PRSRT STDUS POSTAGE

PAIDPERMIT #550

WATERTOWN, SD

GLCP Annual Shareholder MeetingMark J. Schmidt, Chairman of the Board A respectable-sized crowd of about 260 registered shareholders gathered for the Glacial Lakes Corn Processors (GLCP) Annual Meeting on December 11, 2014, in Watertown to receive an update on their company. Those who attended heard a message from guest speaker Marty Ruikka of ProExporter Network. Rukkia discussed the outlook for ethanol margins in 2015, as well as the stance for the corn market, exports of ethanol, and crude oil. Ruikka predicted that the export of ethanol will become more important in the future as the US market is saturated. In other business, GLCP introduced its 2015 Board of Directors. Those re-elected for three-year terms included:

Dale Christensen from Watertown, SD (District 1), Terry Mudgett from Clark, SD (District 1), Brent Gabler from Faulkton, SD (District 2), and Todd Jongeling from Estelline, SD (District 3). With the exception of Jongeling, all incumbents ran unopposed. Thank you to all nominees and I encourage other members to run for open seats in the future. A bylaw amendment to move away from holding a physical district meeting due to continual low attendance was ratified at the Annual Meeting. In the future, when there are more than two nominees seeking a board seat, the district voting for nominees will be held via mail ballot only. Following the Annual Meeting, the board re-elected its slate of officers for 2015 as follows: Mark Schmidt from Gary, SD (District 3) – President/Chairman; Terry Mudgett from Clark, SD (District 1) – Vice President; Darrell Popham from Florence, SD (District 1) – Secretary; and Dale Christensen from Watertown, SD (District 1) – Treasurer. In an effort to keep as many GLCP members as informed as possible, Investor Meetings were once again held in Aberdeen and Sioux Falls.

The purpose of these meetings is to reiterate the Annual Meeting presentation for members outside of the Watertown area. If you were unable to attend one of the three gatherings, complete transcripts of the Annual Meeting are available by calling the GLE office. It’s in your best interest to stay informed about the cooperative in which you have invested. I also strongly encourage you to keep in touch by following GLE on Facebook or Twitter. Not on social media? Sign up for email updates at glaciallakesenergy.com or by calling the Watertown office at 605-882-8480. In closing, as we look forward, we realize the ethanol industry will have challenges in 2015. Your board of directors is ready to face those challenges, but we’re also ready to explore the many new opportunities that exist. Thank you for being a member of GLCP!

CREATING ECONOMIC VALUE FROM CORN

13435 370th Avenue • Mina, SD 57241Phone: (605) 225-9900 Fax: (605) 225-9906

Glacial LakesEnergy, LLC P.O. Box 933 • Watertown, SD 57201

Glacial LakesEnergy, LLC Glacial Lakes

Energy, LLC Glacial LakesEnergy, LLC

Glacial LakesEnergy, LLC

301 20th Avenue SE • Watertown, SD 57201Phone: (605) 882-8480 Fax: (605) 882-8982

www.glacial lakesenergy.com

NEWSLETTERDecember 2014 - February 2015

www.glaciallakesenergy.com

GLE Night At NSU As part of our sponsorship of Northern State University (NSU) athletics, Glacial Lakes Energy recently hosted “GLE Night @ NSU” for the fourth year in a row. GLE proudly sponsored the NSU Wolves men’s and women’s basketball games against the University of Minnesota Crookston. With a draw of about 1,000 attendees, the highly attended event was a unique way to promote and inform everyone in attendance from the surrounding area about GLE and the ethanol industry—all while having fun and supporting NSU’s athletes. Growth Energy, an ethanol industry trade organization, donated four NASCAR tickets to the lucky guest who was able to throw a small Frisbee in the target on the Barnett Center’s center court. Ben Pond, son of Noel and Carol Pond of Ipswich, SD was the skillful winner of that prize. Additional prizes include “Ethanol Bucks” and a GLE blanket which were won by Isaac Geier of Aberdeen and Mary Bohls of Castlewood. “We’re very pleased to have this partnership with NSU,” says Marcy Kohl, Manager of Corporate Administration. “It provides a relatively inexpensive night of family fun for our patrons and is a way to say ‘thank you’ to them for their business and investment.” After four years of hosting this event, we feel this program is working well and we continue to gain name recognition for ourselves and promoting our products at the same time.”

Cautionary Statements Regarding Forward- Looking Statements This document contains forward-looking statements involving future events, future business and other conditions, our future performance and our expected future operations and actions. In some cases you can identify forward-looking statements by the use of words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “predict,” “hope,” “should,” “could,” “may,”

“future,” “continue,” “potential” or the negatives of these terms or other similar expressions. These statements are based on management’s beliefs and expectations and on information currently available to management.

Forward-lookingstatementsareonlyourpredictionsandinvolvenumerousassumptions,risksanduncertainties.Importantfactorsthatcouldsignificantlyaffectfuturefinancialconditionandresultsinclude, among others, operating margins in the ethanol industry, the rapid pace of expansion in the industry, the cost of corn and the price of ethanol, changes in ethanol supply and demand, changes in

current legislation or regulations that affect ethanol supply and demand, disruptions to infrastructure or in the supply of raw materials, the results of our risk management and hedging transactions, and ethanol industry valuations generally.

Our actual results or actions may differ materially from those set forth in the forward-looking statements for many reasons, including events that are beyond our control or assumptions not proving to be accurate or reasonable. We caution you not to put undue reliance on any forward-looking statements, which speak only as of the date of this document. We cannot guarantee our future results,

levels of activity, performance or achievements.

Stay Up to Date on Your Investment!Would you like to be kept up-to-date on the latest news about Glacial Lakes Energy and the ethanol industry?

Please send us your e-mail address to receive regular communications,“Like Us” on Facebook, or “Follow Us” on Twitter.

To be added to our e-mail list, please contact Jessi Eidson, Membership Coordinator at

jeidson@glaciallakesenergy.com or 605-882-8480.

Glacial Lakes Energy, LLC & Glacial Lakes Corn ProcessorsBoard of Directors 2015

Harlan SchottVermillion, SD

District 3

Terry MudgettClark, SD

Vice President: District 1

Mark J. SchmidtGary, SD

President: District 3

Brent GablerFaulkton, SD

District 2

Dale V. ChristensenWatertown, SD

Treasurer: District 1

Craig JohnsonVermillion, SD

District 3

Mark SchillingClear Lake, SD

District 3

Todd JongelingEstelline, SD

District 3

Steve BirkholtzWillow Lake, SD

District 2

Terry SchmidtWillow Lake, SD

District 2

Darrell PophamFlorence, SD

Secretary: District 1

H. Oscar SchlenkerAberdeen, SD

District 2

Larry KahnkeFlorence, SD

District 1

New Billboard For Ethanol Campaign

Glacial Lakes Energy’s (GLE) campaign to promote the benefits of ethanol in the metro Denver area has once again expanded. GLE has teamed up with Colorado and Nebraska ethanol plants as well as ICM of Colwich, KS, to purchase a billboard along heavily traveled I-25 north of downtown. “Because Denver struggles with air quality particularly at this time of year, we’re staying with the theme of ethanol for cleaner air,” says Marcy Kohl, Manager of Corporate Administration. “We’re pleased to have another opportunity to make our city dweller friends in Colorado aware of the benefits of ethanol.”

