Investors Presentation Dr. Stephan Meeder, CFO October 2018

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1 Investors Presentation Dr. Stephan Meeder, CFO October 2018

2 Ethanol the alternative to fossil fuel Domestic renewable raw materials High-quality fuel which can be used in petrol engines Climate-friendly fuel produced sustainably 2

EU - Framework Renewable Energies Directive EU shares of renewable energy in

which up to 7% conventional biofuels Biofuels from wastes and residues: quota 0.

C Source: Eurostat Most pressing concern: transport lags behind Deployment of

3 EU - Framework Renewable Energies Directive EU shares of renewable energy in transport Overall goal 10% renewable energies in the transport sector in 2020 Of which up to 7% conventional biofuels Biofuels from wastes and residues: quota 0.5% + double counting Paris Climate Agreement: restrict global warming to less than 2 C Source: Eurostat Most pressing concern: transport lags behind Deployment of renewables in transport stagnates Road transport still 95% reliant on fossil oil Source: Eurostat (2018) 3

4 EU fuel market today (2016): reality and fiction 70% Petrol Ethanol Biodiesel Diesel 25% 1% 4% 20% Biodiesel/HVO* Palm-based 20% Ethanol 60% Crops Annex IX-A Annex IX-B Electricity 0,5% 0,7% 0,5% 3,3% Others 0,1% still 95% fossil only 5% of renewable energies on road virtually inflated to 7.2% by multipliers Far away from meeting renewable energy targets and GHG-targets 2030 * Excluding palm oil based fuels Source: Eurostat, own estimations 4

5 Ethanol: applications and EU market Ethanol As direct blend to petrol (E5, E10, E85) As component in ETBE (octane booster) Sales of fuel EtOH in H (1,000 m 3 ) % % +7% EU ethanol market 2018e (in million m³) Production: % (+ 2.4 non-fuel) 250 2,000 +0% +23% FR DE BE FI UK Sales and share of E10 (H1 2018) 100% Consumption: % (+ 2.6 non-fuel) Reality: sales up by 7%* in Jan.-May ,500 1,000 75% 50% EU fuel consumption in 2017: 309 million t * Eurostat, own estimate % 0% FR DE BE FI UK Sales of E10 (1,000 t) share of E10 (%) Sources: BAFA, SNPAA; Eurostat, own calculations 5

6 The ethanol markets World production EU production 2017: 120 million m 3 (+2%) 2017: 7.7 million m 3 (+10%) Fuel applications: 101 million m 3 (+3%) Fuel applications: 5.3 million m 3 (+12%) 2018e: 126 million m 3 (+5%) 2018e: 7.7 million m 3 (+1%) Fuel applications: 109 million m³ (+7%) Fuel applications: 5.4 million m³ (+2%) World production of ethanol [M m³] USA Brazil EU Other 10 8 Ethanol production in the EU [M m³] Bioethanol for fuel applications Alcohol for traditional applications e 2019e Source: F.O.Licht e 2019e Source: F.O.Licht 6

7 Our co-products Raw materials are utilized completely Concept of co-production Vital Wheat Gluten Valuable protein product for food and animal feed industry ProtiGrain DDGS High protein animal feed from dried stillage Food-grade liquefied CO 2 For food and beverages industries ProtiWanze CDS Liquid protein animal feed from stillage 7

8 Our locations CropEnergies Inc., Houston, USA Wilton, UK Ensus UK Ltd Trading office São Paulo, Brazil Ryssen Chile SpA, Santiago de Chile, Chile Tank storages Rotterdam Tank storages Amsterdam Zeitz, Germany CropEnergies Bioethanol GmbH Loon-Plage, France Ryssen Alcools SAS Wanze, Belgium BioWanze SA 8

ethanol prices burden result 2018/19 Long term: Framework until 2030 (RED II) under discussion 1.

9 (in million / in,000 m³) CropEnergies: status quo Financial year 2017/18 Increase of production and strengthening #1 position Dividend: 25 (30) eurocents First time debt free Perspective Short term: ethanol prices burden result 2018/19 Long term: Framework until 2030 (RED II) under discussion Revenues / Production /16 16/17 17/18 9

10 ( /t or /m 3 ) Profitability drivers Volatile ethanol prices Price expectation * below previous year March-Aug. 462 /m³ ( 569 in prev. year) Raw materials prices have risen Global grain harvest ** 2018/19 of about 2.1 billion tons at previous year s level expected World stock level lower at 446 Mt (-10%) EU harvest 284 Mt (-7%) slightly below consumption of 286 Mt CE benefits from natural hedge, i.e. strong price correlation between grains and proteins * ethanol T2 FOB Rdam ** without rice Fuel EtOH T2 FOB Rdm. (1M) Gross profit for wheat-etoh Net raw material costs Euronext Paris wheat No. 2 10

11 European ethanol prices (in /m 3 )* * 1M future ethanol T2 FOB Rotterdam 11

12 EU: Renewable Energies Targets 2030 (RED II) Overall target: 32% share of renewable energy Transport: at least 14% renewable energy Crop-based fuels: unchanged Development of alternative fuels from waste and residues Multipliers (e.g. renewable electricity for cars) Less feedstock from carbon-rich areas (e.g. palm oil from rain forest areas) by 2030 Less GHG emission requires less fossil and more renewable energy 7,2% virtual 2,2% 5% Renewables in transport 10% target GHG savings in non-ets sectors 14% 2030 target 30% 7% 10% target 2030 target 12

