Ag Processing Inc A Federated Regional Cooperative ABOUT OUR COMPANY

184 Local Cooperatives 5 Regional Cooperatives

Farmer Owned System Farmer Co-opAGP Export Customer

Producer Owned Value Added System IA Eagle Grove Manning Mason City NE MN Hastings Sheldon Emmetsburg Sgt. Bluff Dawson St. Joseph MO 9 Soybean Processing Plants 500,000 tonnes / year 2,200,000 hectares / year FarmerCo-opAGPCustomer Mason City

Producer Owned Value Added System NE IA MN Hastings Sheldon Emmetsburg Sgt. Bluff Manning Dawson St. Joseph MO Mason City Eagle Grove 3 Soy Oil Refineries 2 Methyl Esters Plant (Soy Diesel)

Producer Owned Value Added System NE IA MN Hastings MO 1 Ethanol Plant (1995) 1 Ethanol Plant (1995) 190,000,000 liters / year 190,000,000 liters / year 460,000 tons / year 460,000 tons / year 50,000 hectares / year 50,000 hectares / year

SAUDI ARABIA AGP Focuses on International Markets :

AMINOPLUS ® High-Performance Protein Source

US SOYMEAL PRICES

California Dairy CostsApr.06Apr.07Apr.08Apr.09 Euros per 100 KG Purchased Feed Homegrown Feed Total Operating Costs Calif. Mailbox Price USD=.7162 euro

Milk Production April 2008April 2009 California Arizona kg milk/month

Milk Cow Numbers and Production 22 million 9.14 million 5314 lbs lbs

Why has Amino Plus sales not slumped? Consistency of Product Maintain past customers, gain new ones Every feed ingredient during tough times must pay for itself in the ration. Amino Plus has proven to pay for itself in the ration.

AMINOPLUS ® Feeding rate of 1kg/head/day Cost replacing soybean meal = 3 – 4 cents/cow/day Response of up to 10% observed in research trials vs. non- RUP control Response, % (1.28 kg) (1.92 kg) (2.56 kg) Milk, euro/100kg Based on 32 kg milk/cow/day and 4¢ daily cost to add AminoPlus ® to ration.

Markets will improve High prices cure high prices (Grain) Large corn planting, Large soybean planting, lower domestic feed intake Low prices cure low prices (milk) Forward milk futures above breakeven value.

a cooperative