Document:

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                                    AGREEMENT

         THIS AGREEMENT effective as of the 23rd day of November, 2001, by and
between John B. Bloom, trustee of the John B. Bloom Trust under trust agreement
dated the 13th day of December, 1993, and referred to as "FIRST PARTY", and
Western Plains Energy, L.L.C., a Kansas limited liability company, with its
principal place of business located in Sheridan County, Kansas, with an address
of P.O. Box 567, Hoxie, Kansas, 67740 referred to as "SECOND PARTY", is as
follows:
         WHEREAS, FIRST PARTY is the owner in fee simple of the following
described real estate located in Gove County, Kansas, to-wit:

                  A TRACT OF LAND LOCATED IN THE SOUTHWEST QUARTER (SW1/4) OF
                  SECTION TWO (S02), TOWNSHIP ELEVEN SOUTH (T11S), RANGE
                  THIRTY-ONE WEST (R31W) OF THE SIXTH PRINCIPAL MERIDIAN (6TH
                  P.M) IN GOVE COUNTY, KANSAS, MORE PARTICULARLY DESCRIBED AS
                  FOLLOWS

                  FROM THE SOUTHWEST CORNER OF SAID SECTION, THENCE, ON AN
                  ASSUMED BEARING OF N00DEG25'31"E, ALONG THE WEST LINE OF SAID
                  SECTION, A DISTANCE OF ONE THOUSAND SEVEN HUNDRED FIFTY-FOUR
                  AND TWENTY-THREE HUNDREDTHS (1754.23) FEET TO THE SOUTH
                  RIGHT-OF-WAY BOUNDARY OF THE UNION PACIFIC RAILROAD, THENCE
                  N88DEG42'58"E, ALONG SAID RAILROAD RIGHT-OF-WAY, FOR A
                  DISTANCE OF ONE THOUSAND THREE HUNDRED FOURTEEN AND
                  SEVENTY-TWO HUNDREDTHS (1314.72) FEET TO THE EAST LINE OF THE
                  WEST HALF (W1/2) OF THE SOUTHWEST QUARTER (SW1/4) OF SAID
                  SECTION, THENCE S00DEG14'21"W, ALONG THE EAST LINE OF THE WEST
                  HALF (W1/2) OF THE SOUTHWEST QUARTER (SW1/4), FOR A DISTANCE
                  OF ONE THOUSAND SEVEN HUNDRED EIGHTY-FIVE AND FIFTEEN
                  HUNDREDTHS (1785.15) FEET TO THE SOUTH LINE OF SAID SECTION,
                  THENCE N89DEG56'07"W, ALONG THE SOUTH LINE OF SAID SECTION,
                  FOR A DISTANCE OF ONE THOUSAND THREE HUNDRED NINETEEN AND
                  NINETY-SIX HUNDREDTHS (1319.96) FEET TO THE POINT OF
                  BEGINNING, CONTAINING 53.51 ACRES, SAID TRACT BEING SUBJECT TO
                  COUNTY ROAD RIGHT-OF-WAY, ALONG ITS SOUTH AND WEST BOUNDARIES,
                  AND HEREINAFTER REFERRED TO AS THE "BLOOM GROUND"; AND

         WHEREAS, SECOND PARTY has secured an option to purchase from JoAnne
Baalman Hollinger, Laurie Baalman, Michael Baalman and Donald Baalman, all being
the heirs

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of Harold Baalman, deceased, the following described real estate, also
situated in Gove County, Kansas, to-wit:

                  A TRACT OF LAND LOCATED IN THE SOUTH HALF OF SECTION THREE
                  (S03), TOWNSHIP ELEVEN SOUTH (T11S), RANGE THIRTY-ONE WEST
                  (R31W) OF THE SIXTH PRINCIPAL MERIDIAN (6TH P.M.) IN GOVE
                  COUNTY, KANSAS, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

                  COMMENCING AT THE SOUTHEAST CORNER OF SAID SECTION, THENCE, ON
                  AN ASSUMED BEARING OF N00DEG25'31"E ALONG THE EAST LINE OF
                  SAID SECTION, A DISTANCE OF EIGHT HUNDRED SEVENTY-SEVEN AND
                  ELEVEN HUNDREDTHS (877.11) FEET TO THE POINT OF BEGINNING.

                  FROM THE POINT OF BEGINNING, THENCE S89(0)16'29"W FOR A
                  DISTANCE OF FIVE THOUSAND TWO HUNDRED EIGHTY-TWO AND THIRTY
                  HUNDREDTHS (5282.30) FEET TO THE WEST LINE OF SAID SECTION,
                  THENCE N00DEG00'32"E, ALONG THE WEST LINE OF SAID SECTION, FOR
                  A DISTANCE OF EIGHT HUNDRED TWENTY-FIVE AND FORTY-FOUR
                  HUNDREDTHS (825.44) FEET TO THE SOUTH RIGHT-OF-WAY BOUNDARY OF
                  THE UNION PACIFIC RAILROAD, THENCE N88DEG42'58"E, ALONG SAID
                  RAILROAD RIGHT-OF-WAY, FOR A DISTANCE OF FIVE THOUSAND TWO
                  HUNDRED EIGHTY-NINE AND FIFTY-NINE HUNDREDTHS (5289.59) FEET
                  TO THE EAST LINE OF SAID SECTION, THENCE S00DEG25'31"W, ALONG
                  THE EAST LINE OF SAID SECTION, FOR A DISTANCE OF EIGHT HUNDRED
                  SEVENTY-SEVEN AND ELEVEN HUNDREDTHS (877.11) FEET TO THE POINT
                  OF BEGINNING, CONTAINING 103.28 ACRES, SAID TRACT BEING
                  SUBJECT TO COUNTY ROAD RIGHT-OF-WAY ALONG ITS EAST BOUNDARY,
                  AND HEREINAFTER REFERRED TO AS THE "BAALMAN GROUND"; AND

         WHEREAS FIRST PARTY is the owner, in fee simple, of the following
described property:

                  THE EAST HALF (E1/4) OF SECTION THIRTY FIVE (S35), TOWNSHIP
                  TEN SOUTH (T10S), RANGE THIRTY-ONE WEST (R31W) OF THE SIXTH
                  PRINCIPAL MERIDIAN (6TH P.M.), THOMAS COUNTY, KANSAS, AND THE
                  NORTHWEST QUARTER (NW1/4) OF SECTION TWO (S02) AND THAT PART
                  OF THE SOUTHWEST QUARTER (SW1/4) OF SECTION TWO (S02) LYING
                  NORTH OF THE UNION PACIFIC RAILROAD RIGHT-OF-WAY, BOTH IN
                  TOWNSHIP ELEVEN SOUTH (T11S), RANGE THIRTY-ONE WEST (R31W),
                  GOVE COUNTY, KANSAS,

and SECOND PARTY seeks an easement over this property for the purposes of
constructing, operating, maintaining and repairing a water delivery line from a
water well to be located on the SOUTH EAST QUARTER (SE1/4) OF SECTION TWENTY SIX
(S26), TOWNSHIP TEN SOUTH (T10S), RANGE THIRTY ONE WEST (R31W) OF THE SIXTH
PRINCIPAL MERIDIAN (6TH P.M.), THOMAS COUNTY, KANSAS, to the BLOOM GROUND.

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         WHEREAS in the event that the SECOND PARTY exercises its option to
purchase the BAALMAN GROUND the parties, IN CONSIDERATION of their mutual
promises as set out below, agree as follows:

                                   SECTION ONE

         FIRST PARTY agrees to trade to the SECOND PARTY the BLOOM GROUND and
grant to SECOND PARTY a water line easement at an agreed upon price of One
Hundred Fifty Three Thousand Two Hundred Eighty Dollars ($153,280.00) for the
SECOND PARTY'S interest in the BAALMAN GROUND at an agreed upon price of One
Hundred Three Thousand Two Hundred Eighty Dollars ($103,280.00).

         The "boot" to be paid to FIRST PARTY by SECOND PARTY, as hereinafter
provided, shall be Fifty Thousand Dollars ($50,000.00) more than the purchase
price of the BAALMAN GROUND. The additional monies paid are allocated to the
water line easement and to the well, pump, casing, underground pipe and
improvements located on the BLOOM GROUND, excluding that property identified in
paragraph two of Section Four.

