The document is a management presentation by Ceres, presented at their annual general meeting, outlining their forward-looking information regarding business operations, financial performance, and strategic goals. It highlights Ceres' strong market position in the agricultural sector, expected growth from new projects, and various risks associated with forward-looking statements. Additionally, it includes details on financial targets, operational priorities, and strategic initiatives for future development.

1. Annual General
Meeting
November 15, 2021

2. Management
Presentation
Robert Day
President & CEO

3. This presentation contains "forward-looking information" within the meaning of applicable Canadian securities legislation and United States securities laws.
Such forward-looking information is provided for the purposes of assisting the reader in understanding the business operations, strategy, financial
performance and condition of Ceres. Readers are cautioned that such statements may not be appropriate for other purposes.
Forward-looking information may include, but is not limited to, statements regarding future operations and results, anticipated business prospects and
financial performance of Ceres and its subsidiaries, expectations or projections about the future, strategies and goals for growth, anticipated capital
projects, construction and completion dates and the expected financial and operational consequences of future commitments. Generally, forward-looking
information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "scheduled",
"intends", "anticipates" or "does not anticipate", "believes" or variations of such words and phrases or statements that certain actions, events or results
"may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on a number of assumptions and subject
to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-
looking information. Key assumptions upon which such forward-looking information is based are listed in the "Forward-Looking Information" section of the
Annual Information Form.
Although Ceres believes that the expectations reflected in such forward-looking statements are reasonable and represent Ceres’ internal projections,
expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties which may cause Ceres’ actual performance and
results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking
statements. Important factors that could cause actual results to differ materially from the fund’s expectations include, among other things, among others,
risks related to weather, politics and governments, changes in environmental and other laws and regulations, competitive factors in agricultural, food
processing and feed sectors, construction and completion of capital projects, labor, equipment and material costs, access to capital markets, interest and
currency exchange rates, technological developments, global and local economic conditions, the ability of Ceres to successfully implement strategic
initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of the Corporation’s assets, the availability and
price of commodities and regulatory environment, processes and decisions. While management considers these assumptions to be reasonable based on
currently available information, they may prove to be incorrect.
The forward-looking information contained in this presentation relate only to events or information, as of the date of this presentation. Except as specifically
required by law, Ceres undertakes no obligation update forward-looking information if circumstances or management's estimates or opinions should change,
except as required by applicable securities laws.
3
Forward Looking Statements

4. Market leader
• Top 3 by volume serving U.S. &
select international customers with
Oats, Durum and Spring Wheat
• Evolving from a 5-year turn-around
(Riverland) and startup (Northgate)
with a strong and stable platform
for growth
• Diverse and experienced team
across all job families
4
CERES PLATFORM
A strong & unique position to grow from
Shakopee
Savage
Malt One
Minneapolis
Duluth
Port Colborne
Louisville
Delmar
Northgate
Somerset
Jordan
Beausejour
Winnipeg
Gladstone
Westroc
St. Agathe
Nicklen Siding
• Ceres Asset
• 3rd Party Agreement
Fort Worth
Thief
River Falls

5. Connecting
farmers &
suppliers to
customers
around the world
No company has the position in North
America that we are establishing
• Deep customer relationships & reputation
• Unique, diversified asset base with sourcing
access to both U.S. and Canada
• Direct from farm origination & procurement
• Attractive market: consistent and high-
quality demand
• Ability to develop long-term IP solutions
• Optionality across the supply chain
• Precise trading & risk management
5

6. Adding value
across
agricultural,
energy and
industrial supply
chains
Complementary Business Segments
• Global Ag Supply Chain
• Regional Ag Supply Chain
• Industrial Products Transload
• Energy / Gateway Energy Terminal
Ceres by the Numbers
• ~200 employees
• 14 company-owned locations
• +1M metric tons of storage space
• ~3.5M metric tons handled per year
• ~$50M in gross margins FY2021
6

7. Core Ag Commodities Ag Processing
PRODUCTS
• Birdfeed, Soybean Meal & Oil, Canola Meal & Oil
COMMERCIAL ACTIVITY
• Birdfeed manufacturing, packaging and distribution
• Niche, non-hexane extraction of soybean seed
• Planned, commercial-scale hexane extraction of canola seed
Complementary Ag Commodities
PRODUCTS
• Canola, Rye, Organics, Pulses
COMMERCIAL ACTIVITY
• Originate, handle and merchandise ag products, leveraging Ceres’ core
product asset infrastructure
Non-Ag Supply Chain Services
PRODUCTS
• NGLs, Lumber, Fertilizer, Industrial Products
COMMERCIAL ACTIVITY
• Gateway Energy Terminal, JV with Steel Reef
• Truck to Rail Transloading and Storage at Northgate Industrial Complex
• Volume-driven business model with zero price risk
Business Segments
7
Ceres is a northern-tier grain & oilseed company that is moving up the value chain and further monetizing its unique
infrastructure by providing supply chain and transload services in Energy, Fertilizer and Industrial Product markets.
Grain & Oilseed Merchandizing Value-Added Operations
PRODUCTS
• Durum, Wheat & Oats
COMMERCIAL ACTIVITY
• Origination from Canada & U.S. Northern Plains
• U.S.-anchored customer base plus international customers through
specific U.S. (and possibly Canadian) export gateways
Gross Margins
100% Merchandizing 100% Value Added
80 / 20
(Current Position)
50 / 50
(2025 Goal)

