Document:

Amyris 2011 10-K Ex 10.11 Agreement for Credit Opening, dated November 16, 2011, between AB and BNDES

CONFIDENTIAL TREATMENT REQUESTED. CERTAIN PORTIONS OF THIS DOCUMENT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND, WHERE APPLICABLE, HAVE BEEN MARKED WITH AN ASTERISK TO DENOTE WHERE OMISSIONS HAVE BEEN MADE. THE CONFIDENTIAL MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

AGREEMENT FOR CREDIT OPENING FINANCING No 11.2.0977.1, ENTERED INTO BY BANCO NACIONAL DE DESENVOLVIMENTO ECONÔMICO E SOCIAL - BNDES AND AMYRIS BRASIL LTDA., AS FOLLOWS:

BANCO NACIONAL DE DESENVOLVIMENTO ECONÔMICO E SOCIAL - BNDES, hereafter referred to as BNDES, a government-owned company headquartered in Brasília, Distrito Federal, with services in this City, at Avenida República do Chile no 100, enrolled with CNPJ under no 33.657.248/0001-89, through its undersigned representatives;

and

AMYRIS BRASIL LTDA., hereafter referred to as THE BENEFICIARY, a company with its head offices in Campinas, State of São Paulo, at R. James Clerk Maxwell, no 315, enrolled with the CNPJ under No 09.379.224/0001-20, through its undersigned representatives, 

agree to the provisions in the following clauses:

CLAUSE ONE

THE NATURE, VALUE AND PURPOSE OF THE AGREEMENT 

Through this Agreement, BNDES opens to the BENEFICIARY a credit line in the amount of R$ 22,353,000.0 (twenty-two million, five hundred and fifty-three thousand Brazilian Reals) to the BENEFICIARY checking account, comprising, among other sources, by the resources from the Fundo de Amparo ao Trabalhador - FAT, resources arising from FAT - Depósitos Especiais and the Fundo de Participação PIS/PASEP, pursuant to, in what concerns their allocation, the legislation relevant to each of the sources above, and pursuant to the system in place for the Programa BNDES de Sustentação do Investimento - BNDES PSI, as provided in Resolution no 2.130/2011-BNDES, dated 08/02/2011, under the relevant federal legislation and the regulation issued by the Conselho Monetário Nacional and by the Finance Minister, according to the provision in Paragraph Two of Clause Two, for implementation of a Farnesene (15-carbon hydrocarbon)  production site with capacity for [*] liters per year, in Piracicaba (SP), from the fermentation of sugarcane syrup, for implementing a production process at an industrial scale. 

[*] Certain portions denoted with an asterisk have been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

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CLAUSE TWO

THE CREDIT AVAILABILITY

Credit will be put at the BENEFICIARY disposal in installments after fulfillment of the suspensive conditions for use, as described in Clause Ten, as a function of the need to complete the financed project, according to BNDES financial plan, which is subordinated to the definition of resources for use by the National Monetary Council. 

PARAGRAPH ONE

Resources from this operation will be put at the BENEFICIARY disposal upon a credit line to its checking account in the BENEFICIARY name at BNDES, not transactional, which will be made at the time of release of the debts determined by law and those contractually authorized by the BENEFICIARY, whose total balance remaining from the resources will be immediately transferred to the checking account no [*], which the BENEFICIARY has at [*]. 

PARAGRAPH TWO

The amount of each credit installment to be put at the BENEFICIARY disposal will be kept in Brazilian Reals (R$) and will not be changed until its effective release. 

CLAUSE THREE

THE INTEREST RATES

Over the BENEFICIARY debt principal, interests will be paid at the rate of 7% (seven percent) per year, as remuneration.

PARAGRAPH ONE

The interest amount will be collected on a quarterly basis on day 15 (fifteen) of the months of March, June, September and December each year, in the period from December 15 2011 and December 15 2010, and on a monthly basis from January 15 2013, including, along with the amortization installments of the principal and on the maturity or termination of this Agreement, pursuant to the provision in Clause Sixteen.

[*] Certain portions denoted with an asterisk have been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

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CLAUSE FOUR

THE CREDIT RESERVE CHARGE

The BENEFICIARY will pay BNDES a Credit Reserve Charge of 0.1 (one tenth of a percent) collectable for a period of 30 (thirty) days, or fraction, and levied over:

		
	I -
	The unused balance from each credit installment, from the day immediately after it is made available through its date of use, when its payment will be demanded; and 

		
	II -
	The unused credit balance, from the day immediately after it is made available through the date it is cancelled, made upon a BENEFICIARY request, or upon BNDES decision, and which payment will be demanded on the date of the request or BNDES decision, as relevant.

PARAGRAPH ONE

The charges described in incise I and II above will be levied in case a resource availability scheme is established.

CLAUSE FIVE

THE DEBT PROCESSING AND COLLECTION

Collection of the principal and charges will be made upon a prior Collection Notice issued by BNDES to the BENEFICIARY to liquidate its obligations on their maturity dates.

PARAGRAPH ONE 

Not receiving the Collection Notice will not exempt the BENEFICIARY from its obligation to pay the principal installments and charges on the dates established in this Agreement.

CLAUSE SIX

THE AMORTIZATION

The debt principal arising from this Agreement will be paid to BNDES in 60 (sixty) successive monthly installments, each one in the amount of the maturing debt principal divided by the number of installments to mature, where the first installment will mature on January 15 (fifteen) 2013, pursuant to 

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provision in Clause Sixteen, and the BENEFICIARY will liquidate, along with the last installment on December 15, 2017, all the obligations arising from this Agreement.

CLAUSE SEVEN

THE OPERATION GUARANTEE 

To ensure payment of all obligations arising from this Agreement, including the debt principal, interest rates, commissions, penalties, fines and other expenses, the BENEFICIARY hereby gives BNDES a fiduciary property according to the provisions in article 66-B of Law no 4.728, dated 07/14/65 and, as relevant, of Brazilian Civil Code from machines and equipment of its property set up and under operation at Estrada Professor Messias José Batista, no 2.007, Piracicaba - SP and Fazenda Paraíso, Rodovia Brotas/Torrinha Km 7,5, Brotas - SP, assessed at R$ 24,939,370.31 (twenty-four thousand, nine hundred and thirty-nine thousand, three hundred and seventy Brazilian Reals and thirty-one cents) for the date of 08/15/2011, as described in Attachment I herein. 

