X0306 4 2013-05-17 0 0001286964 Heron Lake BioEnergy, LLC NONE 0001448402 Project Viking, LLC 501 WEST HIGHWAY 212 GRANITE FALLS MN 56241 0 0 1 0 7.25% Subordinated Secured Notes Due 2018 0.3 2013-05-17 4 P 0 102000 0.3 A 2014-10-01 2018-10-01 Class A Units 340000 102000 D The Subordinated Notes are convertible on: (i) October 1, 2014, (ii) each anniversary date thereafter prior to the maturity date, (iii) the maturity date of October 1, 2018, (iv) immediately prior to the effective time of any sale of all or substantially all of the assets of the Company or merger; and (v) in connection with any permitted prepayment. The issuer has the right to issue Class B Units upon conversion if the principal balance of the Subordinated Notes exceeds the authorized Class A Units at the conversion rate. Project Viking, L.L.C. By /s/ Roland J. (Ron) Fagen, Its Chief Manager 2013-05-28