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This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements can be identified by use of forward-looking terminology such as ?project," ?may," ?expect," ?estimate," ?anti
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2. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements can be identified by use of forward-looking terminology such as project, may, expect, estimate, anticipate or continue or the negative thereof or other variations thereon or comparable terminology. You are cautioned that there are certain risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties are described in our filings with the Securities and Exchange Commission. 2
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4. Alternative Energy Investments 4
5. Ethanol Industry Considerations
6. REX Ethanol Portfolio at 11/1/11 6
7. Acquisition of Additional NuGen Interest
8. REX Ethanol Strategy 8
9. Demand/Pricing Drivers Ethanol
Federal EPA ethanol purchasing mandates continue to rise, requiring refiners to purchase more ethanol each year:
Year Target
2011 12.6 BGY
2012 13.2 BGY
2013 13.8 BGY
2014 14.4 BGY
2015 & beyond 15.0 BGY
$0.45 per gallon VEETC (blenders credit) expires Dec. 31, 2011
Distillers Grain
Rising corn prices have driven DDG pricing increases, helping offset impact on crush spreads
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10. Crush Spread & DDG Pricing 10
11. Operating Results 11
12. Strong Balance Sheet 12
13. 13
14. Capital Allocation Priorities Ethanol plants and other industrial investments
Share repurchases below book value
4.3M shares repurchased last three years + YTD; $13.58 avg. price
Repurchased 1,506,814 shares YTD; $16.86 avg. price
162,455 shares remaining under current repurchase authorization 14
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17. One Earth Energy, LLC Summary 17
18. NuGen Energy, LLC Summary 18
19. Patriot Renewable Fuels, LLC Summary 19
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