Green Plains Partners LP...Jun 07, 2016 · Thorntons (Midwest and MidSouth) offering E15 at all Chicago locations with conversions starting this spring Auto makers have explicitly

2016 MLPA Investor Conference

June 2, 2016

Green Plains Partners LP

Todd BeckerPresident & Chief Executive Officer

Green Plains Partners LP | NASDAQ: GPP | www.greenplainspartners.com

Page 32016 MLPA Investor Conference | 6.02.16

This presentation includes forward-looking statements within the meaning of federal securities laws. Statements that do not relate strictly to historical

or current facts are forward-looking. These statements contain words such as “possible,” “if,” “will” and “expect” and involve risks and uncertainties

including, among others, that Green Plains Partners’ business plans may change as circumstances warrant because of general market conditions or

other factors. Such statements are based on current expectations, forecasts and projections, including but not limited to, anticipated financial and

operating results, plans, objectives, expectations and intentions that are not historical in nature.

Investors should keep in mind the risk factors and other cautionary statements in Green Plains Partners’ SEC filings when considering these forward-

looking statements. Forward-looking statements do not guarantee future performance or results nor are they necessarily accurate indicators that such

performance or results will be achieved. Green Plains Partners undertakes no obligation, nor does it intend, to update these forward-looking

statements to reflect events or circumstances occurring after this presentation. You are cautioned not to place undue reliance on these forward-

looking statements, which speak only as of the date of this presentation.

Forward-Looking Statements

Partnership Overview


Green Plains Partners LP

Formed in 2015 by Green Plains Inc. to provide fuel storage and transportation services by owning,

operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and

other related assets and businesses

Primary vehicle to expand downstream logistics activities to support Green Plains’ growing ethanol

marketing and distribution business

Vertical integration enables Green Plains to better capture the economic value of these operations within

the ethanol value chain and continue to develop downstream logistic assets

Grain Procurement &

StorageProduction

Storage, Marketing,

Transportation, & LogisticsTerminal Services Distribution

Green Plains Partners’ Initial Assets

DownstreamUpstream


RAIL SYSTEMS

NORFOLK SOUTHERN

BNSF

UNION PACIFIC

CANADIAN NATIONAL

FAIRMONT

SUPERIOR LAKOTA

ATKINSON

ORD

WOOD RIVERCENTRALCITY

SHENANDOAH

OMAHA

OBION

RIGA

BLUFFTON

OKLAHOMA CITY

LITTLE ROCK

BOSSIER CITYCOLLINS

BIRMINGHAM

NASHVILLE

LOUISVILLE

OTTER TAIL

GPP’s ASSETS

ETHANOL STORAGE FACILITIES

BIOFUELS UNIT TRAIN TERMINAL

BIOFUELS TERMINALING FACILITIES

GREEN PLAINS’ ASSETS

CORPORATE HEADQUARTERS

ETHANOL PRODUCTION FACILITIES

HEREFORD

HOPEWELL

Partnership Assets

Ethanol Storage Facilities

30 ethanol storage facilities

located at or near Green

Plains’ 14 ethanol production

plants with production

capacity of 1.2 bgy

Fuel Terminal Facilities

Fuel terminal facilities at eight

locations in seven south-

central U.S. states.

Transportation Assets

~2,550 railcars and trucking

capabilities

Assets with low operating capital

requirements and useful life of 20+ years

Strategically located near

major rail lines in nine U.S. states

enabling transportation to diverse

geographic areas


Our Parent Green Plains Inc.

$68

$130$149

$116

$157

$351

$127

2009 2010 2011 2012 2013 2014 2015

All Others 8.8

Formed in 2004 as an ethanol producer with strategically located, operationally efficient production assets

Growth through acquisition of vertically integrated commodity-processing businesses

Third largest consolidated owner of ethanol production facilities in the world

1,000 employees, $1.9 billion in assets and enterprise value of $1.4 billion

Footprint provides broad understanding of crop and livestock production, export markets, transportation

dynamics and ethanol economics

EBITDA (in millions) US Ethanol Production Capacity (bgy)(1)

1) Renewable Fuels Association Dec 2015

2) POET does not own 100% of all production capacity

ADM 1.8

POET 1.7(2)

Flint Hills 0.8

Valero 1.3

Green Plains 1.2

Top five producers

account for 43% of overall

production capacity


Operating SegmentsGreen Plains Inc.

