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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT REPORT</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of Report (Date of earliest event reported):&#160;&#160;November 15, 2011</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Iowa</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">20-1118105</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;59511 W. Lincoln Highway, Nevada, Iowa</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">50201</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(Address of principal executive offices)</font></div>
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<div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Registrant's telephone number, including area code: (515) 232-1010</font></div>
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<div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Former name or former address, if changed since last report.)</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REGULATION FD DISCLOSURE.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Lincolnway Energy, LLC (the "Company") intends to announce its financial results for the year ended September 30, 2011 at a meeting of the Company's members to be held on November 15, 2011.&#160;&#160;The following information will be presented at the meeting.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net income was $.9 million for the year ended September 30, 2011, compared to a net income of $4.4 million for the year ended September 30, 2010.&#160;&#160;Revenues were $174.0 million for the year ended September 30, 2011 compared to $114.4 million for the year ended September 30, 2010.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The following is statement of operations data for the years indicated:</font></div>

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<td colspan="6" nowrap valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2011</font></font></td>
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<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amount</font></font></td>
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<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">%</font></font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="#ccffcc">
<td nowrap valign="bottom" width="52%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Revenues</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">173,951,126</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">100.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">114,373,268</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">100.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td nowrap valign="bottom" width="52%">&#160;</td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="#ccffcc">
<td nowrap valign="bottom" width="52%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cost of goods sold</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">169,817,362</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">97.6</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">106,744,081</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">93.3</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td nowrap valign="bottom" width="52%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Gross profit</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,133,764</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7,629,187</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="#ccffcc">
<td nowrap valign="bottom" width="52%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">General and administrative expense</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,649,796</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1.5</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,440,390</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2.1</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td nowrap valign="bottom" width="52%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Operating income</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,483,968</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0.9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">5,188,797</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="#ccffcc">
<td nowrap valign="bottom" width="52%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Interest expense</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(593,461</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(0.3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(851,358</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(0.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td nowrap valign="bottom" width="52%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other income-</font><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">interest</font><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> </font></font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,542</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">25,019</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="#ccffcc">
<td nowrap valign="bottom" width="52%" style="PADDING-BOTTOM: 4px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Net income</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">$</font></font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">900,049</font></font></font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0.6</font></font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">$</font></font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,362,458</font></font></font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3.9</font></font></font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr></table>
</div>

<div>&#160;</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenues increased in fiscal year 2011 by approximately 52.1%, when compared to the fiscal year 2010. Lincolnway Energy sold approximately 57.0 million gallons of ethanol at an average gross price of $2.45 per gallon, 143,760 tons of dried distillers grains at an average gross price of $215.26 per ton, and 11,706 tons of wet distillers grains at an average gross price of $65.76 per ton during the fiscal year ended September&#160;30, 2011.&#160;&#160;Lincolnway Energy also sold approximately 3,835 tons of corn oil at an average gross price of $892.00 per ton during the 2011 fiscal year.&#160;&#160;The increase in revenues for the fiscal year ended September&#160;30, 2011 resulted from a 3.4% increase in ethanol sales volume and a 42.4% increase in price for ethanol as compared to the previous fiscal year.&#160;&#160;Management believes the&#160;ethanol price increase is a result of higher corn and energy prices along with increased exports to Europe, Canada and Brazil which positively impacted ethanol demand during the 2011 fiscal year. &#160;&#160;&#160;Lincolnway Energy's cost of goods sold for the fiscal year ended September&#160;30, 2011 totaled approximately $169.8 million, which was an increase of 59.1% when compared to fiscal year 2010.&#160;&#160;The increase in cost of goods sold for the 2011 fiscal year is primarily due to a 76.6% increase in the average cost of corn per bushel for fiscal year 2011 and a 3% increase in ethanol production for the 2011.&#160;&#160;The increase in corn price is partially attributed to an increase in corn demand that leads to&#160;&#160;tight corn supply and the rise of energy prices. Ethanol yields have improved in the fiscal year 2011 because of the quality of the corn crop harvested in 2011 compared to 2010.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The chart below presents key operating data with our ethanol production for the years indicated:</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="60%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="bottom">
