Brian Parker and Alan Childs, MetaFarms, Pork Management Conference, June 14-17, in Clearwater, Florida.

1. 2015 Performance Benchmarking
Alan Childs | Brian Parker
June 16, 2016
Innovative. Precise. Secure.

2. Agenda
• MetaFarms Overview
• Benchmarking and the Data
• Sow Performance
• Closeout Performance – Nursery
• Closeout Performance – Finishing
• Closeout Performance – Wean to Finish
• Market Sales

3. About MetaFarms
• Founded in 2000
– Headquarters in Burnsville, MN
– Diverse employee backgrounds that understand
the business
• Integrated Software Production Platform (SaaS)
– Sow, Feed, Finish, Sales, Assurance
• MetaFarms Analytics, Research & Technology (MART)
platform
– Benchmarking, Analytics, Innovation Services

4. About MetaFarms
• Multi Species – Swine, Poultry
• 15 million active finish pigs on feed and over 725,000
active sows
• Global customer base – both large and small
• vXchnge: a colocation services provider, with its
secure and fully monitored data center
• Sungard Availability Services Hybrid Cloud Solutions
for its disaster recovery

5. MetaFarms Proven Platform
Some of MetaFarms Swine
Sales Data Partners (15+):
• Cargill/Excel
• Farmland Foods
• Hormel Foods
• HyLife Foods
• Indiana Packers Corp (IPC)
• JBS Swift Packer
• Maple Leaf Foods (Canada)
• Morrell
• Olymel LP (Canada)
• PIP/Lynch
• Smithfield
• Seaboard Foods
• Swift & Co.
• Triumph Foods
• Tyson Fresh Meats
35+ Feed Mill Interfaces
CUMULATIVE HARVEST DATA ON METAFARMS PLATFORM
Diverse, and global customer base that includes some of the largest protein businesses in the world as well as some of
the smallest. 15 million active finish pigs on feed and over 725,000 active sows.
-
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,000,000
2009 2010 2011 2012 2013 2014 2015
27,658,799
36,533,947
50,536,123
61,883,582
102,633,140
129,006,943
159,023,898

6. Benchmarking and the Data
• Unbiased Data – includes all sites on the
MetaFarms Production Platform
• Numbers in Isolation
• Performance measurements (including KPIs) mean very little in
and of themselves without a basis of comparison. You can’t
just look at numbers in isolation; rather, they need to be
compared to an objective standard.
• Benchmarking
– Identify Opportunities, Focus on Areas, Profit/Loss,
Small Improvements – Big Impact

7. MetaFarms Sow

8. Over The Years
11.5 11.7 11.8 11.95 12.0 12.1
12.5
12.8 13 13.2 13.4 13.5
13.612.6 12.7 12.8
13.1 13
13.3
14.0 13.8 13.8
14.1
13.5
14.7
12.6
8.9 9.1 9.2 9.4 9.6 9.8 9.87 10.0 10.05 10.1 10.2 10.2 10.4
7
8
9
10
11
12
13
14
15
16
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Changes in litter size and piglet mortality
Total Born Pre-Wean Mortality Weaned/Sow

9. Sow Farm Performance
2013 2014 2015
No. Sows 615,113 692,315 701,200
Pigs weaned / mated female / yr
(PWMFY) 24.4 24.0 24.9
Lb weaned / sow / yr 338 334 339
Farrowing Rate 85.9% 85.2% 84.1%
Average total born 13.4 13.5 13.6
Birth loss % 9.4% 9.6% 9.4%

10. Sow Farm Performance
2013 2014 2015
Average live born 12.1 12.2 12.4
Pre-wean mortality % 13.5% 14.7% 12.6%
Pigs weaned / sow 10.2 10.2 10.4
Average wean weight (pig) 13.6 13.6 13.4
Pigs weaned per sow lifetime 42.2 43.4 39.7
Sow Deaths / Destroyed % 8.2% 9.3% 10.4%

