informa economics Make your plans now to attend Informa Economics 6th Annual Feed Industry Join Us for One or More of these Important Events!

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1 Join Us for One or More of these Important Events! informa economics Make your plans now to attend Informa Economics 6th Annual Feed Industry Ingredients Outlook Symposium. You will get an early look at potential supply/demand and price developments in the feed ingredients markets for the upcoming 2008/2009 crop year. Immediately following the Feed Symposium, Informa will present a Fundamental Commodity Analysis Workshop, designed to provide participants with the skill set necessary to perform solid fundamental commodity price analysis. Informa is pleased to present an outstanding collection of speakers to focus on the changes that are occurring in feed ingredient markets, the energy complex and in Washington. Biofuels have changed the landscape of feed ingredient markets. We will discuss how these markets will continue to evolve and what these fundamental changes will mean to the feed ingredient outlook. You won t want to miss these important discussions! In addition to detailed analysis and outlooks of the grain and oilseeds sectors, Informa also will provide views and expectations for the livestock, poultry and dairy industries for the remainder of 2008 and Changes in the consumptive markets for feed ingredients are all-encompassing and supply adjustments in livestock, dairy and poultry industries will impact policy and decision making in Following the Symposium, Informa Economics begins and is designed to provide participants with the skill set necessary to perform solid fundamental commodity price analysis. Commodity market volatility in recent years underscores the necessity of a solid understanding of how markets function and how to analyze them. This course will provide you with a variety of tools and skills you can apply to your market. New to the conference this year is a golf outing on Sunday afternoon at Stone Ridge Golf Club for those of you that arrive early. This will afford you the opportunity to have a little fun with other attendees and industry colleagues and dinner and prizes will follow. Be sure to sign up on the registration form. The agenda included in this brochure provides a glimpse of the conference presentations. This will be a fast-moving program and we hope to see you in the Twin Cities at the end of August. Take this opportunity to fill out the registration form included in this brochure or visit our web site at for online registration. We look forward to seeing you in August! Informa Economics, Inc Washington Dr., Ste 120 Eagan, MN USA Telephone Telephone Fax Minneapolis Airport Holiday Inn Select 3 Appletree Square (near the Mall of America) ~ Bloomington, Minnesota USA

2 AGENDA: Feed Ingredient Symposium Pre-Conference Optional -- Sunday, August 24, :00 pm Start of Informa Economics Golf Event: Stone Ridge Golf Club, Stillwater, MN Day ONE: Monday, August 25, :00 am - 5:00 pm Registration at the Minneapolis Airport Holiday Inn Select 9:45-10:00 am Welcome John Eustice, Vice-President, Informa Economics 10:00-10:30 am Hog and Pork: When Will Producer Margins Improve? Rick Andersen, Executive Vice President, Informa Economics 10:30-11:00 am Dairy: What is Changing the Landscape of Milk Production? Nate Donnay, Dairy Analyst, Informa Economics 11:00-11:30 am Cattle and Beef: Will the Industry Liquidate Numbers? Rob Murphy, Senior Vice President, Informa Economics 11:30-12:00 pm Poultry: How Are Feed Costs Shaping Poultry Production? Rick Andersen 12:00-1:15 pm Lunch 1:15-2:15 pm General Macroeconomic Outlook: Growth Prospects? Bruce A. Scherr, Chairman of the Board and CEO, Informa Economics 2:15-3:00 pm Soybeans: Where Will We Get More Acres? Brad Anderson, Senior Vice President, Informa Economics 3:00-3:30 pm Animal Proteins: What Are the Changing Relationships to Commodities? John Eustice, Vice President, Informa Economics 3:30-4:00 pm Break 4:00-4:45 pm Transportation and Logistics: Reliability and Rates, What s the Reality? Ken Eriksen, Senior Vice President, Informa Economics 4:45-5:30 pm Ag Policy: How Might Elections Change Ag Policy? Jim Wiesemeyer, Vice President, Informa Economics 5:30-5:45 pm Q & A 5:45-7:00 pm Cocktail Reception (Co-Sponsored by Poet Nutrition) DAY TWO: Tuesday, August 26, :00-7:30 am Registration and Breakfast 7:30-8:15 am Energy: Where Is the Demand Coming From? James K. Allwood, Senior Vice President, Informa Economics 8:15-9:00 am Vegetable Oils: Will Energy Markets Continue to Drive Veg Oil Prices? Brad Anderson 9:00-9:30 am Animal Fats: Feed or Energy? John Eustice 9:30-10:00 am Break 10:00-10:45 am Corn: Can Corn Production Keep Pace with Ethanol Expansion? Brad Anderson 10:45-11:15 am Grain Co-Products: How Will Supply Changes Affect Prices? James Bueltel, Senior Analyst/Editor, Informa Economics 11:15-12:00 pm Biofuels Legislation: What s Next? Jim Wiesemeyer 12:00-12:05 pm Closing Remarks: John Eustice

