Exhibit 99.1
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Annual Member MeetingFeb 27, 2017 1
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Forward Looking Statement This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are made in good faith by Lincolnway Energy, LLC and are identified by including terms such as “may,” “will,” “should,” “expects,” “anticipates,” “estimates,” “plans,” or similar language. All of these forward-looking statements are expressly qualified by the risk factors contained in our filings with the Securities and Exchange Commission, including without limitation, those identified in our annual report on Form 10-K for the fiscal year ended September 30, 2016. These risk factors could cause actual results to differ materially from those contained in any forward-looking statement made by or on behalf of Lincolnway Energy and include, without limitation, competition in the ethanol industry, commodity market risks, financial market risks, counter-party risks, and risks associated with changes to federal policy or regulation. The forward-looking statements contained in this presentation are included in the safe harbor protection provided by Section 27A of the Securities Act of 1933. Lincolnway Energy does not undertake to update any forward-looking statement made herein or which may be made from time to time by or on behalf of Lincolnway Energy unless an update is required by applicable securities laws. 2
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Jeff TaylorChairman
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Meeting Agenda Annual Meeting BusinessCall to Order – Jeff TaylorBoard Members – Jeff TaylorIntroduction of Board Slate – Jeff TaylorReading of FY 2016 Annual Meeting Minutes – Bill CouserIntroduction of CEO – Bill CouserState of the Company & Year in Review– Eric HakmillerManagement TeamCommercial Outlook – Blair PicardOperational Performance– Darrel BollFinancial Director – Kris StrumTechnology Overview and Future Direction– Eric HakmillerElection Results –Kris StrumQuestionsAdjourn 4
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Board Members 5 Jeff Taylor – ChairmanKurt Olson – Vice ChairmanTerry Wycoff – TreasurerRichard Johnson – Secretary Board Members Jeff Taylor – ChairmanBrian Conrad – Vice ChairmanTerry Wycoff – TreasurerBill Couser - Secretary Jim Hill – DirectorTim Fevold – DirectorRick Vaughan – DirectorKurt Olson – DirectorJim Dickson - Director
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Committee Positions 6 Terry ChairmanJim Hill – Vice ChairmanBill CouserBrian Conrad Audit Committee Audit Committee Nominating & Corporate Governance Committee Finance Committee Human Resources & Compensation Committee Ad Hoc Risk Committee Terry Wycoff – ChairmanJim Hill – Vice ChairmanBill CouserBrian Conrad Brian Conrad – ChairmanTim FevoldRick VaughanJim Dickson Tim Fevold – ChairmanTerry Wycoff – Vice ChairmanKurt OlsonBrian Conrad Kurt Olson – ChairmanBill Couser – Vice ChairmanRick VaughanJim HillJim Dickson Jim Hill – ChairmanBill CouserBrian ConradKurt OlsonRick Vaughan
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Bill CouserReading of the Minutes
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State of the Company& Year in Review Eric HakmillerPresident and CEO
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Mission Our mission remains to produce clean renewable energy, maintain a safe and rewarding place to work and maximize shareholder value 9 Lake Pond (Filled)
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Market OversightCorn BuyingEthanol SalesDDGS SalesCorn Oil SalesRail Car Use Company ControlFinanceSEC Comp.Cash FlowProject ReturnsInfor Systems Plant OversightMaintenanceEngineeringProductionLogisticsCapex Spend Management Team Eric HakmillerPresident Darrel BollOperations Director Kris StrumFinancial Director Blair PicardCommercial Director 10
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Year in Review FY 2016 We fixed production issues in Jan 2016We are running better than ever in our historyOur yields were at record levels in DecCorn oil is at the very high end of the industryWe have had three quarters of growing profitability 11 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Darrel BollLincolnway Energy Director of Operations and New Technology 12
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Production 13 Operations Management & New Technology ProjectEngineering Maintenance Production Safety ProductionCrew Lab MaintenanceCrew ProcessEngineering Lab Techs Mechanical Team Process Team
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Production 2016 14 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement 2011-2015
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Production 2016 FY16 was focused on operations, cleaning, replacing valves and pipesDistillation underwent a complete overhaulProduction runs steady in the 180,000 – 185,000 gal/dayThis is a 63-65 million gal/yr rate or 8-10% better than our best year 15 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Yield Performance 16 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Yield Performance Yields have improved to the 2.86-2.90 level by DecFerm alcohol percentage runs regularly at 14.3 -14.6% with less than 1% residual sugarsOur fermentations have never run this clean which is why we have not had an infection issue in close to a year 17 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Corn Oil Production 18 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Corn Oil Yield We have been steadily increasing yieldsWe added an additional centrifuge and residence time in the last18 months agoCorn oil now contributes $500,000 to our revenue each month 19 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Distillation Projects Three projects installed in distillation & fermentationFirst projects in this area since startup Sweetenoff - Energy SavingsEconomizer - Energy savingsC02 Scrubber –Yield increase 20 All projects completed in Jan ‘17 and showing returns in line with forecast Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Blair PicardLincolnway Energy Commercial Director 21
