1. Cow Calf Budget

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					                                                         Cow - Calf and Herd Budget

                                   Ranch Name:              400 Cow-Calf TSCRA Case Ranch Budget                               17-Nov-11
                                                            Based on 2010 Data - Draft example
                  Production Coefficients                                                              UNITS                VALUE
  ========================================                                                             ----------    ------------------------
  Number of Breeding Females Exposed                                                                     Hd.                            400
  Pregnancy Percentage Based on Exposed Females                                                           %                            88.0
  Number of Breeding Cows In Herd - Beginning Fiscal Year - BCU                           Head        Hd. -BCU                          400
  Percent Weaned Calf Crop Based on Exposed Females                                         340           %                            85.0
  Replacement Rate of Cows/Heifers                                                             48         %                            12.0
  Portion of Replacement Heifers Culled
           Before Breeding                                                                       5        %                            10.0
  Portion of Replacement Cows Purchased                                                                   %                             0.0
  Death Rate of Breeding Cows                                                                    8        %                             2.0
  Death Rate of Replacement Heifers
           Before Breeding                                                                       0        %                             1.0
  Average Age at Weaning                                                                                 Mo.                               7
  Ave. Calving Age of Replacement Heifers                                                                Mo.                             24
  Number of Breeding Cows Per Bull                                                             16        Hd.                             25
  Useful Life of Bull                                                                                    Yrs.                              4
  Number of Breeding Cows Per Horse                                                              1       Hd.                            400
  Useful Life of Horse                                                                                   Yrs.                              8
  Payweight of Culled Bulls                                                                             Lb/Hd                       1,800
  Sell Price of Cull Bulls - (Calculated - see cattle pricing sheet)                                    $/Cwt                     $62.40
  Horse Salvage Value                                                                                   $/Hd.                            $0


             Capital Investment In Livestock                                                                             Investment
                   -------------------------------                                                                   ------------------------
  Replacement Heifers Weaning to 1 Year                                                        53       $/Hd.                          650
  Replacement Heifers One Year to Breeding Age                                                          $/Hd.                       1,200
  Average Breeding Cow Value                                                                            $/Hd.                       1,000
  Cost of Purchased Breeding Cow or Pair                                                                $/Hd.                       1,000
  Average Bull Investment Value                                                                         $/Hd.                       2,800
  Average Horse Investment Value                                                                        $/Hd.                       3,000
  Percent of Livestock Investment Borrowed                                                                %                             0.0
  Interest Rate on Borrowed Livestock Capital                                                             %                            0.00


                 Animal Unit Equivalents                                                                                   AU/BCU
                        -----------------------                                                                      ------------------------
  Replacement Heifers Weaning to 1 Year                                                                  AU                            0.50
  Replacement Heifers 1 Yr. to Breeding                                                                  AU                            0.70
  Breeding Cow and Calf                                                                                  AU                            1.00
  Bull                                                                                                   AU                    1.50
                                                                                                                    COW-CALF ENTERPRISE BUDGET
  Horse                                                                                                  AU                            1.50
  Calculated AU Req. Per Breeding Cow Unit                                                             AU/BCU                          1.18
  Total Animal Units                                                                                     AU                            474
             Grazing Land and Stocker Rate
                        -----------------------                                          Land        Acres/Cow            Acres/AU
  Grazing Land                                                                           2,800                7.00                     5.91
  Forest Land                                                                              -                  0.00                     0.00
  Hay Land                                                                                 200                0.50                     0.42
  Total Land in Ranch                                                                    3,000                7.50                     6.33


  Calculated SPA Production Performance
                --------------------------------------
  Calf Crop or Weaning Percentage                                                                         %                          85.00
  Average Weaning Weight                                                                              Lb./Head                          538
  Lb. Weaned Per Exposed Female                                                            Lb./Cow Exposed                              457
  Lb. Weaned Per Grazeable Acre                                                                      Lb./Acre                            65

b0230f94-9c12-4aad-a33d-a165d0f19c60.xls                                                                                                        Page 1 of 15
  Lb. Weaned Per Total Acre                Lb./Acre   61




