Renewable Energy : Q3 2020 Earnings Call Presentation

November 5, 2020

Q3 2020 Earnings Conference Call

© 2020 Renewable Energy Group, Inc. All Rights Reserved.

Speakers

Cynthia (CJ) Warner

President & Chief Executive Officer

Chad Stone

Chief Financial Officer

Todd Robinson

Treasurer

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	2

Safe Harbor

This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including statements regarding our expectations for a strong full year, our planned expansion of our Geismar, Louisiana plant, fourth quarter market forces, our outlook for Q4 2020 for gallons sold and Adjusted EBITDA, and our outlook for full year 2020 for gallons sold and gallons produced.

These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company's inability to obtain the capital needed to complete the expansion project, cost overruns and construction delays, the inability to obtain governmental permits and third party consents required or necessary to initiate or complete the expansion project, the potential impact of COVID-19 on our business and operations, the Company's financial performance, including revenues, cost of revenues and operating expenses; changes in governmental programs and policies requiring or encouraging the use of biofuels, including RFS2 in the United States, renewable fuel policies in Canada and Europe, and state level programs such as California's Low Carbon Fuel Standard, availability of federal and state governmental tax incentives and incentives for biomass-based diesel production; changes in the spread between biomass- based diesel prices and feedstock costs; the availability, future price, and volatility of feedstocks; the availability, future price and volatility of petroleum and products derived from petroleum; risks associated with fire, explosions, leaks and other natural disasters at our facilities; any disruption of operations at our Geismar renewable diesel refinery (which would have a disproportionately adverse effect on our profitability); the unexpected closure of any of our facilities; the effect of excess capacity in the biomass-based diesel industry and announced large plant expansions and potential co-processing of renewable diesel by petroleum refiners; unanticipated changes in the biomass-based diesel market from which we generate almost all of our revenues; seasonal fluctuations in our operating results; potential failure to comply with government regulations; competition in the markets in which we operate; our dependence on sales to a single customer; technological advances or new methods of biomass-based diesel production or the development of energy alternatives to biomass-based diesel; our ability to successfully implement our acquisition strategy; the Company's ability to retain and recruit key personnel; the Company's indebtedness and its compliance, or failure to comply, with restrictive and financial covenants in its various debt agreements; risk management transaction, and other risks and uncertainties described in REG's annual report Form 10-K for the period ended December 31, 2019 and subsequent quarterly reports on Form 10-Q and other periodic filings with the Securities and Exchange Commission.

All forward-looking statements are made as of the date of this presentation and REG does not undertake to update any forward-looking statements based on new developments or changes in our expectations.

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	3

REG Performance in Q3 2020

GALLONS SOLD

GALLONS

PRODUCED

REVENUE

ADJUSTED EBITDA1

176 million

137 million $576 million

$58 million

Strong financial results

(1) Adjusted EBITDA is a non-GAAP measure. See Appendix for the definition of Adjusted EBITDA and reconciliation to Net Income (loss) determined in accordance with GAAP.

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	4

REG Adjusted EBITDA1 Drivers: Q3 2020 vs Q3 2019

SALES OF SELF-

PRODUCED

GALLONS

D4 AVERAGE

PRICE

HOBO SPREAD

+ 1.5 RINS

FEEDSTOCK

COST2

1. Adjusted EBITDA is a non-GAAP measure. See Appendix for the definition of Adjusted EBITDA and reconciliation to Net Income (loss) determined in accordance with GAAP.
2. Weighted average feedstock cost

HOBO = HO NYMEX + 1 - ((CBOT SBO $/lb)/100*7.5)

HOBO + RINs= HOBO + 1.5x D4 RIN

D4 RIN as quoted by OPIS

3% increase

46% increase

$0.59 per gallon lower

$0.04 per gallon increase

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	5

REG Produced Gallons Sold Breakout

160,000,000

140,000,000

120,000,000

100,000,000

80,000,000

60,000,000

40,000,000

20,000,000

0

Q1 2019	Q2 2019	Q3 2019		Q4 2019	Q1 2020	Q2 2020	Q3 2020
				Biodiesel		Renewable Diesel

Note: Includes all self-produced gallons sold.

