Document:

<Page>

                               TERMINAL AGREEMENT
                             AGREEMENT NUMBER 14-503

THIS AGREEMENT MADE AND ENTERED INTO AS OF THE 1ST day of February, 2002, by and
between WESTWAY TERMINAL COMPANY INC., having its principal administrative
offices in New Orleans, Louisiana (hereinafter known as WESTWAY), and SOUTH
DAKOTA SOYBEAN PROCESSORS, a Corporation with headquarters in Volga, South
Dakota, (hereinafter known as CUSTOMER).

WITNESSETH:

WHEREAS, WESTWAY TERMINAL COMPANY INC., a Delaware Corporation, owns and
operates bulk storage and distribution terminals and,

WHEREAS, CUSTOMER desires to deliver Product to WESTWAY to be stored and handled
at its terminal(s).

NOW, THEREFORE, in consideration of mutual covenants and agreements the parties
agree to the general terms and conditions contained in the Statement of Terms
and Conditions and to specific terms and conditions as specified in the Schedule
I, all of which constitute the Agreement between the Parties.

1.   TERM OF CONTRACT

As specified in Schedule 1, attached hereto.

2.   MODIFICATIONS

No changes or modifications to the Statement of Terms and Conditions shall be
effective unless reduced to writing and subscribed to by the parties hereto.
Changes to the Schedule may be made by the parties at any time by any mutually
acceptable means. No failure to insist upon compliance with any term or
provision of the Agreement shall be considered a waiver, breach or cancellation
of such provision or any other provision of the Agreement.

3.   NOTICES

Any or all notices required to be given under this Agreement shall be in writing
and shall be deemed given when deposited in the United States mail, certified or
registered, return receipt requested, addressed in the case of CUSTOMER (or such
other address or addresses as either party may instruct the other in writing)
to:

     SOUTH DAKOTA SOYBEAN PROCESSORS
     Attn. Dwayne Bauman
     P.O. Box 500
     Volga, SD 57071

<Page>

or in the case of WESTWAY, to:

     WESTWAY TERMINAL COMPANY INC.
     Attn:  Peter J.M. Harding
            President
     365 Canal Street, Suite 2900
     New Orleans, LA 70130-1 J 34

4.   ACCEPTANCE

Acceptance by CUSTOMER shill be acceptance of all terms and conditions recited
herein or incorporated by reference. The person accepting this Agreement for
WESTWAY and CUSTOMER each represent that he/she is duly authorized to obligate
their respective firm to the terms hereof and to pay sums due or arising
hereunder.

IN WITNESS WHEREOF, the parties have executed this Agreement, the "Master
Agreement," as of the day and year first above written:

ACCEPTED                           ACCEPTED

SOUTH DAKOTA SOYBEAN PROCESSORS    WESTWAY TERMINAL COMPANY INC.

By /s/ CONNIE KELLY                By /s/ MICHAEL JOHNSON
   --------------------------         ----------------------------------------

Title  CFO                         Title  VICE PRESIDENT - SALES & MARKETING
   --------------------------           --------------------------------------

Date   1-29-02                     Date   JANUARY 2, 2002
   --------------------------           --------------------------------------

                                        2
<Page>

                        STATEMENT OF TERMS AND CONDITIONS

1. FACILITIES

1.01  FACILITIES TO BE FURNISHED BY WESTWAY

WESTWAY agrees to furnish storage tank(s), pipelines, pumps and/or other
equipment (hereinafter known as "Facility") as more particularly described and
for the specific locations as set forth in Schedule I which are now and will be
attached hereto.

WESTWAY shall at all times retain operational control of the Facilities within
its sole care and custody and maintain the same, at its expense, in good and
safe working order and repair, performing all services in a safe and workmanlike
manner and minimizing any hazards associated with the storage of CUSTOMER's
Products.

WESTWAY agrees to have Facility completed and ready to accept delivery for
storage and redelivery (as herein provided) of Product at the time and in the
amounts specified in Schedule I. CUSTOMER shall have the right to inspect
Facility prior to initial delivery of Product; it being assumed that Facility is
satisfactory unless CUSTOMER shall otherwise timely notify WESTWAY in writing.

1.02    TANK USE AND CLEANING

As specified in Schedule 1 attached hereto.

1.03  ADDITIONAL EQUIPMENT

As specified in Schedule 1 attached hereto.

1.04  DOCK

As part of the Facility, WESTWAY shall make available to CUSTOMER at published
rates existing loading docks and wharves servicing the terminal. The dock, being
used by WESTWAY and others, is available on a "first come, first served' basis.

1.05  INSPECTION

WESTWAY hereby consents to an inspection by CUSTOMER's designated
representatives of its entire site or the sites at which it may be providing
storage or performing services hereunder on a periodic basis or on special
occasions on a reasonable notice. WESTWAY shall make all reasonable efforts to
make available to said representative of CUSTOMER during the inspection that
person or persons knowledgeable in Terminal's policies and procedures governing
the aspects of WESTWAY's operations relevant to the services rendered hereunder,
including, but not limited to, maintenance, quality assurance, environmental,
safety and loss prevention.

<Page>

2. PRODUCT HANDLING AND DOCUMENTATION

2.01  PRODUCT HANDLING

The Product shall be received, stored. and loaded by WESTWAY in accordance with
WESTWAY's standard procedures which include receipt, storage and periodic
sampling (As requested by CUSTOMER) of stored product, loading into each tank
truck or other carrier and periodic inventory reporting.

Reasonable additional services will be supplied, necessary to accommodate
CUSTOMER's requirements, at WESTWAY's regular rates and charges then in effect.

CUSTOMER shall be responsible for all charges incurred in engaging any carrier
to effect delivery or dispatch of any Product and its suitability to perform the
functions required, and WESTWAY shall be responsible only to receive or
discharge the Product through its terminal lines from or to those carriers on
vehicles, barges or equipment which, WESTWAY and CUSTOMER agree, WESTWAY is
capable of and is equipped to service as specified in Schedule I.

2.02  SHIPPING AND RECEIVING PAPERS

For each shipment of Product WESTWAY will also make out the necessary shipping
documents and will send one (1) copy along with the weight ticket and original
bill of lading to CUSTOMER on a daily basis. WESTWAY will complete and forward
to CUSTOMER the required documents for receipts of Product as soon as
practicable after discharge.

3. OPERATIONS

3.01  HOURS OF WORK

Hours of operation shall be as specified in Schedule 1, hereto attached.

3.02  VESSEL DISCHARGE

Should Product be delivered to Facility by vessel or barge, CUSTOMER shall give
the WESTWAY terminal five days advance notice of the expected arrival time. The
Master of the vessel, his representative, or CUSTOMER shall give WESTWAY at
least six (6) hours advance notice of the vessel's readiness to discharge cargo.
If the vessel is ready to discharge and WESTWAY is ready to receive the cargo in
less than six (6) hours after notice has been given, then discharge shall
commence without further delay. WESTWAY's personnel will perform no work on the
vessel. Vessel will pump Product to Facility at a rate of not less than 300
short tons per hour.

3.03  SCHEDULES

WESTWAY agrees to receive, store, and distribute Product at the rates and
charges fixed as provided on Schedule I. Cost and expense incurred by reason of
WESTWAY's delay in accepting discharge shall be borne by WESTWAY. However, there
will be NO penalties for

                                        4
<Page>

delays resulting from force majeure or mechanical breakdown of WESTWAY's
equipment. WESTWAY will make all reasonable efforts to have such equipment
repaired as soon as possible.

3.04  MAINTENANCE OF FACILITY

WESTWAY agrees to maintain Facility during the term of this Agreement and any
extensions thereof. CUSTOMER agrees to maintain special facilities and
equipment, which remain the property of CUSTOMER as provided in Section 1.03,
or, at CUSTOMER's option, WESTWAY shall provide such maintenance at CUSTOMER's
expense.

3.05  UTILITIES

WESTWAY shall supply utilities, such as electricity or heating, as required and
as specified in the Schedule I.

4. DETERMINATION OF QUANTITY

Quantities of Product received into Facility shall be determined by gauging of
the shore tanks made before and after delivery and calculated in gallons at
60(degree) Fahrenheit in accordance with standard gravity tables supplied by
CUSTOMER.

WESTWAY may, at its option, determine the quantity of Product delivered to or
from Facility by direct weighing of tank car or tank trucks, both empty and
loaded, on certified scales. Weighing of tank cars and trucks shall be at
CUSTOMER's expense.

WESTWAY will supply CUSTOMER with a monthly inventory of the Product. A
month-end physical inventory shall be taken each month by WESTWAY. Any variances
between the book record and the actual physical count shall be subject to an
adjustment of fees as provided in Section 13.01. CUSTOMER has the right to
participate in taking such physical inventory.

5. TITLE TO PRODUCT

Title to Product stored in Facility shall always remain with CUSTOMER and shall
be held at CUSTOMER's risk. CUSTOMER must obtain bonding in the amount of
$100,800.00 per six month term and renew said bond until CUSTOMER Product is
completely removed from the tank. In the event that CUSTOMER is in breach hereof
or fails to remove all Product from the Facility at termination of this
Agreement, WESTWAY may execute and receive proceeds from said bond.

6. INDEPENDENT CONTRACTOR

Nothing contained herein shall create the relationship of joint venture,
principle and agent or master and servant between CUSTOMER and WESTWAY and
except for purposes of issuance of bills of lading pursuant to this Section 2.02
or for purposes of insuring payment of invoices as provided in Section 5,
WESTWAY, in the performance of this Agreement, is not and shall not act or
purport to act as the agent or employee of CUSTOMER, but is and shall act as an
independent contractor. WESTWAY acknowledges that it is solely responsible for
and solely in

                                        5
<Page>

control of operations at the Facility; CUSTOMER shall not exercise any control
over or direction of the manner in which WESTWAY performs the services called
for under this Agreement.

7. QUALITY ASSURANCE

As specified in Schedule 1, attached hereto.

8. RESPONSIBILITY FOR PRODUCT

WESTWAY will be responsible for any loss of Product while in storage in excess
of 1% of amount received. Overages and shortages shall be averaged against each
other over each contract year of the Agreement and any shortages accounted for
by WESTWAY to CUSTOMER at the end of each contract year. WESTWAY's liability for
such loss is as per section 13.01.

CUSTOMER shall be responsible for the Product until it leaves the delivery
carrier. WESTWAY's responsibility shall commence when Product is off-loaded into
WESTWAY's Facility and continues until Product passes from the last flange into
the shipping carrier. The amount of any Product lost due to leaks or destruction
of tank cars or tank trucks during the loading or off-loading shall be borne by
CUSTOMER.

WESTWAY shall not be responsible for change in quality, color, or condition of
the Product stored or handled unless caused solely by WESTWAY's negligence.
CUSTOMER shall indemnify and hold WESTWAY harmless, for any loss or damage
incurred by reason of a delivery to Facility of any Product identified as
Product, but is, in fact, of a different chemical composition, or if WESTWAY
takes any action, without negligence on WESTWAY'S part, with respect thereto at
the request or direction of CUSTOMER.

9. CHARGES AND PAYMENT

9.01      OTHER CHARGES

(a)       CUSTOMER shall reimburse WESTWAY for all permits, licenses, etc. which
          may be required by any public or private agency particular to the
          storage and handling of CUSTOMER's Product at WESTWAY's Facilities,
          provided such costs do not exceed $1,500.00. If such costs exceed this
          amount, Section 17.01, paragraph 2, shall apply.

