2015 Performance Benchmarking Alan Childs | Brian Parker June 16, 2016 Introduce Alan and self if moderator does not do so. Set the stage to hold all questions to the end Offer for those that want the presentation to come up after and give contact information instead of coming up and taking pictures Innovative. Precise. Secure.

Agenda MetaFarms Overview Benchmarking and the Data Sow Performance Closeout Performance – Nursery Closeout Performance – Finishing Closeout Performance – Wean to Finish Market Sales Briefly touch upon what will be covered at a high level and move on

About MetaFarms Founded in 2000 Headquarters in Burnsville, MN Diverse employee backgrounds that understand the business Integrated Software Production Platform (SaaS) Sow, Feed, Finish, Sales, Assurance MetaFarms Analytics, Research & Technology (MART) platform Benchmarking, Analytics, Innovation Services - Employee base: deep understanding of swine production combined with folks that understand the software business - Production platform: full production platform from Sow to Finish and recently released our first Compliance component with Assurance to perform Audits, Assessments, Checklists as well as help streamline the VFD process that I’m sure many are trying to get your arms wrapped around. MART: MART is our MetaFarms Analytic, Research and Technology Platform

About MetaFarms Multi Species – Swine, Poultry 15 million active finish pigs on feed and over 725,000 active sows Global customer base – both large and small vXchnge: a colocation services provider, with its secure and fully monitored data center Sungard Availability Services Hybrid Cloud Solutions for its disaster recovery

MetaFarms Proven Platform CUMULATIVE HARVEST DATA ON METAFARMS PLATFORM Some of MetaFarms Swine Sales Data Partners (15+): Cargill/Excel Farmland Foods Hormel Foods HyLife Foods Indiana Packers Corp (IPC) JBS Swift Packer Maple Leaf Foods (Canada) Morrell Olymel LP (Canada) PIP/Lynch Smithfield Seaboard Foods Swift & Co. Triumph Foods Tyson Fresh Meats 35+ Feed Mill Interfaces Highlight the growth we seen and touch upon the relationships with Packers and Feed Mill interfaces…streamlining the process and reducing data entry mistakes Diverse, and global customer base that includes some of the largest protein businesses in the world as well as some of the smallest. 15 million active finish pigs on feed and over 725,000 active sows.

Benchmarking and the Data Unbiased Data – includes all sites on the MetaFarms Production Platform Numbers in Isolation Performance measurements (including KPIs) mean very little in and of themselves without a basis of comparison. You can’t just look at numbers in isolation; rather, they need to be compared to an objective standard. Benchmarking Identify Opportunities, Focus on Areas, Profit/Loss, Small Improvements – Big Impact Numbers in Isolation The concept of benchmarking goes back to the idea that performance measurements (including KPIs) mean very little in and of themselves without a basis of comparison. You can’t just look at numbers in isolation; rather, they need to be compared to (or benchmarked against) an objective standard. Identify Opportunities, Multi-Purpose Indicators, Focus on Areas, Profit/Loss, Small Improvements – Big Impact, Look at Potential

MetaFarms Sow

Over The Years Trend here is to show the total born increases and weaned pigs trends. Piglet mortality bumped up in 2014 from PED but rebounded back down to 12.6% in 2015.

Sow Farm Performance 2013 2014 2015 No. Sows 615,113 692,315 701,200 Pigs weaned / mated female / yr (PWMFY) 24.4 24.0 24.9 Lb weaned / sow / yr 338 334 339 Farrowing Rate 85.9% 85.2% 84.1% Average total born 13.4 13.5 13.6 Birth loss % 9.4% 9.6% Pigs out the door has rebounded from 2014 PED year Total born steady – Farrowing rate drop maybe new farms coming on our system

Sow Farm Performance 2013 2014 2015 Average live born 12.1 12.2 12.4 Pre-wean mortality % 13.5% 14.7% 12.6% Pigs weaned / sow 10.2 10.4 Average wean weight (pig) 13.6 13.4 Pigs weaned per sow lifetime 42.2 43.4 39.7 Sow Deaths / Destroyed % 8.2% 9.3% 10.4% Pigs weaned per sow gaining again Wean weight is less but again maybe new farms coming on our system Avg live born due to genetics, farrowing care

