Land O'Lakes, Inc. 2014 Annual Report

A N N U A L R E P O R T

2014A N N U A L R E P O R T

2014

2014 Annual Report | B

2014

BY THE

NUMBERS

$15B 5.1% NET SALES I N C R E A S E FROM 2013

$266MN E T E A R N I N G S

TOTAL CASH

RETURNED TO MEMBERS SINCE 2006:

MORE THAN

$184MCASH RETURNED TO

MEMBERS IN 2014

25% I N C R E A S E FROM 2013

$1B

F I V E Y E A R AV E R A G E

R E T U R N O N E Q U I T Y

I S 1 9 . 8 %

18% R E T U R N O N E Q U I T Y

C R O P I N P U T S P R E TA X E A R N I N G S$220M

$28M F E E D P R E TA X E A R N I N G S

$40M D A I R Y F O O D S P R E TA X E A R N I N G S

13 B I L L I O N POUNDSO F M E M B E R M I L K

4,400T O TA L M E M B E R S H I P

D A I R Y P R O D U C E R S

2,333

A G P R O D U C E R S

1,241

C O - O P M E M B E R S

826

A G R I C U LT U R A L P R O D U C E R S

+300,000S E R V I N G

A | 2014 Annual Report

We are pleased to report a strong year for Land OLakes, Inc., continuing nearly a decade of consistent growth and record-setting performances. This is the result of several factors but has been driven primarily by our increasing focus on fewer, bigger business units that span a unique farm-to-market view of the agricul-ture and food industry. From crop inputs to animal feed to branded food manufacturing and marketing, Land OLakes truly partic-ipates in the industry from end-to-end. Beyond those business units themselves, our view of the industry is further shaped by our farmer-owned structure and our nearly four decades of participating in global development activities.

With this broad view of the food and agriculture industries, Land OLakes sees the importance and opportunity of helping produce more food in an increasingly productive and sustainable manner to serve

a growing marketplace. We do this by providing value-added insights and product innovation to support our customers and consumers. In Win eld Solutions, these insights are around the increasing need for farmers to drive productivity. Our R7 precision farming tool and products like Ascend, InterLock and MAX-IN allow growers to maximize yield potential and their on-farm economics while improving their sustainability footprint. In Purina Animal Nutrition, product innovations such as Accuration, Rally Dairy Feed, Purina Equine Senior and Equine Senior Active Horse Feed allow livestock and lifestyle animal producers to build more productivity and support animal health. In our business-to-business and consumer food groups, our broad view of the industry has made us valued partners to global food compa-nies in need of high-quality raw materials to support their growth efforts. We now support customers at home and abroad with

food ingredients such as LAND O LAKES dairy proteins and also provide forage and feed solutions for their network supply partners. And, of course, in our agship Dairy Foods business, we continue to serve consumers through our LAND O LAKES and Kozy Shack brands with products such as our full-stick, half-stick and spreadable butters, Kozy Shack refrigerated desserts and Extra Melt American and Golden Velvet Cheese Spread for our food service customers.

A lot has changed at Land OLakes over the years; yet the principles on which we were formed in the 1920s still serve us well. Our business activities are shaped by the long-term view of our farmer member-owners. Our strength comes from aggre-gating the supply of our dairy producers and aggregating the demand from our ag members and adding value to that supply and demand. Thank you for your business and your support.

DEAR STAKEHOLDERS

CROP INPUTS

DAIRY FOODS

FEED

OTHER BUSINESSES

PERFORMANCELand OLakes, Inc. overall net sales grew by 5.1 percent to a record $15 billion in 2014 with net earnings totaling more than $266 million. Earnings in Crop Inputs and Feed exceeded the previous year while Dairy Foods performed better than most in the industry in a tough market. These results drove a record return for our members of $184 million.

Pretax earnings for 2014 totaled $220 million, an increase of $2 million from 2013. These results continued a multi-year trend of strong performance for WinField, driven by the successful pursuit of new opportunities in rapidly growing segments of agribusiness that focus on productivity, sustainability and new technologies. Strong sales and volumes within the WinField portfolio contributed to outstanding performance in 2014. The development of new insights, technologies and services that support business success for both growers and the agricultural dealers in the WinField network continue to build value. As agriculture consolidates, we are also intensifying our business reach to the largest growers and expert sellers of agricultural products.