PARAGRAPH ONE 

The BENEFICIARY herein states that the goods described in this Clause are under its possession, free of any encumbrances, including tax encumbrances.  

PARAGRAPH TWO 

BNDES is entitled the right to request an assessment of listed goods if there is, upon its decision, any depreciation of the warranty. 

CLAUSE EIGHT

THE BENEFICIARY SPECIAL OBLIGATIONS

The BENEFICIARY will:

		
	I - 
	Fulfill, in what it is concerned, until the final liquidation of the debt arising from this Agreement, the “PROVISIONS APPLICABLE TO BNDES AGREEMENTS”, as approved by Resolution no 863, dated 03/11/1996, Resolution no 878, dated 09/04/1996, Resolution no 894, dated 03/06/1997, Resolution no 927, dated 1.4.1998, Resolution no 976, dated 24.9.2001, Resolution no 1.571, dated 03/04/2008, Resolution no 1.832, dated 09/15/2009, Resolution no 2.078, dated 03/15/2011, and 

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Resolution 2.139, dated 30.8.2011, all from BNDES Board, published in the Official Gazette  (Section I), dated 12/29/1987, 12/27/1991, 04/08/1996, 09/24/1996, 03/19/1997, 04/15/1998, 10/31/2001, 03/25/2008, 11/06/2009, 04/04/2011 and 09/13/2011, respectively, which copy is delivered herein to the BENEFICIARY which, after reading all the content in the Official Gazette will accept it as an integral and inseparable part of this Agreement for all legal purposes;

		
	II -
	Use the total credit within 12 (twelve) months from the date this Agreement is executed, without prejudice of BNDES power, before or after the end of said term, pursuant to the guarantees in this Agreement, to extend such term for no longer than additional 12 (twelve) months, upon an express authorization, epistolary via, irrespectively of any other formality or enrollment;

		
	III -
	Under the provision of occurring, as a function of the project described in Clause One, a reduction to the BENEFICIARY headcount throughout the period this Agreement is effective, offer a training program focusing on job opportunities in the region and/or a worker relocation program in other companies, after having issued to BNDES, for appreciation, a document specifying and attesting the completion of the negotiations carried out with the relevant worker representatives involved with the termination process; 

		
	IV -
	Adopt, throughout the period this Agreement is effective, the measures and actions designed to prevent or address environmental damages, safety and health that can arise from the project, as described in Clause One;

		
	V -
	Have a regular status with environmental agencies throughout the term of effectiveness of this Agreement;

		
	VI -
	Observe, throughout the term of effectiveness of this Agreement, the provision in the relevant legislation regarding people with a disability;

		
	VII -
	Notify BNDES, on the date the event takes place, the name and CPF/MF of any person who provides a paid job or is among its proprietors, controllers or directors, or has been inaugurated as a Member of the Parliament or Senator;

		
	VIII -
	Keep and safeguard the goods given under assurance through a fiduciary property, as provided in incises I and II of article 1363 of the Brazilian Civil Code, being liable for any eventual default of these obligations;

		
	IX - 
	Early liquidate the total debt in this Agreement, previously to the performance by Biomin do Brasil Nutrição Animal Ltda. in the purchase option of assets from the project, as provided in the Joint Manufacturing 

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Agreement, and its addendums, and the Free Lease Agreement, both dated 06/24/2010;

		
	X - 
	Notify BNDES epistolary via, up to the 90th (ninetieth) day prior to the end of the term of effectiveness of the letters of guarantee described in Clauses  Ten, III, a), and Eighteen, the financial institutions that will renew or issue such letters of guarantee, as provided in Clause Ten, III, a), and Eighteen;

		
	XI -
	Provide to BNDES by the 45th (forty-fifth) day prior to the end of the term of effectiveness of the letters of guarantee described in Clauses  Ten, III, a), and Eighteen, their renewal or new letters of guarantee, pursuant to the template provided by BNDES, issued according to Clause Ten, III, a), and Eighteen, duly filed, under the penalty of having this Agreement being considered early terminated, with the payment of debt and immediate cessation of any disbursement;

		
	XII -
	Evidence of reimbursement to BNDES of all costs (including tax charges) and fees incurred with the provided services by the law firm overseas contracted by BNDES to provide consulting services related to the guarantee described in Clause Ten within the term of 10 (ten) days from the date of request by BNDES for payment of such disbursement.

CLAUSE NINE

THE RESPONSIBILITY IN THE BUSINESS ASSIGNMENT

In the event of a business assignment, any eventual successors of the BENEFICIARY will be jointly responsible for the obligations arising from this Agreement.

PARAGRAPH ONE 

The provision in the “caption” of this Clause will not be used if there is prior BNDES consent to the suspension of solidarity in a partial split. 

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CLAUSE TEN

THE CREDIT USE CONDITIONS

Using the credit, in addition to meeting, as relevant, the conditions provided in articles 5 and 6 of the "PROVISIONS APPLICABLE TO BNDES AGREEMENTS” above and the ones established in the “FOLLOW UP POLICIES AND INSTRUCTIONS” in article 2 of the said “PROVISIONS”, it is additionally required to meet the following:

		
	I -
	To use the first credit installment:

		
	a)
	The BENEFICIARY will open a checking account with BNDES;

		
	b)
	Providing to BNDES the personal guarantee instrument described in Clause Eleven, issued by Amyris Inc., according to the template provided by BNDES, notarized and consularized, followed by an opinion based on satisfactory terms, upon BNDES decision, by an acclaimed attorney or law firm overseas, appointed by the BENEFICIARY and accepted by BNDES, attesting the regularity of the personal guarantee, and such opinion should include, as a minimum, the following considerations: 

		
	b.1 -
	The undersigned attorney will state that he/she has reviewed the legislation in the guarantor country, its Articles of Incorporation and internal regulatory actions and any other actions that have been required for the issuance of such opinion.  

