Per Week Females Serviced Please enter the average farrowing rate (%) at your existing sow farm. Percent Farrowing Rate 84.

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1 Sow Housing Conversion Model Entry Worksheet Part I Production Information Existing Farm 1. Please enter the average number of sows and gilts serviced per week in your existing sow farm. This is not meant to include multiple matings only the total head serviced (mated) per week. 2. Please enter the average farrowing rate (%) at your existing sow farm. 3. Please enter the average pigs born alive per litter at your existing sow farm. 4. Please enter the following average production information (%) at your existing sow farm: Per Week Females Serviced 167 Percent Farrowing Rate 84.50% Per Litter Pigs Born Alive Percent PreWeaning Mortality 12.60% Sow Mortality Rate 4.20% Cull Sow Rate 39.80% 5. Please enter the average number of semen doses per sow and gilt mated for the existing sow farm. Per Mating # Doses of Semen Please enter the following average gestation and lactation pounds of feed per sow per day for the existing sow farm: For gestation feed, it is the average pounds of gestation feed consumed per day divided by the average gestation inventory. Per Day Pounds of Gestation Feed per Sow 5.25 Pounds of Lactation Feed per Sow Please enter the following average gestation and farrowing inventories for the existing sow farm: The combination of these numbers should include the total inventoried head of sows and gilts at the sow farm. Part II Financial Information Existing Farm Total Gestation Inventory (Head) 2,606 Lactation Inventory (Head) Please enter the average weekly labor expenses for the existing sow farm (including all laborrelated expenses). This should include all direct labor costs such as base pay, bonuses, benefits and payroll taxes (excluding overhead). Per Week Labor Costs $ 7, Please enter the average monthly genetic costs for the existing sow farm. Genetic costs should include genetic fees for gilts, any genetic costs billed on a per pig basis and other genetic fees. Genetics Cost $ 4, Please enter the average monthly animal health costs for the existing sow farm. Health costs should include vaccinations and treatments for gilts, sows and pigs, veterinarian fees, diagnosis and testing. Animal Health $ 11,328.00

2 Sow Housing Conversion Model Entry Worksheet 4. Please enter the average monthly supply costs for the existing sow farm. This includes all general supplies, excluding health supplies (in health costs above) and excluding office supplies (in G&A later). Supplies $ 2, Please enter the average monthly trucking expenses for the existing sow farm. These should include internal movements and cull sow trucking but not gilt delivery, since those costs will be part of gilt costs. Trucking $ Please enter the following average monthly utility costs for the existing sow farm: LP and natural gas costs are listed on an annual basis later. Please combine fuel, phone, water and other utilities together. 7. Please enter the average monthly repair and maintenance expenses for the existing sow farm: This should only include regular repair and maintenance and not any of the remodeling costs. 8. Please enter the following expenses (on an annual basis) for the existing sow farm: UtilitiesElectric $ 5, UtilitiesFuel/Phone/Water/Other Utilities $ 2, Repairs & Maintenance $ 5, Per Year UtilitiesNatural Gas/LP $ 12, Real Estate Taxes $ 22, Manure Removal Costs $ 11, Please enter the annual property and liability insurance premiums for the existing sow farm. This should not include any employeerelated insurance benefits which should instead be shown in labor expenses. Per Year Insurance Premiums (Property & Liability) $ 17, Please enter the following annual General & Administrative expenses for the existing sow farm: These include all administrative expenses and nondirect expenses (overhead). If some of these expenses are also attributable other pig operations, please allocate the appropriate general and administrative expenses to the sow farm. Per Year Management Fees (Thirdparty Fees) $ 5, Management (Payroll, Benefits, Bonuses) $ 52, Legal $ 2, Accounting $ Consulting $ 1, Conferences & Travel $ Office Supplies $ Miscellaneous Overhead $ Total General & Administrative $ 64,694.00

