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Diversa achieves milestones under alliance with BASF to develop innovative new enzyme products

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San Diego, California
May 17, 2007

Diversa Corporation (Nasdaq: DVSA), a leader in the development of high-performance specialty enzymes, announced today that it has achieved two important product development milestones under its collaboration agreement with BASF (NYSE: BF), which have resulted in two payments to Diversa in late 2006. Diversa has successfully completed the initial research phase of the program, and both organizations have agreed to take the programs forward to the next development stage. Diversa is currently applying its DirectEvolution(R) enzyme optimization tools to refine the properties of the lead candidate.

In February of 2006, the two companies announced that they had entered into an expanded alliance under which they would focus on improving industrial processes and product performance in key market areas such as pulp and paper and fine chemicals by combining BASF's application know how, chemical and biotechnology expertise, and market knowledge with Diversa's enzyme discovery and optimization technologies. Under the agreement, Diversa is responsible for discovery and optimization of new enzymes, and BASF is responsible for product and process development and all commercialization matters.

"BASF is the world's leading chemical company, and achieving this important milestone reinforces Diversa's ability to provide custom enzyme solutions to a proven market leader," stated Edward T. Shonsey, Diversa's chief executive officer.

"We are very pleased with the progress our teams are making on this project," said Dr. Alfred Hackenberger, president of specialty chemicals research at BASF. "We look forward to continuing to leverage our combined expertise in biotechnology and chemistry in this program, which is aimed at system innovations for diverse industrial applications."

BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products, agricultural products and fine chemicals to crude oil and natural gas. As a reliable partner to virtually all industries, BASF's high-value products and intelligent system solutions help its customers to be more successful. BASF develops new technologies and uses them to meet the challenges of the future and open up additional market opportunities. It combines economic success with environmental protection and social responsibility, thus contributing to a better future. BASF has approximately 95,000 employees and posted sales of 52.6 billion euro in 2006. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA), New York (BF) and Zurich (AN). Further information on BASF is available on the Internet at http://www.basf.com.

Since 1994, San Diego-based Diversa Corporation has pioneered the development of high-performance specialty enzymes. Diversa possesses the world's broadest array of enzymes derived from bio-diverse environments as well as patented DirectEvolution(R) technologies. Diversa customizes enzymes for manufacturers within the alternative fuel, industrial, and health and nutrition markets to enable higher throughput, lower costs, and improved environmental outcomes. On February 12, 2007, Diversa entered into a merger agreement with Celunol Corp. pursuant to which a wholly owned subsidiary of Diversa will merge with and into Celunol, with Celunol as the surviving corporation, becoming a wholly owned subsidiary of Diversa. The proposed merger transaction is subject to customary closing conditions, including receipt of certain regulatory approvals and the approval of the stockholders of Diversa and Celunol. For more information, please visit http://www.diversa.com.

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