Document:

GOLDEN GRAIN ENERGY,
    L.L.C.

	
      SUBSCRIPTION
  AGREEMENT

	
      Membership Units

	
       

	
      $1.00 per Class A Membership
      Unit

	
       

	
      10,000 Unit Minimum Purchase
      ($10,000),

	
      1,000 Unit Blocks Thereafter
      ($1,000)

	
       

	
      The undersigned subscriber, desiring to become a member of
      Golden Grain Energy, L.L.C. ("GGE"), an Iowa limited liability company,
      with its principal place of business at 951 N. Linn Avenue, P.O. Box 435,
      New Hampton, Iowa 50659, hereby subscribes for the purchase of the
      membership interests of GGE, and agrees to pay the related purchase price,
      identified below.

	
       

	
      A.           
      SUBSCRIBER INFORMATION.   Please print your
      individual or entity name and address.  Joint subscribers should
      provide their respective names.  Your name and address will be
      recorded exactly as printed below.
  

	
       

	 	
      1.
	
      Subscriber's Printed Name: 
	
      _________________________________________________

	 	
      2.
	
      Title, if applicable:
	
      _________________________________________________

	 	
      3.
	
      Subscriber's Address:
	
       

	
       
	 	
           Street 
	
      _________________________________________________

	
       
	 	
           City, State, Zip
    Code
	
      _________________________________________________

	
       

	
      B.           
      NUMBER OF UNITS PURCHASED.  You must purchase at
      least 10,000 units and additional blocks of at least 1,000 units
      thereafter.  Your ownership interest may not exceed 40% of all of our
      outstanding membership units.  Accordingly, assuming that we sell the
      minimum number of 19,250,000 Units in this Offering, you may not purchase
      more than 7,700,000 Units.

	 	 	 

	 	 ________________________________ 

	
       

	
       

	
      C.           
      PURCHASE PRICE.  Indicate the dollar amount of your
      investment.

	
       

	
      1. Total Purchase Price

      ($1.00 Per Unit multiplied by the number in box B
      above.)
	
      =
	
      2. Ten Percent (10%) 1st
      Installment

      (10% of the Total Purchase Price)
	
      +
	
      3. Ninety Percent (90%) 2nd
      Installment

      (90% of the Total Purchase Price)

	
       
	
       
	
       
	
       
	
       

	
      _________________________
	
      =
	
      _________________________
	
      +
	
      _________________________

	
       

	
      D.           
      GENERAL INSTRUCTIONS FOR SUBSCRIBERS:

	 

	
      You should read the Prospectus dated [Date of
      Effectiveness] (the "Prospectus") in its entirety including financial
      statements and exhibits for a complete explanation of an investment in
      GGE.  To subscribe, you must:

	
       

	
                  
      1.            
      Complete all information required in this Subscription Agreement, and date
      and sign this Subscription Agreement at page
5.

	
       

	
                  
      2.            
      Complete all information required by the Member Signature Page of the
      Operating Agreement, and date and sign the Member Signature Page (the last
      page attached to this Subscription
Agreement).

	
       

	
                  
      3.           
      Immediately provide your personal (or business) check for the first
      installment of ten percent (10%) of your investment amount made payable to
      "State Bank of Lawler -- Escrow Agent for GGE, LLC." 
      You will determine this amount in box C.2 on page 1 of this Subscription
      Agreement.

	 

	 	1	 

	 
      

    

	
       
    

	
       

	
                  
      4.           
      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 your agreement to grant GGE a security interest
      in your membership units.

	
       

      

    

	
                  
      5.            
      Deliver each of the original executed documents referenced in Items 1, 2,
      and 4 of these Instructions, together with your personal check described
      in Item 3 of these Instructions to:

	
       

	
      State Bank of
Lawler

	
      Golden Grain Energy, LLC Escrow
      Account

	
      P.O. Box 269

	
      Lawler, IA 
  53212

	
       

	
                  
      6.           
      Secure an additional personal (or business) check for the second
      installment of ninety percent (90%) of your investment amount made payable
      to "State Bank of Lawler -- Escrow Agent for GGE" 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.  Deliver this check to the same address set forth above in
      Instruction 5 within thirty (30) days of the date of GGE's written notice
      that its sales of Units have exceeded the Minimum Escrow Deposit of
      $19,250,000.  If you fail to pay the second installment pursuant to
      the Promissory Note and Security Agreement, GGE shall be entitled to
      retain your first installment and to seek other damages, as provided in
      the Promissory Note and Security Agreement.