Agribusiness

Ethanol Production

Marketing & Distribution

Partnership

Up

str

ea

mD

ow

ns

tre

am

56 mmbu of grain storage capacity

70,000-head capacity cattle feedlot with 2.8 mmbu of feed storage

14 dry-mill ethanol plants in 8 states, all with export spec capabilities

Produces 1.2 bgy of ethanol, 3.5 mm tons of livestock feed, 275 mm lbs of

industrial corn oil

Merchant trading of 12 commodities

1.3 billion gallons sold in the last twelve months

Fuel storage and transportation services

Green Plains moves meaningful volumes and positions

across the agricultural and energy supply chain


Green Plains is a 62.5% owner and general partner of the partnership; public owns remaining 35.5%

Long-term, fee-based commercial agreements with our parent and third parties generate stable and

predictable cash flows

Supported by minimum volume or capacity commitments

Since 2009, Green Plains’ ethanol production has averaged 95.3% of daily average production

capacity

Agreement (mmg)Minimum

commitment

Rate per

gallon

Remaining

Term

Storage and

throughput services986 mmgy $0.0500 9.25 yrs

Terminal services

(Birmingham)33.2 mmg $0.0355 1.75 yrs

Railcar capacity (daily

avg. gallons mm)76.9 mmg $0.0358 5.25 yrs

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

110%

-

25

50

75

100

125

150

175

200

225

250

275

300

325

Q1

-09

Q2

-09

Q3

-09

Q4

-09

Q1

-10

Q2

-10

Q3

-10

Q4

-10

Q1

-11

Q2

-11

Q3

-11

Q4

-11

Q1

-12

Q2

-12

Q3

-12

Q4

-12

Q1

-13

Q2

-13

Q3

-13

Q4

-13

Q1

-14

Q2

-14

Q3

-14

Q4

-14

Q1

-15

Q2

-15

Q3

-15

Q4

-15

Q1

-16

Production Production Capacity % of Capacity

Stable, Fee-Based Cash FlowsOur Relationship with Green Plains Inc.

Commercial Agreements with Green Plains Trade(1) Green Plains Production & Utilization History

(mmgy) (% of capacity)

1) Quarterly report on Form 10-Q as of 3.31.16


2011 2012 2013 2014 2015 Q1-2016

Production Capacity (mmgy) 740 740 1,020 1,020 1,055 1,215

EBITDA (1) $148.6 $115.5 $156.6 $350.7 $127.8 $102.3

Interest Expense(1) $36.6 $37.5 $33.4 $39.9 $40.4 $42.0

Gross Debt $636.8 $663.3 $735.2 $672.8 $675.0 $776.7

Working Capital Financing $69.6 $144.4 $171.5 $209.9 $226.9 $277.4

Term Debt $567.2 $518.9 $563.7 $462.9 $448.1 $499.3

Cash & Cash Equivalents $194.6 $280.1 $299.0 $455.3 $411.9 $400.7

Net Term Debt $372.6 $238.8 $264.7 $7.6 $36.2 $98.6

Stockholder's Equity $505.4 $490.5 $545.4 $797.4 $797.8 $769.1

Term Debt / Total Capitalization 52.9% 51.4% 50.8% 36.7% 36.0% 39.4%

Term Debt / EBITDA 3.8x 4.5x 3.6x 1.3x 3.5x 4.9x

EBITDA / Interest Expense 4.1x 3.1x 4.7x 8.8x 3.2x 2.4x

1) Trailing twelve months for Q1-2016

Liquidity & Capital StructureGreen Plains Inc.