b0230f94-9c12-4aad-a33d-a165d0f19c60.xls                   Page 2 of 15
                                         Revenue and Costs and Returns Per Breeding Cow Unit (BCU) and Total Herd
  ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  Revenue                                                                Quantity                                                 $/Cwt.               Return                 Total Herd
  (Prices Calculated - See Cattle Pricing Sheet)                                                  Net        Total Herd            Net               Dol./BCU              Breeding Cows
  CASH Income                                                                Hd/BCU            Wt./Hd.         Head                                                            $ Return
    Cull Cow                                                                       0.100          1,100                  40          $57.60                  $63.36                  $25,344
    Cull Bull                                                                      0.010          1,800                   4          $62.40                  $11.23                    $4,493
    Steer Calves                                                                   0.425              550              170         $127.40                 $297.80                  $119,119
    Heifer Calves                                                                  0.292              525              117         $119.56                 $183.16                   $73,264
    Rep. Heifer. Culls                                                             0.012              700                 5          $86.40                    $7.26                   $2,903
                                                                                                                                Per Acre       ============= ==============
  Total Revenue                                                                                                                     $75.04                 $562.81                  $225,123
  ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  Direct Costs
  Direct CASH Cost                                                         Input Use                             Unit             $/Unit                Cost                    $ Cost
  Purchased and Raised Feed
    Roughage                                                                      1,000 Lb./BCU                Dol./Lb.                 0.05                 $50.00                  $20,000
    Complete Feed or Concentrate                                                             Lb./BCU           Dol./Lb.                 0.00                   $0.00                         $0
    Mineral and Salt                                                                      20 Lb./BCU           Dol./Lb.                 0.20                   $4.00                   $1,600
    Protein Supplement                                                               240 Lb./BCU               Dol./Lb.                 0.19                 $45.60                  $18,240
    Other or All of feed Purchase                                                     -                       Dol./BCU                  0.00                   $0.00                         $0
  Grazing - Non Land Costs
    Chemical                                                                         1.00                     Dol./BCU                12.00                  $12.00                    $4,800
    Custom Hire Machinery                                                            1.00                     Dol./BCU                  0.00                   $0.00                         $0
    Fertilizer                                                                       1.00                     Dol./BCU                40.00                  $40.00                  $16,000
    Seed and Plants                                                                  1.00                     Dol./BCU                  0.00                   $0.00                         $0
   Other Grazing                                                                     1.00                     Dol./BCU               $0.00                     $0.00                         $0
   Other Grazing                                                                     1.00                     Dol./BCU               $0.00                     $0.00                         $0
   Cash Rent Paid                                                                                                                                              $0.00                         $0
  Other Select Cash Costs
    Freight & Trucking                                                               1.00                     Dol./BCU                  5.00                   $5.00                   $2,000
    Veterinary, Medicine & Breeding                                                  1.00                     Dol./BCU                20.00                  $20.00                    $8,000
    Supplies                                                                         1.00                     Dol./BCU                  5.00                   $5.00                   $2,000
    Other Cash Costs                                                                 1.00                     Dol./BCU                  0.00                   $0.00                         $0
    Other Cash Costs                                                                 1.00                     Dol./BCU                  0.00                   $0.00                         $0
    Other Cash Costs                                                                 1.00                     Dol./BCU                  0.00                   $0.00                         $0
     Hired Temporary Labor                                                                20 Days             Dol./Day               125.00                    $6.25                   $2,500
                                                                                                                                               ============= ==============
  Total Direct Costs                                                                                                                                       $187.85               $75,140.00


  Indirect Costs
    Repairs & Main. - Vehicles, Mach.& Equipment                                                              Dol./BCU              $12.75                   $12.75                    $5,100
    Repairs & Maintenance of Improvements                                                                     Dol./BCU              $10.00                   $10.00                    $4,000
    Property Tax - Land Tax                                                       3,000 Acres                   $/Acre               $1.17                     $8.75                   $3,500
    Gasoline, Fuel, & Oil                                                                                     Dol./BCU              $30.00                   $30.00                  $12,000
    Other Cash Cost                                                                                           Dol./BCU               $0.00                     $0.00                         $0
     Hired Permanent Management                                                      0.00      Person                                     $0                   $0.00                         $0
     Owner Operator Management & Labor                                               1.00      Person                             $40,000                  $100.00                   $40,000
    Other Cash Cost                                                                                           Dol./BCU               $0.00                     $0.00                         $0
  NON-CASH Cost - Depreciation
    Vehicles, Machinery and Equipment                                                                         Dol./BCU                                       $25.00                  $10,000
    Water Mgmt & Improvement Cost                                                 3,000 Acres                   $/Acre               $1.00                     $7.50                   $3,000
     Livestock Depreciation                                                                                   Dol./BCU                                       $28.94                  $11,575
    Other Non-Cash Depreciation Cost                                                                          Dol./BCU               $0.00                     $0.00                         $0
  TOTAL NON-CASH Cost - Depreciation                                                                                                                         $61.44                  $24,575
                                                                                                                                               ============= ==============
  Total Indirect Costs                                                                                                                                     $222.94               $89,175.00




b0230f94-9c12-4aad-a33d-a165d0f19c60.xls                                                                                                                                            Page 3 of 15
  General and Administrative Costs
    Professional Fees - Accounting & Legal                                                                    Dol./BCU               $6.25                     $6.25                   $2,500
    Utilities, Phone, Computer etc.                                                                           Dol./BCU              $10.00                   $10.00                    $4,000
    Office Supplies                                                                                           Dol./BCU               $2.50                     $2.50                   $1,000
    Dues & Subscriptions                                                                                      Dol./BCU               $1.25                     $1.25                      $500
    Administrative Wages Payroll etc.                                                                         Dol./BCU              $37.50                   $37.50                  $15,000
    Insurance                                                                                                 Dol./BCU              $12.50                   $12.50                    $5,000
    Other                                                                                                     Dol./BCU               $0.00                     $0.00                         $0
                                                                                                                                                                        ==============
  Total General and Administrative                                                                                                                           $70.00              $28,000.00


  Finance Cost                                                              Invested                             Unit           Interest            Cost/BCU                    $ Cost
  CASH Cost (Interest on Debt)                                                                                                   Rate %
     Livestock Investment                                                         $0.00                           Dol.                  0.00                   $0.00                         $0
     Vehicles, Machinery and Equipment                                            $0.00                           Dol.                  0.00                   $0.00                         $0
     Operating Capital - If Required                                              $0.00                       Dol./BCU                  0.00                   $0.00                         $0
     Real Estate Debt                                                             $0.00                           Dol.                  0.00                   $0.00                         $0
                                                                                                                                               ============= ==============
  Total Finance Cost                                                                                                                                           $0.00                         $0
  ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  Financial Cost Summary Analysis                                                                                               Per Acre                Per BCU                  Total
  Total Revenue                                                                                                                     $75.04                 $562.81                  $225,123