Pretax earnings for 2014 totaled $28 million, an increase of $11 million from the previous year. This was driven by several factors including lower input costs from favorable commodity prices plus strong volumes in key segments including dairy, grass cattle, horse and companion animal products. Earnings in the NutraBlend business were also sharply higher. We continued to focus on operational strategies designed to drive market share, performance and accelerated growth. We also continue to leverage the Purina brand. Our state-of-the-art Purina Animal Nutrition Center, newly renovated in early 2014, hosted more than 10,000 customers, potential customers and industry stake-holders during the year. With the facilitys focus on research, development and learning, we are strengthening our leadership position in animal nutrition.

Pretax earnings for 2014 totaled $40 million, a strong performance in an industry that saw steep market declines in the second half of 2014. Despite increasing competition, our share is up in three of our four major categories: butter, refrigerated desserts and food service. Retail Foods saw especially strong volumes and earnings in our butter products, supported by consumer dietary preferences and bolstered by key brand-building strategies. The past year was notable for sharp uctuations in dairy commodity markets; worldwide milk production reached unprece-dented levels. Steep declines in milk powder markets late in 2014 also signi cantly impacted our Global Dairy Ingredients business.

During 2014, we made progress on our previously announced plans by pro tably divesting of the Western and Midwestern assets of our layers business, operated through Moark, LLC. We continue to evaluate options for the remaining Eastern segment of the business. The layers business performed at a pro t during 2014 due to improved business operations and favorable market conditions.

2014 Annual Report | B

L-R: Chris PolicinskiPete Kappelman

Sincerely,

Chris PolicinskiPRESIDENT CHIEF EXECUTIVE OFFICER

Pete Kappelman CHAIRMAN OF THE BOARD

STRATEGYLand OLakes continuing journey of growth is grounded in consistent enterprise strategies that guide our approach to long-term business devel-opment and shorter-term operational goals. Our Strategic Imperatives maintain our focus on: growth, the underlying goal for all of our impera-

tives and key to our future success best talent, building a high-performance culture

and best place to work best member and customer relationships,

delivering results to grow and innovate total margin management, driving performance

and creating fuel for growthOur business units pursued multiple growth

initiatives in 2014 ranging from product innova-tions, facility improvements and new technologies to extending the reach of our core brands toward new customers and categories. We also launched an international strategy and structure to forge new markets for our products and expertise in some of the fastest growing economic regions: Canada, Mexico, Africa and China. Were moving into these markets through partnership and acquisition.

In 2014, we advanced our best talent strategy by investing in our existing talent to deepen and extend its knowledge and professional develop-ment. In addition, we continued to make progress with our talent pipeline by attracting top talent, recruiting diverse, outside-in thinking and enhancing our campus presence at leading colleges and universities. From the continuing expansion of our student internship program to the launch of a new Global Food Challenge Emerging Leaders program, we are preparing future leaders to engage in the exceptional opportunities of the food and agriculture industries. We also nalized a new, long-term strategic relationship with the University of Minnesota to place Land OLakes at the forefront of a variety of student-facing programs across the university. Approximately 20 percent of Land OLakes headquarters current employees are graduates of the University of Minnesota, and, as we continue to grow, this pipeline of talent from the university will be a critical source for the growth of our company and our industry. These initiatives are designed to energize our workforce with new talent and ideas while we simultaneously develop diverse teams to support future business needs.

With consistently strong performance, our capacity to provide value and service to our members is reaching new levels. Through record patronage payments, continued and competitive market access, strong Section 199 deductions and powerful advocacy and representation in Washington, D.C., and across the country, support for our members is an everyday pursuit. This also includes an increased focus on the

latest technology innovations and ever-improving insights and tools to lead the industry in precision agriculture and Big Data management. Land OLakes is also expanding new tools to members that leverage enterprise buying power to deliver cost savings in such areas as travel, supplies and vehicles.

Our overall growth strategy was supported by more than $1 billion of investments over the last three years, primarily funded from cost savings through margin management initiatives across our operations. Consistently high levels of return on equity and return on invested capital illustrate effective deployment of our capital to drive earnings.

