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World Jatropha Biofuel Report

NASDAQ Embraces Jatropha

17 May 2011

Subject Areas In This Issue:

Jatropha Vehicle Joins NASDAQ Malaysian Biodiesel Mandate Forecast $3,000+ / ha Yield High Yielding Cultivars Scientific Cultivation Manual CJO Trialled On High Speed Ferry CJO Expected at $1,000+ / MT GHG Savings With CJO Biodiesel Extending Life Of Coal Projects

Following publication of Plant With A Bad Name, our initial study of the biofuel feed stock crop, Jatropha, we propose to publish a quarterly newsletter reviewing developments in the sector. Plant With A Bad Name was well received across the Jatropha sector and by the investment community. It is recognised that the plant, the science around it, and the agronomy associated with its successful commercial cultivation, are all still being strengthened, but there is a clear understanding that Jatropha has the potential to become an important biofuels feedstock. Still a young crop, but on a steep proving curve, Jatropha is attracting investment from heavy weight industrial enterprises, and now it also has representation on the worlds leading technology heavy index, NASDAQ. Investors should be watching the progress of the leading names in the sector mentioned in this newsletter, these companies have the capacity to realise the potential of this crop and to sign post the changing balance of the risk & reward profile of Jatropha investing. Tangible evidence for renewed belief in the Jatropha story was demonstrated in April when ASX listed biodiesel refiner and producer of Jatropha oil, Mission NewEnergy gained a listing on NASDAQ (MNEL), raising $25m in new capital. The NASDAQ listing was an important milestone for Mission and for the Jatropha sector; here is an integrated Jatropha producer / refiner, able to attract interest for its listing from some 160 international investment institutions & offices, secure $25m in new funding, and poised to deliver ISCC standard biodiesel into Europe. Mission needs a reliable source of economic vegetable oil to load its 2.6m barrels per year refineries in Malaysia and it is looking to some 80,000ha under contract farming in India to provide this vital loading. In the meantime the refiner is working with palm oil and looking to supply biodiesel to fuel companies supplying into markets covered by biofuel mandates; Europe will be one focus and Malaysia will be another when the Malaysian mandate comes into force this June. Mission is almost unique at the moment in being able to produce biodiesel [it uses mainly palm oil currently] to the ISCC standard. As an indicator of the health of this sector, Mission is the stock to watch. The Singapore based, research company, JOil is another front of field enterprise driving the future of Jatropha. With shareholders that include Toyota, Tata Chemicals and Singapores government research body TLL, JOils well funded research into Jatropha is helping to shape the commercial future of this crop. JOil now believes that the plant is only 3-4 years away from reaching its true potential. JOil holds out a vision of the plant producing 8 tonnes of seeds per hectare with 40% oil content within 8 years. This would allow for recovery of some 3 tonnes of oil per hectare, which at the $1,000 per tonne price level recently confirmed by D1 Oils, would permit revenues per hectare of more than $3,000. At these levels of $ yield per hectare, Jatropha would have strong appeal to plantation owners.

Companies Mentioned In This Issue:

Mission NewEnergy JOil Quinvita D1 Oils Jatenergy Sun Biofuels Analyst: Doug Hawkins / Yingheng Chen Tel: Email: +44 (0)20 7929 3399 doug@hardmanandco.com; yingheng@hardmanandco.com