		
	b.2 -
	The legality of the guarantor constitution, as well as his/her capacity and legitimacy to provide the guarantee and observance of the legal standards and regulations to assume the obligations established in the guarantee instrument, also attaching to the opinion a copy of the Articles of Incorporation or similar document; 

		
	b.3 -
	That the guarantor, through its legal representatives and based on approval by its deliberative agencies, has the powers to enter into and fulfill the terms and conditions established in the guarantee instrument, attaching to the opinion a copy of the actions of appointment of the legal representatives of the guarantor and the deliberative action for provision of the guarantee;

		
	b.4 -
	That the guarantor legal representatives signing the instrument of guarantee have powers to bind and oblige the guarantor to their terms and conditions; 

		
	b.5 -
	That the instrument of guarantee does not violate (a) the guarantor Articles of Incorporation, the (b) constitutional policies, treaties, laws, normative and regulatory actions 

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applicable to the guarantor or any determination by a government agency over the guarantor, (c) neither results in a lack of fulfillment of any agreement in which the guarantor is a part or through which the guarantor assets are listed; 
		
	b.6 -
	That the instrument of guarantee was entered into according to the formalities set forth in the legislation of the guarantor country and that it is a valid, effective and binding instrument;  

		
	b.7 -
	That all actions have been made and all records have been filed or authorized by government agencies, departments or authorities  in the guarantor country to ensure the performance, effectiveness and fulfillment of the guarantee instrument by the guarantor;

		
	b.8 -
	 That there are no legal or administrative procedures filed against the guarantor and, if there is any, such procedures do not adversely affect the guarantor payment capacity.

		
	c)
	Providing BNDES with the Letters of Guarantee described in Clause Eighteen. 

		
	II -
	To use each credit installment:

		
	a)
	Inexistence of any fact that, upon BNDES discretion, may substantially change the BENEFICIARY economic-financial status or that can adversely affect the performance of the financed enterprise herein in a way that can change it or prevent it from realizing, pursuant to the provisions in the project approved by BNDES;

		
	b)
	Presentation by the BENEFICIARY of the Negative Debt Certificate - CND or Positive Debt Certificate with Negative Effects - CPD-EN, issued by the  Secretaria da Receita Federal do Brasil, on the INTERNET to be downloaded by the BENEFICIARY from the address www.receita.fazenda.gov.br and verified by BNDES on the same address. 

		
	c)
	Evidence of regular status at relevant environmental agencies or, when such evidence has already been provided and is effective, a statement by the BENEFICIARY proving that the document is still effective;

		
	III -
	To use resources above R$ 19,100,000.00 (nineteen million and one hundred Brazilian Reals):

		
	a)
	Provide guarantee by each debt installment, at an amount that has been previously defined by BNDES as being 90% (ninety percent) of the credit amount to be released, as a function of the credit amount to be released, for a minimum term of 2 (two) years, to be provided by financial institutions that, upon BNDES discretion, are in an economic-financial status that can ensure a degree of notorious 

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solvency, upon Letters of Guarantee to be provided pursuant to a template supplied by BNDES, where the guarantors are under the condition of joint debtors and main payers of the obligations arising from this Agreement, expressly renouncing the benefits provided in articles 366, 827 and 838 of the Brazilian Civil Code establishing that any changes to the guarantee term or amount always depends on the previous agreement from such guarantors; or 
		
	b)
	Constitute actual guarantees, approved by BNDES, at an amount that is at least 130% (one hundred and thirty percent) of the amount of the credit installment to be released.

PARAGRAPH ONE

The opinion described in incise I, “b” of this Clause will be, when the official language in the country is not Portuguese, made in English.

PARAGRAPH TWO
    
If the opinion described in incise I, “b”, of this Clause is issued by the guarantor internal attorney, such opinion will be notarized.

PARAGRAPH THREE

The letters of guarantee above in line a) of incise III of this Clause will be successively renewed or replaced by letters of guarantee issued upon the same terms as above, following the terms and procedures provided in incises X and XI of Clause Eight, until the final termination of this Agreement. 

CLAUSE ELEVEN

THE PERSONAL GUARANTEE

To ensure payment of any obligations arising from this Agreement, including the debt principal, interest rates, commissions, conventional penalty, fines and expenses, Amyris Inc. will provide a personal guarantee, as a joint debtor and main payer of the obligations arising from this Agreement until its final termination, upon an instrument of personal guarantee with terms that are satisfactory to BNDES, notarized, expressly renouncing to the benefits of articles 366, 827 and 838 of the Brazilian Civil Code, or, as relevant, other equivalent benefits that may be provided by any guarantee legislation.

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CLAUSE TWELVE

THE DEFAULT

Under a default of the obligations herein by the BENEFICIARY, the provision in articles  40 to 47-A the “PROVISIONS APPLICABLE TO BNDES AGREEMENTS”, described in Clause Eight, Incise I will apply. 

CLAUSE THIRTEEN

THE JUDICIAL PENALTY

In the event of any judicial collection arising from this Agreement, the BENEFICIARY will pay a 10% (ten percent) fine over the principal plus debt charges, in addition to extrajudicial, judicial expenses, attorney fees due to be paid from the date the judicial collection is filed.

CLAUSE FOURTEEN

THE EARLY DEBT LIQUIDATION

In case of early debt liquidation, the guarantees will be suspended, but other obligations provided in article  18, pages two of the “PROVISIONS APPLICABLE TO BNDES AGREEMENTS” described in Clause Eight, Incise I will apply.