Sow Farm Performance Sow Herd Size <1000 1,000-1,999 2,000-2,999 3,000-3,999 4,000-4,999 5,000+ No. Sows 56,150 130,604 177,236 87,818 113,533 135,660 Pigs weaned / mated female / yr (PWMFY) 22.3 24.3 24.5 25.5 24.7 26.7 Total Productivity IndexTM (mated) 44.3 47.0 48.9 47.4 51.3 Farrowing Rate 80.5% 83.6% 83.0% 85.3% 84.8% 86.3% Average Total Born 13.5 13.7 13.6 Birth loss % 10.3% 10.2% 9.4% 9.5% 10.6% 7.5% Average Live Born 12.1 12.3 12.4 12.7 Pre-Wean Mortality % 12.6% 13.3% 12.0% 13.1% 13.9% 12.2% Pigs Weaned / sow 10.4 10.5 10.3 10.1 10.7 Average wean weight (pig) 13.1 14.2 14.6 12.5 Pigs weaned per sow lifetime 41.8 37.7 38.3 43.6 42.5 Sow Death / Destroy % 9.2% 10.0% 11.3% 11.0% 11.1% New item we did for our customers this year was herd size performance

Sow Farm Performance Herd Size Shows difference of small vs large herd size Herd Size

Sow Farms ranked on Pigs Weaned / Mated Female / Year Sow Farm Performance Sow Farms ranked on Pigs Weaned / Mated Female / Year Bottom 10% Bottom 33% Average Top 33% Top 10% Pigs weaned / mated female / yr (PWMFY) 16.9 21.1 24.9 27.3 28.9 Total Productivity IndexTM (mated) 32.5 40.6 47.8 52.5 55.5 lb weaned / sow / year 220.5 264.7 330.0 356.1 370.6 Farrowing Rate 82.9% 85.3% 86.7% 88.0% 89.7% Average Total Born 12.7 13.2 13.6 13.9 14.1 Birth loss % 11.6% 11.2% 9.4% 8.0% 7.2% Average Live Born 11.3 11.7 12.4 12.8 13.0 Pre-Wean Mortality % 15.1% 13.2% 12.6% 12.0% Pigs Weaned / sow 9.4 9.8 10.4 10.8 11.1 Average wean weight (pig) 14.5 13.8 13.4 13.1 Pigs weaned per sow lifetime 34.9 34.1 39.7 40.8 Sow Death / Destroy % 11.9% 10.4% 9.0% 8.4% Ranked so rows are correct for % Farrowing rate difference Lower birth loss Lower piglet mortality

Sow Farm Ranked on PWMFY Farrowing rate difference Lower birth loss Lower piglet mortality Bottom 10% Bottom 33% Average Top 33% Top 10%

Sow Farm Percentiles 10% 20% 30% 40% 50% 60% 70% 80% 90% 20.1 22.1 Pigs weaned / mated female / yr (PWMFY) 20.1 22.1 23.2 24.1 24.8 25.4 26.0 26.7 27.8 Total Productivity IndexTM (mated) 38.5 42.4 44.6 46.3 47.5 48.8 49.8 51.3 53.4 Weaned Sows bred < 7 days % 76.0% 82.1% 85.1% 87.1% 88.6% 89.6% 90.8% 92.0% 93.9% Conception Rate (35 days) 86.3% 88.1% 90.0% 91.1% 92.6% 93.3% 94.5% 96.0% Farrowing Rate 74.8% 78.2% 80.7% 82.0% 83.8% 85.4% 86.7% 88.0% 89.9% Average Total Born 12.2 12.7 13.1 13.4 13.6 13.8 14.0 14.2 14.5 Birth loss % 13.6% 11.6% 10.6% 10.0% 9.4% 8.8% 8.4% 7.7% 6.8% Avg Live Born 11.0 11.5 11.8 12.1 12.4 12.6 12.9 Pre-Wean Mortality % 7.2% 9.2% 10.5% 11.8% 12.6% 14.5% 15.3% 16.9% Pigs Weaned / sow 9.3 9.8 10.1 10.3 10.4 10.6 10.7 10.9 11.2 Average wean weight (pig) 13.2 13.5 14.4 15.0 Sow Mortality 12.9% 10.7% 8.6% 7.8% 6.9% 5.7% Across not down Best in each row Pigs weaned per sow range

