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Investor Presentaiton

These primary takeaways from my December 2016 visit remain relevant nearly 2.5 years later. Coming off a decade of high returns, the U.S. agricultural sector has been weak since 2014, and conditions are expected to remain that way for the next few years. • Farm bank asset quality is starting to weaken from historically strong levels, but the transmission mechanism can be slow. Persistently weak agricultural conditions may result in problems for some farm banks, but a repeat of the agricultural crisis of the 1980s is unlikely. FDIC 6

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