3 Sow Housing Conversion Model Entry Worksheet 11. Please enter the gestation and lactation feed costs per ton for the existing sow farm. This should include the costs of grinding, mixing and delivery to the sow farm. 12. Please enter any other feed costs per week for the existing sow farm. This may include creep feed and/or other miscellaneous feed costs. 13. Please enter the semen cost per dose for the existing sow farm. 14. Please enter the semen transport (delivery) costs per week for the existing sow farm. 15. Please enter the average cull sow value (per head) at your existing sow farm. This should represent the average net cull sow value after selling costs are deducted. 16. Please enter the average mature gilt cost per head for the existing sow farm. This includes all costs (per head average) involved in getting a gilt to a breeding age. Per Ton Gestation Feed Average Cost $ Lactation Feed Average Cost $ Per Week Other Feed Costs $ Per Dose Semen Cost $ 6.93 Per Week Semen Transport $ Per Head Cull Sow Value $ Per Head Replacement Gilt Costs (Mature) $ Please enter the average weaned pig value per head for the existing sow farm. This is the value the weaned pig generates to the overall operation (equal to the replacement cost). 18. Please list monthly rent expenses (by lease) for the existing sow farm: This would include a facility lease (if rented) and all equipment leases. Per Head Weaned Pig Value $ Lease 1 $ Lease 2 $ Lease 3 $ Lease 4 $ Total Monthly Rent $ 1, Please provide the operating loan terms (or possibly revolving line of credit) for the existing sow farm: This should not include any longerterm loans (amortized loans with maturities greater than one year). Total Operating Loan Balance ($ Total ) $ 251,954 Rate (%) 5.25%

4 Sow Housing Conversion Model Entry Worksheet 20. Please provide the loan terms for all longterm loans for the existing sow farm: Include loan balances, years remaining(include fraction of years such as 8.25 years) and interest rates. These are typically 35 year loans on the sows, equipment loans and longerterm loans on the facilities. LongTerm Loan 1 Balance ($ Total ) $ 299, Rate (%) 5.00% Remaining Loan Amortization (Years) 5.50 LongTerm Loan 2 Balance ($ Total ) $ 102, Rate (%) 5.75% Remaining Loan Amortization (Years) 6.75 LongTerm Loan 3 Balance ($ Total ) $ 48, LongTerm Loan 4 Balance ($ Total ) Rate (%) 6.00% Remaining Loan Amortization (Years) 3.25 Rate (%) Remaining Loan Amortization (Years) 21. Please enter the annual other income and expenses for the existing sow farm. This should include any income and expenses for the sow farm not included in the above entries. Per Year Other Income $ Other Expenses $ Please enter your current investment in your existing sow facility. This represents the depreciated book value of the sow facility (total investment less accumulated depreciation). 23. Please enter the remaining useful life (for depreciation purposes) for your existing sow farm facilities. This should be a weighted average life expected for buildings, equipment, slats, feed and water systems. $ 2,217,835 Years Remaining Useful Life of Facilities 12.0

5 Sow Housing Conversion Model Entry Worksheet Part III Production Information Converted Farm 1. Please enter the expected number of sows and gilts to be serviced per week for the converted sow farm. This is not meant to include multiple matings only the total head serviced (mated) per week. 2. Please enter the expected average farrowing rate (%) for the converted sow farm. 3. Please enter the expected average pigs born alive per litter for the converted sow farm. Per Week Females Serviced 142 Percent Farrowing Rate 83.00% Per Litter Pigs Born Alive Please enter the following expected average production information (%) for the converted sow farm: Percent PreWeaning Mortality 11.50% Sow Mortality Rate 4.20% Cull Sow Rate 43.00% 5. Please enter the expected average number of semen doses per sow and gilt mated for the converted sow farm. Per Mating # Doses of Semen Please enter the following expected average gestation and lactation lbs. of feed per sow per day for the converted sow farm: For gestation feed, it is the average lbs. of gestation feed consumed per day divided by the average gestation inventory. Per Day Pounds of Gestation Feed per Sow 5.45 Pounds of Lactation Feed per Sow Please enter the following expected average gestation and farrowing inventories for the converted sow farm: The combination of these numbers should include the total inventoried head of sows and gilts at the sow farm. Part IV Financial Information Converted Farm Total Gestation Inventory (Head) 2,215 Lactation Inventory (Head) Please enter the expected weekly labor expenses for the converted sow farm (including all laborrelated expenses). This should include all direct labor costs such as base pay, bonuses, benefits and payroll taxes (excluding overhead). Per Week Labor Costs $ 6, Please enter the expected average monthly genetic costs for the converted sow farm. Genetic costs should include genetic fees for gilts, any genetic costs billed on a per pig basis and other genetic fees. Genetics Cost $ 3, Please enter the expected average monthly animal health costs for the converted sow farm. Health costs should include vaccinations and treatments for gilts, sows and pigs, veterinarian fees, diagnosis and testing. Animal Health $ 9,438.00