	
       

	
      Your funds will be placed in GGE's escrow account at State
      Bank of Lawler, and the funds will be released to GGE or returned to you
      in accordance with the escrow arrangements described in the
      Prospectus.  If GGE rejects your subscription, your Subscription
      Agreement and investment will be returned to you within 30 days of such
      rejection, plus nominal interest, minus escrow fees.  GGE 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 one of our
      directors listed below or to GGE at (641)
  394-4059.

	
       

	
      Director
	
      Telephone Number
	
       
	
      Director
	
      Telephone Number

	
      Walter Wendland
	
      (563) 237-5901
	
       
	
      Randy Liddle
	
      (319) 231-5590

	
      Stanley Laures
	
      (641) 394-4059
	
       
	
      Jim Boeding
	
      (563) 382-3000

	
      Dave Sovereign
	
      (563) 547-5033
	
       
	
      Stephen Eastman
	
      (641) 985-2147

	
      Ron Pumphrey
	
      (641) 394-3052
	
       
	
      Willis Hansen
 	
      (800) 328-3312

	
       

	
       

	
      E.            
      Additional Subscriber Information.  The subscriber, named
      above, certifies the following under penalties of
  perjury:

	
       

	
       
	
      1.
	
      Form of Ownership.  Check the appropriate box
      (one only) to indicate form of ownership. If the subscriber is a
      Custodian, Corporation, Partnership or Trust, please provide the
      additional information requested. 

	
       
	
       
	
      [  ]
	
      Individual

	
       
	
       
	
      [  ]
	
      Joint Tenants with Right of Survivorship (Both signatures
      must appear in Item 7)

	
       
	
       
	
      [  ]
	
      Corporation or Partnership (Corporate Resolutions or
      Partnership Agreement must be enclosed)

	
       
	
       
	
      [  ]
	
      IRA

	
       
	
       
	
      [  ]
	
      KEOGH

	
       
	
       
	
      [  ]
	
      Pension or Profit Sharing
Plan

	
       
	
       
	
      [  ]
	
      Trust 

	
       

	
       
	
       
	
       
	
      Trustee's Name:
      __________________________________________

	
       

	
       
	
       
	
       
	
      Trust Date:
      ______________________________________________

	 

	 	2	 

	 

	
      

       
    

	
       
	
       
	
      [  ]
	
      Other: Provide detailed information in the space
      immediately below.

	
       

    

	
       
	
      2.
	
      Subscriber's Taxpayer Information. 
      Check the appropriate box if you are a non-resident alien, a U.S. Citizen
      residing outside the United States or subject to backup withholding. 
      KEOGHS should provide the taxpayer identification number of the account
      and the social security number of the accountholder.  Trusts should
      provide their taxpayer identification number.  Custodians should
      provide the minor's social security number.  All individual
      subscribers and IRA subscribers should provide their social security
      number.  Other entities should provide their taxpayer identification
      number.

	
       

	
       
	
       
	
      [  ]
	
      Check box if you are a non-resident
  alien

	
       
	
       
	
      [  ]
	
      Check box if you are a U.S. citizen residing outside of
      the United States

	
       
	
       
	
      [  ]
	
      Check this box if you are subject to backup
      withholding

	
       

	
       
	
       
	
       
	
      Subscriber's Social Security
      No.                       
                                                                     
                     
      

	
       

	
       
	
       
	
       
	
      Joint Subscriber's Social Security
      No.             
                                                                     
                     
      

	
       

	
       
	
       
	
       
	
      Taxpayer Identification
      No.                               
                                                                     
      

	
       

	
       
	
      3.
	
      Member Report Address.  If you would like
      duplicate copies of member reports sent to an address that is different
      than the address identified in section A, please complete this
      section.

	
       

	
       
	
       
	
       
	
      Address:                               
      ___________________________________________

	
       

	
       
	
       
	
       
	
                                                       ___________________________________________

	
       

	
       
	
      4.
	
      State of Residence.

	
       

	
       
	
       
	
       
	
      State of Principal
      Residence:                             
      _____________________________

	
       

	
       
	
       
	
       
	
      State where driver's license is
      issued               
      _____________________________

	
       

	
       
	
       
	
       
	
      State where income taxes are
      filed                    
      _____________________________            
      

	
       

	
       
	
       
	
       
	
      State(s) in which you have maintained your principal
      residence during the past three years:

	
                     
      

	
      a. ________________________
	
      b. ________________________
	
      c. ________________________

	
       

	
       

	
       
	
      5.
	
      Suitability Standards.  You cannot invest in
      GGE unless you meet one, or more, of the suitability tests set forth
      below.  Please review the suitability tests and check the box(es)
      next to the following suitability test that you meet.  For husbands
      and wives purchasing jointly, the tests above will be applied on a joint
      basis.

