Item 8.01 Other Events

On December 21, 2022, the board of governors of Highwater Ethanol, LLC ("Highwater") declared a cash distribution of $3,200 per membership unit to unit holders of record at the close of business on December 21, 2022, for a total distribution of $15,240,000. Highwater expects to pay the distribution on or before December 31, 2022.

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