INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE Members of the Qualified State Soybean Board of _________________________________________ We have audited the financial statements of the Qualified State Soybean Board of ____________________ as of and for the year ended __________________, and have issued our report thereon dated ____________________. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Compliance with the Soybean Promotion, Research and Consumer Information Act of 1990 (the “Act”) and the Soybean Promotion and Research Order (the “Order”) relative to the use of funds collected by the State Board and with the terms described in Section 1220.228(a) of the Order relative to prohibited uses of funds collected by the State Board, and in Section 1220.211(j) of the Order relative to the investment of funds collected by the State Board, is the responsibility of the Qualified State Soybean Board of _______________________’s management. As part of our audit, we assessed the risk that noncompliance with the Act and the Order as explained above, could cause the financial statements to be materially misstated. We concluded that the risk of such material misstatement was sufficiently low that it was not necessary to perform tests of the Qualified State Soybean Board of ________________________’s compliance with the Act and the Order. However, in connection with our audit, nothing came to our attention that caused us to believe that the Qualified State Soybean Board of ___________________ has not complied, in all material respects, with the Act and the Order referred to in the preceding paragraph. This report is intended solely for the information and use of the Directors and management of the Qualified State Soybean Board, the USB and the United States Department of Agriculture, and should not be used for any other purpose.