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	6

Biodiesel Sales to Premium Markets

Gallons Sold

45,000,000

40,000,000

35,000,000

30,000,000

25,000,000

20,000,000

15,000,000

10,000,000

5,000,000

0

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Note: Includes sales of biodiesel into CA, OR, BC, Alberta and Norway.
All REG Ultra Clean® gallons are sold into Premium Markets as well.		7
	© 2020 Renewable Energy Group, Inc. All Rights Reserved.

Total Recordable Incident Rate and DART Rate (Global)

	4.00
	3.00
Rate							Sept
Industry Average:					TRIR
				(0.92)
Incident
2.00	2.1
	1.00
		Industry Leaders: 0.7
	0.00
	Jan-14	Jan-15	Jan-16	Jan-17	Jan-18	Jan-19	Jan-20

TRIR (Total Recordable

Incident Rate)

DART Rate

Industry Average (TRIR)

"Industry Leaders" (TRIR)

DART:

Days away

Restricted

Transferred

Note: TRIR calculated on a twelve month rolling average		8
	© 2020 Renewable Energy Group, Inc. All Rights Reserved.

REG Produced Gallons Breakout

Gallons Produced

160,000,000

140,000,000

120,000,000

100,000,000

80,000,000

60,000,000

40,000,000

20,000,000

0

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

	Biodiesel		Renewable Diesel

Note: Includes all self-produced gallons.

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	9

Industry Sales and Demand

			Gasoline Estimated Demand
Day	13,000
12,000
per	11,000
10,000
Barrels
8,000
	9,000						2019
Thousand	7,000				14% decrease YTD	2020
6,000				2020 vs YTD 2019
	5,000
	4,000
	Jan	Feb	Mar Apr May Jun Jul	Aug	Sep Oct Nov	Dec

Kerosene Jet Fuel Estimated Demand

	2,500
Day	2,000
per
Barrels	1,500
										2019
1,000										2020
Thousand
500									38% decrease YTD
								2020 vs YTD 2019
	-
	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov Dec

Source: DOE & REG

Distillate Estimated Demand

Day

6,500

6,000

per

5,500

Barrels

5,000

2019

4,500

2020

Thousand

4,000

9% decrease YTD

3,500

2020 vs YTD 2019

3,000

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

		Biobased Diesel Estimated Demand
Gallons	250,000
200,000
of	150,000
					2019
Thousands
100,000					2020
	50,000				1% decrease YTD
					2020 vs YTD 2019
	0
	Jan	Feb Mar Apr May Jun	Jul	Aug	Sep Oct Nov	Dec

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	10

HOBO + RIN & HOBO Spread

1.50
1.00
$/gal
0.50
0.00
-0.50
HOBO = HO NYMEX + 1 - ((CBOT SBO $/lb)/100*7.5)	HOBO + RINs	HOBO
HOBO + RINs= HOBO + 1.5x D4 RIN

D4 RIN as quoted by OPIS

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	11

Feedstock Prices

	3.25
	2.75
$/gal	2.25
	1.75
	1.25

CBOT SBO		Choice White Grease		Distiller's Corn Oil		Tech Tallow

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	12

Feedstock Mix

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Feedstock 1

Feedstock 2

Feedstock 3

Feedstock 4

Feedstock 5

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	13

LCFS & Oregon CFP Price

	240.00
	220.00
	200.00
	180.00
$/MT	160.00
	140.00
	120.00
	100.00
	80.00
	LCFS	Oregon CFP

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	14

Planned Geismar Expansion to 340 mmgy

Expected additional capacity:

250 million gallons per year

Expected date of completion: Late 2023

Estimated project cost: $825 million

Proprietary process technology

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	15

Sales of Blends of Biodiesel in Renewable Diesel

Gallons Sold

25,000,000	70% increase Q3	2020
	vs Q3 2019
20,000,000

15,000,000

10,000,000

5,000,000

0

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Note: Includes gallons sold of REG Ultra Clean® from REG self-produced gallons and 3rd party renewable diesel

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	16

End User Customers - Biodiesel Gallons Sold

	3,000,000
	2,500,000
	2,000,000
Sold
Gallons	1,500,000
	1,000,000

500,000

0

26% increase Q3 2020

vs Q3 2019

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Note: Includes gallons sold to end users, e.g. fleets, municipalities, mining companies, etc.

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	17

Q3 2020 REG Carbon Saved

(1)	Carbon reduction based on life cycle analysis of REG-produced fuels versus petroleum diesel.
(2)	epa.gov/energy/greenhouse-gas-equivalencies-calculator
(3)	Assuming annual travel of 11,484 miles/year and national grid average electricity versus gasoline using CA-GREET		18
		© 2020 Renewable Energy Group, Inc. All Rights Reserved.

Third Quarter Financial Highlights

(in millions except for HOBO + RINs)	Q3 2020	Q3 2019	Y/Y Change
HOBO + RINs1	$0.85	$1.44	(41)%
Gallons Sold	176	188	(6)%
Total Revenues	$576	$584	(1)%
Net income (loss) from continuing operations	$26	$(14)	N/M
available to common stockholders
Adjusted EBITDA2,3	$58	$88	(34)%

1. HOBO = HO NYMEX + 1 - ((CBOT SBO $/lb)/100*7.5) --HOBO + RINs= HOBO + 1.5x D4 RIN -- D4 RIN as quoted by OPIS
2. Adjusted EBITDA is a non-GAAP measure. See Appendix for the definition of Adjusted EBITDA and reconciliation to Net Income determined in accordance with GAAP
3. On December 20, 2019, the BTC was retroactively reinstated for 2019 calendar years. The retroactive credit for 2019 resulted in a net benefit to us that was recognized in our Revenue and GAAP financial statements for the quarter ending December 31, 2019. However, because a portion of this credit relates to the operating performance in other periods, our presentation of Adjusted EBITDA reflects the allocation of the net benefit to 2019 based upon the portion of the BTC benefit that related to 2019.

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	19

SG&A per Gallon

$0.25

$0.20

$0.15

$/gal

$0.10

$0.05

$0.00

Q1	Q2	Q3	Q4	Q1	Q2	Q3
		2019			2020

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	20

Trailing 12 Month Adjusted EBITDA1

$ in thousands

450,000

400,000

350,000

300,000

250,000

200,000

150,000

100,000

50,000

-

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2017

2018 2

2019 2

2020

Source: REG

1. Adjusted EBITDA is a non-GAAP measure (in thousands). See Appendix for the definition of Adjusted EBITDA and a detailed reconciliation to Net Income (loss) determined in accordance with GAAP
2. On December 20, 2019, the BTC was retroactively reinstated for the 2018 and 2019 calendar years. The retroactive credit for 2018 and 2019 resulted in a net benefit to us that was recognized in our GAAP financial

statements for the quarter ending December 31, 2019. However, because a portion of this credit relates to the 2018 operating performance, our presentation of Adjusted EBITDA reflects the allocation of the net benefit to
each of the four quarters of 2018 based upon the portion of the BTC benefit that related to that quarter. The portion of the credit related to 2019 was allocated to each of the four quarters based upon the portion of the BTC			21
benefit that related to that quarter.	© 2020	Renewable Energy Group, Inc. All Rights Reserved.