PURPOSEAs a federated cooperative system, Land OLakes leverages a powerful and relevant business model designed to support the success of our member-owners. We work best when we work together, and we must change and evolve together. The progress we achieved in 2014 is fuel for another leg of our long-term journey, and we are inspired by our higher purpose to help feed a growing global population. Through increased productivity and increasingly sustainable practices, we are committedas we always have beento not only participate in this opportunity but to lead into the future.

CHALLENGERISING

From publications around the world to universities across the

country, people have taken notice. by 2050, the demand for

food will exceed that of the previous 500 years. A growing

global population and rapidly expanding middle class with

changing diets will require farmers to increase agricultural

productivity by 70 percent within the next 35 years.* And

theyll need to do it using less land and fewer resources.

As a federated cooperative system, land Olakes, inc. is

uniquely positioned to address these challenges. in fact,

we see this as a great opportunity that we can seize by

remaining focused on growth, managing costs and margins

and continuing to invest in the best talent. in what many

are calling the greatest growth industry of our era, these

strategies have set us and our members apart and provide

a competitive advantage over a wave of new competitors.

together we look to the future with the same purpose:

helping farmers grow more food in increasingly sustainable

ways to help feed more people at home and around world.

TO THE

2014 Annual Report | 5

* Food and Agriculture Organization of the United nations

As a farmer-owned food and agriculture

cooperative, land Olakes, inc. has the perspective

and expertise to succeed in our great growth

industry. but in this highly competitive environment,

youre either growing or getting left behind. So

were investing in projects to continue our growth

by strengthening our brands, bringing innovative

products and services to market and expanding our

international footprint.

INVESTING FOR GROWTH

| GROWtH |

GROWTH


DAIRY FOODS

From new product innovations to technology and agronomic expertise, weve made strategic investments in each of our brandsand its paid o for our member-owners, customers and consumers.

See what the bloggers have cooked up. Visit landolakes.com/blog and select Kitchen Conversations.

PARLOR TALKOver the summer, our Kitchen

conversations bloggers

teamed up with member-

owners Glen and Sadie Frericks

to bring a real look at dairy

farming to the online world.

i was thrilled to participate

because i know that consumers

have questions about where

their food comes from,

Sadie said. the best way to

help consumers understand

farming is to bring them to a

farm. We cant give farm tours

to thousands of people on a

regular basis so social media

and digital technologies are the

next best way to reach them.

During and after a visit to the

Frericks blue Diamond Dairy,

the bloggers shared photos

and stories with their online

communities. this was a new

way to show their readers

often millennialswhere their

dairy products come from and

what it means to be a modern

farmer, all while promoting

the lAnD O lAKeS brand and

sharing exclusive recipes.

For all but two of the

bloggers, this was their fi rst visit

to a dairy farm, she said. i think

the tour gave them a better

understanding of the family

farmer-owners of land Olakes

and helped strengthen their

relationships with land Olakes

as brand ambassadors.

| GROWtH |

BRANDS

We wont argue with The New York Times, which proclaimed butter was back. In fact, U.S. butter consumption rose to its highest level in 40 years,* which led to record-high butter prices and signi cant market volatility. Because of the strength of our brand and efforts to reach new consumers, we responded to market conditions and delivered record volume and pro ts in our branded butter business.

While our brand has been a favorite among baby boomers for decades, were working to build similar loyalty with the millennial generation. These younger consumers often look for simple, convenient and

wholesome products. We had great success recently with products such as Spreadable Butter with Canola Oil, Garlic & Herb Butter Spread and Saut Express Meal Starters.

Were also reaching this consumer group in some engaging ways, such as our Webby-Award-winning Pin A Meal, Give A Meal Pinterest campaign, our partnership with the Pioneer Woman Ree Drummond and through successful campaigns like Kozy Shacks Pudding Made Right. The campaign focused on simple ingredients and helped double Kozy Shacks brand awareness and drive volume growth and pro ts.

BUILDING STRONG

* American butter institute

FEED

To meet the increasing demand for food, farmers must maximize available resources to drive productivity. Many are embracing technology as a way to gain greater insight and increase yields without increasing their footprint.

