Barley Protein Concentrate The first plant protein with the nutritional quality and potential volume to effectively replace fishmeal in aquaculture feeds

Barley Protein Concentrate MMP developed biological fractionation process, ethanol co product Patent pending US and PCT: Claims for Process; BPC composition; Use in aquaculture Process design: Similar to an ethanol plant but different operating conditions, different enzymes and modified process flow; uses conventional, available equipment

BPC Specifications 60% protein dry basis Crude fiber less than 5% Microbial contamination< 1X10 4 /gram Protein digestibility: 96% salmon and trout Phosphorus less than 0.5%, >60%available Approved by US Food and Drug Administration as protein feed ingredient for aquaculture

Performance Aquaculture Feeding Studies All studies independently conducted by USDA, universities and companies Trout, Atlantic Salmon, Coho, Char, Yellowtail, Cobia, Red Drum BPC equivalent to fishmeal, BPC/fishmeal blends often superior

Salmon Substitution of fishmeal with Barley Protein Concentrate: 17 weeks Gain gr/fish Trout

BPC Characteristics Dry Powder – Bulk Density 50 lbs/cu ft Nominal 60% protein Amino Acid Profile Barley Protein Concentrate % of total weight ala2.53lys2.15 arg3.16met0.99 asp3.50phe3.55 glu14.79pro7.21 gly2.26ser3.04 his1.32thr2.30 ile2.28tyr2.18 leu4.41val2.83 Total58.50 These 16 amino acids account for approximately 97% of total protein determined by assay of total N. BPC contains amino acids not determined by this assay, for example cystine.

BPC Business Development Plan  Construct first facility Montana USA  close to barley supply, US trout markets  5,300 tons BPC, 2 million gallons ethanol/year  Expand Production 5X at Montana site  expansion serves west coast North American, Asian Markets  License or Joint Ventures in Europe  countries with barley supply and aquaculture

Status First BPC Facility  Purchase LOIs for BPC and ethanol  Site selected  Bank commitment for $6.5M debt finance  Total project cost $12.5 million  Seeking additional equity financing  Target - break ground Sept 2012

Financial Model Assumptions  5,300 tons (US), 2 million gallons ethanol/year  Revenue $950/ton, Ethanol $2.20/ gallon (recent US spot price)  Production cost Barley 70% of total cost, $10/cwt ($220/MT) historical high Labor 19 fte, Energy, natural gas and electricity at current prices  Total project cost $12.5 million  $5M equity, $6.5M debt, $1M New Market Tax Credit

Montana Financial Model, One production module, no licensing Revenue Year 1Year 2Year 3Year 4Year 5 BPC Sales $692,550$5,520,833$5,550,425$5,830,000 EtOH sales $955,000 4,505,000 7,752,065 4,705,222 4,805,333 MT Prod.Payment 0400,444 Total Income$1,647,550 10,426,278$10,440,98110,575,666 11,035,778 Expenses Materials $1,882,645$4,618,067$4,757,468$4,895,268$5,035,471 Wages 370,0871,026,3751,247,0491,317,7941,370,506 Utilities $135,171$617,609$630,031$640,449$651,034 Misc'll $199,536$671,328$319,026$397,952$399,973 Marketing $0$300,000 Total Expenses $2,587,440$7,233,378$7,253,574$7,551,463$7,756,984 EBITDA($939,890)$3,192,899$3,187,407$3,024,203 3,278,793

Expanded Montana Operation Five production modules & Licensing RevenueYear 1Year 2Year 3Year 4Year 5 BPC Sales$692,550$5,520,833$9,477,725$28,907,083$34,980,000 EtOH sales955,0004,505,0007,752,06523,330,06028,832,000 MT Prod.Payment0400,444684,0931,985,5372,402,667 Licensing01,000,0001,500,0003,000,0001,000,000 Royalties00534,3752,137,5003,206,250 Total Income$1,647,550$11,426,278$19,948,257$59,360,181$70,420,917 Expenses Materials$1,882,645$4,618,067$8,127,342$24,272,373$30,212,827 Wages370,0871,026,3751,480,0091,564,3991,626,975 Utilities$135,171$617,609$1,070,353$3,142,307$3,302,742 Misc'll$199,536$707,078$514,576$1,874,303$2,181,251 Marketing$0$300,000 Total Expenses$2,587,440$7,269,128$11,492,280$31,153,382$37,623,795 EBITDA($939,890)$4,157,149$8,455,977$28,206,799$32,797,122