Total Assets: $1,919 million Total Debt: $777 million

Assets as of March 31, 2016 Debt as of March 31, 2016

Inventories &

A/R 24%

Cash 21%

Plant Term

Debt 40%Property &

Equipment 48%

Convertible

Notes 14%

Other 10%

Working Cap

Revolver 36%

Other Assets 7%

(in millions)

Ethanol Industry Overview


Domestic Ethanol Landscape

12.0

12.5

13.0

13.5

14.0

14.5

15.0

15.5

2010 2011 2012 2013 2014 2015 2016P

U.S. Demand

U.S. Net Exports

U.S. Production

U.S. is the world’s largest producer of ethanol

216 ethanol plants in the U.S. capable of producing 15.7 bgy of ethanol

Domestic ethanol industry produced 14.8 billion gallons in 2015

13.9 billion gallons of ethanol were consumed, or 9.9% of domestic gasoline supply

RFS II mandate of 14.05 bgy in 2015; 14.5 bgy in 2016; 14.8 bgy proposed for 2017

Domestic Supply and Demand (bgy)

Rest of world 6%China 3%

EU 5%

Brazil 28%

United States 58%

Top Global Ethanol Producers (2015)

Source: U.S. Dept. of Energy, Energy Information Administration, U.S. Dept. of Agriculture, Renewable Fuels Association

United States and Brazil accounted for ~86%

of world ethanol production in 2015


15

17

19

21

23

25

27

29

May-11 Aug-11 Nov-11 Feb-12 May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16

12,000

14,000

16,000

18,000

20,000

22,000

24,000

26,000

Weekly U.S. Ending Stocks Total Days of Demand

First quarter production outpaced demand

Cold weather ideal for ethanol production

Gasoline demand seasonally low; 3-year

average demand is 5.4% lower in Q1 than Q4

Days of production demand are dropping from

Feb 2016 record inventory levels

Implications of increased demand in relatively

tight industry

Domestic Ethanol Supply & DemandIndustry Fundamentals

(thousand barrels) (days)

Source: Energy Information Administration as May 20, 2016


Drivers for increased ethanol demand:

Gasoline demand

Higher ethanol blends

Export demand

Demand for co-products

Margins in the Current EnvironmentIndustry Fundamentals

(thousand barrels) ($ per gallon)

Source: Energy Information Administration as May 20, 2016, company information

-$0.50

-$0.25

$0.00

$0.25

$0.50

$0.75

$1.00

$1.25

$1.50

14,500

16,500

18,500

20,500

22,500

24,500

Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16

Ethanol Inventory Weekly AvgCrush Margins


U.S. weekly implied gasoline demand is strong going into a seasonally more favorable quarter

Four-week average gas demand has been 145.9 bgy, up 3.9% from a year ago

Ethanol blending is up ~3% YoY, approaching 900k+ barrels/day

Domestic Gasoline DemandEthanol Industry Drivers

8.0

8.5

9.0

9.5

10.0

10.5

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

5-year range 2015 2016

(million barrels per day)

Source: Bloomberg


12

38

85

182

244

2012 2013 2014 2015 2016

2016 National Ethanol Conference participants are

projecting blend volumes will increase

65 mmgy in 2016, additional 120 mmgy in 2017

Major retailers are converting stations to E15; consumers

are choosing cheaper gas

33% of total fuel gallons sold at Minnoco (Minnesota)

is E15; targeting 50% of total fuel sales by 2017

Kum and Go (Midwest) will sell E15 at 110+ stores

in 2016

Thorntons (Midwest and MidSouth) offering E15 at all

Chicago locations with conversions starting this spring

Auto makers have explicitly approved the use of E15

in more than 70% of 2016 models sold in the U.S.

Higher Ethanol BlendsEthanol Industry Drivers

Source: Renewable Fuels Association, 2016 data as of April 2016

U.S. Retail Stations Offering E15

Retailers Selling Higher Blends


-

200

400

600

800

1,000

1,200

1,400

2010 2011 2012 2013 2014 2015 March 2016YTD

20

22

24

26

28

30

32

34

36

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Global Ethanol Demand

Global Ethanol Supply

Demand surpasses

supply in 2017

Basics

Global production was 25.6 billion gallons in 2015

Global demand has been growing by 2-3% annually

and projected to surpass supply in 2017

~6% of domestic ethanol was exported in 2015

Domestic exports are anticipated to increase to

between 900 mmg and 1 billion gallons in 2016

Drivers

Global mandates on the rise and growing

Argentina raised its blend mandate by 2% to 12%

Peru looking to expand

Pemex (Mexico) privatization may accelerate

ethanol blending to replace MTBE

Export Demand is GrowingEthanol Industry Drivers

Global Ethanol Supply and Demand Forecast (bgy)

Domestic Ethanol Exports (thousand gallons)

Source: Renewable Fuels Assoc., Energy Information Administration


$0.11

$0.12

$0.13

$0.14

$0.15

$0.16

$0.17

$0.18

$0.19

$0.20

$0.21

Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16

China 30%

Brazil 20%

India 5%

South Korea 6%

Canada 18%

Rest of world 21%

Why US Ethanol?

