Connie Cihak Lonsdale, Minn. Region 3 Jim Fife Wenatchee, Wash. Region 5 Roger Ginder Ames, Iowa Advisory John Long Gackle, N.D. Region 1 Robert Marley Seymour, Ind. Region 4 Dayton Merrell Kokomo, Ind. Region 4 Ronnie Mohr Greenfield, Ind. Region 4 Art Perdue Minot, N.D. Region 1 Marlin Rasmussen St. Paul, Ore. Region 5 Doug Reimer Guttenberg, Iowa Region 2 Laura Stacy Lowellville, Ohio Region 4 Jim Sunde Cherokee, Iowa Region 2 Larry Wojchik Clear Lake, Wis. Region 3 Lynn Boadwine Baltic, S.D. Region 65 Stan Gomes Tulare, Calif. Region 80 Gordon Hoover Gap, Pa. Region 53 Pete Kappelman Two Rivers, Wis. Region 68 Cornell Kasbergen Tulare, Calif. Region 80 Paul Kent Mora, Minn. Region 66 Charles Lindner Greenwood, Wis. Region 68 Manuel Maciel Hanford, Calif. Region 80 Chuck Schilling Petersburg, Pa. Region 51 Ken Schoenberg Shippensburg, Pa. Region 56 Bob Winner Moorestown, N.J. Region 55 John Zonneveld Laton, Calif. Region 80

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