  Total Cost (Total Unit Cost)                                                                                                      $64.11                 $480.79                  $192,315


                                                                                                                               % of TUC                 Per BCU                  Total
  Direct Costs                                                                                                                          39%                $187.85                   $75,140
  Indirect Cots                                                                                                                         46%                $222.94                   $89,175
  G&A                                                                                                                                   15%                  $70.00                  $28,000
  Finance Cost                                                                                                                            0%                   $0.00                         $0
  Total Unit Cost                                                                                                                                          $480.79                  $192,315
                                                                                                                                Per Acre
  Net Income                                                                                                                        $10.94                   $82.02                  $32,808


  ---------------------------------------------                                                             % of Cost                                   Per BCU
  Non-Cash Cost Depreciation Cost                                                                                     13%            $8.19                   $61.44                  $24,575
  ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                             Per Total Ac.              Per BCU                  Total
  Total Cash Costs                                                                                                                  $59.77                 $448.29                  $179,315


  Cash Income Minus Total Cash Costs                                                                                                $15.27                 $114.52                   $45,808
  Cash Income Per Dollar of Cash Costs                                         Dol.               $1.26
  ________________________________________________
  Indirect + G&A Cash Costs                                              % Total Cash Costs                           52%           $30.87                 $231.50                   $92,600
  ________________________________________________
  Financial TUC Necessary Price Analysis
  Necessary Steer Price To Cover Total Financial Costs*                                                                         Dol./Cwt.                  $109.11
  Necessary Heifer Price To Cover Total Financial Costs*                                                                        Dol./Cwt.                  $101.27


  Total Cost of Production For Calves - SPA Comparable                                                                         Dol./Cwt.                     $89.78


  Necessary Steer Price To Cover Cash Costs*                                                                                    Dol./Cwt.                  $100.71
  Necessary Heifer Price To Cover Cash Costs*                                                                                   Dol./Cwt.                    $92.87
  ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  *Price differential is equal to input price difference between heifers and steers.
  The value of culls is subtracted from costs before break-even calf prices are calculated using
  actual sales weight. SPA unit cost is based on total production including replacement heifers saved and not sold.



b0230f94-9c12-4aad-a33d-a165d0f19c60.xls                                                                                                                                            Page 4 of 15
              Calculating Cost of Vehicle, Machinery and Equipment at Replacement Cost
                                         400 Cow-Calf TSCRA Case Ranch Budget

Investment at Replacement Cost and Ownership and Repair Cost
                                    Replacement        Useful        Salvage    Depreciation     Average        Repairs %        Annual
                                        Cost            Life         Value %      Annual       Investment         of Cost       Repairs*
Pickups (2)                              $60,000                10         10        $5,400        $33,000                  5      $3,000
Trailers (2)                             $10,000                10          0        $1,000         $5,000                  2       $200
Tractor                                  $20,000                10         10        $1,800        $11,000                  5      $1,000
Feeders                                   $8,000                10          0         $800          $4,000                  5       $400
Cattle equipment                         $10,000                10          0        $1,000         $5,000                  5       $500
Other                                         $0                 0          0            $0             $0                  0          $0
Other                                         $0                 0          0            $0             $0                  0          $0
Other                                         $0                 0          0            $0             $0                  0          $0
Other                                         $0                 0          0            $0             $0                  0          $0
Other                                         $0                 0          0            $0             $0                  0          $0
Other                                         $0                 0          0            $0             $0                  0          $0
Totals                                  $108,000                                    $10,000        $58,000                         $5,100
Total Costs


*Repairs and maintenance Cost. Fuel and oil input in main budget.


Investment at Replacement Cost and Ownership and Repair Cost Allocated to Cow-Calf

                                    Depreciation     Percent To   Annual          Average       Allocated        Annual   Allocated
                                      Annual        To Cow-Calf Depreciation    Investment     To Cow-Calf      Repairs* To Cow-Calf
Pickups (2)                              $5,400               100   $5,400          $33,000        $33,000        $3,000      $3,000
Trailers (2)                             $1,000               100   $1,000           $5,000          $5,000         $200       $200
Tractor                                  $1,800               100   $1,800          $11,000        $11,000        $1,000      $1,000
Feeders                                    $800               100     $800           $4,000          $4,000         $400       $400
Cattle equipment                         $1,000               100   $1,000           $5,000          $5,000         $500       $500
Other                                         $0                0       $0               $0              $0            $0         $0
Other                                         $0                0       $0               $0              $0            $0         $0
Other                                         $0                0       $0               $0              $0            $0         $0
Other                                         $0                0       $0               $0              $0            $0         $0
Other                                         $0                0       $0               $0              $0            $0         $0
Other                                         $0                0       $0               $0              $0            $0         $0
Total Costs Ownership & Repairs to Cow-Calf                          $10,000                       $58,000                    $5,100




b0230f94-9c12-4aad-a33d-a165d0f19c60.xls                                                                      2. Vehicles,Mach.,Equipt.
                          Cattle Pricing Calculator
                   400 Cow-Calf TSCRA Case Ranch Budget

                            Price Slide for Feeder Steers
     Net Weight of Weaned Steers
     Actual Weight Used In Slide Calculation        Lb./Head          550

     Cattle Price Slide Calculator-------------------
      Base Price Before Adjusting for Weight Slide       $/Cwt.    $130.00
      Base Weight for Calculating Slide                 Lb./Head      550
      Tolerance Above Base Weight                       Lb./Head         0
      Tolerance Below Base Weight                       Lb./Head         0
      Price Slide                                        $/Cwt.      $7.00
     Price Slide Discount (-) or Premium (+)             $/Cwt.      $0.00