~250 mmg of U.S. ethanol exported in Q1-2016

~80% went to five countries in Q1-2016

U.S. ethanol is the most economical oxygenate and

octane enhancer in the world

Equivalent value of sugar produced from corn

is 8 cents per pound based on $3.80 per bushel

Sugar was 17.5 cents per pound on May 27, 2016

Why Green Plains Ethanol?

All of our plants are capable of producing export spec

for maximum flexibility

26% of our ethanol production was exported

in Q1-2016

Export Demand is GrowingEthanol Industry Drivers

Ethanol Export Mix: Mar 2016 YTD

Price of Sugar per Pound

Source: Energy Information Administration


World protein demand is projected to increase

demand for animal feed ~4%

~25% U.S. distillers grains exported in 2015

2.4 million metric tons of U.S. distillers grains exported

in Q1-2016

~70% went to six countries in Q1-2016

Case Study: Argentina Spring Rains

Three week disruption in world soybean meal market

due to heavy rains in March-April

Price of soybean meal has increased 32% since

March 31, 2016

Relative value of distillers grains to corn has moved

from 85% in Jan 2016 to 105% in May

Demand for Co-ProductsEthanol Industry Drivers

260

280

300

320

340

360

380

May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16

-

50

100

150

200

250

300

20

10

20

11

20

12

20

13

20

14

20

15

20

16

Soybean Meal DDGs

Price of Soybean Meal (mt)

Relative Value of DDGs to SBM

Market disruptions can cause

sharp responses in prices

Focused on Growth


Production Rate Impact on the Bottom LinePower of the Platform

Parent production capacity of 1.2 bgy

Utilization rate Q1-16 90% 95%

Storage and throughput volume per quarter (91 days) 247 mmgy 273 mmgy 288 mmgy

Storage and throughput revenues per quarter(1) $12.38 mm $13.60 mm $14.4 mm

Distribution coverage ratio 1.02x 1.10x 1.15x

Our parent’s production run rate averaged 87% over the last three quarters versus historical

average of 95.3%

Anticipated production run rate is ~94% for the rest of 2016 based on the current ethanol margin structure

Hopewell plant is running close to its operating capacity

1) Calculated using a rate of $0.05 per gallon, based on Q1-16 results for revenues and expenses


Growth

Expand downstream logistics

activities

Operational Excellence Ownership & Management

Operate assets with minimal

downtime and high utilization

Align interest with unitholders

Senior management team

experience averages 25 years

Downstream Development

Provide third-party ethanol

producers downstream

distribution services

Organic Growth

Green Plains expansion

projects

Minimal growth capex

Accretive Acquisitions

Pursue acquisitions jointly

and independently

5-year ROFO on selected

assets from Green Plains

Interests are Aligned with our ParentPower of the Platform


Multiple Avenues for GrowthPower of the Platform

Production growth by our parent

Expand existing production capacity; capability to increase 50 mmgy

Acquire production assets

Partnership has five-year right of first offer on selected assets

Downstream distribution services development

Acquire or build new downstream terminals

Review opportunities for import/export operations

In progress: Joint venture with Delek US to build a unit-train terminal in Little Rock, AK


Ethanol industry fundamentals are improving since first quarter 2016

Parent has ample liquidity and is well-positioned for growth

Partnership structure conducive for growth

Low maintenance capital and organic growth capital requirements

Revolving credit facility at Green Plains Partners provides significant liquidity to support

growth of the business

Maintain conservative target leverage ratios at Green Plains and Green Plains Partners

Compelling opportunities in the business development pipeline for both companies

Power of the Platform

Green Plains Inc. | NASDAQ: GPRE | www.gpreinc.com

Green Plains Partners LP | NASDAQ: GPP | www.greenplainspartners.com

Appendix


For the three months ended Mar. 31, 2016 Dec. 31, 2015

Storage and throughput services (mmg)(1) 247.0 248.8

Terminal services:

Affiliate 28.7 25.4

Non-affiliate 44.2 51.7

72.9 77.1

Railcar capacity billed (daily avg. gallons, in mm)(1)(2) 72.9 63.6

Selected Operating DataGreen Plains Partners LP

(1) Volumetric data for periods before July 1, 2015, is not considered meaningful.

