Renewable Diesel Market Value Proposition
II
UNIQUE OPPORTUNITY + MRL ADVANTAGE
• Renewable Diesel (RD) plays a crucial role in the energy transition economy
Dramatically lower carbon life cycle footprint than electric vehicles
• RD volumes are legally mandated and growing
Emerging role of Sustainable Aviation Fuel (SAF)
• RD industry fundamentals create significant profitability and valuable returns
• RD margins are very stable
• MRL's economics at current market conditions indicate up to $350mm/yr in EBITDA
• Montana Renewables is one of the most advantaged RD projects in North Americal
Very low capital intensity
Quick to market, expect to be fully operational during the fourth quarter of this year
Unique and advantaged location for feedstock sourcing and product placement
• Robust to downside stress case scenario
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