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Gross Margin 22 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement 2011-2015
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Gross Margin 23 Gross margins in had the longest period of stability in ethanol historyProduction rates have been strong across the industryDomestic demand has kept up the pace with the industryThere were no corn supply issues in the US Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Grain Silo We finished construction of the silo August of 2016We have been able to be open every day since constructionSilo was full at the end of harvest which allowed us to carry the corn to the end of Dec and take advantage of cheaper priceWe bought 500,000 more bushels of corn from the farmer during harvest than previous years 24 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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The Future of Ethanol Gasoline Consumption Falling Ethanol Blend Rate Rising Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement 25
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New Administration 26 “Rest assured that your president and this administration values the importance of renewable fuels to America’s economy and to our energy independence. As I emphasized throughout my campaign, renewable fuels are essential to America’s energy strategy.” – Donald Trump Letter to 2017 National Ethanol Conference Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Kris Strum Financial Director 27
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28 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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29 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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30 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Share Value 31 Share price change + Dividend Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Future State of company Pure Stream 32
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Lincolnway Energy Strategic Vision How do we innovate? 33 Maximize Shareholder Value throughOperational Excellence &Innovation Focus on unlocking the value of the kernelPartner with innovatorsBuild on established technologiesIncreased optionality increases the value of the Asset A process we callPureStream Design change in modulesEach step adding to cash flowFocus on the front end of the plantEstablish a vision and bend technology around that vision How do we handle the risk? Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Production Process Current Operation Status LWE is operational through Phase III of the Purestream developmentWe are seeing the results of investmentWe are making more ethanol than ever beforeWe are separating more corn oil than ever as well 34 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Next Phase Phase 4 (a) 35 Phase 4(a) Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Introducing 36 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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PureStream™ 42 37 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Value Creation Protein Market Protein markets value amino acid profiles and purity contentIncrease in purity increases the value of protein on an exponential basis Protein Value Curve 38 Corn Gluten Feed DDGS Soy Meal Corn Gluten Meal PureStream™ 42 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Targeted Species Swine Iowa is the largest grower of swine in the USWe would target high value periods of the life cycle There is a growing demand for locally produced feedsThe key is amino acids for muscle developmentPureStream™ 42 has been described as “an ideal sow feed” Swine Production in Iowa 39 Academic work being conducted at the University of IllinoisWe are also working with Iowa State with a poultry feeding trial Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Development Work Construction A new drying system needs to be installedIt will be located old coal boiler buildingThe coal loading facility will be repurposed as a protein load out facilityInstalled infrastructure will save 30% on the project 40 Targeting approval and completion by Q1 FY 18 Plant Site Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Further Development of the Region 41
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Plant Site 42 Site 4 Site 1 Site 2 Site 3 Good infrastructure from Nevada Access to the UP Ames Nevada Ames has annexed to I-35Infrastructure 2017 Access to I 35 Access to Iowa State Developments in 2017 Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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FY 2017 Target and Goals for 2017 43
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Primary Focus 2017 44 Dividend payment to investorsCapital investment in new drying capacityEfficiency in operationsDevelopment of the adjacent real estate Lincolnway Annual Meeting 2017 Disclaimer Subject to Forward Looking Statement
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Questions 45
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ELECTION RESULTS 46
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Thank YouFor Attending 47