     Market Basis Adjustment If Applicable               $/Cwt.      $0.00
     Quality Discounts (-), Premiums (+)
      Muscling                                           $/Cwt.      $0.00
      Frame                                              $/Cwt.      $0.00
      Fill                                               $/Cwt.      $0.00
      Breed                                              $/Cwt.      $0.00
      Feed Yard or Market Premium                        $/Cwt.      $0.00
     Total Quality Discounts (-), Premiums (+)           $/Cwt.      $0.00

     Gross Cattle Price After Discount or Premium        $/Cwt.     $130.00
     Sales Value Per Head                                          $715.00
     Marketing Costs - Percent                          %              2.0

     Net Per Cwt.                                  $/Cwt.   $127.40
     Net Per Head                                  $/Head   $700.70
     ______________________________________________________________
                          Price Slide for Feeder Heifers
     Net Weight of Weaned Heifers

     Actual Weight Used In Slide Calculation            Lb./Head      525
     Cattle Price Slide Calculator-------------------
      Base Price Before Adjusting for Weight Slide       $/Cwt.    $122.00
      Base Weight for Calculating Slide                 Lb./Head      550
      Tolerance Above Base Weight                       Lb./Head         0
      Tolerance Below Base Weight                       Lb./Head         0
      Price Slide                                        $/Cwt.      $0.00
     Price Slide Discount (-) or Premium (+)             $/Cwt.      $0.00
     Market Basis Adjustment If Applicable               $/Cwt.      $0.00
                                                         $/Cwt.
     Quality Discounts (-), Premiums (+)
      Muscling                                           $/Cwt.      $0.00
      Frame                                              $/Cwt.      $0.00
      Fill                                               $/Cwt.      $0.00
      Feed Yard or Market Premium                        $/Cwt.      $0.00
     Total Quality Discounts (-), Premiums (+)           $/Cwt.      $0.00

     Gross Cattle Price After Discount or Premium       $/Cwt.      $122.00
     Sales Value Per Head                               $/Head     $640.50
     Marketing Costs - Percent                          %              2.0

     Net Per Cwt. for Heifers                $/Cwt.           $119.56
     Net Per Head for Heifers               $/Head            $627.69
     Net Steer-Heifer Difference With Slide  $/Cwt.              $7.84
     ______________________________________________________________________
     Summary of Net Prices For Catttle      Weight     Net Per Cwt/Hd.
      Steers                                       550        $127.40
                                                                 $701
      Heifers                                      525        $119.56
                                                                 $628
     Cull Cow Price                                            $60.00
      Marketing Costs - Percent             %                      4.0
     Net for Cull Cows                           1,100         $57.60
                                                                 $634
     Cull Bull Price                                           $65.00
      Marketing Costs - Percent             %                      4.0
     Net for Cull Bulls                          1,800         $62.40
                                                                $1,123
     Cull Heifers Price                                        $90.00
      Marketing Costs - Percent             %                      4.0
     Net for Cull Feeder Heifers                   700         $86.40
                                                                 $605
     ________________________________________________________________________________________




b0230f94-9c12-4aad-a33d-a165d0f19c60.xls                                                        3. Cattle Pricing
                                                    Cow Calf Herd Profit and Loss Statement*
                                                    400 Cow-Calf TSCRA Case Ranch Budget
     Livestock - Cash Sales -                                                                               Expenses                        % of Oper.
Description                 Head            Ave.Wt.      Net/Cwt.     Value      Operating Expenses                               Value      Expenses
Weaned Steers                   170              550      $127.40     $119,119    Roughage                                        $20,000        10.4%
Weaned Heifers                  117              525      $119.27      $73,264    Complete Feed or Concentrate                         $0
Cull Cows                        40             1,100       $57.60     $25,344    Mineral and Salt                                 $1,600        0.8%
Cull Bulls                        4            1,800        $62.40      $4,493    Protein Supplement                              $18,240        9.5%
Cull Replacement Heifers          5               700       $82.94      $2,903    Other or All of feed Purchase                        $0
Other                             0                 0             0         $0    Chemical                                         $4,800        2.5%
Sub Total Cattle Sales                                                $225,123    Custom Hire Machinery                                $0
                                                                                  Fertilizer                                      $16,000        8.3%
     Horses - Cash Sales -                                                        Seed and Plants                                      $0
Description             Head                            Net $/Hd.                 Other Grazing                                        $0
Cull Horses                         0                            $0        $0     Other Grazing                                        $0
Other                               0                            $0        $0     Cash Rent Paid                                       $0
Other                               0                            $0        $0     Freight & Trucking                               $2,000        1.0%
Other                               0                            $0        $0     Veterinary, Medicine & Breeding                  $8,000        4.2%
                                                                                  Supplies                                         $2,000        1.0%
Sub Total Horse & Related Services Sales                                   $0     Other Cash Costs                                     $0
Total Other Sales - Non-Breeding Stock                                     $0     Other Cash Costs                                     $0
 Other Cash Incomes                                                               Other Cash Costs                                     $0
                                                                                   Hired Temporary Labor                           $2,500        1.3%
Government Disaster Payments Related to Cattle                             $0     Repairs & Main. - Vehicles, Mach.& Equipment     $5,100        2.7%
Interest Income, Dividends and Refunds                                     $0     Repairs & Maintenance of Improvements            $4,000        2.1%
Other                                                                      $0     Property Tax - Land Tax                          $3,500        1.8%
Other                                                                      $0     Gasoline, Fuel, & Oil                           $12,000        6.2%
Other                                                                      $0     Other Cash Cost                                      $0
Other                                                                      $0      Hired Permanent Management                          $0
Other                                                                      $0      Owner Operator Management & Labor              $40,000       20.8%
Other                                                                      $0     Professional Fees - Accounting & Legal           $2,500        1.3%
Other                                                                      $0     Utilities, Phone, Computer etc.                  $4,000        2.1%
Other                                                                      $0     Office Supplies                                  $1,000        0.5%
                                                                                  Dues & Subscriptions                               $500        0.3%
Total Other Cash Income                                                    $0     Administrative Wages Payroll etc.               $15,000        7.8%
                                                                                  Insurance                                        $5,000        2.6%
Total Cash Income                                                     $225,123    Other                                                $0
Net Change In Base Value of Breeding Stock*                                      Total Cash Operating Expenses                   $167,740       87.2%
Total Accrual Revenue Adjustments*                                               Depreciation- Book Depreciation                  $24,575       12.8%
Income From Operations                                                $225,123   Total Accrual Cost Adjustments*
                                                                                 Total Operating Expenses                        $192,315      100.0%