	
       

	
       
	
       
	
      [  ]
	
      I (We) have annual income from whatever source of at least
      $30,000 and a net worth of at least $30,000, exclusive of home,
      furnishings and automobiles; or 

	
       

	
       
	
       
	
      [  ]
	
      I (We) have a net worth of at least $75,000, exclusive of
      home, furnishings and automobiles.

	
       

	
       
	
      6.
	
      Subscriber's Representations and Warranties. 
      You must read and certify your representations and warranties and sign and
      date this Subscription Agreement. 

	
       

	
       
	
       
	
      By signing below, the subscriber represents and warrants
      to GGE that he, she or it:

	 

	 	3	 

	 
      

    

	
      

    

	
       

	
       
	
       
	
      a.
	
      has received a copy of GGE's
  Prospectus;

	
       
	
       
	
      b.
	
      has been informed that the Units of GGE are offered and
      sold in reliance upon a federal securities registration, an Iowa  securities registrations, and exemptions from securities
      registrations in various other states, and understands that the Units to
      be issued pursuant to this subscription agreement can only be sold to a
      person meeting requirements of suitability;

	
       
	
       
	
      c.
	
      has been informed that the securities purchased pursuant
      to this Subscription Agreement have not been registered under the
      securities laws of any state other than the State of Iowa ,
      and that GGE is relying in part upon the representations of the
      undersigned Subscriber contained herein;

	
       
	
       
	
      d.
	
      has been informed that the securities subscribed for have
      not been approved or disapproved by the Iowa  Securities Department or any other regulatory authority, nor has any regulatory
      authority passed upon the accuracy or adequacy of the
      Prospectus;

	
       
	
       
	
      e.
	
      intends to acquire the Units for his/her/its own account
      without a view to public distribution or resale and that he/she/it has no
      contract, undertaking, agreement or arrangement to sell or otherwise
      transfer or dispose of any Units or any portion thereof to any other
      person;

	
       
	
       
	
      f.
	
      understands that there is no present market for GGE's
      membership units, that the membership units will not trade on an exchange
      or automatic quotation system, that no such market is expected to develop
      in the future and that there are significant restrictions on the
      transferability of the membership units; 

	
       
	
       
	
      g.
	
      has received a copy of the GGE Operating Agreement, and
      understands that upon closing the escrow by GGE, the subscriber and the
      membership units will be bound by the provisions of the Operating
      Agreement which contains, among other things, provisions that restrict the
      transfer of membership units; 

	
       
	
       
	
      h.
	
      understands that the Units are subject to substantial
      restrictions on transfer under state securities laws along with
      restrictions in the GGE Operating Agreement and agrees that if the
      membership units or any part thereof are sold or distributed in the
      future, the subscriber shall sell or distribute them pursuant to the terms
      of the Operating Agreement, and the requirements of the Securities Act of
      1933, as amended, and applicable state securities laws;
  

	
       
	
       
	
      i.
	
      meets the suitability test marked in Item E.5 above and is
      capable of bearing the economic risk of this investment, including the
      possible total loss of the investment;

	
       
	
       
	
      j.
	
      understands that GGE will place a restrictive legend on
      any certificate representing any unit containing substantially the
      following language as the same may be amended by the Directors of GGE in
      their sole discretion:

	
       
	
       
	
       
	
       
	
      THE TRANSFERABILITY OF THE UNITS REPRESENTED
      BY THIS CERTIFICATE IS RESTRICTED. SUCH UNITS MAY NOT BE SOLD, ASSIGNED,
      OR TRANSFERRED, NOR WILL ANY ASSIGNEE, VENDEE, TRANSFEREE, OR ENDORSEE
      THEREOF BE RECOGNIZED AS HAVING ACQUIRED ANY SUCH UNITS FOR ANY PURPOSES,
      UNLESS AND TO THE EXTENT SUCH SALE, TRANSFER, HYPOTHECATION, OR ASSIGNMENT
      IS PERMITTED BY, AND IS COMPLETED IN STRICT ACCORDANCE WITH, APPLICABLE
      STATE AND FEDERAL LAW AND THE TERMS AND CONDITIONS SET FORTH IN THE
      AMENDED AND RESTATED OPERATING AGREEMENT AS AGREED TO BY EACH
      MEMBER.

	
       
	
       
	
       
	
       
	
       

	
       
	
       
	
       
	
       
	
      THE SECURITIES REPRESENTED BY THIS
      CERTIFICATE MAY NOT BE SOLD, OFFERED FOR SALE, OR TRANSFERRED IN THE
      ABSENCE OF EITHER AN EFFECTIVE REGISTRATION UNDER  APPLICABLE STATE SECURITIES LAWS, OR AN
      OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH TRANSACTION IS
      EXEMPT FROM REGISTRATION UNDER APPLICABLE STATE SECURITIES LAWS.

