Common use of GENERAL INSTRUCTIONS FOR SUBSCRIBERS Clause in Contracts

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater Ethanol. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 56152 5. Within 20 days of written notice from Highwater Ethanol that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater Ethanol’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater Ethanol’s escrow account at Minnwest Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolMinnErgy. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 8 and the Member Signature Page to our Second Amended and Restated Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Winona National Bank, Redwood Falls, MN, escrow agent for Highwater EthanolMinnErgy, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 9 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater EthanolMinnErgy, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater EthanolMinnErgy, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 4000 Xxxxxxx Xxxxxxxxx, PO Box 186 Winona, Minnesota 5615255987 5. Within 20 days of written notice from Highwater Ethanol MinnErgy that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Winona National Bank, Redwood Falls, MN, escrow agent for Highwater EthanolMinnErgy, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater EthanolMinnErgy’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol MinnErgy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolMinnErgy’s escrow account at Minnwest Winona National Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol MinnErgy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol MinnErgy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol MinnErgy rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol MinnErgy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater Ethanol. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below:ARCP. 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Bank, Redwood Falls, MN“ , escrow agent for Highwater EthanolARCP, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater EthanolARCP, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater EthanolAkron Riverview Corn Processors, LLC 000 X. Xxxx c/o LSCP, LLLP 0000 X Xxxxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 56152Xxxx 00000 5. Within 20 days of written notice from Highwater Ethanol ARCP that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN“ , escrow agent for Highwater EthanolAkron Riverview Corn Processors, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater EthanolARCP’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol ARCP shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolARCP’s escrow account at Minnwest Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol ARCP or returned to you in accordance with the escrow arrangements agreement described in the Prospectus. Highwater Ethanol mayARCP, in its sole discretion, may reject or accept any part or all of your subscription. If Highwater Ethanol ARCP rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus less escrow fees. Highwater Ethanol ARCP may not consider defer consideration of the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater EthanolAkron Riverview Corn Processors, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater EthanolAkron Riverview Corn Processors, LLC 000 X. Xxxx c/o LSCP, LLLP 0000 X Xxxxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx Xxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol ARCP may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol ARCP rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol ARCP may not consider defer consideration of the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor You may direct your questions to any of our directors or officers listed below or to ARCP c/o LSCP, LLLP at (000) 000-0000. Xxxxx Xxx Chief Executive Officer (000) 000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor Xxxxxxxx Chief Financial Officer (000-) 000-0000 Xxxxx Xxx Xxxx Treasurer Xxxxxx Vice Chairman and Governor Director (000-) 000-0000 Xxxxxxx Xxxxx Van Der Wal Xxx Xxxxxx Secretary and Governor 507Director (712) 443/8816 Xxxxxxx Xxxxxxx Director (000) 000-3420000 Xxxxx Xxxxx Director (000) 000-51870000

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSDate of Effectiveness] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater Cardinal Ethanol, LLC. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Second Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest BankFirst Merchants Trust Company, Redwood Falls, MNN.A., escrow agent for Highwater Cardinal Ethanol, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement Units that is attached to this Subscription Agreement and grants Highwater Ethanol, LLC gxxxx Xxxxxxxx Ethanol a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions toInstructions to either of the following: Highwater Cardinal Ethanol, LLC 000 X. Xxxx XxxxxxFirst Merchants Trust Company, N.A. Attention: Axxxxx Xxxxxxxxx Attention: N. Jxxx Xxxxx 2 OMCO Square, Suite 201 P.X. Xxx 0000 Xxxxxxxxxx, XX Xxx 00 Xxxxxxxxx00000 Mxxxxx, Minnesota 56152XX 00000 5. Within 20 days of Upon written notice from Highwater Cardinal Ethanol stating that your subscription has been acceptedits sales of Units have exceeded the Minimum Offering amount of $45,000,000, you must remit must, within thirty (30) days secure an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest BankFirst Merchants Trust Company, Redwood Falls, MNN.A., escrow agent for Highwater Cardinal Ethanol, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph Instruction 4 within twenty thirty (2030) days of the date of Highwater Cardinal Ethanol’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Cardinal Ethanol shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater Cardinal Ethanol’s escrow account at Minnwest BankFirst Merchants Trust Company, Redwood Falls, MN. N.A. The funds will be released to Highwater Cardinal Ethanol or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Cardinal Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Cardinal Ethanol rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Cardinal Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolE Energy Axxxx. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Bank, Redwood Falls, MNUnion Bank & Trust Company, escrow agent for Highwater EthanolE Energy Axxxx, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanolgrant E Energy Axxxx, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater EthanolE Energy Axxxx, LLC 000 X. 500 Xxxx Xxxxxx, XX X.X. Xxx 00 XxxxxxxxxXxxxx, Minnesota 56152 Xxxxxxxx 68301 5. Within 20 days of written notice from Highwater Ethanol E Energy Axxxx that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MNUnion Bank & Trust Company, escrow agent for Highwater EthanolE Energy Axxxx, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater EthanolE Energy Adams’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol E Energy Axxxx shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolE Energy Adams’s escrow account at Minnwest BankUnion Bank & Trust Company, Redwood Falls, MNNA. The funds will be released to Highwater Ethanol E Energy Axxxx or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol E Energy Axxxx may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol E Energy Axxxx rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol E Energy Axxxx may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolE Energy Axxxx. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Bank, Redwood Falls, MNUnion Bank & Trust Company, escrow agent for Highwater EthanolE Energy Axxxx, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanolgrant E Energy Axxxx, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater EthanolE Energy Axxxx, LLC 000 X. 500 Xxxx Xxxxxx, XX X.X. Xxx 00 XxxxxxxxxXxxxx, Minnesota 56152 Xxxxxxxx 00000 5. Within 20 days of written notice from Highwater Ethanol E Energy Adams that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MNUnion Bank & Trust Company, escrow agent for Highwater EthanolE Energy Axxxx, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater EthanolE Energy Adams’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol E Energy Axxxx shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolE Energy Adams’s escrow account at Minnwest BankUnion Bank & Trust Company, Redwood Falls, MNNA. The funds will be released to Highwater Ethanol E Energy Axxxx or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol E Energy Axxxx may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol E Energy Axxxx rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol E Energy Axxxx may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus Registration Statement dated [DATE OF EFFECTIVENESSDate of Effectiveness] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolVictory. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Frontier Bank, Redwood Falls, MN, escrow agent for Highwater EthanolVictory Renewable Fuels, LLC.” ”. You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement Units that is attached to this Subscription Agreement and grants Highwater Ethanol, LLC grant Victory a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions toInstructions to either of the following: Highwater EthanolVictory Renewable Fuels, LLC 000 Frontier Bank Attention: Axxxx X. Xxxx Xxxxxxx Attention: Gxxxxx Xxxxxxxxxxxxx, Trust Officer 1000 Xxxxxxxxx Xxx. 300 Xxxxx Xxxxxx Xxxxxxxxx, XX 00000 Rxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 5615200000 5. Within 20 days of Upon written notice from Highwater Ethanol Victory stating that your subscription has been acceptedits sales of Units have exceeded the Minimum Offering amount of $21,250,000, you must remit must, within thirty (30) days secure an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Frontier Bank, Redwood Falls, MN, escrow agent for Highwater EthanolVictory Renewable Fuels, LLC” LLC in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph Instruction 4 within twenty thirty (2030) days of the date of Highwater EthanolVictory’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Victory shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolVictory’s escrow account at Minnwest BankFrontier Bank in Rock Rapids, Redwood Falls, MNIowa. The funds will be released to Highwater Ethanol Victory or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Victory may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Victory rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol Victory may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “"Prospectus”") in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolPrairie Creek. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Second Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Bank, Redwood Falls, MNIowa State Bank of Algona, escrow agent for Highwater Prairie Creek Ethanol, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater grant Prairie Creek Ethanol, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater Prairie Creek Ethanol, LLC 000 X. Xxxx Xxxxxx Xxxxxx, XX Xxx 00 000 Xxxxxxxxx, Minnesota 56152Xxxx 00000 5. Within 20 days of written notice from Highwater Ethanol Prairie Creek that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MNIowa State Bank of Algona, escrow agent for Highwater Prairie Creek Ethanol, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater Ethanol’s Prairie Creek's written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Prairie Creek shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolPrairie Creek’s escrow account at Minnwest Bank, Redwood Falls, MNIowa State Bank of Algona. The funds will be released to Highwater Ethanol Prairie Creek or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Prairie Creek may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Prairie Creek rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus any nominal interest, minus escrow fees. Highwater Ethanol Prairie Creek may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Iowa State Bank is acting only as an escrow agent in connection with the offering described herein, and has not endorsed, recommended or guaranteed the purchase, value or repayment of the units. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Second Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Prairie Creek Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Prairie Creek Ethanol, LLC 000 X. Xxxx Xxxxxx Xxxxxx, XX Xxx 00 000 Xxxxxxxxx, Xxxxxxxxx Xxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol Prairie Creek may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Prairie Creek rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus any nominal interest, minus escrow fees. Highwater Ethanol Prairie Creek may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. You may direct your questions to either of our directors listed below or to Prairie Creek at (000) 000-0000. Xxxx Xxxxx X. Xxxxxxxxx Senior Vice President of Project Development (000)-000-0000 Xxxx Xxxxxx Chairman, President and Governor 000Director (000)-000-0000000 Xxxxxx Xxxxxx Vice Chairman, Vice President and Director (000)-000-0000 Xxxxx Xxxxxxxx Vice President of Commodities (000)-000-0000 Xxxx Nail Vice President of Marketing (000)-000-0000 Xxxx Xxxxxxxxx Vice President of Development (000)-000-0000 Xxxx Xxxxxx Vice President of Transportation (000)-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000Treasurer (000)-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Xxxxxx Secretary and Governor 507Director (000)-000-342-51870000