8. EBITDA Fiscal Years 15/16 – 21/22
8
-8.2
1.1
4.4
6.5
16.9
14.9
-$10.0
-$5.0
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (est)
Doesn’t include $8M
write-down of assets
Doesn’t include $8.5M
Scoular settlement + $2M
Canterra write-down
Mlns USDs
Ceres began with a mix of assets, no suppliers or customers, and a strategy. Adding talent and committing to the
strategy has led to a turnaround in financial results.
Validation of strategy
& growth plan
Fiscal Year July 1 – June 30
$15M after Q1
Strongest start to a year
Est. ~$20-30M
EBITDA

9. 9
Goals for 2021: How Did We Do?
1. Maintain trajectory of improved financial results
2. Organically grow and successfully integrate Delmar &
Nicklen Siding
3. Execute on JV project in Northern MN and develop at least
one more grower origination asset
4. Identify incremental efficiency improvements & expansion
investment opportunities inside existing business
5. Institutionalize Account Management process and develop
supply chain solutions for suppliers and end users
6. Explore ways to maximize potential and profitability of
Gateway Energy Terminal
7. Develop and retain talent
>$12M PAT + ~$15M EBITDA
Delmar P&L & Crush Expansion, Nicklen
Volumes & Connection to Core Business
TRF Acquisition Completed, Other
Opportunities Still Underway
Soybean Crush, Northgate & Other
Elevator Improvements
Seed-specific IP, Just In Time Inventory
Rail Car Storage, Internal Propane &
Butane
Executive Team, Key Commercial & Admin,
Talent Retention
✓
✓
✓
✓
✓
✓
✓

10. Grain Merchandizing Overview
10
Objectives
• #1 Durum company serving U.S. market &
exports through U.S. gateways
• #1 Oat supplier to the non-integrated market in
North America
• #1 High Protein Wheat supplier to Mid-Tier
North American Mills
• Maximize other Ag-related businesses
opportunities near origination of core products
Unique Strengths
• “Big fish in smaller ponds” with high market
share in 3 core & complementary products
• Company-owned terminal infrastructure ideally
suited to serve target customers and regions
• Low-cost operator utilizing fixed assets with
complimentary products & trade flows
• Strategic supplier to large customers with
stable volume and opportunity to grow
A completed network is a well-positioned footprint, making Ceres a low-cost operator with broad access to the U.S. and
Canada, able to offer customized supply chain solutions.
S p r i n g W h e a t
Mexico Export
PNW
Export
Ceres-owned origination
Targeted growth origination
Target sales region
Opportunistic sales region
Europe
& Africa
Export
US East,
Midwest &
South
CA / SW

11. Soybean Crush & Non-Ag Supply Chain Services Overview
11
Diversification & adding new businesses / P&Ls contribute to more steady and stable financial results.
Jordan Soybean Crush
• Expanded capacity by 50%, add storage for meal and oil, and
debottleneck the site (on time & under budget)
• Largest soybean crush business in Manitoba
• Positioned to provide sustainability solutions for key accounts in the
Manitoba market
• Adding renewable fuel customers as an outlet for soybean oil
Supply Chain Services
• Propane business is positioned to grow with increases in NGL
production in southern Saskatchewan and North Dakota
• Lumber transload volume provides additional outlet for northern
SK producers; steady growth
• Fertilizer, with Koch Industries, is experiencing steady growth
• Chemical transload businesses continue to experience
incremental growth
• Over time, new opportunities emerge and volumes are expected
to increase