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Another highly respected Jatropha research company, the Belgium based Quinvita, formerly a division of D1 Oils, has recently announced 2 promising new cultivars, selected for their higher yield and oil content characteristics. It is Quinvitas methodical long run scientific work that will help make the vision of 8 MT per hectare seed yield a reality. Quinvita has also recently introduced the first technical manual for the commercial cultivation of Jatropha. This encapsulates the scientific knowledge & practical experience gathered through multi-year / multi-location research trials and from seed production fields, field surveys and observations on commercial Jatropha farms. The sector will benefit from having a scientific text to set new standards for the agronomy of Jatropha cultivation. Quinvita and JOil are both stressing the importance of adding value to the co-products of Jatropha oil. During 2011 Quinvita is looking to trial its revolutionary technology for removing anti-nutritional compounds from Jatropha seed meal, in the US with beef cattle, critically under FDA supervision. JOil is also stressing the potential for the seed meal to be processed into high value fuel, a substitute for charcoal, and we know of at least one African grower, Triple-Energy, working to produce these fuel briquettes. The news has not all been about revenue potential, there have been a number of studies released on the potential for Jatropha based fuels to make significant savings in Greenhouse Gas (GHG) emissions. Sun Biofuels, the UK company, with state of the art plantations in Mozambique & Tanzania, [one of very few large scale Jatropha plantations with some 4,500ha planted and land available to take this up to 9,000ha], commissioned an independent study which revealed that GHG savings of up to 60% are possible using biodiesel derived from Jatropha oil compared to traditional hydro-carbon based fuels, and very much more when using degraded land. Similar findings were confirmed by Yale University in a study for Boeing which claims that the study provided valuable insights...to help...airline customers to better understand the sustainability of [Jatropha] as potential jet fuel source. Jatenergy, formerly JatOil, another ASX listed company, relisted in April after completing the acquisition of new coal assets in Indonesia. Jatenergy is looking to bolster its Jatropha focused sustainable energy operations with revenue generating coal as a partnering strategy. With a foot in both the fossil fuel sector and the renewable fuels sector, Jatenergy will provide a rare investment opportunity for funds that want to invest in a sustainable future and yet benefit from Asian demand for Indonesian coal.

17 May 2011

Promising new cultivars Yields of 8 MT / ha The 1 Technical Manual

st

Seed meal for high value animal feed Charcoal substitution

Significant savings in GHGs

Yale University confirms GHG savings for Boeing

Sustainability & Coal

Mission NewEnergy Raises US$25m With NASDAQ ListingASignOfNewInterestInTheJatrophaSector

Mission NewEnergy Limited 20 MBT.AX MISSION NEWENERGY NPV (ASX: MBT) (NASDAQ: MNEL) .XEJ.AX rebased to MBT.AX announced 20th April the pricing 15 of its U.S. initial public offering of 2,785,000 ordinary shares at a public offering price of US$9.00 10 per share, consequent upon gaining a listing with NASDAQ. 5 Mission intends to use the net proceeds from this offering [some 0 $23m] to expand its feedstock Q3-2010 Q4-2010 Q1-2011 operations, including expansion Q2-2010 Sourc e: Fides s a of the acreage under Jatropha cultivation and expansion & construction of CJO extraction facilities; the proceeds will also help fund working capital. Jatropha related issues have struggled to raise new funds in a number of markets, so this fund raising and US listing is no mean achievement and a positive landmark for the Jatropha sector. Mission advised Hardman & Co that in the prelisting marketing period, the management met with 160 different investment institutions & entities interested in learning about the investment proposition.

NASDAQ listing raises $25m in new cash

Road show met with strong interest

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World Jatropha Biofuel Report

Mission can rightly claim to be one of the largest cultivators of Jatropha in the World with some 80,000 hectares under contract farming agreements, in over 15,000 villages across five states in India. Using mobile GPS devices in conjunction with its ERP system, Mission maps acreage and monitors agronomy activities with the goal of managing optimal yield. Mission has the refining capacity to deliver over 105 million gallons of biodiesel (2.6 million barrels), every year, and holds numerous certifications for biofuel quality and sustainability, including the BPACAGQM technical standard and ISO 9001:2008. Mission refineries are located at Kuantan Port, Malaysia. A dedicated jetty links the refining facilities by pipeline to a deep sea berth with access to the global shipping lanes. It produces biodiesel that exceeds the quality levels industry standards in Europe under the EN 14214 standard. Mission NewEnergy is certified for ISO 9001:2008 and is the only biodiesel producer outside of Germany to have met the stringent requirements for the German AGQM (Arbeits Gemeinshaft fuer Qualitaets Management) certification. Missions refineries are capable of producing biodiesel from multiple feed stocks including palm oil that is fully certified by the ISCC as sustainable (International Sustainability & Carbon Certification System). With consumer demand pressure driving up the price of palm oil, Mission is keen to develop access to secure affordable feedstock at source, the driver which underlies the Indian contract farming model. We understand that the company is seeking to negotiate cost plus contracts with European fuel distributors keen to meet their requirements under mandate. This is an important development as Mission suffered in 2010 with high palm oil prices, fuelled by Asian consumer demand, made biodiesel refining from this feedstock uneconomic. Cost plus pricing contracts to help distributors meet EU mandate requirements could produce important loading for Missions refining facilities, and with its refineries based in Malaysia, Mission is in the front line to benefit from the introduction of the Malaysian biofuels mandate, which comes into force this June and from Korea in a years time. The first stage of the Malaysian mandate will see the introduction of a 5% palm-oil-based methyl ester blend in conventional diesel for filling stations on the mainland. Eventually, the mandate will expand to cover the other Malaysian states. No definite timeframe has been given to complete each stage but if the rollout of palm-based biofuel blend is successful, it is likely to require 500,000 MT of CPO. The Malaysian government has also approved a reported 56 licenses for biofuel production for a total capacity of 6.8 million tons. Petroleum companies like the state oil firm Petronas, Royal Dutch Shell, Exxon Mobil and Caltex are expected to provide the subsidies involved in selling palmbased biofuel blends. In 2012 Korea is expected to introduce a 2% biodiesel blending mandate that will also stoke demand for already expensive palm oil, signalling the growing opportunity for Jatropha oil.