                                   SECTION TWO

         The parties intend that the exchange contemplated by this agreement
shall be reviewed as an exchange of "like-kind" investment property under the
provisions of the Internal Revenue Code Section 1031(a) for deferring the
recognition of gain. If either party fails to qualify under Section 1031(a),
then each party is responsible for the payment of any tax due on their
respective property.

                                  SECTION THREE

         For the purpose of this agreement, the property of the FIRST PARTY is
valued at One Hundred Fifty Three Thousand Two Hundred Eighty Dollars
($153,280.00) and the property,

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upon the exercise of the Baalman option belonging to the SECOND PARTY, is valued
at One Hundred Three Thousand Two Hundred Eighty Dollars ($103,280.00).
Settlement of the difference of the value shall be made in the following manner.

                  SECOND PARTY shall pay to the FIRST PARTY, upon the execution
                  of this agreement, the sum of Five Thousand Dollars
                  ($5,000.00), which shall be non refundable and in
                  consideration of FIRST PARTY'S granting time to SECOND PARTY
                  until March 1, 2003, to exercise its option to purchase the
                  BAALMAN GROUND and consummating the like-kind exchange
                  contemplated by this agreement. On the day of the exchange of
                  deeds, SECOND PARTY shall pay to the FIRST PARTY, in cash, the
                  sum of Forty Five Thousand Dollars ($45,000.00). In the year
                  of exchange, FIRST PARTY shall be responsible to ensure that
                  all real estate taxes and assessments on the BLOOM GROUND for
                  prior years have been paid in full and SECOND PARTY shall be
                  responsible to ensure that all real estate taxes and
                  assessments on the BAALMAN GROUND for prior years have been
                  paid in full. After the exchange of properties, the parties
                  will each assume responsibility for the current year real
                  estate taxes on the ground that each is receiving.

                                  SECTION FOUR

         This like-kind exchange agreement is expressly contingent upon the
following:

                  1.       The exercise of the option by SECOND PARTY on the
                           BAALMAN GROUND and the closing on the purchase of
                           said ground by SECOND PARTY.

                  2.       The reservation of a life estate for the benefit of
                           and the use by Charles Bartlett, of the double-wide
                           modular home and the out buildings located in the
                           BLOOM GROUND with a legal description as follows:

                           A TRACT OF LAND LOCATED IN THE SOUTHWEST QUARTER
                           (SW1/4) OF SECTION TWO (S02), TOWNSHIP ELEVEN SOUTH
                           (T11S), RANGE THIRTY-ONE WEST (R31W) OF THE SIXTH
                           PRINCIPAL MERIDIAN (6TH P.M.) IN GOVE COUNTY, KANSAS,
                           MORE PARTICULARLY DESCRIBED AS FOLLOWS:

                           COMMENCING AT THE SOUTHWEST CORNER OF SAID SECTION,
                           THENCE, ON AN ASSUMED BEARING OF S89DEG56'07"E, ALONG
                           THE SOUTH LINE OF SAID SECTION, A DISTANCE OF ONE
                           HUNDRED FIFTY-ONE AND SEVENTY-FOUR HUNDREDTHS
                           (151.74) FEET TO THE POINT OF BEGINNING. FROM THE
                           POINT OF BEGINNING, THENCE N01DEG06'11"E FOR A
                           DISTANCE OF ONE HUNDRED NINETY-SEVEN AND FIFTY-SEVEN
                           HUNDREDTHS (197.57) FEET, THENCE S89DEG08'50"E, FOR A
                           DISTANCE OF TWO HUNDRED EIGHT-TWO AND THREE
                           HUNDREDTHS (282.03) FEET, THENCE S01DEG06'11"W FOR A
                           DISTANCE OF ONE HUNDRED NINETY-THREE AND SIXTY-NINE

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                           HUNDREDTHS (193.69) FEET TO THE SOUTH LINE OF SAID
                           SECTION, THENCE N89DEG56'07"W, ALONG THE SOUTH LINE
                           OF SAID SECTION, FOR A DISTANCE OF TWO HUNDRED
                           EIGHTY-TWO AND EIGHT HUNDREDTHS (282.08) FEET TO THE
                           POINT OF BEGINNING, CONTAINING 1.27 ACRES, SAID TRACT
                           BEING SUBJECT TO COUNTY ROAD RIGHT-OF-WAY ALONG ITS
                           SOUTH BOUNDARY,

                           for the natural life of Mr. Bartlett. The life
                           tenant, or his heirs or assigns, shall have the right
                           to remove the doublewide modular home and out
                           buildings hereinbefore described at any time during
                           the reservation of the life estate or within 90 days
                           following the termination of the life estate. In the
                           event the property is not removed within the time
                           period as hereinbefore just set out, the same shall
                           be determined as abandoned to the SECOND PARTY,
                           thereby allowing SECOND PARTY to dispose of the same
                           as it deems fit.

                  3.       The right of the FIRST PARTY to dry land farm that
                           portion of the BLOOM GROUND not being utilized by the
                           SECOND PARTY for purposes of an ethanol production
                           facility for a period of five (5) years following the
                           consummation of the like-kind exchange contemplated
                           by this agreement. The terms of said lease will be
                           those terms consistent with the normal practice in
                           Northwest Kansas with the FIRST PARTY being entitled
                           to two-thirds (2/3) of the crop production and
                           government payments and the party of the SECOND PARTY
                           being entitled to one-third (1/3).

                  4.       FIRST PARTY assigning, transferring and setting over
                           unto SECOND PARTY, by proper instruments of
                           assignment and transfer the entire interest, free and
                           clear of any liens and/or encumbrances those leases
                           of FIRST PARTY as lessee and in and to certain
                           railroad right-of-way leases and/or industrial tract
                           agreements with Union Pacific Railroad Company, lease
                           audit number OMA5650, Exhibit "A" which is hereto
                           attached and made a part of this agreement.

                  5.       The granting of an easement for the construction of a
                           water line easement over and across THE EAST HALF
                           (E1/4) OF SECTION THIRTY FIVE (S35), TOWNSHIP TEN
                           SOUTH (T10S), RANGE THIRTY-ONE WEST (R31W) OF THE
                           SIXTH PRINCIPAL MERIDIAN (6TH P.M.), THOMAS COUNTY,
                           KANSAS, AND THE NORTHWEST QUARTER (NW1/4) OF SECTION
                           TWO (S02) AND THAT PART OF THE SOUTHWEST QUARTER
                           (SW1/4) OF SECTION TWO (S02) LYING NORTH OF THE UNION
                           PACIFIC RAILROAD RIGHT-OF-WAY, BOTH IN TOWNSHIP
                           ELEVEN SOUTH (T11S), RANGE THIRTY-ONE WEST (R31W),
                           GOVE COUNTY, KANSAS.

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                                  SECTION FIVE

         Upon consummation of the like-kind as contemplated by this agreement
and in consideration of the mutual promises, covenants and payments hereinbefore
set out, the FIRST PARTY hereby assigns to the SECOND PARTY a voluntary waiver
and dismissal of water rights to the following described water and water rights
as described in appropriation Water Right File NO. 14302 to all water and water
rights appurtenant to that portion of the Northwest Quarter of the Southwest
Quarter (NW1/4SW1/4) of said Section Two (2), lying North of the Union Pacific
right-of-way And to the South Half of the Northwest Quarter (S1/2NW1/4) of
Section Two (2), Township Eleven (11) South, Range Thirty-One (31) West of the
6th P.M., Gove County, Kansas.

                                   SECTION SIX

         Each party shall furnish to the other a current commitment for an
owners title insurance policy in the amount of the value of the respective
properties being exchanged and reflecting an unencumbered good and merchantable
title on or before thirty (30) days following the execution by the SECOND PARTY
of the option to purchase the BAALMAN GROUND. Each party shall pay the costs of
the title insurance premium on the property they are exchanging. Upon receipt of
the title commitment, the party to receive the property shall have ten (10) days
to examine the commitment and notify the other, in writing, of any defects. Each
party will then have thirty (30) days following notice of the defects, to cure
the title of defects for which notification has been given. If title defects
cannot be cured by the closing date, the parties can grant an extension of time
during which the party responsible for curing any defects shall use reasonable,
good faith efforts to clear the title defects. In the event of the party's
failure to cure the defects within the extension period, this shall result in
the termination of this exchange agreement.