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSDate of Effectiveness] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolAgassiz Energy, LLC. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 8 and the Member Signature Page to our Amended and Restated Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC(Escrow Name).” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 9 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement Units that is attached to this Subscription Agreement and grants Highwater Ethanol, LLC gxxxx Xxxxxxx Energy a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions Instructions to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 56152: 5. Within 20 days of Upon written notice from Highwater Ethanol Agassiz Energy stating that your subscription has been acceptedits sales of Units have exceeded the Minimum Offering amount of $50,000,000, you must remit must, within thirty (30) days, secure an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC(Escrow Name)” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph Instruction 4 within twenty thirty (2030) days of the date of Highwater EthanolAgassiz Energy’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Agassiz Energy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolAgassiz Energy’s escrow account at Minnwest Bxxxxx Bank, Redwood FallsN.A. in Crookston, MNMinnesota. The funds will be released to Highwater Ethanol Agassiz Energy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Agassiz Energy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Agassiz Energy rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus accrued nominal interest, minus escrow fees. Highwater Ethanol Agassiz Energy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] ________, 2008 (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolNatural Innovative Renewable Energy. Read the instructions below on how to complete a subscription for our units. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANYNATURAL INNOVATIVE RENEWABLE ENERGY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the CompanyNatural Innovative Renewable Energy’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Security National Bank, Redwood FallsEscrow Agent for Natural Innovative Renewable Energy, MN, escrow agent for Highwater Ethanol, LLC.L.L.C.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 8 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note Units subscribed and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC grant Natural Innovative Renewable Energy a security interest in your units. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions toInstructions to either of the following: Highwater EthanolNatural Innovative Renewable Energy, LLC 000 X. Xxxx L.L.C. First National Bank Attn: Jxxx Xxxxxx, Chairman For Credit To Account: 100 X. 0xx Xxxxxx Security National Bank, Escrow Agent for P.X. Xxx 000 Natural Innovative Renewable Energy, L.L.C. Axxxx, XX Xxx 00 Xxxxxxxxx00000 200 Xxxx Xxxxxx Akron, Minnesota 56152IA 51001 5. Within 20 days of written notice from Highwater Ethanol Natural Innovative Renewable Energy that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Security National Bank, Redwood FallsEscrow Agent for Natural Innovative Renewable Energy, MN, escrow agent for Highwater Ethanol, LLCL.L.C.” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver Deliver this check to the same address set forth above in paragraph Instruction 4 within twenty (20) days of the date of Highwater EthanolNatural Innovative Renewable Energy’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Natural Innovative Renewable Energy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolNatural Innovative Renewable Energy’s escrow account at Minnwest Security National Bank, Redwood FallsSioux City, MNIowa. The funds will be released to Highwater Ethanol Natural Innovative Renewable Energy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Natural Innovative Renewable Energy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Natural Innovative Renewable Energy rejects your subscription, your Subscription Agreement and investment will be promptly returned to youyou within 30 days of such rejection, plus nominal interest, minus escrow fees. Highwater Ethanol Natural Innovative Renewable Energy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSDate of Effectiveness] (the “Prospectus”) in its entirety entirety, including the exhibits exhibits, for a complete explanation of an investment in Highwater Ethanolthe Company. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control the Company’s Operating Agreement attached to this Subscription Agreement as Exhibit EXHIBIT “A.” 2. Immediately provide a Provide your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Bank Iowa and Security National Bank, Redwood Falls, MN, escrow agent for Highwater EthanolAmaizing Energy Holding Company, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement Agreement, evidencing your commitment obligation to pay the remaining ninety percent (90%) due for the units. The Promissory Note Units and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC granting the Company a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in numbered paragraphs 1 and 3 of these instructions, together with a your personal or business check as described referenced in Paragraph numbered paragraph 2 of these instructions toto either of the following: Highwater EthanolAmaizing Energy Holding Company, LLC 000 X. Attention: Ax Xxxxx 2000 Xxxx XxxxxxXxxxxxx 00 Xxxxxxx, XX 51442 OR Sxxxx Xxxxx Financial Securities Corp Attention: Cxxxxx Xxxxxx 1000 X Xx, Xxx 00 Xxxxxxxxx000 Xxxxxx Xxxxxxx Xxxxxxx, Minnesota 56152 XX 00000 5. Within 20 thirty (30) days of your receipt of written notice from Highwater Ethanol the Company stating that your subscription has been acceptedits sales of Units have exceeded the minimum offering amounts set forthin our escrow agreements as described in the Prospectus, you must remit deliver to the Company at either of the addresses referenced in numbered paragraph 4 of these instructions an additional personal (or business) check for the second installment of remaining ninety percent (90%) of your investment amount made payable to “Minnwest Bank Iowa and Security National Bank, Redwood Falls, MN, escrow agent for Highwater EthanolAmaizing Energy Holding Company, LLC,” in satisfaction of your deferred payment obligations under the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater Ethanol’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol the Company shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if If you are unable subscribing prior to pay the 90% balance release of funds from escrow, your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater Ethanolthe Company’s escrow account at Minnwest Bank Iowa and Security National Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol the Company or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol The Company may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol the Company rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol It is likely that the Company may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] August 1, 2002 (the “"Prospectus”") in its entirety including the financial statements and exhibits for a complete explanation of an investment in Highwater EthanolUWGP. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrowTo subscribe, you must follow the instructions contained in paragraphs 1 through 5 belowmust: 1. Complete all information required in this Subscription Agreement, and date and sign the this Subscription Agreement on at page 6 and 5. 2. Complete all information required by the Member Signature Page to our of the Operating Agreement, and date and sign the Member Control Agreement Signature Page (the last page attached to this Subscription Agreement as Exhibit A.Agreement). 23. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC.” "U.S. BANK -- ESCROW AGENT FOR UWGP". You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 34. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement Units that is attached to this Subscription Agreement and grants Highwater Ethanol, LLC a security interest in your unitsAgreement. 45. Deliver each of the original executed documents referenced in paragraphs 1 Items 1, 2, and 4 of these Instructions, together with your personal check described in Item 3 of these instructions, together with a personal Instructions to any one of the UWGP board members listed below or business check as described in Paragraph 2 of these instructions via mail to: Highwater EthanolU.S. Bank, LLC N.A. 0000 Xxxxx Xxxxx Xxxxxx Xxxxx, Xxxxx 000 X. Xxxx XxxxxxXxxxxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 5615200000 56. Within 20 days of written notice from Highwater Ethanol that your subscription has been accepted, you must remit Secure an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC” "U.S. BANK -- ESCROW AGENT FOR UWGP" in satisfaction of the Promissory Note and Security AgreementNote. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver Deliver this check to the same address set forth above in paragraph 4 Instruction 5 within twenty (20) days of the date of Highwater Ethanol’s UWGP's written notice. If you fail to pay notice that its sales of Units have exceeded the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance Minimum Escrow Deposit of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit$19,250,000. Your funds will be placed in Highwater Ethanol’s UWGP's escrow account at Minnwest U.S. Bank, Redwood Falls, MN. The and the funds will be released to Highwater Ethanol UWGP or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol UWGP rejects your subscription, your Subscription Agreement and investment will be promptly returned to youyou within 30 days of such rejection, plus nominal interest, minus escrow fees. Highwater Ethanol UWGP may not consider the acceptance or rejection of your subscription until a future date near the end of this offeringOffering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE MAY DIRECT YOUR QUESTIONS TO ONE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal OUR DIRECTORS LISTED BELOW OR TO UWGP AT (or business000) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-51870000.

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSEffective Date] (the “Prospectus”) in its entirety entirety, including the exhibits exhibits, for a complete explanation of an investment in Highwater EthanolSIBE. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, Agreement and date and sign the Subscription Agreement on page 6 8 and the Member Signature Page to our Member Control Amended And Restated Operating Agreement attached to this Subscription Agreement as Exhibit A.EXHIBIT “A”. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest "Great Western Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, Southern Iowa BioEnergy LLC.” ”. You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 9 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note Units and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC granting SIBE a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in numbered paragraphs 1 and 3 of these instructions, together with a your personal or business check as described referenced in Paragraph numbered paragraph 2 of these instructions toto either of the following: Highwater Ethanol, Southern Iowa BioEnergy LLC Great Western Bank Attention: Xxxxxxx X. Xxxxxx Attention: Trust Department 000 X. Xxxx Xxxxx Xxxxxx Xxxxxx X.X. Xxx 0000 Xxxxxx, XX Xxx 00 Xxxxxxxxx00000 Xxxxx, Minnesota 56152XX 00000 5. Within 20 thirty (30) days of your receipt of written notice from Highwater Ethanol SIBE stating that your subscription has been acceptedits sales of Units have exceeded the minimum offering amount of $9,000,000, you must remit deliver to SIBE at either of the addresses referenced in numbered paragraph 4 of these instructions an additional personal (or business) check for the second installment of remaining ninety percent (90%) of your investment amount made payable to “Minnwest Great Western Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC” SIBE in satisfaction of your deferred payment obligations under the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater Ethanol’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol SIBE shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if If you are unable subscribing prior to pay the 90% balance release of funds from escrow, your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolSIBE’s escrow account at Minnwest Great Western Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol SIBE or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol SIBE may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol SIBE rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol SIBE may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing invest after we have received subscriptions for Units in excess of the Company’s $9,000,000 minimum but prior to the release of funds from escrow, you must follow 100% of the instructions contained total Unit purchase price will be due immediately. This amount will be held in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign escrow until SIBE meets the Subscription Agreement on page 6 and requirements of the Member Signature Page escrow agreement to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for release the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187escrow.

