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Farmers Cooperative Conference November 18, 2008 Farmers Cooperative Conference November 18, 2008

North American Bison Cooperative History North American Bison Cooperative History

North American Bison Cooperative n n 1993 formed in New Rockford, ND 1993 -2000 North American Bison Cooperative n n 1993 formed in New Rockford, ND 1993 -2000 Sold a total of 16, 000 Delivery Shares with requirement to deliver one bison for each share owned. 1994 built 12, 000 sq. ft harvesting, processing and distribution plant in New Rockford, ND • Capacity: 10, 000 head per year 2000 -2003 did not pay members for animals delivered. Member received a deferred payment certificate.

North American Bison Cooperative n n n n 2002 -Purchased New West Foods 2003 North American Bison Cooperative n n n n 2002 -Purchased New West Foods 2003 -Purchased Great Plains Game 2004 -Hired new management 2005 -Declared Chapter 11 2006 -Emerged from Chapter 11 2007 -Paid first patronage ($. 10/lb) ever to membership who delivered animals 2008 -Will pay higher patronage rate than 2007

North American Bison Cooperative Tender. Bison Products North American Bison Cooperative Tender. Bison Products

North Dakota Natural Beef, LLC North Dakota Natural Beef, LLC

North Dakota Natural Beef, LLC n n 2005: October the company was formed by North Dakota Natural Beef, LLC n n 2005: October the company was formed by NABC 2005 -06: Raised capital 2006: Purchased John Morrell building in Fargo and received neighboring building as an equity contribution 2007: • April: Started sales effort • July: Started construction

North Dakota Natural Beef, LLC n 2008 • • • n September: Occupied office North Dakota Natural Beef, LLC n 2008 • • • n September: Occupied office portion of facility October: Started warehousing and distribution November-December: Add fabrication and further processing 2009 • Full occupancy • New Rockford becomes solely a harvest facility

North Dakota Natural Beef, LLC Dakota Farms Brand Products North Dakota Natural Beef, LLC Dakota Farms Brand Products

Why ? n NABC/NDNB • Synergy Administration n Sales n Marketing n Operations n Why ? n NABC/NDNB • Synergy Administration n Sales n Marketing n Operations n • Lower overhead for both companies Shared expenses n Increased probability of success for NDNB n Win-Win n

Key Personnel n n Dr. Ken Odde: North Dakota State University Lt Gov. Jack Key Personnel n n Dr. Ken Odde: North Dakota State University Lt Gov. Jack Dalrymple NABC Board and Membership North Dakota State University Administration • Dr. Chapman: President • Dr. Coston: Vice President n n n Rod Sather Rick Burgum Farmers Union

Functionality n 2 separate companies • NDNB has 2 NABC Board members as representatives Functionality n 2 separate companies • NDNB has 2 NABC Board members as representatives n n Act as investors representatives NDSU Strategic Alliance • Arms length by necessity • Key differentiation for NDNB in marketplace • Provides NDNB with resources only very large companies have access to

Knowledge n What have we learned that is applicable to other businesses? • Competition Knowledge n What have we learned that is applicable to other businesses? • Competition today is international • Continuing reduction of operating expenses while increasing quality and consistency a requirement to compete • Leveraging assets provides opportunity • Competitors may be customers and vendors • Scientific credibility of a program provided through NDSU is a critical differentiation for new market entrant

North Dakota Natural Beef, LLC North American Bison Cooperative North Dakota Natural Beef, LLC North American Bison Cooperative