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                                  SECTION SEVEN

         It is contemplated and agreed to by the parties hereto that upon the
execution of this agreement, the payment of Five Thousand Dollars ($5,000.00) as
provided herein, and upon the securing of the appropriate deeds and documents of
transfer to the SECOND PARTY of the BAALMAN GROUND, FIRST PARTY will also
execute the appropriate deeds, easements and transfer documents with both sets
of deeds and transfer documents then being placed with an escrow agent agreeable
to all parties. Said deeds and documents will be held by the escrow agent until
March 1, 2003, or if the option is exercised prior to that time, to the exercise
of the option, at which time the escrow agent will be directed, upon receipt of
the unpaid funds, to distribute the deeds and documents to the party to receive
the same as per this agreement. All future and/or deferred payments shall be
paid through said escrow agent. In the event SECOND PARTY does not exercise its
option to purchase the BAALMAN GROUND within the time provided herein, then the
escrow agent shall be instructed to return the executed deeds and documents to
the respective parties entitled thereto.

                                  SECTION EIGHT

         Upon the exercise of the option by the SECOND PARTY to purchase the
BAALMAN GROUND, each party agrees to take every step to expedite the conclusion
of this transaction. Each party agrees to execute a proper warranty deed to the
property being conveyed, and, upon completion of the transaction, each party is
to be give immediate possession of the property being conveyed to that party.

                                  SECTION NINE

         The parties agree that upon the exercise of the option by the SECOND
PARTY and the conclusion of this transaction, SECOND PARTY shall be responsible
for the payment of

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reasonable damages for crop loss occasioned by FIRST PARTY, and/or its tenants,
as a result of the construction, operation, maintenance and repairing of the
water line to be placed on FIRST PARTY'S real estate pursuant to the easement
contemplated by this agreement. SECOND PARTY agrees to construct said water line
in as close proximity to the county road that runs North-South along the
property subject to the water line easement so as to minimize damage to, and
disruption of the use of, FIRST PARTY'S property.

                                   SECTION TEN

         This agreement shall be enforceable pursuant to the laws of the State
of Kansas and any action brought to enforce this matter shall be brought in Gove
County, Kansas.

                                 SECTION ELEVEN

         Any notice required or permitted to be given by the terms of this
agreement shall, in all cases, be considered to mean notice in writing, signed
by or on behalf of the party giving notice.

                                 SECTION TWELVE

         It is specifically declared and agreed that time is of the essence in
this agreement.

                                SECTION THIRTEEN

         All disputes, claims, or questions regarding the rights and obligations
of the parties under the terms of the agreement are subject to mediation. Either
party may make a demand for mediation by filing such demand in writing with the
other party within three (3) days after the dispute first arises.

                                SECTION FOURTEEN

         In the event that any action is filed in relation to this agreement,
the unsuccessful party in the action shall pay to the successful party, in
addition to all sums that either party may be called upon to pay, a reasonable
sum for the successful party's attorney fees.

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                                 SECTION FIFTEEN

         This agreement shall constitute the entire agreement between the
parties, and any prior understanding or representation of any kind preceding the
date of this agreement should not be binding upon either party, except to the
extent incorporated in this agreement.

                                 SECTION SIXTEEN

         Any modification of this agreement or additional obligations assumed by
either party in connection with this agreement shall be binding only if
evidenced in a writing signed by each party or an authorized representative of
each party.

                                SECTION SEVENTEEN

         This agreement shall bind and inure to the benefit of the respective
heirs, personal representatives, successors and assigns of the parties.

         IN WITNESS WHEREOF each party to this agreement has caused it to be
executed on the date indicated below.

JOHN B. BLOOM TRUST                       WESTERN PLAINS ENERGY, L.L.C.
UNDER TRUST AGREEMENT DATED
DECEMBER 13, 1993

BY:        /s/ John B. Bloom, Trustee     BY:  /s/ Dick Sterrett, CFO
           --------------------------         ----------------------------------
         John B. Bloom, Trustee           Dick Sterrett, Chief Financial Officer

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ACKNOWLEDGEMENT

STATE OF KANSAS, COUNTY OF GOVE, SS:

         BE IT REMEMBERED, that on this 23rd day of November, 2001, before me,
the undersigned, a Notary Public within and for the County and State aforesaid,
came John B. Bloom, Trustee of the JOHN B. BLOOM TRUST, under trust agreement
dated the 13th day of December, 1993, who is personally known to me to be the
same person who executed the above Agreement and such person duly acknowledged
the execution of the same.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and seal the day and
year first above written.

                         /s/ Toni Sue Johnson
                         --------------------
                         Notary Public

My term expires: 1-29-06

                                 ACKNOWLEDGMENT

STATE OF KANSAS, COUNTY OF GOVE:

         BE IT REMEMBERED, that on this 24 day of November, 2001, before me, the
undersigned, a notary public in and for the county and State aforesaid came Dick
Sterrett, Chief Financial Officer, of Western Plains Energy, LLC, a corporation
duly organized, incorporated and existing under and by virtue of the laws of
Kansas, who is personally known to me to be the same person who executed the
within instrument of writing and such person duly acknowledged the execution of
the same to be the act and deed of said corporation.

         IN TESTIMONY WHEREOF, I have hereunto set my hand, and affixed my
official seal the day and year last above-mentioned.

                         /s/ Toni Sue Johnson
                         --------------------
                         Notary Public

My term expires:  1-29-06

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                                    EXHIBIT A

                                LEASE OF PROPERTY

         THIS LEASE ("Lease") is entered into on the 11th day of December, 1995
between UNION PACIFIC RAILROAD COMPANY ("Lessor"), and BLOOM, JOHN B., an
individual, whose address is John B. Bloom, Rt. 1, Oakley, KS 67748 ("Lessee").

         IT IS AGREED BETWEEN THE PARTIES AS FOLLOWS:

Article I.        PREMISES; USE.

         Lessor leases to Lessee and Lessee leases from Lessor the premises
("Premises"), at Campus, Kansas, as shown on the print dated November 7, 1995
marked Exhibit A, hereto attached and made a part hereof, subject to the
provisions of this Lease and of Exhibit B attached hereto and made a part
hereof. The Premises may be used for agricultural purposes and purposes
incidental thereto, only, and for no other purpose.

Article II.       TERM.

         The term of this Lease shall commence on February 14, 1996, and unless
sooner terminated as provided in this Lease, shall extend for one year and
thereafter shall automatically be extended from year to year.

Article III.      RENT.

         A. Lessee shall pay to Lessor, in advance, rent of Ten Dollars ($10.00)
per year, payable five (5) years in advance.

         B. Not more than once every five (5) years, Lessor may redetermine the
rent. In the event Lessor does redetermine the rent, Lessor shall notify Lessee
of such change.

Article IV.       SPECIAL PROVISION - CANCELLATION.

         Effective upon commencement of the term of this Lease, the Lease dated
April 28, 1981, identified as Audit No. OMA5650, together with any and all
supplements and amendments, is cancelled and superseded by this Lease, except
for any rights, obligations or liabilities arising under such prior lease
before cancellation, including any consent to conditional assignment, chattel
agreement, or consent to sublease.

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         IN WITNESS WHEREOF, the parties have executed this Lease as of the date
and year first above written.

UNION PACIFIC RAILROAD COMPANY              BLOOM, JOHN B.

By:   /s/ R.D. Rice                             By:  /s/ John B. Bloom
     -----------------------------------            ----------------------------
         Sr. Manager - Real Estate

Note:  Cancels and Supersedes Lease OMA560 dated 4/28/81.

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                     EXHIBIT A TO LEASE AUDIT NUMBER OMA5650

                              [Map Not Reproduced]

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                     EXHIBIT B TO LEASE AUDIT NUMBER OMA5650

SECTION 1.        IMPROVEMENTS.

         No improvements placed upon the Premises by Lessee shall become a part
of the realty.

SECTION 2.        RESERVATIONS AND PRIOR RIGHTS.

         A.       Lessor reserves to itself, its agents and contractors, the
                  right to enter the Premises at such times as will not
                  unreasonably interfere with Lessee's use of the Premises.