New Holland and Growth Energy Partner for Ethanol

Under a partnership between farm and construction equipment manufacturers New Holland Agriculture and the ethanol industry’s trade group Growth Energy, GLE members can qualify for discounts on farm equipment while supporting American Ethanol™. New Holland is providing preferred customer pricing on its full range of equipment through its new American Ethanol Producers Club Program. At the same time, New Holland will make a financial investment to Growth Energy each time a GLE member purchases a qualifying piece of New Holland equipment through the program. Growth Energy serves as a leading voice for the ethanol industry and represents producer plants including Glacial Lakes Energy. Fueled by the desire to reduce America’s dependence on foreign oil, the organization strives to raise broad public awareness of the opportunity home-grown ethanol offers. New Holland has formed an industry-exclusive partnership with Growth Energy to help support the American ethanol industry. As a member of Growth Energy, GLE and its producer members are eligible for the program. GLE members can request their own American Ethanol Producer’s Club card by providing some basic information to Marcy Kohl or Jessi Eidson at the main office (please call 882-8480). Cards must be activated online and then taken to a New Holland dealer to validate eligibility at the time of equipment purchase. You can visit with the New Holland dealer in your area for additional information on the program.

Now Approved: Syngenta Agrisure Viptera® Corn

Glacial Lakes Energy, LLC (GLE) is now accepting Syngenta Agrisure Viptera (MIR 162) corn at all locations. GLE stopped taking deliveries of this hybrid, as well as Syngenta

Agrisure Duracade (MIR 5307), back in May of 2014. This was solely due to China’s rejection of corn cargoes carrying these two traits. The Chinese government recently lifted its import restriction of GMO corn and, specifically, approved the Viptera hybrid. GLE has a heavy market dependence on exports of dried distillers grain (DDG) to the Pacific Rim and China. China would not accept DDGs processed from corn with the MIR 162 out of fear that the cargoes might also be rejected. To remain active in exporting, GLE was forced to restrict the receipt and processing of corn to only hybrids which China had approved for exporting. With China’s decision to lift the ban on Viptera corn, GLE will now accept deliveries for this hybrid only. GLE is still unable to accept Syngenta Agrisure Duracade (MIR 5307) as China has not yet approved the use of this hybrid. Therefore, it cannot be delivered to processing plants that serve export markets or to grain elevators that serve these plants. If you have questions, please contact the commodities department in either the Watertown or Mina office.

Distillers Corn Oil Adds Value To GLE From the start of the boom in the ethanol industry, producers continued to question if there were other co-products that could be captured from the process. Many of them had limited markets or were not initially all that feasible. In the past five years, corn oil extraction from distiller grains became an essential element in the profitability of the ethanol industry. Corn oil revenue has been critical in times of tough margins and, in some cases, this has been the difference between continuing operations versus idling the plant. There has been a dramatic rise in the amount of oil extracted due to two factors: increased efficiency in the extraction process, combined with consumer acceptance of reduced-oil distillers grains. Since 2005, Glacial Lakes Energy (GLE) has been one of those leading in corn oil production with an extraction unit on the original plant. GLE then expanded its corn oil extraction operation in 2012-2013 to include 100% of Watertown and 100% of Mina. With both GLE facilities currently running corn oil separation units, one-third of the oil is removed from all of GLE’s corn. This removal process doesn’t jeopardize the guaranteed fat analysis on distiller grains. GLE is constantly searching for additional value-added products that can be generated out of that bushel of corn. Corn oil extraction has proven to be a very good one, of which we’ve seen combined revenue of approximately half-a-million dollars a month. Watertown Commodities Manager, Tami Schaefer, explained that the corn oil GLE produces goes in to both the local and national feed and biodiesel markets. “Some of Mina and Watertown’s oil production is sold into the local market to pork and poultry feeders,” says Schaefer. “The balance of our oil production is sold into the biodiesel and feed markets in other states.”

**Portions of this article were provided by Jonathan Eisenthal, Ethanol Today Magazine

CEO Sees Months of Record Production Glacial Lakes Energy’s (GLE) Watertown and Mina facilities both reached record-breaking production rates for three consecutive months: October, November, and December. A few years ago, the Board of Directors challenged GLE’s Operations team to achieve an aggregated production rate of 250 million gallons per day. Most recently, there have been numerous individual days on which that 250-million gallon goal has been exceeded. “The credit for this record production comes right back to our dedicated and well trained employees and how they are managing the specific projects and plant improvements that we’ve made,” says CEO Jim Seurer. At the Mina facility, several projects were completed to enhance production volumes including a new reboiler, state-of-the-art blender system, ethanol vapor recovery, and more precise temperature control. In Watertown, a transition to a more state-of-the-art distributor control system (DCS) has led to a significant reduction in variation. Other production-related projects in Watertown included larger molecular sieves. Reaching these record-breaking production rates, says Seurer, has required commitment and top-notch performance from many departments. “We have very good people who are doing an excellent job in our facilities and the support from our Board of Directors for strategic projects has greatly helped,” stated Seurer. “Looking toward the future, we’ll continue to look for additional low-cost incremental production growth and we’ll continue to challenge ourselves.”

Riding The Energy Rollercoaster A popular question heard from GLCP shareholders is “Does the low price of gasoline affect ethanol prices and GLE’s crush margin?” According to GLE’s Director of Commodities and Risk Management, Brad Schultz, oil prices have affected ethanol margins in general. “Crude oil and gasoline prices have tumbled since December, taking ethanol prices down with them,” Schultz says. “Oil prices have dipped below $50 a barrel for the first time since April 2009 which has pressured crush margins for all ethanol producers, including GLE.” The positive aspect of these lowering prices is a rising demand for gasoline which could also lead to a higher demand for ethanol to meet RFS requirements. At the same time ethanol margins are lowering, export demand for distiller grains is robust. “Shortly after the news of China’s approval of the Viptera® hybrid, export demand for distillers exploded,” Schultz says. “This demand moved the relative value of distillers in South Dakota

from 90% the value of cash corn to over 130% the value of cash corn.” The increase in pricing of distiller grains helps alleviate the lower ethanol prices. Looking forward to the remainder of fiscal 2015, Schultz says, “The balance of the fiscal year’s margins look significantly lower than last year and, since ethanol pricing is dependent on gasoline demand, ethanol exports, and ethanol production rates in the U.S., we are expecting lower margins throughout the year. A year like 2014 could very well be a ‘once in a lifetime event”.

Glacial Lakes Corn Processors (GLCP) experienced a strong first half of its fiscal year ending February 28, 2015, resulting in fiscal year-to-date net income of $35 million. Chief Financial Officer Bill Brennan credits the robust performance of the period to significant investments and very strong margins in the first quarter (September through November) and lower but acceptable margins in the second quarter (December through February). The company’s debt continued a decline to approximately $17.5 million. “The investments we’ve made and the dedication of the

people in the plants are paying dividends,” Brennan says. “We’ve made significant investments in grain handling and storage capabilities and yield enhancing as well as expense reduction projects. These are paying off.” CEO Jim Seurer applauded stronger production performances by the operations departments. “Since our annual shutdowns last September, we’ve had three consecutive record production months,” Seurer says. “Both of our plants have done an outstanding job in reducing process variation and taking production to the next level.” Moving from the first quarter into the second, ethanol margins have fallen. “Crude oil and gasoline prices have tumbled since December, taking ethanol prices down with them,” says Brad Schultz, Director of Commodities and Risk Management. “This has pressured crush margins for all ethanol producers, including Glacial Lakes Energy.” GLE Management is confident that the cooperative will remain profitable in 2015 despite the expected narrowing of ethanol margins due to lower oil prices. “There is much variation and instability right now in this industry,” CEO Seurer says. “We are fortunate to have a strong team with the skills to manage these cycles and a strong financial position to weather them,” stated Seurer.