CLAUSE FIFTEEN

THE EARLY MATURITY

BNDES may declare this Agreement as early matured and demand the debt to be paid and the immediate suspension of any disbursement if, in addition to the provisions provided in articles 39 through 40 of the PROVISIONS APPLICABLE TO BNDES AGREEMENTS described in Clause Eight, Incise I BNDES identifies any of the following: 

		
	a)
	A reduction in the BENEFICIARY headcount without meeting provision in Incise III of Clause Eight;

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	b) 
	A condemnation processed in a court as a result from actions made by the BENEFICIARY involving child labor, slave labor or crime against the environment;

		
	c)
	A lack of fulfillment of the BENEFICIARY obligations, including the ones described in Incises VIII, X and XI of Clause Eight;

		
	d)
	A merger, assignment, dissolution, incorporation (as the incorporator or incorporated), closure of capital or change to the BENEFICIARY effective control, whether direct or indirect, or of its successors throughout the term of effectiveness of this Agreement without a prior written consent from BNDES.

PARAGRAPH ONE

In case of the use of the resources made available through this Agreement for a purpose that is different from the one provided in Clause One, BNDES, without prejudice of the provision above in this Clause, will notify such fact to the Ministério Público Federal, for all the purposes and effects of Law no 7.492, dated 06/16/86. 

PARAGRAPH TWO

This Agreement will also terminate early, with payment of the debt and immediate suspension of any disbursements on the date of inauguration as a Member of Parliament or Senator of any person with a paid job at the BENEFICIARY, or who is among its proprietors, controllers or directors, people included in the prohibition described in the Federal Constitution, articles 54, Incises I and II. No delinquency charges will be levied if the payment is made within 5 (five) business days from the date of inauguration, under the penalty of otherwise being levied the charges provided for the conditions of early maturity from a default. 

PARAGRAPH THREE

The provision for early maturity provided in line “b” will not take place if the required mitigation is made or while the penalty imposed on the BENEFICIARY is being met, pursuant to the relevant legal process.

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CLAUSE SIXTEEN

THE MATURITY ON HOLIDAYS

Every maturity date for amortization of the principal and charges that takes place on Saturdays, Sundays or national, state, or city holidays, including banking holidays, will be, for all purposes and effects of this Agreement, moved to the first subsequent business day, with all the charges calculated through that date and also beginning, from such date, the regular subsequent period for assessment and calculation of the charges arising from this Agreement. 

PARAGRAPH ONE

For the purposes of the above provided in this Clause, except if otherwise provided, holidays will be the holidays at the place where the BENEFICIARY is headquartered, which address is provided in this Agreement.

CLAUSE SEVENTEEN

THE AUTHORIZATION

The BENEFICIARY authorizes BNDES to discount from any credit installment, when it is used, up to US$ 26,000.00 (twenty six thousand dollars) converted to Brazilian Reals with the exchange rate used by BNDES on the date the payment is made by BNDES, corresponding to the amounts incurred with the services provided by the law firm overseas hired by BNDES to provide consulting services in regard to the project described in Clause One of this Agreement, under the title of Expenses to Reimburse, including, without limiting, the amounts related to the services effectively provided, to be added by taxes and all other expenses. 

CLAUSE EIGHTEEN

THE GUARANTEE

In addition to the fiduciary guarantee described in Clause Eleven herein, the BENEFICIARY will provide additional guarantee, to be formalized upon letters of guarantee issued according to the template to be provided by BNDES, for a minimum term of 2 (two) years, to be provided by financial institutions which, upon BNDES discretion, are in an economic-financial status that awards 

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them notorious solvency and such guarantors will be the main payers of the obligations arising from this Agreement, expressly renouncing to the benefits in articles 366, 827 and 838 of the Brazilian Civil Code. The responsibility of each guarantor is limited to the percents of the debt which, after aggregated, total 10% (ten percent) of the debt amount, being agreed that any change to the term or amount of such guarantee is dependent upon a prior consent from the guarantors. 

PARAGRAPH ONE

The letters of guarantee above will be successively renewed or replaced by letters of guarantee issued upon the same terms as above described, pursuant to the deadlines and procedures provided in Incises X and XI of Clause Eight, until the termination of this Agreement. 

The BENEFICIARY has provided the Negative Debt Certificate - CND no [*], issued on September 12, 2011 by the Secretaria da Receita Federal do Brasil.

BNDES is herein represented by the BNDES Directors undersigned and identified, pursuant to the power of attorney entered in Book 902, page 178, of the 22 Notary Office in the County of the Capital City of the State of Rio de Janeiro. 
    
The pages in this Agreement are signed by [*], BNDES attorney, by authorization from the legal representatives signing this Agreement. 

And, in witness whereof, the Parties execute this Agreement in 02 (two) counterparts of equal contents and for one single purpose, before the undersigned witnesses 

Rio de Janeiro, 16 de Novembrio de 2011

Page of Signature of Agreement no 11.2.0977.1

By BNDES:

/s/ Joao Canos Ferrez    /s/ Roberto Zuril Machado    
BANCO NACIONAL DE DESENVOLVIMENTO ECONÔMICO E SOCIAL - BNDES

[*] Certain portions denoted with an asterisk have been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

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By the BENEFICIARY:

/s/ Paulo Diniz    /s/ Fabio Schettino
AMYRIS BRASIL LTDA.

WITNESSES:

/s/ Mariana Dias Eduardo    /s/ Felipe M. Caram    
Name: Mariana Dias Eduardo    Name: Felipe M. Caram
Identity: illegible    Identity: illegible
CPF: illegible    CPF: illegible

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ATTACHMENT I - MACHINES AND EQUIPMENT - FIDUCIARY PROPERTY
- CLAUSE SEVEN OF THE FINANCING AGREEMENT No 11.2.0977.1

[*]

[*] Certain portions denoted with an asterisk have been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

15Amyris 2011 10-K Ex 10.12 Corporate Guarantee, dated November 28, 2011, issued by registrant to Banco Nacional de Desenvolvimento Economico e Social - BNDES

CONFIDENTIAL TREATMENT REQUESTED. CERTAIN PORTIONS OF THIS DOCUMENT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND, WHERE APPLICABLE, HAVE BEEN MARKED WITH AN ASTERISK TO DENOTE WHERE OMISSIONS HAVE BEEN MADE. THE CONFIDENTIAL MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