(b)       Subject to the terms and conditions herein, CUSTOMER will pay WESTWAY
          for the cost to clean such tank(s) and dispose of residuals in the
          event CUSTOMER's use of the tank is discontinued and the tank becomes
          available, for use by WESTWAY to store other product or materials.
          Subject to the terms and conditions herein, if the tank(s) should
          require cleaning during the term of the contract, due to any cause
          other than WESTWAY's negligence, CUSTOMER will also pay all costs of
          such cleaning and disposal of residuals as specified in Schedule 1.

(c)       As specified in Schedule 1.

                                        6
<Page>

9.02  INVOICES AND PAYMENTS

Invoices for throughput charges shall be rendered monthly by WESTWAY to CUSTOMER
for the next contract month; such invoices will reflect the portion of the
minimum annual throughput charge due to date. Monthly payments made in contract
year must equal the greater of either actual throughput charge for contract year
to date or so much of minimum annual throughput charge as is due to date; a
charge for other services rendered in the contract month just ended will be
added to monthly invoices. Payment shall be made within thirty (30) days from
date of invoice. Invoices not paid timely shall bear interest of 1-1/2 percent
per month (effective annual rate of 18%) (or the maximum legal rate permitted by
law), whichever is less, from due date until paid and all costs of collection,
including reasonable attorney's fees.

9.03  TERMINATION CHARGE

In the event, as reflected on Schedule I, occupancy of the premises on which its
terminal is located is on the basis of lease from public or private authority
then cancellation or termination of the lease shall automatically terminate and
cancel this Agreement contemporaneously and WESTWAY shall have no liability to
CUSTOMER arising out of such termination, nor shall CUSTOMER have any liability
to WESTWAY arising therefrom.

10. ADJUSTMENT OF FEES

The warehousing charges listed in Schedule 1 will be adjusted annually at the
beginning of each contract year by means of a formula using any increases or
decreases in CPI values, all items, all consumers up to a limit of six (6%)
percent annually.

The throughput rate for shipments made from the facility in excess of the
minimum throughput would be adjusted in the same manner.

The steam charge shall be adjusted every three (3) months, if necessary, to
reflect any increase or decrease in fuel rates provided that no increase shall
be greater than fourteen (14%) percent annually.

WESTWAY reserves the right to revise truck weighing charges at the end of each
contract year, limited to the extent WESTWAY can justify such adjusted weighing
charge by documentary evidence up to 5% annually.

If requested, WESTWAY will submit evidence of new and old rates at time of
escalation.

In the event that the services provided pursuant to this Agreement or the
handling of CUSTOMER's Product shall be treated as, or result in, a taxable sale
or use or, in the event this Agreement or the Product stored shall be subject to
any ad valorem tax, all such taxes shall be borne by CUSTOMER invoiced as an
added charge; and provided, however, that CUSTOMER shall have the fall right to
contest the same at its cost and expense, with WESTWAY's reasonable assistance
and cooperation, which WESTWAY shall not unreasonably refuse.

                                        7
<Page>

12. PRODUCT DOCUMENTATION

CUSTOMER agrees to provide to WESTWAY all information, documents, including
current Material Safety Data Sheets for each Product, labels, placards, retained
sample containers and other materials and data which are required by Federal or
State statutes, ordinances, rules or regulations ("Regulations") relating to the
Products stored under this Agreement and applicable Schedules. CUSTOMER further
agrees to indemnify and hold harmless WESTWAY, and WESTWAY's agents, employees,
officers and directors, from and against any fines, penalties, loss, damage or
expense, including without limitation, reasonable legal fees, resulting from
CUSTOMER's failure to provide or to make available to WESTWAY any information,
documents, sample containers and materials as required by such Regulations,
provided, however, that WESTWAY acted prudently in the face of such failure by
CUSTOMER.

13. LIABILITY

13.01  EXTENT OF WESTWAY'S LIABILITY

Risk of loss of Product due to fire, storm or other casualty shall, remain with
CUSTOMER to the extent the Product is covered by CUSTOMER'S all risk insurance
coverage. WESTWAY shall be liable only for Product loss or damage in excess of
percentage set forth in Section 8 where such excess loss is caused by WESTWAY's
failure to use reasonable care in the safekeeping or handling of Product.
WESTWAY's liability for such loss or damage is limited to CUSTOMER's lowest FOB
Facility wholesale price during the contract year in which the loss occurred.

WESTWAY shall be responsible for all Facility deterioration resulting from
storage of Product, as long as such Product is within specifications enumerated
in the attached Schedules and delivered according to the terms and conditions of
this Agreement. In the event WESTWAY's facilities are damaged or destroyed,
WESTWAY may, at its option, rebuild such facilities so affected or substitute
mutually agreeable facilities for CUSTOMER's Product within thirty (30) days at
rates specified in Schedule I, throughout the remaining term of this Agreement.

13.02  EXTENT OF CUSTOMER'S LIABILITY

CUSTOMER shall be obligated to notify WESTWAY of any Product characteristics
which may cause excess deterioration to Facilities beyond normal wear and tear.
In addition to CUSTOMER's obligations pursuant to 17.01, should destruction,
excess deterioration or serious damage occur requiring repair and/or replacement
of tankage, equipment or facilities be required due to CUSTOMER'S failure to
deliver the Product specified or to accurately inform WESTWAY of the Products
hazards, CUSTOMER shall be liable for repair and/or replacement of such
Facilities. In such event, CUSTOMER shall continue to be responsible for charges
throughout the entire period of time required to complete such repair and/or
replacement unless such repair and/or replacement exceeds a reasonable time
frame as mutually agreed both parties prior to commencement of said repair
and/or replacement.

                                        8
<Page>

14. FORCE MAJEURE

Should WESTWAY's Facilities be seriously damaged or destroyed or should the tank
set aside to service CUSTOMER's Product be damaged or destroyed, WESTWAY shall
be relieved, without incurring any liability to CUSTOMER, of all WESTWAY's
obligations under this Agreement rendered impossible of performance by such
destruction or damage. In such event or in the event Force Majeure is sustained
by CUSTOMER, CUSTOMER shall at the same time be relieved of all obligations to
pay all or the allocable part of any monthly rental and attributable other
charges then in effect to the extent such failure to perform or such deficiency
in making annual thruput payments is caused by, arises out of or is attributed
to any cause reasonably beyond control of CUSTOMER, such as, but not limited to
war; riot; explosion; flood; storm; earthquake; act of God; perils of the sea;
labor disputes; sabotage; accident; embargo; breakage of machinery or apparatus;
injunction; compliance with governmental order; or inability to obtain fuel; raw
materials; labor; containers, or transportation difficulties preventing the
manufacture or shipment of product or restriction imposed by CUSTOMER (any such
cause being referred to as "Force Majeure"). Should any Force Majeure occur, the
party experiencing the Force Majeure will promptly notify the other party of its
existence, the reasons why and approximately how long a delay is expected.

15. DEFAULT BY EITHER PARTY

Should either party default at any time in the faithful performance and
observance of the terms or conditions of this Agreement and should any such
default continue for thirty (30) or more days after written notice thereof to
the defaulting party, then, the non-defaulting party shall have the right to
cancel and terminate this Agreement and to recover damages or seek any other
relief which it may be entitled at law or in equity.

Should either party be adjudicated bankrupt or insolvent in an involuntary
proceeding, or if such party shall have filed a petition for an arrangement of
creditors under the bankruptcy laws or insolvency laws of any jurisdiction, or
if a bankruptcy or insolvency proceeding is instituted against such party which
is not set aside within thirty (30) days thereafter, then, in that event, such
party shall be deemed to be in default of this Agreement, thereby entitling the
other party hereto to treat this Agreement, in accordance with the foregoing, as
being in default.

16. INDEMNITY AND INSURANCE COVERAGE

16.01  INDEMNITY

CUSTOMER shall indemnify and hold harmless WESTWAY and, at WESTWAY's request,
defend WESTWAY and each of its officers, directors, employees and agents from
and against any and all liability, suits, losses, demands, causes of action,
fines, penalties, expense, including attorney's fees, and claims, WESTWAY may be
caused to suffer or incur, including claim for bodily injury and property damage
arising out of or in any manner connected with CUSTOMER's negligent acts or
omissions or breaches of this Agreement or its failure to comply with applicable
laws in the performance of its obligations, provided such claims, etc. are not
caused by the negligence of WESTWAY.

                                        9
<Page>

WESTWAY shall indemnify and hold harmless CUSTOMER and, at CUSTOMER's request,
defend CUSTOMER and each of its officers, directors, employees and agents from
and against any and all liability, suits, losses, demands, causes of action,
fines, penalties, expense, including attorney's fees, and claims, CUSTOMER may
be caused to suffer or incur, including claim for bodily injury including
Employees of WESTWAY and property damage arising out of or in any manner
connected with WESTWAY's negligent acts or omissions or breaches of this
Agreement or its failure to comply with applicable laws is the performance of
its obligations, provided such claims, etc. are not caused by the negligence of
CUSTOMER. In no event shall WESTWAY or CUSTOMER be liable to the other for
incidental or consequential damages, including, but not limited to, loss of
profits, business opportunity, downtime costs, or claims of third parties other
than claims by such parties for property damage or personal injury.

16.02  WESTWAY'S COVERAGE

WESTWAY shall maintain levels of insurance coverage during the term of this
Agreement as provided:

<Table>
<Caption>
Workers Compensation               Statutory
<S>                                <C>
General Liability                  $1,000,000
Excess Liability                   $4,000,000
</Table>

16.03  CUSTOMER'S COVERAGE

CUSTOMER will insure or self-insure all Product while in storage in terminal
against damage by fire or other casualty and shall insure or self-insure all of
its personnel and equipment while on WESTWAY's premises. Further, CUSTOMER shall
carry liability insurance against loss or damage caused to any third party,
including WESTWAY, its officers, employees and agents by its product or by its
agents and/or employees in amounts not less than $3,000,000.00.

16.04  CERTIFICATES

Prior to the commencement of this Agreement, CUSTOMER and WESTWAY shall each
furnish to the other a certificate(s) properly executed by the insurance
carriers, showing all insurance required hereunder to be in force. Each
certificate shall provide for ten (10) days written notice to such other party,
prior to the cancellation of or any changes effecting same.

17.    REGULATORY COMPLIANCE

17.01  COMPLIANCE WITH LAW

WESTWAY warrants that, in rendering services to CUSTOMER, it will comply at all
times with all applicable Federal, State and local laws, rules and regulations
and shall obtain certificates, permits, documents, and authorizations required
for the lawful operations of the terminal and the handling and storage of
CUSTOMER's Product. WESTWAY agrees to indemnify and hold harmless CUSTOMER and
CUSTOMER's agent, employees, officers and directors, for and against any fines,
losses, damages or expenses, including without limitation, reasonable legal
fees, resulting from WESTWAY's violation of such laws and/or regulations.
CUSTOMER shall comply with all federal, state and other governmental laws, rules
and regulations applicable to

                                       10
<Page>

the ownership of Product and shall obtain all certificates, permits, documents
and authorizations required for the lawful ownership of the Product

If any Federal, State or local laws, rules or regulations are hereafter amended,
modified or supplemented so as to require alterations or additions to the
Facility for the storage and handling of Product, WESTWAY shall inform CUSTOMER
accordingly and shall submit to CUSTOMER an estimate of the costs of the
required alterations or additions. CUSTOMER shall inform WESTWAY within fifteen
(15) days of its receipt of said notice and estimate, whether or not it will pay
said costs. If CUSTOMER declines, and if the parties are unable to resolve the
matter by mutual agreement, CUSTOMER shall remove all Product stored in the
Facility within thirty (30) days after notifying WESTWAY that CUSTOMER will not
assume the costs of such alterations or additions, and if terminated within the
first four years of the contract, CUSTOMER will pay WESTWAY the termination
charge set forth in Section 9.02 applicable at the time Product is removed from
the tank.