As a leading distributor of agricultural products, technology and insights, WinField continues to help farmers meet this challenge. With proprietary offerings such as the R7 Tool, Answer Plot Program, NutriSolutions 360 System and Spray Analysis System, we help farmers and retailers make smarter decisions.

Weve also been on the leading edge of advances in Big Data. At the rst-ever WinField Ag Technology Summit, more than 200 of our most closely aligned co-op and retail partners got a glimpse at the Answer Tech web portal and WinField Data Silo, which will help farmers better manage and leverage their data in a secure system.

in a world of $8 corn, growth can

sometimes take care of itself. then the

market changes, growing conditions

shift and crop prices take a dip. this is

when the cooperative model shines.

Our main goal is to help each and

every one of our farmers become

better, said George Secor, president

and ceO of Sunrise cooperative, a

land Olakes member. When i pick

a partner, im either all in or im all out.

WinFields always been all in.

Sunrise relies on WinField to source

the best products and ingredients

and o er the training and support to

put them to their best use. precision

farming 15 years ago was about taking

grid soil samples every two to three

acres and then applying fertilizer

according to that, said Jerry Miller,

vice president of agronomy at Sunrise.

today, precision encompasses many

things. the R7 tool from WinField is

one of the biggest things today in our

precision department.

in 2014, the team at the purina Animal nutrition center hosted

11 Vip events for cattle producers. the events were a response

to emerging marketing conditionsincluding record high calf

prices and low commodity costsand a chance to showcase

how purinas value-added product line delivers better results in

herds. At the farm, attendees were given an exclusive look at how

products like the Wind & Rain cattle Mineral line and the new

Accuration block, when used as part of a Sustained nutrition

program, deliver maximum cattle performance. the results speak

for themselves: 90 percent of cattle Vip attendees entered into

new or expanded business with us.

RISE AND OUTSHINE

CATTLE VIPs

Quality, innovation and expertise are at the core of the Purina brand. Wanting an effective way to demonstrate how we put these values into everything we do, we made a signi cant investment in the Purina Animal Nutrition Center located outside St. Louis, Missouri. In 2014, the renovations were completed and visitors began to come in record numbers to see what we had to offer.

Co-op, dealer and producer visits to the new-and-improved center more than doubled this past year, surpassing 10,000. As part of 40 national and regional VIP events, visitors to the center experienced our research and products in action. And nearly 83 percent entered into a new or expanded business relationship with Purina as a result of their visit. Overall, the business generated by the research farm exceeded expectations and drove bottom-line growth.

CROP INPUTS



There is a huge opportunity to meet the changing needs of a growing global population. The agriculture sector is expanding fast, and there is a strong international demand for milk, protein and agronomic expertise.

KEY INTERNATIONAL COMMERCIAL MARKETS

GOING GLOBAL

CANADA

MEXICO

AFRICA

| GROWtH |

CURRENT INTERNATIONAL DEVELOPMENT OPERATIONS

Liberia

For us, this journey began 34 years ago when our Interna-tional Development Division was created to share our expertise and help our neighbors around the world. Today we work with local farmers and the private sector to build value chains, markets and food systems that bridge supply and demand to create lasting food security in emerging markets. In 2014, we helped 5,751 enterprises with business development services and leveraged more than $13

million to enhance investments in agricultural and economic growth while directly assisting more than 160,000 individuals.

Our decades-old develop-ment work has helped inform our commercial expansion in a number of emerging markets that provide new outlets for member production and new sources of growth that can be used to reinvest back home. A newly created International Busi-ness division is focused on two core strategies: create in-country

assets through partnerships and acquisitions, and expand our export and licensing business that maximize our effectiveness, minimize risk and create the greatest return on our invest-ment. In 2014, our Global Dairy Ingredients business sold more than 220 million pounds of prod-uct into international markets, equaling more than 2.2 billion pounds of member milk.

A GLOBAL PARTNERSHIPA strong example of growing with our customers was our October announcement of a partnership with Nestl to provide feed and forage training, nutrition services and lab-oratory services at the Nestl Dairy Farming Institute in Shuangcheng, Harbin City, Heilongjiang Province, China. The center will teach local farmers modern dairy farming skills.