Net Income From Ranch Operations                                       $32,808   Financing Cost
Gains (Loss) from Sale of Capital Assets*                                        Interest                                             $0
Net Ranch Income - (Accrual Adjusted)                                  $32,808   Total Accrual Interest Adjustments*
                                                                                 Total Interest Cost                                  $0         0.0%
Extra Ordinary Net Income*                                                       Total Cost Before Capitalization
                                                                                 Capitalized Cost Adjustment*
Total Income                                                          $225,123   Capitalized Breeding Stock Cost
                                                                                 Death Loss and Cull Sales Adjust.
Net Income**                                                           $32,808   Total Ranch Expenses                            $192,315      100.0%

*There are blank cells associated with ranch financial statements but not used when linked to a cow-calf budget.
**Does not have total ranch adjustments that are accomplished in the ranch business financial statements.




b0230f94-9c12-4aad-a33d-a165d0f19c60.xls                                                                                         4. FinancialStatement
                      SELECT CALCULATED SPA PRODUCTION PERFORMANCE MEASURES
                                 400 Cow-Calf TSCRA Case Ranch Budget

              CALCULATED SPA PRODUCTION PERFORMANCE
              --------------------------------------
              Pregnancy Percentage based on Exposed Females                                                            %                         88.0
              Calf Crop or Weaning Percentage                                                                          %                         85.0
              Weaning Weight Steer Calves                                                                              Lb./Head                  550
              Weaning Weight Heifer Calves                                                                             Lb./Head                  525
              Average Weaning Weight                                                                                   Lb./Head                  538
              Lb. Weaned Per Exposed Female                                                                            Lb./Cow                   457

              Market Prices
               Steer Calves                                                                                            $/Cwt                $127.40
               Heifer Calves                                                                                           $/Cwt                $119.56
               Cull Cow                                                                                                $/Cwt                 $57.60
               Cull Bulls                                                                                              $/Cwt                 $62.40

              INVESTMENT PER BREEDING COW (Average Asset Values)
                                                                                                     Cost Basis                       Market Value
                                                                                                     $/Cow                            $/Cow
                 Total Current Assets                                                                    $97.96                           $97.96
                 Non-Current Assets
                  Livestock                                                                              $1,079.09                        $1,079.09
                  Vehicles, Machinery & Equipment - at Replacement Cost                                   $145.00                          $145.00
                  Real Estate Land & Improvements                                                          $7,500                           $7,500
                  Other Non-Current Assets                                                                  $0.00                            $0.00
                 Total Investment                                                                       $8,822.05                        $8,822.05

                 Current Enterprise Liabilities                                                              $0.00                            $0.00
                 Non-Current Enterprise & Real Estate Liabilities                                            $0.00                            $0.00
                 Total Enterprise Liabilities                                                                $0.00                            $0.00

                 Equity to Asset or Percent Equity (%)                                                       100.00 %                         100.00 %

              FINANCIAL & ECONOMIC PERFORMANCE
                                                                                                     Financial           Economic
                                                                                                     $/Cow      $/Cwt*   $/Cow      $/Cwt*
              Total Raised/Purchased Feed Cost                                                           $99.60   $21.80     $99.60   $21.80
              Total Grazing Cost                                                                         $78.25   $17.13    $118.00   $25.83
              Total Feed and Grazing Cost                                                               $177.85   $38.93    $217.60   $47.63

              Total Non-Feed Cost                                                                         $302.94          $66.31          $373.16          $81.68
              Total Cash Costs                                                                            $448.29          $98.12          $448.29          $98.12
              Total Non-Cash Costs                                                                         $32.50           $7.11          $142.47          $31.18

              Gross Revenue                                                                               $562.81        $123.19           $562.81        $123.19

              Total Enterprise Operating Cost                                                             $480.79        $105.23           $480.79        $105.23
              Total Financing Cost & Economic Return                                                        $0.00          $0.00            $53.97         $11.81

              Total Cost**                                                                                $480.79        $105.23           $590.76        $129.30

              Net Income***                                                                                 $82.02         $17.95           ($27.95)        ($6.12)
                                  Percent Return on Enterprise Assets (ROA)
                               Cost Basis                                                                      0.93 %
                               Market Value                                                                    0.93 %

