Green Plains : Investor Presentation - May 2024

Investor Presentation

May 2024

Forward-Looking Statements

This presentation includes forward-looking statements that reflect management's current views of company performance, industry conditions and future economic environment. These statements are based on assumptions and various factors that are subject to risks and uncertainties. Green Plains has provided additional information about such risks and uncertainties that could cause actual results to differ materially from those expressed or implied in its reports filed with the Securities and Exchange Commission.

Forward-looking statements are made in accordance with safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations which involve a number of risks and uncertainties and do not relate strictly to historical or current facts, but rather to plans and objectives for future operations. These statements include words such as "anticipate," "believe," "continue," "estimate," "expect," "intend," "outlook," "plan," "predict," "may," "could," "should," "will" and similar words and phrases as well as statements regarding future operating or financial performance or guidance, business strategy, environment, key trends and benefits of actual or planned acquisitions.

Factors that could cause actual results to differ from those expressed or implied are discussed in this report under "Risk Factors" or incorporated by reference. Specifically, we may experience fluctuations in future operating results due to a number of economic conditions, including: disruption caused by health epidemics, such as the COVID-19 outbreak; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions; financial market risks; counterparty risks; risks associated with changes to government policy or regulation, including changes to tax laws; risks related to acquisitions and disposition activities and achieving anticipated results; risks associated with merchant trading; risks related to our equity method investees and other factors detailed in reports filed with the SEC.

We believe our expectations regarding future events are based on reasonable assumptions; however, these assumptions may not be accurate or account for all risks and uncertainties. Consequently, forward-looking statements are not guaranteed. Actual results may vary materially from those expressed or implied in our forward- looking statements. In addition, we are not obligated and do not intend to update our forward-looking statements as a result of new information unless it is required by applicable securities laws. We caution investors not to place undue reliance on forward-looking statements, which represent management's views as of the date of this report or documents incorporated by reference.

This presentation also includes estimated projections of future operating results. This information is not fact and should not be relied upon as being necessarily indicative of future results; the projections were prepared in good faith by management and are based on numerous assumptions that may prove to be wrong. Important factors that may affect actual results and cause the projections to not be achieved include, but are not limited to, risks and uncertainties relating to the company and other factors described under "Risk Factors" sections of the Company's Annual Report on Form 10-K . Actual results may differ materially from those contained in the estimates. Accordingly, there can be no assurance that the estimates will be realized.

Neither the SEC nor any other regulatory body has passed upon the accuracy or adequacy of this presentation. Any representation to the contrary is a criminal offense. Except as otherwise indicated, this presentation speaks as of the date hereof. The delivery of this presentation shall not, under any circumstances, create any implication that there has been no change in the affairs of the company after the date hereof.

Certain of the information contained herein may be derived from information provided by industry sources. While the company believes that such information is accurate and that the sources from which it has been obtained are reliable, it has not independently verified data from these third-party sources.

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Green Plains - A Technology Driven Producer of Low Carbon Ingredients

Operational Areas

		Produces ~900MM gallons of ethanol annually across 10 biorefineries
	Ethanol Production	Produces ~2MM of equivalent dried tons of distillers grain annually
	Originates more than 300MM bushels of corn annually through more than
		5,000 farmer customers
	Fluid Quip	Owns intellectual property driving the growth of DCO Tech , MSC Ultra-
	Technologies	High Protein and CST ; with over 40 patents approved and more pending
		Renewable corn oil capacity of ~300MM lbs today and targeting higher
	Renewable Corn Oil
	yields through deployment of various corn oil technologies
		MSC technology deployed at five Green Plains locations with 330K tons
	Ultra-High Protein
	of Ultra-highProtein capacity, Tharaldson JV coming online in Q2 2024
	Clean Sugar	Expect to have over 200MMlbs / y of dextrose capacity in 2024 with
	Technology	opportunity to expand Shenandoah CST to 500MM lbs / y
		Opportunity to remove ~1.7MM metric tons of CO2 from the atmosphere
	Carbon Reduction
	through planned CCUS initiatives and potential upside from additional CCUS
		opportunities beginning as early as the second half of 2025
		Green Plains Today

$1.7Bn Enterprise Value (1)

$1.3Bn Equity Value (1)

3 Innovation Centers	Own and Control Disruptive
Ag-Tech IP Portfolio

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	1 Equity values as of May 8, 2024, Balance Sheet values as of Mar 31, 2024

We are transforming our assets for a low-carbon future

UNDER OUR GREEN PLAINS 2.0

TRANSFORMATION, WE ARE:

Executing across four strategic areas of growth - value-added ingredients, renewable corn oil, clean sugar and carbon capture - to achieve our long- term goals and lead the way to a low- carbon future.