WESTWAY shall promptly advise CUSTOMER by oral notice, followed by written
communication, of any material environmental condition. By material
environmental condition is meant receipt of notification of non-compliance with
federal, state, or local environmental law, regulation, or statute which does or
may present a significant or substantial hazard or threat to human health or the
environment, or any occurrence which may significantly impair the operation of
the Facility. The existence of a material environmental condition not promptly
remedied shall be grounds for termination.

18. NONASSIGNABILITY

Neither party shall assign or transfer this Agreement or any of such party's
right or obligations hereunder without the prior written consent of the other
party, which shall not be unreasonably withheld.

19. CHOICE OF LAW: CONFLICT

This Agreement shall be governed by and construed according to the laws of the
states in which the facilities employed to store CUSTOMER's Products have their
physical situs.

In the event of conflict between the provisions of the Statement of Teams and
Conditions and either the Master Agreement dated February 1, 2002, to which this
Statement is appended or any associated Schedule(s) I, the latter shall govern.

ACCEPTED                             ACCEPTED

SOUTH DAKOTA SOYBEAN PROCESSORS      WESTWAY TERMINAL COMPANY INC.

By /s/ CONNIE KELLY                  By /s/ MICHAEL JOHNSON
   --------------------------           --------------------------------------

Title  CFO                           Title  VICE PRESIDENT - SALES & MARKETING
     ------------------------             ------------------------------------

Date   1-29-02                       Date   JANUARY 2, 2002
    -------------------------             ------------------------------------

                                       11
<Page>

SCHEDULE I

                  TO SERVICE AGREEMENT BETWEEN SDSP AND WESTWAY
                             DATED: FEBRUARY 1, 2001

DATE: FEBRUARY 1, 2001                              EFFECTIVE: FEBRUARY 1, 2001

The operations, services and/or facilities contemplated in this Schedule
shall be performed and/or provided in accordance with and shall be subject to
the terms and conditions of the original Agreement dated February 1, 2001
except as specifically provided herein.

FACILITIES

The facilities as proposed in this Agreement, are located at Westway Terminal
Company Inc.'s St. Paul, MN facility - 2225 Childs Road, St. Paul, MN 55106,
(651) 774-6600, (651) 774-0725 FAX.

WESTWAY shall supply SDSP with 1,500,000 gallons (Tank 2901) of maximum
storage capacity for crude soybean oil. Subject tank last contained GMO
(crude canola oil), and tank has been cleaned and available for inspection
prior to entry of crude soybean oil.

PRODUCT INFORMATION AND DOCUMENTATION

(a)  PRODUCT INFORMATION

Product to be handled by WESTWAY is listed in this Schedule(s) and is
attached to and by reference made part of the Agreement of DATE, between
WESTWAY and SDSP. SDSP agrees the tanks shall be used ONLY for the storage of
the Product specified in the Schedule(s). SDSP provides the following
information as to this Product's properties. The obligations assumed by
WESTWAY hereunder will be and shall remain contingent upon the accuracy of
these representations:

          TECHNICAL NAME            -        Crude Soybean Oil
          TOXICITY                  -        No known toxic effect
          DENSITY lbs./gal          -        7.6 lbs./(U.S.) gal
          VAPOR PRESSURE            -        LESS THAN 0.1 mn hg @ 300(DEGREE)C
          FLASH POINT               -        GREATER THAN 175(DEGREE)C
          ODOR                      -        Mild characteristic
          CORROSITIVITY             -        None
          COLOR                     -        Golden

(b)  PRODUCT RECEIPT AND SHIPMENT

The Product will be received into terminal by tank cars and tank trucks.
Product will be shipped by tank cars and tank truck.

                                       12
<Page>

CHARGES

Monthly storage and handling - $16,800.00 per month, which shall include
storage and thruput fees for the first 6,000,000 gallons per contract year.

Thruput in excess of 6,000,000 gallons per contract year will be charged at
$5.00 per short ton.

SCHEDULE I - PAGE 2

Weighing Charge - $5.00 per each truck weighing (load-empty). $50.00 per each
rail weighing (load-empty).

Steam Charge - $66.00 per hour to maintain or heat products.

Overtime, if required, shall be charged according to the following:

         Monday-Saturday            $60.00 per hour
         Sundays & Holidays         $75.00 per hour

If SDSP requests WESTWAY to perform services outside normal working hours,
SDSP will reimburse WESTWAY the costs therefore, including payment of a
minimum 4 hour "call in" time when applicable.

ACCEPTED                                     ACCEPTED

SOUTH DAKOTA SOYBEAN PROCESSORS, INC.        WESTWAY TERMINAL COMPANY INC.

By      /s/ Rodney Christianson              By       /s/ Peter J.M. Harding
   ----------------------------------           -------------------------------

Title         CEO                            Title President
      -------------------------------              ----------------------------

Date          2/9/01                         Date January 31, 2001
     --------------------------------             -----------------------------

                                       13
<Page>

Amendment 1

Title to Product stored in Facility shall always remain with SDSP and shall
be held at SDSP's risk. SDSP must obtain bonding in the amount of $201,600
for the entire Lease period, and renew said bond until SDSP product is
completely removed from the tank. In event that SDSP is in breach hereof or
fails to remove all Product from Facility at termination of this Agreement
WESTWAY may execute and receive proceeds for said bond.

SDSP agrees to continue to pay WESTWAY monthly lease payments until SDSP has
completely removed all product from the tank.

Accepted

South Dakota Soybean Processors, Inc.

By     /s/ Connie Kelly
  ---------------------------------------------------

Title        CFO
     ------------------------------------------------

Date      3/20/01
    -------------------------------------------------

Accepted

WESTWAY TERMINAL COMPANY INC.

By        /s/ Dale
   --------------------------------------------------

Title   V.P. Facility Dev. & Engr.
      -----------------------------------------------

Date        3/20/01
     ------------------------------------------------

                                       14
<Page>

SCHEDULE II - TO SERVICE AGREEMENT NUMBER 14-503

                TO SERVICE AGREEMENT BETWEEN CUSTOMER AND WESTWAY

                             DATED: JANUARY 17, 2002

DATE: JANUARY 17, 2002                               EFFECTIVE: JANUARY 17, 2002

The operations, services and/or facilities contemplated in this Schedule shall
be performed and/or provided in accordance with and shall be subject to the
terms and conditions of the original Agreement dated February 1, 2002 except as
specifically provided herein.

FACILITIES

The facilities as proposed in this Agreement, are located at Westway Terminal
Company Inc.'s St. Paul facility - 2225 Childs Road, St. Paul, MN 55106,
651-774-6600, 651-774-0725 FAX.

WESTWAY to provide CUSTOMER with 1,500,000 gallons of maximum capacity.

TERM OF AGREEMENT

The Initial Term of this Agreement shall be for a minimum of one (1) year
beginning with the first of the month following entry into the tank. The first
mouth will be prorated. This Agreement shall continue year to year thereafter,
provided however that either party may terminate the Agreement at the end of the
Initial Term or at the end of any subsequent year by notifying the other party
in writing at least ninety (90) days prior to the then current anniversary date.

PRODUCT INFORMATION AND DOCUMENTATION

(a)  Product Information

Product to be handled by WESTWAY is listed in this Schedule(s) and is attached
to and by reference made part of the Agreement of January 17, 2002, between
WESTWAY and CUSTOMER. CUSTOMER agrees the tanks shall be used ONLY for the
storage of the Product specified in the Schedule(s). CUSTOMER provides the
follow information as to this Product's properties. The obligations assumed by
WESTWAY hereunder will be and shall remain contingent upon the accuracy of these
representations:

             TECHNICAL NAME              Crude Soybean Oil
             TOXICITY                    No known toxic effect
             DENSITY lbs./gal            7.6 lbs./(U.S.) gal
             VAPOR PRESSURE              LESSER THAN 0.1 mn hg @ 300 DEG. C
             FLASH POINT                 GREATER THAN 175 DEG. C
             ODOR                        Mild characteristic
             CORROSITIVITY               None
             COLOR                       Golden

                                       15
<Page>

(b)  PRODUCT RECEIPT AND SHIPMENT

The Product will be received into terminal by rail cars or tank trucks. Product
will be shipped by rail cars, tank trucks or barges.

                                       16
<Page>

SCHEDULE II - PAGE 2

CHARGES

(1)     WAREHOUSING. The Monthly Warehousing Charge shall be $16,800.00 per
        month which includes In/Out storage. In consideration of thin charge
        (exclusive of additional charges set forth below), WESTWAY agrees to
        handle a Prepaid Throughput (as hereinafter defined) up to and including
        22,950 short tons (outbound) of commodity per contract period into the
        Tank(s) from rail cars or tank trucks, and out of the Tanks) to rail
        cars, tank trucks and barges. Determination of all throughput handled
        shall be made when commodity enters the Tank(s).

(2)     EXCESS THROUGHPUT. There shall be an additional charge of $5.00 for each
        short ton handled into the Tank(s) in excess of 22,950 short tons
        contract period.

(3)     HOLDOVER. Should any commodity remain in the Tank(s) beyond the
        termination of the agreement, Customer shall remain obligated to all of
        the terms and conditions set forth in the agreement and, in addition,
        shall be obligated to pay an additional charge equal to the current
        daily rate then in effect plus a 20% premium per day until all commodity
        and waste is removed. Should Westway incur any charges or liability to
        other parties as a result of Customer's commodity or waste in the
        Tank(s), Customer shall be responsible for all such charges or
        liability.

(4)     MODES.            Inbound       Rail Car, Tank Track
                          Outbound      Rail Car, Tank Truck or Barge

It is recommended that all shipments be coordinated with the Terminals "Customer
Service Department".

(5)     HEATING. If applicable, and heating is required for this product, steam
        is charged at $72.60 per hour.

(6)     NITROGEN. If applicable, CUSTOMER will be charged for the actual cost of
        nitrogen used, plus 15 %.

(7)     AFTER HOURS TANK TRUCKS. All tank cars, vessels and tank trucks handled
        outside of Regular Terminal Operating hours, as defined in Paragraph E.
        below, agreed to by WESTWAY and involving call-out, shall be charged per
        the "Additional Services" paragraph, with a minimum of four (4) hours
        per overtime operation.

(8)     STORAGE OF TANK CARS. If applicable, WESTWAY agrees to store tank cars
        free of charge for the first five days; thereafter there shall be a
        charge of the prevailing rate. The current rate is $25.00 per tank car
        per day.

(9)     RAILROAD CHARGES. Any charges assessed against CUSTOMER's tank cars by
        any railroad serving the Terminal shall be for CUSTOMER's account.

<Page>

(10)    WEIGHING CHARGES. Truck weighing shall be provided at the rate of $5.00
        per weigh (load/empty). Rail car weighing shall be provided at the rate
        of $50.00 per weigh (load/empty).