              UNIT COST OF WEANED CALF PRODUCTION

              Total Non Calf Revenue                                                                        $70.62         $15.46            $70.62         $15.46
              Unit Cost of Production (Breakeven Price)****                                                $410.17         $89.78           $520.14 $113.85
              --------------------------------------------------------------------------------------------------------------------------------------------------------
              * Dollars per cwt. of weaned calves.
              ** These are pre-tax costs; thus they do not include income tax payments. Withdrawals are
                    included in the cost calculations.
              *** The net income is pre-tax income, but is not equal to IRS taxable income.
              **** Adjusted for non-calf revenue.

b0230f94-9c12-4aad-a33d-a165d0f19c60.xls                                                                                                                             5. SPA Measures
                                             Production or Management Practice Evaluation
                                                400 Cow-Calf TSCRA Case Ranch Budget

                                   Description of change:                      Shorten breeding season and produce a more
                                                                               uniform calf crop and implant calves when worked

                                  Changes as a Result of a Change In Production or Mgmt. Practice
                   -----------------------------------------------------------------------------------------------------------------------------
                                                                                                                        Input        Value After
                                                                                    Unit                                Value           Change           Difference
                   Calf Crop Weaned                                                   %                                     85.00            85.00                0.00
                   Steer Calf Weaning Weight                                  Lb./Hd.                                          550              580              30.00
                   Heifer Calf Weaning Weight                                 Lb./Hd.                                          525              555              30.00
                   Steer Calf Price                                                $/Cwt.                               $127.40           $127.90               $0.50
                   Heifer Calf Price                                               $/Cwt.                               $119.56           $117.46              ($2.10)


                   Production Cost Change                                          $/Cow                                                    $10.00            $10.00


                   =====================================================================

                                                  CALCULATED VALUES AS RESULT OF CHANGES

                   Net Financial Income ($/BCU)*                                                                         $70.79             $85.33            $14.54


                   Production ------
                           Calf Sales Per Cow (Lb./Hd.)                                                                        387               408              21.5


                   Necessary Increase In Calf Production                                                                                   Lb./Cow        % Change
                    Per Cow To Cover Added Cost (Lb./Hd.)**                                                                                     8.08            2.09%


                   Benefit - Cost Ratio
                    Change In Net Income/Change In Cost                                                                                                             1.5
                   ------------------------------------------------------------------------------------------------------------------------------------------------------
                   *Returns to equity capital.
                   **Based on weighted average price of steer and heifer calf sales.
                   =====================================================================

                                          Price Slide & Other Premium or Discount Calculator for Calf

                                                                                                                                     Steer Calf        Heifer Calf
                   Actual Weight Used In Slide Calculation                                         Lb./Head                                      580               555


                   Cattle Price Slide Calculator-------------------
                   Base Price Before Adjusting for Weight Slide                                      $/Cwt.                               $130.00            $119.56
                    Base Weight for Calculating Slide                                              Lb./Head                                     550               525
                    Tolerance Above Base Weight                                                    Lb./Head                                        0                 0
                    Tolerance Below Base Weight                                                    Lb./Head                                        0                 0
                    Price Slide                                                                      $/Cwt.                                  $7.00               $7.00
                   Price Slide Discount (-) or Premium (+)                                           $/Cwt.                                 ($2.10)            ($2.10)


                   Market Basis Adjustment If Applicable                                             $/Cwt.                                  $0.00               $0.00


                   Quality Discounts (-),Premiums (+)
                    Muscling                                                                         $/Cwt.                                  $0.00               $0.00
                    Frame                                                                            $/Cwt.                                  $0.00               $0.00
                    Fill                                                                             $/Cwt.                                  $0.00               $0.00
                    Breed                                                                            $/Cwt.                                  $0.00               $0.00
                   Feed Yard Premium                                                                 $/Cwt.                                  $0.00               $0.00
                   Total Quality Discounts (-),Premiums (+)                                          $/Cwt.                                  $0.00               $0.00


                   Net Cattle Price After Discount or Premium                                        $/Cwt.                               $127.90            $117.46
                   =====================================================================
b0230f94-9c12-4aad-a33d-a165d0f19c60.xls                                                                                                                                    6. Prod Practice Eval
                                           Sensitivity Analysis Net, Gross Income and Costs
                                              400 Cow-Calf TSCRA Case Ranch Budget

                                                                                                   Net Financial Income
                  Net Financial Income                                                   For different Calf Crop, Weight and Calf Prices
                  Breeding Cows In the Herd          400
                  Interval of Change For The Analysis Table
                    Calf Crop (%)                       1
                    Calf Price ($/Cwt.)                 5                       Change And Associated Calculated Values
                    Steer Calf Wt. (Lb./Hd.)           20
                    Heifer Calf Wt. (Lb./Hd.)          20


                                                                                        Decrease                     Input                       Increase


                       Change In Calf Price                 $/Cwt.                  -10.00              -5.00 No Change                      5.00             10.00
                       Steer Calf Price                     $/Cwt.                 117.40            122.40             127.40            132.40            137.40
                       Heifer Calf Price                    $/Cwt.                 109.56            114.56             119.56            124.56            129.56


                       Change In Steer Calf Wt.               Lb./Hd.                   -40               -20 No Change                         20                40
                       Steer Calf Weight                      Lb./Hd.                  510                530               550               570               590


