Renewable Oil Corporation Pty Ltd. (ROC) is a further counterpart of the agreement. ROC rights and participation are subject to completion of certain conditions precedent between the parties.

Under the terms of the agreement IFPEN would continue the development of the process at its facilities in France. Axens would contribute to the final stages of the process development and would commercialize the process once it reaches commercial stages.

Process Highlights:

• The bio-oil is deoxygenated to a sufficient degree to render it miscible with typical refinery feeds, minimizing investments and operating costs.

• Its oxygen content is substantially reduced so that any further hydrogen requirements related to post-treatment in a refinery are strongly decreased to a level suitable with conventional petroleum product upgrading processes.

• The product is essentially water-free as the residual water forms a separate phase.

• The corrosiveness of the product is strongly decreased since most of the organic acids remain in the water phase.