Happy New Year! We welcome the year 2024 with hope and optimism and wish you a pleasant and fruitful year. In many ways, 2023 was an outstanding year for Show Me Ethanol, we are grateful for the investment you have made in our company, making it possible for us to process Missouri-grown corn into American-made products while enhancing the local community. Thank you!

The Board of Managers declared a distribution of $8,000,000 to shareholders in the November 2023 meeting. Those checks were sent in early December, bringing the total amount distributed in 2023 to $14,000,000. Inclusive of 2023’s distributions, Show Me Ethanol has returned over 300% of the original equity shareholders invested in the company.

Show Me Ethanol celebrated its 15th year of operation in 2023. Since our start-up in May 2008, we have processed over 330 million bushels of corn into over 900 million gallons of ethanol. On average, this is over 50 semi-truck loads of corn processed in Carrollton every single day for the last 15 years.

The 4th quarter of 2023 was strong. We posted over $6.7 million in net income on net sales over $47.7 million. Our unaudited financial results are found in the following pages. Our annual audit is scheduled to be completed in January, and K-1 forms will be available as soon as possible. As a reminder, owners can now access tax forms securely via our website. Please visit www.smealcohol.com and navigate into the Investor section to access your forms.

While we have enjoyed strong ethanol margins for most of 2023, the ethanol market has cooled significantly. We are projecting a more normal 2024, with modest profits that will continue to generate investor returns. We expect 2024 to be volatile due to the continued conflict in Ukraine and Israel along with an election cycle that could cause disruption in public policy relating to renewables.

I look forward to providing a more detailed company update at the Show Me Ethanol, LLC annual shareholder meeting that will be held on March 19, 2024, at the Rupe Center in Carrollton. Please note that you will be able to sign up for direct deposit at this meeting. Signing up for direct deposit will allow us to provide future distributions to you faster and more securely than paper checks.

I look forward to seeing you in March!

Brian Pasprig