November 2006 Indiana Logistics Summit

1 1 C:\Documents and Settings\nkofosuamaah\Local Settings\Temp\cache\OLK68C\Aventine IPO Roadshow Presentation 38 (no pictures).ppt Ethanol Fundamentals Grain alcohol produced from fermentation of starch or sugar 95% of US ethanol made from corn (a) Ethanol is a gasoline additive and substitute Most cars can run on 10% ethanol gasoline blend Cars can be made to burn 85% ethanol  5 million on the road today Priced relative to regular gasoline (quoted in $ / gallon) Industry has doubled in last 3 years Government mandate doubles renewable fuel demand in next six years (b) (a) (a)Source: Renewable Fuels Association (b) (b)Mandated in 2005 Energy Bill Ethanol as An Additive Ethanol as a % of Gasoline Sold (a) Gasoline 97.3% Ethanol 2.7% 2005 Total Gasoline Demand = 148 billion gallons

2 2 C:\Documents and Settings\nkofosuamaah\Local Settings\Temp\cache\OLK68C\Aventine IPO Roadshow Presentation 38 (no pictures).ppt Visible Production Growth with a Proven Track Record Anticipated Production CapacityExpansion Schedule Billion Goal Pekin Pekin Aurora Mt. Vernon, IN Land Existing Infrastructure Engineering, Procurement, Construction Permit Applications Delta T and Kiewit Negotiations Underway Summer , Capacity Production Startup 3Q081Q093Q081Q07 ICM Fagen Kiewit Delta T and Kiewit Negotiations Underway

3 3 C:\Documents and Settings\nkofosuamaah\Local Settings\Temp\cache\OLK68C\Aventine IPO Roadshow Presentation 38 (no pictures).ppt Integrated Infrastructure Drives Long-Term Customer Relationships Fully-integrated ethanol pure-play Difficult to replicate terminal infrastructure Multiple modes of transportation (truck, rail, and barge) Ability to spread costs across pool Ability to deliver scale and reliability to customers Consistency of fee based revenue Key Customer Relationships

4 4 C:\Documents and Settings\nkofosuamaah\Local Settings\Temp\cache\OLK68C\Aventine IPO Roadshow Presentation 38 (no pictures).ppt Aventine is the Face of Ethanol to Its Customers Dependable supplier of ethanol in large volumes Brings the national market to Midwest ethanol producers Current production in eight states provides distribution flexibility Fragmented industry provides acquisition opportunities Source:Renewable Fuels Association as of April 2006 Aventine 14% Other Ethanol Producers 59% 96 Companies ADM 27% (a) (a) (a)Does not include marketing volumes.

5 5 C:\Documents and Settings\nkofosuamaah\Local Settings\Temp\cache\OLK68C\Aventine IPO Roadshow Presentation 38 (no pictures).ppt Future Ethanol Markets CA – 10% 700 MGPY Atlanta 225 MGPY Boston 250 MGPY Philadelphia 200 MGPY New Jersey 150 MGPY DC/ Baltimore/ VA300 MGPY Dallas/ Houston440 MGPY Florida300 MGPY PADD II1.35BGPY 75%) Total4.0 BGPY

6 6 C:\Documents and Settings\nkofosuamaah\Local Settings\Temp\cache\OLK68C\Aventine IPO Roadshow Presentation 38 (no pictures).ppt Ethanol Value Chain ProductionTransportation Terminalling/ Blending Sale/End-Use Netback Ethanol PriceGross Ethanol Price $ - $ Other Truck & Barge Companies Other Selected Marketers

7 7 C:\Documents and Settings\nkofosuamaah\Local Settings\Temp\cache\OLK68C\Aventine IPO Roadshow Presentation 38 (no pictures).ppt Access to rail, truck and barge transportation   Access to all major railroads in the USA Sixteen Production Facilities   Seven Breakout Terminals Serving Major Markets   Thirty-eight Blend Terminals   Adding at least 11 distribution points in 2006 Reduced Rail Freight Rates Due to Volume Utilize Efficient Movements to Meet Contract Commitments Access to rail, truck and barge transportation   Access to all major railroads in the USA Sixteen Production Facilities   Seven Breakout Terminals Serving Major Markets   Thirty-eight Blend Terminals   Adding at least 11 distribution points in 2006 Reduced Rail Freight Rates Due to Volume Utilize Efficient Movements to Meet Contract Commitments Distribution