Sow Farm Percentiles Pigs weaned per sow Sow mortality

MetaFarms Grow Finish Nursery, Finish and Wean-to-Finish

Closeout Performance - Nursery 2013 2014 2015 No. Groups 7,307 6,349 6,907 Started 13,128,104 12,513,662 14,588,575 Started Wt 13.0 12.9 Avg Out Wt w/o Dead Wt 51.9 53.0 54.2 Actual Sqft/Pig 2.8 Lb Feed Per Hd 63.0 65.0 64.7 Feed Cost per Lb Gain Prod 0.3737 0.3431 0.2843 Mortality as % of Pigs In 3.6% 3.1% Mortality dropped in 2015, feed cost per pound of gain improved significantly Pounds of feed consumed drop slightly while out weight was up

Closeout Performance - Nursery 2013 2014 2015 ADG 0.82 0.84 0.86 FC 1.64 1.62 1.60 Adj FCR* 1.66 1.61 ADFI 1.38 1.42 1.37 Avg DOF 46.7 46.6 47.3 Days to First STD Sale  -- Avg Feed Cost/Ton $462.00 $474.00 $355.33 Avg Corn Cost/Bu $6.57 $4.55 $3.79 Avg DDGS Cost/Ton $448.00 $174.17 $140.53 Avg SBM Cost/Ton $243.00 $443.62 $342.14 Daily gain continues to improve Feed costs continue in growers favor *Adjusted FCR for Nursery was 12-55 lb.

Nursery – Percentile breakdown 10% 20% 30% 40% 50% 60% 70% 80% 90% Start Wt 11.7 12.0 12.2 12.6 13.0 13.2 13.6 13.9 14.5 Avg Out Wt w/o Dead Wt 37.8 41.6 45.3 49.0 52.2 55.7 59.6 62.7 67.3 Actual Sqft/Pig 2.4 2.5 2.7 2.8 2.9 3.1 3.2 3.6 lb feed per Hd 38.0 43.8 49.5 55.1 60.8 66.6 73.4 81.2 91.0 Feed Cost per lb gain Prod 0.3889 0.3523 0.3287 0.3105 0.2937 0.2786 0.2630 0.2469 0.2265 Mortality as % of Pigs In 6.0% 4.4% 3.5% 2.9% 2.4% 2.0% 1.6% 1.2% 0.8% ADG 0.62 0.70 0.76 0.81 0.85 0.88 0.92 0.97 1.02 FC 1.90 1.78 1.70 1.65 1.59 1.55 1.50 1.45 1.36 Adj FCR* 1.95 1.81 1.73 1.67 1.61 1.56 1.51 ADFI 0.99 1.09 1.17 1.25 1.32 1.40 1.48 1.57 1.69 Avg DOF 36.6 39.2 41.4 44.2 46.9 51.0 53.2 55.4 Avg Feed Cost/Ton 471.12 429.70 405.21 386.25 367.34 350.10 335.05 316.34 293.87 Avg Corn Cost/Ton 4.46 4.00 3.91 3.83 3.78 3.70 3.62 3.55 3.47 Avg DDGS Cost/Ton 184.43 175.00 168.00 159.00 148.09 138.22 130.33 122.43 112.00 Avg SBM Cost/Ton 379.64 368.36 358.60 349.00 340.22 331.82 324.00 314.38 304.28 Each row is on its own – read across not down ADG example .62 our worse, 1.02 our best Mortality 6% compared to .08% *Adjusted FCR for Nursery was 12-55 lb.

