© 2014 Cargill, Incorporated. All rights reserved. Cargill Transportations & Logistics (CTL) CONFIDENTIAL. This document contains trade secret information.

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Presentation transcript:

© 2014 Cargill, Incorporated. All rights reserved. Cargill Transportations & Logistics (CTL) CONFIDENTIAL. This document contains trade secret information. Disclosure, use or reproduction outside Cargill or inside Cargill, to or by those employees who do not have a need to know is prohibited except as authorized by Cargill in writing. © 2013 Cargill, Incorporated. All rights reserved. RETAC Bio Fuels Update Ft Worth, TX April 15, 2016

© 2014 Cargill, Incorporated. All rights reserved. Cargill Transportations & Logistics (CTL) US Corn S & D 2 High dollar is impacting corn exports Carryout stocks are growing as a result Farmers are projected to plant 93.6 Myn acres this spring

© 2014 Cargill, Incorporated. All rights reserved. Cargill Transportations & Logistics (CTL) US Corn Stocks to Use Ratio 3

© 2014 Cargill, Incorporated. All rights reserved. Cargill Transportations & Logistics (CTL) Ethanol Production vs. Dry Mill Margin 4

© 2014 Cargill, Incorporated. All rights reserved. Cargill Transportations & Logistics (CTL) US Ethanol Inventory vs. EBITDA 5 Plants are running at close to breakeven levels Returns are down about 12¢/Gal from a year ago

© 2014 Cargill, Incorporated. All rights reserved. Cargill Transportations & Logistics (CTL) US Ethanol Total Supply Chain Inventory 6 Inventory is 944 Myn Gal or approximately 33 days of consumption Production capacity utilization is estimated at 96%

© 2014 Cargill, Incorporated. All rights reserved. Cargill Transportations & Logistics (CTL) EPA Mandate vs. Ethanol Production 7

© 2014 Cargill, Incorporated. All rights reserved. Cargill Transportations & Logistics (CTL) Net Ethanol Exports From US 8 Exports for February were 66.2 Myn Gal. Brazil took 22.1 MG. Canada 14.5 MG and China 8.8 MG

© 2014 Cargill, Incorporated. All rights reserved. Cargill Transportations & Logistics (CTL) Bio Diesel Production production was BG 2016 production estimated at 1.5 BG RFS calls for 1.9 BG

© 2014 Cargill, Incorporated. All rights reserved. Cargill Transportations & Logistics (CTL) Weighted Average Train Speed for Ethanol in MPH 10

© 2014 Cargill, Incorporated. All rights reserved. Cargill Transportations & Logistics (CTL) Total Ethanol Trains Not Moved In Greater Than 48 hours 11

© 2014 Cargill, Incorporated. All rights reserved. Cargill Transportations & Logistics (CTL) Market Comments Increase in total gas consumption in the US is helping drive demand for ethanol Expected increase in cost of corn in E. Corn Belt this summer will likely drive margins to below break even Plants are becoming more efficient which is contributing to excess supply A drop in DDG exports to China is hurting price 12

© 2014 Cargill, Incorporated. All rights reserved. Cargill Transportations & Logistics (CTL) Rail Service & Equipment Rail service continues to be good Heavy tank car requalification's over the next 2 years Repair facility capacity remains tight Tank car lease prices are under pressure as more tanks get built than needed 13