CORPORATE GUARANTEE (Amyris)
GUARANTEE (as the same may be amended, supplemented or otherwise modified from time to time, the “Guarantee”), dated November 28, 2011  of Amyris, Inc., a corporation organized under the laws of the State of Delaware (the “Guarantor”) in favor of Banco Nacional de Desenvolvimento Econômico e Social - BNDES, its successors and assigns (the “Beneficiary”).
WHEREAS, Amyris Brasil Ltda. a sociedade limitada formed under the laws of the Federative Republic of Brazil, (the “Primary Obligor”)  has entered into the Contrato de Financiamento Mediante Abertura de Crédito n.o 11.2.0977.1 dated November 16, 2011 (as amended, modified and supplemented from time to time, the “Financing Agreement”), with the Beneficiary, under which the Beneficiary has agreed to provide to the Primary Obligor credit in Brazilian Reais in the amount of R$22,353,000.00, for the development of an industrial scale farnesene producing unit in Piracicaba, State of São Paulo, with a capacity of [*] liters per year, subject to the conditions provided therein;
WHEREAS, in consideration of all transactions to which the Guarantee relates already entered into and to be entered into after the date hereof under the Financing Agreement, and in return for substantial direct and indirect benefits to the Guarantor, the Guarantor has agreed to guarantee the payment of all amounts owed from time to time, and performance from time to time, due by the Primary Obligor under the Financing Agreement; and
WHEREAS, the Beneficiary also has the benefit of a security interest over machinery and equipment of the Primary Obligor  pursuant to Section 7 of the Financing Agreement and any other security interests set out therein or in ancillary agreements (as amended, modified and supplemented from time to time, the “Collateral,” and together with the Financing Agreement, the “Financing Documents”).
NOW, THEREFORE, the Guarantor hereby agrees:
Section 1.  The Guarantee.  (a) From and after the date hereof, the Guarantor hereby irrevocably guarantees to the Beneficiary the payment of all present and future amounts (whether absolute or contingent, and whether for principal, interest, scheduled payments, termination amounts, fees, breakage costs, expenses, indemnification, contractual penalty, interest on deferred payments, or otherwise) owing by the Primary Obligor under or in respect of the Financing Agreement or any other Financing Documents, as and when such amounts become due and payable, whether at their scheduled due dates, upon acceleration, termination or otherwise (or would otherwise be owing, due or payable under the Financing Agreement but for the commencement of any bankruptcy, insolvency or similar proceeding in respect of the Primary Obligor) (such obligations, the “Payment Obligations”) and the performance of all delivery and other obligations of the Primary Obligor under the Financing Agreement or any other Financing Documents in accordance with the terms of the Financing Agreement or any other Financing Documents (the “Performance Obligations” and, together with the Payment Obligations, the “Guaranteed Obligations”).  The Beneficiary shall have the option to demand payment of the Guaranteed Obligations from the Guarantor in U.S. Dollars or Brazilian Reais.
[*] Certain portions denoted with an asterisk have been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

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This is a guarantee of payment and performance, and not merely of collection. The Guarantor further agrees to pay all costs, fees and expenses (including, without limitation, fees of outside counsel) incurred by the Beneficiary in connection with enforcing or exercising rights under this Guarantee or arising from a breach by the Guarantor of the provisions hereof or any misrepresentation made by the Guarantor herein.
(b)    In no event shall the Beneficiary be obligated to take any action, obtain any judgment or file any claim prior to enforcing this Guarantee.  Upon failure of the Primary Obligor punctually to pay or perform any Guaranteed Obligations, the Guarantor agrees promptly to pay or perform or cause to be paid or performed such Guaranteed Obligations.  The rights, powers, remedies and privileges provided in this Guarantee are cumulative and not exclusive of any rights, powers, remedies and privileges provided by any other agreement or by law.
(c)    The Guarantor hereby agrees that this is an absolute and unconditional, continuing and unlimited guarantee.
(d)    The Guarantor hereby waives any claims relating to, and permits, as applicable:  
(1) the invalidity, irregularity or unenforceability of the Financing Agreement or this Guarantee or any other Financing Documents or any other agreement related to the Financing Agreement or this Guarantee or any other Financing Documents; 
(2) the lack of authority of Primary Obligor to execute or deliver the Financing Agreement or any other Financing Documents; 
(3) any change in the time, manner or place of payment of, or in any other term of, or amendment to the Financing Agreement or any other Financing Documents; 
(4) any change in amount, nature or otherwise, or discharge in connection with the Collateral; 
(5) any waiver or consent by the Beneficiary with respect to any provisions of the Financing Agreement or any other Financing Documents or any compromise or release of any of the obligations thereunder; 
(6) the absence of any action to enforce the Financing Agreement or any other Financing Documents, to recover any judgment against the Primary Obligor or to enforce a judgment against the Primary Obligor under the Financing Agreement or any other Financing Documents; 
(7) the occurrence of any event of default or potential event of default under the Financing Agreement or any other Financing Documents; 
(8) the existence of any bankruptcy, insolvency, reorganization or similar proceedings involving the Primary Obligor or its assets;  

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(9)  other than payment of any amounts due hereunder, any setoff, counterclaim, or defense of any kind or nature which may be available to or asserted by the Guarantor or the Primary Obligor against the Beneficiary or any of its affiliates;
(10) any impairment, taking, furnishing, exchange or release of, or failure to perfect or obtain protection of the Collateral or any other security interest in, collateral securing the Financing Agreement or any other obligation of the Primary Obligor; 
(11) any change in the laws, rules or regulations of any jurisdiction; 
(12) any present or future action of any governmental authority or court amending, varying, reducing or otherwise affecting, or purporting to amend, vary, reduce or otherwise affect, any of the obligations of the Primary Obligor under the Financing Agreement or any other Financing Documents or of Guarantor under this Guarantee; 
(13) any claim as to the validity, regularity or enforceability of the subrogation rights provided in Section 3 below;
(14) any other circumstance (other than payment or performance) which might otherwise constitute a legal or equitable discharge or defense of a guarantor generally; or