(11)    STRIPPING. Should CUSTOMER request to empty the tank and pipeline system
        other than for termination of this Agreement, WESTWAY shall charge
        CUSTOMER per the "Additional Services" paragraph for this operation.

(12)    BOOMING CHARGE. If applicable, CUSTOMER shall pay any charge incurred by
        WESTWAY to boom vessels or barges during marine transfers of commodities
        when such booming is required by law or regulation.

                                       18
<Page>

SCHEDULE II - PAGE 3

(13)    THROUGHPUT OR WHARFAGE CHARGES. If applicable, commodity throughput fees
        and or Wharfage/Dockage fees as assessed against WESTWAY by the Port
        Authority for the throughput of CUSTOMER's commodity shall be billed
        back to CUSTOMER at WESTWAY's cost.

(14)    LABORATORY FEES AND SERVICE. Sampling or testing services shall be
        charged per the current rates for inspection services. If WESTWAY
        contracts with another party to perform laboratory services, all fees
        shall be billed to CUSTOMER at WESTWAY's cost plus 15%. Samples can be
        taken at the CUSTOMER's request, the charge for sampling is $25.00 per
        sample.

        WESTWAY'S LIABILITY FOR SAMPLING AND TESTING SERVICES IS LIMITED TO THE
        CHARGE FOR THE SERVICE PROVIDED. WESTWAY SHALL IN NO EVENT BE LIABLE FOR
        SPECIAL OR CONSEQUENTIAL DAMAGES.

(15)    ADDITIONAL SERVICES:

        (a)   For any service or function not specifically provided for in the
agreement, requested by CUSTOMER and agreed to by WESTWAY, there shall be a
charge equal to the sum of cost of materials used if any, and charges made by
contracted services, if any, plus 15% of said sum; plus either (i) the
prevailing rate per man-hour involved, if such unspecified work is performed
during regular operating hours, and (ii) the prevailing rate per man hour
involved, if such work is performed during overtime hours. The current rates for
these services are $60.00 (Monday - Saturday) and $75.00 (Sundays and Holidays).

        (b)   Overtime: There shall be an additional charge of the prevailing
rate per man-hour involved for service provided in the agreement performed
during overtime hours when requested by CUSTOMER and agreed to by WESTWAY. The
current rate for this service is $60.00 (Monday-Saturday) and $75.00 (Sundays
and Holidays) respectively.

TERMINAL OPERATING HOURS

WESTWAY shall perform the services set forth in this Agreement during normal
working hours, except that WESTWAY shall have its facilities and personnel
available for operations twenty-four (24) hours per day, seven (7) days per
week, including holidays. WESTWAY requires that reasonable notice be provided to
the terminal when overtime is requested. Costs incurred by WESTWAY in having
workmen stand by outside normal working hours shall be reimbursed to WESTWAY by
CUSTOMER. Any work performed outside of normal working hours shall be subject to
overtime at rates specified on Schedule I and may be subject to a minimum
"call-in" time equal to four hours per man.

<Page>

Normal working hours for facility for the purpose of this Agreement are defined
as follows:

        Monday through Friday: 8:00 a.m. to 4:00 p.m.
        CLOSED: Saturdays, Sundays and Holidays (or days on which they are
        celebrated)

The above normal working hours are subject to change upon thirty (30) days
notice by WESTWAY to CUSTOMER, except that in no case shall normal working hours
be changed to less than forty (40) hours per week unless otherwise agreed.

                                       20
<Page>

SCHEDULE II - PAGE 4

TANK CLEANING CHARGES

Upon exiting tankage, or as specified in section 9.01 (b), CUSTOMER will
contract a WESTWAY approved tank cleaner to satisfactorily strip and clean the
subject tanks) and pipelines to a water-white condition suitable for the storage
and handling of specialty chemicals. Should commodity have a Reid vapor pressure
of more than 2.6 psi, tank must be degassed prior to tank cleaning. ALL COSTS
ASSOCIATED WITH THE TANK CLEANING PROCESS, INCLUDING DEGASSING IF NECESSARY,
WILL BE PAID DIRECTLY BY CUSTOMER. Tank and pipeline cleaning schedules to be
coordinated with terminal operations department. CUSTOMER's designated
representative may witness tank cleaning process. Final acceptability of tank
condition will be determined by WESTWAY or its designated representative.
Alternatively, WESTWAY will arrange for tank cleaning and CUSTOMER will be
charged at cost plus fifteen percent (15%).

QUALITY ASSURANCE

WESTWAY, if requested by CUSTOMER, will take one sample from each shipment out
of Facility and retain such properly identified sample for a period of thirty
(30) days and disposed of by WESTWAY at a permitted Facility at CUSTOMER's costs
unless CUSTOMER shall otherwise request in writing.

ACCEPTED                               ACCEPTED

SOUTH DAKOTA SOYBEAN PROCESSORS        WESTWAY TERMINAL COMPANY INC.

By     /s/ CONNIE KELLY                By     /s/ WAYNE DRIGGERS
       --------------------------             ----------------------------------

Title  CFO                             Title  VICE PRESIDENT - SALES & MARKETING
       --------------------------             ----------------------------------

Date   1-29-02                         Date   JANUARY 17, 2002
       --------------------------             ----------------------------------

<Page>

SCHEDULE III - TO SERVICE AGREEMENT NUMBER 14-503

                TO SERVICE AGREEMENT BETWEEN CUSTOMER AND WESTWAY

                             DATED: JANUARY 17,2002

DATE: JANUARY 17, 2002                              EFFECTIVE: JANUARY 17, 2002

The operations, services and/or facilities contemplated in this Schedule shall
be performed and/or provided in accordance with and shall be subject to the
terms and conditions of the original Agreement dated February 1, 2002 except as
specifically provided herein.

FACILITIES

The facilities as proposed in this Agreement, are located at Westway Terminal
Company Inc.'s St. Paul facility - 2225 Childs Road, St. Paul, MN 55106,
651-774-6600, 651-774-0725 FAX

WESTWAY to provide CUSTOMER with 840,000 gallons of maximum capacity.

TERM OF AGREEMENT

The Initial Term of this Agreement shall be for a minimum of one (1) year
beginning with the first of the month following entry into the tank. The
first month will be prorated. This Agreement shall continue year to year
thereafter, provided however that either party may terminate the Agreement at
the end of the Initial Term or at the end of any subsequent year by notifying
the other party in writing at least ninety (90) days prior to the then
current anniversary date.

PRODUCT INFORMATION AND DOCUMENTATION

(a)  Product Information

Product to be handled by WESTWAY is listed in this Schedule(s) and is attached
to and by reference made part of the Agreement of January 17, 2002, between
WESTWAY and CUSTOMER. CUSTOMER agrees the tanks shall be used ONLY for the
storage of the Product specified in the Schedule(s). CUSTOMER provides the
following information as to this Product's properties. The obligations assumed
by WESTWAY hereunder will be and shall remain contingent upon the accuracy of
these representations:

                  TECHNICAL NAME         Crude Soybean Oil
                  TOXICITY               No known toxic effect
                  DENSITY lbs./gal       7.6 lbs./(U.S.) gal
                  VAPOR PRESSURE         LESSER THAN 0.1 mn hg @ 300 DEG.C
                  FLASH POINT            GREATER THAN 175 DEG.C
                  ODOR                   Mild characteristic
                  CORROSITIVITY          None
                  COLOR                  Golden

                                       22
<Page>

(b)  PRODUCT RECEIPT AND SHIPMENT

The Product will be received into terminal by rail cars or tank trucks. Product
will be shipped by rail cars, tank trucks or barges.

                                       23
<Page>

SCHEDULE III - PAGE 2

CHARGES

(1)     WAREHOUSING. The Monthly Warehousing Charge shall be $9,400,00 per month
        which includes In/Out storage. In consideration of this charge
        (exclusive of additional charges set forth below), WESTWAY agrees to
        handle a Prepaid Throughput (as hereinafter defined) up to and
        including, 12,852 short tons (outbound) of commodity per contract period
        into the Tank(s) from rail cars or tank trucks, and out of the Tank(s)
        to rail cars, tank trucks and barges. Determination of all throughput
        handled shall be made when commodity enters the Tank(s).

(2)     EXCESS THROUGHPUT. There shall be an additional charge of $5.00 for each
        short ton handled into the Tank(s) in excess of 12,852 short tons per
        contract period.

(3)     HOLDOVER. Should any commodity remain in the Tanks) beyond the
        termination of the agreement, Customer shall remain obligated to all of
        the terms and conditions set forth in the agreement and, in addition,
        shall be obligated to pay an additional charge equal to the current
        daily rate then in effect plus a 20% premium per day until all commodity
        and waste is removed. Should Westway incur any charges or liability to
        other parties as a result of Customer's commodity or waste in the
        Tank(s), Customer shall be responsible for all such charges or
        liability.

(4)     MODES.            Inbound       Rail Car, Tank Truck
                          Outbound      Rail Car, Tank Truck or Barge

        It is recommended that all shipments be coordinated with the Terminals
        "Customer Service Department".

(5)     HEATING. If applicable, and heating is required for this product, steam
        is charged at $72.60 per hour.

(6)     NITROGEN. If applicable, CUSTOMER will be charged for the actual cost of
        nitrogen used, plus 15%.

(7)     AFTER HOURS TANK TRUCKS. All tank cars, vessels and tank trucks handled
        outside of Regular Terminal Operating hours, as defined in Paragraph E.
        below, agreed to by WESTWAY and involving call-out, shall be charged per
        the "Additional Services" paragraph, with a minimum of four (4) hours
        per overtime operation.

(8)     STORAGE OF TANK CARS. If applicable, WESTWAY agrees to store tank cars
        free of charge for the first five days; thereafter there shall be a
        charge of the prevailing rate. The current rate is $25.00 per tank car
        per day.

(9)     RAILROAD CHARGES. Any charges assessed against CUSTOMER's tank cars by
        any railroad serving the Terminal shall be for CUSTOMER'S account.
<Page>

(10)    WEIGHING CHARGES. Truck weighing shall be provided at the rate of $5.00
        per weigh (load/empty). Rail car weighing shall be provided at the rate
        of $50.00 per weigh (load/empty).

(11)    STRIPPING. Should CUSTOMER request to empty the tank and pipeline system
        other than for termination of this Agreement, WESTWAY shall charge
        CUSTOMER per the "Additional Services" paragraph for this operation.

(12)    BOOMING CHARGE. If applicable, CUSTOMER shall pay any charge incurred by
        WESTWAY to boom vessels or barges during marine transfers of commodities
        when such booming is required by law or regulation.

                                       25
<Page>

SCHEDULE III - PAGE 3

(13)    THROUGHPUT OR WHARFAGE CHARGES. If applicable, commodity throughput fees
        and or Wharfage/Dockage fees as assessed against WESTWAY by the Port
        Authority for the throughput of CUSTOMER's commodity shall be billed
        back to CUSTOMER at WESTWAY's cost.

(14)    LABORATORY FEES AND SERVICE. Sampling or testing services shall be
        charged per the current rates for inspection services. If WESTWAY
        contracts with another party to perform laboratory services, all fees
        shall be billed to CUSTOMER at WESTWAY's cost plus 15%. Samples can be
        taken at the CUSTOMER's request, the charge for sampling is $25.00 per
        sample.

        WESTWAY'S LIABILITY FOR SAMPLING AND TESTING SERVICES IS LIMITED TO THE
        CHARGE FOR THE SERVICE PROVIDED. WESTWAY SHALL IN NO EVENT BE LIABLE FOR
        SPECIAL OR CONSEQUENTIAL DAMAGES.