Financial Report for Six Months Ending February 28, 2015 (unaudited)

In Millions

Total Assets $256.8 Current Assets $126.0Total Liabilities $39.5 Current Liabilities $18.4Net Worth $217.3 Working Capital $107.6

Net Income for Quarter $11.9 Net Income for Year $34.9

GLCP Reports Strong First Half Financials Sheetz Announces E15 Availabilty Sheetz, is a well-known leader in the fuel retail business and a leading convenience store and fuel retailer located throughout Pennsylvania, West Virginia, Maryland, Virginia, Ohio, and North Carolina. Sheetz recently announced that they will begin to offer E15 at 60 of their stations located in North Carolina this year. Their decision to offer E15 shows they are in tune with an ever-changing marketplace where consumers are demanding higher performance, lower cost renewable fuels grown right here in the mid-western US. This announcement comes on the heels of E15’s expansion into 15 states.

According to existing E15 retailers, E15 offers consumers a $0.05 to $0.10 price per gallon advantage compared to regular gas. Additionally, consumers are getting a higher octane, a better performing fuel that burns cleaner and runs cooler in engines, and a fuel which improves vehicle performance and can extend engine life. With E15, consumers are getting more for less when they fill up and retailers are reporting zero complaints with E15. By Sheetz offering E15, it proves, once again, that consumers will select a high performance, low cost fuel when given the choice. E15 is the most tested fuel in history. The U.S. Department of Energy performed an exhaustive test of E15, driving 86 cars for over 6 million miles, and approved the fuel for use in all light-duty cars and trucks model year 2001 and newer.

Glacial Lakes Energy Mina

Should Premium Fuel Still Warrant a TankRobert White, Renewable Fuels Association Vice President of Industry Relations The Renewable Fuels Association is the leading trade association for America’s ethanol industry. Its mission is to advance the development, production, and use of ethanol fuel by strengthening America’s ethanol industry and raising awareness about the benefits of renewable fuels. RFA’s members are working to help America become cleaner, safer, more energy independent and economically secure. For more information, visit EthanolRFA.org. The Renewable Fuels Association (RFA) talks with thousands of fuel retailers at petroleum marketer

meetings, conferences, webinars, and one-on-one meetings. Over the course of these meetings it quickly becomes clear that every decision made by fuel retailers is based on return on investment (ROI) and the outcome of every decision is compounded exponentially for the 60% that are single station owners. Today, nearly all of these stations offer premium fuel, but should they? Until this year, the business case for E15 hinged on what vehicles the EPA had approved: 2001 & newer light duty cars, trucks and SUVs. These vehicles tally over 203 million, or 83% of the U.S. fleet. That is more than enough to justify the infrastructure to support them. But that has not happened and we must ask why not. The reason most often given is that while the Environmental Protection Agency (EPA) has approved the use of E15 in these vehicles, the auto manufacturers have not. So what do the facts say? RFA recently found that 70% of MY15 vehicles are explicitly warranted for E15 — a trend that has been moving upward since MY12. So, just how many vehicles are now explicitly warranted for E15? More than 41 million! Add to that the 18 million FFVs that are also approved for E15, and there are 59 million E15 warranted cars on the road today. For comparison, there are just 15 million cars requiring premium gas today. But, no high performance automobile owner has trouble finding premium fuel! Here is the breakdown: • ~244,000,000 light duty vehicles on the road today • ~15,000,000 require premium fuel • ~203,000,000 are 2001 & newer and approved by EPA to use E15 • ~41,000,000 are explicitly warranted for E15 • ~18,000,000 are FFVs (also warranted for E15) • ~41,000,000 vehicles are 2000 & older The fact that there are four times as many vehicles fully warranted for the use of E15 than those requiring premium gas today should be a compelling consideration for retailers considering the switch to E15 and E85. Many retailers are shocked to find that they are dedicating an entire fuel tank to premium fuel, which allows them to service fewer vehicles than if they sold E15 and E85. If retailers would consider converting their premium tank to E85 and installing a blender pump to allow for E15, they would gain both segments from one existing underground storage tank. The potential consumer fleet would jump from just 15 million vehicles to 59 million vehicles. Moreover, premium sales have been dropping. Most retailers will concede that premium sales are between 1–4% of their total volume, while stations making the conversion to E85 — and adding E15 — have demonstrated that they can turn that 1–4% into 20–30%. The business case for higher blends of ethanol is actually quite simple. If retailers want to differentiate themselves, lower their consumer price at the pump, increase their overall fuel volumes, boost their in store sales, and ultimately increase their profits … premium might not be the wisest fuel choice. Success will come in the form of higher-level ethanol blends.

GLE Supports Industry Trade Organizations Glacial Lakes Energy is a proud supporter of all three industry trade organizations, Growth Energy, the American Coalition for Ethanol (ACE), and the Renewable Fuels Association (RFA). Here are the “Top Ten” Priorities of the RFA 1) Get the Renewable Fuel Standard (“RFS”) Back on Track. 2) Expand E15 and E85 Markets. 3) Parity for E10 and E15 Volatility. 4) Grow the Ethanol Export Market. 5) Tax Policy Certainty for Cellulosic Ethanol Production.

6) Develop the Roadmap to “Renewable Super Premium”. 7) Confirm & Promote Ethanol’s Greenhouse Gas Benefits. 8) Ensure Continued Efficacy of Ethanol-by-Rail. 9) Maintain our Industry’s Impeccable Safety Record. 10) Provide Technical Foundation to Advance Industry Goals.

Distillers Corn Oil Adds Value To GLE From the start of the boom in the ethanol industry, producers continued to question if there were other co-products that could be captured from the process. Many of them had limited markets or were not initially all that feasible. In the past five years, corn oil extraction from distiller grains became an essential element in the profitability of the ethanol industry. Corn oil revenue has been critical in times of tough margins and, in some cases, this has been the difference between continuing operations versus idling the plant. There has been a dramatic rise in the amount of oil extracted due to two factors: increased efficiency in the extraction process, combined with consumer acceptance of reduced-oil distillers grains. Since 2005, Glacial Lakes Energy (GLE) has been one of those leading in corn oil production with an extraction unit on the original plant. GLE then expanded its corn oil extraction operation in 2012-2013 to include 100% of Watertown and 100% of Mina. With both GLE facilities currently running corn oil separation units, one-third of the oil is removed from all of GLE’s corn. This removal process doesn’t jeopardize the guaranteed fat analysis on distiller grains. GLE is constantly searching for additional value-added products that can be generated out of that bushel of corn. Corn oil extraction has proven to be a very good one, of which we’ve seen combined revenue of approximately half-a-million dollars a month. Watertown Commodities Manager, Tami Schaefer, explained that the corn oil GLE produces goes in to both the local and national feed and biodiesel markets. “Some of Mina and Watertown’s oil production is sold into the local market to pork and poultry feeders,” says Schaefer. “The balance of our oil production is sold into the biodiesel and feed markets in other states.”

**Portions of this article were provided by Jonathan Eisenthal, Ethanol Today Magazine

CEO Sees Months of Record Production Glacial Lakes Energy’s (GLE) Watertown and Mina facilities both reached record-breaking production rates for three consecutive months: October, November, and December. A few years ago, the Board of Directors challenged GLE’s Operations team to achieve an aggregated production rate of 250 million gallons per day. Most recently, there have been numerous individual days on which that 250-million gallon goal has been exceeded. “The credit for this record production comes right back to our dedicated and well trained employees and how they are managing the specific projects and plant improvements that we’ve made,” says CEO Jim Seurer. At the Mina facility, several projects were completed to enhance production volumes including a new reboiler, state-of-the-art blender system, ethanol vapor recovery, and more precise temperature control. In Watertown, a transition to a more state-of-the-art distributor control system (DCS) has led to a significant reduction in variation. Other production-related projects in Watertown included larger molecular sieves. Reaching these record-breaking production rates, says Seurer, has required commitment and top-notch performance from many departments. “We have very good people who are doing an excellent job in our facilities and the support from our Board of Directors for strategic projects has greatly helped,” stated Seurer. “Looking toward the future, we’ll continue to look for additional low-cost incremental production growth and we’ll continue to challenge ourselves.”

