Southern Iowa Bioenergy LLC Watch

from 10QSB 2 pages ¨ Open End Credit: You and I Agree That I May Borrow Up to the Maximum Amount of Principal More Than One Time. This Feature Is Subject to All Other Conditions and Expires on 02-16-2008 . ¨ Closed End Credit: You and I Agree That I May Borrow Up to the Maximum Only One Time (And Subject to All Other Conditions). Interest: I Agree to Pay Interest on the Outstanding Principal Balance From 07-28-2008 at the Rate of 6.433 % Per Year Until 08-28-2008. X Variable Rate: This Rate May Then Change as Stated Below. X Index Rate: The Future Rate Will Be 1.750 Percent Below the Following Index Rate: American State Bank's Variable Index Rate. ¨ No Index: The Future Rate Will Not Be Subject to Any Internal or External Index. It Will Be Entirely in Your Control. X Frequency and Timing: The Rate on This Note May Change as Often as Every 30th Day Beginning 08-28-2008. a Change in the Interest Rate Will Take Effect August 28, 2008

from S-1/A 2 pages Southern Iowa Bioenergy, LLC 115 S. Linden Lamoni, Ia 50140 Borrower's Name and Address "I" Includes Each Borrower Above, Jointly and Severally. American State Bank-Osceola P.O. Box 463 Osceola, Ia 50213 Lender's Name and Address "You" Means the Lender, Its Successors and Assigns. Port # 115150 Loan No. 280909 Date 04-09-2008 Maturity Date 08-18-2008 Loan Amount $ 40,040.00 Renewal of Conditions: The Conditions for Future Advances Are X Index Rate: The Future Rate Will Be 0.500 Percent Above the Following Index Rate: The Base Rate on Corporate Loans Posted by at Least 75% of the 30 Largest U.S. Banks Known as the Wall Street Journal Prime Rate. the Result of This Calculation Will Be Rounded to the Nearest 0.250. ¨ No Index: The Future Rate Will Not Be Subject to Any Internal or External Index. It Will Be Entirely in Your Control. X Frequency and Timing: The Rate on This Note May Change as Often as Every Day Beginning 04-10-2008 . a Change in the Interest Rate Will Take Effect on the Same Day

from POS AM 2 pages ¨ Open End Credit: You and I Agree That I May Borrow Up to the Maximum Amount of Principal More Than One Time. This Feature Is Subject to All Other Conditions and Expires on . ¨ Closed End Credit: You and I Agree That I May Borrow Up to the Maximum Only One Time (And Subject to All Other Conditions). Interest: I Agree to Pay Interest on the Outstanding Principal Balance From 04-09-2008 at the Rate of 5.750 % Per Year Until 04-10-2008 . X Variable Rate: This Rate May Then Change as Stated Below. X Index Rate: The Future Rate Will Be 0.500 Percent Above the Following Index Rate: The Base Rate on Corporate Loans Posted by at Least 75% of the 30 Largest U.S. Banks Known as the Wall Street Journal Prime Rate. the Result of This Calculation Will Be Rounded to the Nearest 0.250. ¨ No Index: The Future Rate Will Not Be Subject to Any Internal or External Index. It Will Be Entirely in Your Control. X Frequency and Timing: The Rate on This Note May Change as Often as Every Day Beginning 04-10-2008 . a Change in the Interest Rate Will Take Effect on the Same Day

from 10KSB ~5 pages Southern Iowa Bioenergy, LLC 115 S. Linden Lamoni, Ia 50140 Borrower's Name and Address "I" Includes Each Borrower Above, Jointly and Severally. American State Bank-Osceola P.O. Box 463 Osceola, Ia 50213 Lender's Name and Address "You" Means the Lender, Its Successors and Assigns. Line of Credit No. 272982 Date 12-24-2007 Max. Credit Amt. 50,000.00 Loan Ref. No. 272982 You Have Extended to Me a Line of Credit in the Amount of Fifty Thousand Forty and No/100 $50,000.00

from SB-2/A 3 pages Engagement Loan Proposal Agreement

from 10QSB 3 pages Southern Iowa Bioenergy, LLC 115 S. Linden Lamoni, Ia 50140 Borrower's Name and Address "I" Includes Each Borrower Above, Jointly and Severally. American State Bank-Osceola P.O. Box 463 Osceola, Ia 50213 Lender's Name and Address "You" Means the Lender, Its Successors and Assigns. Line of Credit No. 272102 Date 08-16-2007 Max. Credit Amt. 100,040.00 Loan Ref. No. 272102 You Have Extended to Me a Line of Credit in the Amount of One Hundred Thousand Forty and No/100 $100,040.00

from POS AM ~5 pages Change in Terms Agreement Principal $2,2000,000.00 Loan Date 07-17-2006 Maturity 10-17-2006 Loan No. 108002938 Call/Coll 1e/150 Account Officer Tlg Initials References in the Shaded Area Are for Lender's Use Only and Do Not Limit the Applicability of This Document to Any Particular Loan or Item. Any Item Above Containing "***" Has Been Omitted Due to Text Length Limitations

from 10KSB 6 pages Promissory Note Principal Loan Date Maturity Loan No. Call/Coll Account Officer Initials $2,2000,000.00 07-17-2006 10-17-2006 108002938 1e/150 Tlg References in the Shaded Area Are for Lender’s Use Only and Do Not Limit the Applicability of This Document to Any Particular Loan or Item. Any Item Above Containing “***” Has Been Omitted Due to Text Length Limitations

from 10QSB 32 pages Notice: This Mortgage Secures Credit in the Amount of $2,200,000,00. Loans and Advances Up to This Amount, Together With Interest, Are Senior to Indebtedness to Other Creditors Under Subsequently Recorded or Filed Mortgages and Liens

from SB-2 2 pages October 5, 2005 Mr. Randy Layton, Secretary’ Southern Iowa Bioenergy, LLC 207 North Main Leon, Ia 50144 Re: Financial Assistance Program Awards Award Date: September 15, 2005 Agreement #: 06-Ez-009 06-Vap-005 Dear Mr. Layton: I Am Pleased to Inform You That the Iowa Department of Economic Development Has Awarded Southern Iowa Bioenergy, LLC the Following Financial Assistance for Your Project in Lamoni, Iowa: Enterprise Zone (Ez) — Estimated Value $ 3,371.774 Value-Added Agricultural Products and Processes Financial $ 400,000 Assistance Program (Vaapfap) [$300,000 Loan, $100,000 Forgivable Loan]