For Immediate Release
September 23, 2004

Lincolnway Energy announced today that they have reached their minimum equity amount to secure a Senior Lender for the construction of their 50 million gallon per year coal fired Ethanol Plant in Nevada, Iowa.

The Lincolnway Board of Directors announced that September 30, 2004 will be the last day of the company’s offering for Membership Interest in the Limited Liability Company.

The offering is made to Iowa residents and companies. Interested and qualified investors should contact the Lincolnway Energy office at (515) 232-1010 or visit www.lincolnwayenergy.com for additional information.

For all currently subscribed Investors, this will be the last opportunity to increase ownership interest in the company.

New Subscription Agreements must be delivered no later than 5 pm on Thursday, September 30, 2004 to Lincolnway Energy office at 975 W. Lincoln Highway, Nevada, Iowa 50201 or to First National Bank of Ames, Escrow Agent for Lincolnway Energy, located at 5th and Burnett, Ames, Iowa. Subscription Agreements must include a check for the minimum deposit towards investment shares as described in the Lincolnway Energy Prospectus.