(15) any change in the corporate existence, structure or ownership of the Primary Obligor, or any release or discharge of the Guaranteed Obligations.  
(e)    The Guarantor hereby further waives diligence, presentment, demand on the Primary Obligor for payment or otherwise, filing of claims, requirement of a prior proceeding against the Primary Obligor and protest or notice.  If at any time (including any time after termination or expiration of this Guarantee) payment under the Financing Agreement or any other Financing Documents is rescinded or must be otherwise restored or returned by the Beneficiary upon the insolvency, bankruptcy or reorganization of the Primary Obligor or the Guarantor or otherwise, the Guarantor's obligations hereunder with respect to such payment shall be reinstated upon such restoration or return being made by the Beneficiary, all as though such payment had not been made.
(f)    The Guarantor hereby agrees that, absent manifest error, the internal records of the Beneficiary setting forth the outstanding amount or the status of the Guaranteed Obligations are binding and conclusive proof of the amounts owed, or performance due, under the Financing Agreement and any other Financing Documents. 
(g)    The Guarantor shall remain liable for the Guaranteed Obligations until the Guaranteed Obligations are irrevocably paid in full in accordance with this Guarantee and with the Financing Agreement, and nothing except irrevocable payment in full of all Guaranteed Obligations in accordance with this Guarantee and with the Financing Agreement shall release the Guarantor from its obligations under this Guarantee.
(h)    The Beneficiary shall have no obligation to disclose or discuss with the Guarantor their assessment, or any assessment by any other person, of the financial or other condition of the Primary Obligor; the Beneficiary shall have no obligation to investigate the financial or other 

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condition of the Primary Obligor; the Guarantor has adequate means to obtain information from the Primary Obligor on a continuing basis concerning the financial and other condition of the Primary Obligor and its ability to perform its obligations and discharge its liabilities as they become due; and the Guarantor assumes full responsibility for being and keeping informed of the financial and other condition of the Primary Obligor and of all circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations to the extent the Guarantor desires to be kept so informed.
(i)    The Beneficiary may enforce this Guarantee upon the occurrence and during the continuance of a breach by the Primary Obligor of any of its obligations under the Financing Documents, notwithstanding the existence of any dispute between the Primary Obligor and the Beneficiary or any other party with respect to the existence of such breach or any other matter.
(j)    The Beneficiary may, at its election, foreclose on any security held by it in one or more judicial or nonjudicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with the Primary Obligor or any other guarantor or exercise any other right or remedy available to it against the Primary Obligor, without affecting or impairing in any way the liability of the Guarantor hereunder except to the extent the Guaranteed Obligations then due and owing have been fully paid.
Section 2.  Representations and Warranties.  The Guarantor represents and warrants to the Beneficiary on the date hereof and, except as otherwise indicated, during the duration of this Guarantee that:
(a)    it has reviewed and is familiar with the terms of the Financing Documents;
(b)    it is duly organized and validly existing under the laws of the jurisdiction of its organization and has full power and legal right to execute and deliver this Guarantee and to perform the provisions of this Guarantee on its part to be performed;
(c)    its execution, delivery and performance of this Guarantee have been and remain duly authorized by all necessary organizational action and do not contravene any provision of its certificate of incorporation or by-laws, or any law, regulation or rule applicable to it or contractual restriction binding on it or its assets;
(d)    all consents, authorizations, approvals and clearances (including, without limitation, any necessary exchange control approval) and notifications, reports and registrations requisite for the due execution, delivery and performance of this Guarantee have been obtained from or, as the case may be, filed with the relevant governmental authorities having jurisdiction and remain in full force and effect and all conditions thereof have been duly complied with and no other action by, and no notice to, or filing with, any governmental authority having jurisdiction is required for such execution, delivery or performance;
(e)    this Guarantee is the valid and binding and enforceable obligation of the Guarantor;

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(f)    the Guarantor and a wholly-owned subsidiary of Guarantor, together, own all the equity interest in the Primary Obligor and Guarantor acknowledges that it will receive substantial direct and indirect benefits from the transactions contemplated by the Financing Agreement and that its waivers of suretyship and other defenses are knowingly made in contemplation of such benefits;
(g)    on the date hereof and on the date of each disbursement under the Financing Agreement, after giving effect to this Guarantee, the aggregate fair saleable value of all of the Guarantor's property, at fair valuation, will be greater than the sum of all the Guarantor's liabilities of any nature, including without limitation contingent and unmatured debts or claims (“Liabilities”);
(h)    it has not transferred, concealed or removed any of its property with the intent to hinder, delay or defraud its creditors, nor is it now making this Guarantee with intent to hinder, delay or defraud its creditors;
(i)    on the date hereof and on the date of each disbursement under the Financing Agreement, after giving effect to this Guarantee, the value of its remaining assets is not unreasonably small in relation to its business as contemplated thereon or with respect to any transaction contemplated  or undertaken thereafter;
(j)    on the date hereof and on the date of each disbursement under the Financing Agreement, it has not incurred and does not intend to incur, or believe (or reasonably believe) that it will incur Liabilities beyond its ability to pay as such Liabilities mature; 
(k)    it has satisfied in full any final judgment against it in an action or suit for money damages which judgment results from an action or suit pending against it on or prior to the date hereof and there is no action or suit for money damages pending against it on or prior to the date hereof; 
(l)    there are no other proceedings pending or, to the knowledge of the Guarantor, threatened against the Guarantor, at law or in equity, which, individually or in the aggregate, if adversely determined, would materially adversely affect the financial condition of the Guarantor or materially impair the Guarantor's ability to perform its obligations under this Guarantee;
(m)     none of its controlling shareholders, executive officers, members of its board of directors and their respective legal representatives, nor any of their family members or affiliates are politically exposed persons.  For the purpose of this paragraph a “politically exposed person” means a person who is or has been entrusted in the last five years, in Brazil or in any other jurisdiction or territory, with any prominent public function, job or position, including, without limitation, head of state or government, high-ranking political appointments or elected politicians, high-ranking civil service positions, high-ranking judicial or military posts and chief of any corporation owned by a government, a governmental agency or political parties.  Individuals in middle-ranking or more junior positions within the foregoing categories are excluded from the definition of “politically exposed persons”; and 