Trailing 12 Month Return on Invested Capital (ROIC)1

40.0%

35.0%

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2017

2018

2019

2020

1. Trailing 12 month ROIC (after-tax EBIT/invested capital). Invested capital= Current assets (excludes cash, restricted cash and marketable securities) - Current liabilities + Net fixed asset + Goodwill + Intangible + Other assets excluding investments - Long term liabilities.

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	22

Balance Sheet

	September 30,	June 30,	December 31,
(in millions)	2020	2020	2019
Cash and Cash Equivalents	$97.2	$148.0	$50.4
Marketable Securities	$184.9	$179.8	----
Receivables	$187.9	$251.2	$858.9
Inventory	$146.0	$160.2	$161.4
Net Working Capital1	$446.6	$524.6	$520.8
Long-term marketable securities	$101.6	---	---
Total Assets	$1,460.4	$1,492.2	$1,785.3
Current Liabilities1	$232.2	$275.0	$588.4
Term Debt2	$67.6	$72.0	$106.0
Total Liabilities	$276.2	$321.7	$653.4

1. Includes $46.9 million, $50.6 million and $69.7 million 2036 Convertible Senior Notes classified as Current Liabilities as of September 30, 2020, June 30, 2020 and December 31, 2019, respectively.
2. Term debt before netting of debt issuance costs of $1.8 million, $1.9 million and $2.8 million at September 30, 2020, June 30, 2020 and December 31, 2019, respectively.

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	23

Liquidity and Capital Structure

	September 30,	June 30,	December 31,
	2020	2020	2019
(in millions except for Book value per share)
Term Debt1	$68	$72	$106
Term Debt/Total Capitalization	5%	6%	9%
Net Book Value	$1,184	$1,170	$1,132
Book value per share2	$30	$30	$29

1. Term debt before netting of debt issuance costs of $1.8 million, $1.9 million and $2.8 million at September 30, 2020, June 30, 2020, and December 31, 2019, respectively.
2. Based on common shares outstanding at the end of each period.

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	24

Fourth Quarter Market Forces

POSITIVE	NEGATIVE
Improving diesel inventories	Low crude prices continue, depressing diesel
Renewable diesel and biodiesel demand	prices
remains relatively robust	Rising DCO and vegetable oil prices
CWG availability and pricing	Margins under ongoing pressure
Broadening public support for clean fuel	COVID resurgence
solutions with low carbon intensity

Overall positive demand outlook with near term tight margin

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	25

Q4 2020 and Full Year 2020 Guidance

	Estimated	Estimated
(in millions)	Q4 2020		FY 2020
Gallons Sold1	150	- 170	650 - 670
Gallons Produced	115	- 135	505 - 525
Adjusted EBITDA2	$30	- $45	$187 - $202

This estimate is based on actual performance through October 26th, existing forward contracts expected to be fulfilled, and existing spot margins being stable through the end of the quarter. Any change to the price of diesel, feedstocks, RINs or LCFS credits through the end of the quarter would be expected to impact the estimated results.

1. Reflects total gallons sold.
2. Adjusted EBITDA is a non-GAAP measure. See Appendix for the definition of Adjusted EBITDA and a detailed reconciliation to Net Income (loss) determined in accordance with GAAP.

Note: This information is based on management's current expectations and estimates, which are based in part on market and industry data. Many factors are outside the control of

management including particularly input costs, and actual results may differ materially from the information set forth above. See "Safe Harbor Statement" in slide 3.

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	26

Upcoming Virtual Conference

Baird Global Industrial Conference

November 12, 2020

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Appendix

28

© 2020 Renewable Energy Group, Inc. All Rights Reserved.

