1Confidential to Corigin - Not for Distribution

(Almond Orchard Bloom)

Challenge• Farmland is becoming less fertile from

excessive chemical use.• Farmland productivity must improve to feed a

growing population because we’re out of land!• Climate change, pollution, and preserving the

natural world still matters!

Solution:

Convert low-value farm wastes into high-value organics that farmers want to

1. increase yields & margins on currently farmed lands2. reduce chemical & fertilizer loads and pollution3. sequester carbon in soils for centuries

Summary• We help farmers improve yields and margins with organic products made from farm wastes • We’re building a highly profitable business – 1-ton almond shell waste converts to > $1700 value

• Our technology is proven, scalable, flexible and the process is carbon negative• Granted approval to market organic plant growth enhancer in California - CoripholTM

• Field trials show very promising results

• Raised $2.7M seed financing – funds startup capex/plant, go-to-market, get to profitability Q2-2020.• Strategy to scale with non-dilutive capital• Experienced management and great board of directors

• The environmental benefits of our business are co-linear to our economic model. Our process removes carbon from the atmosphere. Every ton of biomass processed results in 1-ton of CO2 sequestered. Our products displace chemicals and fertilizers and directly reduce emissions.

Confidential to Corigin - Not for Distribution 4

600 lbs of Biochar Soil Amendment- $200 value

Biogas – Energy Source used to sustain the process

Farm Wastes to Multiple High Value Organic Products

We convert a ton of farm waste into:

125 Gallons (1,000 lbs) of Bio-distillate, Plant Growth Stimulant - $1500 value

Our process produces 1,600 pounds of product per ton of feedstock, so 80% yield $1,700 value per ton of feedstock. Our process is biomass agnostic, however, we will start by processing almond shells. California produces over 650,000 tons of shells, which have almost no economic value and create enormous disposal challenges for huller/sheller operations.

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As a flame heats biomass, whether a match a tree in a forest or almond shells in our system, the plant’s structures break down into vapors & gases (pyrolysis gases) and char. If the vapors & gases react with oxygen in the luminous zone, they combust to carbon dioxide and water and a lot more heat. Because our technology operates under zero oxygen conditions, we maintain the molecular integrity of these vapors and collect them as bio-distillates. These bio-distillates are loaded with biomolecules.

Pyrolysis is seemingly a simple process, but building a reliable system that scales and continuously produces high value distillates is exceedingly difficult. Our system is unique in the world and based on numerous patentable advances around the front-end vacuum pyrolysis system and back-end vapor distillation technology.

Pyrolysis

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Plants are really solar powered biochemical factories. They convert CO2 and solar energy into plant structures.

Our process uses heat to unravel these plant structures into low molecular weight biochemicals, most notably, phenols.

Bio-distillates

Hull split almonds

Phenolics are Plant’s Natural Defense Weapons

Phenols are a diverse group compounds produced by plants in response to stresses. They function as an immune system to pest repellents, inhibit pathogens and support beneficial soil organisms. Phenols also function as antioxidants, sunscreens, and plant growth stimulants.

Plants produce phenols enzymatically via “secondary” metabolism when under stress at the expense of plant growth or primary metabolism.

By applying phenols to living plants and soils, the plants grow faster and are more resistant to stress factors, and beneficial soil microbes thrive!

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CoripholTM – California Approved Organic Plant Growth Enhancer

Confidential to Corigin - Not for Distribution 9

• Coriphol is an aqueous biodistillate comprised of numerous phenols, organic acids and other light weight biomolecules sourced from almond shells.

• Plant phenols are secondary metabolites that plants produce in response to abiotic and biotic stresses.

• Applying phenols separately helps the plants grow faster, with higher quality and consistence, even at reduced fertilizer loads.

• Coriphol is diluted on-farm with irrigation water as part of a baseline drip or foliar nutritional mix..

14.02%

6.76%

9.32%7.84%

0.01% 0.10% 0.25% 0.50%

Cabbage TrialAve. Weight per Marketable Head

Drip and Foliar% Increase Coriphol vs Control12.64%

7.49%

9.94%

3.80%

1 2 3 4

Romaine TrialMarketable Yield

Drip + Foliar% Increase Coriphol vs Control

Coriphol Romaine & Cabbage Field Trial Yield Results

Confidential to Corigin - Not for Distribution 10

0.01% 0.1% 0.25% 0.5%

Coriphol was used with half fertilizer loads, and out-performed the control of 100% fertilizer. Increasing yields while reducing fertilizer use is a big win for growers!