(15)    ADDITIONAL SERVICES:

        (a)   For any service or function not specifically provided for in the
              agreement, requested by CUSTOMER and agreed to by WESTWAY, there
              shall be a charge equal to the sum of cost of materials used if
              any, and charges made by contracted services, if any, plus 15% of
              said sum; plus either (i) the prevailing rate per man hour
              involved, if such unspecified work is performed duties regular
              operating hours, and (ii) the prevailing rate per man-hour
              involved, if such work is performed during overtime hours. The
              current rates for these services are $60.00 (Monday - Saturday)
              and $75.00 (Sundays and Holidays).

        (b)   Overtime: There shall be an additional charge of the prevailing
              rate per man-hour involved for service provided in the agreement
              performed during overtime hours when requested by CUSTOMER and
              agreed to by WESTWAY. The current rate for this service is $60.00
              (Monday-Saturday) and $75.00 (Sundays and Holidays) respectively.

TERMINAL OPERATING HOURS

WESTWAY shall perform the services set forth in this Agreement during normal
working hours, except that WESTWAY shall have its facilities and personnel
available for operations twenty-four (24) hours per day, seven (7) days per
week, including holidays. WESTWAY requires that reasonable notice be provided to
the terminal when overtime is requested. Costs incurred by WESTWAY in having
workmen stand by outside normal working hours shall be reimbursed to WESTWAY by
CUSTOMER. Any work performed outside of normal working hours shall be subject to
overtime at rates specified on Schedule I and may be subject to a minimum
"call-in" time equal to four hours per man.

<Page>

Normal working hours for Facility for the purpose of this Agreement are defined
as follows:

        Monday through Friday: 8:00 a. m. to 4:00 p.m.
        CLOSED; Saturdays, Sundays and Holidays (or days on which they are
        celebrated)

The above normal working hours are subject to change upon thirty (30) days
notice by WESTWAY to CUSTOMER, except that in no case shall normal working hours
be changed to less than forty (40) hours per week unless otherwise agreed.

                                       27
<Page>

SCHEDULE III - PAGE 4

TANK CLEANING CHARGES

Upon exiting tankage, or as specified in section 9.01 (b), CUSTOMER will
contract a WESTWAY approved tank cleaner to satisfactorily strip and clean the
subject tank(s) and pipelines to a water-white condition suitable for the
storage and handling of specialty chemicals. Should commodity have a Reid vapor
pressure of more than 2.6 psi, tank must be degassed prior to tank cleaning. ALL
COSTS ASSOCIATED WITH THE TANK CLEANING PROCESS, INCLUDING DEGASSING IF
NECESSARY, WILL BE PAID DIRECTLY BY CUSTOMER. Tank and pipeline cleaning
schedules to be coordinated with terminal operations department. CUSTOMER's
designated representative may witness tank cleaning process. Final acceptability
of tank condition will be determined by WESTWAY or its designated
representative. Alternatively, WESTWAY will arrange for tank cleaning and
CUSTOMER will be charged at cost plus fifteen percent (15 %).

QUALITY ASSURANCE

WESTWAY, if requested by CUSTOMER, will take one sample from each shipment out
of Facility and retain such properly identified sample for a period of thirty
(30) days and disposed of by WESTWAY at a permitted Facility at CUSTOMER's costs
unless CUSTOMER shall otherwise request in writing.

ACCEPTED                                ACCEPTED

SOUTH DAKOTA SOYBEAN PROCESSORS       WESTWAY TERMINAL COMPANY INC.

By /s/ CONNIE KELLY                   By /s/ WAYNE DRIGGERS
   ---------------------------------     --------------------------------------

Title  CFO                            Title  VICE PRESIDENT - SALES & MARKETING
       -----------------------------         ----------------------------------

Date   1-29-02                        Date   JANUARY 17, 2002
       -----------------------------         ----------------------------------<Page>

                       TRINITY INDUSTRIES LEASING COMPANY
                        RAILROAD CAR NET LEASE AGREEMENT

         This Lease Agreement, dated February 12, 2002, (hereinafter called
the "Agreement") by and between TRINITY INDUSTRIES LEASING COMPANY, a
Delaware corporation, with its principal office at 70 West Madison Street,
Suite 1960, Chicago, Illinois 60602-4391. (hereinafter called "Lessor") and
SOUTH DAKOTA SOYBEAN PROCESSORS, a South Dakota corporation, with its
principal office at 100 Caspian Avenue, Volga, South Dakota 57071
(hereinafter called "Lessee").

         In consideration of the mutual terms and conditions hereinafter set
forth, the parties hereto hereby agree as follows:

                           ARTICLE 1: LEASE AGREEMENT

         Lessor agrees to lease to Lessee, and Lessee agrees to lease from
Lessor, the cars shown on each Rider hereto and such additional Riders as may
be added from time to time (each such Rider and together with this Agreement
shall be collectively referred to as the "Lease") by agreement of the parties
and signed by their duly authorized representatives (all such cars being
hereinafter referred to as a "car" or the "cars"). Each Rider shall set forth
a brief description of the car or cars covered thereby, including such facts
as the number of cars, the Association of American Railroads (AAR) or
Department of Transportation (DOT) specifications, rental charges, term
throughout which the car or cars shall remain in Lessee's service and such
other information as may be desired by both parties. Lessor and Lessee agree
that each Rider hereto shall constitute a separate Lease which incorporates
the terms of this Agreement. Each Rider shall be severable from any other
cars or Riders relating to this Agreement and shall become a separate lease
(incorporating the terms of this Agreement) which is separately transferable
for all purposes. It is the intent of all parties to this Agreement to
characterize this Agreement as a true lease.

                                 ARTICLE 2: TERM

         The term of this Lease, with respect to each car, shall commence
upon the initial delivery of such car to Lessee in the manner set forth in
Article 3 and shall terminate on the earlier of the loss or destruction of
such car or, with respect to all cars leased hereunder, at the end of the
lease term set forth in the Rider(s) attached hereto; provided, however, that
without limiting any other rights Lessor may have against Lessee, if Lessee
is responsible for such loss or destruction of a car under Paragraph C of
Article 8, this Lease, with respect to such car, shall continue until Lessee
pays to Lessor the Settlement Value (defined in Article 9 hereof) of such car
as determined immediately prior to such loss or destruction. Notwithstanding
the expiration or termination of this Lease, the obligations of the Lessee
hereunder shall continue in effect with regard to each car until each car is
returned to the possession of the Lessor in clean condition in accordance
with Article 14 hereof.

                                      1
<Page>

                               ARTICLE 3: DELIVERY

A. DELIVERY

         Lessor agrees to deliver each car to Lessee, and Lessee agrees to
accept such delivery. The obligations of the Lessor to deliver the cars shall
be excused, and Lessor shall not be liable, for any causes beyond the
reasonable control of Lessor (including, but not limited to, delays caused by
fire, labor difficulties, delays of carriers and materials suppliers,
governmental authority, late delivery by the manufacturer of the cars or late
delivery by a prior lessee) and, in the event of a delay in such delivery,
Lessor shall deliver the cars to Lessee as soon as reasonably possible
thereafter.

B. PLACE OF DELIVERY

         Lessor shall cause the cars to be delivered to Lessee at such
point(s) specified in each Rider hereto.

C. COST OF DELIVERY

         Lessor shall pay all freight charges and other costs, if any, of the
delivery of the cars from the point of manufacture.

                          ARTICLE 4: ACCEPTANCE OF CARS

         Upon delivery, Lessee shall promptly inspect each car and shall
accept such car if it: (a) complies with the description set forth in the
attached Rider(s), and (b) is fit and suitable for operation as those terns
are defined in the Interchange Rules adopted by the AAR (the "Interchange
Rules"). Upon acceptance, Lessee shall deliver to Lessor a Certificate of
Acceptance in the form attached hereto as Exhibit A. Notwithstanding the
foregoing, Lessee shall be deemed to have accepted any car delivered
hereunder if, with respect to such car, the Lessee shall: (c) load, or
otherwise use the car, or (d) fail to notify Lessor, in writing, within five
(5) days after delivery of Lessee's rejection of the car and the specific
reasons why the car does not meet the applicable standards set forth in the
Rider(s) or the Interchange Rules. If Lessee rejects any car, Lessor shall
have the right to have the rejected car inspected by an inspector acceptable
to both Lessor and Lessee. The cost of such inspection will be paid by Lessor
if the cause for rejection is affirmed by the inspector, otherwise such cost
will be borne by Lessee. The Lessee shall be deemed to have accepted any car
for which the inspector determines that good cause for rejection did not
exist. The decision of the inspector shall be final and binding upon the
parties. The Lesses's acceptance, however affected, shall be deemed effective
as of the delivery date and the monthly rentals as hereinafter set forth
shall accrue from the delivery date. Such acceptance shall conclusively
establish that such cars conform to the applicable standards set forth in the
Rider(s) and the Interchange Rules.

                               ARTICLE 5: MARKINGS

                                      2
<Page>

         At the time of delivery of the cars by Lessor to Lessee, the cars
will be plainly marked on each side with the identification marks of Lessee.
If such markings (or any of the markings required pursuant to Article 12)
shall at any time be removed or become illegible, wholly or in part, Lessee
shall immediately cause such markings to be restored or replaced at Lessee's
expense. Lessee shall not otherwise place, or permit to be placed, any
lettering or marking of any kind upon the cars without Lessor's prior written
consent.

                          ARTICLE 6: PAYMENT OF RENTALS

         The monthly rental with respect to each car shall be as set forth in
the Rider(s), and, subject to Article 2, shall accrue from (and including)
the date of delivery at the point of manufacture to (and excluding) the date
the car is redelivered in accordance with Article 14. The rental shall be
payable to Lessor at 21038 NETWORK PLACE, CHICAGO, ILLINOIS 60673-1210 or at
such other address as Lessor may specify by notice to Lessee, in U.S. Dollars
and in advance on or before the first day of each calendar month during the
term hereof; provided, however, that the rental for each car for the month in
which it is delivered shall be prorated for the number of days (including the
date of delivery) remaining in such month at a daily rate based upon a 365
day year; and shall be payable on or before the first day of the next
succeeding calendar month. The amount by which rental payments for any month
exceed the pro rata rental due for the cars leased to Lessee during such
month shall be refunded to Lessee within ten (10) days of the end of such
calendar month.

         This Lease is a net lease. Lessee's obligation to pay Lessor all
rentals and other amounts hereunder, unless such obligation shall be
terminated pursuant to the express provisions of this Lease, shall be
absolute and unconditional; and Lessee shall not be entitled to any abatement
or reduction of, or set off against, such rentals or other amounts
irrespective of any claim, counterclaim, recoupment, defense or other right
which Lessee may have, directly or indirectly, against the Lessor, the
manufacturer of the cars or any other person or entity.

                           ARTICLE 7: TITLE AND USAGE

A. TITLE TO THE CARS

         Lessee acknowledges and agrees that by the execution of this Lease
it does not obtain, and by payments and performance hereunder it does not,
and will not, have or obtain any title to the cars or any property right or
interest therein, legal or equitable, except solely as Lessee hereunder and
subject to all of the terms hereof. Lessee shall keep the cars free from any
liens or encumbrances created by or through Lessee.