Nursery – Percentile breakdown Compare from 10% to 90% ADG – starting weight has a lot to do with this Mortality large difference 10% 20% 30% 40% 50% 60% 70% 80% 90%

Nursery – Starting Weight Starting Weight in pounds <10 10 11 12 13 14 15 16 17+ No. Groups 38 228 730 2506 2016 920 265 81 44 Start Wt 9.8 10.6 11.5 12.4 13.5 14.3 15.3 16.4 17.4 Avg Out Wt w/o Dead Wt 47.7 47.1 51.4 53.7 54.9 58.5 56.0 60.2 58.3 Actual Sqft/Pig 2.5 2.7 2.8 2.9 2.6 2.4 lb feed per Hd 59.30 54.33 61.60 64.45 64.55 71.39 64.46 70.30 66.53 Feed Cost per lb gain Prod 0.2270 0.2575 0.2817 0.2805 0.2972 0.2819 0.3038 0.2944 0.2981 Mortality as % of Pigs In 3.2% 3.6% 2.8% 3.1% 3.7% 2.9% 3.8% 2.5% ADG 0.79 0.76 0.82 0.85 0.87 0.90 0.93 FC 1.59 1.53 1.60 1.65 1.62 1.66 1.67 Adj FCR* 1.61 1.64 ADFI 1.26 1.16 1.31 1.36 1.38 1.48 1.42 1.49 1.56 Avg DOF 47.0 46.8 47.2 47.3 46.9 48.5 45.5 42.7 Avg Feed Cost/Ton 285.46 339.79 362.98 352.36 371.16 336.14 374.52 354.35 357.37 Comparison by starting weight placed in group You can compare down on this one ADG impact and ADFI *Adjusted FCR for Nursery was 12-55 lb.

Nursery – Starting Weight Lighter start weights slow group development Starting weight in pounds

Nursery – Mortality <1% 1-2% 2-3% 3-4% 4-5% 5-6% 6-7% 7-8% 8-9% Mortality as % of Pigs In <1% 1-2% 2-3% 3-4% 4-5% 5-6% 6-7% 7-8% 8-9% 9-10% >10% No. Groups 1,017 1,734 1,471 982 604 342 224 122 97 58 201 Start Wt 12.9 12.8 13.0 Avg Out Wt w/o Dead Wt 52.0 53.5 54.9 56.0 56.1 55.0 54.6 52.4 52.7 51.9 Actual Sqft/Pig 2.7 2.8 2.3 2.2 2.1 2.0 2.6 lb feed per Hd 59.99 63.81 65.8 67.82 67.42 66.7 65.57 60.97 63.36 64.14 62.01 Feed Cost per lb gain Prod 0.2745 0.2768 0.2814 0.2851 0.2976 0.3030 0.3110 0.3146 0.3197 0.3140 0.3483 ADG 0.89 0.87 0.86 0.85 0.82 0.80 0.76 0.74 0.72 FC 1.54 1.59 1.60 1.62 1.63 1.66 1.65 1.70 1.82 Adj FCR* 1.58 1.61 1.64 1.73 1.76 1.78 1.86 ADFI 1.37 1.38 1.40 1.39 1.32 1.25 1.26 1.22 Avg DOF 43.9 46.2 47.9 48.7 49.1 49.8 50.4 50.3 49.4 Avg Feed Cost/Ton 353.78 349.78 352.03 353.17 367.91 364.60 370.25 384.30 374.71 369.31 381.47 Med Costs Per Pig 2.58 2.75 3.01 3.15 3.25 3.02 3.08 3.41 3.39 3.84 3.34 Groups with high mortality have lower ADG, worse Feed Conversion, lower ADFI. Okay to compare down Daily gain impact, FC Days of Feed less on lower mortality *Adjusted FCR for Nursery was 12-55 lb.

Nursery – Mortality <1% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%+ Groups with high mortality have lower ADG, worse Feed Conversion <1% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%+ *Adjusted FCR for Nursery was 12-55 lb.

Closeout Performance - Finishing 2013 2014 2015 No. Groups 8,003 7,874 9,208 Started 14,320,145 14,408,495 16,605,789 Started Wt 52.8 54.6 53.6 Avg Out Wt w/o Dead Wt 271.1 280.9 279.8 Actual Sqft/Pig 7.2 7.3 Market Sales as % of Pigs Out 93.00% 92.90% 92.52% Lb Feed Per Hd 611.0 640.0 634.9 Feed Cost per Lb Gain Prod $ 0.4347 $ 0.3438 $ 0.3019 Mortality as % of Pigs In 4.4% 4.1% Mortality again has dropped compared to 2014 Market weight dropped slightly