                       Change In Heifer Calf Wt.              Lb./Hd.                   -40               -20 No Change                         20                40
                       Heifer Calf Weight                     Lb./Hd.                  485                505               525               545               565


                                                                                Net Financial Income Per Breeding Cow Unit
                                                                 %          |----------------- ----------------- ----------------- ----------------- -----------------
                                                                     83.0        ($11.95)           $22.08             $57.50            $94.32          $132.54
                                                                     84.0          ($6.30)          $28.21             $64.15          $101.49           $140.25
                         Calf Crop (%)---------->                    85.0          ($0.65)          $34.35             $70.79          $108.66           $147.96
                                                                     86.0           $5.00           $40.49             $77.43          $115.83           $155.68
                                                                     87.0         $10.65            $46.62             $84.07          $122.99           $163.39


                                                                               Change in Net Financial Income Per Breeding Cow Unit
                                                                     83.0           -11.30            -12.27            -13.28            -14.34             -15.43
                                                                     84.0             -5.65             -6.14             -6.64             -7.17             -7.71
                         Calf Crop (%)---------->                    85.0
                                                                     86.0              5.65              6.14              6.64              7.17              7.71
                                                                     87.0            11.30             12.27             13.28             14.34              15.43


                    Breeding Cows In Herd            400 Head                  Change in Net Financial Income for Herd
                                                                     83.0          (4,520)           (4,909)           (5,314)           (5,734)            (6,171)
                                                                     84.0          (2,260)           (2,454)           (2,657)           (2,867)            (3,085)
                         Calf Crop (%)---------->                    85.0
                                                                     86.0           2,260             2,454             2,657             2,867              3,085
                                                                     87.0           4,520             4,909             5,314             5,734              6,171




                                                                                                                                                                          7. Sensitivity
b0230f94-9c12-4aad-a33d-a165d0f19c60.xls                                                                                                                                 Page 10 of 15
                                                                                                Gross Financial Income
                  Gross Financial Income                                                 For different Calf Crop, Weight and Calf Prices


                  Interval of Change For The Analysis Table
                  Calf Crop (%)                         1
                  Calf Price ($/Cwt.)                   5                       Change And Associated Calculated Values
                  Steer Calf Wt. (Lb./Hd.)             20
                  Heifer Calf Wt. (Lb./Hd.)            20


                                                                                        Decrease                     Input                       Increase


                       Change In Calf Price                 $/Cwt.                  -10.00              -5.00 No Change                      5.00             10.00
                       Steer Calf Price                     $/Cwt.                 117.40            122.40             127.40            132.40            137.40
                       Heifer Calf Price                    $/Cwt.                 109.56            114.56             119.56            124.56            129.56


                       Change In Steer Calf Wt.               Lb./Hd.                   -40               -20 No Change                         20                40
                       Steer Calf Weight                      Lb./Hd.                  510                530               550               570               590


                       Change In Heifer Calf Wt.              Lb./Hd.                   -40               -20 No Change                         20                40
                       Heifer Calf Weight                     Lb./Hd.                  485                505               525               545               565


                                                                                Gross Financial Income Per Breeding Cow Unit
                                                                 %          |----------------- ----------------- ----------------- ----------------- -----------------
                                                                     83.0            $469              $503              $538              $575               $613
                                                                     84.0            $474              $509              $545              $582               $621
                         Calf Crop (%)---------->                    85.0            $480              $515              $552              $589               $629
                                                                     86.0            $486              $521              $558              $597               $636
                                                                     87.0            $491              $527              $565              $604               $644


                                                                                Change in Gross Income Per Breeding Cow Unit
                                                                     83.0           -11.30            -12.27            -13.28            -14.34             -15.43
                                                                     84.0             -5.65             -6.14             -6.64             -7.17             -7.71
                         Calf Crop (%)---------->                    85.0
                                                                     86.0              5.65              6.14              6.64              7.17              7.71
                                                                     87.0            11.30             12.27             13.28             14.34              15.43


                  Breeding Cows in Herd              400 Head                  Change in Gross Income for Herd
                                                                     83.0          (4,520)           (4,909)           (5,314)           (5,734)            (6,171)
                                                                     84.0          (2,260)           (2,454)           (2,657)           (2,867)            (3,085)
                         Calf Crop (%)---------->                    85.0
                                                                     86.0           2,260             2,454             2,657             2,867              3,085
                                                                     87.0           4,520             4,909             5,314             5,734              6,171




                                                                                                                                                                          7. Sensitivity
b0230f94-9c12-4aad-a33d-a165d0f19c60.xls                                                                                                                                 Page 11 of 15
                                                                  Cost of Calf Production

                                                                                                     Cost of Calf Production For Different
                                                                                           Production Costs, Calf Crop, and Weaning Weight
                  Interval of Change For The Analysis Table
                    Calf Crop (%)                            1
                    Total Prod. Costs ($/BCU)               10                                  Change And Associated Calculated Values
                    Steer Calf Wt. (Lb./Hd.)                30
                    Heifer Calf Wt. (Lb./Hd.)               30


                                                                                        Decrease                          Input                  Increase


                      Change In Production Cost                  $/Cwt.                  -20.00            -10.00 No Change                     10.00             20.00
                        Total Production Cost                    $/BCU                  460.79            470.79            480.79            490.79             500.79


                      Change In Steer Calf Wt.                     Lb./Hd.                   -60               -30 No Change                        30                60
                        Steer Calf Weight                          Lb./Hd.                  490               520                550               580               610