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSDATE] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolFUEL. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Bank, Redwood Falls, MNto___, escrow agent for Highwater Ethanol, LLC.” FUEL. You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement Units that is attached to this Subscription Agreement and grants Highwater Ethanolgrant FUEL, LLC a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions toInstructions to the following: Highwater First United Ethanol, LLC 000 X. 2 Xxxx XxxxxxXxxxx Xxxxxx Xxxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 56152Xxxxxxx 00000 5. Within 20 days of Upon written notice from Highwater Ethanol FUEL stating that your subscription has been acceptedits sales of Units have exceeded the Minimum Offering amount of $28,400,000 you must, you must within twenty (20) days remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN, to___ escrow agent for Highwater Ethanol, LLC” FUEL in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph Instruction 4 within twenty (20) days of the date of Highwater EthanolFUEL’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol FUEL shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolFUEL’s escrow account at Minnwest Bank, Redwood Falls, MNat___. The funds will be released to Highwater Ethanol FUEL or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol FUEL may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol FUEL rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol FUEL may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “"Prospectus”") in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolEast Coast. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) % of your investment amount. The check should be made payable to “Minnwest Bank, Redwood Falls, MN________________, escrow agent for Highwater East Coast Ethanol, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) % due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater grant East Coast Ethanol, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater East Coast Ethanol, LLC 000 X. 0000 Xxxxxxxx Xxxx XxxxxxPost Office Box 1058 Columbia, XX Xxx 00 Xxxxxxxxx, Minnesota 56152 South Carolina 29202 5. Within 20 days of written notice from Highwater Ethanol East Coast that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) % of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN______________, escrow agent for Highwater East Coast Ethanol, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) 20 days of the date of Highwater Ethanol’s East Coast's written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol East Coast shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolEast Coast’s escrow account at Minnwest Bank, Redwood Falls, MN_______________. The funds will be released to Highwater Ethanol East Coast or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol East Coast may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol East Coast rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus any nominal interest, minus escrow fees. Highwater Ethanol East Coast may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSDate of Effectiveness] (the “"Prospectus”") in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolAdvanced BioEnergy, LLC. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S 'S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s 's release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Geneva State Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, Advanced BioEnergy LLC.” . You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement Units that is attached to this Subscription Agreement and grants Highwater Ethanolgrant Advanced BioEnergy, LLC a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions toInstructions to either of the following: Highwater EthanolAdvanced BioEnergy, LLC 000 X. Xxxx 0xx Xxxxxx Xxxxxx, XX Xxx 00 XxxxxxxxxXxxxxxxx 00000 Geneva State Bank Attn: Xxxxx Xxxxxxx 000 "X" Xxxxxx Xxxxxx, Minnesota 56152Xxxxxxxx 00000 5. Within 20 days of Upon written notice from Highwater Ethanol Advanced BioEnergy, LLC stating that your subscription has been acceptedits sales of Units have exceeded the Minimum Offering amount of $33,662,500, you must remit must, within twenty (20) days secure an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Geneva State Bank, Redwood Falls, MN, escrow agent for Highwater EthanolAdvanced BioEnergy, LLC” LLC in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph Instruction 4 within twenty (20) days of the date of Highwater Ethanol’s Advanced BioEnergy's written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Advanced BioEnergy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater Ethanol’s Advanced BioEnergy's escrow account at Minnwest Geneva State Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol Advanced BioEnergy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Advanced BioEnergy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Advanced BioEnergy rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol Advanced BioEnergy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S 'S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s 's release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box Box C.1 on page 1) made payable to “Highwater Ethanol"Advanced BioEnergy, LLC.”" 3. Deliver the original executed documents referenced in paragraph Item 1 of these instructionsInstructions, together with your personal or business check as described in paragraph Item 2 toof these Instructions to the following: Highwater EthanolAdvanced BioEnergy, LLC 000 X. Xxxx 0xx Xxxxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx Xxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol Advanced BioEnergy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Advanced BioEnergy rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol Advanced BioEnergy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx You may direct your questions to one of our directors listed below or to Advanced BioEnergy at 000-000-0000. Xxxx X. Xxxxxxxxx President and Governor Xxxxxx 000-000-0000 Xxxx Xxxx 000-000-0000 Xxxx X. Xxxxxxxxx 000-000-0000 Xxxxxx X. Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor X. Xxxxx 000-000-0000 Xxxxxxx X. Xxxxxx 000-000-0000 Xxxxx Van Der Wal Secretary and Governor 507X. Xxxxx 402-342947-51878061 If you are a resident of, or an entity with its principal place of business in, the state of Florida, please contact only Xxxxxx X. Xxxxxxx or Xxxx Xxxx at their telephone numbers listed above for more information as those directors have been designated as our registered issuer-dealer agents in your state. If you are a resident of, or an entity with its principal place of business in, the state of Kansas, please contact only Xxxxxx X. Xxxxxxx or Xxxxx X. Xxxxx at their telephone numbers listed above for more information as those directors have been designated as our registered issuer-dealer agents in your state. In Nebraska, we have registered the directors listed above as issuer-dealer agents selling the offering. If you are a resident of, or an entity with its principal place of business in, the state of Texas, please contact only Xxxxxx X. Xxxxxxx or Xxxxxxx X. Xxxxxx at their telephone numbers listed above for more information as those directors have been designated as our registered issuer-dealer agents in your state.

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSDate of Effectiveness] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater Cardinal Ethanol, LLC. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Second Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Cardinal Ethanol, LLC.” . You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement Units that is attached to this Subscription Agreement and grants Highwater Ethanol, LLC gxxxx Xxxxxxxx Ethanol a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions toInstructions to either of the following: Highwater Cardinal Ethanol, LLC 000 X. Xxxx Attention: Axxxxx Xxxxxxxxx 2 XXXX Xxxxxx, Xxxxx 000 Xxxxxxxxxx XX Xxx 00 Xxxxxxxxx, Minnesota 5615200000 5. Within 20 days of Upon written notice from Highwater Cardinal Ethanol stating that your subscription has been acceptedits sales of Units have exceeded the Minimum Offering amount of $45,000,000, you must remit must, within thirty (30) days secure an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC” Cardinal Ethanol in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph Instruction 4 within twenty thirty (2030) days of the date of Highwater Cardinal Ethanol’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Cardinal Ethanol shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater Cardinal Ethanol’s escrow account at Minnwest Bank, Redwood Falls, MN. The funds will be released to Highwater Cardinal Ethanol or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Cardinal Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Cardinal Ethanol rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Cardinal Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] , 2007 (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolNatural Innovative Renewable Energy. Read the instructions below on how to complete a subscription for our units. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANYNATURAL INNOVATIVE RENEWABLE ENERGY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the CompanyNatural Innovative Renewable Energy’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Security National Bank, Redwood FallsEscrow Agent for Natural Innovative Renewable Energy, MN, escrow agent for Highwater Ethanol, LLC.L.L.C.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 8 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note Units subscribed and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC grant Natural Innovative Renewable Energy a security interest in your units. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions toInstructions to either of the following: Highwater EthanolNatural Innovative Renewable Energy, LLC 000 X. Xxxx L.L.C. First National Bank Attn: Jxxx Xxxxxx, Chairman For Credit To Account: 100 X. 0xx Xxxxxx Security National Bank, Escrow Agent for P.X. Xxx 000 Natural Innovative Renewable Energy, L.L.C. Axxxx, XX Xxx 00 Xxxxxxxxx00000 200 Xxxx Xxxxxx Akron, Minnesota 56152IA 51001 5. Within 20 days of written notice from Highwater Ethanol Natural Innovative Renewable Energy that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Security National Bank, Redwood FallsEscrow Agent for Natural Innovative Renewable Energy, MN, escrow agent for Highwater Ethanol, LLCL.L.C.” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver Deliver this check to the same address set forth above in paragraph Instruction 4 within twenty (20) days of the date of Highwater EthanolNatural Innovative Renewable Energy’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Natural Innovative Renewable Energy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolNatural Innovative Renewable Energy’s escrow account at Minnwest Security National Bank, Redwood FallsSioux City, MNIowa. The funds will be released to Highwater Ethanol Natural Innovative Renewable Energy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Natural Innovative Renewable Energy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Natural Innovative Renewable Energy rejects your subscription, your Subscription Agreement and investment will be promptly returned to youyou within 30 days of such rejection, plus nominal interest, minus escrow fees. Highwater Ethanol Natural Innovative Renewable Energy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANYNATURAL INNOVATIVE RENEWABLE ENERGY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the CompanyNatural Innovative Renewable Energy’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box Box C.1 on page 1) made payable to “Highwater EthanolNatural Innovative Renewable Energy, LLC.L.L.C.” 3. Deliver the original executed documents referenced in paragraph Item 1 of these instructionsInstructions, together with your personal or business check as described in paragraph Item 2 toof these Instructions to the following: Highwater EthanolNatural Innovative Renewable Energy, LLC L.L.C. P.X. Xxx 000 X. Xxxxx, Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol Natural Innovative Renewable Energy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Natural Innovative Renewable Energy rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol Natural Innovative Energy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor You may direct your questions to any of our directors at (000) 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-51870000.