B. USAGE OF THE CARS

         Throughout the continuance of this Lease, so long as Lessee is not
in default under this Lease, but subject to Article 12, Lessee shall be
entitled to possession of each car from the date the Lease becomes effective
as to such car and shall use such car only in the manner for which it was
designed and intended, and so as to subject it only to ordinary wear and
tear, and in the usual interchange of traffic, provided, however that Lessee
agrees that the cars shall, at all times, be

                                      3
<Page>

used: (a) in conformity with all Interchange Rules, (b) in compliance with
the terms and conditions of this Lease, and (c) predominantly in the
continental limits of the United States, provided however, in no event shall
more that forty percent (40%) of all cars shown on all the Riders to this
Agreement (as determined by mileage records and measured annually on a
calendar year basis) be used outside of the contiguous United States at the
same time.

         In the event any car is used outside of the continental United
States for any reason whatsoever, Lessee shall assume full responsibility for
all costs, taxes, duties or other charges incidental to such use including
costs incurred in returning any such car to the continental United States.

C. LESSEE'S RIGHT TO TRANSFER OR SUBLEASE

         Lessee shall not transfer, sublease or assign the cars or its
interest and obligations pursuant to this Lease, nor shall a transfer,
sublease or assignment by operation of law or otherwise of Lessee's interest
in the cars or this Lease be effective against Lessor, without Lessor's prior
written consent. No transfer, sublease or assignment of this Lease or of the
cars shall relieve Lessee from any of its obligations to Lessor under this
Lease.

         Notwithstanding the foregoing paragraph, Lessee shall have the right
to sublease any of the cars for single trips to its customers or suppliers,
and to cause each car so subleased to be boarded or placarded with the name
of the sublessee in accordance with the provisions of the demurrage tariffs
lawfully in effect, where the sole purpose of such subleasing is to obtain an
exemption from demurrage for said cars so subleased; provided, however, that
notwithstanding any such sublease, Lessee shall continue to remain liable to
Lessor for the fulfillment of Lessee's obligations under this Lease; and,
provided further, that Lessor shall have the right, at any time, to withdraw
the privilege of subleasing hereinabove granted to Lessee.

                       ARTICLE 8: MAINTENANCE AND REPAIRS

A. MAINTENANCE RESPONSIBILITY

         Lessee shall, at its expense, maintain, repair and keep the cars (i)
according to prudent industry practice and in all material respects, in good
working order, and in good physical condition for cars of a similar age and
usage, normal wear and tear excepted, (ii) subject to clause (i) and (ii) in
a manner in all material respects consistent with maintenance practices used
by Lessee, as applicable, in respect of any cars owned by Lessee, and (iii)
in accordance in all material respects with all manufacturer's warranties in
effect and in accordance with all applicable provisions, if any, of insurance
policies required to be maintained pursuant to Article 10 and (iv) in
compliance in all material respects with any applicable laws and regulations
from time to time in effect, including the Interchange Rules, FRA rules and
regulations as they apply to the maintenance and operation of cars in
interchange. In no event shall Lessee discriminate in any material respect as
to the use or maintenance of any car (including the periodicity of
maintenance or record keeping in respect of such car) as compared to
equipment of similar nature which Lessee owns or net leases. Lessee will
maintain in all material respects all records, logs and other materials
required by relevant industry standards or any governmental authority

                                      4
<Page>

having jurisdiction over the cars required to be maintained in respect of any
car, all as if Lessee were owner of such cars,

B. ALTERATIONS

         Lessee shall not alter the physical structure of any of the cars
without the prior written approval of Lessor. Any modification, alteration or
addition to the cars required by any governmental law, rule, regulation,
requirement or the Interchange Rules shall be Lessee's responsibility and at
its expense.

C. RESPONSIBILITY FOR LOST, DESTROYED OR DAMAGED CARS

         If any of the cars, or any part thereof, shall be lost, destroyed or
damaged, Lessee shall be responsible for, and shall indemnify Lessor and hold
Lessor harmless from (as provided in Article 9 hereof), the loss, destruction
or damage to the cars, or part thereof, during the term.

         Notwithstanding anything contained herein to the contrary, Lessee
shall be responsible for, and the provisions of this Paragraph C of Article 8
shall apply to, the loss, destruction or damage to a car or any part thereof
during the term which shall: (a) be occasioned by the misuse or negligence of
Lessee, its consignee, agent or sublessee, (b) occur while such car is on the
tracks of Lessee or any private siding or track, or on the track of any
railroad that does not subscribe to, or fails to meet its obligations under,
the Interchange Rules or any private or industrial railroad, or (c) be caused
by any commodity which may be transported or stored in or on such car.

         Lessee shall notify Lessor of the loss or destruction of any of the
cars within two (2) days after the date of such event. If a car is lost or
destroyed, Lessor shall, at its option, have the right to: (a) substitute for
such car another car of the same type, capacity and condition; provided,
however, that the rental rate for a substituted car for each month after such
car is delivered to Lessee shall be determined in accordance with the
Rider(s), or (b) withdraw the car from this Lease, and, therefore, reduce the
number of cars leased hereunder.

D. LININGS AND COATINGS

         The application, maintenance and removal of interior protective
linings and coatings in cars so equipped is the responsibility of Lessee.

E. INTERIOR PREPARATION FOR COMMODITIES

         Any cleaning or special preparation of the interior of cars to make
them suitable for the shipment of commodities by or for Lessee during the
term of the lease shall be done at Lessee's expense unless otherwise agreed.

                      ARTICLE 9: INDEMNIFICATION BY LESSEE

A. DAMAGES, LOSSES AND INJURIES DUE TO OPERATION OF THE CARS

                                      5
<Page>

         Lessee shall defend (if such defense is tendered to Lessee),
indemnify and hold Lessor harmless from and against and does hereby release
Lessor from all claims, suits, liabilities, losses, damages, cost and
expense, including attorney's fees, in any way arising out of, or resulting
from, the condition, storage, use, loss of use, maintenance or operation of
the cars, or any other cause whatsoever. In all cases to which this indemnity
agreement applies, Lessee's obligation shall be to indemnify Lessor for the
full amount of the claim, suit, liability, loss, damage, cost or expense
involved and principles of comparative negligence shall not apply.

         Lessor and Lessee shall cooperate with and assist each other in any
reasonable manner requested, but without affecting their respective
obligations under this Article or Article 8, to establish proper claims
against parties responsible for the loss, destruction of or damage to, the
cars.

          For the purpose of this Lease, the amount of loss resulting from
the loss or destruction of a car shall be measured by its Settlement Value as
determined immediately prior to the time of such loss or destruction. The
"Settlement Value" of a car shall be determined by application of Rule 107 of
the Interchange Rules.

B. LOSSES TO AND DAMAGES CAUSED BY COMMODITIES

         Lessor shall not be liable for any loss of, or damage to,
commodities, or any part thereof, loaded or shipped in the cars, however such
loss or damage shall be caused or shall result; and Lessee shall be
responsible for, indemnify Lessor against and save Lessor harmless from, any
such loss, damage or claim therefor. In the event any of the cars, fittings
or appurtenances thereto, including all interior lading protective devices,
special interior linings and removable parts, if any, shall become damaged by
any commodity loaded therein, Lessee shall be responsible for such damage,
and shall indemnify Lessor against and save Lessor harmless from. any such
loss, damage or claim therefor according to the same terms of indemnification
set forth in Paragraph A of Section 9.

C. LOSS OF USE OF CAR

         Notwithstanding any provision contained herein to the contrary,
Lessor shall not be liable to Lessee for any damages, costs or losses which
result from the loss of the use of any of the cars for any reason whatsoever.

D. TAX INDEMNITY

         Lessee acknowledges that the Rental Amount provided for in the
Rider(s) is computed on the assumptions that (a) Lessor or a third-party (the
"Owner Participant") and the affiliated group of corporations (as defined in
Section 1504(a) of the Internal Revenue Code of 1986, as amended (the "Code")
of which it (or its owners) is a member (all references to Lessor or Owner
Participant in this Article include such affiliated group) shall be treated
for United States federal income tax purposes (and to the extent allowable
for state and local tax purposes) as the owner of the cars and will be
entitled to full depreciation deductions based on Lessor or Owner
Participant's total cost of the Equipment under (i) applicable Sections of
the Internal Revenue

                                      6
<Page>

Code of 1986, as amended (the "Code"), in amounts equal to the most
accelerated method, shortest recovery period and applicable convention
allowed under the Code and (ii) accelerated cost recovery deductions for
state and local income tax purposes in effect at the time each Rider is
entered into (such deductions being referred to hereinafter as "Tax
Benefits"), and (b) all deductions or credits allowable to Lessor or Owner
Participant with respect to the cars will be treated as derived from or
allocable to sources within the United States. If, as a result of any act or
failure to act of Lessee (including the use of the cars outside of the United
States) or any physical damage to or loss, or governmental taking of the
cars, Lessor or Owner Participant shall (x) lose, have recaptured or
disallowed, or not be entitled to the full use of the Tax Benefits, or (y)
have its tax increased or accelerated on account of recomputation or
recapture of such Tax Benefits in any year or years pursuant to the
provisions of the Code (each of the events referred to in (x) and (y) above
being referred to as a "Loss"), then Lessee shall pay to Lessor upon demand,
a sum which, on an After Tax Basis, shall be sufficient to restore Lessor or
Owner Participant to the same position Lessor or Owner Participant would have
been in had such Loss not been incurred after taking into account all
relevant factors. For the purpose of this Article, a Loss shall occur upon
the earlier of (1) the payment by Lessor or Owner Participant to the.
Internal Revenue Service of the tax increase resulting from such Loss or (2)
the adjustment of the tax return of Lessor or Owner Participant to reflect
such Loss. If the Owner Participant has transferred ownership of the cars to
Lessor, all references in this paragraph to Owner Participant shall be deemed
to be references to Lessor with respect to any loss for any period after such
transfer.

                              ARTICLE 10: INSURANCE

         Lessee shall maintain at all times on the cars, at its expense,
"all-risk" physical damage insurance and comprehensive commercial general
liability insurance (covering bodily injury, property damage and pollution
exposures, including, but not limited to, contractual liability and products
liability) in such amounts, against such risks, in such form and with such
insurers as shall be satisfactory to Lessor from time to time; provided, that
the amount of "all-risk" physical damage insurance shall not on any date be
less than the full replacement value of the cars as of such date. Such
insurance policy will, among other things, name Lessor as an additional named
insured or as loss payee (as the case may be), require that the insurer give
Lessor at least thirty (30) days prior written notice (at the address for
notice to Lessor set forth herein) of any alteration in or cancellation of
the terms of such policy, and require that the interests of Lessor be
continually insured regardless of any breach of or violation by Lessee of any
warranties, declarations or conditions contained in such insurance policy.
Lessee hereby irrevocably appoints Lessor as Lessee's attorney-in-fact
coupled with an interest for the sole purposes of making claim for, receiving
payment of, and executing any and all documents that may be required to be
provided to the insurance carrier in substantiation of any claim for loss or
damage to the cars or related to the Lease under said insurance policies, and
endorsing Lessee's name to any and all drafts or checks in payment of such
applicable loss proceeds; provided that Lessor shall not exercise the
foregoing power of attorney except at such time as Lessee is in default
hereof, following Lessee's failure or refusal to take the applicable action
after receipt of Lessor's written demand therefor. Prior to the Delivery Date
and from time to time thereafter, Lessee shall furnish to Lessor an original
certificate or other evidence satisfactory to Lessor that such insurance
coverage is in effect, provided, however, that Lessor shall be under no duty
to

                                      7
<Page>

ascertain the existence or adequacy of such insurance. The insurance
maintained by Lessee shall be primary without any right of contribution from
insurance which may be maintained by Lessor. The obligations of Lessee under
this Article shall be independent of all other terms under this Lease and
shall in no event relieve Lessee from any indemnity obligation hereunder.