	
       
	
       
	
      k.
	
      understands that, to enforce the above legend, GGE may
      place a stop transfer order with its registrar and stock transfer agent
      (if any) covering all certificates representing any of the membership
      units;

	
       
	
       
	
      l.
	
      has knowledge and experience in business and financial
      matters as to be able to evaluate the merits and risks of an investment in
      the Units, believes that the investment in Units is suitable
  

	 

	 	4	 

	 
      

    

	
      

    

	
       
	
       
	 	
      for the subscriber and can bear the economic risk of the
      purchase of Units including the total loss of the undersigned's
      investment; 

	
       
	
       
	
      m.
	
      may not transfer or assign this subscription agreement, or
      any of the subscriber's interest herein; 

	
       
	
       
	
      n.
	
      has written his, her, or its correct taxpayer
      identification number under Item E.2 on this subscription agreement;
      

	
       
	
       
	
      o.
	
      is not subject to backup withholding either because he,
      she or it has not been notified by the Internal Revenue Service ("IRS")
      that he, she or it is subject to backup withholding as a result of a
      failure to report all interest or dividends, or the IRS has notified him,
      her or it that he is no longer subject to backup withholding (Note this
      clause (o) should be crossed out if the backup withholding box in Item E.2
      is checked); 

	
       
	
       
	
      p.
	
      understands that execution of the attached Promissory Note
      and Security Agreement will allow GGE or its assigns to pursue the obligor
      for payment of the amount due thereon by any legal means, including, but
      not limited to, acquisition of a judgment against the obligor in the event
      that the subscriber defaults on that Promissory Note and Security
      Agreement; and

	
       
	
       
	
      q.
	
      acknowledges that GGE may retain possession of
      certificates representing subscriber's Units to perfect its security
      interest in those Units.

	
       

	
      Signature of Subscriber/ Joint Subscriber: 
      

	
       

	
      Date:                     
      _____________________________
	 

	 

	Individuals:	Entities:

	 

	___________________________________________	___________________________________________

	       
      Name of Individual Subscriber (Please Print)	       
      Name of Entity (Please Print)

	 

	___________________________________________	___________________________________________

	       
      Signature of Individual	       
      Print Name and Title of Officer

	 

	___________________________________________	___________________________________________

	       
      Name of Joint Individual Subscriber (Please Print)	       
      Signature of Officer

	
       

	___________________________________________

	
              Signature of
      Joint Individual Subscriber 

	
       

	
       

	
      ACCEPTANCE OF SUBSCRIPTION BY GOLDEN
      GRAIN ENERGY, L.L.C.:

	
       

	
      Golden Grain Energy, L.L.C. hereby accepts the
      subscription for the above Units.

	
       

	
      Dated this
                  day
      of
                                                  ,
      200      
.

	
       

	
       

	
      GOLDEN GRAIN ENERGY,
L.L.C.

	
       

	
       

	
      By:
  _____________________________________

	
       

	
       

	
      Its:
  _____________________________________

	 

	 	5	 

	 
      

    

	
      

    

<R>

</R>FOR VALUE
      RECEIVED,
                
       hereby sell, assign, and transfer unto
                                                                            
                                                                 
                                         
         Units represented by the within Certificate,
      and do  hereby irrevocably  constitute and appoint 
                                                                               
       Attorney to transfer the said Units on the books of the within
      named Company with full power of substitution in the
      premises.

	
       

	
                 
      Dated
                                                      
      ,
                           
      .

	
       

	
      In Presence of

	
       

	                                                                                               	 

	 	                                                                                               

	 

	 

	 	                                                                                               

	
       

	 

	
       
	
      The transferability of the Units represented
      by this certificate is restricted. Such Units may not be sold, assigned,
      or transferred, nor will any assignee, vendee, transferee, or endorsee
      thereof be recognized as having acquired any such Units for any purposes,
      unless and to the extent such sale, transfer, hypothecation, or assignment
      is permitted by, and is completed in strict accordance with, applicable
      state and federal law and the terms and conditions set forth in the
      Operating Agreement and agreed to by each
Member.

	 <R>

	
       
	
      The Units represented by this
      certificate may not be sold, offered for sale, or transferred in the
      absence of an effective registration under theapplicable state securities laws, or an
      opinion of counsel satisfactory to the company that such transaction is
      exempt from registration under applicable state securities laws.

	
       </R>

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