Closeout Performance - Finishing 2013 2014 2015 ADG 1.82 1.85 1.87 FC 2.83 2.87 2.84 Adj FCR* 2.65 2.79 2.78 ADFI 5.16 5.31 5.32 Avg DOF 119.0 121.2 119.6 Days to First (Top Out) Sale 103 106 Avg Feed Cost/Ton $309.76 $247.72 $208.47 Avg Corn Cost/Bu $6.78 $4.62 $3.81 Avg DDGS Cost/Ton $251.28 $188.52 $140.96 Avg SBM Cost/Ton $451.37 $449.67 $355.19 Average daily gain up Fewer days on feed to match lower market weights *Adjusted FCR for Finishing was 50-270 lb.

Finish – Percentile breakdown 10% 20% 30% 40% 50% 60% 70% 80% 90% Start Wt 33.9 38.5 42.7 47 50.9 55 59.1 62.8 68.6 Avg Out Wt w/o Dead Wt 264.1 269.7 273.8 277.1 280.3 283.3 286.5 290.4 296.5 lb feed per Hd 724.2 697 676 656.5 638.5 621.4 603.5 584 557.7 Feed Cost per lb gain Prod 0.3414 0.3230 0.3117 0.3025 0.2942 0.2863 0.2786 0.2694 0.2576 Mortality as % of Pigs In 8.0% 6.0% 4.9% 4.2% 3.6% 3.1% 2.7% 2.2% 1.6% ADG 1.68 1.75 1.80 1.84 1.87 1.90 1.94 1.99 2.05 FC 3.15 3.03 2.95 2.89 2.83 2.77 2.71 2.64 2.54 Adj FCR* 3.09 2.97 2.72 2.66 2.58 2.49 ADFI 4.60 4.84 5.02 5.17 5.30 5.43 5.57 5.73 5.98 Avg DOF 139.0 132.7 128.5 124.8 121.0 117.3 113.9 110.3 105.9 Avg Feed Cost/Ton 244.11 231.46 222.18 215.27 210.15 204.96 199.28 193.33 186.42 Avg Corn Cost/Ton 4.45 4.03 3.91 3.84 3.79 3.73 3.68 3.62 3.51 Avg DDGS Cost/Ton 176.53 167.69 159.29 151.11 145.00 138.07 131.56 125.56 115.00 Avg SBM Cost/Ton 399.50 376.40 367.24 355.08 349.14 341.53 334.16 326.54 317.01 Each row is on its own – read across not down ADG example .62 our worse, 1.02 our best Mortality range is variable Days on Feed is a good example to not read across, the pigs placed for 105.9 days did not weight 296.5 pounds 90% column *Adjusted FCR for Finish was 50-270 lb.

Finish – Percentile breakdown Mortality range for our customers on low end is high Out weight ranges 10% 20% 30% 40% 50% 60% 70% 80% 90%

Closeout Performance – W2F* 2013 2014 2015 No. Groups 1,889 2,481 2,377 Started 3,863,086 5,550,928 5,220,505 Started Wt 13.5 13.2 Avg Out Wt w/o Dead Wt 270.9 282.4 278.2 Actual Sqft/Pig 7.0 6.3 7.3 Market Sales as % of Pigs Out 91.00% 91.50% 91.80% Lb Feed Per Hd 665.0 699.0 686.4 Feed Cost per Lb Gain Prod $ 0.4199 $ 0.3375 $ 0.2779 Mortality as % of Pigs In 6.30% 6.10% 5.65% These are single stocked Wean to Finish groups ONLY. Producers who do not double stock and split later Market weight drop greater here with less groups and less space than 2014 with PED *Single stock wean to finish groups only

Closeout Performance – W2F* 2013 2014 2015 ADG 1.58 1.59 1.60 FC 2.60 2.64 ADFI 4.11 4.20 4.17 Avg DOF 163.0 168.5 164.7 Days to First (Top Out) Sale 149 154 150 Avg Feed Cost/Ton $324.87 $257.54 $225.24 Avg Corn Cost/Bu $6.58 $4.51 $3.66 Avg DDGS Cost/Ton $252.94 $185.91 $148.92 Avg SBM Cost/Ton $453.44 $453.64 $357.41 Fewer days to market because market weight dropped too *Single stock wean to finish groups only

