D3MAX Technology Deployment Update. Mark Yancey, CTO D3MAX LLC Office: (701) Cell: (303)

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1 D3MAX Technology Deployment Update Mark Yancey, CTO D3MAX LLC Office: (701) Cell: (303)

2 Introduction to D3MAX D3MAX, LLC is a startup technology company created by BBI International in 2015 to develop and license BBI s corn fiber-to-ethanol technology to ethanol plants in the US, Canada and other countries BBI began developing the technology in 2007 and received a patent in 2012; the patent is now owned by D3MAX D3MAX is owned by its investors and founders; the company is managed by a board of managers which includes Joe and Tom Bryan, Mark Yancey and a General Manager from an ethanol plant

3 D3MAX a Bolt-on Technology Liquefaction Hammer Mill Slurry Tank Cook Tank Fermenters Distillation System Thin stillage to evaps Beer Well Ethanol Storage Dry Mill Decanter Whole Stillage Mole Sieves D3MAX Wet Cake Tank Hydrolysis/ Fermentation Tanks Distillation System steam Jet Pretreatment Cooker Cook Tank Flash Tank Decanter Thin stillage to evaps Beer Well Wet cake to dryer

4 Advantages of D3MAX Corn fiber in wet cake has been cooked by the ethanol plant resulting in low pretreatment temp and pressure (lower capex and opex) True plug flow pretreatment reactor results in higher sugar yields High solids in wet cake results in lower capex and opex Low cellulase enzyme dose due to low lignin in wet cake and high conversion of cellulose to glucose in pretreatment (lower opex) True bolt-on technology, no major modifications to the dry mill High protein animal feed product is suitable for ruminant and monogastric animals

5 D3MAX Project Update Completed FEL 2 design of a commercial D3MAX plant in January 2017 Completed fabrication of the D3MAX pilot system in February 2017 On Feb 16, 2017, D3MAX announced that its skid-mounted pilot system would be installed at Ace Ethanol in Stanley, WI The pilot system was delivered to Ace Ethanol on Feb 28; Ace connected utilities and conducted shakedown tests through March 10; the first pilot-scale pretreatment test was conducted on March 14 Ace Ethanol, Stanley, WI

6 Pilot System Design The D3MAX pilot system was designed and constructed by Ohio-based AdvanceBio Systems; the pilot design is based on the D3MAX patent and the conceptual design provided by D3MAX D3MAX Pilot System BFD Enzymes Yeast and Nutrients Wet Cake Steam Hydrolysis and Fermentation water Feed Tank Beer acid Pretreatment Reactor Flash Steam Flash Tank Pretreated Wet Cake

7 D3MAX Pilot System - shop fab nearly complete

8 Ready for shipment; installed at Ace

9 Pilot system ready for operation

10 Flash Tank, Fermenter, Feed Tank

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18 Preliminary Test Results Achieved >90% xylose yield in our very first pretreatment test; we routinely achieve >90% xylose and arabinose sugar yields in pretreatment (includes both monomers and oligomers) Pilot-scale enzymatic hydrolysis and fermentation has gone very well; need to increase solids loading First beer produced was easily separated into cake and thin stillage Need to work out the cost of pretreatment (reactor size and energy use) versus cost of enzymes Need to establish enzymatic hydrolysis and fermentation parameters for scale up

19 Xylose Yield vs Severity Factor Monomeric Xylose Yield Xylose Yield Severity Factor; SF=(10^-pH)*t*exp((T-100)/14.75)

20 Commercialization Schedule Pilot testing began March 2017 Pilot testing will be followed by FEL 3 design and integration with the first host ethanol plant Construction of the first D3MAX plant is expected to start about Sept 2017 with commercial operation in October 2018 D3MAX Schedule Activity Start Finish Pilot Testing Mar-17 May-17 FEL 3 Design May-17 July-17 Financing July-17 Aug-17 Construction Sept-17 Aug-18 Startup Sept-18 Oct-18 Commercial Operation Oct-18

21 Benefits of D3MAX D3MAX is a bolt-on technology for dry mill ethanol plants 8-10% increase in ethanol production with no increase in corn grind Natural gas for DDGS drying is reduced 20% Protein in DDGS is increased from 30% to 40%; the resulting animal feed product is suitable for ruminant and monogastric animals Corn grind can be increased to utilize excess dryer capacity Corn oil available for recovery is increased by about 0.5 lb/bu D3MAX maximizes cellulosic ethanol production and D3 RIN generation from corn fiber and residual starch in wet cake

22 Summary By choosing wet cake as its feedstock, D3MAX is able to achieve higher cellulosic ethanol production with lower capex and opex versus competing technologies Significant market pull for D3MAX due to: /gal increase in net profit for all dry mill gallons One year payback on your investment in D3MAX technology Expands the domestic market for DDGS China has imposed significant tariffs on US DDGS Cellulosic gallons are needed to maintain current RFS

23 Ace Ethanol President and GM, Neal Kemmet: We see this type of bolt-on technology as a clear path forward for cellulosic ethanol, says Neal Kemmet, president and general manager at ACE Ethanol, LLC. Of course, much will be determined during the next phase of pilot testing. However, if successful, we feel the D3MAX process will be key in allowing current producers to lead the way for the next generation of ethanol production.

24 A special thanks to Ace Ethanol for their support, especially Joe Fischer, Colton Walz, Neal Kemmet, and the entire Ace maintenance team! Your support and enthusiasm has been instrumental in achieving the progress we have made in a very short time.

25 D3MAX Maximize profits Maximize D3 RINs Maximize corn grind Maximize ethanol yield Maximize corn oil recovery Maximize corn fiber to ethanol DISTILLERS MAX