Darling Ingredients (DAR) 8-K Regulation FD Disclosure

Stephens Inc.
Investment Conference

Stephens Inc.
Investment Conference

June 4, 2008

NYSE: DAR

2

This presentation contains forward-looking statements regarding the business
operations of Darling and the industry in which it operates. These statements are
identified by words such as “may,” “will,” “expect,” “believe,” “intend,” “anticipate,”
“should,” “estimate,” “continue,” and other words referring to events to occur in the
future. These statements reflect Darling's current view of future events and are
based on its assessment of, and are subject to, a variety of risks and uncertainties
beyond its control, including business and economic conditions in its existing
markets that could cause actual results to differ materially from those projected in
the forward-looking statements. Other risks and uncertainties regarding Darling,
its business and the industry in which it operates are referenced from time to time
in the Company's filings with the Securities and Exchange Commission. Darling is
under no obligation to (and expressly disclaims any such obligation to) update or
alter its forward-looking statements whether as a result of new information, future
events or otherwise.

Forward-Looking Statements

3

Over a century old,
Darling International Inc.
is America’s leading provider
of rendering, recycling and
recovery solutions to the
nation’s food industry.

Our commitment to environmental
responsibility is at the core of our
values.

Company Information

4

Source: NRA/Harvard Risk Assessment

Industry Overview

•Animal and food by-product recycling industry is “mission critical” in the food
supply chain and is the most efficient and environmentally sound disposal
alternative for a sustainable society.

•Over 50 billion pounds of inedible by-products generated annually from meat
packers, poultry processors and retail food stores.

5

Cattle Slaughter Numbers (Weekly) (Thousands)
	2008	2007	2006	2005
Annual Avg. Wkly		647.6	637.2	612.3
4th Qtr Avg. Wkly		645.4	628.0	603.3
3rd Qtr Avg. Wkly		658.3	656.0	630.6
2nd Qtr Avg. Wkly		668.9	672.1	632.4
1st Qtr Avg. Wkly	626.3	617.7	592.8	582.9

Macro Factors Impacting Performance

•Raw material supply
- Beef, Pork, Poultry

•Finished Product Prices

•Energy Costs

6

RAW MATERIAL

Tallow

Meat & Bone

Grease

Hides

Leather

Shoes

Garments

Upholstery

Bio-
Fuels

Animal
Feed

Pet
Food

Poultry
Feed

Hog
Food

Animal
Feed

Pet
Food

Bio-
Fuels

Soap

Linoleic
Acid

Oleic
Acid

Glycerine

Stearic
Acid

Fertilizer

Lubricants

Textiles

Plastics

Shampoo

Emulsifiers

Cleaners

Creams

Esters

Paints

Plastics

Lubricants

Inks

Glues

Solvents

Antifreeze

Explosives

Rubber

Plastics

Tires

Lubricants

Finished
Products

Component
By-Products

Component
By-Products
Applications

Industry Overview

7

Our Green Impact

Our Recycling Process

•Darling offers a sanitary and eco-friendly
way to dispose of the massive amount of
meat and food by-products produced
every year.

•Our facilities utilize world-class processing
equipment, treatment processes and
control equipment to minimize the air and
water discharge impact from our facilities.

8

Our Green Impact

OurCarbon Footprint

•For approximately each metric ton of
CO2 produced by one of our recycling
operations seven tons of CO2are
removed from the environment.

•Recycled fat and protein significantly
reduce the amount of green house
gases, such as CO2 , versus the
alternative buried, burned or land filled
disposal methods.

9

Creating value by leveraging our core competencies in collection,
processing and marketing

Industry Leader

•Largest and only publicly traded US provider of rendering, recycling
and recovery solutions

•Only rendering company with a national footprint operating in 42 states
- Network of 39 processing facilities from coast to coast
- Supported by 38 reload/transfer stations

10

Rendering

Rendering is the process of recycling animal and food waste products into useful
commercial goods, including tallow, protein meals (meat and bone meal), yellow
grease, and hides.

