Make your plans now to attend Informa Economics Annual Feed Industry

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1 Join Us for These Important Events! Feed Industry Ingredients Outlook Symposium August 19-20, 2013 Price Analysis Training Seminar August 20-21, 2013 Make your plans now to attend Informa Economics Annual Feed Industry Ingredients Outlook Symposium. Attendees will get insight into the supply/ demand and external factors that will affect feed ingredient and biodiesel feedstock markets for the upcoming 2013/14 crop year. Informa s industry experts will cover a wide array of topics, including the outlook for agricultural commodities, the economy, energy, transportation, as well as government policy and the new farm bill. David Elsenbast, Vice President of Supply Chain Management at Renewable Energy Group, Inc., will provide a forward vision on biodiesels role in U.S. energy which will influence vegetable oil and fat usage. In addition to detailed analysis and outlooks for feed ingredients, the outlook for profitability and production in the livestock sector will be discussed. Informa s analysts will present the outlook for the cattle, hog, poultry, and dairy industries for the remainder of 2013 and Following the Symposium, Informa will conduct a Price Analysis Workshop on Tuesday afternoon and Wednesday morning. The workshop is designed to give you the conceptual and practical skills necessary to identify the significant drivers of price movement in agricultural commodity markets, including co-product prices. Price drivers in cash, futures, and co-product markets will be covered, including balance sheet approaches, time series models, and technical analysis methods for predicting future prices. Presenting the technical analysis segment will be Kent Beadle of the Russell Consulting Group and CHS. Attendees will gain a better understanding of market structure and the basic methods used to analyze and predict prices. On Sunday, there is a golf outing at Summit Golf Club for those of you who arrive early. This will afford you the opportunity to have a little fun with other attendees and industry colleagues. Dinner 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 is a valuable information-packed 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 website at for online registration. We look forward to seeing you in August! Informa Economics, Inc Washington Dr., Ste 120 Eagan, MN USA Telephone or Hilton Minneapolis/St. Paul Airport 3800 American Blvd. East (near the Mall of America) Bloomington, Minnesota USA

2 AGENDA Feed Industry Ingredients Outlook Symposium Day ONE: Monday, August 19, :00 am - 5:00 pm Registration at the Hilton Minneapolis / St. Paul Airport 8:50-9:00 am Welcome John Eustice, Vice President, Informa Economics 9:00-9:45 am Hogs and Pork: Feed Costs and Pork Trade to Drive Hog Sector Margins Rick Andersen, Executive Vice President, Informa Economics 9:45-10:15 am Dairy: Will Margins Improve in 2014? Nate Donnay, Director of Dairy Services, Informa Economics 10:15-11:00 am Cattle and Beef: What Threats do Shrinking Animal Numbers Pose? Rob Murphy, Senior Vice President, Informa Economics 11:00-11:45 am Poultry: Poultry Sector Poised for Growth Under Strong Margin Prospects Rick Andersen 12:00-1:00 pm Lunch (Co-Sponsored by Poet Nutrition) 1:15-2:15 pm Macroeconomic Outlook: Steady, Modest Growth with Persistent Headwinds Bruce A. Scherr, Chairman of the Board and CEO, Informa Economics 2:15-3:15 pm Soybean Complex: Will a Large US Crop Compete with Rebounding South American Production? Rob Westmoreland, Executive Vice President, Informa Economics 3:15-3:45 pm Break (Co-Sponsored by US Commodities) 3:45-4:30 pm Animal Proteins and Fats: Co-Products in a Larger Crop Production Environment John Eustice 4:30-5:15 pm Biodiesel s Sustainable Role in US Energy Diversity Dave Elsenbast, Vice President, Renewable Energy Group, Inc. 5:30-7:00 pm Cocktail Reception (Co-Sponsored by Wilbur-Ellis) DAY TWO: Tuesday, August 20, :30-7:30 am Breakfast 7:30-8:15 am Energy: How Will it Influence the Agriculture and Feed Industries? Ken Eriksen, Senior Vice President, Informa Economics 8:15-9:15 am Feed Grains: Recovering from a Year of Shortage and High Prices Rob Westmoreland 9:15-9:45 am Grain Co-Products: Larger Crops...How Will Grain Co-Product Markets Adapt? James Bueltel, Senior Analyst/Editor, Informa Economics 9:45-10:15 am Break (Co-Sponsored by US Commodities) 10:15-11:00 am Transportation Outlook: Rail, Truck, Barge and Container Outlook Ken Eriksen 11:00-12:00 pm Ag Policy: Economic, Energy, Farm and Trade Policy Jim Wiesemeyer, Senior Vice President, Informa Economics 12:00 pm Closing Remarks John Eustice

