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WORLDWORLD

A Global Agri-Business A Global Agri-Business

Oat ProcessingCanola ProcessingDurum/Pasta ProcessingMalt ProcessingFeed Products

Oat ProcessingCanola ProcessingDurum/Pasta ProcessingMalt ProcessingFeed Products

Agri-Products Agri-Products ProcessingProcessingGrain Handling,

Marketing, Logistics

Grain Handling, Marketing, Logistics

FARMERFARMER

R&DCrop ProtectionFertilizerSeedAg EquipmentCredit FinancingAgronomy Services

R&DCrop ProtectionFertilizerSeedAg EquipmentCredit FinancingAgronomy Services

BarleyWheatOatsCanolaPeasSpecial Crops

BarleyWheatOatsCanolaPeasSpecial Crops

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Viterra’s Global FootprintViterra’s Global Footprint

Trading Hubs

Viterra’s network is comprised of origination, trading hubs, sales and distribution offices and processing assets.Viterra’s network is comprised of origination, trading hubs, sales and distribution offices and processing assets.

Origination and Sourcing Offices

Sales Offices/ Local Distributors

Global Asset Summary

Grain Terminals 192Export Terminals 14Agri-products facilities 273Processing 36

Access to global agricultural market intelligence from northern to southern hemisphere.

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Viterra’s Integrated Grain modelViterra’s Integrated Grain model

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VancouverGeneva

Singapore

Beijing

Adelaide (Australia)

TokyoRegina (Canada) Kiev (Ukraine)

KEY

Domestic Merchandising / Origination Office

International Trading Office Hub

Regional Office

NaplesMinneapolis (US)

Hamburg

New Delhi

Buy Process Transport Market

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USA OperationsUSA Operations

South Sioux City, NE

Dawn, TX

21st Century Grain

Hi-Pro

Grain Merchandising Office

Dakota Growers Pasta Company

Viterra Special Crops

Ray, ND

Dexter, NM

Clovis, NM

Comanche, TX

Cheyene, OK

Lubbock, TX

Friona, TX

Minneapolis, MNNew Hope, MN

Carrington, ND

Lewiston, ID

Grain Receival Site

Amarillo, TX

Northgate, ND

Cando, ND

Crystal City, ND

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Processing OverviewProcessing Overview

Feed Products – Feeding growing demand in North America for protein based products

Pasta Processing – 2nd largest integrated durum miller and 3rd largest manufacturer and marketer of dry pasta products In North America

Oat & Specialty Grain Milling – Premier oat miller with plants in Canada and the U.S. serving leading North American branded food companies

Malt – 43% ownership of Prairie Malt Limited; eight malt plants in Australia

Canola Processing – One plant in Canada; one new build in China

Feed Products – Feeding growing demand in North America for protein based products

Pasta Processing – 2nd largest integrated durum miller and 3rd largest manufacturer and marketer of dry pasta products In North America

Oat & Specialty Grain Milling – Premier oat miller with plants in Canada and the U.S. serving leading North American branded food companies

Malt – 43% ownership of Prairie Malt Limited; eight malt plants in Australia

Canola Processing – One plant in Canada; one new build in China

Moving essential ingredients from field to table

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Dakota Growers Pasta Company is a wholly-owned subsidiary of Viterra, Inc., a global food ingredients company. We are the third largest pasta manufacturer in North America.

We have two pasta manufacturing facilities with annual pasta capacity of 560 million pounds.

Carrington, ND12 mm bushels durum330 mm pounds pastaRetail, Foodservice, IngredientIdentity Preserved, Organic, Dreamfields

New Hope, MN230 mm pounds pastaRetail, Foodservice,Ingredient

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Pasta customers demandPasta customers demand

Strict quality specifications.

Consistency each day everyday.

Competitively priced product.

Uninterrupted service.

Strict quality specifications.

Consistency each day everyday.

Competitively priced product.

Uninterrupted service.

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Durum specification for quality pastaDurum specification for quality pasta

#2 HAD or better

Minimum 59 lb. test weight.Minimum 13% protein.Minimum 85% HVAC.Minimum 300 Falling Number.

Maximum 1% damage.Maximum 1 ppm DON

#2 HAD or better

Minimum 59 lb. test weight.Minimum 13% protein.Minimum 85% HVAC.Minimum 300 Falling Number.

Maximum 1% damage.Maximum 1 ppm DON

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Don’t be misled by the view out the kitchen windowDon’t be misled by the view out the kitchen window

US Production

Year Bushels Price perception Actual price

2010 107.0 million Steady to lower Much higher

2011 50.5 million Much higher Much lower

Why the disconnect?

US Production

Year Bushels Price perception Actual price

2010 107.0 million Steady to lower Much higher

2011 50.5 million Much higher Much lower

Why the disconnect?

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Prices are impacted by North American production….Prices are impacted by North American production….

North American Production(Million bushels)

US Canadian North American2010 107.0 111.168 218.168

2011 50.5 153.279 203.779 (-6.6%)

Lower stocks should mean higher durum prices, right?

North American Production(Million bushels)

US Canadian North American2010 107.0 111.168 218.168

2011 50.5 153.279 203.779 (-6.6%)

Lower stocks should mean higher durum prices, right?

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Prices are impacted by North American production….and quality

Prices are impacted by North American production….and quality

North American ProductionBased on % of crop #2 or better

(Million bushels)

US Canadian North American2010 107.0 111.168 218.168 64.2 33.350 97.550

2011 50.5 153.279 203.779 (-6.6%) 30.3 107.295 137.595 (+41%)

Small quality crop in 2010 led to sharply higher prices.41% increase in 2011 quality durum stocks is leading to lower prices.

North American ProductionBased on % of crop #2 or better

(Million bushels)

US Canadian North American2010 107.0 111.168 218.168 64.2 33.350 97.550

2011 50.5 153.279 203.779 (-6.6%) 30.3 107.295 137.595 (+41%)

Small quality crop in 2010 led to sharply higher prices.41% increase in 2011 quality durum stocks is leading to lower prices.

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It boils down to….It boils down to….

Pasta customers demand quality and consistency even if mother nature disappoints.

Pasta manufacturers first mandate is quality, price is secondary.

First rule of durum buying; Don’t shut down the mill.

Second rule of durum buying; Find quality, no exceptions.

Don’t market durum by looking out the kitchen window.

The amount of #2 of better durum production in North America is an excellent indicator of price direction.

Pasta customers demand quality and consistency even if mother nature disappoints.

Pasta manufacturers first mandate is quality, price is secondary.

First rule of durum buying; Don’t shut down the mill.

Second rule of durum buying; Find quality, no exceptions.

Don’t market durum by looking out the kitchen window.

The amount of #2 of better durum production in North America is an excellent indicator of price direction.

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