17 May 2011

World class facilities & competence

Out in front with ISCC

Importance of economic feed stock

Malaysian biodiesel mandate takes effect in June

Korean mandate in 2012

JOilAnticipatesJatrophaWillReachItsTruePotential in34Years
JOil is a plant research & biotechnology company with a focus on Jatropha. It researches the cultivation of Jatropha and seeks to establish standards in Jatropha agronomy. JOil is seeking to develop elite lines of Jatropha, and to establish facilities for tissue culture & nurseries in Singapore and in other worldwide locations. The company sells elite Jatropha seedlings to commercial growers and provides advisory services to growers in respect of the commercial cultivation of Jatropha worldwide. JOil has advised that it has developed 2 intraspecies hybrids and that it has 1 interspecies hybrid in its development pipeline along with tissue culture technology and other GM products. JOil is a member of the Jatropha Working Group of Roundtable for Sustainable Biofuels, and is committed to the principles of sustainability. JOil is supported by Temasek Life Sciences Laboratory (TLL), Tata Chemicals Ltd, Toyota Tsusho Corporation and other investors. In a March 2011 presentation, which has been posted to JOils re-designed website, the company reveals that it anticipates that progress with breeding & Hardman & Co. Leaders in Corporate Research
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Developing elite lines

Biotechnology developments

Heavy weight industrial shareholders

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World Jatropha Biofuel Report

biotechnology techniques will produce plants that are capable of producing as many as 8 MT of seed per ha with oil content in the region of 40%, allowing oil yields of more 3 MT per ha. The company is also bullish about the potential to improve the value of the coproducts and in particular the seed cake; options include use for animal food, for which technology developed by Quinvita is showing considerable promise, and for fuel briquettes. JOil indicates that it will take another 3-4 years for Jatropha to reach its true potential, which accords with the perspective of other research companies like Quinvita. Triple-Energy, a company with Jatropha operations in Kenya [900 ha planted] and Uganda [3,000 out growers / 3,500 ha planted], is also intending to develop co-product revenues from the production of seedcake derived briquettes to substitute for the use of charcoal. In December 2010, Mission and JOil announced a MoU to commence a collaboration for planting of JOil seed stock.