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(n)    none of its controlling shareholders, executive officers, managers, directors and their affiliates are subject to any financial sanctions of the United Nations Organization - UN, nor are they included in any financial sanctions lists in connection with terrorism or money laundering.
Section 3.  Subrogation of Rights.  By accepting this Guarantee and entering into the Financing Agreement, the Guarantor shall be subrogated to all rights of the Beneficiary against the Primary Obligor in respect of any amounts paid or performance by the Guarantor pursuant to this Guarantee, provided that the Guarantor shall be entitled to enforce or to receive any payment or performance arising out of or based upon such right of subrogation only when all amounts payable and all performance to be effected by the Primary Obligor under the Financing Agreement and the other Financing Documents have been paid and performed and the Financing Agreement has been terminated.  The Guarantor agrees that it will not take any action against or in respect of the Primary Obligor relating to any payment or performance made by the Guarantor under this Guarantee until such time as the Guaranteed Obligations shall have been paid and performed in full and the Financing Agreement has been terminated.
Section 4. Covenants. (a) The Guarantor agrees with the Beneficiary that it will comply, during the term of this Guarantee, with sections applicable to Guarantor from the Disposições Aplicáveis aos Contratos do BNDES, approved by Resolution No. 665, dated as of December 10, 1987, partially amended by Resolution No. 775, dated as of December 16, 1991, by Resolution No. 863, dated as of March 11, 1996, by Resolution No. 878, dated as of September 4, 1996, by Resolution No. 894, dated as of March 16, 1997, by Resolution No. 927, dated as of April 1, 1998, by Resolution No. 976, dated as of September 24, 2001, by Resolution No. 1,571/2008, dated as of March 4, 2008, by Resolution No. 1,832, dated as of September 15, 2009, by Resolution No 2,078, dated as of March 15, 2011, and by Resolution No 2,139, dated as of August 30, 2011, all issued by the Board of Officers of the Beneficiary, as published by the Diário Oficial da União (Seção I), on December 29, 1987, December 27, 1991, April 8, 1996, September 24, 1996, March 19, 1997, April 15, 1998, October 31, 2001, March 25, 2008, November 6, 2009, April 4, 2011, and on September 13, 2011, respectively, a copy of which was delivered to the Guarantor. The Guarantor hereby acknowledges that it is familiar with the content of these resolutions and agrees that the relevant portions will be an integral part of this Guarantee and that the Guarantor will not cause the Primary Obligor to fail to comply with such resolutions. 
(b)    So long as any Guaranteed Obligations remain outstanding or any Financing Documents remain in effect, the Guarantor shall not, without the prior written consent of the Beneficiary, commence or join with, or take any action in furtherance of, any other person in commencing any bankruptcy proceeding of or against Primary Obligor.  The obligations of the Guarantor under this Guarantee shall not be reduced, limited, impaired, discharged, deferred, suspended or terminated by any bankruptcy proceeding of or against the Primary Obligor or by any defense that the Primary Obligor may have by reason of any order, decree or decision of any court or administrative body resulting from or relating to any such bankruptcy proceeding or the existence of such bankruptcy proceeding.
(c)    The Guarantor hereby agrees that until such time as all of the Guaranteed Obligations shall be paid and performed in full, the Subordinated Indebtedness (as hereinafter 

6

defined) is and shall be expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment of the Guaranteed Obligations.
The term "Subordinated Indebtedness" shall mean, at any time, the then outstanding aggregate principal amount of all indebtedness of the Primary Obligor to the Guarantor in respect of borrowed money, fees, royalties or other advance or arrangement (including any subrogation rights with respect to this Guaranty), all accrued and unpaid interest and premium, if any, thereon and all expenses incurred by and all indemnities payable to the Guarantor pursuant to any agreement between the Primary Obligor and the Guarantor in respect of any such indebtedness or otherwise.
Upon the happening of any breach by the Primary Obligor under the Financing Documents, unless and until such breach shall have been remedied or waived, no direct or indirect payment (in cash, property or securities or by set-off or otherwise) shall be made or agreed to be made on account of the Subordinated Indebtedness and the Guarantor shall not demand, collect or receive any payment on account of the Subordinated Indebtedness.
(d)    All payments made or deemed made by the Guarantor hereunder or under the Financing Agreement shall be made free and clear of, and without deduction for any present or future income, excise, stamp or franchise taxes and other taxes, fees, duties, withholdings or other charges of any nature whatsoever imposed by any taxing authority (such items being herein referred to as “Taxes”).  In the event that any withholding or deduction from any payment to be made or deemed to be made by the Guarantor hereunder or under the Financing Agreement is required in respect of any Taxes pursuant to any applicable law, rule, regulation, then the Guarantor will:
(i)    pay directly to the relevant authority the full amount required to be so withheld or deducted;
(ii)    promptly forward to the Beneficiary an official receipt or other documentation reasonably satisfactory to the Beneficiary evidencing such payment to such authority; and
(iii)    pay to the Beneficiary such additional amount or amounts as is necessary to ensure that the net amount actually received by the Beneficiary (including with respect to amounts paid pursuant to this Guaranty) will equal the full amount the Beneficiary would have received had no such withholding or deduction been required.
Moreover, if any Taxes (other than Taxes on the overall net income of  the Beneficiary) are directly asserted against the Beneficiary with respect to any payment received or deemed to be received by the Beneficiary hereunder or under the Financing Agreement, the Beneficiary may pay such Taxes and the Guarantor will reimburse the Beneficiary, for such amounts and will promptly pay such additional amounts (including any penalties, interest or expenses) as are necessary in order that the net amount retained by the Beneficiary after the payment of such Taxes (including any Taxes on such additional amounts) shall equal the amount the Beneficiary would have retained had no such Taxes been asserted.