Riding The Energy Rollercoaster A popular question heard from GLCP shareholders is “Does the low price of gasoline affect ethanol prices and GLE’s crush margin?” According to GLE’s Director of Commodities and Risk Management, Brad Schultz, oil prices have affected ethanol margins in general. “Crude oil and gasoline prices have tumbled since December, taking ethanol prices down with them,” Schultz says. “Oil prices have dipped below $50 a barrel for the first time since April 2009 which has pressured crush margins for all ethanol producers, including GLE.” The positive aspect of these lowering prices is a rising demand for gasoline which could also lead to a higher demand for ethanol to meet RFS requirements. At the same time ethanol margins are lowering, export demand for distiller grains is robust. “Shortly after the news of China’s approval of the Viptera® hybrid, export demand for distillers exploded,” Schultz says. “This demand moved the relative value of distillers in South Dakota

from 90% the value of cash corn to over 130% the value of cash corn.” The increase in pricing of distiller grains helps alleviate the lower ethanol prices. Looking forward to the remainder of fiscal 2015, Schultz says, “The balance of the fiscal year’s margins look significantly lower than last year and, since ethanol pricing is dependent on gasoline demand, ethanol exports, and ethanol production rates in the U.S., we are expecting lower margins throughout the year. A year like 2014 could very well be a ‘once in a lifetime event”.

Glacial Lakes Corn Processors (GLCP) experienced a strong first half of its fiscal year ending February 28, 2015, resulting in fiscal year-to-date net income of $35 million. Chief Financial Officer Bill Brennan credits the robust performance of the period to significant investments and very strong margins in the first quarter (September through November) and lower but acceptable margins in the second quarter (December through February). The company’s debt continued a decline to approximately $17.5 million. “The investments we’ve made and the dedication of the

people in the plants are paying dividends,” Brennan says. “We’ve made significant investments in grain handling and storage capabilities and yield enhancing as well as expense reduction projects. These are paying off.” CEO Jim Seurer applauded stronger production performances by the operations departments. “Since our annual shutdowns last September, we’ve had three consecutive record production months,” Seurer says. “Both of our plants have done an outstanding job in reducing process variation and taking production to the next level.” Moving from the first quarter into the second, ethanol margins have fallen. “Crude oil and gasoline prices have tumbled since December, taking ethanol prices down with them,” says Brad Schultz, Director of Commodities and Risk Management. “This has pressured crush margins for all ethanol producers, including Glacial Lakes Energy.” GLE Management is confident that the cooperative will remain profitable in 2015 despite the expected narrowing of ethanol margins due to lower oil prices. “There is much variation and instability right now in this industry,” CEO Seurer says. “We are fortunate to have a strong team with the skills to manage these cycles and a strong financial position to weather them,” stated Seurer.

Financial Report for Six Months Ending February 28, 2015 (unaudited)

In Millions

Total Assets $256.8 Current Assets $126.0Total Liabilities $39.5 Current Liabilities $18.4Net Worth $217.3 Working Capital $107.6

Net Income for Quarter $11.9 Net Income for Year $34.9

GLCP Reports Strong First Half Financials Sheetz Announces E15 Availabilty Sheetz, is a well-known leader in the fuel retail business and a leading convenience store and fuel retailer located throughout Pennsylvania, West Virginia, Maryland, Virginia, Ohio, and North Carolina. Sheetz recently announced that they will begin to offer E15 at 60 of their stations located in North Carolina this year. Their decision to offer E15 shows they are in tune with an ever-changing marketplace where consumers are demanding higher performance, lower cost renewable fuels grown right here in the mid-western US. This announcement comes on the heels of E15’s expansion into 15 states.

According to existing E15 retailers, E15 offers consumers a $0.05 to $0.10 price per gallon advantage compared to regular gas. Additionally, consumers are getting a higher octane, a better performing fuel that burns cleaner and runs cooler in engines, and a fuel which improves vehicle performance and can extend engine life. With E15, consumers are getting more for less when they fill up and retailers are reporting zero complaints with E15. By Sheetz offering E15, it proves, once again, that consumers will select a high performance, low cost fuel when given the choice. E15 is the most tested fuel in history. The U.S. Department of Energy performed an exhaustive test of E15, driving 86 cars for over 6 million miles, and approved the fuel for use in all light-duty cars and trucks model year 2001 and newer.

Glacial Lakes Energy Mina

Should Premium Fuel Still Warrant a TankRobert White, Renewable Fuels Association Vice President of Industry Relations The Renewable Fuels Association is the leading trade association for America’s ethanol industry. Its mission is to advance the development, production, and use of ethanol fuel by strengthening America’s ethanol industry and raising awareness about the benefits of renewable fuels. RFA’s members are working to help America become cleaner, safer, more energy independent and economically secure. For more information, visit EthanolRFA.org. The Renewable Fuels Association (RFA) talks with thousands of fuel retailers at petroleum marketer

meetings, conferences, webinars, and one-on-one meetings. Over the course of these meetings it quickly becomes clear that every decision made by fuel retailers is based on return on investment (ROI) and the outcome of every decision is compounded exponentially for the 60% that are single station owners. Today, nearly all of these stations offer premium fuel, but should they? Until this year, the business case for E15 hinged on what vehicles the EPA had approved: 2001 & newer light duty cars, trucks and SUVs. These vehicles tally over 203 million, or 83% of the U.S. fleet. That is more than enough to justify the infrastructure to support them. But that has not happened and we must ask why not. The reason most often given is that while the Environmental Protection Agency (EPA) has approved the use of E15 in these vehicles, the auto manufacturers have not. So what do the facts say? RFA recently found that 70% of MY15 vehicles are explicitly warranted for E15 — a trend that has been moving upward since MY12. So, just how many vehicles are now explicitly warranted for E15? More than 41 million! Add to that the 18 million FFVs that are also approved for E15, and there are 59 million E15 warranted cars on the road today. For comparison, there are just 15 million cars requiring premium gas today. But, no high performance automobile owner has trouble finding premium fuel! Here is the breakdown: • ~244,000,000 light duty vehicles on the road today • ~15,000,000 require premium fuel • ~203,000,000 are 2001 & newer and approved by EPA to use E15 • ~41,000,000 are explicitly warranted for E15 • ~18,000,000 are FFVs (also warranted for E15) • ~41,000,000 vehicles are 2000 & older The fact that there are four times as many vehicles fully warranted for the use of E15 than those requiring premium gas today should be a compelling consideration for retailers considering the switch to E15 and E85. Many retailers are shocked to find that they are dedicating an entire fuel tank to premium fuel, which allows them to service fewer vehicles than if they sold E15 and E85. If retailers would consider converting their premium tank to E85 and installing a blender pump to allow for E15, they would gain both segments from one existing underground storage tank. The potential consumer fleet would jump from just 15 million vehicles to 59 million vehicles. Moreover, premium sales have been dropping. Most retailers will concede that premium sales are between 1–4% of their total volume, while stations making the conversion to E85 — and adding E15 — have demonstrated that they can turn that 1–4% into 20–30%. The business case for higher blends of ethanol is actually quite simple. If retailers want to differentiate themselves, lower their consumer price at the pump, increase their overall fuel volumes, boost their in store sales, and ultimately increase their profits … premium might not be the wisest fuel choice. Success will come in the form of higher-level ethanol blends.