17 May 2011

40% Oil Content Adding value to co-products

MoU with Mission

QuinvitaStepsTowardAStrongerFutureForJatropha
Since management took Quinvita out of D1 Oils Plc in December 2010 the company has made a number of important announcements. Together these announcements reveal how the Jatropha sector is growing in professionalism, the degree to which it is being strengthened by long term scientific research and its future as a source of sustainable aviation fuel. In mid March 2011 Quinvita announced two new Jatropha cultivars in the QUINVITA PRO (QVP) seeds product portfolio: QVP 1003 and QVP 1064. Both these cultivars have been selected on the basis of high performance for oil content, fruits per bunch & bunches per season. QVP 1003 and QVP 1064 have entered the QUINVITA product placement trial network and the QVP seed production program. Seed of these cultivars will be available for preferred customers of QUINVITA for the 2011-2012 planting seasons. These two new QVP cultivars complement the existing QVP product portfolio of 8 different high yielding cultivars with a diverse adaptation pattern across the cultivation zones of Jatropha around the world. Also in March the company announced the launch of one of the first professional Jatropha plantation manuals. This is designed to provide the know-how and understanding to successfully plant, cultivate and harvest large scale plantations. The information is based on scientific knowledge and practical experience gathered through multi-year and multi-location research trials and from seed production fields, field surveys and observations on commercial Jatropha farms. The sector will benefit from having a scientific text to set new standards for the agronomy of Jatropha cultivation. The Brazilian Bio-Jetfuel Platform and QUINVITA announced in April that they had entered into a strategic alliance to Research & Develop Jatropha production and processing. QUINVITA will join the Brazilian Bio-Jetfuel Platform and will work with the partners of the Brazilian Bio-Jetfuel Platform on the deployment of its proprietary knowledge in Jatropha agronomy and processing. In the platform, QUINVITA will test its improved Jatropha cultivars in selected locations in Brazil. QUINVITA will also enter into commercialization agreements with platform partners on its QUINPURE technology, allowing the use of Jatropha kernel meal as an alternative protein source for the animal feed industry. This strategic alliance supports the efforts of the Brazilian Bio-Jetfuel Platform to develop Jatropha as one of the sustainable feedstock sources for bio-jetfuels. These will be essential for the global airline industry to address the growing pressure for CO2 emission reduction. The Brazilian Bio-Jetfuel Platform was conceived in 2009 by Curcas Diesel Brazil and has a number of partners along the value chain towards the production of sustainable bio-jetfuel in Brazil. Promising new cultivars

Cultivars for diverse environments

Plantation Manual

Brazilian BioJetfuel platform

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World Jatropha Biofuel Report D1OilsPlcSeesPriceofCJOToppingUS$1,000/MT

In April 2011, D1 Oils announced that Siemens, one of the world's leading manufacturers of gas turbines, was to conducting a trial on behalf of a third party using CJO to fuel turbines installed on a high speed ferry.
9 8 7 6 5 4 DOO D1 OILS ORD 1P .E3X0580.FT rebased to DOO

17 May 2011

CJO to fuel ferry turbines

This is one of three trials being 3 undertaken by three separate 2 European multinational Q3-2010 Q4-2010 Q1-2011 S ourc e: Fides s a businesses, for which D1 has recently supplied over 70 tonnes of CJO. The other trials involve a major FMCG business using CJO to generate power and a leading specialty chemicals business converting CJO into bio-based products. For D1 successful trialling could result in the signing of off take deals for a large proportion of future harvests. The company has noted that it has seen interest from large, European multinationals looking to replace their existing oil requirement with CJO due to its sustainability credentials, attractive pricing and carbon reduction benefits as compared with mineral fuel oils. D1 advises that demand for its production exceeds its ability to supply, as situation not helped by the failure of rain in the North East of India where D1 has a number of plantations. In the second half of 2010 the company reports that it was able to supply customers with some 500 tonnes of CJO, at an average, ex works, selling price of approximately US$975 per tonne. It reported in March that had a strong backlog of orders for ex-tank sales in India at above $1,000 per tonne.

Numerous trials

Carbon reduction benefits recommend CJO

$1,000 / MT CJO

Jatenergy Rebalances Jatropha Based Biofuels Model WithInvestmentinIndonesianCoalSector

Jatenergys [formerly JatOil] 0.25 JAT.AX JATENERGY LTD NPV .XEJ.AX rebased to JAT.AX business model is predicated on the basis that renewable energy 0.20 will become increasingly main stream over the next decade, even though conventional energy 0.15 sources will continue to remain critical to the functioning of the 0.10 global economy. The companys mission is to be an important play 0.05 in both the production of Q2-2010 Q3-2010 Q4-2010 Q1-2011 Sourc e: F ides s a renewable biofuels and in coal. In March 2011 Jatenergy purchased two coal development projects [Katingan and Atan Bara] in Kalimantan, Indonesia, by way of the acquisition of an unlisted Australian company, Blackrock Resources Pty Ltd. Kalimantan is the home of a substantial export coal mining industry and has established transport infrastructure. Since relisting to the ASX 19th April this year, following completion of the Blackrock acquisition and capital increase, the shares have been trading in a narrow range of A$0.14 A$0.16. The Board conducted a comprehensive strategic review in 2010 to assess what other forms of energy Jatenergy might diversify into to provide shareholder returns during the development of the sustainable biofuels activity focused on Jatropha. The opportunity to tap into the strong demand from Asia for coal made the Blackrock acquisition the most compelling strategy open to the company to meet its objectives. While Jatenergy was initially seeking an activity that would allow it to quickly generate significant revenues in order to sustain & expand the sustainable biofuel activity focused on Jatropha, we believe that it now has a dual strategy built around a renewable energy platform, Jatropha, and a conventional energy supply business focused on coal. Indeed with significant new shareholders now a feature of the increased capitalisation [the original Hardman & Co. Leaders in Corporate Research
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A faith in demand for renewable energy