11. Sow Farm Performance
Sow Herd Size
<1000
1,000-
1,999
2,000-
2,999
3,000-
3,999
4,000-
4,999 5,000+
No. Sows 56,150 130,604 177,236 87,818 113,533 135,660
Pigs weaned / mated female / yr (PWMFY) 22.3 24.3 24.5 25.5 24.7 26.7
Total Productivity IndexTM (mated) 44.3 47.0 47.0 48.9 47.4 51.3
Farrowing Rate 80.5% 83.6% 83.0% 85.3% 84.8% 86.3%
Average Total Born 13.5 13.7 13.6 13.7 13.7 13.7
Birth loss % 10.3% 10.2% 9.4% 9.5% 10.6% 7.5%
Average Live Born 12.1 12.3 12.3 12.4 12.3 12.7
Pre-Wean Mortality % 12.6% 13.3% 12.0% 13.1% 13.9% 12.2%
Pigs Weaned / sow 10.4 10.4 10.5 10.3 10.1 10.7
Average wean weight (pig) 13.5 13.6 13.1 14.2 14.6 12.5
Pigs weaned per sow lifetime 41.8 37.7 38.3 43.6 42.5 38.3
Sow Death / Destroy % 9.2% 10.0% 11.3% 11.0% 11.1% 9.2%

12. Sow Farm Performance Herd Size
22.3
24.3 24.5
25.5
24.7
26.7
80.5%
83.6%
83.0%
85.3%
84.8%
86.3%
77.0%
78.0%
79.0%
80.0%
81.0%
82.0%
83.0%
84.0%
85.0%
86.0%
87.0%
20
21
22
23
24
25
26
27
28
<1000 1,000-1,999 2,000-2,999 3,000-3,999 4,000-4,999 5,000+
Pigs weaned / mated female / yr (PWMFY) Farrowing Rate
Herd Size

13. Sow Farm Performance
Sow Farms ranked on Pigs Weaned / Mated Female / Year
Bottom 10% Bottom 33% Average Top 33% Top 10%
Pigs weaned / mated female / yr
(PWMFY) 16.9 21.1 24.9 27.3 28.9
Total Productivity IndexTM (mated) 32.5 40.6 47.8 52.5 55.5
lb weaned / sow / year 220.5 264.7 330.0 356.1 370.6
Farrowing Rate 82.9% 85.3% 86.7% 88.0% 89.7%
Average Total Born 12.7 13.2 13.6 13.9 14.1
Birth loss % 11.6% 11.2% 9.4% 8.0% 7.2%
Average Live Born 11.3 11.7 12.4 12.8 13.0
Pre-Wean Mortality % 15.1% 13.2% 12.6% 12.0% 11.2%
Pigs Weaned / sow 9.4 9.8 10.4 10.8 11.1
Average wean weight (pig) 14.5 13.8 13.4 13.1 12.7
Pigs weaned per sow lifetime 34.9 34.1 39.7 40.8 40.8
Sow Death / Destroy % 12.6% 11.9% 10.4% 9.0% 8.4%

14. Sow Farm Ranked on PWMFY
12.7
13.6
13.9 14.1
11.6%
11.2%
9.4%
8.0%
7.2%
15.1%
13.2
12.6% 12%
11.2%
82.9%
85.3%
86.7%
88.0%
89.7%
78.0%
80.0%
82.0%
84.0%
86.0%
88.0%
90.0%
92.0%
0
2
4
6
8
10
12
14
16
Average Total Born Birth loss % Pre-Wean Mortality % Farrowing Rate
Bottom 10% Bottom 33% Average Top 33% Top 10%