6 Sow Housing Conversion Model Entry Worksheet 4. Please enter the expected average monthly supply costs for the converted sow farm. This includes all general supplies, excluding health supplies (in health costs above) and excluding office supplies (in G&A later). Supplies $ 1, Please enter the expected average monthly trucking expenses for the converted sow farm. These should include internal movements and cull sow trucking but not gilt delivery, since those costs will be part of gilt costs. Trucking $ Please enter the following expected average monthly utility costs for the converted sow farm: LP and natural gas costs are listed on an annual basis later. Please combine fuel, phone, water and other utilities together. UtilitiesElectric $ 5, UtilitiesFuel/Phone/Water/Other Utilities $ 2, Please enter the expected average monthly repair and maintenance expenses for the converted sow farm: This should only include regular repair and maintenance and not any of the remodeling costs. 8. Please enter the following expenses (on an annual basis) expected for the converted sow farm: Repairs & Maintenance $ 4, Per Year UtilitiesNatural Gas/LP $ 12, Real Estate Taxes $ 24, Manure Removal Costs $ 8, Please enter the annual property and liability insurance premiums expected for the converted sow farm. This should not include any employeerelated insurance benefits which should instead be shown in labor expenses. Per Year Insurance Premiums (Property & Liability) $ 17, Please enter the following annual General & Administrative expenses expected for the converted sow farm: These include all administrative expenses and nondirect expenses (overhead). If some of these expenses are also attributable other pig operations, please allocate the appropriate general and administrative expenses to the sow farm. Per Year Management Fees (Thirdparty Fees) $ 5, Management (Payroll, Benefits, Bonuses) $ 52, Legal $ 2, Accounting $ Consulting $ 1, Conferences & Travel $ Office Supplies $ Miscellaneous Overhead $ Total General & Administrative $ 64,694.00

7 Sow Housing Conversion Model Entry Worksheet 11. Please enter the expected gestation and lactation feed costs per ton for the converted sow farm. This should include the costs of grinding, mixing and delivery to the sow farm. 12. Please enter any other feed costs per week expected for the converted sow farm. This may include creep feed and/or other miscellaneous feed costs. 13. Please enter the semen cost per dose expected for the converted sow farm. 14. Please enter the expected semen transport (delivery) costs per week for the converted sow farm. 15. Please enter the expected average cull sow value (per head) for the converted sow farm. This should represent the average net cull sow value after selling costs are deducted. 16. Please enter the average mature gilt cost per head expected for the converted sow farm. This includes all costs (per head average) involved in getting a gilt to a breeding age. Gestation Feed Average Cost $ Lactation Feed Average Cost $ Per Week Other Feed Costs $ Per Dose Semen Cost $ 6.93 Per Week Semen Transport $ Per Head Cull Sow Value $ Per Head Replacement Gilt Costs (Mature) $ Please enter the expected average weaned pig value per head for the converted sow farm. This is the value the weaned pig generates to the overall operation (equal to the replacement cost). Per Head Weaned Pig Value $ Please list monthly rent expenses (by lease) expected for the converted sow farm: This includes both the existing leases that will continue and any new leases resulting from the sow farm conversion. Lease 1 $ Lease 2 $ Lease 3 $ Lease 4 $ Total Monthly Rent $ 2, Please provide the expected operating loan terms (or possibly revolving line of credit) for the converted sow farm: This should not include any longerterm loans (amortized loans with maturities greater than one year). This should include the anticipated operating loan balance and terms for the sow operation after converting the sow farm. Total Operating Loan Balance ($ Total ) $ 171,954 Rate (%) 5.25%