An interim coal strategy

Strategic review

Asian demand for coal

Dual strategy renewable & coal 5

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World Jatropha Biofuel Report

JatOil now Jatenergy shareholders are reduced to less than 38% of the equity], it would be unrealistic not to see this recent strategic development [bringing in the Blackrock shareholders], as a long term and fundamental change of balance to the original business model. Jatropha as a crop has not delivered on the first commercial planters ambitious goals, due to both a lack of development of the plant DNA, and partly due to a failure to understand the plants requirements for producing commercial yields of high oil content seeds. This is not to say that it will not deliver in the future as investment in scientific breeding & development of the species runs alongside the development of professional agronomy. In the meantime companies need to generate returns for the providers of capital, and cash to fund ongoing operations. The Katingan Project is the more significant of the two acquired assets under the Blackrock deal. It comprises a single, 5000ha tenement located 160km north-west of Palangkaraya in South Kalimantan. It has a substantial exploration potential, exceeding 40 million tonnes. The quality of the coal is expected to be consistent with thermal benchmarks. The Atan Bara Project is located in the North Panajam Pasir regency of East Kalimantan, about two hours drive on sealed roads from Balikpapan. The concession is covered by an exploration IUP comprising 200ha. Atan Bara has a smaller exploration target than Katingan, but its resources are more readily accessible and easily transported because of its proximity to the coast. Jatenergy also has an Indonesian based exploration team who identify and assess new projects for potential acquisition. In keeping with its drive to develop a sustainable biofuels activity, the company proposes, where feasible, to reforest depleted coal fields with Jatropha. This could extend the life of coal project areas for up to 35 years, with the possibility of creating long term employment for local communities. The instinct to operate an ethical business model remains a feature of this management, it will therefore be looking for activities which together create viable long term energy supply business opportunities.The company anticipates that the early-stage coal mining operation at Atan Bara will commence late 2011 or early 2012, providing cash flow to assist with the funding of the expansion of the companys Jatropha operations in South-East Asia [currently focused around a 70% owned joint venture with PT Waterland in Central Java] and exploration activities on its coal properties.

17 May 2011

A fundamental change of balance

Criticality of breeding & agronomy

Substantial exploration potential

Jatropha could extend coal project by 35 years

Sun Biofuels Demonstrates GHG Savings Possible With Jatropha

An independent GHG life cycle assessment has been carried out for Sun Biofuels Mozambique, by an independent research house in order to assess the impact on jatropha biofuels in Mozambique. The findings of this independent study were subsequently reviewed by Robert Bailis, assistant professor at Yale School of Forestry and Environmental Studies, and Prez Domnguez from LEI Agricultural Economic Research in the Netherlands. It was found that three factors influence the level of GHG saving achieved by Jatropha. These are seed yield, oil yield and nitrogen fertiliser. For example, locally produced biodiesel from Jatropha with a seed yield of 3 tonnes of seeds per hectare per year allows for a 39% GHG saving compared to traditional fuels. If this biodiesel is utilised in the area of production, the value increased to 48%. If Sun Biofuels Mozambique is able to achieve a target seed yield of 6 tonnes per hectare per year, the GHG saving would rise to 65%. Not surprisingly the most influential factor is nitrogen fertiliser; if 100% of nitrogen fertilisers are replaced with organic fertiliser, Jatropha seed cake for example, the GHG saving balance could go up to 73%. The study also looked at the impact of land use change on GHG savings but using the default values from the European Commission. Sun Biofuels Mozambique perennial Jatropha is grown on former annual cropland and therefore realises a significant GHG saving potential of 380%. This is due to the fact that trees are planted in place of idle land or perennial crops fixing carbon in an addition CO2 sink. Hardman & Co. Leaders in Corporate Research
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GHG life cycle assessment

