Fischer-Tropsch Technology: Addressing the Peak Oil Issue Today By Dennis L. Yakobson Rentech, Inc. Presented at The Denver World Oil Conference Beyond Oil: Intelligent Response to Peak Oil Impacts November 10-11, 2005 Sherman Street Events Complex Denver, Colorado

1 The world consumes two barrels of oil for every barrel discovered. So is this something you should be worried about? Advertisement Newsweek Magazine – October 17, 2005

2 Introduction – The Issues at Hand Conventional oil reserves are not located where demand is growing No one technology can address the overall issue – fossil fuel demand is too large Availability of infrastructure limits the use of many alternatives A large readily-available resource is needed to offset near-term implications of peak oil Alternatives must be clean, easily distributed and economically viable in today’s environment

3 One Potential Solution – Fischer-Tropsch (FT) Fischer-Tropsch is a proven technology to transform under-utilized hydrocarbon resources into valuable alternative fuels and chemicals.

4 Fischer-Tropsch – SASOL  160,000 b/d+  Feedstock - Coal Secunda Fischer-Tropsch is a proven technology to transform under-utilized hydrocarbon resources into valuable alternative fuels and chemicals. Sasolburg

5 Fischer-Tropsch – 2005 (continued) Mossel Bay 10 Petro SA 22,500 b/d+ Feedstock - Natural Gas Secunda Sasolburg Fischer-Tropsch is a proven technology to transform under-utilized hydrocarbon resources into valuable alternative fuels and chemicals.

6 Fischer-Tropsch – 2005 (continued) Mossel Bay Bintulu, Malaysia 10 Shell 15,000 b/d+ Feedstock - Natural Gas Secunda Sasolburg Fischer-Tropsch is a proven technology to transform under-utilized hydrocarbon resources into valuable alternative fuels and chemicals.

7 Fischer-Tropsch – 2005 (continued) Nigeria Qatar Mossel Bay 10 Bintulu, Malaysia Sasol Oryx Project 34,000 b/d Feedstock - Natural Gas Online 2006 Fischer-Tropsch is a proven technology to transform under-utilized hydrocarbon resources into valuable alternative fuels and chemicals. Secunda Sasolburg

8 Fischer-Tropsch Technology Production Separation & Upgrading Power Steam CO + H 2 Tail gas DieselNaphtha Synhytech – Pueblo, Colorado, Gas-to-Liquids (GTL) Natural gas Coal-to-Liquids (CTL) Coal Petroleum coke Synthesis Gas Generation CO 2 Sequestration Oil Recovery Enhancement Fischer- Tropsch Synthesis Gas Clean-up

9 Fischer-Tropsch (FT) Drivers Large secure resource base available – coal No new product delivery infrastructure required The fuels are clean-burning and meet all new and foreseeable worldwide environmental regulations FT Slurry Reactor Synhytech, 1992

10 FT Core Product – Ultra-Clean Diesel Fuel FT Diesel Emissions Relative to a Typical Diesel Fuel (Percentage) Source: An average of several government funded studies by NREL & SwRI FT Diesel “No New Infrastructure Required”

11 Fischer-Tropsch (FT) Drivers (continued) Large secure resource base available – coal No new product delivery infrastructure required The fuels are clean-burning and meet all new and foreseeable worldwide environmental regulations Direct increase to a nation’s refining capacity (“no bottom of the barrel”) Enhances the production of other energy- intensive products such as power and chemicals – poly-generation Economically viable in today’s market FT Slurry Reactor Synhytech, 1992

12 Oil Demand – 2025 Oil Demand 2025 (1) % of World North AmericaMiddle EastEmerging Asia (1)EIA/IEA Outlook 2005, Table A.4

13 Oil Demand – 2025 vs. Carbon Resources Reserves: (2) Oil Oil Demand 2025 (1) % of World North AmericaMiddle EastEmerging Asia (1) EIA/IEA Outlook 2005, Table A.4 (2) BP Statistical Review & World Energy, June 2005

