Annual Meeting  FY 2017 

 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 HakmillerCommercial Outlook – Blair PicardOperational Performance– Darrel BollFinancial Director – Kris StrumPureStream Protein Status Operational & Commercial Review – Eric Hakmiller  Ballots ClosedQuestionsElection Results – Kris StrumAdjourn  Ballots will be accepted until the question Period to allow time for them to be counted 

 Board Members  Jeff TaylorChairman of the BoardBrian ConradVice ChairmanAudit Committee ChairmanFinance Committee MemberNominating & Corp. GovernanceAd Hoc Risk Committee MemberTerry Wycoff TreasurerFinance Committee ChairmanNominating & Corp Governance MemberBill CouserSecretaryHR & Compensation Committee MemberFinance Committee MemberAd Hoc Risk Committee MemberJim HillRisk Committee ChairmanHR & Compensation Committee MemberFinance Committee Member  Tim FevoldNominating & Corp. Governance ChairmanAudit Committee MemberRick VaughanAudit Committee MemberHR & Compensation Committee MemberAd Hoc Risk Committee MemberKurt OlsenHR & Compensation Committee ChairmanNominating & Corp. Governance MemberAd Hoc Risk Committee MemberJim DicksonAudit Committee MemberHR & Compensation Committee MemberJim HillAd Hoc Risk Committee ChairmanHR & Compensation Committee Member 

 Board of Directors Slate   Bill Couser Tim Gibbons Rick Vaughan Terry Wycoff 

 Bill CouserBoard SecretaryReading of the Minutes 

 State of the CompanyFY 2017 & Q1 2018 

 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, 2017. 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. 

 Company Direction  MissionOur mission is to produce clean renewable energy, maintain a safe and rewarding place to work and maximize shareholder value as a locally owned independent ethanol producer.Board Priorities FY 2018Distribution payment to investorsExecute the PureStream™ Protein commercial programIncrease efficiency in base operationsDevelopment of the adjacent real estate (DuPont and Ag Land) 

       Management Team  Market OversightCorn BuyingEthanol SalesDDGS SalesCorn Oil SalesRail Car Use  Company ControlFinanceSEC Comp.Cash FlowProject ReturnsInfor Systems  Plant OversightMaintenanceEngineeringProductionLogisticsCapex  Eric HakmillerPresident  Darrel BollOperations Director  Kris StrumFinancial Director  Blair PicardCommercial Director 

 Year in Review  FY 2017 & FY 2018 Q1Commercial Blair Picard 

 Ethanol +DDGS +Corn Oil –Corn = Gross Margin“Gross Margin is what the world will pay for corn ethanol”  Key Performance Drivers  CommercialEthanol Supply & DemandCorn Supply & DemandGlobalLocalGrain Feed MarketsCorn Oil Markets    FY 2017 Gross Margin Up $0.058 per gallonover previous year 

 Ethanol Supply   

 Ethanol Demand  Good Domestic Demand 

 Ethanol Demand    Export Demand 

 DDGS 

 Corn Oil    Compounded Annual GrowthIndustry 17%LWE 34% 

 Year in Review  FY 2017 & FY 2018 Q1OperationsDarrel Boll 

 Key Performance Drivers  OperationalEthanol ProductionEthanol YieldsCorn Oil ProductionCorn Oil Yields  ResultsRecord Ethanol ProductionRecord YieldsRecord Corn Oil ProductionRecord Corn Oil Yield 

 Ethanol Production  62 Million Gallons is aLincolnway Energy Record 

 Ethanol Production 

 Corn Oil Production 

 Corn Oil Yield Development  This is among the top extraction rates in the industry 

 Year in Review  FY 2017 & FY 2018 Q1Finance Kris Strum 

 Net Income 

 Cash Flow  OperatingActivity  $8,886,492  Financing$4,222,429  Cash Flow  $13,379,588  CapitalInvestment  $12,328,363  Cash Change: ($270,667) 

 Share Value 

 PureStream™ Protein Status  Operational & Commercial Review 

 PureStream™ Protein Over View  Operational Status  We have the ability to separate fiber from protein and sugar before fermentationWe are installing a compression drying systemOur focus is to sell to mono-gastric animals (pigs and chickens) in the local Iowa marketWe have done research at Iowa State, Kansas State, University of Illinois and University of Minnesota   

     Fiber Separation  Fiber separation is a solubility separationThe process is covered under a patent licensed to LincolnwayWe are running this step today                                                Corn Mash                                                                DDGS  Fermentation           

     Protein Concentrating  Fermentation removes the sugarCentrifuges remove the oilProtein is ready for drying                                PostFermentation          Oil Extracted  PureStream Protein                                           

   Compression Drying System                        DDGS Barn  Coal Silo  Coal Silo  CoalLoadOut  Coal Boiler Building              Dryer  Dryer  Dryer                          Dryer  Cooler  Cooler            Return Conveyor  Dryer Unit  Decanter  Steam Tube Dryers      Decanter   

 Product Profile  Features 

 Value  Soy Meal Value  Protein Value Curve 

 Final Comments  Ani-tek has been hired as our nutritional/commercial agents in local marketsGavilon is going to handle any other marketWeb site being preparedProduct has been registered for saleWe are in discussions with several parties – waiting until we get a handle on the product specs we are going to produce. 

 Additional Fermentation  Project Status 

 Fermenter  We are adding a new 730 k gallon fermenter on the north side of fermentation allyThis will allow an additional 8 hours of ferm timeThis benefit will be higher yields   

 Increased Efficiency 

 Increased Efficiency 

 Election Closed   

 Questions   

 Election Results  Kris Strum 

 Adjourn