15. Sow Farm Percentiles
10% 20% 30% 40% 50% 60% 70% 80% 90%
Pigs weaned / mated female / yr
(PWMFY) 20.1 22.1 23.2 24.1 24.8 25.4 26.0 26.7 27.8
Total Productivity IndexTM
(mated) 38.5 42.4 44.6 46.3 47.5 48.8 49.8 51.3 53.4
Weaned Sows bred < 7 days % 76.0% 82.1% 85.1% 87.1% 88.6% 89.6% 90.8% 92.0% 93.9%
Conception Rate (35 days) 86.3% 88.1% 90.0% 91.1% 92.0% 92.6% 93.3% 94.5% 96.0%
Farrowing Rate 74.8% 78.2% 80.7% 82.0% 83.8% 85.4% 86.7% 88.0% 89.9%
Average Total Born 12.2 12.7 13.1 13.4 13.6 13.8 14.0 14.2 14.5
Birth loss % 13.6% 11.6% 10.6% 10.0% 9.4% 8.8% 8.4% 7.7% 6.8%
Avg Live Born 11.0 11.5 11.8 12.1 12.2 12.4 12.6 12.9 13.1
Pre-Wean Mortality % 7.2% 9.2% 10.5% 11.8% 12.6% 13.6% 14.5% 15.3% 16.9%
Pigs Weaned / sow 9.3 9.8 10.1 10.3 10.4 10.6 10.7 10.9 11.2
Average wean weight (pig) 11.8 12.7 12.9 13.2 13.5 13.8 14.0 14.4 15.0
Sow Mortality 15.3% 12.9% 11.8% 10.7% 9.2% 8.6% 7.8% 6.9% 5.7%

16. Sow Farm Percentiles
20.1
22.1
23.2
24.1
24.8
25.4
26.0
26.7
27.8
9.3 9.8 10.1 10.3 10.4 10.6 10.7 10.9
11.2
15.3%
12.9%
11.8%
10.7%
9.2%
8.6%
7.8%
6.9%
5.7%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
0.0
5.0
10.0
15.0
20.0
25.0
30.0
10% 20% 30% 40% 50% 60% 70% 80% 90%
Pigs weaned / mated female / yr (PWMFY) Pigs Weaned / sow Sow Mortality

17. MetaFarms Grow Finish
Nursery, Finish and Wean-to-Finish

18. Closeout Performance - Nursery
2013 2014 2015
No. Groups 7,307 6,349 6,907
Started 13,128,104 12,513,662 14,588,575
Started Wt 13.0 12.9 13.0
Avg Out Wt w/o Dead Wt 51.9 53.0 54.2
Actual Sqft/Pig 2.8 2.8 2.8
Lb Feed Per Hd 63.0 65.0 64.7
Feed Cost per Lb Gain Prod 0.3737 0.3431 0.2843
Mortality as % of Pigs In 3.6% 3.6% 3.1%

19. Closeout Performance - Nursery
2013 2014 2015
ADG 0.82 0.84 0.86
FC 1.64 1.62 1.60
Adj FCR* 1.66 1.64 1.61
ADFI 1.38 1.42 1.37
Avg DOF 46.7 46.6 47.3
Days to First STD Sale -- -- --
Avg Feed Cost/Ton $462.00 $474.00 $355.33
Avg Corn Cost/Bu $6.57 $4.55 $3.79
Avg DDGS Cost/Ton $448.00 $174.17 $140.53
Avg SBM Cost/Ton $243.00 $443.62 $342.14
*Adjusted FCR for Nursery was 12-55 lb.