8 Sow Housing Conversion Model Entry Worksheet 20. Please provide the expected loan terms for all longterm loans for the converted sow farm: This will include existing loans that will remain and any new or restructured longterm loans. LongTerm Loan 1 Balance ($ Total ) $ 299, Rate (%) 5.00% Remaining Loan Amortization (Years) 5.50 LongTerm Loan 2 Balance ($ Total ) $ 102, Rate (%) 5.75% Remaining Loan Amortization (Years) 6.75 LongTerm Loan 3 Balance ($ Total ) $ 48, Rate (%) 6.00% Remaining Loan Amortization (Years) 3.25 LongTerm Loan 4 Balance ($ Total ) $ 1,039,432 Rate (%) 4.25% Remaining Loan Amortization (Years) Please enter the expected annual other income and expenses for the converted sow farm. This should include any income and expenses for the converted sow farm not included in the above entries. Per Year Other Income $ Other Expenses $ Please enter the expected additional investment required for the sow farm conversion. This should include labor, building materials and equipment required for the conversion. Be sure to include any extra interest expenses and any impacts resulting from reduced production during remodeling. Additional Investment for Conversion $ 1,331,550 Total investment in $ 3,549, Please enter the expected remaining useful life (for depreciation purposes) for the converted sow farm facilities. This should be the new weighted average life expected for buildings, equipment, slats, feed and water systems. Years Remaining Useful Life of Facilities 17.5 Data Entry is Complete Please go to Cash Flow Worksheets for Results

9 Loan Structure Loan Advance Value Rate Loan Rate Years Operating Loan $ 251, % Revolving 1,102 1,102 1,102 1,102 1,102 1,102 LongTerm Loan 1 $ 299, % ,248 1,231 1,215 1,198 1,182 1,165 Principal 3,952 3,968 3,985 4,001 4,018 4,035 Total Payment 5,199 5,199 5,199 5,199 5,199 5,199 Principal Balance 299, , , , , , ,520 LongTerm Loan 2 $ 102, % Principal 1,038 1,043 1,048 1,053 1,058 1,063 Total Payment 1,529 1,529 1,529 1,529 1,529 1,529 Principal Balance 102, , ,376 99,327 98,274 97,216 96,152 LongTerm Loan 3 $ 48, % Principal 1,139 1,145 1,151 1,157 1,162 1,168 Total Payment 1,384 1,384 1,384 1,384 1,384 1,384 Principal Balance 48,932 47,793 46,647 45,497 44,340 43,178 42,009 LongTerm Loan 4 $ 0.00% Principal Total Payment Principal Balance Total LongTerm Loans LongTerm 1,983 1,956 1,929 1,902 1,874 1,847 LongTerm Principal 6,129 6,156 6,184 6,211 6,239 6,266 Total Payments 8,113 8,113 8,113 8,113 8,113 8,113 Principal Balances 444, , , , , ,682

10 Loan Structure Annual Operating Loan LongTerm Loan 1 Principal Total Payment Principal Balance LongTerm Loan 2 Principal Total Payment Principal Balance LongTerm Loan 3 Principal Total Payment Principal Balance LongTerm Loan 4 Principal Total Payment Principal Balance Total LongTerm Loans LongTerm LongTerm Principal Total Payments Principal Balances 1,102 1,102 1,102 1,102 1,102 1,102 13, ,148 1,131 1,114 1,097 1,080 1,063 13,872 4,051 4,068 4,085 4,102 4,119 4,137 48,521 5,199 5,199 5,199 5,199 5,199 5,199 62, , , , , , , ,558 1,068 1,074 1,079 1,084 1,089 1,094 12,793 1,529 1,529 1,529 1,529 1,529 1,529 18,350 95,084 94,010 92,932 91,848 90,759 89, ,554 1,174 1,180 1,186 1,192 1,198 1,204 14,056 1,384 1,384 1,384 1,384 1,384 1,384 16,609 40,835 39,655 38,470 37,278 36,080 34, ,819 1,791 1,763 1,735 1,707 1,678 21,983 6,294 6,322 6,350 6,378 6,406 6,435 75,369 8,113 8,113 8,113 8,113 8,113 8,113 97, , , , , , ,498

