Compeer Financial Industry Overview

. DAIRY INDUSTRY ENVIRONMENT . Margin environment more favorable than a year ago After several years of over-production, supply and demand are back in line Number of farms decreasing but cow numbers are mostly flat ■ Most dairy clients will see a profit in 2019, and ability to lock in 2020 Transition toward larger more efficient farms - more technology ■ Robotics and automation Block chain - consumers desire to know where their food comes from 10 Vertical integration - retailers owning processors ■ Walmart & Kroger ■ Hurt independent processors, most notably, Dean Foods COMPEER FINANCIAL™

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