         B.       Lessor reserve (i) the exclusive right to permit third party
                  placement of advertising signs on the Premises, and (ii) the
                  right to construct, maintain and operate new and existing
                  facilities (including, without limitation, trackage, fences,
                  communication facilities, roadways and utilities) upon, over,
                  across or under the Premises, and to grant to other such
                  rights, provided that Lessee's use of the Premises is not
                  interfered with unreasonably.

         C.       This Lease is made subject to all outstanding rights, whether
                  or not of record. Lessor reserves the right to renew such
                  outstanding rights.

SECTION 3.        PAYMENT OF RENT.

         Rent (which includes the annual rent and all other amounts to be paid
by Lessee under this Lease) shall be paid in lawful money of the United States
of America, at such place as shall be designated by the Lessor, and without
offset or deduction.

SECTION 4.        TAXES AND ASSESSMENTS.

         A.       Lessee shall pay, prior to delinquency, all taxes levied
                  during the life of this Lease on all personal property and
                  improvements on the Premises not belonging to Lessor. If such
                  taxes are paid by Lessor, either separtely or as a part of the
                  levy on Lessor's real property, Lessee shall reimburse Lessor
                  in full within thirty (30) days after rendition of Lessor's
                  bill.

         B.       If the Premises are specially assessed for public
                  improvements, the annual rent will be automatically increased
                  by 12% of the full assessment amount.

SECTION 5.        WATER RIGHTS.

         This Lease does not include any right to the use of water under any
water right of Lessor, or to establish any water rights except in the name of
Lessor.

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SECTION 6.        CARE AND USE OF PREMISES.

         A.       Lessee shall use reasonable care and caution against damage or
                  destruction to the Premises. Lessee shall not use or permit
                  the use of the Premises for any unlawful purpose, maintain any
                  nuisance, permit any waste, or use the Premises in any way
                  that creates a hazard to persons or property. Lessee shall
                  keep the Premises in a safe, neat, clean and presentable
                  condition, and in good condition and repair. Lessee shall keep
                  the sidealks and public ways on the Premises, and the walkways
                  appurtenant to any railroad spur track(s) on or serving the
                  Premises, free and clear from any substance which might create
                  a hazard and all water flow shall be directed away from the
                  tracks of the Lessor.

         B.       Lessee shall not permit any sign on the Premises, except signs
                  relating to Lessee's business.

         C.       If any improvement on the Premises not belonging to Lessor is
                  damaged or destroyed by fire or other casualty, Lessee shall,
                  within thirty (30) days after such casualty, remove all debris
                  resulting therefrom. If Lessee fails to do so, Lessor may
                  remove such debris, and Lessee agrees to reimburse Lessor for
                  all expenses incurred within thirty (30) days after rendition
                  of Lessor's bill.

         D.       Lessee shall comply with all governmental laws, ordinances,
                  rules, regulations and orders relating to Lessee's use of the
                  Premises.

SECTION 7.        HAZARDOUS MATERIALS, SUBSTANCES AND WASTES.

         A.       Without the prior written consent of Lessor, Lessee shall not
                  use or permit the use of the Premises for the generation, use,
                  treatment, manufacture, production, storage or recycling of
                  any Hazardous Substances, except that Lessee may use (i) small
                  quantities of common chemicals such as adhesives, lubricants
                  and cleaning fluids in order to conduct business at the
                  Premises and (ii) other Hazardous Substances, other than
                  hazardous wastes as defined in the Resource Conservation and
                  Recovery Act, 42 U.S.C. Sections 6901, ET SEQ., as amended
                  ("RCRA"), that are necessary for the conduct of Lessee's
                  business at the Premises as specified in Article I. The
                  consent of Lessor may be withheld by Lessor for any reason
                  whatsoever, and may be subject to conditions in addition to
                  those set forth below. It shall be the sole responsibility of
                  Lessee to determine whether or not a contemplated use of the
                  Premises is a Hazardous Substance use.

         B.       In no event shall Lessee (i) release, discharge or dispose of
                  any Hazardous Substances, (ii) bring any hazardous wastes as
                  defined in RCRA onto the Premises, (iii) install or use on the
                  Premises any underground storage tanks, or (iv) store any
                  Hazardous Substances within one hundred feet (100') of the
                  center line of any main track.

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         C.       If Lessee uses or permits the use of the Premises for a
                  Hazardous Substance use, with or without Lessor's consent,
                  Lessee shall furnish to Lessor copies of all permits,
                  identification numbers and notices issued by governmental
                  agencies in connection with such Hazardous Substance use,
                  together with such other information on the Hazardous
                  Substance use as may be requested by Lessor. If requested by
                  Lessor, Lessee shall cause to be performed an environmental
                  assessment of the Premises upon termination of the Lease and
                  shall furnish Lessor a copy of such report, at Lessee's sole
                  cost and expense.

         D.       Without limitation of the provisions of Section 12 of this
                  Exhibit B, Lessee shall be responsible for all damages,
                  losses, costs, expenses, claims, fines and penalties related
                  in any manner to any Hazardous Substance use of the Premises
                  (or any property in proximity to the Premises) during the term
                  of this Lease or, if longer, during Lessee's occupancy of the
                  Premises, regardless of Lessor's consent to such use, or any
                  negligence, misconduct or strict liability of any Indemnified
                  Party (as defined in Section 12), and including, without
                  limitation, (i) any diminution in the value of the Premises
                  and/or any adjacent property of any of the Indemnified
                  Parties, and (ii) the cost and expense of clean-up,
                  restoration, containment, remediation, decontamination,
                  removal, investigation, monitoring, closure or post-closure.
                  Notwithstanding the foregoing, Lessee shall not be responsible
                  for Hazardous Substance (i) exisitng on, in or under the
                  Premises prior to the earlier to occur of the commencement of
                  the term of the Lease or Lessee's taking occupancy of the
                  Premises, or (ii) migrating from adjacent property not
                  controlled by Lessee, or (iii) placed on, in or under the
                  Premises by any of the Indemnified Parties, except where the
                  Hazardous Substance is discovered by, or the contamination is
                  exacerbated by, any excavation or investigation undertaken by
                  or at the behest of Lessee. Lessee shall have the burden of
                  proving by a preponderance of the evidence that any exceptions
                  of the foregoing to Lessee's responsibility for Hazardous
                  Substances applies.

         E.       In addition to the other rights and remedies of Lessor under
                  this Lease or as may be provided by law, if Lessor reaonsably
                  determines that the Premises may have been used during the
                  term of this Lease or any prior lease with Lessee for all or
                  any portion of the Premises, or are being used for any
                  Hazardous Substance use, with or without Lessor's consent
                  thereto, and that a release or other contamination may have
                  occurred, Lessor may, at its election and at any time during
                  the life of this Lease or thereafter (i) cause the Premises
                  and/or any adjacent premises of Lessor to be tested,
                  investigated, or monitored for the presence of any Hazardous
                  Substance, (ii) cause any Hazardous Substance to be removed
                  from the Premises and any adjacent lands of Lessor, (iii)
                  cause to be performed any restoration of the Premises and any
                  adjacent lands of Lessor, and (iv) cause to be performed any
                  remediation of, or response to, the environmental condition of
                  the Premises and the adjacent lands of Lessor, as Landlord
                  reasonably may deem necessary or desirable, and the cost and
                  expense thereof shall be reimbursed by Lessee to Lessor within
                  thirty (30) days after rendition of Lessor's bill. In
                  addition, Lessor may, at its election, require Lessee, at
                  Lessee's sole cost and expense, to perform

<Page>

                  such work, in which event, Lessee shall promptly commence to
                  perform and thereafter diligently prosecute to completion such
                  work, using one or more contractors and a supervising
                  consulting engineer approved in advance by Lessor.

         F.       For purposes of this Section 7, the term "Hazardous
                  Substance" shall mean (i) those substances included within
                  the definitions of "hazardous substance", "polluant",
                  "contaminant", or "hazardous waste", in the Comprehensive
                  Environmental Response, Compensation and Liability Act of
                  1980, 42 U.S.C. Sections 9601, ET SEQ., as amended or in
                  RCRA, the regulations promulgated pursuant to either such
                  Act, or state laws and regulations similar to or
                  promulgated pursuant to either such Act, (ii) any material,
                  waste or substance which is (A) petroleum, (B) asbestos,
                  (C) flammable or explosive, or (D) radioactive; and (iii)
                  such other substances, materials and wastes which are or
                  become regulated or classified as hazardous or toxic under
                  federal, state or local law.