11 Loan Structure Loan Advance Value Rate Loan Rate Years Operating Loan $ 171, % Revolving LongTerm Loan 1 $ 299, % ,248 1,231 1,215 1,198 1,182 1,165 Principal 3,952 3,968 3,985 4,001 4,018 4,035 Total Payment 5,199 5,199 5,199 5,199 5,199 5,199 Principal Balance 299, , , , , , ,520 LongTerm Loan 2 $ 102, % Principal 1,038 1,043 1,048 1,053 1,058 1,063 Total Payment 1,529 1,529 1,529 1,529 1,529 1,529 Principal Balance 102, , ,376 99,327 98,274 97,216 96,152 LongTerm Loan 3 $ 48, % Principal 1,139 1,145 1,151 1,157 1,162 1,168 Total Payment 1,384 1,384 1,384 1,384 1,384 1,384 Principal Balance 48,932 47,793 46,647 45,497 44,340 43,178 42,009 LongTerm Loan 4 $ 1,039, % ,681 3,662 3,642 3,622 3,602 3,582 Principal 5,546 5,566 5,585 5,605 5,625 5,645 Total Payment 9,227 9,227 9,227 9,227 9,227 9,227 Principal Balance 1,039,432 1,033,886 1,028,321 1,022,735 1,017,130 1,011,505 1,005,861 Total LongTerm Loans LongTerm 5,665 5,618 5,571 5,524 5,476 5,429 LongTerm Principal 11,675 11,722 11,769 11,816 11,863 11,911 Total Payments 17,340 17,340 17,340 17,340 17,340 17,340 Principal Balances 444, , , , , ,682

12 Loan Structure Annual Operating Loan LongTerm Loan 1 Principal Total Payment Principal Balance LongTerm Loan 2 Principal Total Payment Principal Balance LongTerm Loan 3 Principal Total Payment Principal Balance LongTerm Loan 4 Principal Total Payment Principal Balance Total LongTerm Loans LongTerm LongTerm Principal Total Payments Principal Balances , ,148 1,131 1,114 1,097 1,080 1,063 13,872 4,051 4,068 4,085 4,102 4,119 4,137 48,521 5,199 5,199 5,199 5,199 5,199 5,199 62, , , , , , , ,558 1,068 1,074 1,079 1,084 1,089 1,094 12,793 1,529 1,529 1,529 1,529 1,529 1,529 18,350 95,084 94,010 92,932 91,848 90,759 89, ,554 1,174 1,180 1,186 1,192 1,198 1,204 14,056 1,384 1,384 1,384 1,384 1,384 1,384 16,609 40,835 39,655 38,470 37,278 36,080 34, ,562 3,542 3,522 3,502 3,482 3,461 42,864 5,665 5,685 5,705 5,725 5,745 5,766 67,863 9,227 9,227 9,227 9,227 9,227 9, ,727 1,000, , , , , ,569 5,381 5,333 5,285 5,237 5,188 5,140 64,847 11,959 12,007 12,055 12,103 12,152 12, ,232 17,340 17,340 17,340 17,340 17,340 17, , , , , , , ,498

