Ample Corn Supply and Low-Cost Corn

• Within 125 miles of the plant there are over 600 million bushels of corn with 38 million bushels within 40 miles
• Where the state of Iowa’s surplus corn has gone from 1.2 billion bushels to about 300 million bushels for the whole state, within 125 miles of WWE corn surplus has averaged above 250 million bushels
• In Iowa corn price basis has narrowed to 10 to 20 cents under Chicago, or in some places even with Chicago – WWE’s basis has averaged 87 cents under Chicago over the last year
• WWE corn price basis has actually widened in recent years as a reflection of increased corn production; reduced demand on local corn from Canada as they are growing more corn; and less competition from other ethanol plants and livestock compared to locations in Iowa, Minnesota and Illinois
• Wisconsin is on its way to another record corn crop

Proven Track Record of Top-Tier Efficiency and Performance

• WWE has a professionally managed and operating ethanol production facility
• In the 5 years of operation WWE has never had an hour of lost time due to injury, and WWE has never been cited for environmental non-compliance
• WWE has invested in numerous improvement projects, including expanded grain storage, expanded ethanol production and addition of corn oil extraction
• WWE has implemented Advanced Process Control to optimize the plant and has upgraded the lab equipment and lab procedures to meet stringent Canadian ethanol requirements. WWE is one of the few plants with logistics to meet Canada's Renewable Fuels requirement
• WWE has implemented numerous energy efficiency improvements and has some of the most efficient energy and electricity conversion processes in the country
• WWE has implemented labor saving systems and other cost saving initiatives

Superior Logistics and Competitive Flexibility

• WWE offers flexible and efficient transportation infrastructure which helps ensure long-term competitiveness -- the plant can receive feedstocks via truck or rail, as market conditions dictate, as well as load both ethanol and dried distillers grains via truck or rail
• WWE has a comparatively low level of competition from other ethanol plants
• WWE's northern location and access to the Canadian Northern mainline offer advantaged access to Canada, the Northeast and the Southeast markets for ethanol and co-products
• Ability to market wet distillers grains to local markets as well as dry distillers grains to more distant regional and national markets
• Ability to capture higher value through installed industrial corn oil extraction as well as potentially through the capture and marketing of CO2
• WWE has an ideal urban-adjacent location, which is rural enough so it does not have a large impact on the local community but is close enough to Menomonie, WI, and Minneapolis, MN, to access skilled labor and services