SECTION 8.        UTILITIES.

         A.       Lessee will arrange and pay for all utilities and services
                  supplied to the Premises or to Lessee.

         B.       All utilities and services will be separately metered to
                  Lessee. If not separately metered, Lessee shall pay its
                  proportionate share as reasonably determined by Lessor.

SECTION 9.        LIENS.

         Lessee shall not allow any liens to attach to the Premises for any
services, labor or materials furnished to the Premises or otherwise arising from
Lessee's use of the Premises. Lessor shall have the right to discharge any such
liens at Lessee's expense.

SECTION 10.       ALTERATIONS AND IMPROVEMENTS; CLEARANCES.

         A.       No alterations, improvements or installations may be made on
                  the Premises without the prior consent of Lessor. Such
                  consent, if given, shall be subject to the needs and
                  requirements of the Lessor in the operation of its Railroad
                  and to such other conditions as Lessor determines to impose.
                  In all events such consent shall be conditioned upon strict
                  conformance with all applicable governmental requirements and
                  Lessor's then-current clearance standards.

         B.       All alterations, improvements or installations shall be at
                  Lessee's sole cost and expense.

         C.       Lessee shall comply with Lessor's then-current clearance
                  standards, except (i) where to do so would cause Lessee to
                  violate an applicable governmental requirement, or (ii) for
                  any improvement or device in place prior to Lessee taking

<Page>

                  possession of the Premises if such improvement or device
                  complied with Lessor's clearance standard at the time of its
                  installation.

         D.       Any actual or implied knowledge of Lessor of a violation of
                  the clearance requirements of this Lease or of any
                  governmental requirements shall not relieve Lessee of the
                  obligation to comply with such requirements, nor shall any
                  consent of Lessor be deemed to be representation of such
                  compliance.

SECTION 11.       AS-IS.

         Lessee accepts the Premises in its present condition with all faults,
whether patent or latent, and without warranties or covenants, express or
implied. Lessee acknowledges that Lessor shall have no duty to maintain, repair
or improve the Premises.

SECTION 12.       RELEASE AND INDEMNIFY.

         A.       As a material part of the consideration for this Lease,
                  Lessee, to the extent it may lawfully do so, waives the
                  releases any and all claims against Lessor for, and agrees to
                  indemnify, defend and hold harmless Lessor, its affiliates,
                  and its and their officers, agents and employees ("Indemnified
                  Parties") from and agsint, any loss, damage (including,
                  without limitation, punitive or consequential damages),
                  injury, liability, claim, demand, cost or expense (including,
                  without limitation, attorneys' fees and court costs), fine or
                  penalty (collectively, "Loss") incurred by any person
                  (including, without limitation, Lessor, Lessee, or any
                  employee of Lessee) and arisng from or related to (i) any use
                  of the Premises by Lessee or any invitee or licensee of
                  Lessee, (ii) any act or omission of Lessee, its officers,
                  agents, employees, licensees or invitees, or (iii) any breach
                  of this Lease by Lessee.

         B.       The foregoing release and indemnity shall apply regardless of
                  any negligence, misconduct or strict liability of any
                  Indemnified Party, except that the indemnity, only, shall not
                  apply to any Loss caused by the sole, active and direct
                  negligence of any Indemnified Party if the Loss (i) was not
                  occasioned by fire or other casualty, or (ii) was not
                  occasioned by water, including, without limitation, water
                  damage due to the position, location, construction or
                  condition of any structures or other improvements or
                  facilities of any Indemnified Party.

         C.       Where applicable to the Loss, the liability provisions of any
                  contract between Lessor and Lessee covering the carriage of
                  shipments or trackage serving the Premises shall govern the
                  Loss and shall supersede the provisions of this Section 12.

         D.       No provision of this Lease with respect to insurance shall
                  limit the extent of the release and indemnity provisions of
                  this Section 12.

<Page>

SECTION 13.       TERMINATION.

         A.       Lessor may terminate this Lease by giving Lessee notice of
                  termination, if Lessee (i) fails to pay rent within fifteen
                  (15) days after the due date, or (ii) defaults under any other
                  obligation of Lessee under this Lease and, after written
                  notice is given by Lessor to Lessee specifying the default,
                  Lessee fails either to immediately commence to cure the
                  default, or to complete the cure expeditiously but in all
                  events within thirty (30) days after the default notice is
                  given.

         B.       Notwithstanding the term of this Lease set forth in Article
                  II.A., Lessor or Lessee may terminate this Lease without cause
                  upon thirty (30) days' notice to the other party; provided,
                  however, that at Lessor's election, no such termination be
                  Lessee shall be effective unless and until Lessee has vacated
                  and restored the Premises as required in Section 15A.

SECTION 14.       LESSOR'S REMEDIES.

         Lessor's remedies for Lessee's default are to (a) enter and take
possession of the Premises, without terminating this Lease, and relet the
Premises on behalf of Lessee, collect and receive the rent from reletting, and
charge Lessee for the cost of reletting and/or (b) terminate this Lease as
provided in Section 13A above and sue Lessee for damages, and/or (c) exercise
such other remedies as Lessor may have at law or in equity. Lessor may enter and
take possession of the Premises by self-help, by changing locks, if necessary,
and may lock out Lessee, all without being liable for damages.

SECTION 15.       VACATION OF PREMISES; REMOVAL OF LESSEE'S PROPERTY.

         A.       Upon termination howsoever of this Lease, Lessee (i) shall
                  have peaceably and quietly vacated and surrendered possession
                  of the Premises to Lessor, without Lessor giving any notice to
                  quit or demand for possession, and (ii) shall have removed
                  from the Premises all structures, property and other materials
                  not belonging to Lessor, and restored the surface of the
                  ground to as good a condition as the same was in before such
                  structures were erected, including, without limitation, the
                  removal of foundations, the filling in of excavations and
                  pits, and the removal of debris and rubbish.

         B.       If Lessee has not completed such removal and restoration
                  within thirty (30) days after termination of this Lease,
                  Lessor may, at its election, and at any time or times, (i)
                  perform the work and Lessee shall reimburse Lessor for the
                  cost thereof within thirty (30) days after bill is rendered,
                  (ii) take title to all or any portion of such structures or
                  property by giving notice of such election to Lessee, and/or
                  (iii) treat Lessee as a holdover tenant at will until such
                  removal and restoration is completed.

<Page>

SECTION 16.       FIBER OPTICS.

         Lessee shall telephone Lessor at 1-800-336-9193 (a 24-hour number) to
determine if fiber optic cable is buried on the Premises. If cable is buried on
the Premises, Lessee will telephone the telecommunications company(ies), arrange
for a cable locator, and make arrangements for relocation or other protection of
the cable. Notwithstanding compliance by Lessee with this Section 16, the
release and indemnity provisions of Section 12 above shall apply fully to any
damage or destruction of any telecommunications systems.

SECTION 17.       NOTICES.

         Any notice, consent or approval to be given under this Lease shall be
in writing, and personally served, sent by reputable courier service, or sent by
certified mail, postage prepaid, return receipt requested, to Lessor at:
Contracts & Real Estate Department, Room 1100, 1416 Dodge Street, Omaha,
Nebraska 68179; and to Lessee at the above address, or such other address as a
party may designate in notice given to the other party. Mailed notices shall be
deemed served five (5) days after deposit in the U.S. Mail. Notices which are
personally served or sent by courier service shall be deemed served upon
receipt.

SECTION 18.       ASSIGNMENT.

         A.       Lessee shall not sublease the Premises, in whole or in part,
                  or assign, encumber or transfer (by operation of law or
                  otherwise) this Lease, without the prior consent of Lessor,
                  which consent may be denied at Lessor's sole and absolute
                  discretion. Any purported transfer or assignment without
                  Lessor's consent shall be void and shall be a default by
                  Lessee.

         B.       Subject to this Section 18, this Lease shall be binding upon
                  and inure to the benefit of the parties hereto and their
                  respective heirs, executors, administrators, successors and
                  assigns.

SECTION 19.       CONDEMNATION.

