Press Releases

Lansing Grain Company, LLC and Macquarie Bank Limited ("MBL") today announced the formation of Lansing Ethanol Services, LLC ("LES"). The new company is a joint venture between Lansing Grain Company, LLC and an indirect wholly owned subsidiary of MBL, Macquarie Americas Corp. LES will provide ethanol marketing services for ethanol producers, actively trade physical ethanol and will work to develop synergies between a leading commodity focused financial institution and a progressive trading company.

Lansing Grain Company's team of experienced professionals has developed a solid reputation in the trading of physical ethanol, corn and distillers' grains. This business initiative will move Lansing's rapidly growing ethanol trading activity to Lansing Ethanol Services, positioning it well for future growth.

Macquarie's Commodity Markets Division, with substantial experience and activities across a range of US agricultural commodity and energy markets, will provide strategic risk management products for ethanol producers. Combining this expertise with knowledge of the physical ethanol market and logistics capabilities of Lansing Grain Company, LES will create many appealing services for both ethanol producers and ethanol blenders.

"This joint venture is a natural extension of Macquarie's focus on the commodity sector. Our experience in commodity risk management and project finance will be greatly complemented by Lansing's physical expertise in the grain and ethanol markets," said Michael Allison, Division Director within the Commodity Markets Division of Macquarie. "Lansing Ethanol Services looks forward to offering both existing and new clients the benefits that this combination of physical and financial know-how will offer," he said.

"Lansing has worked very hard to establish itself as a significant player in the ethanol trading space, building on our strong history in agricultural commodities. We are delighted to enter into this joint venture with Macquarie, who has shown from the beginning of our relationship that they understand this space and have a desire to participate in the rapidly growing ethanol industry," said Bill Krueger, President and CEO of Lansing Grain Company. "We see this business as having the ability to provide stability and financial strength to a volatile business dominated by commodity risk," he said.

Lansing Ethanol Services expects to commence operation on the March 1, 2006, with the business headquartered in Overland Park, KS.

About Macquarie

The Macquarie group (Macquarie) is a diversified international provider of specialist investment, advisory, trading and financial services in select markets around the world. Headquartered in Sydney, Australia, the Macquarie group comprises Macquarie Bank Limited (MBL), the leading Australian investment bank and its subsidiaries and affiliates worldwide. Macquarie Bank listed on the Australian Stock Exchange in 1996 and is ranked as one of Australia's top 15 companies by market capitalization.

Macquarie is active in a broad range of financial and physical commodities markets globally, with a worldwide team of professionals who have in-depth knowledge across a range of commodity sectors. In the United States this expertise is marketed by executives in MBL Representative Offices in California, New York and Texas. These activities are complemented by a range of other Macquarie Bank commodities subsidiaries located within the United States and South America.

About Lansing Grain Company, LLC

Lansing Grain Company, a privately owned firm, was formed in 1931. The current ownership group has grown Lansing into a national trading company. The company trades whole grains, feed ingredients, and energy products in U.S. domestic and export markets. Current annual revenues are approximately $1.2 billion. Company headquarters are in Overland Park, Kansas. Additional information is available online at http://www.lansinggrain.com/.

SOURCE: Lansing Grain Company, LLC