ICR Conference, Orlando, FL

January 8, 2018
Safe Harbor
This slide presentation contains forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Statements made in this slide presentation that relate to future
plans events or performances are forward-looking statements. Any statements containing
words such as “believes,” “anticipates,” “plans,” or “expects,” and other statements which are
not historical facts contained in this slide presentation are forward-looking, and these
statements involve risks and uncertainties and are based on current expectations.
Consequently, actual results could differ materially from the expectations expressed in these
forward-looking statements. Important factors that may cause actual results to differ are set
forth in the company's periodic filings with the US Securities and Exchange Commission. Any
forward-looking statements included in this slide presentation are made only as of the date they
are made and we undertake no obligation to update such statements to reflect events or
circumstances occurring after the date of this slide presentation except as required by law.

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Share overview
 RiceBran Technologies: RIBT

 Shares outstanding: 18.0m as of December 29, 2017

 Recent price: $1.53

 Market capitalization: $28m

 Average daily trading volume: 46,635 last 10 days, 48,202 last 90 days

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Our mission:
To Become the Leading Producer of Value-Added Rice Bran Ingredients

 Nutritional Benefits: High in fiber, protein, healthy fats and anti-oxidants

 Clean Label Attributes: Gluten free, non-allergenic and non-GMO
 Nutrient Density and Balance: CPGs can reduce the number of ingredients
 Reaches Broad Market Segments: Vegan, Kosher and non-GMO
 Attractive cost: By-product from milling creates large supply and favorable cost
 Customer Differentiation Strategy: Creative alternative for customers to increase
retail prices

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Rice Bran is a highly underutilized food resource

 Global production of rice bran is estimated at ~52 MMT per year

1000 MT/YR
 Raw rice bran is prone to rapid oxidation due to a lipase enzyme that 0-3
destroys its nutritional and economic value 3-6
 Major Uses 6-9
9 -2
 ~90% animal feed 12 - 3.8K
 ~9% for rice bran oil production 3.8K – 7.7K
(produces ~1.5 MMT crude RBO/yr) 7.7K – 11.5K
11.5K – 15.3K
 <1% human food consumption and cosmetics

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What is Rice Bran
 “Rice Bran” has been undervalued as animal feed and a waste-product due to
its short shelf life
 Upon milling, the rice bran becomes rancid within hours of milling and is
commonly disposed as a low value by-product
 RIBT’s proprietary technology stabilizes rice bran for one year, allowing
its use in food and animal nutrition products
 All white rice starts as whole grain rice or brown rice
 Most of the nutritive value is found in bran and germ
 During the milling process, the bran layers and germ, commonly referred to as
rice bran, are removed in the process of producing white rice
 The rice bran has a balanced and dense nutrient profile of protein, fiber, fats
and carbs along with a rich source of vitamin E and gamma-oryzanol
antioxidants

RiceBran Technologies’ proprietary stabilization process brings this highly attractive

ingredient to market

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How Rice Bran helps companies meet new trends

 Beverage ($10 billion category)

 Nutritional beverage companies use rice bran as a fiber additive,
protein source and anti-oxidant supplement

 Natural Snacks and Crackers ($5 billion category)

 Snack companies use rice bran as a non-GMO and gluten free
replacement for corn, wheat and soy with the benefit of high
protein and fiber

 Gluten Free and Organic Baking ($1 billion category)

 Rice bran is a gluten free substitute for wheat flours that also
provides a rich protein and fiber source

 Natural Pet Food ($2 billion category)

 Companion pet food companies are moving towards clean label,
human-grade ingredients

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Prominent, diverse customer base
 Household-name customers including leading consumer brands and CPG companies across
each of the following markets
 Breakfast cereals
 Nutritional beverages
 Gluten free baking mixes
 Natural snacks and crackers
 Health and wellness
 Natural pet food
 Nutritional supplements

 Growing pipeline of sales opportunities

 Expansion of existing supplier agreements
 Historical relationships of new management and BOD
 Filling the growing gap for clean and functional ingredients

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New strategic direction

 Historically, RBT had poor strategic focus and weak financial structure

 Proxy fight in 2016 brought new directors and management changes

 Company pared focus to ingredients, sold Healthy Natural and divested Nutra SA

 Extensive cost and expense reduction, balance sheet repair – taking out costs, lowering SG&A
rate, eliminated almost all debt, and rebuilt shareholders’ equity: $8.2m of cash and cash
equivalents, shareholders equity of $12.4m as of September 30, 2017

 Continental Grain investment of $2.9m in third quarter of 2017

 Management interests are now better aligned with shareholders

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Building and strengthening bran supply

 RBT currently processing about 33m pounds of rice bran annually

 We have additional substantial capacity available from our key rice milling partners, more than
double our current production

 We are focused on developing further mill relationships, particularly in Arkansas and other rice
producing states in the Delta
 Arkansas produces over half of U.S. rice
 Louisiana and Texas combine for 19% of U.S. rice production
 Centric locations would help with freight costs

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Positioning sales to drive growth

 Sales focused on segment: Equine; companion animal; bakery, snacks and flours; CPG;
protein; fiber