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Transformation in Biofuels is Happening Today

• Technologies, such as those provided by Fluid Quip Technologies, are driving the transition to a biocampus model
• • Low-carbonintensity proteins
  • Low-carbonintensity renewable corn oil
  • Low-carbonintensity dextrose syrups
  • Low-carbonintensity biofuels
• Biofuel is lowering its carbon intensity and is incentivized by provisions in the IRA to pursue
• • CCUS
  • Cogeneration / combined heat and power
  • Renewable energy sources
  • Regenerative farming
• Low carbon-intensity ethanol and renewable corn oil can serve as crucial feedstocks in the development of Sustainable Aviation Fuels

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MSC Technology Can Significantly

Reduce Volatility While Increasing

Margins

Biorefinery economics see significant improvement through

deployment of MSC technology

• Five Green Plains locations operating MSC technology today

1. Increases yields of renewable corn oil - the most valuable component of corn today

1. Mechanically separates distillers grains into high-valueUltra-High Protein at 50% protein concentration

• 1. Up to 40% lower carbon intensity compared to corn gluten meal globally
• Offers an 11 million ton market at conservative inclusion rates with multiple sub-vertical pet, poultry, swine and aqua segments to diversify sales domestically and internationally
• Commercial production of 60% protein concentration in 3Q 2023
• Sequence brand launched in early 2024 for our 60% protein product
• Targeting commercialization of 20-30% of platform capacity as 60% protein by end of 2024

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Taking Advantage of the Unique Drivers in Renewable Corn Oil

Average CI Pathways for Biodiesel and

Renewable Diesel Feedstock 1

Soybean Oil		55
Canola Oil					54
Tallow, Fats				32
Renewable Corn Oil			30
Used Cooking Oil		20

			Renewable Corn Oil Price 2
	100				(Cents per Pound)
	80
	60
	40
	20
	0
	Jan-20Jan-21Jan-22Jan-23Jan-24
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• MSC technology delivers a sustainable structural advantage by increasing renewable corn oil yields up to 50%

• Renewable corn oil is an advantaged feedstock for renewable diesel and SAF due to its low carbon intensity
• Continued growth in renewable diesel, and new demand from SAF, could drive demand for low CI feedstocks
• We believe the implementation of the 45Z Clean
  Fuel Production Credit in 2025 could drive further value for low CI feedstocks compared to competing vegetable oils

1. Source: California Air Resources Board and company analysis of CARB pathways
2. Source: Jacobsen

Clean Sugar Technology is a Disrupter to Traditional Dextrose Supply Sources

CST - the reason we bought FQT - has the ability to upend

traditional ethanol economics and increase margins on converted

capacity significantly

Opportunity Overview

• Green Plains owns and controls Fluid Quip's Clean Sugar Technology (CST ), which has the potential to disrupt to the traditional global dextrose and glucose syrup suppliers

• CST has the ability to convert grind (starch) at a traditional gen 1 production facility away from ethanol and into low-carbon intensity dextrose corn syrups at a significantly higher and more stable margin than historic fuel margins

• Up to 40% lower carbon-intensitythan comparable products produced at a wet mill

• The CST system at Shenandoah, Iowa is mechanically complete and going through the commissioning process

• Potential sites for future deployment of CST are being evaluated

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World's first commercial-scale Clean Sugar Technology facility is mechanically complete

Clean Sugar Technology Opportunities

Disruptive Ag Technology Fueling the Growth of Bioproducts with Low Carbon Intensity Dextrose

	3-HPA	Green
2,5	solvents	Industrial
FDCA/
		Enzymes
PEF
Butanol			Lactic
		acid

Amino

Polypropylene Bio-based acids2

products

1,3-PDO		EO/
	MEG
Ethylene/		Surfactants
PE
Succinic		F&F1
acid	Citric
	acid

Currently commercially produced in bio- based method - largest growth opportunity

Existing commercial markets, but at small scale - emerging growth opportunity

Not yet commercial - future growth opportunity

1 Flavors and fragrances - E.g., vanillin, nootkatone, patchoulol, valencene 2 E.g., glutamate and lysine

SOURCE: Expert interviews; press search, company websites, annual reports

• FQT's proven, commercialized technology transforms Green Plains from a Gen 1 ethanol producer to an integrated biorefinery with multiple sustainable technologies, including exclusive Clean Sugar Technology

• Fully scalable commercial CST production facility operating at the Innovation Center at York

• Produces an equivalent sugar quality to that of a wet corn mill process, with a production cost advantage and up to 40% reduction in the carbon footprint
• 'Bio-revolution'use of fermentation to produce a variety of products without petroleum additives requires dextrose/glucose, driving potential growth of 7-14billion pounds in demand
• Strong commercial interest from biochemical, biomaterials, synthetic biology and food and beverage industries with multiple ongoing counterparty discussions for first year production capacity

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Carbon Capture, Utilization and Storage (CCUS) is the single largest opportunity for CI reduction

• Our biorefineries generate a
  pure stream of biogenic CO2 emissions from fermentation that we plan to capture
• CCUS reduces the carbon footprint of each biorefinery by ~50% or ~29 CI points positioning these facilities to benefit from state and federal incentives such as 45Q, 45Z and LCFS markets
• Green Plains is utilizing a diversified strategy of CCUS and other initiatives including renewable energy and climate smart ag practices to decarbonize our platform

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