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] July 18, 2007 (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolAgassiz Energy, LLC. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 8 and the Member Signature Page to our Amended and Restated Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC(Escrow Name).” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 9 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement Units that is attached to this Subscription Agreement and grants Highwater Ethanol, LLC gxxxx Xxxxxxx Energy a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions Instructions to: Highwater EthanolAgassiz Energy, LLC Bxxxxx Trust, N.A. Attn: Dxxxxx Xxxxxxxx Attn: Cxxxxxx Xxxxxx 500 Xxxxxx Xxxx 00 000 X. Xxxx XxxxxxXxxxxxxx Xxxxxxxxx, XX Xxx 00 Xxxxxxxxx00000 Cxxxxxxxx, Minnesota 56152XX 00000 5. Within 20 days of Upon written notice from Highwater Ethanol Agassiz Energy stating that your subscription has been acceptedits sales of Units have exceeded the Minimum Offering amount of $50,000,000, you must remit must, within thirty (30) days, secure an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC(Escrow Name)” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph Instruction 4 within twenty thirty (2030) days of the date of Highwater EthanolAgassiz Energy’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Agassiz Energy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolAgassiz Energy’s escrow account at Minnwest BankBxxxxx Trust, Redwood FallsN.A. in Crookston, MNMinnesota. The funds will be released to Highwater Ethanol Agassiz Energy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Agassiz Energy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Agassiz Energy rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus accrued nominal interest, minus escrow fees. Highwater Ethanol Agassiz Energy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSDate of Effectiveness] (the “Prospectus”) in its entirety entirety, including the exhibits exhibits, for a complete explanation of an investment in Highwater EthanolSIBE. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, Agreement and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Amended And Restated Operating Agreement attached to this Subscription Agreement as Exhibit A.EXHIBIT “A”. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Bank, Redwood Falls, MN“ , escrow agent for Highwater Ethanol, Southern Iowa BioEnergy LLC.” ”. You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note Units and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC granting SIBE a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in numbered paragraphs 1 and 3 of these instructions, together with a your personal or business check as described referenced in Paragraph numbered paragraph 2 of these instructions toto either of the following: Highwater EthanolSouthern Iowa BioEnergy LLC Attention: Wxxxxxx X. Xxxxxx Attention: , LLC 000 X. Xxxx Trust Officer 100 Xxxxx Xxxxxx Xxxxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 5615200000 5. Within 20 thirty (30) days of your receipt of written notice from Highwater Ethanol SIBE stating that your subscription has been acceptedits sales of Units have exceeded the minimum offering amount of $16,500,000, you must remit deliver to SIBE at either of the addresses referenced in numbered paragraph 4 of these instructions an additional personal (or business) check for the second installment of remaining ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MNN.A., escrow agent for Highwater Ethanol, LLC” SIBE in satisfaction of your deferred payment obligations under the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater Ethanol’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol SIBE shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if If you are unable subscribing prior to pay the 90% balance release of funds from escrow, your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolSIBE’s escrow account at Minnwest Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol SIBE or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol SIBE may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol SIBE rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol SIBE may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater Ethanol. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below:. 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 56152Xxxxxxxxx 00000 5. Within 20 days of written notice from Highwater Ethanol that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater Ethanol’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater Ethanol’s escrow account at Minnwest Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 Minnesota 56152 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolMinnErgy. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 8 and the Member Signature Page to our Second Amended and Restated Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Winona National Bank, Redwood Falls, MN, escrow agent for Highwater EthanolMinnErgy, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 9 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater EthanolMinnErgy, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater EthanolMinnErgy, LLC 000 X. Xxxx 8 Xxxxx Xxxxx Xxxxxx, XX Xxx 00 XxxxxxxxxXxxxx, Minnesota 56152Xxxxxxxxx 00000 5. Within 20 days of written notice from Highwater Ethanol MinnErgy that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Winona National Bank, Redwood Falls, MN, escrow agent for Highwater EthanolMinnErgy, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater EthanolMinnErgy’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol MinnErgy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolMinnErgy’s escrow account at Minnwest Winona National Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol MinnErgy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol MinnErgy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol MinnErgy rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol MinnErgy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE IF, AFTER YOU HAVE CAREFULLY REVIEWED THE PRIVATE PLACEMENT MEMORANDUM AND ALL OTHER MATERIALS PROVIDED TO YOU BY ALCIS HEALTH, INC. (THE “COMPANY”), YOU WISH TO SUBSCRIBE TO PURCHASE UNITS OF EFFECTIVENESS] THE COMPANY (the THE “ProspectusUNITS”) in its entirety including the exhibits for a complete explanation of an investment in Highwater Ethanol), PLEASE FOLLOW CAREFULLY THE INSTRUCTIONS BELOW. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE INFORMATION REQUESTED IN THIS SUBSCRIPTION AGREEMENT IS REQUIRED IN CONNECTION WITH THE COMPANY’S RELEASE INTENDED RELIANCE UPON CERTAIN EXEMPTIONS FROM THE REGISTRATION AND QUALIFICATION REQUIREMENTS OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1FEDERAL AND STATE SECURITIES LAWS. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2SUBSCRIPTION AGREEMENTS THAT ARE MISSING REQUESTED INFORMATION AND/OR SIGNATURES CANNOT AND WILL NOT BE ACCEPTED UNLESS AND UNTIL SUCH INFORMATION AND/OR SIGNATURES ARE PROVIDED. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amountSUCH INFORMATION IS CONFIDENTIAL AND WILL NOT BE REVIEWED BY ANYONE OTHER THAN THE COMPANY AND ITS ADVISORS. The check should be made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 56152 5. Within 20 days of written notice from Highwater Ethanol that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of Carefully read this Subscription Agreement. You must deliver this check Sections I—III and VI contain certain important notices, understandings as to certain matters, subscriber representations and warranties, and registration information. These sections pertain to ALL SUBSCRIBERS. Section IV requests information regarding the same address set forth above in paragraph 4 within twenty financial condition and experience of prospective investors who are individuals (20“Individual Subscribers” or “Prospective Investors”) days and should be completed only by Individual Subscribers. Section V requests information regarding the financial condition and experience of prospective investors that are entities (“Entity Subscribers” or “Prospective Investors”) and should be completed only by Entity Subscribers. One copy of the date of Highwater Ethanol’s written noticeSubscription Agreement must be filled out completely and signed by each subscriber. If you fail to pay the second installment pursuant to the Promissory Note All parties involved in reviewing and Security Agreement, Highwater Ethanol shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater Ethanol’s escrow account at Minnwest Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, evaluating your Subscription Agreement and investment will be promptly returned relying on the representations and warranties you make and on the information you supply. Any subscriber may be required to you, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider furnish additional information to enable the acceptance or rejection of your subscription until Company to determine whether the subscriber is a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLCqualified investor.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSDate of Effectiveness] (the “"Prospectus”") in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolAdvanced BioEnergy, LLC. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S 'S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s 's release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Geneva State Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, Advanced BioEnergy LLC.” . You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement Units that is attached to this Subscription Agreement and grants Highwater Ethanolgrant Advanced BioEnergy, LLC a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions toInstructions to either of the following: Highwater EthanolAdvanced BioEnergy, LLC 000 X. Xxxx 0xx Xxxxxx Xxxxxx, XX Xxx 00 XxxxxxxxxXxxxxxxx 00000 Geneva State Bank Attn: Xxxxx Xxxxxxx 000 "X" Xxxxxx Xxxxxx, Minnesota 56152Xxxxxxxx 00000 5. Within 20 days of Upon written notice from Highwater Ethanol Advanced BioEnergy, LLC stating that your subscription has been acceptedits sales of Units have exceeded the Minimum Offering amount of $33,662,500, you must remit must, within twenty (20) days secure an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Geneva State Bank, Redwood Falls, MN, escrow agent for Highwater EthanolAdvanced BioEnergy, LLC” LLC in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph Instruction 4 within twenty (20) days of the date of Highwater Ethanol’s Advanced BioEnergy's written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Advanced BioEnergy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater Ethanol’s Advanced BioEnergy's escrow account at Minnwest Geneva State Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol Advanced BioEnergy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Advanced BioEnergy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Advanced BioEnergy rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol Advanced BioEnergy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S 'S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s 's release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box Box C.1 on page 1) made payable to “Highwater Ethanol"Advanced BioEnergy, LLC.”" 3. Deliver the original executed documents referenced in paragraph Item 1 of these instructionsInstructions, together with your personal or business check as described in paragraph Item 2 toof these Instructions to the following: Highwater EthanolAdvanced BioEnergy, LLC 000 X. Xxxx 0xx Xxxxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx Xxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol Advanced BioEnergy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Advanced BioEnergy rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol Advanced BioEnergy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor You may direct your questions to one of our directors listed below or to Advanced BioEnergy at 000-000-0000. Xxxx Xxxx 000-000-0000 Xxxx X. Xxxxxxxxx 000-000-0000 Xxxxxx X. Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor X. Xxxxx 000-000-0000 Xxxxxxx X. Xxxxxx 000-000-0000 Xxxxx Van Der Wal Secretary and Governor 507X. Xxxxx 402-342947-51878061 If you are a resident of, or an entity with its principal place of business in, the state of Florida, please contact only Xxxxxx X. Xxxxxxx or Xxxx Xxxx at their telephone numbers listed above for more information as those directors have been designated as our registered issuer-dealer agents in your state. If you are a resident of, or an entity with its principal place of business in, the state of Kansas, please contact only Xxxxxx X. Xxxxxxx or Xxxxx X. Xxxxx at their telephone numbers listed above for more information as those directors have been designated as our registered issuer-dealer agents in your state. In Nebraska, we have registered the directors listed above as issuer-dealer agents selling the offering.

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSDate of Effectiveness] (the “"Prospectus”") in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolAdvanced BioEnergy, LLC. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S 'S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s 's release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Geneva State Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, Advanced BioEnergy LLC.” . You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement Units that is attached to this Subscription Agreement and grants Highwater Ethanolgrant Advanced BioEnergy, LLC a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions toInstructions to either of the following: Highwater EthanolAdvanced BioEnergy, LLC 000 X. Xxxx 0xx Xxxxxx Xxxxxx, XX Xxx 00 XxxxxxxxxXxxxxxxx 00000 Geneva State Bank Attn: Xxxxx Xxxxxxx 000 "X" Xxxxxx Xxxxxx, Minnesota 56152Xxxxxxxx 00000 5. Within 20 days of Upon written notice from Highwater Ethanol Advanced BioEnergy, LLC stating that your subscription has been acceptedits sales of Units have exceeded the Minimum Offering amount of $33,662,500, you must remit must, within twenty (20) days secure an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Geneva State Bank, Redwood Falls, MN, escrow agent for Highwater EthanolAdvanced BioEnergy, LLC” LLC in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph Instruction 4 within twenty (20) days of the date of Highwater Ethanol’s Advanced BioEnergy's written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Advanced BioEnergy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater Ethanol’s Advanced BioEnergy's escrow account at Minnwest Geneva State Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol Advanced BioEnergy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Advanced BioEnergy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Advanced BioEnergy rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol Advanced BioEnergy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S 'S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s 's release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box Box C.1 on page 1) made payable to “Highwater Ethanol"Advanced BioEnergy, LLC.”" 3. Deliver the original executed documents referenced in paragraph Item 1 of these instructionsInstructions, together with your personal or business check as described in paragraph Item 2 toof these Instructions to the following: Highwater EthanolAdvanced BioEnergy, LLC 000 X. Xxxx 0xx Xxxxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx Xxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol Advanced BioEnergy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Advanced BioEnergy rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol Advanced BioEnergy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx Unless you are a Texas investor, you may direct your questions to one of our directors listed below or to Advanced BioEnergy at 000-000-0000. Xxxx X. Xxxxxxxxx President and Governor Xxxxxx 000-000-0000 Xxxx Xxxx 000-000-0000 Xxxx X. Xxxxxxxxx 000-000-0000 Xxxxxx X. Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor X. Xxxxx 000-000-0000 Xxxxxxx X. Xxxxxx 000-000-0000 Xxxxx Van Der Wal Secretary and Governor 507X. Xxxxx 402-342947-51878061 If you are a resident of Texas, or an entity with its principal place of business in Texas, please direct your questions only to Xxxxxx X. Xxxxxxx or Xxxxxxx X. Xxxxxx at their contact information above.

