|   | · | honest      and ethical conduct, including the ethical handling of actual or apparent      conflicts of interest between personal and professional      relationships; |
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|   | · | full,      fair, accurate, timely and understandable disclosure in reports and      documents that Lincolnway Energy files with, or submits to, the Securities      and Exchange Commission (the "SEC") and in other public communications      made by Lincolnway Energy; |
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|   | · | compliance      with applicable governmental laws, rules and  regulations; |
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|   | · | the      prompt internal reporting of violations of this Code to the person or      persons identified in this Code;and |
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|   | · | accountability      for adherence to this Code. |
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|   | 1. | All      Directors and executive officers shall act with honesty and integrity,      including avoiding, where possible, actual or apparent conflicts of      interest between their own personal interests and the interests of      Lincolnway Energy and, before participating in any transaction or      arrangement that creates or appears to create a conflict of interest, the      Director or executive officer in question shall make full disclosure of      all facts and circumstances to, and obtain the prior approval of, the      Directors.  A conflict of interest can arise from the receipt of      personal benefits from Lincolnway Energy; financial interests in other      businesses such as in competitors, customers or suppliers of Lincolnway      Energy; outside employment or other activities with other businesses such      as with competitors, customers or suppliers of Lincolnway Energy; or      family members or friends working in the industry or with a competitor,      customer or supplier of LincolnwayEnergy. |
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|   | 2. | All      Directors and executive officers shall provide information that is      accurate, complete, objective, relevant, timely and understandable to      ensure full, fair, accurate, timely and understandable disclosure in the      reports and documents that Lincolnway Energy files with, or submits to,      the SEC and/or other government agencies, and in any other public      communications that may be made by Lincolnway Energy.  All      Directors and executive officers shall promptly report any information of      which they become aware which should be disclosed in the reports that      Lincolnway Energy files with theSEC. |
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|   | 3. | All      Directors and executive officers shall act in good faith, responsibly, and      with due care, competence and diligence, without misrepresenting material      facts or allowing their independent judgment to be      compromised. |
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|   | 4. | All      Directors and executive officers shall comply with all applicable laws,      rules and regulations of federal, state and local governments and other      applicable public and private regulatory agencies, including those of the      SEC. |
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|   | 5. | All      Directors and executive officers shall take reasonable steps to achieve      responsible use of and control over all of Lincolnway Energy's assets and      resources which are used by or entrusted to them, and shall not take for      personal benefit or gain any such assets or properties or any      opportunities that are discovered through the use of Lincolnway Energy's      property or information or otherwise through their position with      Lincolnway Energy. |
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|   | 6. | No      Director or executive officer shall use or disclose any confidential or      proprietary information of Lincolnway Energy for personal advantage or for      the advantage of anyone other than Lincolnway Energy, and shall otherwise      only use or disclose any confidential or proprietary information for and      in the proper operation of Lincolnway Energy's  business. |
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|   | 7. | No      Director or executive officer shall unduly or fraudulently influence,      coerce, manipulate or mislead any internal or independent audit or      interfere with any auditor engaged in the performance of an internal or      independent audit of Lincolnway Energy's financial statements or books and      records. |
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|   | 8. | No      Director or executive officer shall accept any directorship, office,      committee appointment or other position with any organization which may      create a conflict of interest with, or interfere with, the discharge of      the Director's or the executive officer's duties to Lincolnway      Energy. |
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|   | 9. | All      Directors and executive officers shall comply with all other codes or      policies of Lincolnway Energy which are applicable from time to time to      the Directors and/or the executive officers, as the case may be, including      any codes or policies regarding business conduct or trading in the units      or other securities of LincolnwayEnergy. |
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|   | 10. | No      Director or executive officer shall offer to, or shall, give or pay any      bribe or kickback or any other improper or illegal payment, gift, favor,      gratuity or other thing of value to any government official in order to,      among other things, obtain or retain any business or to secure any kind of      concession, contract or any favorable treatment for Lincolnway      Energy. |
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|   | 11. | No      Director or executive officer shall offer to, or shall, give or accept any      bribe or kickback to or from any supplier, customer or other person having      business or other dealings with Lincolnway Energy, or any payment, gift,      favor, gratuity or other thing of value which may be interpreted to be      intended to improperly influence the business or other dealings between      Lincolnway Energy and such supplier, customer or other      person.  Cash gifts are prohibited, and if a Director or an      executive officer receives a non-cash gift with a value of $100 or more,      or non-cash gifts with an aggregate value of over $1200 in any given      fiscal year, the Director or executive officer must report the non-cash      gifts to the Directors.  The Director or executive officer may      be required to turn over any such non-cash gifts, or to pay the value of      such non-cash gifts, to LincolnwayEnergy. |
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|   | 12. | Lincolnway      Energy is subject to laws and regulations that govern how and when      Lincolnway Energy may disclose certain information, and only those      Directors and executive officers who have been authorized by the Directors      shall be permitted to speak with investors or investment analysts about      Lincolnway Energy, or to speak with the media about matters involving      Lincolnway Energy's financial condition, results of operation, future      business prospects, or similartopics. |
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|   | 13. | All      Directors and executive officers shall promote the use and implementation      of ethical and professional behavior by all Lincolnway Energy employees      and officers, both in the workplace and in the community, including      requiring compliance by all employees and officers with any ethics,      business conduct, insider trading or other policies of Lincolnway Energy      which may be applicable to the employees and officers from time to time      and maintaining a work environment which encourages employees to act      ethically and to raise any ethical, legal or other    concerns. |
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