Fairness Opinion

Fairness Opinion - BioFuel Energy Corp

Duff & Phelps is pleased to announce that BioFuel Energy Corp. (NasdaqCM: BIOF) has acquired JBGL Builder Finance, LLC and certain subsidiaries of JBGL Capital, LP from certain affiliates of Greenlight Capital, Inc. and James R. Brickman. The purchase price was $275 million, which consisted of approximately $191.8 million in cash with the remainder in Green Brick Partners, Inc. shares. 1

Additionally, the company consummated its previously announced rights offering which raised gross proceeds of $70 million and entered into a $150 million loan agreement with Greenlight Capital, Inc. Following the closing of the acquisition on October 27, 2014, the company changed its name to Green Brick Partners, Inc. (NasdaqCM: GRBK).

About BioFuel Energy Corp.

Prior to the acquisition and name change, BioFuel Energy Corp. was a holding company with no operations of its own and assets consisting of approximately $7.1 million in cash and federal net operating loss carry forwards of approximately $181.8 million. The company was founded in 2006 and was based in Denver, Colorado.

About Green Brick Partners, Inc./JBGL
Green Brick Partners, Inc. offers land entitlement, land development, and home construction services. Green Brick Partners, Inc. was formerly known as JBGL and changed its name to Green Brick Partners, Inc. in October, 2014. The company is based in Plano, Texas.

Transaction Role
Duff & Phelps served as an independent financial advisor to the special committee of the board of directors of BioFuel Energy Corp. and provided a fairness opinion in connection with the transaction. Duff & Phelps is a leading provider of independent fairness opinions in corporate transactions and was ranked first by Thomson Reuters for number of announced fairness opinions in the Americas in 2013.


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