<td nowrap valign="bottom" width="25%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Operating Data:</font></font><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> </font></font></font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">2011</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">2010</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom">
<td nowrap valign="bottom" width="25%">&#160;</td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="#ccffcc">
<td nowrap valign="bottom" width="25%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ethanol sold<font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> </font></font></font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">56,980,616</font></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">55,121,401</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td nowrap valign="bottom" width="25%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Average gross price of ethanol sold</font></td>
<td nowrap valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="#ccffcc">
<td nowrap valign="bottom" width="25%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(dollars per gallon)</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2.45</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1.72</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td nowrap valign="bottom" width="25%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dry distillers grain sold (tons)</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">143,760</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">129,958</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="#ccffcc">
<td nowrap valign="bottom" width="25%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Average dry distillers grain sales price per ton </font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">215.26</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">145.38</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td nowrap valign="bottom" width="25%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Average corn cost per bushel</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6.34</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3.59</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr></table>
</div>

<div>&#160;</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The chart below presents other financial data for the years indicated:</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="60%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="bottom">
<td nowrap valign="bottom" width="25%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other Financial Data:</font></font></font> </font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">2011</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">2010</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="#ccffcc">
<td nowrap valign="bottom" width="25%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Working Capital</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10,403,670</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11,493,635</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td nowrap valign="bottom" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Long-</font><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Term Obligations</font></font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,188,021</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,859,711</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="#ccffcc">
<td nowrap valign="bottom" width="25%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Members<font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#8217;</font> Equity</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">53,139,309</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">52,239,260</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td nowrap valign="bottom" width="25%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Book Value per Member Unit</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,264</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,242</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="#ccffcc">
<td nowrap valign="bottom" width="25%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Depreciation and amortization expense</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,232,529</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8,378,554</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-FAMILY: sans-serif">&#160;</font></td>
</tr></table>
</div>

<div align="left">&#160;</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of September 30, 2011, the Company had $34,135 in cash.&#160;&#160;For the year ended September 30, 2011, $6.3 million was paid on long-term borrowings.&#160;&#160;The Company also made purchases of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$2.9 million of property and equipment.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On November 10, 2011, a settlement agreement (Agreement), dated September 28, 2011, between Lincolnway Energy and Fagen Engineering, LLC (Fagen, Inc) was signed.&#160;&#160;The parties have agreed to settle the disputes related to the liability for the State of Iowa alleged air emission violations against Lincolnway Energy.&#160;&#160;The Agreement sets forth a reduction of Lincolnway Energy&#8217;s promissory note payable to Fagen, Inc in the original principal amount of $1,250,000, by $270,000, leaving a remaining unpaid balance of $980,000.&#160;&#160;Within five days of signing the agreement Lincolnway will repay without penalty $300,000 of the principal of the note plus accrued interest and within thirty days after the agreement is signed, Lincolnway Energy will prepay the remaining $680,000 principal balance of the note plus accrued interest. This will release all parties to any future claims in relation to the alleged violations and Lincolnway Energy&#8217;s associated payment under the consent order.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The chart below presents the long-term debt activity for the period indicated:</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<div align="left">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="bottom">
<td nowrap valign="bottom" width="30%">&#160;</td>
<td nowrap valign="bottom" width="1%">&#160;</td>
<td colspan="2" nowrap valign="bottom" width="10%">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">PAYMENTS</font></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom">
<td nowrap valign="bottom" width="30%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(CREDITS) </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom">
<td nowrap valign="bottom" width="30%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">ORIGINAL </font></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">MADE</font></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Final </font></font></td>
</tr><tr valign="bottom">
<td nowrap valign="bottom" width="30%" style="TEXT-ALIGN: center">&#160;</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">BALANCE</font></font></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">BALANCE AS</font></font></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10/1/2010 -</font></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">BALANCE AS</font></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Balance<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> </font></font></font></font></font></td>
</tr><tr valign="bottom">