         If, as reasonably determined by Lessor, the Premises cannot be used by
Lessee because of a condemnation or sale in lieu of condemnation, then this
Lease shall automatically terminate. Lessor shall be entitled to the entire
award or proceeds for any total or partial condemnation or sale in lieu thereof,
including, without limitation, any award or proceeds for the value of the
leasehold estate created by this Lease. Notwithstanding the foregoing, Lessee
shall have the right to pursue recovery from the condemning authority of such
compensation as may be separately award to Lessee for Lessee's relocation
expenses, the taking of Lessee's personal property and fixtures, and the
interruption of or damage to Lessee's business.

<Page>

SECTION 20.       ATTORNEY'S FEES.

         If either party retains an attorney to enforce this Lease (including,
without limitation, the indemnity provisions of this Lease), the prevailing
party is entitled to recover reasonable attorney's fees.

SECTION 21.       ENTIRE AGREEMENT.

         The Lease is the entire agreement between the parties, and supersedes
all other oral or written agreements between the parties pertaining to this
transaction. Except for the unilateral redetermination of annual rent as
provided in Article III.A., this Lease may be amended only by a written
instrument signed by Lessor and Lessee.<Page>

      THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD
            CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING

                     CONTRACT TO BUY AND SELL REAL ESTATE

                                 AGRICULTURAL

                                 -----------------------------------------------
                                                                        Date

                              PARTIES AND PROPERTY

       1.     Cheryl L. Madison and Michael C. Madison, wife and husband and
Cindy L. Tustin, Trustee of the Cindy L. Tustin Trust, U/T/A dated January 20,
1999, Sellers (Seller), agree to sell to Western Plains Energy, L.L.C., a Kansas
Limited Liability Company, with its principal place of business located in
Sheridan County, Kansas, as Buyer (Buyer) and Buyer agrees to purchase, on the
terms and conditions set forth in this Contract, the following described real
estate in the County of Gove, State of Kansas, to-wit:

       A TRACT OF LAND LOCATED IN THE SOUTH HALF (S1/2) OF SECTION ONE (S01),
       TOWNSHIP ELEVEN SOUTH (T11S), RANGE THIRTY-ONE WEST (R31W) OF THE SIXTH
       PRINCIPAL MERIDIAN (6TH P.M.), IN GOVE COUNTY, KANSAS, MORE PARTICULARLY
       DESCRIBED AS FOLLOWS:

       BEGINNING AT THE SOUTHWEST CORNER OF SAID SECTION, THENCE, ON AN
       ASSUMED BEARING OF N00 DEG. 18'21"W, ALONG THE WEST LINE OF SAID
       SECTION, A DISTANCE OF ONE THOUSAND EIGHT HUNDRED SEVENTY-FIVE AND
       FIFTY-FIVE HUNDREDTHS (1875.55) FEET TO THE SOUTH RIGHT-OF-WAY
       BOUNDARY OF THE UNION PACIFIC RAILROAD, THENCE N88 DEG. 48'41"E, ALONG
       SAID RAILROAD RIGHT-OF-WAY, FOR A DISTANCE OF TWO HUNDRED NINETY-NINE
       AND EIGHTY-THREE HUNDREDTHS (299.83) FEET, THENCE EAST-NORTHEASTERLY,
       ALONG SAID RAILROAD RIGHT-OF-WAY, ON A CIRCULAR CURVE TO THE LEFT (ARC
       ANGLE = 01 DEG. 16'41" LT; RADIUS = 17304.17 FT.; LONG CHORD BEARING =
       N88 DEG. 11'07"E), FOR A DISTANCE OF THREE HUNDRED EIGHTY-FIVE AND
       NINETY-NINE HUNDREDTHS (385.99) FEET, THENCE N87 DEG. 32'00"E, ALONG
       SAID RIGHT-OF-WAY, FOR A DISTANCE OF TWO THOUSAND FOUR HUNDRED TWELVE
       AND EIGHTY-THREE HUNDREDTHS (2412.83) FEET, THENCE S00 DEG. 08'11"E
       FOR A DISTANCE OF ONE THOUSAND NINE HUNDRED NINETY-SEVEN AND
       SEVENTY-FIVE HUNDREDTHS (1997.75) FEET TO THE SOUTH LINE OF SAID
       SECTION, THENCE S89 DEG. 59'55"W, ALONG THE SOUTH LINE OF SAID
       SECTION, FOR A DISTANCE OF THREE THOUSAND NINETY AND NINETY HUNDREDTHS
       (3090.90) FEET TO THE POINT OF BEGINNING CONTAINING 137.21 ACRES, SAID
       TRACT BEING SUBJECT TO COUNTY ROAD RIGHT-OF-WAY ALONG ITS WEST AND
       SOUTH BOUNDARIES.

<Page>

Together with all water and mineral rights, easements and right-a-ways
appurtenances thereto, all improvements thereon and all fixtures of a permanent
nature currently on the property, in their present condition, ordinary wear and
tear accepted, and hereinafter called the property.

                            PURCHASE PRICE AND TERMS

       2.     The purchase price shall be One Hundred Seventy Eight Thousand
Three Hundred Seventy Three Dollars ($178,370.00) payable by the Buyer as
follows:

       (a)    EARNEST MONEY. Seventeen Thousand Eight Hundred Thirty-seven
       Dollars and Thirty Cents ($17,837.30) in the form of check, as earnest
       money deposit and partial payment of the purchase price, payable to and
       to be held by Kite & Day, L.L.P., (The Escrow Agent) it its trust account
       on behalf of both Seller and Buyer. The Escrow Agent is hereby authorized
       to deliver the earnest money deposit to the closing agent, if any, at or
       before closing.

       (b)    CASH AT CLOSING. The balance of One Hundred Sixty Thousand Five
       Hundred Thirty Two Dollars and Seventy Cents ($160,532.70) (purchase
       price less earnest money) shall be paid by Buyer at closing in funds
       which comply with all applicable Kansas law, which includes cash,
       electronic transfer funds, certified check, savings and loan tellers
       check and cashiers check (good funds).

       (c)    ASSIGNMENT OF RAIL ROAD LEASE. As further consideration of the
       mutual promises and covenants of this agreement, at closing, Seller shall
       assign, transfer and set over unto Buyer by proper instruments of
       assignment and transfer the entire interest, free and clear of any liens
       and/or encumbrances, those leases of Seller as lessee in and to certain
       railroad right-of-way leases and/or industrial tract agreements with
       Union Pacific Railroad Company, lease audit number 190319 covering the
       following described property, to-wit:

              A TRACT OF LAND LOCATED IN THE SOUTH HALF (S1/2) OF SECTION ONE
              (S01), TOWNSHIP ELEVEN SOUTH (T11S), RANGE THIRTY-ONE WEST (R31W)
              OF THE SIXTH PRINCIPAL MERIDIAN (6TH P.M.) IN GOVE COUNTY, KANSAS,
              MORE PARTICULARLY DESCRIBED AS FOLLOWS:

              COMMENCING AT THE SOUTHWEST CORNER OF SAID SECTION, THENCE, ON AN
              ASSUMED BEARING OF N00 DEG. 18'21"W, ALONG THE WEST LINE OF SAID
              SECTION, A DISTANCE OF ONE THOUSAND EIGHT HUNDRED SEVENTY FIVE AND
              FIFTY-FIVE HUNDREDTHS (1875.55) FEET TO THE POINT OF BEGINNING,
              SAID POINT OF BEGINNING LOCATED ON THE SOUTH RIGHT-OF-WAY OF THE
              UNION PACIFIC RAILROAD.

