Annual Membership Meeting

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Annual Membership Meeting March 23, 2009
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FY 2007 Annual Meeting Minutes February 13, 2008

• The Redfield Energy LLC annual meeting was held
  on February 13, 2008 at the South Dakota National
  Guard Armory in Redfield, SD.
• Chairman Ron Frankenstein called the meeting to
  order at 103 p.m.
• The National Anthem was sung by the Redfield High
  School Choir.
• Chairman Frankenstein introduced the board
  members and various Redfield Energy staff.
• Frankenstein appointed Paul Gillette as the
  parliamentarian.
• Jim Seurer delivered the financial presentation
  and answered questions.
• Gillette verified that a quorum was in
  attendance.
• Jandel read the Formal Notice of the Annual
  Meeting.
• Frankenstein gave the Presidents Report.
• Frankenstein called for nominations for board
  seat one. Jeff Albrecht made a motion to nominate
  Max Williams. David Mendel seconded the motion.

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Special Member MeetingJanuary 19, 2009

• A special meeting of the members of Redfield
  Energy LLC was held on January 19, 2009 at the
  Redfield High School Gymnasium in Redfield, SD.
• Chairman Ron Frankenstein called the meeting to
  order at 141 p.m.
• The National Anthem was sung by the Redfield High
  School Choir.
• Ron Lambert from the American Coalition for
  Ethanol discussed the future value of ethanol and
  its importance to
• agriculture.
• Secretary Joe Jandel verified that a quorum had
  been established.
• Jandel read the Formal Notice of the Special
  Meeting.
• Chairman Frankenstein introduced the board
  members and various Redfield Energy staff.
• Jandel read the proposed resolution. Craig
  Johnson made a motion to pass the proposed
  resolution to create a Class C membership.
  Richard Gallup seconded the motion.
• There was no discussion. Ballots were collected.
• Frankenstein, Tom Hitchcock, Jim Seurer, and Paul
  Gillette delivered the presentation and answered
  questions.

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Ethanol/Corn Prices
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Unleaded Gas Price
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E10 Blend Wall
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Oil getting more expensive, carbon-intensive, and
unsustainable
Cost of producing oil from future sources is on
the rise
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Corn Sustainability Improvements 1987-2007
Source Field to Market
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Corn Availability
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Amazon Deforestation on Decline while Biofuels
Production on the Rise
Source IEA Butler, Mongabay.com (FAO, NISR)
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Sustainable, Efficient Corn Ethanol

• Net energy ratio values from 1.29 to 2.23
• Corn-ethanol systems reduced GHG emissions by
  48 to 59 compared to gasoline, which has a GHG
  intensity of 92 gCO2e MJ.
•   Ethanol-to-petroleum ratios were 101 to 131
  for corn-ethanol but could increase to 191 with
  progressive crop management that increases both
  yield and input use efficiency.

Improvements in LCA GHG Emissions of Corn
EthanolLiska et al Journal of Industrial
Ecology Feb 09
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Regional Corn Basis Comparison

• State
  Average Basis
• Ohio 7
• North Dakota 1
• Colorado
  0
• Indiana
  -2
• Illinois
  -9
• Missouri
  -15
• Iowa
  -17
• Michigan
  -25
• Nebraska
  -25
• Minnesota
  -26
• Wisconsin
  -27
• South Dakota
  -38
• Kansas
  -45 Kansas data skewed by milo usage
  of 50
• Data from First National Bank of Omaha for nearby
  CBOT month for corn

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Available Funds

• We Raise 3 Million
• Bank Releases 1.5 Million
• On Hand 2 Million
• __________________________________
• Available Funds 6.5 Million

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Unleaded Gas Price
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Status of Fund Drive

• 2 million
• Grows To
• 3 million
• NOW