FARMLAND OWNER ACCOUNT NO INVESTED CASH 7, CASH 0.00 ============ TOTAL CASH EQUIVALENTS 7, FARMLAND OWNER TRUST # ,887.

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1 CASH STATEMENT FARMLAND OWNER ACCOUNT NO BEGINNING BALANCES INVESTED CASH 7, CASH 0.00 TOTAL CASH EQUIVALENTS 7, NET FARM CONTRIBUTIONS FARMLAND OWNER TRUST # , NON-FARM RECEIPTS INTEREST EARNED NON-FARM DISBURSEMENTS MANAGEMENT FEES 3.60 OWNER DISTRIBUTIONS 29, , ENDING BALANCES INVESTED CASH 2, CASH 0.00 TOTAL CASH EQUIVALENTS 2,469.49

2 FARM INCOME & EXPENSE SUMMARY ACCOUNT NO ACCOUNT-FARMLAND OWNER TOTAL ACRES FARM-FARMLAND OWNER TRUST # TILLABLE ACRES OPERATING INCOME CROPS CORN SALES 27, SOYBEAN SALES 20, PATRONAGE REFUNDS - SUPPLIES GOVERNMENT PAYMENTS 5, OTHER FARM RENTAL INCOME MISC OPERATING INCOME TOTAL OPERATING INCOME 54, OPERATING EXPENSE CROPS CHEMICALS 5, SEED 4, FERTILIZER 5, GRAIN DRYING 1, GRAIN STORAGE 1, CROP INSURANCE PREMIUMS COMMODITY PROMOTION CHECKOFF OTHER MANAGEMENT FEES 3, REAL ESTATE TAXES 7, FARM PROPERTY INSURANCE TOTAL OPERATING EXPENSE 30, NET OPERATING INCOME 23, NON-OPERATING RECEIPTS TOTAL NON-OPERATING RECEIPTS 0.00 NON-OPERATING DISBURSEMENTS TOTAL NON-OPERATING DISBURSEMENTS 0.00 NET FARM CONTRIBUTION 23,887.34

3 SCHEDULE OF ASSETS AND LIABILITIES AS OF ACCOUNT-OWNER, FARMLAND # PAGE 1 COST MARKET ASSETS UNITS BASIS VALUE ** CASH MONEY MARKET INSTRUMENT SOY CAPITAL BANK REPURCHASE AGREEMENT 2, , * GRAIN ** SEE CASH STATEMENTS * SEE INVENTORY STATEMENTS

4 FARM TRANSACTION DETAILS PAGE 1 ACCOUNT-FARMLAND OWNER ACCOUNT NO FARM-FARMLAND OWNER TRUST #9999 INCOME TRANSACTION AMOUNT CORN SALES FARMS GRAIN CO. 2, SOLD 2002 CORN, $ FARMS GRAIN CO. 3, SOLD 2002 CORN, $ FARMS GRAIN CO. 2, SOLD 2002 CORN, $ FARMS GRAIN CO. 7, SOLD 2002 CORN, $ FARMS GRAIN CO. 5, SOLD 2002 CORN, $ FARMERS CO-OP GRAIN CO. 5, SOLD 2002 CORN, $2.48 TOTAL CORN SALES 27, SOYBEAN SALES FARMS GRAIN CO. 2, SOLD 2002 SOYBEANS, 400. $ FARMS GRAIN CO. 2, SOLD 2002 SOYBEANS, 400. $ FARMS GRAIN CO. 7, SOLD 2002 SOYBEANS, $ FARMS GRAIN CO. 8, SOLD 2002 SOYBEANS, $5.70 TOTAL SOYBEAN SALES 20, PATRONAGE REFUNDS - SUPPLIES COUNTRY MUTUAL INS. CO % DIVIDEND ON 2002 CROP HAIL INSURANCE PREMIUM TOTAL PATRONAGE REFUNDS - SUPPLIES GOVERNMENT PAYMENTS COMMODITY CREDIT CORP 1, DIRECT PAYMENT ON CORN AND SOYBEANS

