL PARTNERSHIPS

SCALE-UP

4-5

ye

ars

2016

2017

2018

DEINOVE

STRATEGIC ROADMAP

Partners Country Type of partnership Products Stage reached1st anticipated

revenuesFunding

DEINOL - BIOFUELS

SUEZ Environnement FranceCommercial

R&DEthanol

Laboratory pilots:

2L, 20L, 300L2017/2018

Financed by Suez

ABENGOA Spain/USACommercial

R&DEthanol

Co-financed by Bpifrance

(€5 to 6 Million)

MBI USATechnological

IndustrializationEthanol Own funds

VTT FinlandTechnological

IndustrializationEthanol

Own funds

(subcontracting; R&D Tax Credit)

DEINOCHEM – BIO-BASED CHEMISTRY

ADEME project France R&DIsoprenoids

Carotenoids

Laboratory pilots:

1 to 2 L2018

Co-financed by ADEME

(€6 Million)

AVRIL (COLOR2B) FranceCommercial

R&DConfidential - Specialty Ingredients R&D 2018 Co-financed by Avril

FLINT HILLS

RESOURCESUSA

Commercial

R&DConfidential - Specialty Ingredients R&D 2018 Financed by Flint Hills Resources

POS Bio-Sciences CanadaTechnological

IndustrializationCarotenoids - - Own funds (subcontracting)

Tyton BioEnergy

SystemsUSA

Commercial

R&D

Definition of the target compounds after studying the

assimilation of this new biomassR&D 2020 Own funds

Discussions with

potential partnersEurope/USA

Commercial

R&DMuconic acid R&D 2020 Own funds

VALORIZATION OF THE DEINO--LIBRARYDEINOBIOTICS France R&D (Participation) Antibiotics R&D - Co-financed by Bpifrance

THANAPLAST

(CARBIOS)France R&D (Participation) Polymers R&D 2017 Co-financed by Bpifrance

Other projects Europe/USA R&DProteins

EnzymesR&D 2018 Deinove / Financing by a partner

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DEINOVE

CAPITAL AND SHARE PERFORMANCE

Share performance since the IPO (April 2010)

Number of shares: 5,939 million

(7,391 million if fully diluted share capital)

Shareholders’ structure at 30.06.15

(fully diluted)

30/10/15

Market cap: €40 Million

Share price: €6.5

Average volume since early 2015:

16,000 shares/day

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Indexes:

ALTERNEXT ALLSHARE

ENTERNEXT PEA-PME 150

OSEO INNOVATION

DEINOVE

Reduction in the net loss €3,170 k vs. €3,920 k (-19%)> Good control of operating expenses, despite strong R&D activity - materialized by 2 milestones and new

partnerships - and the launch of the muconic acid program

On 30/06/15: net financial position +€1.8 Million (vs. +€2.2 in late 2014)> Needs for the half-year period: operating expenses (€3,750 k); equipment investments (€950 k)

> Resources for the half-year period: 1st key milestone DEINOCHEM – Ademe (€991 k); issuance of new shares

- Kepler (€3,041 k); 1st revenues from collaboration agreements

Post-closing receipts: €3.4 Million> 3rd key milestone DEINOL

> Issuance of new shares – Kepler

> R&D Tax Credit

> Cash ensuring a 12-month horizon (>3rd Quarter 2016)

FINANCIAL DATA – 1ST HALF OF 2015

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CONTACTS

Montpellier, FRANCE

CAP SIGMA, ZAC Euromédecine II1682 rue de la Valsière34790 GRABELS

www.deinove.com

Emmanuel PETIOTCEOTel.: + 33 6 13 80 25 30emmanuel.petiot@deinove.com

Coralie MARTINCommunication, Marketing and Investor Relations ManagerTel.: + 33 4 48 19 01 60coralie.martin@deinove.com

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BACKUP SLIDES

MANAGEMENT TEAM

A TEAM OF EXPERTS WITH INTERNATIONAL CULTURE

Jean Paul LEONETTI, PhD – VP R&DFormerly, Team leader at CBPS (CNRS).

PhD in Microbiology, University of Montpellier

Emmanuel PETIOTCEOFormerly, Commercial Director of NOVOZYMES North America Inc.

EDHEC Business School, École Centrale Paris

Julien COSTECFOFormerly Director of Finance & Administration at Neuro3D then the French branch of the Publicis Healthcare Communication Group (PHCG).

ESC Grenoble, Master 2 in IT Management, Paris Dauphine

Coralie MARTINCommunication and IRFormerly in charge of marketing at Pierre Fabre and bioMérieux Chili

INSA Toulouse, IAE Lyon

Marie BÉZENGERDirector of OperationsFormerly Director of Operations at Fermentalg; 20 years at Chr. Hansen

Polytech Montpellier, PhD in Biochemistry, Cell and Molecular Biology, University of Montpellier

Dennis McGREWChief Business OfficerFormerly Chairman and

CEO of NatureWorks and

VP of Business

Development at

Genomatica

Degree in Chemical Engineering Washington University, St. Louis MO

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BOARD OF DIRECTORS

FIRMLY ROOTED IN THE INDUSTRIAL ENVIRONMENT

Dr Philippe POULETTYNon-executive Chairman, Co-founderFounder and DG

TRUFFLE CAPITAL

Michael CARLOSPresident

GIVAUDAN FRAGRANCES

Christian PIERRETFormer French Minister

of Industry

Paul-Joël DERIANDirector of R&D

SUEZ ENVIRONNEMENT

Rodney J. ROTHSTEINProfessor of Genetics

COLUMBIA UNIVERSITY

New York, USA

Nabil SAKKABFormer Director of R&D

PROCTER & GAMBLE

Dennis McGREWFormer Chairman and CEO

NATUREWORKS

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SCIENTIFIC BOARD

HIGH-LEVEL EXPERIENCE AND EXPERTISE

Deep knowledge of

metabolic engineering

and fermentation

Oriented toward

industrial

applications

Jacqueline LECOURTIERPresidentFormer scientific director of IFP (IFPEN)

M. RADMANCo-founderDEINOVE

J. BITONVice-presidentFormer CEO of DEINOVE

A. GUYONVARCHMolecular biology & Fermentation

G. GOMAFermentation & Process

F. KEPESSynthetic biology & Microbiology

S. RATTONFine chemistry & Process

K. KRUUSEnzymology & Bacterial engineering

I. MATICBacterial genetics & Engineering

B. PAUBiochemistry & R&D Strategy

J. PITKÄNENBacterial metabolism & Fermentation

L. PUTMANBiochemistry& Bioremediation

P. MONSANEnzymology & Molecular engineering

A. ROBEYFermentation & Biofuels

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