1. Food AND Fuel. Guaranteed. By: Dave Vander Griend July 21, 2008

2. Food AND Fuel Presentation Overview Line of Sight – Food and Fuel – Plant Energy Independence – Vision for the Future Total Kernel Optimization – Product Overviews – Market Opportunities – Economic Models Summary – Benefits – Steps Forward

3. Anticipation of Industry Future LINE OF SIGHT= What We’ve Learned + What We See + What We’re Delivering

4. Biofuels Create Value in Grain: Encourages World Grain Production *Data Courtesy POET

5. World Coarse Grains Area vs. Demand

6. World Coarse Grain Area vs. Average US Corn Price

7. US Corn Feed Use

8. Rising Protein Demand

9. Ethanol Reduces Cost of Protein

10. Ethanol Helps Offset Rising Food Costs USDA -- “Given that less than a third of retail food contains corn as a major ingredient, these rising prices for corn-related products would raise overall U.S. retail food prices less than 1 percentage point per year above the normal rate of inflation.” Amber Waves, February 2008. May 5th: OPIS National Retail Average of $3.60/gallon DOE Usage Approximation of 140B gallons gasoline Merrill Lynch estimates biofuels reduce gas prices 15% Iowa State estimates biofuels reduce gas prices ~10% 15 % = US citizens save $75.6B because of biofuels 10 % = US citizens save $50.4B because of biofuels

11. What Food Comes With Your Fuel? Food-grade Corn Oil Food-grade Protein Food-grade Snack Grits & Flour High-protein Distillers’ Grains Single-cell Protein for Feed Bran for Dietary Fiber

12. Gaining Energy Independence 80%+ Reduction of Natural Gas <10,000 btu Natural Gas/Gallon Ethanol Ability to Use Wood Chips, Stover, Bran, Municipal Waste, Landfill Gas Methane Production with Single Cell Process Turbines for Electricity Generation Reduce Carbon Footprint – CO 2 Trading Eliminate the “Energy Balance” Debate

13. Traditional Dry Mill Plant ICM’s Line of Sight The Future of Ethanol Production Ethanol Production with Dry Fractionation Stand-alone Cellulosic Ethanol Plant

14. Traditional Dry Mill Plant Traditional Dry Grind Co-Products

15. Traditional Dry Grind Plant Existing Products Insurance, Maintenance, APC Insurance, Maintenance, APC Current Optimization Solutions Back-end Oil Extraction Steam Turbine Molecular Sieve Upgrade

16. Traditional Dry Grind Plant Dry Fractionation Line of Sight Next Step Forward—Dry Fractionation Traditional Dry Grind Plant

17. Dry Fractionation Endosperm Dry Fractionation Co-Products

18. Dry Fractionation Future ICM R&D Food-grade Corn Oil Refining Single Cell Protein from Syrup Sedicanter (Thin Stillage Distillation) Protein Separation Cellulosic Ethanol Production Endosperm Future ICM R&D Efforts Center on Dry Fractionation Technology

19. Strategic & Corporate Benefits Headline Value – “Renewable Energy Company Leads World to New Sources of Food” First Mover’s Advantage – Develop Emerging Markets and Establish Off-Take Agreements Before Others Access to Markets – New Food Products Increase Company’s Financial Value

20. Total Kernel Optimization: Sustainability as Primary Objective Practical Solutions for New Renewables: ICM’s Food AND Fuel Technology Package – Dry Fractionation w/ Solid Fuel Combustion – Germ-Oil Extraction – Food-Grade Protein from Germ – High-Value Feed Protein (Single-cell) – Cellulosic Ethanol from Corn Fiber

21. Dry Fractionation Mill Preliminary Foot print – 80’x120’ for 70mmgy

22. Dry Fractionation w/ Solid Fuel Combustion

23. Food-Grade Oil Extraction Global Corn Oil Demand Increasing Preferred Over Soybean Oil (less trans fat) Oil/Fat Consumption Increases w/ Wealth (China & India) First Mover Gets Access to Present Market Value of Corn Oil $0.82/lb for Refined Food Grade Today Anticipated Minimum Near $0.50/lb 2006 US Corn Oil Supply Equal to Extraction of Thirty 130MMGY Ethanol Plants

24. Food-grade Corn Oil Extraction

25. Food-Grade Germ Protein Functionality and nutritional aspects comparable to egg albumin Food-Grade Protein Concentrate (65%) Initial Estimate of Protein Concentrate Value=$3.00 per Pound Conservative Estimated Value of $1.50/lb

26. Food-grade Germ Protein

27. Single-cell Feed Protein Synthesis Increases Protein Available to Feed Industry Industry Trend is to Remove all Antibiotics from Feed – SCP Can be ‘Live’ as Opposed to ‘Spent Yeast’ – Research Suggests Some Antibiotic Benefits can be Replaced by SCP Feed Comparable to Brewer’s Yeast ($0.55/lb) Min Value is Soybean Meal ($0.17/lb) Conservative Estimate of $0.25/lb

28. Single-cell Protein from Syrup

29. Cellulosic Ethanol from Fiber & Bran Cellulosic Ethanol Expected to Have Higher Market Value (Additional RINs) First Phase Capitalizes on C6 Sugars Increases Value of Fiber & Bran from BTU Value to Liquid Fuel Value

30. Cellulosic Ethanol from Corn Fiber

31. ICM’s Ethanol Plant of the Future

32. Summary Food AND Fuel Plant Energy Independence TKO Return on Investment in < 2 Years New High-value Products and Markets Risk Management Through Diversification Increase Company’s Financial Value

33. Questions? Thank you for coming!