1. Governance Restructuring At CoBank
Everett Dobrinski, Chairman February 11, 2016

2. CoBank Elected Directors – 2016
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3. CoBank Outside & Appointed Directors – 2016
Outside Directors
Bill Farrow
CEO, Urban Partnership Bank
Illinois
Barry Sabloff
EVP, Bank One (retired)
Appointed Directors
Catherine Moyer
CEO, Pioneer Communications
Kansas
Stephanie Herseth Sandlin
Corporate attorney & former Congresswoman
South Dakota

4. CoBank Restructuring Committee
CoBank Board Members
Mary Fritz (chair)
Less Guthrie
Jim Kinsey
David Kragnes
Jon Marthedal
Gary Miller
Non-Board Customer Representatives
Patricia Anderson
Todd Foje
Andy Gilbert
Alan Hess
Julie Shiflett
Mark Stubbs

5. Restructuring Timeline
2012 a Board expands after merger with U.S. AgBank
2013 a Board consolidated to 24 elected seats per merger agreement
2014 a Appointment of board restructuring committee
2015 a Governance bylaw changes approved by shareholders
a Gradual implementation of governance changes

6. CoBank Elected Directors – 2016
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7. CoBank Elected Directors – 2020
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8. Lessons Learned Importance of input from customer-owners
Significant value from outside facilitator
Discipline created by periodic governance reviews
Focus on the long-term interests of customer-owners!

9. Governance Restructuring At CoBank
Everett Dobrinski, Chairman February 11, 2016