13 Source: epure 13

The production sites of CropEnergies AG CropEnergies AG Mannheim - Germany Zeitz Germany

thereof up to 60,000 m 3 neutral alcohol >300,000 t ProtiGrain (DDGS) 100,000 t liquefied CO

applications 90,000 m³ ethanol for traditional and technical applications 400,000 m³ ethanol

Raw material: raw alcohol Raw material: grain ProtiGrain Gluten Ethanol as Fuel Ethanol for

14 The production sites of CropEnergies AG CropEnergies AG Mannheim - Germany Zeitz Germany CropEnergies Bioethanol GmbH Wanze Belgium BioWanze SA Loon-Plage France Ryssen Alcools SAS Wilton UK Ensus UK Ltd. Annual capacity: Annual capacity: Annual capacity: Annual capacity: 400,000 m³ ethanol thereof up to 60,000 m 3 neutral alcohol >300,000 t ProtiGrain (DDGS) 100,000 t liquefied CO 2 300,000 m³ ethanol 55,000 t wheat gluten >350,000 t ProtiWanze >100,000 m³ ethanol for fuel applications 90,000 m³ ethanol for traditional and technical applications 400,000 m³ ethanol 350,000 t DDGS Raw materials: grain and sugar syrups Raw materials: wheat and sugar syrups Raw material: raw alcohol Raw material: grain ProtiGrain Gluten Ethanol as Fuel Ethanol for traditional & technical applications ProtiWanze Liquefied carbon dioxide Capacity: more than 1.3 million m³ ethanol and more than 1 million tonnes food and animal feed per year 14

15 Produkte Financials H1 2018/19 & Outlook 15

16 Income statement: 1 st half 2018/19 (in million) 6M 18/19 6M 17/18 Δ Revenues % EBITDA* % Operating profit % Income from operations % Financial result Earnings before income taxes % Taxes on income % Net earnings for the period % Earnings per share (in ) % * without restructuring costs and special items Net earnings for period [M ] 35 1st half 17/ nd half 17/18 7 1st half 18/19 Financial result affected by currency losses from declining GBP Tax rate rises to 46 (25)% 16

17 Cash flow (in million) 6M 18/19 6M 17/18 Δ Cash flow Change in net working capital Net investments Exchange rate changes et al Cash flow (+)/ investments (-) [M ] Free cash flow before dividends Dividends for prior year Free cash flow st half 17/18-5 1st half 18/19 31/08/ /08/2017 Δ Net financial position Investments reduced to 4.7 (12.4) million for improvements in the production plants Dividend payment of 21.8 million made in July

18 Balance sheet structure (in million) 31/08/ /08/2017 Δ 460 Shareholders' equity [M ] Assets Non-current assets % Current assets % Total assets % Liabilities Shareholders' equity % Non-current liabilities % Current liabilities % Total liabilities and equity % /08/17 28/02/18 31/08/18 Net financial position Equity ratio 75% 71% Equity ratio increased again by 4%-points to 75 (71)% Net financial position significantly improved to 36.6 (-8.8) million 18

19 Outlook 2018/19 (as of ) Challenging market environment with low ethanol prices Revenues to range between million EBITDA in the range of million Operating profit to range between million Production pause in Wilton, UK, from end of November 2018 on 19

20 Financial Calendar 09 January 2019: Statement for the 1 st -3 rd quarter of 2018/19 15 May 2019: Annual report and press and analysts conference financial year 2018/19 10 July 2019: Statement for the 1 st quarter of 2019/ July 2019: Annual General Meeting October 2019: Report for the 1 st half of 2019/20 Stock information ISIN: Symbol: Bloomberg / Reuters: Transparency standard: DE000A0LAUP1 CE2 CE2 GY / CE2G.DE Prime Standard Contact CropEnergies AG Maximilianstraße Mannheim Investor Relations Heike Baumbach Phone: +49 (621) ir@cropenergies.de Public Relations / Marketing Nadine Dejung-Custance/ Clarissa Sonnenschein Phone: +49 (621) presse@cropenergies.de Disclaimer This presentation contains forward-looking statements based on assumptions and estimates made by the executive board of CropEnergies AG. Although the executive board may be convinced that these assumptions and estimates are reasonable, the future actual developments and future actual results may vary considerably from the assumptions and estimates due to many external and internal factors. For example, matters to be mentioned in this connection include changes in the general economic conditions, competitive product and pricing pressures and developments in the regulatory framework. CropEnergies AG assumes no responsibility and accepts no liability for future developments and future actual results achieved being the same as the assumptions and estimates included in this presentation. This presentation includes percentage and number rounding. 20

Investors Presentation Dr. Stephan Meeder, CFO November 2018

Investors Presentation Dr. Stephan Meeder, CFO November 2018 Ethanol the alternative to fossil fuel Domestic renewable raw materials High-quality fuel which can be used in petrol engines Climate-friendly