Redfield and Glacial Lakes Energy Merger Update

Dear Redfield Energy Investor,

The Redfield Energy, LLC board of directors has decided to discontinue merger talks with Glacial Lakes Corn Processors.  The parties have mutually agreed that the timing is wrong since both companies are in transition and fair economic analysis is difficult.  The Redfield plant will soon be fully operational and the board is satisfied that the management agreement we have with Glacial Lakes has and will continue to serve us well.  We also have the good fortune of having completed our plant prior to the ballooning cost of new ethanol construction.   We can be thankful to the South Dakota Corn Utilization Council and the Glacial Lakes Corn Processors for identifying our area for a new plant nearly two years ago.  The success of our equity drive and the timely completion of our facility help ensure that we can compete with the low-cost producers in this industry. 

The board has received considerable input from you the owners of our company; the inquiry and encouragement is appreciated.  We all anxiously anticipate full production in April.  Included with this letter is corn delivery information that should be helpful as you plan for your corn shipments to the plant.  Once we are up and running for a few months we anticipate holding both a grand opening ceremony and the first annual meeting.  The board will also be looking to open stock trading once this transitional period is behind us.  Until then stay warm, pray for rain this summer, and drop by your local seed corn dealer and buy a few more bags of seed. 

Ronald Frankenstein
Chairman
Redfield Energy, LLC