1. OVERVIEW
Renessen Leverages Monsanto’s Biotechnology
Expertise and Cargill’s Process Capabilities to Create
New Feed Opportunities
50:50 JV between Cargill and Monsanto, formed
in 1999
Interface of biotechnology and process
technology
Monsanto Cargill
Processor
Seed & Crop Grain Food
Biotech Grower
Inputs Handler Manufacturer
Animal
Producer
Developing Technology
1

2. OVERVIEW
Increased Ethanol Demand Will Set Stage for Domestic
Competition Between Feed and Fuel
U.S. ETHANOL MARKET OUTLOOK
ESTIMATED MARKET
DEMAND FOR U.S. CORN
14 30
DEMAND FOR CORN USED
IN ETHANOL IN THE NEXT
12
25
10 YEARS WILL SQUEEZE
BILLIONS OF GALLONS
MILLIONS OF ACRES
CURRENT CORN SUPPLIES
10
20
8
15
2005 2015
6
44% 28%
FEED
10
4
FUEL
15% 35%
5
2
ALCOHOL
0 0
18% 18%
EXPORTS
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
ETHANOL PRODUCED CORN USED FOR ETHANOL OTHER,
23% 19%
INCLUDING
FOOD
SOURCE: PROEXPORTER NETWORK, MONSANTO 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
DDG
DDG
Swine Poultry Cattle
Swine Poultry Cattle
Cattle
Cattle
3
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 the
Renessen Corn Processing System
NUTRIENT COMPOSITION OF MAVERATM HIGH VALUE CORN WITH LYSINE
Protein
Oil Lysine
%Wt % Wt % Wt
COMMODITY
3.5 .25 8.0
CORN
MAVERATM HIGH
6.5 .40 8.5
VALUE CORN
WITH LYSINE
First crop-based biotech product
for animal feed
Recently deregulated in the U.S.
Coupled with Renessen’s Corn
Processing System, brings unique
value
5

6. TECHNOLOGICAL LEADERSHIP
Renessen Is Developing New Corn Processing System
Increasing Refinery Yield and Co-Product Benefit
2006 UPDATE
CONVENTIONAL DRY MILL PROCESS
FOR ALL PRACTICAL
NUTRIENT
NUTRIENT
PURPOSES, THE RENESSEN Hammer
Hammer
DENSE Distillation Ethanol
DENSE Elevator Fermentation Distillation Ethanol
CORN PROCESSING SYSTEM Elevator Fermentation
Mill
CORN Mill
BOLTS ON TO A CORN
CONVENTIONAL DRY MILL
PROCESS
Drying
STEP 1: Drying
RENESSEN FRACTIONATION AND EXTRACTION PROCESS
START WITH A
NUTRITIONALLY DENSE CORN
DEVELOPED THROUGH
HIGHLY
BIOTECH OR A CONVENTIONAL HIGHLY HIGH PROTEIN
4
3 FERMENTABLE
Fractionation
HYBRID FERMENTABLE
Fractionation LOW OIL DDG
FRACTION
FRACTION
STEP 2:
High oil
High oil
PROCESS IT THROUGH A
fraction
fraction
NOVEL PROCESS
TECHNOLOGY DEVELOPED BY
CARGILL AND RENESSEN
Nutrient-rich
Nutrient-rich
STEP 3: Oil extraction
Oil extraction
meal
meal
DELIVER FOUR HIGH VALUE
REVENUE STREAMS
1: HIGH OIL CORN OR
BIODIESEL
Corn oil
Corn oil
2: HIGH VALUE SWINE
AND POULTRY FEED
3: HIGHLY
FERMENTABLE STARCH
4: HIGH PROTEIN, LOW
OIL DDG HIGH VALUE SWINE
1 2
HIGH OIL CORN
AND POULTRY FEED
FOR FOOD OR BIODIESEL
6

7. TECHNOLOGICAL LEADERSHIP
Preliminary Testing of Renessen’s Corn Processing System Is
Delivering on Expectations
KEY MARKET ACRES U.S.
Renessen Corn AVAILABLE MARKET 1B GALLONS
Processing System 0%
PERCENT PENETRATED
PROJECT UPDATE
Preliminary 2006 Pilot Test Results
Refinery Trials:
• Low oil fraction achieved as good as or better refinery yields compared with
conventional dry mills
Animal Trials:
• Free lysine was confirmed to be concentrated in nutrient rich meal for swine
• Nutrient rich meal profile equivalent to that derived from yellow #2 corn with
synthetic additives
DDG Trials:
• Confirmed DDG profile with higher protein content
• Confirmed reduction in amount of DDG produced
Future Testing and Trials
• Perform in vitro and in vivo digestibility trials for energy determination and
amino acid digestibility of DDG
• Accurately measure ethanol yield, final ethanol titer concentration and yeast
viability performance
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8. TIMELINE
Pilot on Track for Near-Term Commercial Opportunity
2006 FRONTLINE
UPDATE
PILOT PLANT COMMERCIAL
THREE PARALLEL
EDDYVILLE, IA START-UP PLANT
PROCESSES ARE IN
PILOT PLANT AND COMMERCIAL START-UP
MOTION TO GENERATE A
CONSTRUCTION PLANT
UNIQUE OPPORTUNITY
BEGINS
CONSTRUCTION
WITH ETHANOL AND
ANIMAL FEED
PROOF OF CONCEPT
PROCESS 1:
2007 2008
2006
VALIDATE THE
TECHNOLOGY AT THE
EDDYVILLE PILOT PLANT
3 FEED TRIALS
1)LARGE COMMERCIAL
SWINE PRODUCER
FEED TRIAL 2ND WAVE OF
2)UNIVERSITY TRIAL
DATA
3)CARGILL ANIMAL FEED TRIALS
COLLECTION
NUTRITION TRIAL
FEEDING TRIALS
PROCESS 2:
2007 2008
2006
CONDUCT LARGE SCALE
RESEARCH TRIALS
EXPANDED
ACREAGE OF
LEAD HYBRID IN LAUNCH MAVERA HIGH
FINAL MAVERA HIGH VALUE CORN
DEVELOPMENT VALUE CORN WITH LYSINE
GERMPLASM DEVELOPMENT
PROCESS 3:
2007 2008
2006
ACCELERATED FOCUS
ON HIGH NUTRIENT CORN
IN ELITE GERMPLASM
8