0.01% 0.1% 0.25% 0.5%Coriphol conc. applied Coriphol conc. applied

Coriphol Broccoli Field Trial Results – Marketable Crowns

Confidential to Corigin - Not for Distribution 11

• Ideal-sized marketable crowns are much more valuable than small or extra-large crowns, which usually go to chop.

• 74.48% of heads harvested with the control 100% fertilizer were size-2 marketable crowns.

• 71.79% “””” at 50% fertilizer control were marketable crowns.

• Coriphol produced 87-91% marketable crowns.

• Coriphol’s best results were at ½ fertilizer rate

71.794%74.488%

90.283%89.086%

91.849% 90.901% 90.512%87.913%

89.924%87.183%

1 2 3 4 5 6 7 8 9 10

Broccoli Head Size 2, % of Marketable Crowns, Drip and Foliar

100%C 0.01% 0.1% 0.25%50% C 0.01% 0.1% 0.25% 0.5%0.5%

50% Fert. 100% FertilizercontrolsCoriphol conc. applied

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3-days laterKale infested with aphids 3 days later

Eggplant infested with mites 3 days later

Bio-pesticide PotentialOur biodistillates have potential biopesticide applications. USDA researchers have tested our distillates to repel Asian Citrus Psyllids and Navel Orange Worm. ACP transmits the fatal tree disease “citrus greening”, and NOW is the top nut-crop pest. We’ve also observed great results to reduce aphid and spider mite populations. Other researchers have published on a host of other insect pests including army worm, nematodes, termites and snails.

Confidential to Corigin - Not for Distribution

• Granular soil amendment• Increases crop yields - metadata show average 10% increase• Reduces input costs – cuts fertilizer & water requirements• Increases soil microbial communities• Decreases compost emissions and production time• 1-ton equals 3-tons of CO2 sequestered for centuries in soil• Biochar is one of the most heavily researched topics for carbon drawdown strategies• Many industrial uses – pavements, building materials, filtration, odor control….

Corichar – biochar made from California almond shells

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3’3’

Irrigation Lines

Biochar12x12”

A major almond grower saw 25% increased almond production at 20% less water with this biochar implementation design.

Biochar in Orchards

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“I produced over 4,600 pounds of tomatoes on 75 plants with your biochar, and they’re still producing! By the way, I’ve ripped out my other plants.”T.G., Sonoma

Biochar for Tomatoes

We’re collaborating with numerous researchers to

develop field data and applications models: UCD, UCR, Cal Poly,

USDA-ARS

Confidential to Corigin - Not for Distribution17

We’re building a commercial plant with proven technology

Engineering Team Pilot System

• Our first commercial plant in Merced CA will come on-line in Q1, 2020.

• First skid is being built by our technology partners in Quebec, and will be shipped to Merced.

• Corigin has global exclusive commercial and IP rights to the technology from Pyrovac.

• System produces zero waste or harmful emissions.

Corigin Merced Plant, 2.5 acres

Pyrovac Team Pilot System

$-$1,816

$3,507 $5,846

$15,588

$21,824

$31,177

$(994)$198 $996 $1,012

$7,612

$11,786

$21,014

2019 2020 2021 2022 2023 2024 2025

Series2 Series4Revenue Op.Inc.

Proforma Projections – Plant #1

Corigin’s first system will process ½ ton of biomass per hour and be installed & producing revenue in Q1-2020.Additional 1-ton per hour systems will be installed in 2023 and in 2024. By 2025 Corigin will process 18,000 tons of almond shells into over $31M topline and $21M pretax operating margins.

Non-dilutive capital used to scale – build

copy exact plants

Equity in parent. Funds plant #1 startup.

Corigin Solutions, LLC

Plant 1Merced, CA

Plant 2 Plant 3 Plant 4

Prove the economic model with the first plant.• Each plant will convert 18,000 tons of farm & forest residue per year• Each plant will generate over $31M revenue per year @ 67% OM• Tax exempt bonds used to finance additional capex for plant #1Build additional plants throughout North America and the World

Confidential to Corigin - Not for Distribution

Strategy to Scale

Board of Directors

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Michael Woelk: CEO & Co-Founder. - Repeat science and tech entrepreneur.

