1. West Central Cooperative Craig Heineman Alternative Approaches to Building & Managing Capital

2. West Central History West Central’s full service 3,500+ farmer- owned cooperative headquarters in Ralston, Iowa. West Central markets products through out most of North America and to several other foreign destinations. Operating divisions Grain Agronomy Feed Soy processing Biodiesel

3. West Central Board of Directors West Central is governed by 9 elected board members and 2 appointed associate board members

4. Annual Operations West Central employs 228 people Sales this year will be $375 million One of the largest 20 grain companies in North America – markets 75 million bushels Largest marketer of biodiesel in the United States SoyPLUS is the most recognized name in dairy protein rations - feeding more dairy cows than any other branded By Pass Protein

5. West Central Biodiesel Plant The biodiesel plant processes 90 million pounds of soybean oil into biodiesel and other methyl ester products each year. West Central’s 12 million gallon capacity biodiesel plant uses technology jointly developed by West Central and Crown Iron Works. Biodiesel Processing Soy Processing

6. Core Values INTEGRITY Honesty, trust, partnerships QUALITY Providing superior products and services PROFESSIONALISM Employees assisting customers INNOVATION Research, new products, new solutions C U S T O M E R F O C U S

7. Sales History (millions)

8. Sales

9. History of cash returned to members (millions)

10. Additional Information www.westcentral.coop www.soyplus.coop www.soychlor.coop www.soypower.coop www.renewable-energy-group.com

11. Stock Issues This removed a layer of taxation in the payment of Dividends on cooperative stock As a result Cooperatives are better able to convey non patronage earnings to stockholders through dividends The JOBS Bill, passed in October 2004 included the Repeal of the Dividend Allocation Rule

12. Proposed Stock Characteristics The West Central Board of Directors proposed a new issue of Preferred stock that would be Dividend bearing (D Preferred stock) This will provide a vehicle to distribute non-patronage based earnings to its membership

13. Proposed Stock Characteristics D Preferred stock will be more “liquid” than C Preferred stock This stock will provide a positive incentive to voluntarily hold cooperative stock This stock will not be for sale and will be issued as a revolvement of C Preferred stock to D Preferred stock

14. Proposed Stock Characteristics Paying dividends on Cooperative stock provides tax benefits to the stockholders Other changes in the articles refer to complying with the law repealing the Dividend Allocation Rule Dividends are taxed at the capital gains rates There is no self employment tax on dividends received

15. Current Stock Class A Common – voting “membership” stock $100 par value Class B Common – Non-voting “membership” stock $100 par value Class B Preferred – non revolving equity stock $ 10 par value Class C Preferred – revolving equity stock $ 10 par value Class D Preferred $ 10 par value New Issue of Stock

16. Summary Changes to the company’s Articles of Incorporation and Bylaws were necessary to allow West Central to take advantage of the repeal of the federal Dividend Allocation Rule. West Central will not be required to reduce its net earnings available for patronage refunds by the dividends paid on capital stock.

17. Cooperative Profits $200 $100 Patronage $100 Non-Patronage Existing Stock $1,000 $100 Allocated $20 Reserve Account $80 8% Dividend Declared

18. T h a n k Y o u !