The 148-acre facility includes three training farms, replicating progressive, large and mega-sized farms, as well as a training center. As a partner, weve developed many of the standard operating procedures, training mate-rials, forage trial protocols and feed and forage solutions.

CHINA


Sri Lanka

Bangladesh

Pakistan

Afghanistan

Yemen

Ethiopia

Kenya

Tanzania

Mozambique

Malawi

Zambia

Zimbabwe Madagascar

Rwanda

Uganda

Egypt

Lebanon


As we grow, we are also committed to helping our member-owners grow with us. Because of the size and scope of the Land OLakes, Inc. system, we have the ability to deliver additional value and make a di erence in our members businesses.

BUSINESSES

| GROWtH |

RUNNING BETTER


MPP TRAINING CAMPAfter the Farm bill was signed into law in early 2014, pennsylvania dairy farmer-owner Micah Meyers wanted to make sure he was prepared to make use of the new Dairy Margin protection program (Mpp). When land Olakes announced the Mpp training series he jumped at the opportunity and attended the regional meeting in Harrisburg, pennsylvania, and his local chambersburg meeting.

the meetings hosted by land Olakes were very informative and helpful, said Meyers. im on the local Farm Service Agency committee, and land Olakes had training available before we did.

When sign-up day arrived, Meyers said he felt more than ready to make his selection. i felt very comfortable going in to sign up for the program, he said. the FSA employee was helpful but, thanks to the training, i basically had my mind made up going in.

DAIRY MEMBERS

While our core services continue to help our member-owners produce the highest-quality milk, we began to look at ways to expand our services beyond the milking parlor. To better address the full scope of our dairy member-owners needs, we provided new risk management offerings, delivered value-added training and meetings and continued to invest in new insights and products.

Through the launch of a new training program, we gave member-owners a three-month head start on the new Dairy Margin Protection Program (MPP). To reach as many as possible, the training included regional webinars, onsite meetings and individualized on-farm training. More than 75 percent of our dairy members chose to enroll in the MPP, surpassing the national level by more than 25 percent.

MEMBER COOPERATIVES

Over the past handful of years, weve de ned the role we play in helping drive local cooperative success. We see ourselves as partners. Were here to help our member cooperatives leverage the full spectrum of Land OLakes resources.

Our Ag Customer Team and Business Development Services help cooperative members drive business growth through recruitment efforts ranging from CEO/GM placement to college intern recruitment and sales development tools and programs. When it comes to everyday operations, our Strategic Asset Management team provides construction planning, business consulting and nancing strategies to member cooperatives. In just over two years, theyve initiated 52 projects including about $400 million worth of construction projects and 15 mergers and acquisitions in 15 states.


| Ability |

through improved operations that lower costs

and strengthen marginssomething we call

total Margin Managementwere supporting the

health and growth of our business. Over the last

four years, weve saved millions of dollars through

improvement and simplification of processes.

A major transformation in enterprise-wide vendor

purchasing delivered more than $4.2 million in

annual savings. Similarly, the Kozy Shack team

delivered $1.5 million of profit improvements by

streamlining management of in-store promotions,

advertisements and temporary price reductions.

STRENGTHENING

MARGINS

LOWERING COSTS

STRENGTHENING


| Ability |

FEDERATED SYSTEMMember-owners also bene t from our margin management e orts through a variety of programs that cut costs and improve the e ciency of their businesses. By leveraging the collective buying power of our $15 billion cooperative, our members are able to realize savings in areas such as travel, transportation and purchasing.

LEVERAGING THE

$15MSUPPLY CHAIN SAVINGS

$6MDAIRY FOODS

REVENUE MANAGEMENT

Sizable Savings

Buying-in to the BuyPoint Programlooking for a more cost e ective way to purchase a variety of products including tractors, facility supplies, o ce supplies and tires, producers cooperative Association in bryan, texas, began partnering with our buypoint service in 2014. buypoint allows us to take advantage of land Olakes size and scale with minimal investment on our part, said General Manager James Deatherage. the team has been easy to work with, and we are already seeing savings on products that weve purchased.