(2) Full-year railcar capacity is based on capacity since July 1, 2015, when commercial agreement became effective.



Net income $12.2 $12.1

Interest expense 0.3 0.2

Income tax expense 0.2

Depreciation and amortization 1.2 1.4

Transaction costs 0.5

Unit-based compensation expense 0.1

Adjusted EBITDA $13.9 $14.3

Less:

Interest paid and payable 0.3 0.1

Income taxes paid or payable 0.2

Maintenance capital expenditures 0.1 0.1

Distributable cash flow(1) $13.3 $14.1

Distribution declared(2) $13.1 $13.1

Coverage ratio 1.02x 1.08x

Adjusted EBITDA and DCFGreen Plains Partners LP

(in millions)

(1) Distributable cash flow for periods before July 1, 2015, is not considered meaningful.

(2) Represents distributions declared for the applicable quarter and paid in the subsequent quarter.


Assets Mar. 31, 2016 Dec. 31, 2015(1)

Current assets $20.0 $33.9

Property and equipment, net 41.4 41.9

Other assets 19.8 20.0

Total assets $81.2 $95.8

Liabilities and Partners’ Capital

Current liabilities $11.0 $13.6

Long-term debt 58.9 7.9

Other liabilities 2.7 2.5

Total liabilities $72.6 $24.0

Total partners’ capital 8.6 71.8

Total liabilities and partners’ capital $81.2 $95.8

Condensed Balance SheetGreen Plains Partners LP

(in millions)

*

(1) Recast to include the historical balances of assets acquired in a transfer between entities under common control.



Revenues $23.8 $22.7

Operating expenses $11.1 $10.4

Operating income $12.7 $12.3

Other expense ($0.3) ($0.2)

Income before taxes $12.4 $12.1

Net income $12.2 $12.1

Earnings per limited partner unit basic and diluted $0.38 $0.37

Consolidated Income StatementGreen Plains Partners LP

(in million gallons, except per unit amounts)


Green Plains Partners LP (partnership)

Throughput gallons (millions) 160

Rate per gallon $0.05

Projected EBITDA (millions) $8.0 throughput gallons X rate per gallon

Drop down multiple 8.0x

Purchase price of storage assets (millions) $64.0 EBITDA x drop down multiple

Green Plains Inc. (sponsor)

Acquisition price $98.0

Production gallons (millions) 160

Acquisition price per gallon $0.61

New asset price after drop down (millions) $34.0 acquisition price – partnership purchase price

New asset price per gallon $0.21 asset price after drop down / gallons

Drop Down ValuationHopewell and Hereford Storage & Transportation Assets


-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

2010 2011 2012 2013 2014 2015 2016 2017

Ethanol Spread to RBOBEthanol Industry Drivers

Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16

RBOB $1.62 $1.63 $1.62 $1.60 $1.47 $1.43

Ethanol $1.64 $1.64 $1.62 $1.60 $1.58 $1.55

Ethanol Price vs. RBOB $0.02 $0.01 ($0.00) ($0.00) $0.11 $0.12

Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17

RBOB $1.41 $1.41 $1.42 $1.44 $1.66 $1.67

Ethanol $1.53 $1.51 $1.51 $1.51 $1.51 $1.51

Ethanol Price vs. RBOB $0.11 $0.10 $0.09 $0.07 ($0.15) ($0.16)

Historic Ethanol Discount-Premium to RBOB

Source: CME Group

Documents

Green Plains Partners LP...Jun 07, 2016 · Thorntons (Midwest and MidSouth) offering E15 at all Chicago locations with conversions starting this spring Auto makers have explicitly