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “"Prospectus”") in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolPrairie Creek. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Bank, Redwood Falls, MNIowa State Bank of Algona, escrow agent for Highwater Prairie Creek Ethanol, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater grant Prairie Creek Ethanol, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater Prairie Creek Ethanol, LLC 000 X. Xxxx Xxxxxx Xxxxxx, XX Xxx 00 000 Xxxxxxxxx, Minnesota 56152Xxxx 00000 5. Within 20 days of written notice from Highwater Ethanol Prairie Creek that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MNIowa State Bank of Algona, escrow agent for Highwater Prairie Creek Ethanol, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater Ethanol’s Prairie Creek's written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Prairie Creek shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolPrairie Creek’s escrow account at Minnwest Bank, Redwood Falls, MNIowa State Bank of Algona. The funds will be released to Highwater Ethanol Prairie Creek or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Prairie Creek may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Prairie Creek rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus any nominal interest, minus escrow fees. Highwater Ethanol Prairie Creek may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSDate of Effectiveness] (the “Prospectus”) in its entirety entirety, including the exhibits exhibits, for a complete explanation of an investment in Highwater Ethanolthe Company. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control the Company’s Operating Agreement attached to this Subscription Agreement as Exhibit EXHIBIT “A.” 2. Immediately provide a Provide your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Bank, Redwood Falls, MN“ , escrow agent for Highwater EthanolAmaizing Energy Holding Company, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement Agreement, evidencing your commitment obligation to pay the remaining ninety percent (90%) due for the units. The Promissory Note Units and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC granting the Company a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in numbered paragraphs 1 and 3 of these instructions, together with a your personal or business check as described referenced in Paragraph numbered paragraph 2 of these instructions toto either of the following: Highwater EthanolAmaizing Energy Holding Company, LLC 000 X. Attention: Ax Xxxxx Attention: 2000 Xxxx XxxxxxXxxxxxx 00 Xxxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 5615251442 OR 5. Within 20 thirty (30) days of your receipt of written notice from Highwater Ethanol the Company stating that your subscription has been acceptedits sales of Units have exceeded the minimum offering amount of $40,000,000, you must remit deliver to the Company at either of the addresses referenced in numbered paragraph 4 of these instructions an additional personal (or business) check for the second installment of remaining ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN“ , escrow agent for Highwater EthanolAmaizing Energy Holding Company, LLC,” in satisfaction of your deferred payment obligations under the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater Ethanol’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol the Company shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if If you are unable subscribing prior to pay the 90% balance release of funds from escrow, your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater Ethanolthe Company’s escrow account at Minnwest Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol the Company or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol The Company may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol the Company rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol It is likely that the Company may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] September 1, 2002 (the “"Prospectus”") in its entirety including the financial statements and exhibits for a complete explanation of an investment in Highwater EthanolEKAE. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrowTo subscribe, you must follow the instructions contained in paragraphs 1 through 5 belowmust: 1. Complete all information required in this Subscription Agreement, and date and sign the this Subscription Agreement on at page 6 and 5. 2. Complete all information required by the Member Signature Page to our of the Operating Agreement, and date and sign the Member Control Agreement Signature Page (the last page attached to this Subscription Agreement as Exhibit A.Agreement). 23. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC"XXXXXXX STATE SAVINGS BANK -- ESCROW AGENT FOR EKAE.” " You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 34. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement Units that is attached to this Subscription Agreement and grants Highwater Ethanol, LLC a security interest in your unitsAgreement. 45. Deliver each of the original executed documents referenced in paragraphs 1 Items 1, 2, and 4 of these Instructions, together with your personal check described in Item 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions Instructions to: Highwater EthanolGarnett State Savings Bank 5th and Oak X.X. Xxx 000 Xxxxxxx, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 56152Xxxxxx 00000 56. Within 20 days of written notice from Highwater Ethanol that your subscription has been accepted, you must remit Secure an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC” "XXXXXXX STATE SAVINGS BANK -- ESCROW AGENT FOR EKAE" in satisfaction of the Promissory Note and Security AgreementNote. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver Deliver this check to the same address set forth above in paragraph 4 Instruction 5 within twenty (20) days of the date of Highwater Ethanol’s EKAE's written notice. If you fail to pay notice that its sales of Units have exceeded the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance Minimum Escrow Deposit of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit$9,000,000. Your funds will be placed in Highwater Ethanol’s EKAE's escrow account at Minnwest Garnett State Savings Bank, Redwood Falls, MN. The and the funds will be released to Highwater Ethanol EKAE or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol EKAE rejects your subscription, your Subscription Agreement and investment will be promptly returned to youyou within 30 days of such rejection, plus nominal interest, minus escrow fees. Highwater Ethanol EKAE may not consider the acceptance or rejection of your subscription until a future date near the end of this offeringOffering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE MAY DIRECT YOUR QUESTIONS TO ONE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal OUR DIRECTORS LISTED BELOW OR TO EKAE AT (or business000) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-51870000.

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSDate of Effectiveness] (the “Prospectus”) in its entirety entirety, including the exhibits exhibits, for a complete explanation of an investment in Highwater Ethanolthe Company. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control the Company’s Operating Agreement attached to this Subscription Agreement as Exhibit EXHIBIT “A.” 2. Immediately provide a Provide your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Bank, Redwood Falls, MNFirst Busey Trust, escrow agent for Highwater EthanolOne Earth Energy, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement Agreement, evidencing your commitment obligation to pay the remaining ninety percent (90%) due for the units. The Promissory Note Units and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC granting the Company a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in numbered paragraphs 1 and 3 of these instructions, together with a your personal or business check as described referenced in Paragraph numbered paragraph 2 of these instructions toto either of the following: Highwater EthanolOne Earth Energy, LLC 000 X. First Busey Trust Attention: Sxxxx Xxxxx Attention: Sxxxx XxxXxxx 1000 Xxxx Xxxxxx0xx Xxxxxx X.X. Xxx 0000 Xxxxxx Xxxx, IL 60936 OR Cxxxxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 5615200000 5. Within 20 thirty (30) days of your receipt of written notice from Highwater Ethanol the Company stating that your subscription has been acceptedits sales of Units have exceeded the minimum offering amount of $55,000,000, you must remit deliver to the Company at either of the addresses referenced in numbered paragraph 4 of these instructions an additional personal (or business) check for the second installment of remaining ninety percent (90%) of your investment amount made payable to “Minnwest Busey Bank, Redwood Falls, MN, escrow agent for Highwater EthanolOne Earth Energy, LLC,” in satisfaction of your deferred payment obligations under the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater Ethanol’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol the Company shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if If you are unable subscribing prior to pay the 90% balance release of funds from escrow, your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater Ethanolthe Company’s escrow account at Minnwest Busey Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol the Company or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol The Company may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol the Company rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol It is likely that the Company may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS180 days from the effective date of our post-effective amendment] (the “Prospectus”) in its entirety entirety, including the exhibits exhibits, for a complete explanation of an investment in Highwater EthanolSIBE. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, Agreement and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Amended And Restated Operating Agreement attached to this Subscription Agreement as Exhibit A.EXHIBIT “A”. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest "Great Western Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, Southern Iowa BioEnergy LLC.” ”. You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note Units and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC granting SIBE a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in numbered paragraphs 1 and 3 of these instructions, together with a your personal or business check as described referenced in Paragraph numbered paragraph 2 of these instructions toto either of the following: Highwater Ethanol, Southern Iowa BioEnergy LLC Great Western Bank Attention: Xxxxxxx X. Xxxxxx Attention: Trust Department 000 X. Xxxx Xxxxx Xxxxxx Xxxxxx X.X. Xxx 0000 Xxxxxx, XX Xxx 00 Xxxxxxxxx00000 Xxxxx, Minnesota 56152XX 00000 5. Within 20 thirty (30) days of your receipt of written notice from Highwater Ethanol SIBE stating that your subscription has been acceptedits sales of Units have exceeded the minimum offering amount of $17,600,000, you must remit deliver to SIBE at either of the addresses referenced in numbered paragraph 4 of these instructions an additional personal (or business) check for the second installment of remaining ninety percent (90%) of your investment amount made payable to “Minnwest Great Western Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC” SIBE in satisfaction of your deferred payment obligations under the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater Ethanol’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol SIBE shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if If you are unable subscribing prior to pay the 90% balance release of funds from escrow, your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolSIBE’s escrow account at Minnwest Great Western Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol SIBE or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol SIBE may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol SIBE rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol SIBE may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolHomeland Energy. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Home Federal Savings Bank, Redwood Falls, MN, escrow agent for Highwater EthanolHomeland Energy Solutions, LLC.” You will determine this amount in box C.2 on page 1 3 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanolgrant Homeland Energy, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater EthanolHomeland Energy Solutions, LLC 000 X. 100 Xxxx XxxxxxXxxxxx Xx. Xxx Xxxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 56152Xxxx 00000 5. Within 20 days of written notice from Highwater Ethanol Homeland Energy that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Home Federal Savings Bank, Redwood Falls, MN, escrow agent for Highwater EthanolHomeland Energy Solutions, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 3 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater EthanolHomeland Energy’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Homeland Energy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolHomeland Energy’s escrow account at Minnwest Home Federal Savings Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol Homeland Energy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Homeland Energy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Homeland Energy rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol Homeland Energy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSDate of Effectiveness] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolGold Energy, LLC. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 56152 5. Within 20 days of written notice from Highwater Ethanol that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater Ethanol’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater Ethanol’s escrow account at Minnwest Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount first installment of ten percent (10%) of your investment (as determined in box C.1 on page 1) amount made payable to “Highwater EthanolBxxxxx Trust, N.A., escrow agent for Gold Energy, LLC. You will determine this amount in box C.2 on page 1 of this Subscription Agreement.” 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the Units that is attached to this Subscription Agreement and grant Gold Energy a security interest in your Units. 4. Deliver each of the original executed documents referenced in paragraph Items 1 and 3 of these instructionsInstructions, together with your personal or business check as described in paragraph Item 2 toof these Instructions to either of the following: Highwater EthanolGold Energy, LLC 000 X. Xxxx Bxxxxx Trust, N.A. Attention: Mxxxxxxx Xxxxxxx Attention: Rxxx Xxxxxx, Trust Officer 1000 0xx Xxxxxx Xxxxx XX Xxx 00 Xxxxxxxxx000 Xxxxxxxx, Xxxxxxxxx XX 00000 Axxxxxxxxx, XX 00000 5. Upon written notice from Gold Energy stating that its sales of Units have exceeded the Minimum Offering amount of $33,000,000, you must, within thirty (30) days secure an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to Bxxxxx Trust, N.A., escrow agent for Gold Energy in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in Instruction 4 within thirty (30) days of the date of Gold Energy’s written notice. If you are subscribing after we have released funds from escrow fail to pay the second installment pursuant to the Promissory Note and we accept Security Agreement, Gold Energy shall be entitled to retain your investmentfirst installment and to seek other damages, your as provided in the Promissory Note and Security Agreement. Your funds will be immediately at-risk as placed in Gold Energy’s escrow account at Bxxxxx Trust, N.A. The funds will be released to Gold Energy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Gold Energy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Gold Energy rejects your subscription, your Subscription Agreement and investment will be promptly returned to you promptlyyou, plus nominal interest, minus escrow fees. Highwater Ethanol Gold Energy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187.

