1. Farmer Cooperatives Series Impacts What has FC series accomplished ? Things I’ve learned in 6 years from FC What will you do because of FC2003 –Board Room? –Follow up? Have Coops Changed/Improved with FC Influence? Next Level of Learning

2. What Has FC Accomplished? Farm Foundation’s and Planning Group Goals: Raising today’s issues that will be tomorrows problems –inform public decision-making –engage research community –create a dialog among influential players Year 1 Challlenge: Create Incentive to go to a new conference: CEO’s/Board Members

3. Things I’ve Put to Use Down-cycle/life cycle –Jack Gherty Virtual Cooperation –Hog Inc Closing Cooperatives –Dakota Pasta –20:80 rule Bigness:Smallness –Big in market/small in counryside-DFA Global ViewI –global with US hdqtr v. us company with international sales- Farmland One co-op does not fit all-each has own challenges/opportuniti es: multi vs single purpose, bargaining’ commodity vs branded

4. Things I’ve Put to Use Equity –more tools avail –outsidecapital not a substitute for members’capital –member capital structure issues as critical Boards and Managers –outside directors –board size matters Financial Measurement –transparency of returns to member investment is vital –create v. destroy value in co-op enterprises Producers Expectations –Pos. Outrageous Services-Alberta Wheat –Undersell/Under realize co-op potential

5. What will you do with FC 2003

6. Have Co-ops Changed/Improved More Focus on Financial Performance-math less “fuzzy” More Focus on Strategy More Focus on Membership Issues More Focus on capital-outside??? More Focus on Legal Framework More Focus on Relevant Research Crisis still appears to drive change –“offense vs. defense”

7. Ideas for Next Level Need Forum for Big Ideas –$250 M Co-op R/D Fund -for Lifesciences to obtain valuable “intellectual property” Mike Marten- VP U of Florida –Transferring government assistance to cooperatives- eg. Managed stocks and inventories;crop insurance, marketing orders- coop development and research Randy Torgerson

8. Ideas for Next Level Less emphasis on Business Strategy and Business Practices More emphasis on unique characteristics of cooperatives –debilitating factors –advantage creation factors Panels: Directors/Asking Managers What If’s- Anderson/Henehan Questions –Aligning Cooperative Business with Cooperative Purpose

9. Happy Halloween!