After just a few months, producers cooperative has been happy with the results and encourages other member cooperatives look into the buypoint program. We are glad that we investigated the program and recommend that others take the time to see if buypoint can provide value to their organization, Deatherage said. the more of us who purchase together, the lower our prices go.

$60Min potential savings through our

DESIGN-TO-VALUE initiative

$28Min savings toward our

SOURCE-TO-PAY initiative goal of $40 million

Our BuyPoint program provides member-cooperatives with access to more than 70,000 products and services from Land O'Lakes preferred suppliers. Participating cooperatives have realized savings of up to 30 percent on purchases of agronomy products, human resources services, information technology and mainte-nance, repair and operations supplies.

1}

Travel services allow members to plan trips for themselves, their families and their business partners while taking advantage of the discounted rates Land OLakes has negotiated with a variety of vendors including major airlines, car rental and hotel chains.

2}


The Truck Purchasing Program offers members signi cant discounts on the purchase of new trucks, farm trailers and other vehicles. Today this program has grown into one of the largest eet buyers in the country. The nearly 5,000 units sold in 2014 delivered over $26 million in savings for our members.

3}


| tAlent |

there is a soaring demand for top talent throughout our

industry. Growing up on a farm is no longer the leading

prerequisite for a career in agriculture and food production.

in the United States, there are more than 50,000 annual

job openings in the food and agribusiness industries

that require a bachelors degree or higher. Of these, 74

percent are in business and science, 15 percent are in

agriculture and production, and 11 percent are in education,

communications and governmental services.*

TALENT IDEAS

AttRActinG tOp

neW


&

* U.S. Department of Agriculture

Preparing the Next Generation

When it comes to meeting the global food challenge, we know new and innovative ideas come from diverse perspectives. Weve made strategic investments as our industry evolves to gain a competitive advantage in recruiting the best talent to our team.

Over the last few years, weve shown up on campuses in a big way. We have increased our presence at events on college and university campuses across the country by 386 percent since the 2008-2009 school year. During this same time period, our internship program has grown 408 percent. Our growing presence on campus has also bene ted our federated system: In 2014, we hired 64 interns and trained an additional 155 for our member-cooperatives.

| tAlent |

Through the Land O'Lakes Foundation, we also supported a number of key universitiesPurdue University, University of Wisconsin, Iowa State University, South Dakota State University and othersby contributing to scholarship programs, gift-matching and direct donations.

In September, Land OLakes and the Foundation committed to donate $25 million, over a 10-year period, to the University of Minnesota. The contribution will drive student development programs within the College of Food, Agricultural and Natural Resource Sciences, the Carlson School of Management and the College of Science and Engineering along with leadership development of student-athletes. Graduates from these programs are primed to drive innovation in marketing, supply chain, research and development and many other areas.


Advancing the Conversation

A staggering 98 percent of Americans has no direct connection to where the food they eat comes from.* That leaves just 2 percent with farming ties and a lot of misconceptions about how our food is grown. Now more than ever, we need to continue the conversation about how well meet the challenges ahead.

Land OLakes helped initiate the Feeding the Planet series that is a part of Planet Forward, a unique convening body hosted by George Washington Universitys School of Media and Public Affairs that engages young people and innovators in addressing the biggest challenges facing our planet. The Feeding the Planet series includes think-tank-style salons that each explore speci c ideas in addressing the future of food and shapes the agenda of an annual summit built to spark new ideas from scientists, business leaders, advocates, students and government leaders.

Our member-owners have joined the discussion: Ten of our dairy farmer and local cooperative member leaders attended the inaugural summit and a number have participated in the salons to share their sustainable productivity stories and offer solutions to complex agricultural problems.