GLE Supports Industry Trade Organizations Glacial Lakes Energy is a proud supporter of all three industry trade organizations, Growth Energy, the American Coalition for Ethanol (ACE), and the Renewable Fuels Association (RFA). Here are the “Top Ten” Priorities of the RFA 1) Get the Renewable Fuel Standard (“RFS”) Back on Track. 2) Expand E15 and E85 Markets. 3) Parity for E10 and E15 Volatility. 4) Grow the Ethanol Export Market. 5) Tax Policy Certainty for Cellulosic Ethanol Production.

6) Develop the Roadmap to “Renewable Super Premium”. 7) Confirm & Promote Ethanol’s Greenhouse Gas Benefits. 8) Ensure Continued Efficacy of Ethanol-by-Rail. 9) Maintain our Industry’s Impeccable Safety Record. 10) Provide Technical Foundation to Advance Industry Goals.

Distillers Corn Oil Adds Value To GLE From the start of the boom in the ethanol industry, producers continued to question if there were other co-products that could be captured from the process. Many of them had limited markets or were not initially all that feasible. In the past five years, corn oil extraction from distiller grains became an essential element in the profitability of the ethanol industry. Corn oil revenue has been critical in times of tough margins and, in some cases, this has been the difference between continuing operations versus idling the plant. There has been a dramatic rise in the amount of oil extracted due to two factors: increased efficiency in the extraction process, combined with consumer acceptance of reduced-oil distillers grains. Since 2005, Glacial Lakes Energy (GLE) has been one of those leading in corn oil production with an extraction unit on the original plant. GLE then expanded its corn oil extraction operation in 2012-2013 to include 100% of Watertown and 100% of Mina. With both GLE facilities currently running corn oil separation units, one-third of the oil is removed from all of GLE’s corn. This removal process doesn’t jeopardize the guaranteed fat analysis on distiller grains. GLE is constantly searching for additional value-added products that can be generated out of that bushel of corn. Corn oil extraction has proven to be a very good one, of which we’ve seen combined revenue of approximately half-a-million dollars a month. Watertown Commodities Manager, Tami Schaefer, explained that the corn oil GLE produces goes in to both the local and national feed and biodiesel markets. “Some of Mina and Watertown’s oil production is sold into the local market to pork and poultry feeders,” says Schaefer. “The balance of our oil production is sold into the biodiesel and feed markets in other states.”

**Portions of this article were provided by Jonathan Eisenthal, Ethanol Today Magazine

CEO Sees Months of Record Production Glacial Lakes Energy’s (GLE) Watertown and Mina facilities both reached record-breaking production rates for three consecutive months: October, November, and December. A few years ago, the Board of Directors challenged GLE’s Operations team to achieve an aggregated production rate of 250 million gallons per day. Most recently, there have been numerous individual days on which that 250-million gallon goal has been exceeded. “The credit for this record production comes right back to our dedicated and well trained employees and how they are managing the specific projects and plant improvements that we’ve made,” says CEO Jim Seurer. At the Mina facility, several projects were completed to enhance production volumes including a new reboiler, state-of-the-art blender system, ethanol vapor recovery, and more precise temperature control. In Watertown, a transition to a more state-of-the-art distributor control system (DCS) has led to a significant reduction in variation. Other production-related projects in Watertown included larger molecular sieves. Reaching these record-breaking production rates, says Seurer, has required commitment and top-notch performance from many departments. “We have very good people who are doing an excellent job in our facilities and the support from our Board of Directors for strategic projects has greatly helped,” stated Seurer. “Looking toward the future, we’ll continue to look for additional low-cost incremental production growth and we’ll continue to challenge ourselves.”

Riding The Energy Rollercoaster A popular question heard from GLCP shareholders is “Does the low price of gasoline affect ethanol prices and GLE’s crush margin?” According to GLE’s Director of Commodities and Risk Management, Brad Schultz, oil prices have affected ethanol margins in general. “Crude oil and gasoline prices have tumbled since December, taking ethanol prices down with them,” Schultz says. “Oil prices have dipped below $50 a barrel for the first time since April 2009 which has pressured crush margins for all ethanol producers, including GLE.” The positive aspect of these lowering prices is a rising demand for gasoline which could also lead to a higher demand for ethanol to meet RFS requirements. At the same time ethanol margins are lowering, export demand for distiller grains is robust. “Shortly after the news of China’s approval of the Viptera® hybrid, export demand for distillers exploded,” Schultz says. “This demand moved the relative value of distillers in South Dakota

from 90% the value of cash corn to over 130% the value of cash corn.” The increase in pricing of distiller grains helps alleviate the lower ethanol prices. Looking forward to the remainder of fiscal 2015, Schultz says, “The balance of the fiscal year’s margins look significantly lower than last year and, since ethanol pricing is dependent on gasoline demand, ethanol exports, and ethanol production rates in the U.S., we are expecting lower margins throughout the year. A year like 2014 could very well be a ‘once in a lifetime event”.

Glacial Lakes Corn Processors (GLCP) experienced a strong first half of its fiscal year ending February 28, 2015, resulting in fiscal year-to-date net income of $35 million. Chief Financial Officer Bill Brennan credits the robust performance of the period to significant investments and very strong margins in the first quarter (September through November) and lower but acceptable margins in the second quarter (December through February). The company’s debt continued a decline to approximately $17.5 million. “The investments we’ve made and the dedication of the

people in the plants are paying dividends,” Brennan says. “We’ve made significant investments in grain handling and storage capabilities and yield enhancing as well as expense reduction projects. These are paying off.” CEO Jim Seurer applauded stronger production performances by the operations departments. “Since our annual shutdowns last September, we’ve had three consecutive record production months,” Seurer says. “Both of our plants have done an outstanding job in reducing process variation and taking production to the next level.” Moving from the first quarter into the second, ethanol margins have fallen. “Crude oil and gasoline prices have tumbled since December, taking ethanol prices down with them,” says Brad Schultz, Director of Commodities and Risk Management. “This has pressured crush margins for all ethanol producers, including Glacial Lakes Energy.” GLE Management is confident that the cooperative will remain profitable in 2015 despite the expected narrowing of ethanol margins due to lower oil prices. “There is much variation and instability right now in this industry,” CEO Seurer says. “We are fortunate to have a strong team with the skills to manage these cycles and a strong financial position to weather them,” stated Seurer.

Financial Report for Six Months Ending February 28, 2015 (unaudited)

In Millions

Total Assets $256.8 Current Assets $126.0Total Liabilities $39.5 Current Liabilities $18.4Net Worth $217.3 Working Capital $107.6

Net Income for Quarter $11.9 Net Income for Year $34.9

GLCP Reports Strong First Half Financials Sheetz Announces E15 Availabilty Sheetz, is a well-known leader in the fuel retail business and a leading convenience store and fuel retailer located throughout Pennsylvania, West Virginia, Maryland, Virginia, Ohio, and North Carolina. Sheetz recently announced that they will begin to offer E15 at 60 of their stations located in North Carolina this year. Their decision to offer E15 shows they are in tune with an ever-changing marketplace where consumers are demanding higher performance, lower cost renewable fuels grown right here in the mid-western US. This announcement comes on the heels of E15’s expansion into 15 states.

According to existing E15 retailers, E15 offers consumers a $0.05 to $0.10 price per gallon advantage compared to regular gas. Additionally, consumers are getting a higher octane, a better performing fuel that burns cleaner and runs cooler in engines, and a fuel which improves vehicle performance and can extend engine life. With E15, consumers are getting more for less when they fill up and retailers are reporting zero complaints with E15. By Sheetz offering E15, it proves, once again, that consumers will select a high performance, low cost fuel when given the choice. E15 is the most tested fuel in history. The U.S. Department of Energy performed an exhaustive test of E15, driving 86 cars for over 6 million miles, and approved the fuel for use in all light-duty cars and trucks model year 2001 and newer.