14 Oil Demand – 2025 vs. Carbon Resources (continued) Reserves: (2) Oil Natural Gas Oil Demand 2025 (1) % of World North AmericaMiddle EastEmerging Asia (1)EIA/IEA Outlook 2005, Table A.4 (2)BP Statistical Review & World Energy, June 2005

15 Oil Demand – 2025 vs. Carbon Resources (continued) Reserves: (2) Oil Natural Gas Coal Oil Demand 2025 (1) % of World North AmericaMiddle EastEmerging Asia (1)EIA/IEA Outlook 2005, Table A.4 (2)BP Statistical Review & World Energy, June 2005

16 Advanced Clean Coal Potential Impact (3) Efficiency 33% USAChinaIndia Gigawatts (1) Tons Coal (dry basis) 1,154,0001,760,000585,000 per Day (2) Pulverized Coal Technology (3) CO 2 (tons/day)2.9 million4.5 million1.5 million IGCC w/FT (4) CO 2 (5) (tons/day)1.2 million1.8 million0.6 million Barrels/Day1,100,0001,700,000570,000 (4) Efficiency 55% (5) Includes CO 2 sequestration (2) Based upon sub-bituminous coal containing 30% by wt. moisture (1) EIA/IEA International Outlook 20046

17 Development History of a Proven Proprietary and Patented GTL / CTL Technology Sterling

18 Development History of a Proven Proprietary and Patented GTL / CTL Technology (continued) 1989 Sterling Denver

19 Development History of a Proven Proprietary and Patented GTL / CTL Technology (continued) 1991 – 1993 Denver Sterling Pueblo

20 Development History of a Proven Proprietary and Patented GTL / CTL Technology (continued) 2005 Commerce City Sterling Pueblo

21 Development History of a Proven Proprietary and Patented GTL / CTL Technology (continued) 2006 Commerce City Sterling Pueblo

22 Development History of a Proven Proprietary and Patented GTL / CTL Technology (continued) “A 25-Year Instant Success” Royster-Clark E. Dubuque Nitrogen Facility 2005 – Natural Gas 830 t/d ammonia 14 MWe imported power 2009 – After Proposed Conversion to Coal >900 t/d ammonia ~ 5700 b/d FT fuels ~ 37 MWe export power

23 Summary World petroleum demand is growing at an unsustainable rate Conventional oil supplies are defined All available carbon resources need to be considered, engaged and utilized New technologies need to be deployed Depending on physical location – GTL/CTL are viable near-term solutions “In my opinion, the United States has the potential to be the CTL capital of the world.” – Dennis Yakobson

24 Safe Harbor Statement Statements made in this presentation regarding Rentech, Inc. and the information incorporated by reference into this release that are not historical factual statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of It is intended that such forward-looking statements be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of This section is included for purposes of complying with those safe harbor provisions. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of Rentech and its officers and can be identified by the use of terminology such as “may,” “will,” “expect,” “believe,” “intend,” “plan,” “estimate,” “anticipate,” “should” and other comparable terms or the negative of them. In addition, we, through our senior management, from time to time make forward- looking oral and written public statements concerning our expected future operations and other developments. You are cautioned that, while forward-looking statements reflect our good faith belief and best judgment based upon current information, they are not guarantees of future performance and are subject to known and unknown risks and uncertainties. These risks and uncertainties could cause actual results to differ materially from expectations. Factors that could affect Rentech’s results include the availability of financing for the projects, the decision of others as to proceeding with the projects, the timing of various phases of the projects, and the entry into definitive agreements with others related to the projects and our Joint Venture. Any forward-looking statements, whether made in this report or elsewhere, should be considered in context with the risk factors discussed or incorporated by reference in this report and the various disclosures made by us about our businesses in our various public reports including but not limited to forms 10Q and 10K filed with the United States Securities and Exchange Commission which can be accessed through the Company website at at no monetary charge.

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