8 8 C:\Documents and Settings\nkofosuamaah\Local Settings\Temp\cache\OLK68C\Aventine IPO Roadshow Presentation 38 (no pictures).ppt Distribution 1435 tank cars – more tank cars on order National contracts with the: UP, BNSF, NS, CN, CSX, CPRS Trucks - work with over 80 carriers Terminals - located in 51 terminals with 30 million gallons of off-site storage Unit trains - NS & CSX (Northeast) & BNSF (Southern California)

9 9 C:\Documents and Settings\nkofosuamaah\Local Settings\Temp\cache\OLK68C\Aventine IPO Roadshow Presentation 38 (no pictures).ppt Over 1,435 rail cars under long- term lease 1 ocean-going & 13 inland river barges on time-charter 14 production sites and 51 terminals Extensive blending system with 30 million gallons of capacity (renewal at our option) Access to West, East, and Gulf Coast 25 years of development Competitive Advantage Unmatched Distribution Infrastructure

10 C:\Documents and Settings\nkofosuamaah\Local Settings\Temp\cache\OLK68C\Aventine IPO Roadshow Presentation 38 (no pictures).ppt Where Does Demand Originate? Public Policy Mandate – Renewable Fuels Standard (RFS) currently 7.5 billion gallons by A further increase in the mandate would  help balance supply/demand concerns  provide long-term support for ethanol prices  improve investor sentiment Discretionary Blending by Refiners and Blenders – ethanol can be used  as an octane enhancer  to extend gasoline stocks  to reduce the cost to refiners/blenders Global Growth in Ethanol

11 C:\Documents and Settings\nkofosuamaah\Local Settings\Temp\cache\OLK68C\Aventine IPO Roadshow Presentation 38 (no pictures).ppt Increases in the RFS? Upper and Lower Boundaries for Unadjusted Legislative Demand Projections Legislative Demand (bg/y, backloaded) Year Original RFS Levels (Energy Policy Act of 2005) Lower Bound (Fuel Choices for American Security Act) Upper Bound (Clean Edge Act) 20064, ,700 5, ,4006,6007, ,0007,8009, ,7009,00011, ,40010,20013, ,50011,40015,000 Source: Friedman, Billings, Ramsey & Co., Inc. Research

12 C:\Documents and Settings\nkofosuamaah\Local Settings\Temp\cache\OLK68C\Aventine IPO Roadshow Presentation 38 (no pictures).ppt Export Opportunities Countries increasingly blending ethanol into gasoline Ethanol Requirements for Gasoline Up to 5%Up to 10%Over 10% E.U.U.S.ColumbiaBrazil (2) IndiaCanadaParaguayU.S. (2) JapanChinaAustralia (1)Canada (2) PolandThailandMexico (1)Sweden (2) S. AfricaPeru (1) Under discussion (2) Flex fuel vehicles Source: ANFAVEA and COSAN

13 C:\Documents and Settings\nkofosuamaah\Local Settings\Temp\cache\OLK68C\Aventine IPO Roadshow Presentation 38 (no pictures).ppt Plant Location – Mt. Vernon, IN

14 C:\Documents and Settings\nkofosuamaah\Local Settings\Temp\cache\OLK68C\Aventine IPO Roadshow Presentation 38 (no pictures).ppt 220 Million Per Year Ethanol Plant Approximately $400 Million Project Jobs (estimate includes CGB handling) Inputs  Corn  Natural Gas & Eletricity  Water Outputs  Ethanol  Corn By-Products – Animal Feed Ingredients  Carbon Dioxide Mt. Vernon Project

15 C:\Documents and Settings\nkofosuamaah\Local Settings\Temp\cache\OLK68C\Aventine IPO Roadshow Presentation 38 (no pictures).ppt