1. Latest Developments in DDGS Steven Moore Budapest November 6,2015

2. Pannonia Ethanol Commissioned in 2012 At full capacity, 450 million liters of ethanol production Almost 300,000 MT of Pannonia Gold® Corn oil production €200 Million investment No cash subsidies Top 3 plant globally in temrs of yields Continuous investments and improvements

4. Based on corn production High protein and energy level Higher xantophyll content is favourable for the yellow color of egg yolk and skin GMP+ certified GMO free product Antibiotic free Single source – small shipment sizes Close to the customer Branded product, not a commodity Pannonia Gold DDGS (dry distillers grains and solubles)

5. Consistency DDGS 20142015

6. QUALITY ASSURANCE CORN ANALYSIS Corn: Every item on farm – HPLC analysis – 2500 ppb DON level; 6 ppb Aflatoxin B1 level Quick test after every trucks – 3000ppb DON level; 20 ppb total Aflatoxin level Production: After the grinding - every shift with quick test (DON, Afla total) Products – every batches - with quick test (DON, Afla total) Every batches – with accredited HPLC test ( SGS, Mertcontrol – DON, AFLA B1, ZEA)

7. Markets – DDGS destinations HUNGARY AUSTRIA SERBIA CROATIA SLOVAKIA ITALY ISRAEL GERMANY NETHERLANDS TURKEY ENGLAND IRELAND LATVIA POLAND

8. Logistics High water / low water Winter and locks Scheduled river closure Yet cheap and environmentally sound Environmentally sound Trucks Rail

9. New used and applications Hi Protein DDGS Fiber extraction Phytate extraction 1+1 = 5 Pairing with enzymes Pairing with “nutraceuticals

10. Sustainability and PolicyUsability of DDGS Reducing the protein deficit in the EU Improving carbon footprint Global land us eimprovement GMO free animal feed

11. Going forward China Flat prices Consumer pressure on feed Anti biotics GMO free Labeling and certification Maturing market Value tied to local conditions Industry attempting to drive value with innovation and technology Growing part of revenue mix

12. Thank you for your attention! Please visit our new site www.pannoniagold.com Web: www.pannoniagold.comwww.pannoniagold.com