LEASES

GFE has lease agreements with leasing companies for 176 rail cars for the transportation of the Company’s ethanol with various maturity dates through November 2018. The rail car lease payments are due monthly in the aggregate amount of approximately $139,000.

GFE has a lease agreement with a leasing company for 75 hopper cars to assist with the transport of the distiller’s grains by rail with a maturity date of November 2015. The rail car lease payments are due monthly in the amount of approximately $47,000.

HLBE has lease agreements with leasing companies for 145 rail cars for the transportation of the Company’s ethanol with various maturity dates through May 2017. The rail car lease payments are due monthly in the aggregate amount of approximately $143,000.

HLBE has a lease agreement with a leasing company for 50 hopper cars to assist with the transport of the distiller’s grains by rail with a maturity date of May 2017. The rail car lease payments are due monthly in the amount of approximately $35,000.

At October 31, 2014, the Company had the following commitments for payments of rentals under operating leases which at inception had a non-cancelable term of more than one year:



November 1, 2014 to October 31, 2015	$	4,500,639
November 1, 2015 to October 31, 2016	3,802,840
November 1, 2016 to October 31, 2017	2,134,654
November 1, 2017 to October 31, 2018	626,316
November 1, 2018 to October 31, 2019	40,950
Total minimum lease commitments	$	11,105,399