Restaurant Services

Darling is the only US provider of collection, storage, transport, and recycling of
old grease on a national scale.

Business Segments

11

Darling operates a fleet of approx 1,000 trucks to collect raw materials from
approx 115,000 food service establishments, butcher shops, grocery stores, and
independent meat and poultry processors nationwide.

“Formula” basis: Applied to approx 55% of Darling’s annual raw material
volume; cost is tied to published finished product commodity prices after
deducting a fixed service charge.

“Non-formula” basis: Applied to remaining volume; suppliers are either paid a
fixed price, are not paid, or are charged for the expense of collection, depending
on various economic and competitive factors

Darling markets finished products worldwide.
Primarily BFT and YG, and also MBM, a protein;
Oils used in pet food, animal feed, soaps;
Oleo-chemical producers use oils to produce ingredients for paint,
rubber, paper, concrete, plastics;
MBM is used as high protein additives in pet food and animal feed

Purchase &
Collection

Risk
Management
& Pricing

Marketing,
Sales &
Distribution

Rendering Overview

12

•Premium service offered in conjunction with COR
- Self-contained used cooking oil storage system
   inside or outside customer’s premises

•Grease trap maintenance and cleaning service
- Operates in 20 markets
- Customers represent FSEs, malls and
   industrial food processors

•Basic cooking oil removal (COR) service
- Collection of used cooking oil from
   inside systems or outside corrals

Restaurant Services Overview

13

•Environmentally safe and efficient - Used cooking oil
is pumped directly into sealed, insulated CleanStar
storage tank with press of a button

•Customer choice - Option of inside or outside storage
systems to fit customer needs

CleanStar

14

•Ongoing maintenance - Provides manpower,
equipment and expertise to find and fix grease
trap problems

•Compliance - Removed material is tracked
and handled in a legal and environmentally
sound manner

Torvac (Trap)

15

•Bundled services - Complete, individualized used
cooking oil collection and recycling services
nationwide through local providers

•Environmental compliance - Efficient, reliable
pickup and disposal of non-recyclable waste

Cooking Oil Removal

16

•Manages grease and rendering related service needs.

•Ensures compliance for trap regulations and
ordinances.

•24 hr/day, 7 day/week high-quality customer service.

•Web-based records management system.

National Service Center

Darling’s National Service Center (NSC) offers
complete service management for all cooking oil
removal, grease trap and rendering services.

17

Renewable Fuels

Fuels produced from bio-mass or non-petroleum sources

•Technology is rapidly evolving

–Bio Diesel (methyl ester) vs. Green Diesel (hyrdo-treating)

•Animal fats and greases have been slow to be incorporated

•Supply push or Demand pull

•RFS now encourages “Big Oil” to participate

18

Source: NRA

Competitive Advantages

Darling is uniquely positioned to capitalize on emerging bio-fuel opportunities.

•Concentrated regions which source large, stable supplies of raw materials

•A top producer of fats and greases

•Historically, animal fats and greases have traded at a discount
to vegetable oils...lowest cost feedstock in the world

•Elasticity of animal fats and greases decouple it from the food vs. fuel debate

•Animal fats and grease will ultimately trade BTU equivalent over time

19

Source: The Jacobsen

Feedstock Prices

FINANCIAL HIGHLIGHTS

21

(in millions)

Total Revenues

22

(in millions)

Operating Cash Flows

23

Darling 2008 Outlook

Strong Fundamental Core Business Segments

•Demand for protein meal and oil remain strong

•Market fundamentals remain solid

•Expanding Restaurant Services reach

Renewable Fuels

•In process of developing comprehensive bio-fuels plan

•Well positioned to participate in growing demand for
alternative fuels

•Significant ownership of lowest cost feedstock in the world

•Potentially a game-changer

INVESTOR PRESENTATION

INVESTOR PRESENTATION

NYSE: DAR

For more information, visit www.darlingii.com