Glacial Lakes Energy Mina

Should Premium Fuel Still Warrant a TankRobert White, Renewable Fuels Association Vice President of Industry Relations The Renewable Fuels Association is the leading trade association for America’s ethanol industry. Its mission is to advance the development, production, and use of ethanol fuel by strengthening America’s ethanol industry and raising awareness about the benefits of renewable fuels. RFA’s members are working to help America become cleaner, safer, more energy independent and economically secure. For more information, visit EthanolRFA.org. The Renewable Fuels Association (RFA) talks with thousands of fuel retailers at petroleum marketer

meetings, conferences, webinars, and one-on-one meetings. Over the course of these meetings it quickly becomes clear that every decision made by fuel retailers is based on return on investment (ROI) and the outcome of every decision is compounded exponentially for the 60% that are single station owners. Today, nearly all of these stations offer premium fuel, but should they? Until this year, the business case for E15 hinged on what vehicles the EPA had approved: 2001 & newer light duty cars, trucks and SUVs. These vehicles tally over 203 million, or 83% of the U.S. fleet. That is more than enough to justify the infrastructure to support them. But that has not happened and we must ask why not. The reason most often given is that while the Environmental Protection Agency (EPA) has approved the use of E15 in these vehicles, the auto manufacturers have not. So what do the facts say? RFA recently found that 70% of MY15 vehicles are explicitly warranted for E15 — a trend that has been moving upward since MY12. So, just how many vehicles are now explicitly warranted for E15? More than 41 million! Add to that the 18 million FFVs that are also approved for E15, and there are 59 million E15 warranted cars on the road today. For comparison, there are just 15 million cars requiring premium gas today. But, no high performance automobile owner has trouble finding premium fuel! Here is the breakdown: • ~244,000,000 light duty vehicles on the road today • ~15,000,000 require premium fuel • ~203,000,000 are 2001 & newer and approved by EPA to use E15 • ~41,000,000 are explicitly warranted for E15 • ~18,000,000 are FFVs (also warranted for E15) • ~41,000,000 vehicles are 2000 & older The fact that there are four times as many vehicles fully warranted for the use of E15 than those requiring premium gas today should be a compelling consideration for retailers considering the switch to E15 and E85. Many retailers are shocked to find that they are dedicating an entire fuel tank to premium fuel, which allows them to service fewer vehicles than if they sold E15 and E85. If retailers would consider converting their premium tank to E85 and installing a blender pump to allow for E15, they would gain both segments from one existing underground storage tank. The potential consumer fleet would jump from just 15 million vehicles to 59 million vehicles. Moreover, premium sales have been dropping. Most retailers will concede that premium sales are between 1–4% of their total volume, while stations making the conversion to E85 — and adding E15 — have demonstrated that they can turn that 1–4% into 20–30%. The business case for higher blends of ethanol is actually quite simple. If retailers want to differentiate themselves, lower their consumer price at the pump, increase their overall fuel volumes, boost their in store sales, and ultimately increase their profits … premium might not be the wisest fuel choice. Success will come in the form of higher-level ethanol blends.

GLE Supports Industry Trade Organizations Glacial Lakes Energy is a proud supporter of all three industry trade organizations, Growth Energy, the American Coalition for Ethanol (ACE), and the Renewable Fuels Association (RFA). Here are the “Top Ten” Priorities of the RFA 1) Get the Renewable Fuel Standard (“RFS”) Back on Track. 2) Expand E15 and E85 Markets. 3) Parity for E10 and E15 Volatility. 4) Grow the Ethanol Export Market. 5) Tax Policy Certainty for Cellulosic Ethanol Production.

6) Develop the Roadmap to “Renewable Super Premium”. 7) Confirm & Promote Ethanol’s Greenhouse Gas Benefits. 8) Ensure Continued Efficacy of Ethanol-by-Rail. 9) Maintain our Industry’s Impeccable Safety Record. 10) Provide Technical Foundation to Advance Industry Goals.

PRSRT STDUS POSTAGE

PAIDPERMIT #550

WATERTOWN, SD

GLCP Annual Shareholder MeetingMark J. Schmidt, Chairman of the Board A respectable-sized crowd of about 260 registered shareholders gathered for the Glacial Lakes Corn Processors (GLCP) Annual Meeting on December 11, 2014, in Watertown to receive an update on their company. Those who attended heard a message from guest speaker Marty Ruikka of ProExporter Network. Rukkia discussed the outlook for ethanol margins in 2015, as well as the stance for the corn market, exports of ethanol, and crude oil. Ruikka predicted that the export of ethanol will become more important in the future as the US market is saturated. In other business, GLCP introduced its 2015 Board of Directors. Those re-elected for three-year terms included:

Dale Christensen from Watertown, SD (District 1), Terry Mudgett from Clark, SD (District 1), Brent Gabler from Faulkton, SD (District 2), and Todd Jongeling from Estelline, SD (District 3). With the exception of Jongeling, all incumbents ran unopposed. Thank you to all nominees and I encourage other members to run for open seats in the future. A bylaw amendment to move away from holding a physical district meeting due to continual low attendance was ratified at the Annual Meeting. In the future, when there are more than two nominees seeking a board seat, the district voting for nominees will be held via mail ballot only. Following the Annual Meeting, the board re-elected its slate of officers for 2015 as follows: Mark Schmidt from Gary, SD (District 3) – President/Chairman; Terry Mudgett from Clark, SD (District 1) – Vice President; Darrell Popham from Florence, SD (District 1) – Secretary; and Dale Christensen from Watertown, SD (District 1) – Treasurer. In an effort to keep as many GLCP members as informed as possible, Investor Meetings were once again held in Aberdeen and Sioux Falls.

The purpose of these meetings is to reiterate the Annual Meeting presentation for members outside of the Watertown area. If you were unable to attend one of the three gatherings, complete transcripts of the Annual Meeting are available by calling the GLE office. It’s in your best interest to stay informed about the cooperative in which you have invested. I also strongly encourage you to keep in touch by following GLE on Facebook or Twitter. Not on social media? Sign up for email updates at glaciallakesenergy.com or by calling the Watertown office at 605-882-8480. In closing, as we look forward, we realize the ethanol industry will have challenges in 2015. Your board of directors is ready to face those challenges, but we’re also ready to explore the many new opportunities that exist. Thank you for being a member of GLCP!

CREATING ECONOMIC VALUE FROM CORN

13435 370th Avenue • Mina, SD 57241Phone: (605) 225-9900 Fax: (605) 225-9906

Glacial LakesEnergy, LLC P.O. Box 933 • Watertown, SD 57201

Glacial LakesEnergy, LLC Glacial Lakes

Energy, LLC Glacial LakesEnergy, LLC

Glacial LakesEnergy, LLC

301 20th Avenue SE • Watertown, SD 57201Phone: (605) 882-8480 Fax: (605) 882-8982

www.glacial lakesenergy.com

NEWSLETTERDecember 2014 - February 2015

www.glaciallakesenergy.com

GLE Night At NSU As part of our sponsorship of Northern State University (NSU) athletics, Glacial Lakes Energy recently hosted “GLE Night @ NSU” for the fourth year in a row. GLE proudly sponsored the NSU Wolves men’s and women’s basketball games against the University of Minnesota Crookston. With a draw of about 1,000 attendees, the highly attended event was a unique way to promote and inform everyone in attendance from the surrounding area about GLE and the ethanol industry—all while having fun and supporting NSU’s athletes. Growth Energy, an ethanol industry trade organization, donated four NASCAR tickets to the lucky guest who was able to throw a small Frisbee in the target on the Barnett Center’s center court. Ben Pond, son of Noel and Carol Pond of Ipswich, SD was the skillful winner of that prize. Additional prizes include “Ethanol Bucks” and a GLE blanket which were won by Isaac Geier of Aberdeen and Mary Bohls of Castlewood. “We’re very pleased to have this partnership with NSU,” says Marcy Kohl, Manager of Corporate Administration. “It provides a relatively inexpensive night of family fun for our patrons and is a way to say ‘thank you’ to them for their business and investment.” After four years of hosting this event, we feel this program is working well and we continue to gain name recognition for ourselves and promoting our products at the same time.”