We also established the Global Food Challenge Emerging Leaders for Food Security program. The

through the Answer plot community Gardens program, were showing FFA students the impact of hunger in their communitieswhile teaching agronomic skills that can benefi t them down the road. WinField agronomists work with FFA chapters throughout the summer with students in charge of planting, growing and harvesting vegetables, which are donated to local food banks. nearby member-cooperatives also help the students tend their gardens. the result is shelves stocked with fresh food for the pantries and lasting relationships and leadership opportunities for the students. in 2014, the program included 23 gardens in 13 states that generated more than 130,000 pounds of foodor 588,000 servings of fresh fruits and vegetablesfor donation to local food banks.

yearlong fellowship provides an opportunity for 10 students to identify innovative and practical ways to improve food security. In addition to strengthening our relationship with key universities, the program is designed to encourage creative thinking that could spark our industrys next big innovation. Students will engage with other future leaders and industry advocates, sharing knowledge, experiences and bringing new ideas to the table. The fellowship will culminate in an 11-week summer internship, during which the students will learn from local cooperative and dairy members, engage with legislators and regulators in Washington, D.C., and travel to Africa to participate in a project administered through our International Development Division.

Growing Interest

How would you feed 9 billion people by 2050?

Visit foodchallenge.landolakesinc.com

to join the conversation.

* American Farm bureau


FRONT ROW L-R:John EllenbergerSenior Vice President, U.S. Dairy Foods

Beth FordExecutive Vice President, Chief Supply Chain & Operations Of cer

Chris PolicinskiPresident & Chief Executive Of cer

Pete JanzenSenior Vice President, General Counsel & Chief Administrative Of cer

Jerry KaminskiExecutive Vice President, International

MIDDLE ROW L-R Barry Wol sh

Senior Vice President& Chief Marketing Of cer

Jim FifeExecutive Vice President & Group Executive, Ag Businesses

Loren HeeringaSenior Vice President & Chief Human Resources Of cer

Dan KnutsonExecutive Vice President & Chief Financial Of cer

Lisa DeverellSenior Vice President,Feed Business to Business

Dave HoogmoedExecutive Vice President & Chief Operating Of cer, Purina Animal Nutrition

BACK ROW L-R:Doug BruntSenior Vice President, Ag Customer Accounts

Susan RankinVice President, Manufacturing

Mike MacrieSenior Vice President & Chief Information Of cer

Kevin ShriverVice President, Procurement & Sourcing

Jane PolitiskiVice President, Financial Planning & Analysis

Jon HalversonVice President, International Development

Thea KeamyVice President, Corporate Strategy

Bill PieperVice President & Chief Accounting Of cer

Mitch EvistonSenior Vice President, WinField Marketing

Susan GrellingVice President, Member Relations & Commodity Risk

NOT PICTURED:

Mike Vande LogtExecutive Vice President & Chief Operating Of cer, WinField

Carol KitchenSenior Vice President,Global Dairy Ingredients

Ric SundalVice President & Chief Operating Of cer, Moark

EXECUTIVE LEADERSHIP & SENIOR STRATEGY TEAM

FRONT ROW L-R:

Levi RansomNicholson, PA

Howard LisztWayzata, MN

Ronnie MohrGreen eld, IN

Pete KappelmanTwo Rivers, WI

Je JohnsonChaska, MN

Stan StarkPratt, KS

Je LaknerWessington, SD

MIDDLE ROW L-R:

Mark BerningSt. Michael, MN

Tom Wake eldBedford, PA

Galen VetterEdwards, CO

Paul SchweigerHillsboro, WI

Xavier AvilaTulare, CA

Lynn BoadwineBaltic, SD

Scot JanssenStacyville, IA

Rick BrandSomers, IA

BACK ROW L-R:

Myron VothWalton, KS

Dave AndresenLake City, SD

Joey FernandesTulare, CA

Stephen ManceboTulare, CA

Je TroikeAttica, IN

Doug ReimerGuttenberg, IA

Cornell KasbergenTulare, CA

Greg TauchenBonduel, WI

John HabedankTwin Valley, MN

Duane HersheyCochranville, PA

Robert ThompsonWashington, D.C.

NOT PICTURED:

Ben CurtiTulare, CA

51

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AG MEMBERDAIRY MEMBER ADVISORY BOARD

BOARD OF DIRECTORS

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2015 Land OLakes, Inc. | P.O. Box 64101, Saint Paul, MN 55164 | ar.landolakesinc.com

Land O'Lakes, Inc. 2014 Annual Report

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Transcript of Land O'Lakes, Inc. 2014 Annual Report