1. OVERVIEW
Renessen Leverages Monsanto’s Biotechnology Prowess and
Cargill’s Process Ingenuity to Create New Opportunities
50:50 JV BETWEEN CARGILL AND MONSANTO
FORMED IN 1999
INTERFACE OF BIOTECHNOLOGY AND PROCESS
TECHNOLOGY
Monsanto Cargill
PROCESSOR
SEED & CROP GRAIN FOOD
BIOTECHNOLOGY GROWER
INPUTS HANDLER MANUFACTURER
ANIMAL
PRODUCER
Developing Technology
&
Commercial Solutions
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2. OVERVIEW
Increased Ethanol Demand Will Set The Stage for Domestic
Competition Between Feed and Fuel
MARKET DISTRIBUTION
FOR U.S. CORN
U.S. ETHANOL MARKET OUTLOOK
A NEAR DOUBLING IN THE
DEMAND FOR CORN USED
IN ETHANOL IN THE NEXT
12 5
FIVE YEARS WILL
4.5
SQUEEZE CURRENT CORN
10
BILLIONS OF GALLONS
BILLIONS OF BUSHELS
4
SUPPLIES
3.5
8
3
2006 2012
6 2.5
2
48% 51%
FEED
4
1.5
FUEL
1
20% 31%
2
ALCOHOL
0.5
0 0
18% 9%
EXPORTS
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
ETHANOL PRODUCED CORN USED FOR ETHANOL
ENDING
16% 6%
STOCK
OTHER
3% 3%
INCLUDING
FOOD
Source: Proexporter Network and Renessen Estimates
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3. OVERVIEW
Corn Is Distributed To Four Major Downstream Markets
CORN DISTRIBUTION BY MAJOR MARKET
FOCUS: CONVENTIONAL DRY MILL PROCESS
Yellow #2 Hammer
Yellow #2 Hammer Distillation Ethanol
Distillation Ethanol
Elevator Fermentation
Elevator Fermentation
Corn Mill
Corn Mill
Drying
Drying
Exports Wet Mill Feed Mill
Exports Wet Mill Feed Mill
DDGs
DDGs
Swine Poultry Cattle
Swine Poultry Cattle
Cattle
Cattle
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DDG = DISTILLERS DRIED GRAIN

4. OVERVIEW
Market Discontinuities Create Opportunity For Value Creation
FOCUS: IOWA
OVERVIEW
ETHANOL PLANTS ARE
BEGINNING TO BE
PLACED IN AREAS
WHERE CORN
PRODUCTION HAS
TRADITIONALLY BEEN
USED AS FEED IN HOG
PRODUCTION
DUBUQUE
THE DRAW ON CORN
FROM THE ETHANOL-
SIOUX
ANIMAL FEED
DYNAMIC WILL CITY CEDAR
CREATE “MICRO
RAPIDS
COMPETITIVE
MARKETS” DRIVING
IOWA
COMPETITION FOR
CITY
AMES
LOCAL CORN
DAVENPORT
OPPORTUNITY
ETHANOL
DES
PRODUCTION THAT
MOINES
ALSO CREATES A
VALUABLE FEED
STREAM FOR HOGS
BURLINGTON
CAN BRIDGE THE
LOCALIZED DEMAND
SHORTAGES FOR CORN
AND CREATE NEW
VALUE
ETHANOL PLANTS UNDER
ETHANOL PLANTS IN WET MILL
CONSTRUCTION
PRODUCTION
MOST
LEAST
INTENSITY OF HOG PRODUCTION: INTENSE
INTENSE
Source: USDA and
Renessen Estimates
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5. TECHNOLOGICAL LEADERSHIP
Nutrient Rich Corn Is the Precursor to Value in Renessen’s
New Corn Processing Technology
KEY NUTRIENT COMPOSITION
Tryptophan Protein
Oil Lysine Launch
%Wt % Wt % Wt Date
% Wt
COMMODITY
3.5 .25 .056 8.0
CORN
MAVERATM HIGH
6.5 .40 .070 8.5 2007
VALUE CORN
WITH LYSINE
First crop based biotech product for
animal feed
Recently deregulated in the US
Coupled with Renessen’s corn
processing technology brings
unique value
5

6. TECHNOLOGICAL LEADERSHIP
Renessen Is Developing New Fractionation Technology
Increasing Refinery Yield and Co-Product Values
RENESSEN
FRACTIONATION
CONVENTIONAL DRY MILL PROCESS
PROCESS
NUTRIENT
NUTRIENT Hammer
Hammer
THE RENESSEN DENSE Distillation Ethanol
DENSE Elevator Fermentation Distillation Ethanol
Elevator Fermentation
FRACTIONATION TECHNOLOGY Mill
CORN Mill
CORN
BOLTS ON TO A
CONVENTIONAL DRY MILL
PROCESS
Drying
Drying
STEP 1:
RENESSEN FRACTIONATION AND EXTRACTION PROCESS
START WITH A
NUTRITIONALLY DENSE CORN
DEVELOPED THROUGH
HIGHLY
HIGHLY HIGH PROTEIN
D
BIOTECH AND ADVANCED C FERMENTABLE
FERMENTABLE
Fractionation LOW OIL DDGs
Fractionation
BREEDING TECHNOLOGIES
FRACTION
FRACTION
STEP 2:
High Oil
High Oil
FRACTIONATE IT THROUGH A Fraction
Fraction
NOVEL PROCESS TECHNOLOGY
Oil
Oil Nutrient-Rich
STEP 3: Nutrient-Rich
Extraction
Extraction Meal
Meal
DELIVER FOUR HIGH VALUE
REVENUE STREAMS
A: CORN OIL AND / OR
BIODIESEL
Corn Oil
Corn Oil
B: HIGH VALUE SWINE
AND POULTRY FEED
C: HIGHLY
FERMENTABLE STARCH
D: HIGH PROTEIN, LOW
OIL DDGs HIGH VALUE SWINE
A B
CORN OIL FOR
AND POULTRY FEED
FOOD AND / OR BIODIESEL
6