Cautionary Statements Regarding Forward- Looking Statements This document contains forward-looking statements involving future events, future business and other conditions, our future performance and our expected future operations and actions. In some cases you can identify forward-looking statements by the use of words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “predict,” “hope,” “should,” “could,” “may,”

“future,” “continue,” “potential” or the negatives of these terms or other similar expressions. These statements are based on management’s beliefs and expectations and on information currently available to management.

Forward-lookingstatementsareonlyourpredictionsandinvolvenumerousassumptions,risksanduncertainties.Importantfactorsthatcouldsignificantlyaffectfuturefinancialconditionandresultsinclude, among others, operating margins in the ethanol industry, the rapid pace of expansion in the industry, the cost of corn and the price of ethanol, changes in ethanol supply and demand, changes in

current legislation or regulations that affect ethanol supply and demand, disruptions to infrastructure or in the supply of raw materials, the results of our risk management and hedging transactions, and ethanol industry valuations generally.

Our actual results or actions may differ materially from those set forth in the forward-looking statements for many reasons, including events that are beyond our control or assumptions not proving to be accurate or reasonable. We caution you not to put undue reliance on any forward-looking statements, which speak only as of the date of this document. We cannot guarantee our future results,

levels of activity, performance or achievements.

Stay Up to Date on Your Investment!Would you like to be kept up-to-date on the latest news about Glacial Lakes Energy and the ethanol industry?

Please send us your e-mail address to receive regular communications,“Like Us” on Facebook, or “Follow Us” on Twitter.

To be added to our e-mail list, please contact Jessi Eidson, Membership Coordinator at

jeidson@glaciallakesenergy.com or 605-882-8480.

Glacial Lakes Energy, LLC & Glacial Lakes Corn ProcessorsBoard of Directors 2015

Harlan SchottVermillion, SD

District 3

Terry MudgettClark, SD

Vice President: District 1

Mark J. SchmidtGary, SD

President: District 3

Brent GablerFaulkton, SD

District 2

Dale V. ChristensenWatertown, SD

Treasurer: District 1

Craig JohnsonVermillion, SD

District 3

Mark SchillingClear Lake, SD

District 3

Todd JongelingEstelline, SD

District 3

Steve BirkholtzWillow Lake, SD

District 2

Terry SchmidtWillow Lake, SD

District 2

Darrell PophamFlorence, SD

Secretary: District 1

H. Oscar SchlenkerAberdeen, SD

District 2

Larry KahnkeFlorence, SD

District 1

New Billboard For Ethanol Campaign

Glacial Lakes Energy’s (GLE) campaign to promote the benefits of ethanol in the metro Denver area has once again expanded. GLE has teamed up with Colorado and Nebraska ethanol plants as well as ICM of Colwich, KS, to purchase a billboard along heavily traveled I-25 north of downtown. “Because Denver struggles with air quality particularly at this time of year, we’re staying with the theme of ethanol for cleaner air,” says Marcy Kohl, Manager of Corporate Administration. “We’re pleased to have another opportunity to make our city dweller friends in Colorado aware of the benefits of ethanol.”

New Holland and Growth Energy Partner for Ethanol

Under a partnership between farm and construction equipment manufacturers New Holland Agriculture and the ethanol industry’s trade group Growth Energy, GLE members can qualify for discounts on farm equipment while supporting American Ethanol™. New Holland is providing preferred customer pricing on its full range of equipment through its new American Ethanol Producers Club Program. At the same time, New Holland will make a financial investment to Growth Energy each time a GLE member purchases a qualifying piece of New Holland equipment through the program. Growth Energy serves as a leading voice for the ethanol industry and represents producer plants including Glacial Lakes Energy. Fueled by the desire to reduce America’s dependence on foreign oil, the organization strives to raise broad public awareness of the opportunity home-grown ethanol offers. New Holland has formed an industry-exclusive partnership with Growth Energy to help support the American ethanol industry. As a member of Growth Energy, GLE and its producer members are eligible for the program. GLE members can request their own American Ethanol Producer’s Club card by providing some basic information to Marcy Kohl or Jessi Eidson at the main office (please call 882-8480). Cards must be activated online and then taken to a New Holland dealer to validate eligibility at the time of equipment purchase. You can visit with the New Holland dealer in your area for additional information on the program.

Now Approved: Syngenta Agrisure Viptera® Corn

Glacial Lakes Energy, LLC (GLE) is now accepting Syngenta Agrisure Viptera (MIR 162) corn at all locations. GLE stopped taking deliveries of this hybrid, as well as Syngenta

Agrisure Duracade (MIR 5307), back in May of 2014. This was solely due to China’s rejection of corn cargoes carrying these two traits. The Chinese government recently lifted its import restriction of GMO corn and, specifically, approved the Viptera hybrid. GLE has a heavy market dependence on exports of dried distillers grain (DDG) to the Pacific Rim and China. China would not accept DDGs processed from corn with the MIR 162 out of fear that the cargoes might also be rejected. To remain active in exporting, GLE was forced to restrict the receipt and processing of corn to only hybrids which China had approved for exporting. With China’s decision to lift the ban on Viptera corn, GLE will now accept deliveries for this hybrid only. GLE is still unable to accept Syngenta Agrisure Duracade (MIR 5307) as China has not yet approved the use of this hybrid. Therefore, it cannot be delivered to processing plants that serve export markets or to grain elevators that serve these plants. If you have questions, please contact the commodities department in either the Watertown or Mina office.

PRSRT STDUS POSTAGE

PAIDPERMIT #550

WATERTOWN, SD

GLCP Annual Shareholder MeetingMark J. Schmidt, Chairman of the Board A respectable-sized crowd of about 260 registered shareholders gathered for the Glacial Lakes Corn Processors (GLCP) Annual Meeting on December 11, 2014, in Watertown to receive an update on their company. Those who attended heard a message from guest speaker Marty Ruikka of ProExporter Network. Rukkia discussed the outlook for ethanol margins in 2015, as well as the stance for the corn market, exports of ethanol, and crude oil. Ruikka predicted that the export of ethanol will become more important in the future as the US market is saturated. In other business, GLCP introduced its 2015 Board of Directors. Those re-elected for three-year terms included:

Dale Christensen from Watertown, SD (District 1), Terry Mudgett from Clark, SD (District 1), Brent Gabler from Faulkton, SD (District 2), and Todd Jongeling from Estelline, SD (District 3). With the exception of Jongeling, all incumbents ran unopposed. Thank you to all nominees and I encourage other members to run for open seats in the future. A bylaw amendment to move away from holding a physical district meeting due to continual low attendance was ratified at the Annual Meeting. In the future, when there are more than two nominees seeking a board seat, the district voting for nominees will be held via mail ballot only. Following the Annual Meeting, the board re-elected its slate of officers for 2015 as follows: Mark Schmidt from Gary, SD (District 3) – President/Chairman; Terry Mudgett from Clark, SD (District 1) – Vice President; Darrell Popham from Florence, SD (District 1) – Secretary; and Dale Christensen from Watertown, SD (District 1) – Treasurer. In an effort to keep as many GLCP members as informed as possible, Investor Meetings were once again held in Aberdeen and Sioux Falls.

