The document provides an overview of the current ethanol industry and opportunities for growth. It notes that major companies now control the industry direction and that profitable growth is expected in 2007/2009. The document then discusses Rye Patch Pershing Renewables' plans to build a 50 million gallon per year ethanol plant in Nevada, taking advantage of abundant water, rail access, and nearby geothermal energy to reduce production costs. It analyzes how the plant's lower energy costs compared to traditional dry mill facilities provide a sustained cost advantage even after accounting for higher grain transportation costs. The plant is described as a "destination plant" that will benefit from competitive grain prices delivered by rail as well as higher value co-product sales and a local carbon

1. Rye Patch Pershing Renewables, LLC

3. 5.7+ MMGPY

4. Industry Growth Curve The accelerated demand for ethanol has created an “inflection” point ….. Bio-Fuel Energy Industry Potential Traditional Growth 2003 2005 2008 2010 and a window of opportunity that requires a acting NOW to actualize maximum profitability Corn Disposal Business 2.5B Gallons 8B Gallons 30+B Gallons ?

5. Bio-Refining Facilities - 2/06 in operation and projected

6. No Longer “Where is the Corn … Where are the Markets? Given where the markets are, the grain locations alone cannot support the growing demand

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10. ~ 1.4 Billion gallons of EtOH per year Our Market/Business Strategy

11. UP Mainline Unit Train Shuttle Abundant water Nevada Opportunities Geothermal Overlay

12. 50 MMGPY EtOH Plant Electrical and hot water lines from power and geothermal plant to EtOH facility Mainline UP Rail and rail spur for unit train unloading Existing wells Green lines trace existing and proven fault lines PARTIAL VIEW OF 3800 ACRES OWNED & CONTROLLED BY PERSHING

13. Traditional Ethanol Dry Milling Process Grain Receiving Mash Preparation Fermentation Distillation Centrifugation Evaporation 64.2% of cost Corn Meal Corn Mash Beer 6% of cost CO2 Dehydration Dryer Ethanol Storage DGS Storage 190 Proof Ethanol 200 Proof Ethanol Wet Grains DGS Ethanol Distillers’ Grain Production costs Grain – 64.2% Utilities – 20.5% Enzymes – 6% Labor – 2.8% Denaturant – 6.6% Water – .2% Total – 100% Revenue 132% – Fuel Ethanol 19% – DGS 0% – CO2 151.1% - Total Bottom Line – 51+% Gross Margin Corn Enzymes & Yeast 132% 19% 0%

14. Pershing Geo-Ethanol Dry Milling Process Grain Receiving Mash Preparation Fermentation Distillation Centrifugation Evaporation 83% of cost Corn Meal Corn Mash Beer 5.5% of cost CO2 Dehydration Dryer Ethanol Storage DGS Storage 190 Proof Ethanol 200 Proof Ethanol Wet Grains DGS Ethanol Distillers’ Grain Production costs Grain – 83.0% Utilities – 3.1% Enzymes – 5.5% Labor – 1.9% Denaturant – 5.9% Water – .2% Total – 100% Revenue 127.6% – Fuel Ethanol 24.5% – DGS 6.1% – CO2 158.2% - Total Bottom Line – 58+% Gross Margin Corn Enzymes & Yeast 127.6% 24.5% 6.1%

18. ETHANOL $1.143 $.427 $.42 $.15 $2.77 $2.14 Crude Oil Refining Taxes Retail Margins Key Equation Geo-EtOH Oil $ .427 $ .49 $1.143 $1.67 $ 1.57 $2.16 $ .23* $ 1.80 $2.16 Comparing Gasoline versus Ethanol * Gross margin in ethanol in pro forma PLUS, the fuel blender gets a $.51 tax credit for using ethanol!