<td nowrap valign="bottom" width="30%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">LENDER</font></font> </font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(May 2006)</font></font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">OF 10/1/2010</font></font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11/15/2011</font></font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">OF 11/15/2011</font></font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Due</font></font> </font></td>
</tr><tr valign="bottom" bgcolor="#ccffcc">
<td nowrap valign="bottom" width="30%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">COBANK (Construction loan)</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">39,000,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6,500,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(5,000,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,500,000</font></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="10%" style="TEXT-ALIGN: center"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">March 2013</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td nowrap valign="bottom" width="30%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FAGEN, Inc. (Note payable to contractor)</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,216,781</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,216,781</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1,216,781</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="10%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="#ccffcc">
<td nowrap valign="bottom" width="30%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font> FAGEN, Inc. (2nd Note payable to contractor)</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,250,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,250,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(570,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">680,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: center"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dec 2011</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td nowrap valign="bottom" width="30%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">IOWA DEPT OF ECONOMIC DEVELOPMENT</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">300,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">182,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(182,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td valign="bottom" width="1%"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-</font></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: center"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="bottom" bgcolor="#ccffcc">
<td nowrap valign="bottom" width="30%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">IOWA DEPARTMENT OF TRANSPORTATION</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">500,000</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">336,803</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(48,873</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">287,930</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">July 2016</font></td>
</tr><tr valign="bottom" bgcolor="white">
<td nowrap valign="bottom" width="30%" style="PADDING-BOTTOM: 4px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">TOTAL</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">42,266,781</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9,486,084</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(7,018,154</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">)</font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$</font></td>
<td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,467,930</font></font></td>
<td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px; TEXT-ALIGN: left"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td nowrap valign="bottom" width="10%" style="PADDING-BOTTOM: 4px"><font size="1" style="FONT-FAMILY: sans-serif">&#160;</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

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<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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[{"type": "8-K", "sequence": "1", "filename": "v240747_8-k.htm", "description": "CURRENT REPORT", "secsgml_size_bytes": 113152}]
{"company-data": {"conformed-name": "Lincolnway Energy, LLC", "cik": "0001350420", "assigned-sic": "2860", "irs-number": "201118105", "state-of-incorporation": "IA", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51764", "film-number": "111206294"}, "business-address": {"street1": "59511 W. LINCOLN HIGHWAY", "city": "NEVADA", "state": "IA", "zip": "50201", "phone": "515-817-0160"}, "mail-address": {"street1": "59511 W. LINCOLN HIGHWAY", "city": "NEVADA", "state": "IA", "zip": "50201"}}
Unassociated Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  November 15, 2011
LINCOLNWAY ENERGY, LLC
(Exact name of registrant as specified in its charter)
Iowa
000-51764
20-1118105
(State or other jurisdiction of
(Commission
(IRS Employer
incorporation)
File Number)
Identification No.)
59511 W. Lincoln Highway, Nevada, Iowa
50201
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (515) 232-1010
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02
RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
Item 7.01
REGULATION FD DISCLOSURE.
Lincolnway Energy, LLC (the "Company") intends to announce its financial results for the year ended September 30, 2011 at a meeting of the Company's members to be held on November 15, 2011.  The following information will be presented at the meeting.
Net income was $.9 million for the year ended September 30, 2011, compared to a net income of $4.4 million for the year ended September 30, 2010.  Revenues were $174.0 million for the year ended September 30, 2011 compared to $114.4 million for the year ended September 30, 2010.
The following is statement of operations data for the years indicated:
Statements of Operations Data:
2011
2010
Amount
%
Amount
%
Revenues
$
173,951,126
100.0
$
114,373,268
100.0
Cost of goods sold
169,817,362
97.6
106,744,081
93.3
Gross profit
4,133,764
2.4
7,629,187
6.7
General and administrative expense
2,649,796
1.5
2,440,390
2.1
Operating income
1,483,968
0.9
5,188,797
4.6
Interest expense
(593,461
)
(0.3
)
(851,358
)
(0.7
)
Other income-
interest
9,542
-
25,019
-
Net income
$
900,049
0.6
$
4,362,458
3.9
Revenues increased in fiscal year 2011 by approximately 52.1%, when compared to the fiscal year 2010. Lincolnway Energy sold approximately 57.0 million gallons of ethanol at an average gross price of $2.45 per gallon, 143,760 tons of dried distillers grains at an average gross price of $215.26 per ton, and 11,706 tons of wet distillers grains at an average gross price of $65.76 per ton during the fiscal year ended September 30, 2011.  Lincolnway Energy also sold approximately 3,835 tons of corn oil at an average gross price of $892.00 per ton during the 2011 fiscal year.  The increase in revenues for the fiscal year ended September 30, 2011 resulted from a 3.4% increase in ethanol sales volume and a 42.4% increase in price for ethanol as compared to the previous fiscal year.  Management believes the ethanol price increase is a result of higher corn and energy prices along with increased exports to Europe, Canada and Brazil which positively impacted ethanol demand during the 2011 fiscal year.    Lincolnway Energy's cost of goods sold for the fiscal year ended September 30, 2011 totaled approximately $169.8 million, which was an increase of 59.1% when compared to fiscal year 2010.  The increase in cost of goods sold for the 2011 fiscal year is primarily due to a 76.6% increase in the average cost of corn per bushel for fiscal year 2011 and a 3% increase in ethanol production for the 2011.  The increase in corn price is partially attributed to an increase in corn demand that leads to  tight corn supply and the rise of energy prices. Ethanol yields have improved in the fiscal year 2011 because of the quality of the corn crop harvested in 2011 compared to 2010.