W2F – Percentile breakdown 10% 20% 30% 40% 50% 60% 70% 80% 90% Start Wt 12.0 12.3 12.8 13.0 13.2 13.5 13.9 14.2 14.9 Avg Out Wt w/o Dead Wt 264.8 269.8 273.4 276.7 279.1 281.9 284.6 287.9 292.7 lb feed per Hd 753.8 729.1 712.5 698.7 686.0 673.8 659.7 643.1 619.3 Feed Cost per lb gain Prod 0.3265 0.3140 0.3060 0.2992 0.2918 0.2844 0.2784 0.2708 0.2587 Mortality as % of Pigs In 9.4% 7.3% 6.1% 5.2% 4.5% 4.0% 3.4% 2.9% 2.3% ADG 1.49 1.53 1.56 1.59 1.61 1.64 1.67 1.70 1.75 FC 2.78 2.72 2.67 2.63 2.59 2.55 2.51 2.47 2.41 ADFI 3.83 3.95 4.03 4.10 4.18 4.25 4.32 4.41 4.54 Avg DOF 177 172 169 166 164 161 159 156 150 Avg Feed Cost/Ton 247.94 240.47 235.87 231.42 226.59 221.97 216.58 209.90 200.24 Avg Corn Cost/Ton 4.01 3.89 3.80 3.75 3.69 3.63 3.57 3.50 3.38 Avg DDGS Cost/Ton 179.54 170.73 163.61 156.75 151.46 145.29 136.12 129.82 120.00 Avg SBM Cost/Ton 410.70 381.59 369.00 357.31 348.98 344.11 338.32 331.77 323.18 Each row is on its own – read across not down Mortality / Weight out difference

W2F – Market/Out Weight 250-259 260-269 270-279 280-289 290-299 300-310 No. Groups 60 297 688 717 283 59 Start Wt 12.3 13.1 13.3 13.2 Avg Out Wt w/o Dead Wt 254.9 265.5 274.9 284.2 296.6 303.3 Actual Sqft/Pig 7.3 7.2 7.1 lb feed per Hd 632.5 649.7 677.2 701.4 732.4 757.2 Feed Cost per lb gain Prod 0.2987 0.2979 0.2953 0.2896 0.2923 0.2902 Mortality as % of Pigs In 7.94% 7.15% 6.03% 4.77% 5.23% 5.46% ADG 1.52 1.54 1.59 1.62 1.65 1.67 FC 2.63 2.58 2.60 2.59 2.62 ADFI 3.99 4.13 4.22 4.32 4.37 Avg DOF 159.3 162.6 163.8 166.2 169.4 172.8 Avg Feed Cost/Ton 226.97 230.49 227.36 223.19 223.04 221.75 Feed Med Cost Per Pig Produced 1.96 1.98 1.88 2.16 2.00 Other Med Cost Per Pig Produced 3.22 3.30 3.02 3.10 3.45 Breakdown by groups based on their marketed or out weight You read down on this one and see their performance Highest mortality and poorest ADG are on the light groups Feed costs, Med costs, and space are about the same

W2F – Market/Out Weight Mortality drops for healthier pigs brought to market Increases though over 290lb Hockey stick of mortality 250-259 260-269 270-279 280-289 290-299 300-310

Feed Costs 2015 Avg Feed $/ton Avg Corn $/bu Avg DDGS $/ton Nursery Finish W2F* Avg Feed $/ton $ 355.33 $ 208.47 $ 225.24 Avg Corn $/bu $ 3.79 $ 3.81 $ 3.66 Avg DDGS $/ton $ 140.53 $ 140.99 $ 148.92 Avg SBM $/ton $ 342.14 $ 355.19 $ 357.41 Corn% in diet 45.7% 60.0% 60.2% DDGS% in diet 12.8% 20.5% 17.4% SBM% in diet 24.3% 9.4% 13.7% Feed cost breakdown by stage for 2015 only *Single stock wean to finish groups only

Marketing - Packer Market weight by packer See where heavier hogs go and light hogs Canada overall is about the same a little lighter

Thank you! Questions? Give us your business card and we will send you a copy of the presentation