Adjusting Expectations in Today’s Global Energy Market

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This document is proprietary and confidential. No part of this document may be disclosed in any manner to a third party without the prior written consent of WB Services, LLC. 3

U.S. Motor Gasoline Consumption by year

U.S. Exports of Fuel Ethanol (Thousand Barrels)

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Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2010 324 519 1,153 973 414 387 603 707 929 834 930 1,717

2011 1,364 1,425 2,003 2,865 1,743 1,604 3,036 1,246 2,525 2,895 3,634 4,117

2012 1,819 1,785 1,992 1,775 1,397 1,410 1,519 1,206 1,191 1,284 965 1,313

2013 1,518 1,017 1,312 967 952 796 830 1,182 1,299 1,206 2,134 1,525

2014 2,054 1,605 2,139 1,585 1,263 1,431 1,600 1,292 1,354

Corn

Market Trends

DowNatural Gas ($ per MM Btu)Oil - WTI Crude

5

1996 2005 2014

Crude Oil in the United States

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2013 2014

Daily Consumption *source: eia.gov

18.96 mm barrels/day

18.91*mm barrels/day

*estimated

Daily Production *source: eia.gov

7.46 mm barrels/day

8.57* mm barrels/day

*estimated

Price $100/barrel $69/barrel

Peaked in 1970 at ~10mm barrels/day

Crude Oil in the United States

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A Perfect Storm • Reduced demand for crude oil • Increased crude

production/improved technology

• Strong U.S. Dollar

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• Declining rig count • Drilling and

completion costs make shale reserves dependent on high crude prices

• Shale reservoir development become marginal at low crude prices

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Solidify Competitive Position

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• Be proactive vs. reactive • Engage in long-term vision • Maintain and repair aging valuable assets • Lessons learned: focus on liquidity

• Work together to broaden biofuels industry

• Research & development • Industry collaboration

• Trade association (i.e. Prime the Pump) • Technology partners

• Focus on carbon intensity in decision making • California-driven today • Increased relevancy in the future

This document is proprietary and confidential. No part of this document may be disclosed in any manner to a third party without the prior written consent of WB Services, LLC. 12

This document is proprietary and confidential. No part of this document may be disclosed in any manner to a third party without the prior written consent of WB Services, LLC. 13

Broadening the Industry • Corn oil to renewable

diesel • Renewable diesel to jet fuel • Cellulosic component • Ethanol as a “building

block” • Ethanol to jet fuel • Ethanol to aromatics

• CO2 to Gold

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Ultimately, facilities will move toward a true biorefinery model where each plant manufactures products specific to its geographic location, market, plant enhancement, or other synergy.

Maturing Industry • Many plants with little or no debt • Plant consolidation vs. independent • Many plants with strong equity positions • Uncertain policy environment • Aging plants will require increased focus on

maintenance and repair • Shifting philosophy to product diversification • How to best deploy capital

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Evaluating Plant Improvements

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Net Present Value Analysis vs. Simple Payback The difference between the present value of cash inflows and the present value of cash outflows. Discount Rate: %

Life of Project: years

Initial Cost:

Cash Flow: per year (Assumption of equal cash flow for years 2-10)

7

15

$1,200,000

$508,320

Net Present Value: $2,370,735.32

PV of Expected Cash Flows: $3,570,735.32

Calculate

Maximizing Revenue • Plant optimization • Plant technology • Corn oil production • Corn oil to a higher

value motor fuel

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Current focus of WB Services Two bolt on technologies for generating higher revenue co-products from corn oil: biodiesel and renewable diesel.

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