LEASES

GFE has lease agreements with leasing companies for 219 rail cars for the transportation of the Company’s ethanol with various maturity dates through November 2021. The rail car lease payments are due monthly in the aggregate amount of approximately $190,000.

GFE has lease agreements with leasing companies for 115 hopper cars to assist with the transport of the distiller’s grains by rail with various maturity dates through November 2025. The rail car lease payments are due monthly in the amount of approximately $76,000.

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, 2015, 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, 2015 to October 31, 2016	$	5,379,490
November 1, 2016 to October 31, 2017	3,535,054
November 1, 2017 to October 31, 2018	2,026,716
November 1, 2018 to October 31, 2019	1,252,350
November 1, 2019 to October 31, 2020	1,076,400
Thereafter	3,506,100
Total minimum lease commitments	$	16,776,110