Adjusted EBITDA Reconciliation

(in thousands)			1Q-2020				2Q-2020			3Q-2020			1Q-2019		2Q-2019			3Q-2019			4Q-2019					2019
Net income (loss) from continuing operations:	$	76,853	$			848	$	26,831	$			(41,387)	$		(57,635)	$				(13,753)	$			502,506	$				389,731
Adjustments:
Interest expense				2,472					1,190				1,070				4,219			3,737					2,866				1,354					12,176
Income tax expense (benefit)				1,331					1,629				1,046				(430)			(90)					(629)				579					(570)
Depreciation				8,934					9,103				9,388				9,099			9,142					9,107				8,950					36,298
Amortization of intangible assets				353					318				591				334			510					397				391					1,632
EBITDA	$	89,943	$		13,088	$	38,926		$	(28,165)		$	(44,336)			$		(2,012)		$	513,780		$	439,267
Gain on sale of assets				-					(187)				-				-			-					-				-					-
Change in fair value of contingent liability				-					-				-				304			398					(136)				-					566
Loss (gain) on debt extinguishment				(1,172)					(619)				(18)				2			-					-				(490)					(488)
Gain on lease termination				-					(4,459)				-				-			-					-				-					-
Other (income) expense, net				304					(2,214)				(1,594)				(854)			(691)					(179)				(39)					(1,763)
Impairment of assets				-					-				19,256				-			468					11,145				595					12,208
Non-cash stock compensation				1.367					2,611				1.811				1,353			1,824					1,804				1,726					6,707
Adjusted EBITDA excluding BTC allocation	$	90,442				$	8,220	$	58,381		$	(27,360)		$	(42,337)			$	10,622		$	515,572		$	456,497
Biodiesel tax credit 20181				-					-				-				-			-					-				(238,564)					(238,564)
Biodiesel tax credit 20191				-					-				-				56,385			78,493					77,168				(212,046)					-
Adjusted EBITDA	$	90,442				$	8,220	$	58,381		$	29,025		$	36,156	$			87,790		$	64,962		$	217,933

Total balance may not foot due to rounding.

1. On December 20, 2019, the BTC was retroactively reinstated for the 2018 and 2019 calendar years. The retroactive credit for 2018 and 2019 resulted in a net benefit to us that was recognized in our GAAP financial statements for the quarter ending December 31, 2019. However, because a portion of this credit relates to the 2018 operating performance, our presentation of Adjusted EBITDA reflects the allocation of the net benefit to each of the four quarters of 2018 based upon the portion of the BTC benefit that related to that quarter. The portion of the credit related to 2019 was allocated to each of the four quarters based upon the portion of the BTC benefit that related to that quarter.

