<Page> [Mid States Appraisal Services, Inc. Letter head] FAX LETTER December 11, 2001 Ms. Connie Kelly Chief Financial Officer South Dakota Soybean Processors PO Box 500 Volga SD 57071 Re: Additional Question Ms. Kelly: In follow-up to our telephone conversation, the following is my opinion regarding your question on lack of marketability and minority discounts. From the appraisal dated June 30, 2001, the Additional Discussion section from pages 99 through 104 are incorporated herein by reference. It is my opinion that a 5% lack of marketability discount and a 5% minority discount would be considered very conservative based on all the relevant market data and studies. If you have any further questions, pleases feel free to call. Sincerely, /s/ Dennis E. Vogan Dennis E. Vogan President