3 Informa Economics is designed to provide participants with the skill set necessary to perform solid fundamental commodity price analysis. As commodity markets have grown more volatile in recent years, the need for analysts who understand how markets function and how to analyze them has grown exponentially. This is a core competency that, unfortunately, is lacking at many companies today. Informa has been providing commodity price research and analysis to agribusiness clients for more than 30 years. Informa s approach to commodity markets is designed to provide real-time information that can be effectively used by the decision makers in an organization. No company in the United States has more experience in this facet of commodity markets. Don t miss this opportunity to join Informa s analysts for a day and a half session in Minneapolis at the Airport Holiday Inn Select for the Commodity Price Analysis Workshop on August 26 and 27, 2008, immediately following the annual Feed Ingredients Conference. Tuesday, August 26 12:00 noon - 1:30 pm REGISTRATION 1:30 pm The Economics of Supply and Demand Price Determination Price Discovery Supply Elasticity Supply Response Individual Demand Market Demand Demand Elasticity Demand Shifters Cobweb Model Margins and Economic Motive Importance of Industry Structure and Dynamics 3:00 pm Organizing Data a key element of successful price analysis Databasing Spreadsheet tricks Efficient data techniques 4:00 pm Break 4:30-5:30 pm Price Behavior in Commodity Markets Cash & Futures Storables & Non-Storables Mean reversion vs. Random walks Wednesday, August 27 8:00 am Tools of the Trade Time Series Plots Scatter Diagrams Regression Analysis Seasonal Indices Balance Sheets Trend Analysis Change Analysis 9:00 am Forecasting Techniques Graphical Forecasting Seasonal Decomposition Regression Model Forecasts Error Correction Models Analogous Years Technique Introduction to Advanced Techniques 10:00 am Break 10:30 am Evaluating Risk & Communicating Forecasts Error Analysis Forecast Distributions Confidence Intervals Simulation Writing Market Comments 11:30 am Developing a Consistent Process Identifying the Important Elements Flow Charts Causal Diagrams Determining Where to Put the Focus 12:00 noon Lunch 1:00-4:00 pm Breakout Sessions: Storables & Non-storables Case Studies Using Real Data Forecasting Techniques This will be a hands-on workshop with plenty of examples of fundamental analysis and forecasting applications. The group will split on Wednesday afternoon into two breakout sessions: one that looks closely at fundamental analysis of storable agricultural commodities and one that deals only with non-storables. Please indicate your preference for the breakout session on the registration form. Excel spreadsheet examples will be provided and attendees are encouraged to bring laptop computers with Microsoft Excel installed in order to work through examples and gain practical experience with the tools of the trade.