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If the Guarantor fails to pay any Taxes when due to the appropriate taxing authority or fails to remit to the Beneficiary  the required receipts or other required documentary evidence, the Guarantor shall indemnify the Beneficiary for any incremental Taxes, interest, penalties or other losses that may become payable by the Beneficiary as a result of any such failure.
Without prejudice to the survival of any other agreement of the Guarantor hereunder or under the Financing Agreement, the agreements and obligations of the Guarantor contained in this section shall survive the payment in full of the Guaranteed Obligations.
(e)    So long as any of the Guaranteed Obligations remain outstanding, the Guarantor will maintain its corporate existence and will not merge or consolidate with any other corporation nor dissolve or otherwise sell or dispose of all or substantially all of its assets, unless (i) the Guarantor obtains the prior written consent of the Beneficiary for those purposes, and (ii) the successor or transferee corporation (if other than the Guarantor) shall expressly and unconditionally assume, in a written instrument delivered to the Beneficiary, the punctual performance and observance of all covenants, conditions and obligations of this Guaranty to be performed by the Guarantor.
Section 5.  Binding Effect.  This Guarantee shall be binding upon the Guarantor, its successors and assigns.  The Guarantor may not assign its rights nor delegate its obligations under this Guarantee in whole or in part without the prior written consent of the Beneficiary, and any purported assignment or delegation without such prior written consent shall be void.
Section 6.  Severability.  Any provision of this Guaranty that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  To the extent permitted by applicable law, the Guarantor hereby waives any provision of law that renders any provisions hereof prohibited or unenforceable in any respect.
Section 7.  Notices.  Any notice to the Guarantor or Beneficiary hereunder and any copy to the Guarantor of any notice delivered by the Beneficiary to the Primary Obligor under the Financing Documents shall be in writing and mailed, postage prepaid, or sent by facsimile transmission to the following address and person or to such other address or person's attention as the Guarantor or Beneficiary shall notify each other from time to time.
Guarantor:
Amyris, Inc.
5885 Hollis Street, Suite 100
Emeryville, CA 94608
Attn.:    [*]

Beneficiary:
Banco Nacional de Desenvolvimento Econômico e Social ‐ BNDES
Av. República do Chile 100

[*] Certain portions denoted with an asterisk have been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

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Centro, Rio de Janeiro, RJ, Brazil 20139-900
Tel.:  [*]
Fax:  [*]
Attn.:  [*]

Primary Obligor:
Amyris Brasil Ltda.
R. James Clerk Maxwell, 315 - Condomínio Techno Park 
Campinas, SP, Brazil 13069-380 
Attn.:  [*]
Any notice addressed as provided above shall be deemed delivered on the date of its receipt, duly evidenced by a receipt signed by the party to which it was delivered if delivered by hand or, in the case of facsimile transmission or mail, by a receipt notice.  Any notice given in accordance with this provision shall not affect the obligations of the Guarantor under this Guarantee incurred before any termination date stated in the notice.
Section 8.  Governing Law and Jurisdiction.  THIS GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO CHOICE OF LAW DOCTRINE (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAWS, WHICH SHALL APPLY HERETO).  THE GUARANTOR IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN THE CITY OF NEW YORK TO ENFORCE OBLIGATIONS UNDER THIS GUARANTEE,  AND WAIVE ANY OBJECTION BASED UPON PERSONAL JURISDICTION, IMPROPER VENUE, OR FORUM NON CONVEINENS WITH RESPECT TO, THESE COURTS. 
The Guarantor further submits, for the purpose of any such suit, action, proceeding or judgment brought or rendered against it, to the appropriate courts of the jurisdiction of its domicile.  Final judgment against the Guarantor in any such suit, action or proceeding shall be conclusive and may be enforced in any other jurisdiction without further review on the merits, including in Brazil, by suit on the judgment, a certified or exemplified copy of which shall be conclusive evidence of the judgment, or in any matter provided by law.
WAIVERS OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
Section 9. Process Agent. (a) For the purposes of this Guarantee, the Guarantor hereby agrees that service of all writs, process and summonses in any suit, action or proceeding brought under this Guarantee may be made upon Corporation Service Company (CSC), 1180 Avenue of the Americas, Suite 210, New York, NY 10036 (the “Process Agent”), and the Guarantor hereby confirms and agrees that the Process Agent has been duly and irrevocably 

[*] Certain portions denoted with an asterisk have been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

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appointed as its agent and true and lawful attorney-in-fact in its name, place and stead to accept such service of any and all such writs, process and summonses, and agrees that the failure of the Process Agent to give any notice of any such service of process to the Guarantor shall not impair or affect the validity of such service or of any judgment based thereon.
(b) The Guarantor hereby irrevocably appoints and constitutes Amyris Brasil Ltda. as its attorney-in-fact, until the full and final payment, discharge and satisfaction of the Guaranteed Obligations, with powers to receive service of legal processes, notifications and subpoenas, in relation to any judicial or extrajudicial proceedings that may be brought against the Guarantor by the Beneficiary in Brazil in connection with this Guarantee and may include the performance of all the acts required for the good and faithful performance of this appointment, and agrees that failure by an attorney-in-fact to notify the Guarantor of the process, notification or subpoena will not invalidate the proceedings concerned.
Section 10.  Amendment.  This Guarantee shall not be amended, supplemented or otherwise modified except by a writing signed by both the Guarantor and the Beneficiary.  No failure or delay of the Beneficiary in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Beneficiary hereunder and under the Financing Documents are cumulative and are not exclusive of any rights or remedies that it would otherwise have. A waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on the Guarantor in any case shall entitle the Guarantor to any other further notice or demand in similar or other circumstances.
Agreed by:
Amyris, Inc.
By  /s/ Jeryl Hilleman    
Name:  Jeryl Hilleman
Title:  CFO

Amyris Brasil Ltda.
By  /s/ Paulo Diniz    /s/ Fabio Schettino    
Name:  Paulo Diniz    Fabio Schettino
Title:  Presidente    CFO
Amyris Brasil Ltda.    Amyris Brasil Ltda.

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ACKNOWLEDGEMENT

STATE OF CALIFORNIA
COUNTY OF ALAMEDA

On November 28, 2011 before me,                  Nicole Carlin                 , Notary Public, personally appeared Jeryl Hilleman, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that she executed the same in her authorized capacity, and that by her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal:

/s/ Nicole Carlin    
Signature of Notary Public
[Notary Stamp]

[Consulate General of Brazil in San Francisco Stamp]

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