20. Nursery – Percentile breakdown
*Adjusted FCR for Nursery was 12-55 lb.
10% 20% 30% 40% 50% 60% 70% 80% 90%
Start Wt 11.7 12.0 12.2 12.6 13.0 13.2 13.6 13.9 14.5
Avg Out Wt w/o Dead Wt 37.8 41.6 45.3 49.0 52.2 55.7 59.6 62.7 67.3
Actual Sqft/Pig 2.4 2.5 2.7 2.8 2.9 2.9 3.1 3.2 3.6
lb feed per Hd 38.0 43.8 49.5 55.1 60.8 66.6 73.4 81.2 91.0
Feed Cost per lb gain Prod 0.3889 0.3523 0.3287 0.3105 0.2937 0.2786 0.2630 0.2469 0.2265
Mortality as % of Pigs In 6.0% 4.4% 3.5% 2.9% 2.4% 2.0% 1.6% 1.2% 0.8%
ADG 0.62 0.70 0.76 0.81 0.85 0.88 0.92 0.97 1.02
FC 1.90 1.78 1.70 1.65 1.59 1.55 1.50 1.45 1.36
Adj FCR* 1.95 1.81 1.73 1.67 1.61 1.56 1.51 1.45 1.36
ADFI 0.99 1.09 1.17 1.25 1.32 1.40 1.48 1.57 1.69
Avg DOF 36.6 39.2 41.4 44.2 46.9 49.0 51.0 53.2 55.4
Avg Feed Cost/Ton 471.12 429.70 405.21 386.25 367.34 350.10 335.05 316.34 293.87
Avg Corn Cost/Ton 4.46 4.00 3.91 3.83 3.78 3.70 3.62 3.55 3.47
Avg DDGS Cost/Ton 184.43 175.00 168.00 159.00 148.09 138.22 130.33 122.43 112.00
Avg SBM Cost/Ton 379.64 368.36 358.60 349.00 340.22 331.82 324.00 314.38 304.28

21. Nursery – Percentile breakdown
0.62
0.70
0.76
0.81 0.85 0.88 0.92
0.97 1.02
1.90 1.78 1.70 1.65 1.59 1.55 1.50 1.45 1.36
6.0%
4.4%
3.5%
2.9%
2.4% 2.0%
1.6%
1.2%
0.8%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
0.00
0.50
1.00
1.50
2.00
2.50
3.00
ADG FC Mortality as % of Pigs In
10% 20% 30% 40% 50% 60% 70% 80% 90%

22. Nursery – Starting Weight
*Adjusted FCR for Nursery was 12-55 lb.
Starting Weight in pounds <10 10 11 12 13 14 15 16 17+
No. Groups 38 228 730 2506 2016 920 265 81 44
Start Wt 9.8 10.6 11.5 12.4 13.5 14.3 15.3 16.4 17.4
Avg Out Wt w/o Dead Wt 47.7 47.1 51.4 53.7 54.9 58.5 56.0 60.2 58.3
Actual Sqft/Pig 2.5 2.7 2.8 2.9 2.8 2.9 2.7 2.6 2.4
lb feed per Hd 59.30 54.33 61.60 64.45 64.55 71.39 64.46 70.30 66.53
Feed Cost per lb gain Prod 0.2270 0.2575 0.2817 0.2805 0.2972 0.2819 0.3038 0.2944 0.2981
Mortality as % of Pigs In 3.2% 3.6% 3.2% 2.8% 3.1% 3.7% 2.9% 3.8% 2.5%
ADG 0.79 0.76 0.82 0.85 0.87 0.90 0.87 0.90 0.93
FC 1.59 1.53 1.59 1.60 1.60 1.65 1.62 1.66 1.67
Adj FCR* 1.65 1.59 1.62 1.61 1.60 1.62 1.61 1.62 1.64
ADFI 1.26 1.16 1.31 1.36 1.38 1.48 1.42 1.49 1.56
Avg DOF 47.0 46.8 47.2 47.3 46.9 48.5 45.5 47.3 42.7
Avg Feed Cost/Ton 285.46 339.79 362.98 352.36 371.16 336.14 374.52 354.35 357.37

23. Nursery – Starting Weight
47.7
47.1
51.4
53.7
54.9
58.5
56.0
60.2
58.3
0.79
0.76
0.82
0.85 0.87
0.90
0.87
0.90
0.93
1.26
1.16
1.31
1.36 1.38
1.48
1.42
1.49
1.56
0.40
0.60
0.80
1.00
1.20
1.40
1.60
30.0
35.0
40.0
45.0
50.0
55.0
60.0
65.0
70.0
<10 10 11 12 13 14 15 16 17+
Avg Out Wt w/o Dead Wt ADG ADFI
Starting weight in pounds