Jim Boettcher: Co-Founder. Founding partner of Focus Ventures.

John Garamendi Jr.: Co-Founder. Fifth generation California rancher, expertise in policy & government relations.

Charlie Sweat: Managing Director Sweat Equities, former CEO of Earthbound Farms

Colin Thomas Roy: Chairman Highview Power, former co-head of investment banking Merrill Lynch Europe

Don Kendall: Former Solar City board member, energy & cleantech investor (board observer)

Michael Woelk: CEO & Co-Founder. Repeat science and tech entrepreneur.

Kyle Truesdell: Vice President. Previously National Specialty Crop Products Manager at Wilbur-Ellis

Christian Roy, Ph.D.: CTO, inventor of four pyrolysis technologies, President of Pyrovac Inc.

Management

• Our process is carbon negative. Our process is carbon negative since it removes more carbon than it emits. Biochar is an aromatic structure which microbes can’t readily digest and remains sequestered in soils for centuries, maybe millennia. One ton of biochar is equivalent to three tons of carbon dioxide. Second, biochar kickstarts additional natural systems to further replenish soil carbon stocks. Third, biochar has shown a remarkable ability to reduce greenhouse gas emissions in livestock and manures by altering rumen methane production and by reducing GHG emissions from manures and processing.

• Our products reduce chemical, fertilizer and water use. Corigin’s biodistillates can reduce chemical & fertilizer loads in baseline mixes. Biochar retains nutrients and make them available for plants instead of leaching into waterways. Some harmful pollutants like heavy metals, are permanently adsorbed within the biochar, and are rendered unavailable for plant uptake. Biochar has incredible water holding capacity which is a function of its porosity and surface area. One gram of biochar has about 400 square meters of surface area and can hold about 5-times its weight in water. (A basketball court is 420 square meters.)

• Our products increase soil microbial life. Beneficial soil microbes help deliver nutrients to plants and bio-dominate pathogenic microbes. Our bio-distillates accelerate beneficial microbe growth and microbes thrive within biochar’s moist, nutrient rich pores to work symbiotically with plants.

• Our products are nature’s way of recharging soils with fire ecology. Biochar is found in fertile soils around the world. In fact, it’s estimated that approximately 60% of the carbon in found in US Midwestern soils is pyrogenic carbon. While predominantly a result of wild fires, biochar was produced by humans thousands of years ago to create dark incredibly rich soils – most notably in the Amazon where the surrounding soils are notoriously infertile.

Environmental Benefits are Co-Linear to our Economic Model

Plant Photosynthesis

Plant Respiration Dead Plant

Decomposition

DisturbanceNet

Fossil Carbon Emissions

http://www.ipcc.ch/ipccreports/sres/land_use/index.php?idp=24#figure1-2Boden, T.A., G. Marland, and R.J. Andres. 2016. Global, Regional, and National Fossil-Fuel CO2 Emissions. Carbon Dioxide Information Analysis Center, Oak Ridge National Laboratory, U.S. Department of Energy, Oak Ridge, Tenn., U.S.A. doi 10.3334/CDIAC/00001_V2016

( Gt C yr-1 ) Each year the world’s land plants draw down 120-gigatons of carbon from theatmosphere by photosynthesis. However, 60-gigs are pushed back into the air byplant respiration at night. Another 50-gigs is returned as dead plant matterdecomposes into GHG’s. 9-gigs is lost by “disturbance” mechanisms like foodmetabolism. Only 1-gigaton of carbon remains in “long term storage” from globalphotosynthesis. Since fossil fuel emissions are 10-gigs/year even doubling Earth’splant mass (an impossible notion) would have little effect on atmospheric carbonlevels.

However, a 10% reduction in plant decomposition would have ~50% offset effect onfossil fuel emissions. That’s plausible. The answer to reduce atmospheric carbonlevels is to prevent plant residues from decomposing or combusting into GHG’s andflowing back into the atmosphere.

Instead, let’s convert farm wastes into products that help farmers intensify theiroperations and store carbon to soils where it remains for millennia .

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Biochar’s Climate Mitigation Promise