              FROM THE POINT OF BEGINNING, THENCE N00 DEG. 18'21"W, ALONG THE
              WEST LINE OF SAID SECTION, FOR A DISTANCE OF ONE HUNDRED FIFTY
              AND TWO HUNDREDTHS (150.02) FEET, THENCE N88 DEG. 48'41"E FOR A
              DISTANCE OF TWO HUNDRED NINETY-SEVEN AND FIFTY-FIVE

<Page>

              HUNDREDTHS (297.55) FEET, THENCE EAST-NORTHEASTERLY, ON A
              CIRCULAR CURVE TO THE LEFT (ARC ANGLE = 01 DEG. 16'41"LT;
              RADIUS = 17154.17 FT.; LONG CHORD BEARING = N88 DEG. 11'07E)
              FOR A DISTANCE OF THREE HUNDRED EIGHTY-TWO AND SIXTY-FIVE
              HUNDREDTHS (382.65) FEET, THENCE N87 DEG. 32'00"E FOR A
              DISTANCE OF TWO THOUSAND FOUR HUNDRED EIGHTEEN AND NINETY
              HUNDREDTHS (2418.90) FEET, THENCE S00 DEG. 08'11"E FOR A
              DISTANCE OF ONE HUNDRED FIFTY AND TWELVE HUNDREDTHS (150.12)
              FEET TO THE SOUTH RIGHT-OF-WAY BOUNDARY OF SAID RAILROAD,
              THENCE S87 DEG. 32'00"W, ALONG SAID RAILROAD RIGHT-OF-WAY, FOR
              A DISTANCE OF TWO THOUSAND FOUR HUNDRED TWELVE AND EIGHTY-THREE
              HUNDREDTHS (2412.83) FEET, THENCE WEST-NORTHWESTERLY, ALONG
              SAID RAILROAD RIGHT-OF-WAY, ON A CIRCULAR CURVE TO THE RIGHT
              (ARC ANGLE = 01 DEG. 16'41"W; RADIUS = 17304.17FT.; LONG CHORD
              BEARING = S88 DEG. 11'07"W), FOR A DISTANCE OF THREE HUNDRED
              EIGHTY-FIVE AND NINETY-NINE HUNDREDTHS (385.99) FEET, THENCE
              S88 DEG. 48'41"W FOR A DISTANCE OF TWO HUNDRED NINETY-NINE AND
              EIGHTY-THREE HUNDREDTHS (299.83) FEET TO THE POINT OF
              BEGINNING, CONTAINING 10.66 ACRES, SAID TRACT BEING SUBJECT TO
              COUNTY ROAD RIGHT-OF-WAY ALONG ITS WEST BOUNDARY.

                      WAIVER AND DISMISSAL OF WATER RIGHTS

       3.     Upon closing of this agreement and in consideration of the mutual
promises, covenants and payments hereinbefore set out, the Seller hereby assigns
to the Buyer a voluntary waiver and dismissal of water rights to the following
described water and water rights as described in appropriation Water Right File
Number 14027 to all water and water rights appurtenant to that portion of the
SOUTH HALF (S1/2) OF SECTION ONE (S01), TOWNSHIP ELEVEN SOUTH (T11S), RANGE
THIRTY-ONE WEST (R31W) OF THE SIXTH PRINCIPAL MERIDIAN (6TH P.M.), GOVE COUNTY,
KANSAS, LYING NORTH OF THE UNION PACIFIC RIGHT-OF-WAY AND ALL OF THAT PORTION OF
THE SOUTH HALF (S1/2) OF SECTION ONE (S01) laying to the East of the property
being sold pursuant to this agreement.

                                EVIDENCE OF TITLE

       4.     Seller shall furnish to Buyer a current commitment for owners
Title Insurance Policy in an amount equal to the purchase price (title
documents), on or before February 1, 2001, (title deadline). The cost of said
title insurance will be paid by the Seller. Upon receipt of the commitment or
abstract, Buyer shall examine said commitment and shall notify Seller within Ten
(10) days, in writing, of any defects which prevent title from being
satisfactory to Buyer, herein referred to as "Title Defects". Seller shall have
until the closing date to cure Title defects for which notification is given. If
Title Defects cannot be cured by closing date, the Seller may grant an extension
of time to Seller during which Seller shall use reasonable, good faith efforts
to cure the Title Defects, unless Buyer, in its sole discretion, waives the
Title Defects by written notice of same to Seller. Seller's failure to cure such
Title Defects within the extension period shall result in the termination of
this Contract. The premium will be paid at closing and the title insurance
policy will be delivered to Buyer as soon as practical after closing. The Buyer
shall be responsible for the payment of any premium on any mortgage insurance
policy.

<Page>

                                 BUYER FINANCING

       5.     If a new loan is to be obtained by Buyer from a third party, Buyer
agrees to promptly and diligently:

       (a)    apply for such loan;

       (b)    execute all documents and furnish all information and documents
              required by the lender;

       (c)    pay the customary cost, if any, of obtaining such loan.

Then if such loan is not approved on or before January 15, 2002, this Contract
shall be null and void and all payments and things of value received hereunder
shall be returned to Buyer.

                                COST OF APPRAISAL

       6.     The cost of any appraisal for loan purposes to be obtained after
this date shall be paid by Buyer.

                                   INSPECTION

       7.     Buyer, or any designee, shall have the right to have inspection of
the physical condition of the property at Buyer's expense. If written notice of
any unsatisfactory condition, prepared by or on behalf of the Buyer, is not
received by Seller on or before January 15, 2002, (objection deadline), the
physical condition of the property and any exclusions shall be deemed to be
satisfactory to Buyer. If such notice is received by Seller as set forth above,
and if Buyer and Seller have not agreed, in writing, to a settlement thereof on
or before February 1, 2002, (resolution deadline), this Contract shall terminate
three (3) days following the resolution deadline; unless, within the three (3)
calendar days, Seller receives written notice from Buyer waiving objection to
any unsatisfactory condition. Buyer is responsible for and to pay any damage
which occurs to property as a result of such inspection.

                                 DATE OF CLOSING

       8.     The date of closing shall be March 1, 2002, or by mutual agreement
at an earlier date. If closing does not occur by March 1, 2002, then unless an
extension is agreed to by and between the parties, this Contract shall
terminate.

<Page>

                                TRANSFER OF TITLE

       9.     Subject to payment at closing as required herein and compliance by
Buyer with the other terms and provisions hereof, Seller shall execute and
deliver a good and sufficient General Warranty Deed to Buyer, on closing,
conveying the property free and clear of all taxes except the general taxes for
the year of closing. Title shall be conveyed free and clear of all liens and
encumbrances except those that are reflected by the title documents accepted by
Buyer as hereinbefore provided and those rights, if any, of third parties in
possession of the property not shown by public records.

                             PAYMENT OF ENCUMBRANCES

       10.    Any encumbrance required to be paid shall be paid at or before
closing from the proceeds of this transaction or from other sources.

                             DUTIES OF ESCROW AGENT

       11.    The escrow agent for the purposes of this Contract shall be Kite &
Day, L.L.P., Attorneys at Law, St. Francis, Kansas. The escrow agent shall hold
the Abstract of Title when not being utilized for updating or examination
purposes, the Warranty Deed provided for herein and a fully executed copy of the
contract until time of closing unless otherwise instructed by both Seller and
Buyer. All payments shall be made directly to the escrow agent who shall then
deposit each payment to the trust account of the escrow agent. Upon closing of
the Contract, escrow agent shall pay the amounts received by it, less expenses
of closing, to Seller. All escrow charges shall be paid one-half (1/2) by
Sellers and one-half (1/2) by Buyer. Escrow charges shall be Fifty Dollars
($50.00). Upon full compliance with the terms and conditions of this Contract
and payments required hereunder, the escrow agent shall deliver the Abstract of
Title and Warranty Deed provided herein to Buyer.

                                 REPORTING AGENT

       12.    The reporting agent for the sale of the hereinabove described real
estate as required by the rules and the regulations of the Internal Revenue
Service shall be Kite & Day, L.L.P., Attorneys at Law, St. Francis, Kansas. Said
reporting agent shall file all applicable informational returns, 1099s, 1096s
and any and all other reporting information as required by the Internal Revenue
Service as well as all related filings required by the State in which the
hereinabove described real estate is located. The reporting agent's fees shall
be Fifty Dollars ($50.00) and shall be paid by the Seller.

                                   PRORATIONS

<Page>

       13.    Real estate taxes for 2001 and all prior years shall be paid by
the Seller with Buyer, being responsible for the payment of taxes for 2002.

                               LEASEBACK TO SELLER

       14.    In consideration of the mutual promises, covenants and payments
hereinbefore set out, upon closing of this agreement, Buyer shall lease the
property subject to this agreement back to the Seller for a five (5) year period
commencing on March 1, 2002, and ending on February 28, 2007 at the cash rental
amount of One Hundred Dollars ($100.00) per acre per year for the irrigated
acres and Thirty-five Dollars ($35.00) per acre per year for the dry land acres.
The parties agree that the irrigated acres on both the property being conveyed
and the railroad lease presently are _________ acres with the balance of
____________ acres being dryland. The cash rent shall be due in advance on or
before the 1st day of March of each year during the term of this lease back and
any extension thereof.