24. Nursery – Mortality
*Adjusted FCR for Nursery was 12-55 lb.
Mortality as % of Pigs In <1% 1-2% 2-3% 3-4% 4-5% 5-6% 6-7% 7-8% 8-9% 9-10% >10%
No. Groups 1,017 1,734 1,471 982 604 342 224 122 97 58 201
Start Wt 12.9 12.8 12.9 12.9 13.0 13.0 12.9 13.0 12.8 12.8 13.0
Avg Out Wt w/o Dead Wt 52.0 53.5 54.9 56.0 56.1 55.0 54.6 52.4 52.7 51.9 51.9
Actual Sqft/Pig 2.7 2.8 2.3 2.2 2.1 2.3 2.2 2.0 2.0 2.8 2.6
lb feed per Hd 59.99 63.81 65.8 67.82 67.42 66.7 65.57 60.97 63.36 64.14 62.01
Feed Cost per lb gain Prod 0.2745 0.2768 0.2814 0.2851 0.2976 0.3030 0.3110 0.3146 0.3197 0.3140 0.3483
ADG 0.89 0.87 0.86 0.86 0.85 0.85 0.82 0.80 0.76 0.74 0.72
FC 1.54 1.59 1.60 1.62 1.63 1.66 1.66 1.65 1.70 1.70 1.82
Adj FCR* 1.58 1.60 1.61 1.64 1.65 1.70 1.70 1.73 1.76 1.78 1.86
ADFI 1.37 1.38 1.38 1.40 1.39 1.37 1.32 1.25 1.26 1.22 1.26
Avg DOF 43.9 46.2 47.9 48.7 48.7 49.1 49.8 48.7 50.4 50.3 49.4
Avg Feed Cost/Ton 353.78 349.78 352.03 353.17 367.91 364.60 370.25 384.30 374.71 369.31 381.47
Med Costs Per Pig 2.58 2.75 3.01 3.15 3.25 3.02 3.08 3.41 3.39 3.84 3.34

25. Nursery – Mortality
*Adjusted FCR for Nursery was 12-55 lb.
43.9
46.2
47.9
48.7 48.7
49.1
49.8
48.7
50.4 50.3
49.4
0.89 0.87 0.86 0.86 0.85 0.85 0.82 0.80
0.76 0.74 0.72
1.58 1.60 1.61 1.64 1.65
1.70 1.70 1.73 1.76 1.78
1.86
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
42.0
44.0
46.0
48.0
50.0
52.0
Avg DOF ADG Adj FCR*
<1% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%+

26. Closeout Performance - Finishing
2013 2014 2015
No. Groups 8,003 7,874 9,208
Started 14,320,145 14,408,495 16,605,789
Started Wt 52.8 54.6 53.6
Avg Out Wt w/o Dead Wt 271.1 280.9 279.8
Actual Sqft/Pig 7.2 7.2 7.3
Market Sales as % of Pigs Out 93.00% 92.90% 92.52%
Lb Feed Per Hd 611.0 640.0 634.9
Feed Cost per Lb Gain Prod $ 0.4347 $ 0.3438 $ 0.3019
Mortality as % of Pigs In 4.4% 4.4% 4.1%

27. Closeout Performance - Finishing
*Adjusted FCR for Finishing was 50-270 lb.
2013 2014 2015
ADG 1.82 1.85 1.87
FC 2.83 2.87 2.84
Adj FCR* 2.65 2.79 2.78
ADFI 5.16 5.31 5.32
Avg DOF 119.0 121.2 119.6
Days to First (Top Out) Sale 103 106 106
Avg Feed Cost/Ton $309.76 $247.72 $208.47
Avg Corn Cost/Bu $6.78 $4.62 $3.81
Avg DDGS Cost/Ton $251.28 $188.52 $140.96
Avg SBM Cost/Ton $451.37 $449.67 $355.19