                      Change In Heifer Calf Wt.                    Lb./Hd.                   -60               -30 No Change                        30                60
                        Heifer Calf Weight                         Lb./Hd.                  465               495                525               555               585


                                                                                                       Cost of Calf Production Per Cwt.
                                                                      %          -----------------------------------------------------------------------------------------
                                                                          83.0       $116.68            $112.63           $109.03           $105.81           $102.91
                                                                          84.0       $115.04            $111.05           $107.50           $104.32           $101.46
                         Calf Crop (%)---------->                         85.0       $113.44            $109.50           $106.00           $102.87           $100.05
                                                                          86.0       $111.89            $108.00           $104.55           $101.46             $98.68
                                                                          87.0       $110.38            $106.54           $103.14           $100.09             $97.34
                                                                                 -----------------------------------------------------------------------------------------


                                                                      %                         Change in Cost of Calf Production Per Cwt.
                                                                          83.0             1.64               1.59              1.54              1.49              1.45
                                                                          84.0             1.60               1.54              1.49              1.45              1.41
                         Calf Crop (%)---------->                         85.0
                                                                          86.0            -1.55              -1.50             -1.45             -1.41             -1.37
                                                                          87.0            -1.51              -1.46             -1.41             -1.37             -1.33
                  ---------------------------------------------------------------------------------------------------------------------------------------
                  *Values reflect the quantity of sales based on the replacement rate and number of heifers that can be sold.




                                                                                                                                                                              7. Sensitivity
b0230f94-9c12-4aad-a33d-a165d0f19c60.xls                                                                                                                                     Page 12 of 15
                       400 Cow-Calf TSCRA Case Ranch Budget

                                                                   $/BCU

    Cash Operating Expense                                                $448.29

    Non- Cash Costs                                                         $32.50

    Cow Depreciation (Subtracted)                                             $0.00
    Cow Cash Interest Cost (subtracted)                                       $0.00

    Annual Cow Operating Cost*                                            $480.79

    ---------------------------------------------------------------------------------------------------
    *Adjustments necessary to prevent double counting in investment analysis.




b0230f94-9c12-4aad-a33d-a165d0f19c60.xls                                                        8. Cow Investment Data
         BEEF COWS INVESTMENT VALUATION BASED ON PRODUCTION LONGEVITY

                                                                                           Date Printed              17-Nov-11

                                                  Cull Cow Sale Weight (Pounds)               1,100 Lb.             Net Present
Cow Investment Cost ($/Head)     $1,200           Steer Weight (Pounds)                         550 Lb.               Value*
Discount Rate                       5.00 %        Heifer Weight (Pounds)                        525 Lb.               ($337.49)
Cow Herd Average Expected Number of
Calving Opportunities                  7
Year                                2010   2011      2012      2013       2014               2015          2016
                                Year 1    Year 2    Year 3    Year 4     Year 5             Year 6        Year 7
Calf Crop or Weaning %              85.0     84.0      84.0      84.0        84.0              84.0          84.0
Steers Price ($/Cwt)            $127.40 $127.00 $127.00 $127.00           $127.00           $127.00       $127.00
Heifer Price ($/Cwt)            $119.56 $110.00 $110.00 $110.00           $110.00           $110.00       $110.00
Cull Cow Price ($/Cwt)           $66.11    $65.93   $65.93    $65.93       $65.93            $65.93        $65.93

Gross Receipts (Calf Sales)                   $565      $536     $536     $536     $536        $536         $536

Cow Operating Cost/Year                       $481      $481     $481     $481     $481        $481         $481

Net Above Operating Cost                        $84       $55      $55      $55      $55        $55           $55
Cow Salvage Value                             $0.00     $0.00    $0.00    $0.00    $0.00      $0.00       $725.23

Year                                           2010     2011     2012     2013     2014        2015         2016 Net Present
                               Year 0         Year 1   Year 2   Year 3   Year 4   Year 5      Year 6       Year 7   Value

Cash Flows By Year           ($1,200)     $84.21       $55.21   $55.21   $55.21   $55.21     $55.21       $780.44     ($337.49)




   b0230f94-9c12-4aad-a33d-a165d0f19c60.xls                                                                          Page 11
               SUMMARY OF COW HERD INVESTMENT VALUATION
                            BY NUMBER OF CALVING OPPORTUNITIES
                             400 Cow-Calf TSCRA Case Ranch Budget

Discount Rate                           5%
Cow Investment Cost               $1,200 $/Head
First Year of Investment            2010                Average Weaned Percentage              84.14 %

Cow Herd Average Expected                 Net Present Maximum                  Internal Rate          Average
Number of Calving Opportunities              Value    That Could be              of Return           Steer Price
                                            $/Head*    Paid $/Hd**                  %***              $/Cwt.***
                           7                ($337.49)         $863                     -0.86               $127
                           6                ($344.72)         $855                     -1.79               $127
                           5                ($358.55)         $841                     -3.24               $127
                           4                ($373.07)         $827                     -9.89               $127

*Net present value (NPV) procedure accounts for the time value of money. If the NPV of the
 investment generates a NPV in excess of the chosen rate of return or discount rate the NPV
 is positive. If the NPV negative the investment it is not returning the desired rate of return.
** This is the maximun that could be paid per head and achieve the discount rate given the prices, cost etc.
**The internal rate of return (IRR) is defined as the discount rate that would make the net
  present value equal to zero or the return on investment.
*** This is the average price per cwt. for the years of calving opportunities.




b0230f94-9c12-4aad-a33d-a165d0f19c60.xls                                                                  Page 12

				
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