13 Sow Profit/Loss & Cash Flow Existing Existing Existing Annual Monthly Per Pig Pigs Weaned (Head) 75,678 6,307 Cull Sows Sold (Head) 1, Gilts Delivered (Head) 1, Weaned Pig Value $ 3,011,230 $ 250,936 Net Value per Pig $ $ Net Cull Stock Sales $ 223,358 $ 18,613 $ 2.95 Net Cull Stock Sales per Sow $ $ Replacement Gilt Expense $ 354,959 $ 29,580 $ 4.69 Cost per Gilt $ $ Net Breeding Stock Costs $ 131,601 $ 10,967 $ 1.74 Controllable Expenses Feed Gestation $ 757,393 $ 63,116 $ Feed Lactation $ 415,407 $ 34,617 $ 5.49 Feed Other $ 6,552 $ 546 $ 0.09 Feed Total $ 1,179,352 $ 98,279 $ Production Labor & Benefits $ 386,984 $ 32,249 $ 5.11 Genetic Fees $ 55,584 $ 4,632 $ 0.73 Health Services & Products $ 135,936 $ 11,328 $ 1.80 Supplies $ 25,716 $ 2,143 $ 0.34 Vehicle/Trucking (Internal) $ 6,576 $ 548 $ 0.09 Semen/A.I. Supplies $ 131,474 $ 10,956 $ 1.74 UtilityNatural Gas/LP $ 12,244 $ 1,020 $ 0.16 UtilityElectric $ 70,644 $ 5,887 $ 0.93 UtilityOther $ 28,524 $ 2,377 $ 0.38 Repairs & Maintenance $ 62,772 $ 5,231 $ 0.83 Manure Management $ 11,432 $ 953 $ 0.15 SubTotal Controllable Expenses $ 2,107,238 $ 175,603 $ Fixed Expenses InsuranceProperty $ 17,465 $ 1,455 $ 0.23 Property Taxes $ 22,739 $ 1,895 $ 0.30 Expense LongTerm $ 21,983 $ 1,832 $ 0.29 Sow Facility Depreciation $ 184,820 $ 15,402 $ 2.44 Rent $ 22,320 $ 1,860 $ 0.29 SubTotal Fixed Expenses $ 269,327 $ 22,444 $ 3.56 General & Administrative $ 64,694 $ 5,391 $ 0.85 Other Income & Expenses ExpenseOperating $ 13,872 $ 1,156 $ 0.18 Other Income (Expense) $ (202) $ (17) $ (0.00) SubTotal Other $ 14,074 $ 1,173 $ 0.19 Net Income before Taxes $ 424,295 $ 35,358 $ 5.61 Depreciation $ (184,820) $ (15,402) $ (2.44) Principal Payments $ 75,369 $ 6,281 $ 1.00 Other Accrual/Cash Adjustments $ $ $ SubTotal Accrual to Cash $ (109,450) $ (9,121) $ (1.45) Net Cash Flow before Taxes $ 533,746 $ 44,479 $ 7.05 Cash Flow Costs Per Pig $ 32.74