28. Finish – Percentile breakdown
*Adjusted FCR for Finish was 50-270 lb.
10% 20% 30% 40% 50% 60% 70% 80% 90%
Start Wt 33.9 38.5 42.7 47 50.9 55 59.1 62.8 68.6
Avg Out Wt w/o Dead Wt 264.1 269.7 273.8 277.1 280.3 283.3 286.5 290.4 296.5
lb feed per Hd 724.2 697 676 656.5 638.5 621.4 603.5 584 557.7
Feed Cost per lb gain Prod 0.3414 0.3230 0.3117 0.3025 0.2942 0.2863 0.2786 0.2694 0.2576
Mortality as % of Pigs In 8.0% 6.0% 4.9% 4.2% 3.6% 3.1% 2.7% 2.2% 1.6%
ADG 1.68 1.75 1.80 1.84 1.87 1.90 1.94 1.99 2.05
FC 3.15 3.03 2.95 2.89 2.83 2.77 2.71 2.64 2.54
Adj FCR* 3.09 2.97 2.89 2.83 2.77 2.72 2.66 2.58 2.49
ADFI 4.60 4.84 5.02 5.17 5.30 5.43 5.57 5.73 5.98
Avg DOF 139.0 132.7 128.5 124.8 121.0 117.3 113.9 110.3 105.9
Avg Feed Cost/Ton 244.11 231.46 222.18 215.27 210.15 204.96 199.28 193.33 186.42
Avg Corn Cost/Ton 4.45 4.03 3.91 3.84 3.79 3.73 3.68 3.62 3.51
Avg DDGS Cost/Ton 176.53 167.69 159.29 151.11 145.00 138.07 131.56 125.56 115.00
Avg SBM Cost/Ton 399.50 376.40 367.24 355.08 349.14 341.53 334.16 326.54 317.01

29. Finish – Percentile breakdown
264.1
269.7
273.8
277.1
280.3
283.3
286.5
290.4
296.5
8.0%
6.0%
4.9% 4.2%
3.6%
3.1%
2.7%
2.2%
1.6%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
240.0
250.0
260.0
270.0
280.0
290.0
300.0
Avg Out Wt w/o Dead Wt Mortality as % of Pigs In
10% 20% 30% 40% 50% 60% 70% 80% 90%

30. Closeout Performance – W2F*
2013 2014 2015
No. Groups 1,889 2,481 2,377
Started 3,863,086 5,550,928 5,220,505
Started Wt 13.5 13.2 13.2
Avg Out Wt w/o Dead Wt 270.9 282.4 278.2
Actual Sqft/Pig 7.0 6.3 7.3
Market Sales as % of Pigs Out 91.00% 91.50% 91.80%
Lb Feed Per Hd 665.0 699.0 686.4
Feed Cost per Lb Gain Prod $ 0.4199 $ 0.3375 $ 0.2779
Mortality as % of Pigs In 6.30% 6.10% 5.65%
*Single stock wean to finish groups only

31. Closeout Performance – W2F*
2013 2014 2015
ADG 1.58 1.59 1.60
FC 2.60 2.64 2.60
ADFI 4.11 4.20 4.17
Avg DOF 163.0 168.5 164.7
Days to First (Top Out) Sale 149 154 150
Avg Feed Cost/Ton $324.87 $257.54 $225.24
Avg Corn Cost/Bu $6.58 $4.51 $3.66
Avg DDGS Cost/Ton $252.94 $185.91 $148.92
Avg SBM Cost/Ton $453.44 $453.64 $357.41
*Single stock wean to finish groups only