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	29

Adjusted EBITDA Reconciliation

(in thousands)		1Q-2018		2Q-2018		3Q-2018	4Q-2018				2018		1Q-2017			2Q-2017		3Q-2017		4Q-2017			2017
Net income (loss) from continuing operations:	$		217,844	$	29,042		$	25,472		$	31,270			$	303,628	$	(12,106)	$	(31,884)	$		(8,413)	$	(13,876)	$	(66,279)
Adjustments:
Interest expense				4,651				4,925				4,003			3,955				17,534				4,536				4,479				4,725			5,015			18,755
Income tax expense (benefit)				(1,203)				3,835				854			2,385				5,871				1,075				1,960				(115)			(33,410)			(30,490)
Depreciation				8,739				9,004				8,977			9,604				36,324				8,313				8,413				8,475			8,578			33,779
Amortization of intangible assets				42				44				52			45				183				(139)				(117)				41			39				(176)
EBITDA	$	230,073	$	46,850		$	39,358		$	47,259	$		363,540	$	1,679	$	(17,149)	$		4,713	$	(33,654)	$	(44,411)
Gain on involuntary conversion				(4,000)				(454)				-			(3)				(4,457)				-				-				(942)			(4,387)			(5,329)
Gain on sale of assets				(990)				-				(13)			(2)				(1,005)				-				-				-			-				-
Change in fair value of convertible debt conversion liability				-				-				-			-				-				172				32,546				(8,560)			(5,325)			18,833
Change in fair value of contingent liability				458				30				185			444				1,117				321				432				1,170			231				2,154
Loss (gain) on debt extinguishment				232				(2,337)				(788)			(3,404)				(6,297)				-				-				-			-				-
Other (income) expense, net				(225)				(2,067)				(486)			(1,240)				(4,018)				297				(32)				(12)			741				994
Impairment of assets1				-				-				-			879				879				-				1,341				-			48,532			49,873
Loss on the Geismar lease termination				-				-				-			-				-				-				3,967				-			-				3,967
Straight-line lease expense				(33)				(3)				(61)			(31)				(128)				(32)				(85)				(85)			(35)				(237)
Executive Severance				165				50				-			-				215				-				-				2,420			991				3,411
Non-cash stock compensation				1,794				2,203				1,227			1,188				6,412				1,308				1,688				2,023			1,890				6,909
Adjusted EBITDA excluding 2017 BTC allocation		$		227,474		$		44,272		$		39,422		$	45,090			$	356,258	$	3,745	$	22,708			$	727	$	8,984	$	36,164
Biodiesel tax credit 20172				(206,521)				-				-			-				(206,521)				36,728				59,365				57,350			53,078			206,521
Biodiesel tax credit 20183				42,847				66,499				71,140			58,078				238,564				-				-				-			-				-
Adjusted EBITDA	$		63,800	$		110,771	$			110,562 $		103,168			$	388,301	$	40,473	$	82,073	$		58,077	$	62,062	$	242,685
Total balance may not foot due to rounding.
(1) Represents the impairment charge to write down the carrying value of certain assets.
(2) On February 9, 2018, the BTC was reinstated for the 2017 calendar year. The retroactive credit for 2017 resulted in a net benefit to us that was recognized in our GAAP financial statements for the quarter ended March 31, 2018. However, because this credi t relates to 2017
operating performance, our presentation of Adjusted net income and Adjusted EBITDA reflects the allocation of the	net benefi t of the reinstatement to each of the four quarters of 2017 based upon gallons sold in the quarters.
(3) On December 20, 2019, the BTC was retroactively reinstated for the 2018 and 2019 calendar years. The retroactive credit for 2018 in a net benefit to us that was recognized in our GAAP financial statements for the quarter ending December 31, 2019. However, because a portion of
this credit relates to the 2018 operating performance, our presentation of Adjusted EBITDA reflects the allocation of the net benefit to each of the four quarters of 2018 based upon the portion of the BTC benefit that related to that quarter.																	30
Note: In the fourth quarter of 2018, the operations of REG Life Sciences were classified as discontinued operations. The Company has excluded the results from these discontinued operations from the calculation of Adjusted EBITDA for all periods presented .	© 2020	Renewable Energy Group, Inc. All Rights Reserved.

Adjusted EBITDA Reconciliation

(in thousands)	1Q-2016	2Q-2016	3Q-2016	4Q-2016	2016
Net income (loss) from continuing operations:	$	(3,790)	$			10,196		$	26,626	$	30,809	$	63,841
Adjustments:
Interest expense			3,311				3,738			4,487			4,451				15,987
Income tax expense (benefit)			728				1,296			(1,203)			3,447				4,268
Depreciation			7,506				7,751			7,839			8,267				31,363
Amortization of intangible assets			(140)				(134)			(129)			(131)				(534)
EBITDA	$	7,615	$	22,847		$	37,620		$	46,843	$		114,925
Contingency gain related to insurance payments			(3,543)				(997)			(3,470)			(1,884)				(9,894)
Change in fair value of convertible debt conversion liability			-				(13,432)			(3,013)			3,400				(13,045)
Change in fair value of contingent liability			(15)				573			369			992				1,919
Other (income) expense, net			88				(2,306)			314			(854)				(2,758)
Impairment of assets1			-				-			-			17,893				17,893
Straight-line lease expense			(94)				(80)			(73)			(38)				(285)
Non-cash stock compensation			1,076				858			2,133			1,829				5,896
Adjusted EBITDA	$	5,127	$	7,463	$	33,880		$	68,181	$	114,651

Total balance may not foot due to rounding.