14 Sow Profit/Loss & Cash Flow Converted Converted Converted Annual Monthly Per Pig Pigs Weaned (Head) 62,917 5,243 Cull Sows Sold (Head) 1, Gilts Delivered (Head) 1, Weaned Pig Value $ 2,597,861 $ 216,488 Net Value per Pig $ $ Net Cull Stock Sales $ 232,104 $ 19,342 $ 3.69 Net Cull Stock Sales per Sow $ $ Replacement Gilt Expense $ 331,960 $ 27,663 $ 5.28 Cost per Gilt $ $ Net Breeding Stock Costs $ 99,856 $ 8,321 $ 1.59 Controllable Expenses Feed Gestation $ 668,279 $ 55,690 $ Feed Lactation $ 461,563 $ 38,464 $ 7.34 Feed Other $ 9,516 $ 793 $ 0.15 Feed Total $ 1,139,358 $ 94,947 $ Production Labor & Benefits $ 351,988 $ 29,332 $ 5.59 Genetic Fees $ 45,936 $ 3,828 $ 0.73 Health Services & Products $ 113,256 $ 9,438 $ 1.80 Supplies $ 21,396 $ 1,783 $ 0.34 Vehicle/Trucking (Internal) $ 5,760 $ 480 $ 0.09 Semen/A.I. Supplies $ 112,555 $ 9,380 $ 1.79 UtilityNatural Gas/LP $ 12,244 $ 1,020 $ 0.19 UtilityElectric $ 63,576 $ 5,298 $ 1.01 UtilityOther $ 28,524 $ 2,377 $ 0.45 Repairs & Maintenance $ 50,268 $ 4,189 $ 0.80 Manure Management $ 8,147 $ 679 $ 0.13 SubTotal Controllable Expenses $ 1,953,009 $ 162,751 $ Fixed Expenses InsuranceProperty $ 17,465 $ 1,455 $ 0.28 Property Taxes $ 24,536 $ 2,045 $ 0.39 Expense LongTerm $ 64,847 $ 5,404 $ 1.03 Sow Facility Depreciation $ 202,822 $ 16,902 $ 3.22 Rent $ 28,332 $ 2,361 $ 0.45 SubTotal Fixed Expenses $ 338,002 $ 28,167 $ 5.37 General & Administrative $ 64,694 $ 5,391 $ 1.03 Other Income & Expenses ExpenseOperating $ 13,872 $ 1,156 $ 0.22 Other Income (Expense) $ (202) $ (17) $ (0.00) SubTotal Other $ 14,074 $ 1,173 $ 0.22 Net Income before Taxes $ 128,226 $ 10,685 $ 2.04 Depreciation $ (202,822) $ (16,902) $ (3.22) Principal Payments $ 143,232 $ 11,936 $ 2.28 Other Accrual/Cash Adjustments $ $ $ SubTotal Accrual to Cash $ (59,590) $ (4,966) $ (0.95) Net Cash Flow before Taxes $ 187,816 $ 15,651 $ 2.99 Cash Flow Costs Per Pig $ 38.30

15 Sow Profit/Loss & Cash Flow Existing Converted Variance Existing & Converted Compared Annual Annual Annual Pigs Weaned (Head) 75,678 62,917 (12,761) Cull Sows Sold (Head) 1,214 1,143 (71) Gilts Delivered (Head) 1,342 1,255 (87) Weaned Pig Value $ 3,011,230 $ 2,597,861 $ (413,369) Net Value per Pig $ $ $ 1.50 Net Cull Stock Sales $ 223,358 $ 232,104 $ 8,747 Net Cull Stock Sales per Sow $ $ $ Replacement Gilt Expense $ 354,959 $ 331,960 $ (22,999) Cost per Gilt $ $ $ Net Breeding Stock Costs $ 131,601 $ 99,856 $ (31,745) Controllable Expenses Feed Gestation $ 757,393 $ 668,279 $ (89,114) Feed Lactation $ 415,407 $ 461,563 $ 46,156 Feed Other $ 6,552 $ 9,516 $ 2,964 Feed Total $ 1,179,352 $ 1,139,358 $ (39,994) Production Labor & Benefits $ 386,984 $ 351,988 $ (34,996) Genetic Fees $ 55,584 $ 45,936 $ (9,648) Health Services & Products $ 135,936 $ 113,256 $ (22,680) Supplies $ 25,716 $ 21,396 $ (4,320) Vehicle/Trucking (Internal) $ 6,576 $ 5,760 $ (816) Semen/A.I. Supplies $ 131,474 $ 112,555 $ (18,919) UtilityNatural Gas/LP $ 12,244 $ 12,244 $ UtilityElectric $ 70,644 $ 63,576 $ (7,068) UtilityOther $ 28,524 $ 28,524 $ Repairs & Maintenance $ 62,772 $ 50,268 $ (12,504) Manure Management $ 11,432 $ 8,147 $ (3,285) SubTotal Controllable Expenses $ 2,107,238 $ 1,953,009 $ (154,230) Fixed Expenses $ InsuranceProperty $ 17,465 $ 17,465 $ Property Taxes $ 22,739 $ 24,536 $ 1,797 Expense LongTerm $ 21,983 $ 64,847 $ 42,864 Sow Facility Depreciation $ 184,820 $ 202,822 $ 18,002 Rent $ 22,320 $ 28,332 $ 6,012 SubTotal Fixed Expenses $ 269,327 $ 338,002 $ 68,675 General & Administrative $ 64,694 $ 64,694 $ Other Income & Expenses ExpenseOperating $ 13,872 $ 13,872 $ Other Income (Expense) $ (202) $ (202) $ SubTotal Other $ 14,074 $ 14,074 $ Net Income before Taxes $ 424,295 $ 128,226 $ (296,069) Depreciation $ (184,820) $ (202,822) $ (18,002) Principal Payments $ 75,369 $ 143,232 $ 67,863 Other Accrual/Cash Adjustments $ $ $ SubTotal Accrual to Cash $ (109,450) $ (59,590) $ 49,860 Net Cash Flow before Taxes $ 533,746 $ 187,816 $ (345,929) Cash Flow Costs Per Pig $ $ $ 5.57

