WELCOME TO GGE 2009 ANNUAL MEETING

1. WELCOME TO GGE 2009 ANNUAL MEETING

2. GOLDEN GRAIN ENERGY Call to Order Dave Sovereign Chairman of the Board

3. GOLDEN GRAIN ENERGY Determination of Quorum Ron Pumphrey Secretary

4. GOLDEN GRAIN ENERGY Statement of Order of Business And Opening of Polls Dave Sovereign Chairman of the Board

5. GOLDEN GRAIN ENERGY Nominating Committee And Election of Directors Dave Sovereign Chairman of the Board

6. GOLDEN GRAIN ENERGY Nominating Committee Report Jerry Calease Committee Member

7. GOLDEN GRAIN ENERGY Introduction of Board Candidates Jim Boeding Duane Lynch

8. GOLDEN GRAIN ENERGY Closing of Polls Dave Sovereign Chairman of the Board

9. GOLDEN GRAIN ENERGY 2008 Year in Review Walt Wendland President, CEO

10. GOLDEN GRAIN ENERGY Financial Overview Fiscal Year Ending 10/31/08 Christy Marchand CFO

11. GOLDEN GRAIN ENERGY Balance Sheet Summary

12. GOLDEN GRAIN ENERGY Income Statement Summary

13. GOLDEN GRAIN ENERGY Financial Ratios

14. GOLDEN GRAIN ENERGY • Rough Start 2009 • 1st Quarter ended Jan 2009 with a loss of $7.7 million • High priced corn & natural gas contracts run out in March • April and beyond are expected to be at or above breakeven • Maintain loan compliance critical • Breakeven is approximately: • Ethanol $1.40 = Corn $3.35 • Ethanol $1.45 = Corn $3.50 • Ethanol $1.50 = Corn $3.65

15. GOLDEN GRAIN ENERGY Production Update 2008 Calendar Year Chad Kuhlers, Plant Manager

16. GOLDEN GRAIN ENERGY • Health and Safety • 1 Recordable Accidents in 2008 • 0 Resulted in a Lost Time Injury • Employees worked 98,866 hours • Recordable incident rate for the facility of 2.02. Industry average was 3.1 (based on 2007 OSHA data). • Employees have now worked 330,505 hours since production began.

17. GOLDEN GRAIN ENERGY • Environmental • 0 Notices of Violation • In compliance with all of the environmental laws • Facility has been permitted for annual production of 150 MMGPY of ethanol

18. GOLDEN GRAIN ENERGY • Production • Facility produced 109,507,548 Gallons in 2008 • Production was increased by 30.3% over 2007

19. GOLDEN GRAIN ENERGY • Efficiency • Average of 28,156 BTU/Gallon • Average of 0.5665 KWHr/Gallon

20. GOLDEN GRAIN ENERGY • Corn Usage • Average of 2.85 Gallons of Denatured Ethanol/Bushel • Corn usage of 38,584,199 bushels in 2008. An increase of 28.2% over 2007

21. GOLDEN GRAIN ENERGY • Reliability • Facility operated for 8,233 hours during 2008 • Facility was operational 91 hours less than the previous year • Resulted in 284 days of 24/7 operation.

22. GOLDEN GRAIN ENERGY Wrap Up Thank you

23. Golden Grain Energy Annual Meeting Rooted In Renewables Renewable Products Marketing Group Thursday March 12, 2009

24. Presentation Topics • Ethanol Industry Analysis • RPMG Review

25. Ethanol Demand vs. Production Capacity Annualized Volume, BGY Source: Houston BioFuels Consultants LLC

26. Decouples From Gas Source: Houston BioFuels Consultants LLC

27. Chicago Spot Ethanol and Nearby CBOT Corn 500 300 450 260 400 220 Cents per Gallon Cents per Bushel 350 180 300 140 250 100 Jul-07 Jan-07 Jun-07 Nov-07 Apr-07 Oct-07 Feb-07 Mar-07 Aug-07 Sep-07 Dec-07 May-07 source: Houston BioFuels Consultants Corn Clearly Connected To Corn Ethanol Margin Erosion Masks Connection To Corn

28. Source: Houston BioFuels Consultants LLC

31. Ethanol Demand vs. Production Capacity Annualized Volume, BGY Source: Houston BioFuels Consultants LLC

32. Conclusions

33. 2009 Topics

34. RPMG Services

35. RPMG Ownership

36. Thank You!

37. GOLDEN GRAIN ENERGY Report of Election Results Dave Sovereign Chairman of the Board

38. GOLDEN GRAIN ENERGY Question Session

39. GOLDEN GRAIN ENERGY Closing Remarks

40. GOLDEN GRAIN ENERGY Adjournment Dave Sovereign Chairman of the Board

41. GOLDEN GRAIN ENERGY Thank you for your continued support