                       ARTICLE 11: TAXES AND OTHER CHARGES

         Except as otherwise hereinafter provided, Lessee shall pay and
indemnify and hold Lessor (and each person who is in turn indemnified by
Lessor) harmless from any and all

         (a)     taxes including, without limitation, any taxes (withholding or
                 otherwise) imposed by Canada or any province thereof or any
                 governmental or administrative subdivision thereof, sales
                 and/or use taxes, gross receipts, franchise, single business
                 and personal property taxes and
         (b)     license fees, assessments, charges, fines, levies, imposts,
                 duties, tariffs, customs, switching, demurrage, track storage,
                 detention, special handling and empty mileage charges,

  including penalties and interest thereon, levied or imposed by any foreign,
  Federal, state or local government or taxing authority, railroad or other
  agency upon or with respect to the cars, or Lessor (or any such person) in
  connection with the cars or the lease thereof hereunder, and Lessee shall
  prepare and file all returns and reports required in connection with the
  foregoing arid shall furnish copies thereof to Lessor upon request.

         Notwithstanding the foregoing, Lessee shall not be responsible for
any tax imposed by the United States or any state or governmental subdivision
thereof which is measured solely by Lessor's (or any such person's) net
income, unless such tax is in substitution for or releases Lessee from the
payment of any taxes for which Lessee would otherwise be obligated under
Article 11.

               ARTICLE 12: LESSOR'S RIGHT TO ASSIGN, SUBORDINATION

         All rights of Lessor hereunder may be assigned, pledged, mortgaged,
leased, transferred or otherwise disposed of, either in whole or in part,
and/or Lessor may assign, pledge, mortgage, lease, transfer or otherwise
dispose of title to the cars, with or without notice to Lessee. As a
condition to any such assignment, pledge, mortgage, lease, transfer or other
disposition, Lessor shall have entered into a management agreement with the
assignee, pledgee, mortgagee, lessor, or other holder of legal title to or
security interest in the cars for purposes of allowing such assignee,
pledgee, mortgagee, lessor or other holder of legal title to or security
interest in the cars to perform Lessor's obligations hereunder. In the event
of any such assignment, pledge, mortgage, lease, transfer or other
disposition, this Lease and all rights of Lessee hereunder or those of any
person, firm or corporation who claims or who may hereafter claim any rights
in this Lease under or through Lessee, are hereby made subject and
subordinate to the terms, covenants and conditions of any assignment, pledge,
mortgage, lease, or other agreements covering the cars heretofore or
hereafter created and entered into by Lessor, its successors or assigns and
to all of the rights of any such assignee, pledgee, mortgagee, lessor,
transferee or

                                      8
<Page>

other holder of legal title to or security interest in the cars. During the
term of this Lease no such assignee, pledgee, mortgagee, lessor, transferee
or other holder of legal title to or security interest in the cars shall
interfere with the quiet use, possession and enjoyment of the cars by Lessee
provided that no event of default or termination event (however described)
shall have occurred under such assignment, pledge, mortgage, lease or other
agreement and provided that no event of default or termination event (however
described) has occurred under this Lease and provided further that the
exercise by assignee, pledgee, mortgagee, lessor, transferee or other holder
of legal title to or security interest in the cars of their respective rights
under or in connection with such assignment, pledge, mortgage, lease or other
agreement or this Lease shall not constitute such an interference. Lessee
hereby agrees that Lessor or such assignee, pledgee, mortgagee, lessor,
transferee or other holder of legal title to or security interest in the cars
may terminate this Lease simultaneously with the termination of any such
assignment, pledge, mortgage, lease or other agreement and that upon such
termination, Lessee shall redeliver the cars to Lessor. Any sublease or
assignment of the cars permitted by this Lease that is entered into by Lessee
or its successors or assigns shall contain language which expressly makes
such assignment or sublease subject to the subordination contained herein. At
the request of Lessor or any assignee, pledgee, mortgagee, lessor, transferee
or other holder of the legal tithe to or security interest in the cars,
Lessee, at Lessor's expense, shall letter or mark the cars to identify the
legal owner of the cars and, if applicable. place on each side of each car,
in letters not less than one inch in height, the words "Ownership Subject to
a Security Lease Filed with the Surface Transportation Board" or other
appropriate words reasonably requested.

         In the event that Lessor assigns its interest in this Lease, Lessee,
at the request of Lessor, shall execute and deliver to Lessor an
Acknowledgment of Assignment of Lease in form satisfactory to Lessor and upon
such request and execution furnish to Lessor an opinion of counsel that such
Acknowledgment has been duly authorized, executed and delivered by Lessee and
constitutes a valid, legal and binding instrument, enforceable in accordance
with its terms.

                          ARTICLE 13: DEFAULT BY LESSEE

         If Lessee defaults in the payment of any sum of money to be paid
under this Lease and such default continues for a period of ten (10) days
after written notice to Lessee of such default; or if Lessee fails to perform
any covenant or condition required to be performed by Lessee which failure
shall not be remedied within ten (10) days after notice thereof by Lessor to
Lessee; or if Lessee shall dissolve, make or commit any act of bankruptcy, or
if any proceeding under any bankruptcy or insolvency statute of any laws
relating to relief of debtors is commenced by Lessee, or if any such
proceeding is commenced against Lessee and same shall not have been removed
within thirty (30) days of the date of the filing thereof, or if a receiver,
trustee or liquidator is appointed for Lessee or for all or a substantial
part of Lessee's assets with Lessee's consent, of if, without Lessee's
consent, the same shall not have been removed within thirty (30) days of the
date of the appointment thereof; or if an order, judgment or decree be
entered by a court of competent jurisdiction and continue unpaid and in
effect for any period of thirty (30) consecutive days without a stay of
execution; or if a writ of attachment or execution is levied on any car and
is not discharged within ten (10) days thereafter, Lessor may exercise one or
more of the following remedies with respect to the cars:

                                      9
<Page>

         1.       Immediately terminate this Lease and Lessee's right hereunder;

         2.       Require Lessee to return the cars to Lessor at Lessee's
                  expense, and if Lessee fails to so comply. Lessor may take
                  possession of such cars without demand or notice and
                  without court order or legal process. Lessee hereby waives
                  any damages occasioned by such taking of possession whether
                  or not Lessee was in default at the time possession was
                  taken, so long as Lessor reasonably believes that Lessee
                  was in default at such time; Lessee acknowledges that it
                  may have a right to notice of possession and the taking of
                  possession with a court order or other legal process.
                  Lessee, however, knowingly waives any right to such notice
                  of possession and the taking of such possession without
                  court order or legal process;

         3.       Lease the cars to such persons, at such rental and for such
                  period of tine as Lessor shall elect. Lessor shall apply
                  the proceeds from such leasing, less all costs and expenses
                  incurred in the recovery, repair, storage and renting of
                  such cars, toward the payment of Lessee's obligations
                  hereunder. Lessee shall remain liable for any deficiency,
                  which, at Lessor's option, shall be paid monthly, as
                  suffered, or immediately or at the end of the Lease term as
                  damages for Lessee's default;

         4.       Bring legal action to recover all rent or other amounts
                  then accrued or thereafter accruing from Lessee to Lessor
                  under any provision hereunder;

         5.       Pursue any other remedy which Lessor may have.

         Each remedy is cumulative and may be enforced separately or
concurrently. In the event of default, Lessee shall pay to Lessor upon demand
all costs and expenses including reasonable attorneys' fees expended by
Lessor in the enforcement of it rights and remedies hereunder, and Lessee
shall pay interest on any amount owing to Lessor from the time such amount
becomes due hereunder at a rate per annum equal to three percentage points
above the prime rate of Chase Manhattan Bank (or its successor), such rate to
be reduced, however, to the extent it exceeds the maximum rate permitted by
applicable law. In addition, Lessee shall, without expense to Lessor, assist
Lessor in repossessing the cars and shall, for a reasonable time if required,
furnish suitable trackage space for the storage of the cars.

         If Lessee fails to perform any of its obligations hereunder, Lessor,
at Lessee's expense, and without waiving any rights it may have against
Lessee for such nonperformance, may itself render such performance. Lessee
shall reimburse Lessor on demand for all sums so paid by Lessor on Lessee's
behalf, together with interest at a rate equal to three percentage points
above the prime rate of Chase Manhattan Bank (or its successor), such rate to
be reduced however, to the extent it exceeds the maximum rate permitted by
applicable law.

                       ARTICLE 14: DELIVERY AT END OF TERM

         Lessee shall not deliver the cars prior to the end of the term
without the prior written consent of Lessor. Notwithstanding anything
contained herein to the contrary. Lessee shall not

                                      10
<Page>

load any car leased hereunder during the final fifteen (15) days of the term,
except as otherwise provided in the Rider(s).

         At the end of the term, Lessee, at its expense, shall deliver each
car to Lessor, or to a subsequent lessee, at the point designated by Lessor,
empty, free from residue, and in the same good order and condition as it was
delivered by Lessor to Lessee, ordinary wear and tear excepted. Lessee, at
its expense, shall remove or cause to be removed from the cars any of
Lessee's special advertising, lettering or other markings. Lessee shall, on
demand, reimburse Lessor for the expense of cleaning any car that contains
residue or such other cost which may be incurred to place a car in the
condition describes above.

         If any car is not redelivered to Lessor or not delivered to a
subsequent lessee on or before the date on which the term ends, or in the
event that a car so delivered is not in the condition required by this
Article 14, Lessee shall pay rental for each day that each car is not
delivered as required herein or until each car is delivered in the condition
required, at a prorated monthly rental rate determined in accordance with the
monthly rental rate set forth in the Rider(s). Lessee shall pay to Lessor on
or before the last day of each month the amount lessee is obligated to pay to
Lessor for such month under this Article 14. In addition to any other
indemnity provided herein and any payments to be made to Lessor hereunder,
Lessee shall also indemnify and hold Lessor harmless from and against all
losses, injuries, liabilities, claims and demands whatsoever, including those
asserted by a subsequent lessee arising out of or as a result of such late
delivery or failure to deliver in the condition required.

                   ARTICLE 15: WARRANTIES AND REPRESENTATIONS

         LESSOR MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED,
AS TO THE CONDITION, MERCHANTABILITY, FITNESS FOR PARTICULAR PURPOSE OF ANY
OTHER MATTER CONCERNING THE CARS. LESSEE HEREBY WAIVES ANY CLAIM IT MIGHT
HAVE AGAINST LESSOR FOR ANY LOSS, DAMAGE OR EXPENSE CAUSED BY THE CARS OR BY
ANY DEFECT THEREIN. Lessee shall be solely responsible for determining that
the specifications and design of any car are appropriate for the commodities
therein. During the period of any lease hereunder in which Lessee renders
faithful performance of its obligations, Lessor hereby assigns to Lessee any
factory or dealer warranty, whether express or implied, or other legal right
Lessor may have against the manufacturer in connection with defects in the
cars covered by this Lease.