16 Sow Profit/Loss & Cash Flow Existing Converted Variance Existing & Converted Compared Per Pig Per Pig Pigs Weaned (Head) 75,678 62,917 (12,761) Cull Sows Sold (Head) 1,214 1,143 (71) Gilts Delivered (Head) 1,342 1,255 (87) Weaned Pig Value Net Value per Pig $ $ $ 1.50 Net Cull Stock Sales $ 2.95 $ 3.69 $ 0.74 Net Cull Stock Sales per Sow $ $ $ Replacement Gilt Expense $ 4.69 $ 5.28 $ 0.59 Cost per Gilt $ $ $ Net Breeding Stock Costs $ 1.74 $ 1.59 $ (0.15) Controllable Expenses Feed Gestation $ $ $ 0.61 Feed Lactation $ 5.49 $ 7.34 $ 1.85 Feed Other $ 0.09 $ 0.15 $ 0.06 Feed Total $ $ $ 2.52 Production Labor & Benefits $ 5.11 $ 5.59 $ 0.48 Genetic Fees $ 0.73 $ 0.73 $ (0.00) Health Services & Products $ 1.80 $ 1.80 $ 0.00 Supplies $ 0.34 $ 0.34 $ 0.00 Vehicle/Trucking (Internal) $ 0.09 $ 0.09 $ 0.00 Semen/A.I. Supplies $ 1.74 $ 1.79 $ 0.05 UtilityNatural Gas/LP $ 0.16 $ 0.19 $ 0.03 UtilityElectric $ 0.93 $ 1.01 $ 0.08 UtilityOther $ 0.38 $ 0.45 $ 0.08 Repairs & Maintenance $ 0.83 $ 0.80 $ (0.03) Manure Management $ 0.15 $ 0.13 $ (0.02) SubTotal Controllable Expenses $ $ $ 3.20 Fixed Expenses InsuranceProperty $ 0.23 $ 0.28 $ 0.05 Property Taxes $ 0.30 $ 0.39 $ 0.09 Expense LongTerm $ 0.29 $ 1.03 $ 0.74 Sow Facility Depreciation $ 2.44 $ 3.22 $ 0.78 Rent $ 0.29 $ 0.45 $ 0.16 SubTotal Fixed Expenses $ 3.56 $ 5.37 $ 1.81 General & Administrative $ 0.85 $ 1.03 $ 0.17 Other Income & Expenses ExpenseOperating $ 0.18 $ 0.22 $ 0.04 Other Income (Expense) $ (0.00) $ (0.00) $ (0.00) SubTotal Other $ 0.19 $ 0.22 $ 0.04 Net Income before Taxes $ 5.61 $ 2.04 $ (3.57) Depreciation $ (2.44) $ (3.22) $ (0.78) Principal Payments $ 1.00 $ 2.28 $ 1.28 Other Accrual/Cash Adjustments $ $ $ SubTotal Accrual to Cash $ (1.45) $ (0.95) $ 0.50 Net Cash Flow before Taxes $ 7.05 $ 2.99 $ (4.07) Cash Flow Costs Per Pig $ $ $ 5.57