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSDATE] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolFUEL. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC.” FUEL. You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement Units that is attached to this Subscription Agreement and grants Highwater Ethanolgrant FUEL, LLC a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions toInstructions to the following: Highwater First United Ethanol, LLC 000 X. 2 Xxxx XxxxxxXxxxx Xxxxxx Xxxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 56152Xxxxxxx 00000 5. Within 20 days of Upon written notice from Highwater Ethanol FUEL stating that your subscription has been acceptedits sales of Units have exceeded the Minimum Offering amount of $40,000,000 you must, you must within twenty (20) days remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC” FUEL in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph Instruction 4 within twenty (20) days of the date of Highwater EthanolFUEL’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol FUEL shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolFUEL’s escrow account at Minnwest Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol FUEL or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol FUEL may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol FUEL rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol FUEL may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolHomeland Energy. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Home Federal Savings Bank, Redwood Falls, MN, escrow agent for Highwater EthanolHomeland Energy Solutions, LLC.” You will determine this amount in box C.2 on page 1 3 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanolgrant Homeland Energy, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater EthanolHomeland Energy Solutions, LLC 000 100 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxx Xxxxxxxxx, Minnesota 56152Xxxx 00000 5. Within 20 days of written notice from Highwater Ethanol Homeland Energy that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Home Federal Savings Bank, Redwood Falls, MN, escrow agent for Highwater EthanolHomeland Energy Solutions, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 3 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater EthanolHomeland Energy’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Homeland Energy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolHomeland Energy’s escrow account at Minnwest Home Federal Savings Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol Homeland Energy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Homeland Energy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Homeland Energy rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus any nominal interest, minus escrow feesinterest earned. Highwater Ethanol Homeland Energy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] , 2007 (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolNatural Innovative Renewable Energy. Read the instructions below on how to complete a subscription for our units. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANYNATURAL INNOVATIVE RENEWABLE ENERGY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the CompanyNatural Innovative Renewable Energy’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Security National Bank, Redwood FallsEscrow Agent for Natural Innovative Renewable Energy, MN, escrow agent for Highwater Ethanol, LLC.L.L.C.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 8 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note Units subscribed and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC grant Natural Innovative Renewable Energy a security interest in your units. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions toInstructions to either of the following: Highwater EthanolNatural Innovative Renewable Energy, LLC 000 X. Xxxx L.L.C. First National Bank Attn: Jxxx Xxxxxx, Chairman For Credit To Account: 100 X. 0xx Xxxxxx Security National Bank, Escrow Agent for P.X. Xxx 000 Natural Innovative Renewable Energy, L.L.C. Axxxx, XX Xxx 00 Xxxxxxxxx00000 200 Xxxx Xxxxxx Akron, Minnesota 56152IA 51001 5. Within 20 days of written notice from Highwater Ethanol Natural Innovative Renewable Energy that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Security National Bank, Redwood FallsEscrow Agent for Natural Innovative Renewable Energy, MN, escrow agent for Highwater Ethanol, LLCL.L.C.” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver Deliver this check to the same address set forth above in paragraph Instruction 4 within twenty (20) days of the date of Highwater EthanolNatural Innovative Renewable Energy’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Natural Innovative Renewable Energy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolNatural Innovative Renewable Energy’s escrow account at Minnwest Security National Bank, Redwood FallsSioux City, MNIowa. The funds will be released to Highwater Ethanol Natural Innovative Renewable Energy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Natural Innovative Renewable Energy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Natural Innovative Renewable Energy rejects your subscription, your Subscription Agreement and investment will be promptly returned to youyou within 30 days of such rejection, plus nominal interest, minus escrow fees. Highwater Ethanol Natural Innovative Renewable Energy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSDate of Effectiveness] (the “Prospectus”) in its entirety entirety, including the exhibits exhibits, for a complete explanation of an investment in Highwater Ethanolthe Company. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control the Company’s Operating Agreement attached to this Subscription Agreement as Exhibit EXHIBIT “A.” 2. Immediately provide a Provide your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Busey Bank, Redwood Falls, MN, escrow agent for Highwater EthanolOne Earth Energy, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement Agreement, evidencing your commitment obligation to pay the remaining ninety percent (90%) due for the units. The Promissory Note Units and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC granting the Company a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in numbered paragraphs 1 and 3 of these instructions, together with a your personal or business check as described referenced in Paragraph numbered paragraph 2 of these instructions toto either of the following: Highwater EthanolOne Earth Energy, LLC 000 X. First Busey Trust Attention: Sxxxx Xxxxx Attention: Sxxxx XxxXxxx 1000 Xxxx Xxxxxx0xx Xxxxxx X.X. Xxx 0000 Xxxxxx Xxxx, IL 60936 OR Cxxxxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 5615200000 5. Within 20 thirty (30) days of your receipt of written notice from Highwater Ethanol the Company stating that your subscription has been acceptedits sales of Units have exceeded the minimum offering amount of $30,100,000, you must remit deliver to the Company at either of the addresses referenced in numbered paragraph 4 of these instructions an additional personal (or business) check for the second installment of remaining ninety percent (90%) of your investment amount made payable to “Minnwest Busey Bank, Redwood Falls, MN, escrow agent for Highwater EthanolOne Earth Energy, LLC,” in satisfaction of your deferred payment obligations under the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater Ethanol’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol the Company shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if If you are unable subscribing prior to pay the 90% balance release of funds from escrow, your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater Ethanolthe Company’s escrow account at Minnwest Busey Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol the Company or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol The Company may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol the Company rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol It is likely that the Company may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolHomeland Energy. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Bank, Redwood Falls, MN___, escrow agent for Highwater EthanolHomeland Energy Solutions, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanolgrant Homeland Energy, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater EthanolHomeland Energy Solutions, LLC 000 X. 900 Xxxxx Xxxx XxxxxxXxxxxx Xxx Xxxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 56152Xxxx 00000 5. Within 20 days of written notice from Highwater Ethanol Homeland Energy that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN___, escrow agent for Highwater EthanolHomeland Energy Solutions, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater EthanolHomeland Energy’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Homeland Energy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolHomeland Energy’s escrow account at Minnwest Bank, Redwood Falls, MN___. The funds will be released to Highwater Ethanol Homeland Energy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Homeland Energy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Homeland Energy rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol Homeland Energy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] ___, 2006 (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolNorthwest Iowa Renewable Energy. Read the instructions below on how to complete a subscription for our units. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANYNORTHWEST IOWA RENEWABLE ENERGY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the CompanyNorthwest Iowa Renewable Energy’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 7 and the Member Signature Page to our Member Control Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Security National Bank, Redwood FallsEscrow Agent for Northwest Iowa Renewable Energy, MN, escrow agent for Highwater Ethanol, LLC.L.L.C.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 8 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note Units subscribed and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC grant Northwest Iowa Renewable Energy a security interest in your units. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions toInstructions to either of the following: Highwater EthanolNorthwest Iowa Renewable Energy, LLC 000 X. Xxxx L.L.C. First National Bank Attn: Jxxx Xxxxxx, Chairman For Credit To Account: 200 Xxxx Xxxxxx Security National Bank, Escrow Agent for P.X. Xxx 000 Xxxxxxxxx Xxxx Renewable Energy, L.L.C. Axxxx, XX Xxx 00 Xxxxxxxxx00000 200 Xxxx Xxxxxx Akron, Minnesota 56152IA 51001 5. Within 20 days of written notice from Highwater Ethanol Northwest Iowa Renewable Energy that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Security National Bank, Redwood FallsEscrow Agent for Northwest Iowa Renewable Energy, MN, escrow agent for Highwater Ethanol, LLCL.L.C.” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver Deliver this check to the same address set forth above in paragraph Instruction 4 within twenty (20) days of the date of Highwater EthanolNorthwest Iowa Renewable Energy’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Northwest Iowa Renewable Energy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolNorthwest Iowa Renewable Energy’s escrow account at Minnwest Security National Bank, Redwood FallsSioux City, MNIowa. The funds will be released to Highwater Ethanol Northwest Iowa Renewable Energy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Northwest Iowa Renewable Energy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Northwest Iowa Renewable Energy rejects your subscription, your Subscription Agreement and investment will be promptly returned to youyou within 30 days of such rejection, plus nominal interest, minus escrow fees. Highwater Ethanol Northwest Iowa Renewable Energy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolBuffalo Ridge. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement amended and restated operating agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Home Federal Bank, Redwood Falls, MN, escrow agent for Highwater EthanolBuffalo Ridge Energy, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanolgrant Buffalo Ridge Energy, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater EthanolBuffalo Ridge Energy, LLC 300 Xxxxxxxxx Xxxx, Xxxxx 000 X. Xxxx XxxxxxXxxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 5615200000 5. Within 20 days of written notice from Highwater Ethanol Buffalo Ridge that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Home Federal Bank, Redwood Falls, MN, escrow agent for Highwater EthanolBuffalo Ridge Energy, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater EthanolBuffalo Ridge’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Buffalo Ridge shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolBuffalo Ridge’s escrow account at Minnwest Home Federal Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol Buffalo Ridge or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Buffalo Ridge may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Buffalo Ridge rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol Buffalo Ridge may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] , 2006 (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolAdvanced BioEnergy, LLC. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Third Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Geneva State Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, Advanced BioEnergy LLC.” . You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement Units that is attached to this Subscription Agreement and grants Highwater Ethanolgrant Advanced BioEnergy, LLC a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions toInstructions to either of the following: Highwater EthanolAdvanced BioEnergy, LLC Geneva State Bank 000 X. Xxxx 0xx Xxxxxx Attn: Xxxxx Xxxxxxx Xxxxxx, XX Xxx 00 XxxxxxxxxXxxxxxxx 00000 000 “X” Xxxxxx Xxxxxx, Minnesota 56152Xxxxxxxx 00000 5. Within 20 days of Upon written notice from Highwater Ethanol Advanced BioEnergy, LLC stating that your subscription has been acceptedits sales of Units have exceeded the Minimum Offering amount of $33,662,500, you must remit must, within twenty (20) days secure an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Geneva State Bank, Redwood Falls, MN, escrow agent for Highwater EthanolAdvanced BioEnergy, LLC” LLC in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph Instruction 4 within twenty (20) days of the date of Highwater EthanolAdvanced BioEnergy’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Advanced BioEnergy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolAdvanced BioEnergy’s escrow account at Minnwest Geneva State Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol Advanced BioEnergy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Advanced BioEnergy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Advanced BioEnergy rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol Advanced BioEnergy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolMinnErgy. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Amended and Restated Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Winona National Bank, Redwood Falls, MN, escrow agent for Highwater EthanolMinnErgy, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater EthanolMinnErgy, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater EthanolMinnErgy, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 4000 Xxxxxxx Xxxxxxxxx, PO Box 186 Winona, Minnesota 5615255987 5. Within 20 days of written notice from Highwater Ethanol MinnErgy that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Winona National Bank, Redwood Falls, MN, escrow agent for Highwater EthanolMinnErgy, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater EthanolMinnErgy’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol MinnErgy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolMinnErgy’s escrow account at Minnwest Winona National Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol MinnErgy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol MinnErgy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol MinnErgy rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol MinnErgy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSDate of Effectiveness] (the “Prospectus”) in its entirety entirety, including the exhibits exhibits, for a complete explanation of an investment in Highwater Ethanolthe Company. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control the Company’s Operating Agreement attached to this Subscription Agreement as Exhibit EXHIBIT “A.” 2. Immediately provide a Provide your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Bank, Redwood Falls, MN___, escrow agent for Highwater EthanolAmaizing Energy Holding Company, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement Agreement, evidencing your commitment obligation to pay the remaining ninety percent (90%) due for the units. The Promissory Note Units and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC granting the Company a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in numbered paragraphs 1 and 3 of these instructions, together with a your personal or business check as described referenced in Paragraph numbered paragraph 2 of these instructions toto either of the following: Highwater EthanolAmaizing Energy Holding Company, LLC 000 X. Attention: Ax Xxxxx Attention: 2000 Xxxx XxxxxxXxxxxxx 00 Xxxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 5615200000 OR 5. Within 20 thirty (30) days of your receipt of written notice from Highwater Ethanol the Company stating that your subscription has been acceptedits sales of Units have exceeded the minimum offering amount of $40,000,000, you must remit deliver to the Company at either of the addresses referenced in numbered paragraph 4 of these instructions an additional personal (or business) check for the second installment of remaining ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN“ , escrow agent for Highwater EthanolAmaizing Energy Holding Company, LLC,” in satisfaction of your deferred payment obligations under the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater Ethanol’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol the Company shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if If you are unable subscribing prior to pay the 90% balance release of funds from escrow, your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater Ethanolthe Company’s escrow account at Minnwest Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol the Company or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol The Company may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol the Company rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol It is likely that the Company may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] , 2007 (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolNorthwest Iowa Renewable Energy. Read the instructions below on how to complete a subscription for our units. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANYNORTHWEST IOWA RENEWABLE ENERGY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the CompanyNorthwest Iowa Renewable Energy’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Security National Bank, Redwood FallsEscrow Agent for Northwest Iowa Renewable Energy, MN, escrow agent for Highwater Ethanol, LLC.L.L.C.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 8 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note Units subscribed and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC grant Northwest Iowa Renewable Energy a security interest in your units. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions toInstructions to either of the following: Highwater EthanolNorthwest Iowa Renewable Energy, LLC 000 X. Xxxx L.L.C. First National Bank Attn: Jxxx Xxxxxx, Chairman For Credit To Account: 200 Xxxx Xxxxxx Security National Bank, Escrow Agent for P.X. Xxx 000 Xxxxxxxxx Xxxx Renewable Energy, L.L.C. Axxxx, XX Xxx 00 Xxxxxxxxx00000 200 Xxxx Xxxxxx Akron, Minnesota 56152IA 51001 5. Within 20 days of written notice from Highwater Ethanol Northwest Iowa Renewable Energy that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Security National Bank, Redwood FallsEscrow Agent for Northwest Iowa Renewable Energy, MN, escrow agent for Highwater Ethanol, LLCL.L.C.” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver Deliver this check to the same address set forth above in paragraph Instruction 4 within twenty (20) days of the date of Highwater EthanolNorthwest Iowa Renewable Energy’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Northwest Iowa Renewable Energy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolNorthwest Iowa Renewable Energy’s escrow account at Minnwest Security National Bank, Redwood FallsSioux City, MNIowa. The funds will be released to Highwater Ethanol Northwest Iowa Renewable Energy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Northwest Iowa Renewable Energy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Northwest Iowa Renewable Energy rejects your subscription, your Subscription Agreement and investment will be promptly returned to youyou within 30 days of such rejection, plus nominal interest, minus escrow fees. Highwater Ethanol Northwest Iowa Renewable Energy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “"Prospectus”") in its entirety including the exhibits for a complete explanation of an investment in Highwater Prairie Creek Ethanol. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Second Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Bank, Redwood Falls, MNIowa State Bank of Algona, escrow agent for Highwater Prairie Creek Ethanol, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater Prairie Creek Ethanol, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater Prairie Creek Ethanol, LLC 000 X. Xxxx Xxxxxx Xxxxxx, XX Xxx 00 000 Xxxxxxxxx, Minnesota 56152Xxxx 00000 5. Within 20 days of written notice from Highwater Prairie Creek Ethanol that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MNIowa State Bank of Algona, escrow agent for Highwater Prairie Creek Ethanol, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater Prairie Creek Ethanol’s 's written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Prairie Creek Ethanol shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater Prairie Creek Ethanol’s escrow account at Minnwest Bank, Redwood Falls, MNIowa State Bank of Algona. The funds will be released to Highwater Prairie Creek Ethanol or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Prairie Creek Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Prairie Creek Ethanol rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus any nominal interest, minus escrow fees. Highwater Prairie Creek Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Iowa State Bank is acting only as an escrow agent in connection with the offering described herein, and has not endorsed, recommended or guaranteed the purchase, value or repayment of the units. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Second Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Prairie Creek Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Prairie Creek Ethanol, LLC 000 X. Xxxx Xxxxxx Xxxxxx, XX Xxx 00 000 Xxxxxxxxx, Xxxxxxxxx Xxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Prairie Creek Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Prairie Creek Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus any nominal interest, minus escrow fees. Highwater Prairie Creek Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. You may direct your questions to any of our directors listed below or to Prairie Creek Ethanol at (000) 000-0000. Xxxx Xxxxx X. Xxxxxxxxx Senior Vice President of Project Development (000)-000-0000 Xxxx Xxxxxx Chairman, President and Governor 000Director (000)-000-0000000 Xxxxxx Xxxxxx Vice Chairman, Vice President and Director (000)-000-0000 Xxxxx Xxxxxxxx Vice President of Commodities (000)-000-0000 Xxxx Nail Vice President of Marketing (000)-000-0000 Xxxx Xxxxxxxxx Vice President of Development (000)-000-0000 Xxxx Xxxxxx Vice President of Transportation (000)-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000Treasurer (000)-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Xxxxxx Secretary and Governor 507Director (000)-000-342-51870000