32. W2F – Percentile breakdown
10% 20% 30% 40% 50% 60% 70% 80% 90%
Start Wt 12.0 12.3 12.8 13.0 13.2 13.5 13.9 14.2 14.9
Avg Out Wt w/o Dead Wt 264.8 269.8 273.4 276.7 279.1 281.9 284.6 287.9 292.7
lb feed per Hd 753.8 729.1 712.5 698.7 686.0 673.8 659.7 643.1 619.3
Feed Cost per lb gain Prod 0.3265 0.3140 0.3060 0.2992 0.2918 0.2844 0.2784 0.2708 0.2587
Mortality as % of Pigs In 9.4% 7.3% 6.1% 5.2% 4.5% 4.0% 3.4% 2.9% 2.3%
ADG 1.49 1.53 1.56 1.59 1.61 1.64 1.67 1.70 1.75
FC 2.78 2.72 2.67 2.63 2.59 2.55 2.51 2.47 2.41
ADFI 3.83 3.95 4.03 4.10 4.18 4.25 4.32 4.41 4.54
Avg DOF 177 172 169 166 164 161 159 156 150
Avg Feed Cost/Ton 247.94 240.47 235.87 231.42 226.59 221.97 216.58 209.90 200.24
Avg Corn Cost/Ton 4.01 3.89 3.80 3.75 3.69 3.63 3.57 3.50 3.38
Avg DDGS Cost/Ton 179.54 170.73 163.61 156.75 151.46 145.29 136.12 129.82 120.00
Avg SBM Cost/Ton 410.70 381.59 369.00 357.31 348.98 344.11 338.32 331.77 323.18

33. W2F – Market/Out Weight
250-259 260-269 270-279 280-289 290-299 300-310
No. Groups 60 297 688 717 283 59
Start Wt 12.3 13.1 13.3 13.2 13.3 13.2
Avg Out Wt w/o Dead Wt 254.9 265.5 274.9 284.2 296.6 303.3
Actual Sqft/Pig 7.3 7.2 7.3 7.3 7.1 7.1
lb feed per Hd 632.5 649.7 677.2 701.4 732.4 757.2
Feed Cost per lb gain Prod 0.2987 0.2979 0.2953 0.2896 0.2923 0.2902
Mortality as % of Pigs In 7.94% 7.15% 6.03% 4.77% 5.23% 5.46%
ADG 1.52 1.54 1.59 1.62 1.65 1.67
FC 2.63 2.58 2.60 2.59 2.62 2.62
ADFI 3.99 3.99 4.13 4.22 4.32 4.37
Avg DOF 159.3 162.6 163.8 166.2 169.4 172.8
Avg Feed Cost/Ton 226.97 230.49 227.36 223.19 223.04 221.75
Feed Med Cost Per Pig Produced 1.96 1.98 1.96 1.88 2.16 2.00
Other Med Cost Per Pig Produced 3.22 3.30 3.02 3.02 3.10 3.45

34. W2F – Market/Out Weight
2.63
2.58 2.60 2.59 2.62 2.62
3.99 3.99
4.13
4.22
4.32 4.377.94%
7.15%
6.03%
4.77%
5.23%
5.46%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
2.00
2.50
3.00
3.50
4.00
4.50
FC ADFI Mortality as % of Pigs In
250-259 260-269 270-279 280-289 290-299 300-310

35. Feed Costs 2015
Nursery Finish W2F*
Avg Feed $/ton $ 355.33 $ 208.47 $ 225.24
Avg Corn $/bu $ 3.79 $ 3.81 $ 3.66
Avg DDGS $/ton $ 140.53 $ 140.99 $ 148.92
Avg SBM $/ton $ 342.14 $ 355.19 $ 357.41
Corn% in diet 45.7% 60.0% 60.2%
DDGS% in diet 12.8% 20.5% 17.4%
SBM% in diet 24.3% 9.4% 13.7%
*Single stock wean to finish groups only

36. Marketing - Packer
279.07
279.10
282.23
279.70
274.32
281.44
282.69
285.20
286.91
268
270
272
274
276
278
280
282
284
286
288
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Canada JBS Farmland Hatfield Hormel IPC Morrell Triumph Tyson
2015 -Total Delivered with Avg Live Wt by Packer
Total Delivered Avg Live Wt

37. Thank you!
Questions?
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presentation