5 FARM TRANSACTION DETAILS PAGE 2 ACCOUNT-FARMLAND OWNER ACCOUNT NO FARM-FARMLAND OWNER TRUST #9999 GOVERNMENT PAYMENTS (cont.) TRANSACTION AMOUNT COMMODITY CREDIT CORP 2, DIRECT PAYMENT ON CORN AND SOYBEANS COMMODITY CREDIT CORP 2, DIRECT PAYMENT ON CORN AND SOYBEANS TOTAL GOVERNMENT PAYMENTS 5, FARM RENTAL INCOME JOE FARMER ANNUAL PASTURE RENT - $750 TOTAL FARM RENTAL INCOME MISC OPERATING INCOME FARMS GRAIN NON-GMO PREIMIUM - SOYBEANS TOTAL MISC OPERATING INCOME EXPENSES CHEMICALS FARMS AG SERVICE, INC. 2, / G DEGREE XTRA, G MARKSMAN FARMS AG SERVICE, INC. 2, /2 37G TREFLAN, 5G RAPTOR AND ADJUVANTS FARMS AG SERVICE, INC GAL BLAZER AND ADJUVANTS TOTAL CHEMICALS 5, SEED SOY CAPITAL SEED ACCOUNT 4, /2 OF 57 BAGS OF SEED CORN AND 192 BAGS OF SEED BEANS PIONEER SEED CORN INTERNATIONAL INC SEED PURCHASE ADJUSTMENTS

6 FARM TRANSACTION DETAILS PAGE 3 ACCOUNT-FARMLAND OWNER ACCOUNT NO FARM-FARMLAND OWNER TRUST #9999 SEED (cont.) TRANSACTION AMOUNT TOTAL SEED 4, FERTILIZER FARMS AG SERVICE, INC. 3, /2 15.6T DAP, 15.1T POTASH FARMS AG SERVICE, INC. 2, / T 28% TOTAL FERTILIZER 5, GRAIN DRYING FARMS GRAIN CO BU CORN FARMS GRAIN CO BU CORN FARMS GRAIN CO BU CORN FARMERS CO-OP GRAIN CO BU CORN TOTAL GRAIN DRYING 1, GRAIN STORAGE FARMS GRAIN CO BU SOYBEANS FARMS GRAIN CO BU CORN FARMS GRAIN CO BU SOYBEANS FARMS GRAIN CO BU CORN FARMERS CO-OP GRAIN CO BU CORN TOTAL GRAIN STORAGE 1,570.68

7 FARM TRANSACTION DETAILS PAGE 4 ACCOUNT-FARMLAND OWNER ACCOUNT NO FARM-FARMLAND OWNER TRUST #9999 CROP INSURANCE PREMIUMS TRANSACTION AMOUNT COUNTRY MUTUAL INSURANCE CO CROP HAIL INSURANCE PREMIUM TOTAL CROP INSURANCE PREMIUMS COMMODITY PROMOTION CHECKOFF FARMS GRAIN CO BU SOYBEANS FARMS GRAIN CO BU CORN FARMS GRAIN CO BU CORN FARMS GRAIN CO BU SOYBEANS FARMS GRAIN CO BU CORN FARMERS CO-OP GRAIN CO BU CORN TOTAL COMMODITY PROMOTION CHECKOFF FARM MANAGEMENT FEES PAID REAL ESTATE TAXES TOTAL FARM MANAGEMENT FEES PAID 3, FARMS COUNTY COLLECTOR 3, REAL ESTATE TAXES - FIRST INSTALLMENT FARMS COUNTY COLLECTOR 3, REAL ESTATE TAXES - SECOND INSTALLMENT TOTAL REAL ESTATE TAXES 7, FARM PROPERTY INSURANCE COUNTRY MUTUAL INSURANCE CO FARM BUILDING AND LIABILITY INSURANCE PREMIUM TO TOTAL FARM PROPERTY INSURANCE 98.12