65% GHG savings possible

Nitrogen fertiliser is a GHG culprit

Cultivation on degraded land drives GHG savings higher

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Similar findings emerged from a study commissioned by Boeing in Latin American to assess the sustainability of Jatropha being cultivated as feed stock for aviation jet fuel, examining in particular the potential for GHG reductions. The 2-year study was led by Yale School of Forestry & Environmental Studies. Boeing released the research at the end of March, confirming that Jatropha has significant potential for sustainable aviation fuel. The study demonstrated that, if cultivated properly, Jatropha can deliver strong environmental and socio-economic benefits and GHG reductions of up to 60% when compared to petroleum-based jet fuel, which not surprisingly corresponds with the SBF findings detailed above. The Yale study, conducted from 2008-2010 and funded by Boeing, used sustainability criteria developed by the Roundtable on Sustainable Biofuels to assess actual farming conditions in Latin America. Unlike previous studies, which used theoretical inputs, the Yale team conducted extensive interviews with Jatropha farmers and used field measurements to develop the first comprehensive sustainability analysis of actual projects. The study confirmed that if Jatropha is planted on land previously cleared or degraded, then additional carbon is stored and emissions reductions can exceed the 60 percent baseline, "the invaluable insights provided by this study will help our airline customers to better understand the sustainability of this potential jet fuel source, while also providing solid scientific data to governments and environmental organizations " said Boeing Commercial Airplanes Director of Environmental Strategy Michael Hurd. A second important finding of the Yale study confirmed what is already well understood; the early Jatropha projects suffered from a lack of developed seed strains, which led to poor crop yields. This confirms the importance of the research being conducted by Quinvita and JOil as detailed above.

17 May 2011

Boeing Significant potential for sustainable aviation fuel

GHG reductions of up to 60%

Importance of R&D effort at Quinvita & JOil

EditorsNote
Readers looking for more information on the companies mentioned herein should contact Doug Hawkins or Yingheng Chen at Hardman & Co. We may also be able to arrange meetings or teleconferences with management teams for investment funds wishing to develop an understanding of the Jatropha & biofuels sector. Contact us if you want more information

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Disclaimer

17 May 2011

The conclusions and opinions expressed in the investment research accurately reflect the views of the first named analyst. Hardman & Co provides professional independent research services and the companies researched pay a set fee in order for this research to be made available. While the information in the research is believed to be correct, this cannot be guaranteed. There are no other conflicts of interest. Neither Hardman & Co nor the analysts responsible for this research own shares in the companies analysed in this research note. Neither do they hold any other securities or derivatives (including options and warrants) in the companies concerned. Hardman & Co does not transact corporate finance and therefore does not earn corporate finance fees. It does not buy or sell shares, and does not undertake investment business either in the UK or elsewhere. Hardman & Co does not make recommendations. Accordingly we do not publish records of our past recommendations. Where a Fair Value price is given in a research note this is the theoretical result of a study of a range of possible outcomes, and not a forecast of a likely share price. Our research is issued in good faith but without legal responsibility and is subject to change or withdrawal without notice. Members of the professional investment community are encouraged to contact the analyst concerned. This research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated individuals. In the UK, any such individual who comes into possession of this research should consult their properly authorized professional adviser, or undertake one of the self certified sophisticated investor tests that are available. This research is not an offer to buy or sell any security. Past performance is not necessarily a guide to the future and the price of shares, and the income derived from them, may fall as well as rise and the amount realised may be less than the original sum invested. For AIM and PLUS shares, it is the opinion of the regulator that risks are higher. Furthermore the marketability of these shares is often restricted. This document must not be accessed or used in any way that would be illegal in any jurisdiction. In some cases research is only issued electronically and in some cases printed research will be received by those on our distribution lists later than those receiving research electronically. The report may be reproduced either whole or in part on condition that attribution is given to Hardman & Co, and on condition that Hardman & Co accepts no liability whatsoever for the actions of third parties in this respect. Hardman & Co is not regulated by the Financial Services Authority (FSA). Hardman & Co.

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