[INTRODUCTION] [HIGHLIGHTS] [LETTER TO THE STAKEHOLDERS] [DAIRY FOODS] [AG SERVICES] [BOARD OF DIRECTORS] [FINANCIAL REVIEW] [SENIOR STRATEGY TEAM]

Growing together with farmer-members like John Waymire, Board Chairman, Southwest Landmark, Inc., Yellow Springs, Ohio
TOGETHER




While 2001 was an extremely challenging year for the agronomy industry as a whole, Land O'Lakes remained focused on helping make Agriliance the nation's premier agronomy company—not just in volume or market share, but also in performance and customer service. Agriliance continued to move forward toward its goals with a restructuring that produced a singular, unified leadership and an intensified focus on system performance, teamwork, customer service and customer profitability. Agriliance remains the nation's number-one marketer of agronomic inputs, and has realized significant annual efficiencies since being established by Land O'Lakes, Cenex Harvest States, and Farmland Industries in 2000.

Land O'Lakes grew its presence in the seed business in 2001, as well. Land O'Lakes continued to work closely with local cooperatives to grow sales of its farmer-owned, CROPLAN GENETICS brand seed. In 2001 alone, more than 350 additional local cooperatives within the Land O'Lakes system began marketing CROPLAN GENETICS varieties. Increasingly, local cooperatives are including seed as an integral part of the livestock- and crop-systems support they offer farmer-members.

All in all, 2001 was quite a year for Land O'Lakes Ag Services. Ag Services grew its operations and it grew stronger in the marketplace. But best of all, it accomplished this by working hand-in-hand with its members—farmers and local cooperatives. At Land O'Lakes, "Growing Together" is more than just a slogan, it's what the cooperative and its member-owners do together. It's the key to their respective futures.

INTRODUCTION | HIGHLIGHTS OF 2001 | LETTER TO THE STAKEHOLDERS | DAIRY FOODS | AG SERVICES
BOARD OF DIRECTORS | FINANCIAL REVIEW | SENIOR STRATEGY TEAM