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “"Prospectus”") in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolPrairie Creek. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Second Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Bank, Redwood Falls, MNIowa State Bank of Algona, escrow agent for Highwater Prairie Creek Ethanol, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater grant Prairie Creek Ethanol, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater Prairie Creek Ethanol, LLC 000 X. Xxxx Xxxxxx Xxxxxx, XX Xxx 00 000 Xxxxxxxxx, Minnesota 56152Xxxx 00000 5. Within 20 days of written notice from Highwater Ethanol Prairie Creek that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MNIowa State Bank of Algona, escrow agent for Highwater Prairie Creek Ethanol, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater Ethanol’s Prairie Creek's written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Prairie Creek shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolPrairie Creek’s escrow account at Minnwest Bank, Redwood Falls, MNIowa State Bank of Algona. The funds will be released to Highwater Ethanol Prairie Creek or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Prairie Creek may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Prairie Creek rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus any nominal interest, minus escrow fees. Highwater Ethanol Prairie Creek may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSDATE] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolFUEL. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Second Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Ameris Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC.” FUEL. You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement Units that is attached to this Subscription Agreement and grants Highwater Ethanolgrant FUEL, LLC a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions toInstructions to the following: Highwater First United Ethanol, LLC 000 X. 2 Xxxx XxxxxxXxxxx Xxxxxx Xxxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 56152Xxxxxxx 00000 5. Within 20 days of Upon written notice from Highwater Ethanol FUEL stating that your subscription has been acceptedits sales of Units have exceeded the Minimum Offering amount of $40,000,000 you must, you must within twenty (20) days remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Bank, Redwood Falls, MN, Ameris Bank escrow agent for Highwater Ethanol, LLC” FUEL in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph Instruction 4 within twenty (20) days of the date of Highwater EthanolFUEL’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol FUEL shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolFUEL’s escrow account at Minnwest Ameris Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol FUEL or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol FUEL may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol FUEL rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol FUEL may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus Registration Statement dated [DATE OF EFFECTIVENESSDate of Effectiveness] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolVictory. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Amended and Restated Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest Frontier Bank, Redwood Falls, MN, escrow agent for Highwater EthanolVictory Renewable Fuels, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement Units that is attached to this Subscription Agreement and grants Highwater Ethanol, LLC grant Victory a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in paragraphs Items 1 and 3 of these instructionsInstructions, together with a your personal or business check as described in Paragraph Item 2 of these instructions toInstructions to either of the following: Highwater EthanolVictory Renewable Fuels, LLC 000 Frontier Bank Attention: Axxxx X. Xxxx Xxxxxxx Attention: Gxxxxx Xxxxxxxxxxxxx, Trust Officer 300 Xxxxxx Xxxxxx 300 Xxxxx Xxxxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx51242 Rxxx Xxxxxx, Minnesota 56152XX 00000 5. Within 20 days of Upon written notice from Highwater Ethanol Victory stating that your subscription has been acceptedits sales of Units have exceeded the Minimum Offering amount of $25,550,000, you must remit must, within thirty (30) days secure an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Frontier Bank, Redwood Falls, MN, escrow agent for Highwater EthanolVictory Renewable Fuels, LLC” LLC in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph Instruction 4 within twenty thirty (2030) days of the date of Highwater EthanolVictory’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Victory shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolVictory’s escrow account at Minnwest BankFrontier Bank in Rock Rapids, Redwood Falls, MNIowa. The funds will be released to Highwater Ethanol Victory or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Victory may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Victory rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol Victory may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESSEffective Date] (the “Prospectus”) in its entirety entirety, including the exhibits exhibits, for a complete explanation of an investment in Highwater EthanolSIBE. To subscribe, you must: INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs Steps 1 through 5 below: 1. Complete all information required in this Subscription Agreement, Agreement and date and sign the Subscription Agreement on page 6 8 and the Member Signature Page to our Member Control Amended And Restated Operating Agreement attached to this Subscription Agreement as Exhibit A.EXHIBIT “A”. 2. Immediately provide a your personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be amount made payable to “Minnwest "Great Western Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, Southern Iowa BioEnergy LLC.” ”. You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 9 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note Units and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanol, LLC granting SIBE a security interest in your unitsUnits. 4. Deliver each of the original executed documents referenced in numbered paragraphs 1 and 3 of these instructions, together with a your personal or business check as described referenced in Paragraph numbered paragraph 2 of these instructions toto either of the following: Highwater Ethanol, Southern Iowa BioEnergy LLC Great Western Bank Attention: Xxxxxxx X. Xxxxxx Attention: Trust Department 000 X. Xxxx Xxxxx Xxxxxx Xxxxxx X.X. Xxx 0000 Xxxxxx, XX Xxx 00 Xxxxxxxxx00000 Xxxxx, Minnesota 56152XX 00000 5. Within 20 thirty (30) days of your receipt of written notice from Highwater Ethanol SIBE stating that your subscription has been acceptedits sales of Units have exceeded the minimum offering amount of $9,000,000, you must remit deliver to SIBE at either of the addresses referenced in numbered paragraph 4 of these instructions an additional personal (or business) check for the second installment of remaining ninety percent (90%) of your investment amount made payable to “Minnwest Great Western Bank, Redwood Falls, MN, escrow agent for Highwater Ethanol, LLC” SIBE in satisfaction of your deferred payment obligations under the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater Ethanol’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol SIBE shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if If you are unable subscribing prior to pay the 90% balance release of funds from escrow, your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolSIBE’s escrow account at Minnwest Great Western Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol SIBE or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol SIBE may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol SIBE rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol SIBE may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing invest after we have received subscriptions for Units in excess of the Company’s $9,000,000 minimum but prior to the release of funds from escrow, you must follow 100% of the instructions contained total Unit purchase price will be due immediately. This amount will be held in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign escrow until SIBE meets the Subscription Agreement on page 6 and requirements of the Member Signature Page escrow agreement to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for release the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187escrow.

GENERAL INSTRUCTIONS FOR SUBSCRIBERS. You should read the Prospectus dated [DATE OF EFFECTIVENESS] (the “Prospectus”) in its entirety including the exhibits for a complete explanation of an investment in Highwater EthanolHomeland Energy. INSTRUCTIONS IF YOU ARE SUBSCRIBING PRIOR TO THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing prior to the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 5 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Operating Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide a personal (or business) check for the first installment of ten percent (10%) of your investment amount. The check should be made payable to “Minnwest Home Federal Savings Bank, Redwood Falls, MN, escrow agent for Highwater EthanolHomeland Energy Solutions, LLC.” You will determine this amount in box C.2 on page 1 of this Subscription Agreement. 3. Execute the Promissory Note and Security Agreement on page 7 of this Subscription Agreement evidencing your commitment to pay the remaining ninety percent (90%) due for the units. The Promissory Note and Security Agreement is attached to this Subscription Agreement and grants Highwater Ethanolgrant Homeland Energy, LLC a security interest in your units. 4. Deliver the original executed documents referenced in paragraphs 1 and 3 of these instructions, together with a personal or business check as described in Paragraph 2 of these instructions to: Highwater EthanolHomeland Energy Solutions, LLC 000 X. 900 Xxxxx Xxxx XxxxxxXxxxxx Xxx Xxxxxxx, XX Xxx 00 Xxxxxxxxx, Minnesota 56152Xxxx 00000 5. Within 20 days of written notice from Highwater Ethanol Homeland Energy that your subscription has been accepted, you must remit an additional personal (or business) check for the second installment of ninety percent (90%) of your investment amount made payable to “Minnwest Home Federal Savings Bank, Redwood Falls, MN, escrow agent for Highwater EthanolHomeland Energy Solutions, LLC” in satisfaction of the Promissory Note and Security Agreement. You will determine this amount in box C.3 on page 1 of this Subscription Agreement. You must deliver this check to the same address set forth above in paragraph 4 within twenty (20) days of the date of Highwater EthanolHomeland Energy’s written notice. If you fail to pay the second installment pursuant to the Promissory Note and Security Agreement, Highwater Ethanol Homeland Energy shall be entitled to retain your first installment and to seek other damages, as provided in the Promissory Note and Security Agreement. This means that if you are unable to pay the 90% balance of your investment amount within 20 days of our notice, you may have to forfeit the 10% cash deposit. Your funds will be placed in Highwater EthanolHomeland Energy’s escrow account at Minnwest Home Federal Savings Bank, Redwood Falls, MN. The funds will be released to Highwater Ethanol Homeland Energy or returned to you in accordance with the escrow arrangements described in the Prospectus. Highwater Ethanol Homeland Energy may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol Homeland Energy rejects your subscription, your Subscription Agreement and investment will be promptly returned to you, plus nominal interest, minus escrow fees. Highwater Ethanol Homeland Energy may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. INSTRUCTIONS IF YOU ARE SUBSCRIBING AFTER THE COMPANY’S RELEASE OF FUNDS FROM ESCROW: If you are subscribing after the Company’s release of funds from escrow, you must follow the instructions contained in paragraphs 1 through 3 below: 1. Complete all information required in this Subscription Agreement, and date and sign the Subscription Agreement on page 6 and the Member Signature Page to our Member Control Agreement attached to this Subscription Agreement as Exhibit A. 2. Immediately provide your personal (or business) check for the entire amount of your investment (as determined in box C.1 on page 1) made payable to “Highwater Ethanol, LLC.” 3. Deliver the original executed documents referenced in paragraph 1 of these instructions, together with your personal or business check as described in paragraph 2 to: Highwater Ethanol, LLC 000 X. Xxxx Xxxxxx, XX Xxx 00 Xxxxxxxxx, Xxxxxxxxx 00000 If you are subscribing after we have released funds from escrow and we accept your investment, your funds will be immediately at-risk as described in the Prospectus. Highwater Ethanol may, in its sole discretion, reject or accept any part or all of your subscription. If Highwater Ethanol rejects your subscription, your Subscription Agreement and investment will be returned to you promptly, plus nominal interest, minus escrow fees. Highwater Ethanol may not consider the acceptance or rejection of your subscription until a future date near the end of this offering. Xxxxx X. Xxxxxxxxx President and Governor 000-000-0000 Xxxx Xxxxxxx Xxxxxxxxx Vice President and Governor 000-000-0000 Xxxxx Xxx Xxxx Treasurer and Governor 000-000-0000 Xxxxxxx Xxxxx Van Der Wal Secretary and Governor 507-342-5187