Insert your presentation title here 1 May 2005 The Role of the Consultant as a 3rd Party Advisor American Society of Agricultural Consultants: Building Your Consultancy Vernon Crowder Senior Vice President, Agricultural Economist Food & Agribusiness Research and Advisory 1 July 2019 Rabobank

Food & Agribusiness Research and Advisory (FAR): F&A Industry Expertise We invest in deep industry knowledge, which we share with our clients Food & Agribusiness Research and Advisory 80+ Analysts worldwide Global Sector-Specialist Bankers Animal Protein Grains & Oilseeds Beverages Sugar Crop Inputs Value Added Processing Dairy

Mission To provide thought leadership on the global F&A sector to create a unique competitive advantage that positions Rabobank as the world’s leading F&A bank.

Food & Agribusiness Research & Advisory Team located with our business across the Americas and around the world We focus on delivering value through knowledge Enhance client relationships Attract new clients Enhance brand positioning Contribute to risk management Knowledge products and services include Regular market reports Longer term strategic analysis Sector research Media commentary Risk reports

FAR core value proposition FAR’s competitive advantage is: Dedicated F&A focus Global footprint and local knowledge Unique insights, based on its position in the bank and regular conversations with F&A companies Integrated analytical, commercial and financial perspectives This creates value for the bank in terms of: Earn more revenue Reduce costs Optimize the use of capital Deliver on its core values – respect, integrity, professionalism, sustainability Enhance the bank’s profile

Domain expertise Megatrends Commodity market expertise Key thematic issues that will shape where the bank and clients should direct capital strategically in the coming decade Commodity market expertise Analysis of markets and prices for key commodities with exchange traded forward market, forward price transparency or which are inputs to the agriculture cost base Sector expertise Strategic perspectives on industry, value chain, country and company drivers. Medium term focus on opportunities and risks over the 2 to 5 year horizon Company expertise Macro and sector views translated to a company’s strategy and positioning. Primary agriculture expertise Analysis of primary agriculture in the most relevant producing countries and regions

Agri Commodity Outlook 7/1/2019 FAR Global A worldwide network of research professionals enthusiastic about F&A! Over 80 people in 13 different countries 9 key global sectors Animal Protein Grains & Oilseeds Farm Inputs Sugar Dairy Beverages Clean Tech Food Processing Clean Tech – Renewable Energy Rabobank

U.S. Rice: A Sticky Situation Southern U.S. Rice California Rice Long grain rice will remain under pressure in medium term Marketability only issue within their control Rice prices unlikely to follow other major grains CA has more stable foundation Continued strong production going into medium term

California Water: Tapping out Most of ag will be more vulnerable to droughts in future Environmental restrictions, outdated infrastructure, and population growth Permanent plantings will be most vulnerable Future investment will be limited unless water reliability improved Investing now will make more water available down the road Water markets and ground water management will be key nearer term

New World versus Old World Olive Oil Competition is intensifying in the large and growing US olive oil market Emerging US and New World olive oil producers in Australia and Chile are competing with Old World European and Mediterranean producers to build a premium niche segment Battle between New World quality and Old World price U.S. and other New World olive oil producers show promise long term Leverage their high quality and efficiency advantages… hope to follow in the footsteps of now globally renowned California wines

What a Consultant Offers A client sometimes lacks experience or knowledge in certain aspects of their industry They also look for new ideas and an objective perspective Consultants: Can provide competence not available elsewhere Have broader experience outside the client Have time to study the problem Are professionals Are independent Have the ability to create action based on their recommendations

Role of the Consultant Consultant should provide A solution or a method new to the client Client must achieve measurable improvement in its results by adopting the solution The client must be able to sustain the improvement over time Consultants must be effective change agents and join in accountability for the end result of their projects.

Potential pitfalls for consultants Failure to communicate Failure to identify the real problem Promising too much too soon Failure to specify roles Recommending unfeasible actions These all can jeopardize the engagement

Key factors for a Successful relationship Integrity: especially putting the client’s best interest first Clients must be involved in the project, and ready to change There must be a clear agreement, which may or may not be a formal contract, concerning project requirements and expectations The client must ultimately control the engagement, partly by using clear and limited assignments There must be a good fit between clients and consultants concerning: models of consultancy, client expectations, consultant capabilities

Top 10 Ways To Know You’re Dating/Married to A Consultant Referred to the first month of your relationship as a “diagnostic period” Talks to the waiter about process flow when dinner arrives late Takes a half day at the office because, “Sunday is your day.” Congratulates your parents for successful value creation Tries to call room service from the bedroom Ends any argument by saying, “let’s talk about this off-line.” Celebrates anniversary by conducting a performance review Can’t be trusted with the car - too accustomed to beating up rentals Valentine’s Day card has bullet points Refers to lovemaking as a “win-win”

Insert your presentation title here 29 October 2004 Contact Details “The financial link in the global food chain”™ Rabobank N.A. Vernon Crowder Senior Vice President, Agricultural Economist Food & Agribusiness Research and Advisory Vernon.Crowder@Rabobank.com DISCLAIMER Professional advice is recommended for all financial and strategic decisions. However, this information is not professional advice and has not been prepared to be used as the basis for, and should not be used as the basis for, any such decisions. This information is general in nature only and does not take into account an individual’s personal circumstances. No representation is made that any forecast or projected information is correct or will eventuate. Although reasonable efforts have been taken to ensure the accuracy of the contents of this publication, no warranty is given in regard to the total accuracy of the printed contents. The persons involved in the preparation and distribution of this information and their related persons disclaim all liability for any loss or damage suffered due to any use of or reliance on the information. Rabobank