12. Canola Crush Overview
12
Canola Crush is preferred for it’s high oil yield, resulting in a forecasted doubling of crush margins in the decade to come.
Ceres Canola Crush Project in Northgate
• Northgate is well-suited for a crush plant with land, rail infrastructure,
water, local canola supply and a BNSF connection to demand
• Orders have been placed for key equipment, site studies are nearly
complete and full engineering is underway
• Expect to break ground spring 2022 with the plant online during the
last half of 2024
Renewable Diesel Driving Crush Demand
• Expect RD capacity to hit 4.0 billion gallons by 2024 (4x growth)
requiring +10 MMT of incremental vegetable oil feedstock
• In oil-driven market, margins will be strong for all oilseed
processors – especially for high-oil seeds like Canola
• Industry forecasts point to very strong crush margins over the next
decade as the industry adjusts to RD
142
125
144
89
82 75 82
139
41
51
43 48
64
114
179
0
50
100
150
200
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21
$USD/MT
Year
Historical Oilseed Crush Margins
Iowa Soybean Crush SK Canola Crush
*Ag Census Data, Stats Canada, USDA

13. 13
2022 Strategic Initiatives & Tactics
Successfully
Advance Canola
Crush Project
Expand
Grain
Origination
Develop
Value-added
Offerings

14. 14
Expand Grain Origination (U.S. Upper Plains & Western Canada)
• Acquire and/or build assets to originate Spring Wheat, Durum and Oats in areas of stable
production and competitive access to rail logistics
• Co-invest in existing businesses / joint investment projects with independent grower
cooperatives
• Expand and/or leverage existing assets to increase volumes and efficiencies
• Deepen relationships with existing suppliers and JV partners to form long-term partnerships
• Raise capital through means available to management: retained earnings & sale of non-
strategic assets

15. 15
Develop Value-added Offerings
• Institutionalize and work through
Strategic Account Management
process to develop supply chain
solutions for customers
• Seed hybrid-specific origination
• Just-In-Time Logistics
• Sustainability
• Traceability
• Identify where technology can be
used as part of the solution
• Move up the value chain in core products
where Ceres can have a competitive
advantage
• 1st stage processing
• Cleaning and packaging organics &
pulses (Delmar)
• Bagging (Oats)
• Consistently provide competitive prices,
reliable logistics, high quality products &
services, and measure performance

16. 16
Successfully Advance Canola Crush Project
2021 2022 2023 2024
✓ Order Equipment
✓ Hire Engineering Firm
• Select Strategic Partners
• Finalize Plant Design & Capacity
• Obtain Environmental Permit
• Hire Construction Firm
• Determine Power Configuration
• Begin Construction
• Continue Construction
• Install Major Equipment
• Construction Complete
• Plant Commissioned

17. 17
Goals for 2022
Operate Safely / Best
in Class (RIFR < 2.0;
DIFR < 0.2)
Retain and attract
talent by being the
most preferred place to
work in the industry
Maintain trajectory of
improved financial
results
Identify opportunities
to acquire and/or
utilize grower
origination assets
Institutionalize Account
Management process /
Supply chain solutions
Identify opportunities
to increase Northgate
non-ag business and
profitability
Successfully advance
Northgate Canola
Crush Project
1 2 3
4 5 6
7

18. Leadership Team
18
Robert Day, President & CEO
Formerly VP, Trading & Risk Management, Ceres;
Managing Director, ED&F Man; Director, Grain &
Oilseed Supply, Cargill
Jay Bierley, Vice President & CFO
Formerly Financial Director of Asia, Bunge
Sarah Blomquist, Vice President of Human
Resources
Formerly Director, Human Resources, Minnesota
Vikings; Human Resources Management, Cargill
Carlos Paz, Vice President and Commercial Director
Formerly Portfolio Manager, Freepoint Commodities;
Vice President Trading & Oilseed Crush North America &
Global Soybean Meal Desk Head, Cargill
Glen Goldman, Vice President, General Counsel &
Corporate Secretary
Formerly Senior Attorney, Cargill
Pat Gathman, Vice President of Operations
Formerly General Manager Oilseed Crush & Grain
Operations: Bunge, Cargill
Dusty Clevenger, Vice President of Strategy and
Business Development
Formerly Business Development: Agspring, Gavilon,
ADM
Robert Day
P R E S I D E N T & C E O , B O A R D ME MB E R
Glen Goldman
V I C E P R E S I D E N T , G E N E R A L
C O U N S E L & C O R P O R A T E S E C R E T A R Y
Sarah Blomquist
V I C E P R E S I D E N T O F H U MA N
R E S O U R C E S & C O R P O R A T E
A D MI N I S T R A T I O N
Pat Gathman
V I C E P R E S I D E N T , O P E R A T I O N S
Dusty Clevenger
V I C E P R E S I D E N T , S T R A T E G Y A N D
B U S I N E S S D E V E L O P ME N T
Carlos Paz
V I C E P R E S I D E N T & C O MME R C I A L
D I R E C T O R
Jay Bierley
V I C E P R E S I D E N T & C F O

19. Annual General
Meeting
November 15, 2021