 Key hire: Kevin Mosley as Senior Vice President of Sales and Marketing

 Other recent hires: One focused on fiber opportunities, another on protein

 Working with distributors and others to develop new market and customer opportunities

 Working with leading culinary product developers

 Exploring disruptive leads in new product categories

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Operational improvements

 Substantial focus on reducing costs and expenses

 Analyzing and implementing opportunities to improve operational efficiencies

 Improving working capital management

 Capital allocation process emphasizing rapid payback

 Upgrading facilities to comply with Food Safety Modernization Act and to secure GFSI
certification

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Capital structure

 Presently 18.0m shares outstanding

 Shareholders equity of $12.4m on September 30, 2017

 Almost all debt eliminated

 Warrants
 12.9m warrants to purchase stock at $0.96 – 9.1m “cash” would yield $8.7m
 300,000 warrants to purchase stock at $1.60 – all “cashless”
 2.7m warrants to purchase stock at $2.00 - all “cash” would yield $5.3m
 5.2m warrants to purchase stock at $5.25-$16.80 – 4.6m “cash”

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“Bridging the gap” to breakeven EBITDA

 RBT presently operating near a $13.5m revenue run-rate, and we are investing in growth by
adding salespeople and QA personnel, expanding R&D capabilities, and meeting FSMA and
certification needs

 Likely need $5.5mm to $8.5mm of additional annual sales to reach breakeven adjusted EBITDA

 Key milestones
 New customer wins: Equine, companion animal, protein, CPG
 New mill partnerships
 Disruptive new product applications
 Better leverage of existing fixed assets driving improved absorption
 Achieving positive adjusted EBITDA???

 Impressive long-term market size and margin opportunities

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Management team
 Robert Smith, Chief Executive Officer
 Dr. Smith brings over 20 years' experience managing research and development programs in both academia and the private sector.
 Previously, Dr. Smith served as Director of Business Development at HerbalScience Group, a leader in the development of evidence-
based functional ingredients from botanicals.
 Dr. Smith holds a Doctor of Philosophy Degree in Molecular Genetics and Cell Biology and a Bachelor of Arts Degree in Biology, both
from the University of Chicago.
 Michael Goose, President of Ingredients’ Sales
 Mr. Goose brings over 13 years of consumer packaged goods experience as a new product innovator and leader.
 Mr. Goose has held a variety of positions at the Hain Celestial Group, the latest being Director of Marketing for strategic brands. In
2007, he was also general manager and founder of the Kosher Valley Poultry, a joint venture between Hain Celestial and Pegasus
Capital.
 Mr. Goose holds a Bachelor of Arts degree from Dalhousie University.
 Brent Rystrom, Chief Financial Officer
 Mr. Rystrom brings over 30 years of business finance experience, including over 25 years service as a Managing Director and Senior
Research Analyst for several prominent growth company investment banking firms, including Piper Jaffray and Feltl & Company. He
also served most recently as Director of Research, Institutional Sales and Trading for Feltl.
 Mr. Rystrom has also actively invested and engaged in a variety of Agribusiness assets including farming and forestry (over 65
properties) and finance (serving as an Advisory Board member for AgStar, a large cooperative bank serving farmers in Minnesota and
Wisconsin).
 Mr. Rystrom holds a Degree in Business-Finance from University of St. Thomas.
 Dennis Dykes, Chief Accounting Officer
 Mr. Dykes has over 20 years of accounting and operations experience in multiple industries.
 Mr. Dykes holds Bachelor Degrees in Business and Accounting from St. Ambrose University and a Law Degree from Whittier Law
School.
 Mr. Dykes holds an active CPA license in Arizona and Illinois and a law license in Illinois.

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Board of directors
 Brent Rosenthal, Chairman of the Board
 Mr. Rosenthal has over 20 years of investment experience including prominent food investments: Aramark, Nielsen, Park City Group
and Huff Hispanic Food Consolidation. Additionally, Mr. Rosenthal has extensive public company Board and turnaround experience.
 Beth Bronner
 Ms. Bronner is a highly experienced board member and food industry executive with prior roles at Hain Celestial, Jamba Juice, Jim
Beam, Nabisco, Revlon, Haagen-Dazs and Sunbeam.
 Robert S. Bucklin
 Mr. Bucklin brings over 38 years of extensive financial services experience within the food and agriculture industries, including 20
years of service at Rabobank International, culminating with his position as Vice Chairman of North American Wholesale banking.
 Ari Gendason
 Mr. Gendason is Senior Vice President, Corporate Investments of Continental Grain Company where he has served since 2004.
Previously, Mr. Gendason invested in both public and private technology companies.
 David Goldman
 Mr. Goldman is a former Deloitte LLP Audit Partner where he served 35 years.
 Baruch Halpern
 Mr. Halpern is the founder of Halpern Capital with over 35 years of investing experience.
 Henk Hoogenkamp
 Mr. Hoogenkamp is an experienced food industry executive who formerly served as Senior Director of Strategic Technology at
Protein Technologies, now an alliance between Du Pont and Bunge and President of DMV-Campina USA, now Royal
FrieslandCampina, the world's largest dairy protein operator. Additionally, Mr. Hoogenkamp is a prolific author on plant proteins and
food ingredients.
 Robert Smith, CEO

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