2
The chart below presents key operating data with our ethanol production for the years indicated:
Operating Data:
2011
2010
Ethanol sold
56,980,616
55,121,401
Average gross price of ethanol sold
(dollars per gallon)
$
2.45
$
1.72
Dry distillers grain sold (tons)
143,760
129,958
Average dry distillers grain sales price per ton
$
215.26
$
145.38
Average corn cost per bushel
$
6.34
$
3.59
The chart below presents other financial data for the years indicated:
Other Financial Data:
2011
2010
Working Capital
$
10,403,670
$
11,493,635
Long-
Term Obligations
$
3,188,021
$
9,859,711
Members
'
Equity
$
53,139,309
$
52,239,260
Book Value per Member Unit
$
1,264
$
1,242
Depreciation and amortization expense
$
8,232,529
$
8,378,554
As of September 30, 2011, the Company had $34,135 in cash.  For the year ended September 30, 2011, $6.3 million was paid on long-term borrowings.  The Company also made purchases of
$2.9 million of property and equipment.
On November 10, 2011, a settlement agreement (Agreement), dated September 28, 2011, between Lincolnway Energy and Fagen Engineering, LLC (Fagen, Inc) was signed.  The parties have agreed to settle the disputes related to the liability for the State of Iowa alleged air emission violations against Lincolnway Energy.  The Agreement sets forth a reduction of Lincolnway Energy's promissory note payable to Fagen, Inc in the original principal amount of $1,250,000, by $270,000, leaving a remaining unpaid balance of $980,000.  Within five days of signing the agreement Lincolnway will repay without penalty $300,000 of the principal of the note plus accrued interest and within thirty days after the agreement is signed, Lincolnway Energy will prepay the remaining $680,000 principal balance of the note plus accrued interest. This will release all parties to any future claims in relation to the alleged violations and Lincolnway Energy's associated payment under the consent order.
3
The chart below presents the long-term debt activity for the period indicated:
PAYMENTS
(CREDITS)
ORIGINAL
MADE
Final
BALANCE
BALANCE AS
10/1/2010 -
BALANCE AS
Balance
LENDER
(May 2006)
OF 10/1/2010
11/15/2011
OF 11/15/2011
Due
COBANK (Construction loan)
$
39,000,000
$
6,500,000
$
(5,000,000
)
$
1,500,000
March 2013
FAGEN, Inc. (Note payable to contractor)
$
1,216,781
$
1,216,781
$
(1,216,781
)
$
-
1
FAGEN, Inc. (2nd Note payable to contractor)
$
1,250,000
$
1,250,000
$
(570,000
)
$
680,000
Dec 2011
IOWA DEPT OF ECONOMIC DEVELOPMENT
$
300,000
$
182,500
$
(182,500
)
$
-
IOWA DEPARTMENT OF TRANSPORTATION
$
500,000
$
336,803
$
(48,873
)
$
287,930
July 2016
TOTAL
$
42,266,781
$
9,486,084
$
(7,018,154
)
$
2,467,930
1
-
$270,000 CREDIT RECEIVED
The information contained in this Current Report shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall this Current Report or be incorporated by reference into a filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except only as may be expressly set forth by specific reference in any such filing.
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4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LINCOLNWAY ENERGY, LLC
Date: November 15, 2011
By:
/s/ Richard Brehm
Richard Brehm, President and
Chief Executive Officer
5