2001 2000 For the Year: ($ in thousands)   Net sales $ 5,973,433 $ 5,768,790 Net earnings 71,488 102,932 Allocated patronage refunds 70,552 142,271 Cash returned to members 46,896 54,260 At Year End: ($ in thousands)   Total assets $ 3,091,378 $ 2,473,343 Working capital 445,187 324,151 Long-term debt (including capital securities) 1,147,465 662,742 Equities 836,516 804,954 Financial Measures:   Return on equity 8.9% 13.4% Return on invested capital 9.1% 8.9% Long-term debt (including capital securities)-to-capital 56.1% 43.5% Current ratio 1.48 1.36 Membership:   Member associations 1,372 1,363 Individual members 7,305 7,390

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