                         ARTICLE 16: OPINION OF COUNSEL

         Lessee, on or before the execution of this Lease, shall furnish to
Lessor an opinion of Lessee's counsel, satisfactory to counsel for Lessor and
in form and substance satisfactory to such counsel, that as of the date of
the Lease:

         1.       Lessee is a corporation duly incorporated, validly
                  existing, and in good standing under the laws of the State
                  of South Dakota and is either duly qualified to do business
                  and is in good standing in such other jurisdictions in
                  which the business

                                      11
<Page>

                  and activities of Lessee require such qualification or its
                  failure to so qualify in such other jurisdiction will not
                  have a material adverse impact on this Lease.

         2.       Lessee has full corporate power to enter into this Lease.

         3.       The Lease has been duly authorized, executed and delivered
                  by Lessee and constitutes a valid, legal and binding
                  agreement, enforceable in accordance with its terms.

         4.       No approval is required by Lessee from any governmental or
                  public body or authority with respect to the entering into
                  or performance of this Lease.

         5.       The entering into and performance of this Lease will not
                  conflict with, or result in a breach of, the terms,
                  conditions or provision of any law or any regulations,
                  order, injunction, permit, franchise or decree of any court
                  or governmental instrumentality.

         6.       The entering into and performance of this Lease will not
                  conflict with, or result in a breach of, the terms,
                  conditions or provisions of any indenture, agreement or
                  other instrument to which Lessee is party or by which it or
                  any of its property is bound.

                         ARTICLE 17: RIGHT OF INSPECTION

         Lessor, or its assignee, shall, at any reasonable time and without
interfering with Lessee's operations, have the right to inspect the cars by
its authorized representative wherever they may be located for the purpose of
determining compliance by lessee with its obligations hereunder. Lessee shall
use its best effort to obtain permission, if necessary, for Lessor or its
representative to enter upon any premises where the cars may be located.

                         ARTICLE 18: REPORT AND NOTICES

A. NOTIFICATION OF LIENS

         Lessee shall notify Lessor, in writing, within three (3) days after
any attachment, lien (including any tax and mechanics' liens) or other
judicial process attaches to the cars.

B. REPORT OF LOCATION

         Within five (5) days after receipt of written demand from Lessor,
Lessee shall give Lessor written notice of the approximate location of the
cars.

                        ARTICLE 19: ASSIGNMENT OF RIGHTS

                                      12
<Page>

         Except as otherwise provided in Article 12 and Paragraph C of
Article 7, this Lease shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and assigns.

                          ARTICLE 20: GOVERNMENTAL LAWS

         Lessee shall comply with all governmental laws, rules, regulations,
requirements and the Interchange Rules (herein collectively referred to as
the "Rules") with respect to the use, operation and maintenance of any
interior lading protective devices, special interior linings or removable
parts. Lessee, at its expense, shall further comply with the Rules in the
event such Rules require a change or replacement of any equipment or
appliance on the cars or in case any additional or other equipment or
appliance is required to be installed on the cars.

         ARTICLE 21: USE OF CARS ON CERTAIN ROAD UNDER AAR CIRCULAR OT-5

         Lessor shall have no responsibility and it shall be Lessee's sole
responsibility to obtain from any railroad all the necessary authority to
place the cars in service under the provisions of AAR Circular OT-5 as
promulgated by the AAR and all supplements thereto and reissues thereof or
subsequent directives (such authority hereinafter called "consent(s)").
Lessor shall not be liable for Lessee's failure to obtain such consents for
any reason whatsoever and this Lease shall remain in full force and effect
notwithstanding any failure of Lessee to obtain such consents.

                       ARTICLE 22: ADMINISTRATION OF LEASE

         Lessee agrees to make available to Lessor information concerning the
movement of the cars reasonably required for the efficient administration of
this Lease.

         Lessee agrees to cooperate with Lessor for the purpose of complying
with any reasonable requirements of any lender, the Surface Transportation
Board or the provisions of Article 9 of the Uniform Commercial Code provided
such cooperation does not materially affect the rights of liabilities or
Lessee hereunder.

                            ARTICLE 23: MISCELLANEOUS

A. ENTIRE AGREEMENT

         This Lease, together with any and all exhibits attached hereto,
constitutes the entire agreement between Lessor and Lessee and it shall not
be amended, altered or changed except by written agreement signed by the
parties hereto. No waiver of any provision of this Lease nor consent to any
departure by Lessee therefrom shall be effective unless the same shall be in
writing signed by both parties, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given.

B. GOVERNING LAW

                                      13
<Page>

         This Lease shall be interpreted under and performance shall be
governed by the laws of the State of Texas.

G. CONFLICT WITH INTERCHANGE RULES

         In the event the Interchange Rules conflict with any provision of
this Lease, this Lease shall govern.

D. RIDERS AND EXHIBITS

         All Riders and Exhibits attached hereto are incorporated herein by
this reference.

E. PAYMENTS

         All payments to be made under this Lease shall be made at the
addresses set forth in Article 6.

F. SEVERABILITY

         If any term or provision of this or the application thereof shall,
to any extent, be invalid or unenforceable, such invalidity or
unenforceability shall not affect or render invalid or unenforceable any
other provision of this Lease, and this Lease shall be valid and enforced to
the fullest extent permitted by law.

G. HEADING

         The headings that have been used to designate the various Sections
and Articles hereof are solely for convenience in reading and ease of
reference and shall not be construed in any event or manner as interpretive
or limiting the interpretation of the same.

H. SURVIVAL

         All indemnities contained in this Lease shall survive the
termination hereof. In addition, the obligation to pay any deficiency as well
as the obligation for any and all other payments by Lessee to Lessor
hereunder shall survive the termination of this Agreement or the Lease
Contained herein.

                        ARTICLE 24: ADDRESSING OF NOTICES

         Any notice required or permitted hereunder shall be in writing and
shall be delivered to the respective parties hereto by personal delivery
thereof or by telegram, telex, telecopier or deposit in the United States
mail as a certified matter, return receipt requested, postage prepaid, and
addressed to the respective parties as follows, unless otherwise advised in
writing.

Lessee to Lessor:                      Lessor to Lessee:

                                      14
<Page>

Trinity Industries Leasing Company     South Dakota Soybean Processors
70 West Madison Street, Suite 1960     100 Caspian Avenue
Chicago, Illinois 60602-4391           Volga, South Dakota 57071-9006

ATTN:    Thomas C. Jardine             ATTN:    Rodney Christianson
         Vice President                         Chief Executive Officer

                                      15
<Page>

         IN WITNESS WHEREOF, the parties hereto have caused this instrument
to be executed and delivered as of the 25th day of February, 2002.

LESSOR: TRINITY INDUSTRIES LEASING COMPANY

By: /s/ Thomas C. Jardine
    -----------------------------------
         Thomas C. Jardine
         Vice President

ATTEST:

By: /s/ Neil O. Shoop
    -----------------------------------
         Assistant Secretary

LESSEE: SOUTH DAKOTA SOYBEAN PROCESSORS

By: /s/ Rodney Christianson
    -----------------------------------

Title: CEO

ATTEST:

By: /s/ Roxanne Knapp
    -----------------------------------

                                      16
<Page>

THE STATE OF TEXAS       )
                         )
COUNTY OF DALLAS         )

    Before me, the undersigned, a Notary Public in and for said County and
State, on this day personally appeared Thomas G. Jardine, known to me to be
the person and officer whose name is subscribed to the foregoing instrument,
and acknowledged to me that the same was the act of the said Trinity
Industries Leasing Company, a Delaware corporation, and that he executed the
same as the act of such corporation for the purposes and consideration
therein expressed, and in the capacity therein stated.

    Given under my hand and seal of office this the 27 day of FEBRUARY, 2002.

 /s/ Brandie Howard
---------------------------------------
Notary Public                                                 [SEAL]
My Commission Expires: 12/28/05
                       --------

THE STATE OF SOUTH DAKOTA )
                          )
COUNTY OF BROOKINGS       )

    Before me, the undersigned, a Notary Public in and for said County and
State, on this day personally appeared RODNEY CHRISTIANSON known to be the
person and officer whose name is subscribed to the foregoing instrument, and
acknowledged to me treat the same was the act of the said South Dakota
Soybean Processors, a South Dakota corporation, and that he executed the same
as the act of such corporation far the purposes and consideration therein
expressed, and in the capacity therein stated.

    Given under my hand and seal of office this the 25 day of FEBRUARY, 2002.

/s/ Beverly Kleinjan
---------------------------------------
Notary Public                                                 [SEAL]
My Commission Expires: OCTOBER 20, 2006

                                      17
<Page>

                                    EXHIBIT A

                    CERTIFICATE OF ACCEPTANCE OF RAILROAD CAR

         This Certificate relates to the railroad cars listed below leased by
Trinity Industries Leasing Company, to South Dakota Soybean Processors under
a Lease Agreement for one hundred (100) railroad cars dated February 12, 2002
into which this certificate is incorporated (by Article 3 thereof).

Railcar Numbers
---------------

         Lessee hereby certifies that the railcars listed above were
delivered to and received by Lessee, inspected, determined to be acceptable
under the applicable standards (set forth in Article 3 of the Lease
Agreement); and Lessee hereby certifies its acceptance of the railcars as of
___________________.

LESSEE:  SOUTH DAKOTA SOYBEAN PROCESSORS

BY:
         -----------------------------------------------------

TITLE:
         -----------------------------------------------------

                                      18

<Page>

                RIDER ONE (1) TO RAILROAD CAR NET LEASE AGREEMENT

         Effective this 12TH day of FEBRUARY, 2002, this Rider shall become a
part of the Railroad Car Net Lease Agreement between Trinity Industries
Leasing Company, Lessor, and South Dakota Soybean Processors, Lessee, dated
February 12, 2002 and the cars described herein shall be leased to Lessee,
subject to the terms and conditions in said Railroad Car Net Lease Agreement,
during the term and for the rental shown below:

<Table>
<Caption>
                                                                              Approximate               Base
       Number                                                                   Capacity               Monthly
         of                                                                  (gallonage or             Rental
        Cars                         Type and Description                     cubic feet)             (Per Car)
<S>                    <C>                                                   <C>                      <C>
         100           AAR211A100W1 insulated and exterior coiled tank       29,188 gallons            $383.00
                                                                                                        ------
                       car; marked SDPX and numbered 97001 through
                       97100.
</Table>

SDSP "Large" Logo is included in price.

PLACE OF DELIVERY - Lessor shall cause the cars to be delivered to Lessee at
Volga, South Dakota.

         Lessor and Lessee agree that this Rider shall constitute a separate
Lease which incorporates the terms of the above referenced Railroad Car Lease
Agreement. This Rider shall be severable from any other cars or riders
relating to the above referenced Railroad Car Lease Agreement and shall
become a separate lease which is separately transferable for all purposes.

         The minimum rental period for the cars leased hereunder shall be 216
months, and the cars shall continue under lease thereafter for successive
twelve (12) month terms, al the same rate and under the same conditions,
unless notice, in writing, requesting cancellation shall be given by either
party to the other at least sixty (60) days prior to expiration or the
initial term or any successive term for cars covered by this Rider.
Thereafter, this Rider shall terminate automatically upon the date of release
of the last car covered by this Rider.

TRINITY INDUSTRIES LEASING COMPANY

By:  /s/ Thomas C. Jardine
     ----------------------------------
         Thomas C. Jardine
         Vice President

SOUTH DAKOTA SOYBEAN PROCESSORS

By:  /s/ Rodney Christianson
     ----------------------------------
         Title: CEO

                                      19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]