       15.    It is expressly understood and agreed by and between the parties
that Buyer intends to utilize the water and water rights being secured by this
agreement in the operation of an ethanol plant that Buyer intends to construct
on a tract of land located in the SOUTHWEST QUARTER (SW1/4) OF SECTION TWO
(S02), TOWNSHIP ELEVEN SOUTH (T11S), RANGE THIRTY-ONE WEST (R31W) OF THE SIXTY
PRINCIPAL MERIDIAN (6TH P.M.), IN GOVE COUNTY, KANSAS, and further that Buyer
intends to apply to the Kansas Department of Agriculture, Division of Water
Resources, for a change of type of use of the water appropriated pursuant to
water right file number 14027 from irrigation use to industrial use. Upon
approval of the change of type of use and Buyer's utilization of the water in
the operation of Buyer's ethanol plant, the availability of water for irrigation
use on the property subject to this agreement will be dramatically reduced, if
not eliminated, with the result being that the leaseback to the Sellers will
consist of dryland acreage. In the interim, Seller agrees to pump the well
located on the subject property and to apply the pumped water to the extent
necessary to maintain the water appropriation rights on water right file 14027
at current levels and further to prepare and file the appropriate water use
reports and other information as required by the Kansas Department of
Agriculture, Division of Water Resources.

       16.    At the expiration of the initial five (5) year term of the
leaseback, the term shall automatically renew for successive one (1) year terms
unless either party shall give ninety (90) days written notice to the other of
their intent not to renew this leaseback agreement.

                             FIRST RIGHT OF REFUSAL

       17.    In the event that Buyer would sell or otherwise convey fee simple
title of the property hereinbefore described in paragraph 1 within five (5)
years of the closing of this agreement, then in consideration of the mutual
promises, covenants and payments herein before setout, Seller shall have the
first right of refusal to repurchase the property for the consideration and for
the amount of a bona fied offer to purchase the property received by the Buyer
from a third party. A sixty (60) day written notice of the bona fied offer and
the right of the Seller to

<Page>

exercise its first right of refusal shall be given by the Buyer to the Seller.

                                   POSSESSION

       18.    Possession of the property shall be granted to the Buyer upon
closing unless said property is subject to a prior existing lease or tenancy
arrangement.

                                    INSURANCE

       19.    Upon closing, Seller shall be entitled to cancel any and all
existing insurance on the above described real estate and shall be entitled to
any and all refunds arising from cancellation of insurance. After closing, Buyer
shall be responsible for all insurance and for all risk of loss to the above
described real estate.

                    ALTERNATIVE DISPUTE RESOLUTION; MEDIATION

       20.    If a dispute arises relating to this Contract, and is not
resolved, the parties involved in such dispute (Disputants) shall first proceed
in good faith to submit the matter to mediation. The Disputants will jointly
appoint an acceptable mediator and will share equally in the cost of such
mediation. In the event the entire dispute is not resolved within thirty (30)
calendar days from the date written notice requesting mediation is sent by one
(1) disputant to the other, the mediation, unless otherwise agreed, shall
terminate. This section shall not alter any date in this Contract, unless
otherwise agreed.

                                  FORCE MAJEURE

       21.    The parties understand and agree that neither the Seller or the
Buyer shall be liable to the other for any failure or delay in performance of
any obligation under this agreement due to events beyond their reasonable
control, including fire, storm, flood, earthquake, explosion, acts of public
enemy, war, acts of God, or acts or regulations or priorities of Federal, State
or local government.

                           RELATIONSHIP OF THE PARTIES

       22.    By execution of this agreement, the parties intend to create no
other relationship other than as set forth in this agreement. Specifically,
there is no agency, partnership, joint venture or other joint or mutual
enterprise or undertaking created hereby. Nothing contained within this
agreement authorizes one party to act for or on behalf of the other and neither
party is entitled to any commissions or other considerations other than as is
set forth specifically herein.

<Page>

                                   ASSIGNMENT

       23.    It is understood and agreed by and between the parties that
neither party may assign their rights under this agreement without first
obtaining the written approval of the other party. Said approval shall not be
unreasonably withheld.

                              ADDITIONAL PROVISIONS

       24.    Seller and Buyer understand and agree that each party will be
responsible for the payment of their own attorneys fees and that the Seller
shall be responsible for the drawing of all deeds and any affidavits of
trustees.

                                   TERMINATION

       25.    In the event this Contract is terminated, all payments and things
of value received hereunder be returned and the parties shall be relieved of all
obligations hereunder.

                            TIME OF ESSENCE/REMEDIES

       26.    Time is of the essence hereof. If any note or check received as
earnest money hereunder or any other payment due hereunder is not paid, honored
or tendered when due, or if any other obligation is not performed or waived as
herein provided, there shall be the following remedies;

       (a)    IF BUYER IS IN DEFAULT: Seller may elect to treat this Contract as
       cancelled, in which case all payments and things of value received
       hereunder shall be forfeited and retained on behalf of Seller, and Seller
       may recover such damages as may be proper, or Sellers may elect to treat
       this Contract as being in full force and effect and Seller shall have the
       right to specific performance or damages, or both.

       (b)    IF SELLER IS IN DEFAULT: Buyer may elect to treat this Contract as
       cancelled, in which case all payments and things value received hereunder
       shall be returned and Buyer may recover such damages as may be proper, or
       Buyer may elect to treat this Contract as being in full force and effect
       and Buyer shall have the right to specific performance or damages, or
       both.

       (c)    ATTORNEYS FEES, COSTS AND EXPENSES: Anything to the contrary
       notwithstanding, in the event of any arbitration or litigation arising
       out of this Contract, the arbitrator or court shall award to the
       prevailing party all reasonable costs and expenses, including attorneys
       fees.

<Page>

                              EARNEST MONEY DISPUTE

       27.    Notwithstanding any termination of this Contract, Buyer and Seller
agree that, in the event of any controversy regarding the earnest money and
things of value held by the escrow agent, unless mutual written instructions are
received by the holder of the earnest money and the things of value, escrow
agent shall not be required to take any action, but may await any proceeding, or
at the escrow agent's option and sole discretion, may interplead all parties and
deposit any moneys or things of value into a court of competent jurisdiction and
shall recover court costs and reasonable attorneys fees

                                 NOTICE TO BUYER

       28.    Any notice to Buyer shall be effective when received by Buyer.

                                NOTICE TO SELLER

       29.    Any notice to Seller shall be effective when received by Seller.

                            MODIFICATION OF CONTRACT

       30.    No subsequent modification of any of the terms of this Contract
shall be valid, binding upon the parties, or enforceable unless made in writing
and signed by the parties.

                                ENTIRE AGREEMENT

       31.    This Contract constitutes the entire contract and agreement
between the parties relating to the subject hereof and any prior agreements
pertaining thereto, whether oral or written, have been merged and integrated
into this Contract.

                                  GOVERNING LAW

       32.    This Contract shall be subject to and governed by the law of the
State of Kansas, irrespective of the fact that one or both of the parties is now
or may hereinafter become a resident of a state other than Kansas.

------------------------------                    -----------------------------
Cheryl L. Madison, Seller                         Michael C. Madison, Seller

<Page>

Date of Seller's Signature
                            ----------------------------------------

Seller's Address and Social Security Number :     Cheryl L. Madison

                                                  ---------------------------

                                                  ---------------------------
                                                  SSN:
                                                       ----------------------

---------------------------------------
Cindy L. Tustin,
Trustee of the Cindy L. Tustin Trust,
U/T/A dated January 20, 1999, Seller

Date of Seller's Signature

Seller's Address and Social Security Number       Cindy L. Tustin Trust U/T/A
                                                  January 20, 1999

                                                  ---------------------------

                                                  ---------------------------
                                    SSN or TIN
                                                  ---------------------------

WESTERN PLAINS ENERGY, L.L.C.

BY:
   ------------------------------
Title:

Address:
         ------------------------

---------------------------------

---------------------------------

TIN:
     ----------------------------

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