8 GRAIN SALE POSITION REPORT AS OF ACCOUNT - FARMLAND OWNER FARM - FARMLAND OWNER TRUST #9999 OPERATOR JOE FARMER 2004 CORN YIELD BU. PER ACRE PROJECTED PRODUCTION 27, BUSHELS ACRES TOTAL OWNER'S SHARE 13, BUSHELS % SOLD: 0.00 AVG PRICE ON SOLD BUSHELS: $0.00 NOT PRICED: 13, SOYBEANS YIELD BU. PER ACRE PROJECTED PRODUCTION 7, BUSHELS ACRES TOTAL OWNER'S SHARE 3, BUSHELS % SOLD: 0.00 AVG PRICE ON SOLD BUSHELS: $0.00 NOT PRICED: 3,

9 GRAIN SALE POSITION REPORT AS OF ACCOUNT - FARMLAND OWNER FARM - FARMLAND OWNER TRUST #9999 OPERATOR JOE FARMER 2003 CORN YIELD BU. PER ACRE TOTAL PRODUCTION 29, BUSHELS ACRES TOTAL OWNER'S SHARE 14, BUSHELS % SOLD: AVG PRICE ON SOLD BUSHELS: $2.33 SALE DATE BUSHELS PRICE DELIVERY STATUS , $2.33 OCT 2003 PAID , $2.11 JAN 2004 PAID , $2.24 JAN 2004 PAID , $2.29 JAN 2004 PAID , $2.32 JAN 2004 PAID , $2.50 JAN 2004 PAID NOT PRICED: SOYBEANS YIELD BU. PER ACRE TOTAL PRODUCTION 7, BUSHELS ACRES TOTAL OWNER'S SHARE 3, BUSHELS % SOLD: AVG PRICE ON SOLD BUSHELS: $6.38 SALE DATE BUSHELS PRICE DELIVERY STATUS $5.31 OCT 2003 PAID $5.52 OCT 2003 PAID $5.06 OCT 2003 PAID , $7.83 JAN 2004 PAID NOT PRICED:

10 ACCOUNT-FARMLAND OWNER ACCOUNT NO ACCOUNT TAX WORKSHEET % INTEREST OF FARMLAND OWNER FARM INCOME TOTAL OWNERS % CROPS CORN SALES 27, , GOVERNMENT PAYMENTS 5, , PATRONAGE REFUNDS - SUPPLIES SOYBEAN SALES 20, , OTHER FARM RENTAL INCOME MISC OPERATING INCOME TOTAL FARM INCOME 54, , FARM DEDUCTIONS CROPS CHEMICALS 5, , COMMODITY PROMOTION CHECKOFF CROP INSURANCE PREMIUMS FERTILIZER 5, , GRAIN DRYING 1, , GRAIN STORAGE 1, , SEED 4, , OTHER FARM PROPERTY INSURANCE MANAGEMENT FEES 3, , REAL ESTATE TAXES 7, , TOTAL FARM DEDUCTIONS 30, , NON-FARM TAXABLE INCOME INTEREST EARNED TOTAL NON-FARM TAXABLE INCOME NON-FARM DEDUCTIBLE EXPENSES MANAGEMENT FEES TOTAL NON-FARM DEDUCTIBLE EXPENSES

11 ACCOUNT-FARMLAND OWNER ACCOUNT NO ACCOUNT TAX WORKSHEET % INTEREST OF FARMLAND OWNER ACCOUNT CASH BALANCES ARE INVESTED IN FEDERATED INVESTOR'S INC. MONEY MARKET FUNDS, IF REQUESTED, OR A SOY CAPITAL BANK INVESTMENT ACCOUNT WITH COMPARABLE RATES OF RETURN. FEDERATED PAYS SOY CAPITAL AG SERVICES UP TO 1/4% ADMINSITRATIVE FEE ON AMOUNTS INVESTED WITH THEM.