(1) Represents the impairment charge to write down the carrying value of certain assets.

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	31

Estimated Q4 2020 and FY 2020 Adjusted EBITDA Reconciliation

	Q4 2020		Q4 2020		FY 2020	FY 2020
(in thousands)	Low		High		Low		High
Net income (loss) from continuing operations:				$ 16,400				$ 31,100				$ 121,100				$ 135,600
Adjustments:
Income tax expense (benefit)				300				600				4,200				4,700
Interest expense				1,900				1,900				6,600				6,600
Depreciation				9,700				9,700				37,100				37,100
Amortization				400				400				1,700				1,700
EBITDA	$	28,700	$	43,700	$	170,700	$	185,700
Other (income) expense, net				(600)				(600)				(4,100)				(4,100)
Gain on sale of assets												(200)				(200)
(Gain) loss on debt extinguishment												(1,800)				(1,800)
Gain on lease termination												(4,500)				(4,500)
Impairment of assets												19,300				19,300
Non-cash stock compensation				1,900				1,900				7,600				1,900
Adjusted EBITDA	$	30,000	$	45,000	$	187,000	$	202,000

Note: This information is based on management's current expectations and estimates, which are based in part on market and industry data. Many factors are outside the control of management including particularly input costs, and actual results may differ materially from the information set forth above. See "Safe Harbor Statement" in slide 3.

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	32

Adjusted Third Quarter Highlights

	Q3 2020	Q3 2019	Y/Y Change
GAAP
Total Revenues	$576	$584	(1)%
Operating income (loss)	$27	$(12)	$39
Net income (loss) from continuing operations available	$26	$(14)	$40
to common stockholders
BTC Allocated to Period Earned1 - Non GAAP
Total Revenues	$576	$661	(13)%
Net income from continuing operations available to	$26	$62	(58)%
common stockholders
Adjusted EBITDA	$58	$88	(34)%

(1) BTC benefits are allocated to the respective periods when associated gallons were sold.

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	33

Risk Management

REG's risk management policy works to minimize earnings volatility from feedstock

costs and fuel prices across varying market conditions

	0.5																						2.5000
	0.4
																							2.0000
	0.3
	0.2																						1.5000
$/gal	0.1
	0.0																						1.0000
	-0.1
																							0.5000
	-0.2
	-0.3																						0.0000
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	4Q	1Q	2Q	3Q
		2015			2016			2017			2018			2019			2020

Hedge gain/(loss) per gallon - LHS		NYMEX HO (at end of the period)

Source: REG Analysis		34
	© 2020 Renewable Energy Group, Inc. All Rights Reserved.

ULSD vs Biodiesel Price

3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00

NYMEX HO		B100 - Chicago

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	35

Energy and SBO Market Prices

	4.00
	3.50
	3.00
	2.50
	2.00
gal	1.50
$/
	1.00
	0.50
	0.00
	-0.50
	-1.00
	NYMEX HO	CBOT SBO	B100 - Chicago	WTI Crude Oil

Source: NYMEX and OPIS

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	36

US Petroleum Distillate Stocks and Demand

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	37

Market Data

	Q3 2020	Q3 2019	Y/Y
NYMEX ULSD average price per gallon	$1.20	$1.89	(36.5)%
D4 RIN average price per credit	$0.67	$0.46	45.7%
CBOT Soybean oil average price per gallon	$2.36	$2.14	10.3%
HOBO + 1.5x D4 RIN1 average price per gallon	$0.85	$1.46	(41.0)%
(1) HOBO = HO NYMEX + 1 - ((CBOT SBO $1/lb)/100*7.5)

HOBO + RINs= HOBO + 1.5x D4 RIN

D4 RIN as quoted by OPIS

© 2020 Renewable Energy Group, Inc. All Rights Reserved.	38