4 Workshop Biographies Biographies Bradley C. Anderson, Senior Vice President. Mr. Anderson is a co-executive of Informa s Crops Group and is primarily responsible for oilseeds, protein and vegetable oil research. Mr. Anderson has served as Informa s feed grain analyst and the research coordinator of data and technology. Prior to joining the company, he was a feed grain analyst in USDA s Agricultural Stabilization and Conservation Service. At Informa and USDA, Brad has conducted detailed fundamental analysis on feed grains, wheat and the oilseed complex as well as ethanol and biodiesel. He also served as legislative assistant to US Senator Rudy Boschwitz and US Representative Vin Weber, both of Minnesota. Mr. Anderson received his bachelor s degree in agronomy from North Dakota State University and his master s in agricultural economics from the University of Minnesota. Rob D. Murphy, Senior Vice President. Dr. Murphy is co-executive of the Livestock, Meat, Poultry and Dairy Group with responsibilities including livestock and red meat research, price analyses, and the design and implementation of margin risk management systems. Much of his work focuses on methods of measuring and mitigating price risk exposures across a variety of commodities. Prior to joining the company, he was an economist in the research department at the Chicago Mercantile Exchange where he was responsible for maintenance of the CME s Live Cattle futures contract. At Informa, Rob is actively involved in the fundamental analysis of the cattle and beef sectors and routinely generates high frequency forecasts for over 200 red meat items. In 2002, Dr. Murphy received the Premiere Forecaster Award for livestock production and prices from the American Agricultural Economics Association. He received his bachelor s degree in animal science and his master s degree in agricultural economics, both from Louisiana State University, and his doctorate in agricultural and applied economics from Virginia Tech, Blacksburg, Virginia. About Informa Informa Economics, Inc. is a world leader in broadbased agricultural and commodity market research, analysis and consulting. Founded in 1977 and acquired in 2003 by Informa plc as part of its AGRA division, the company serves hundreds of firms and institutions worldwide. From our headquarters in Memphis, Tennessee, Informa Economics spans the globe with a far-reaching network of services and clientele. The world's agricultural and food industry is expanding and remains in a constant state of change. Successful businesses and institutions must deal with rapidly shifting market conditions that are driven by international influences, technological innovations, policy shifts, weather conditions, emerging consumers and fluctuating consumer preferences. To continue succeeding in this environment, businesses must have access to reliable market information and authoritative economic consulting services. It is Informa Economics' economic expertise and diverse client base that combine to provide unique insights, risk management and strategic planning for agribusinesses around the world.

5 REGISTRATION FORM Please reserve your place by returning this form to: Nathan Payton ~ Informa ~ 3464 Washington Dr., Suite 120 ~ Eagan, MN ~ Fax # Your registration fee, payable to Informa Economics, Inc., should be submitted in full at the time of registration. Please submit a separate registration form for each additional attendee or register ONLINE at Name Title Company Address City State Zip Country Telephone Fax address Feed Ingredients Symposium CLIENT RATE First Registrant $550 + Additional Registrant(s) ( $450 X attending) = First Registrant $ Additional Registrant(s) ( $1195 X attending) = Feed Ingredients Symposium NON-CLIENT RATE First Registrant $750 + Additional Registrant(s) ( $650 X attending) = First Registrant $ Additional Registrant(s) ( $1395 X attending) = Check, if you are attending both the Feed Symposium and Analysis Workshop and take $100 discount per registrant. - Check for Storables Breakout Check for Non-Storables Breakout Informa Economics Golf Outing Stone Ridge Golf Club Sunday, August 24, 2008, Stillwater, MN 1:00 pm start. Golf, Cart, Dinner, and Prizes Handicap ( $125 X attending) = Total PLEASE INDICATE METHOD OF PAYMENT Enclosed is my check made payable to Informa Economics, Inc. I prefer to charge my credit card. Please choose: VISA MasterCard American Express Card Number Expiration Date Print Name Cardholder s Signature HOTEL RESERVATIONS: Reservations for this event should be made by individual attendees directly with the Holiday Inn Select, 3 Appletree Square, Bloomington, Minnesota. The telephone numbers are or Guest rooms will be held under the name Informa Economics, Inc., at a rate of $ per night (single/double occupancy). Guests should refer to this name when calling to make their reservations. Reservation requests received after August 5, 2008, will be accepted on a space and rate availability basis. -REFUNDS ARE AVAILABLE UPON REQUEST BEFORE August 15, 2008-