Summary of the Norwegian Project in Brazil. Silvio Taboas as CEO and tabVlae as service provider

1. Biofuel Experience 2007-2009 Introduction

2. Confidentiality Term No part of this material should be circulated, quoted or reproduced for distribution without prior written approval from tabvlae. This material was used by tabvlae during an oral presentation; it is not a complete record of the discussion.

4. Biofuel Management Team

8. History Construction of Destilaria Paranapanema 1980 1984 1990 2000 2003 2007 1st. harvest – production capacity of 15 000 liters of ethanol Deactivated Acquired by sector company Acquired by the Albertina Group Company acquired by Biofuel Energy

9. History 2003 PROJECT INITIATION Acquisition of a 0.3Mtons per annum crushing capacity distillery by Brazilian ethanol investor (Valencia) 2006 STRATEGIC GROWTH ALLIANCE Brazilian ethanol investor and Norwegian energy investors LAND POSITIONS SECURED Long term lease contracts in the Paranapanema region 2007 EPC TURNKEY CONTRACT NEW MILL Signed with consortium of leading Brazilian suppliers EXPANSION CAPITAL RAISED USD 85 million bonds / USD 55 million equity, in June OTC LISTED In July on the NOTC list in Oslo, Norway CONSTRUCTION STARTED ON MILLS Works 1 restructuring and Works 2 green field project started FURTHER LAND POSITION SECURED Land secured with ownership and long-term lease contracts 2008 UMOE MAJOR SHAREHOLDER USD 27 million equity private placement in January FURTHER LAND POSITIONS SECURED Land secured and agricultural mechanical equipment delivered EXECUTIVE MANAGEMENT IN PLACE Strengthened project management and control capabilities CONSTRUCTION IN PROGRESS Phase 1: Works 1 (1.0Mtons) and Works 2 (1.9Mtons) FURTHER CAPITAL RAISED USD 67 million in equity in May PRODUCTION START-UP Works 1 in September 2008 and Works 2 in November 2008

10. Company structure Biofuel Energy ASA (Norwegian) 100% Destilaria Paranapanema S.A. (Brazilian) Owning Brazilian assets Christiania Bioenergia Participações S.A. (Brazilian) 100% ETHANOL POWER LAND AGRICULTURAL INDUSTRIAL CLT

11. Shareholders PER 2009-01-29 NUMBER OF SHARES % UMOE INVEST AS 65.991.895 66,56% UMOE INDUSTRI AS 18.838.000 19,00% VALENCIA S.A.R.L 6.242.285 6,30% CAMILLO ENERGY AS 1.275.000 1,29% RBC DEXIA INVESTOR SERVICES BANK 1.000.000 1,01% SAF INVEST AS 800.000 0,81% MATHIAS HOLDING AS 656.246 0,66% VERDIPAPIRFONDET DANSKE INVE NOR 568.154 0,57% AMROTH AS 550.000 0,55% PECUNIA FORVALTNING AS 355.096 0,36% CAIANO AS 250.000 0,25% WARRENWICKLUND NORGE 200.024 0,20% JACO INVEST AS 165.000 0,17% SJØINVEST AS 165.000 0,17% NB AKSJEFOND 128.099 0,13% FARINVEST AS 127.835 0,13% MORGAN STANLEY & CO. INC. 125.562 0,13% JPMORGAN CHASE BANK 120.360 0,12% AUDLEY A/S 100.000 0,10% CLIPPER A/S 100.000 0,10% TOPP 20 97.758.556 98,60% REST 1.390.781 1,40% TOTAL OUTSTANDING SHARES 99.149.337 SHAREHOLDERS 86

14. Sao Paulo

15. Sao Paulo – Environmental Restrictions

16. Paranapanema

19. Agricultural equipment CLT equipment portfolio Harvest machines 27 planting machines 6 Loaders 120 Tractor loaders and planting tractors 54 truck cane cages 72 truck horses 24 fire trucks 7 repair trucks 17 accessories 26 auxiliary equipment 21

21. Industrial operations Narandiba

22. Industrial operations Sandovalina

23. Cogeneration (electricity production)

24. Current manning INDUSTRIAL Operators, management, supervisiors, project managers 296 AGRICULTURAL Rural employees, agricultural management and supervisiors 1346 ADMINISTRATION All inclusive 95 Total 1737