The purpose of these meetings is to reiterate the Annual Meeting presentation for members outside of the Watertown area. If you were unable to attend one of the three gatherings, complete transcripts of the Annual Meeting are available by calling the GLE office. It’s in your best interest to stay informed about the cooperative in which you have invested. I also strongly encourage you to keep in touch by following GLE on Facebook or Twitter. Not on social media? Sign up for email updates at glaciallakesenergy.com or by calling the Watertown office at 605-882-8480. In closing, as we look forward, we realize the ethanol industry will have challenges in 2015. Your board of directors is ready to face those challenges, but we’re also ready to explore the many new opportunities that exist. Thank you for being a member of GLCP!

CREATING ECONOMIC VALUE FROM CORN

13435 370th Avenue • Mina, SD 57241Phone: (605) 225-9900 Fax: (605) 225-9906

Glacial LakesEnergy, LLC P.O. Box 933 • Watertown, SD 57201

Glacial LakesEnergy, LLC Glacial Lakes

Energy, LLC Glacial LakesEnergy, LLC

Glacial LakesEnergy, LLC

301 20th Avenue SE • Watertown, SD 57201Phone: (605) 882-8480 Fax: (605) 882-8982

www.glacial lakesenergy.com

NEWSLETTERDecember 2014 - February 2015

www.glaciallakesenergy.com

GLE Night At NSU As part of our sponsorship of Northern State University (NSU) athletics, Glacial Lakes Energy recently hosted “GLE Night @ NSU” for the fourth year in a row. GLE proudly sponsored the NSU Wolves men’s and women’s basketball games against the University of Minnesota Crookston. With a draw of about 1,000 attendees, the highly attended event was a unique way to promote and inform everyone in attendance from the surrounding area about GLE and the ethanol industry—all while having fun and supporting NSU’s athletes. Growth Energy, an ethanol industry trade organization, donated four NASCAR tickets to the lucky guest who was able to throw a small Frisbee in the target on the Barnett Center’s center court. Ben Pond, son of Noel and Carol Pond of Ipswich, SD was the skillful winner of that prize. Additional prizes include “Ethanol Bucks” and a GLE blanket which were won by Isaac Geier of Aberdeen and Mary Bohls of Castlewood. “We’re very pleased to have this partnership with NSU,” says Marcy Kohl, Manager of Corporate Administration. “It provides a relatively inexpensive night of family fun for our patrons and is a way to say ‘thank you’ to them for their business and investment.” After four years of hosting this event, we feel this program is working well and we continue to gain name recognition for ourselves and promoting our products at the same time.”

Cautionary Statements Regarding Forward- Looking Statements This document contains forward-looking statements involving future events, future business and other conditions, our future performance and our expected future operations and actions. In some cases you can identify forward-looking statements by the use of words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “predict,” “hope,” “should,” “could,” “may,”

“future,” “continue,” “potential” or the negatives of these terms or other similar expressions. These statements are based on management’s beliefs and expectations and on information currently available to management.

Forward-lookingstatementsareonlyourpredictionsandinvolvenumerousassumptions,risksanduncertainties.Importantfactorsthatcouldsignificantlyaffectfuturefinancialconditionandresultsinclude, among others, operating margins in the ethanol industry, the rapid pace of expansion in the industry, the cost of corn and the price of ethanol, changes in ethanol supply and demand, changes in

current legislation or regulations that affect ethanol supply and demand, disruptions to infrastructure or in the supply of raw materials, the results of our risk management and hedging transactions, and ethanol industry valuations generally.

Our actual results or actions may differ materially from those set forth in the forward-looking statements for many reasons, including events that are beyond our control or assumptions not proving to be accurate or reasonable. We caution you not to put undue reliance on any forward-looking statements, which speak only as of the date of this document. We cannot guarantee our future results,

levels of activity, performance or achievements.

Stay Up to Date on Your Investment!Would you like to be kept up-to-date on the latest news about Glacial Lakes Energy and the ethanol industry?

Please send us your e-mail address to receive regular communications,“Like Us” on Facebook, or “Follow Us” on Twitter.

To be added to our e-mail list, please contact Jessi Eidson, Membership Coordinator at

jeidson@glaciallakesenergy.com or 605-882-8480.

Glacial Lakes Energy, LLC & Glacial Lakes Corn ProcessorsBoard of Directors 2015

Harlan SchottVermillion, SD

District 3

Terry MudgettClark, SD

Vice President: District 1

Mark J. SchmidtGary, SD

President: District 3

Brent GablerFaulkton, SD

District 2

Dale V. ChristensenWatertown, SD

Treasurer: District 1

Craig JohnsonVermillion, SD

District 3

Mark SchillingClear Lake, SD

District 3

Todd JongelingEstelline, SD

District 3

Steve BirkholtzWillow Lake, SD

District 2

Terry SchmidtWillow Lake, SD

District 2

Darrell PophamFlorence, SD

Secretary: District 1

H. Oscar SchlenkerAberdeen, SD

District 2

Larry KahnkeFlorence, SD

District 1

New Billboard For Ethanol Campaign

Glacial Lakes Energy’s (GLE) campaign to promote the benefits of ethanol in the metro Denver area has once again expanded. GLE has teamed up with Colorado and Nebraska ethanol plants as well as ICM of Colwich, KS, to purchase a billboard along heavily traveled I-25 north of downtown. “Because Denver struggles with air quality particularly at this time of year, we’re staying with the theme of ethanol for cleaner air,” says Marcy Kohl, Manager of Corporate Administration. “We’re pleased to have another opportunity to make our city dweller friends in Colorado aware of the benefits of ethanol.”

New Holland and Growth Energy Partner for Ethanol

Under a partnership between farm and construction equipment manufacturers New Holland Agriculture and the ethanol industry’s trade group Growth Energy, GLE members can qualify for discounts on farm equipment while supporting American Ethanol™. New Holland is providing preferred customer pricing on its full range of equipment through its new American Ethanol Producers Club Program. At the same time, New Holland will make a financial investment to Growth Energy each time a GLE member purchases a qualifying piece of New Holland equipment through the program. Growth Energy serves as a leading voice for the ethanol industry and represents producer plants including Glacial Lakes Energy. Fueled by the desire to reduce America’s dependence on foreign oil, the organization strives to raise broad public awareness of the opportunity home-grown ethanol offers. New Holland has formed an industry-exclusive partnership with Growth Energy to help support the American ethanol industry. As a member of Growth Energy, GLE and its producer members are eligible for the program. GLE members can request their own American Ethanol Producer’s Club card by providing some basic information to Marcy Kohl or Jessi Eidson at the main office (please call 882-8480). Cards must be activated online and then taken to a New Holland dealer to validate eligibility at the time of equipment purchase. You can visit with the New Holland dealer in your area for additional information on the program.

Now Approved: Syngenta Agrisure Viptera® Corn

Glacial Lakes Energy, LLC (GLE) is now accepting Syngenta Agrisure Viptera (MIR 162) corn at all locations. GLE stopped taking deliveries of this hybrid, as well as Syngenta

Agrisure Duracade (MIR 5307), back in May of 2014. This was solely due to China’s rejection of corn cargoes carrying these two traits. The Chinese government recently lifted its import restriction of GMO corn and, specifically, approved the Viptera hybrid. GLE has a heavy market dependence on exports of dried distillers grain (DDG) to the Pacific Rim and China. China would not accept DDGs processed from corn with the MIR 162 out of fear that the cargoes might also be rejected. To remain active in exporting, GLE was forced to restrict the receipt and processing of corn to only hybrids which China had approved for exporting. With China’s decision to lift the ban on Viptera corn, GLE will now accept deliveries for this hybrid only. GLE is still unable to accept Syngenta Agrisure Duracade (MIR 5307) as China has not yet approved the use of this hybrid. Therefore, it cannot be delivered to processing plants that serve export markets or to grain elevators that serve these plants. If you have questions, please contact the commodities department in either the Watertown or Mina office.