3 AGENDA Price Analysis Training Seminar Tuesday, August 20, :00 1:15 p.m. Introduction & Course Outline 1:15 2:00 p.m. Basics of Fundamental Analysis Rob Murphy Price determination Supply-side analysis Balance sheets Measuring demand 2:00 3:15 p.m. Analysis of Cash Prices Rob Murphy Characteristics of cash prices Trends Seasonality Cycles Irregular components Mean reversion Autocorrelation Storables vs. non-storables Risk premiums Cobweb theory Modeling cash prices 3:15 3:45 p.m. Break 3:45 5:00 p.m. Analysis of Futures Prices Rob Murphy Information flows in futures markets Trader types The data generating process Time-to-maturity effects Time varying volatility Futures prices as forecasts Wednesday, August 21, :00 10:00 a.m. Technical Analysis Kent Beadle Overview on the difference between fundamental and technical analysis Chart types Technical indicators determining trend Support and resistance Technical indicators that forecast a change in trend Corrections within a trend Wave theory Chart patterns Understanding the importance of time Using technical analysis to improve your trading results 10:00 10:30 a.m. Break 10:30 11:15 a.m. Price Forecasting Nate Donnay Econometric forecasting models Blending forecasts Expert forecasts Measuring forecast accuracy Basis forecasting 11:15 a.m. 12:00 noon Forecasting Coproduct Prices John Eustice Historical relative prices Theoretical value in use Regression analysis 12:00 1:00 p.m. Lunch (provided) 1:00 2:30 p.m. Case Studies Rob Murphy and Nate Donnay Seasonal forecasting model Balance sheet based forecasts Measuring forecast accuracy Informa Economics, Inc. is a world leader in broad-based agricultural and commodity market research, analysis and consulting. Founded in 1977 and acquired in 2003 by Informa plc, 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.

4 Feed Industry Ingredients Outlook Symposium - August 19-20, 2013 Price Analysis Training Seminar - August 20-21, 2013 Symposium Guest Speaker Biography Dave Elsenbast, Vice President, Supply Chain Management, Renewable Energy Group, Inc. For more than 25 years, Dave Elsenbast has been a leader in the emerging agricultural marketplace. As vice president of Supply Chain Management, Mr. Elsenbast oversees risk management and procurement for REG-owned facilities and the services offered to partners in the REG network; his departments are responsible for sourcing and purchasing raw materials need to manufacture REG-9000 biodiesel. In addition, Mr. Elsenbast oversees transportation and logistics, and marketing and sales of biodiesel process co-products including glycerin, fatty acid, oleolipids, and soapstock. In his 25 years of agriculture business experience, Mr. Elsenbast has served in the areas of business development, supply chain management, operations and purchasing. Prior to joining REG, he served as vice president of Business Development for Milk Specialties Company. Mr. Elsenbast earned a black belt in Six Sigma and earned a bachelor s degree in Agricultural Business from Iowa State University. Mr. Elsenbast also serves on the board of the American Fats and Oils Association and the board of United Way of Story County. Informa Price Analysis Seminar Speaker Biographies Rob D. Murphy, Senior Vice President, Informa Economics, Inc. Dr. Murphy is co-executive of the Livestock, Meat, Poultry and Dairy Group with responsibilities that include livestock and red meat research, price analysis, and the design and implementation of margin risk management systems. He has particular expertise in futures markets and the techniques required to measure and mitigate price risk properly. Dr. Murphy developed many of the systems and process that the Informa Livestock Group uses in its ongoing fundamental price analysis. He is a founder of the MarginQuest Division, which develops and implements science-based solutions, such as price optimization and demand modeling, to help businesses improve margins by mining their internal data. Much of his work focuses on methods of measuring and mitigating price risk exposures across a variety of commodities. He has authored numerous commodity price risk management policies for agribusiness clients and developed mathematical models to measure risk. Dr. Murphy regularly makes presentations to industry groups and conducts training sessions on a variety of topics related to commodity markets. 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. He was involved in futures contract design issues, particularly the use of cash settlements in agricultural futures markets. On several occasions, Dr. Murphy has received the Premiere Forecaster Award for livestock prices from the American Agricultural Economics Association. He received both his bachelor s degree in animal science and his master s degree in agricultural economics from Louisiana State University. He earned a doctorate in Agricultural and Applied Economics from Virginia Tech, Blacksburg, Virginia. Kent Beadle, Marketing Manager for the Russell Consulting Group Kent is the marketing manager for Russell Consulting Group at the CHS Inver Grove Heights office. His time is spent analyzing the markets and advising Russell associates and clients via teleconference and a weekly electronic newsletter. He also provides numerous seminars in person to clients and the industry at large. Prior to his affiliation with the Russell Consulting Group, Kent was a senior market analyst with CHS Hedging, Inc. He worked with commercial agribusinesses and individual producers delivering futures and basis analysis, over-the-counter (OTC) derivative programs, and managed futures programs. Kent began his agribusiness career in 1985 with the Minneapolis Grain Exchange and then joined CHS in 1986 to work in the cash wheat, durum, and barley markets. Kent received his degree in Agricultural Business Administration from the University of Minnesota. He holds a Series 3 license and is a registered associate with the National Futures Association.

5 REGISTRATION FORM Please reserve your place by returning this form to: Feed Industry Ingredients Outlook Symposium - August 19-20, 2013 Price Analysis Training Seminar - August 20-21, 2013 Nathan Payton ~ Informa Economics, Inc. ~ 3464 Washington Dr., Ste 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 securely ONLINE at Name Company Address Title City State Zip Country Telephone Fax address Registration Fees Feed Ingredients Symposium Informa Client: $625 for first attendee $550 for each additional person from the same company Non-Client: $825 for first attendee $750 for each additional person from the same company Price Analysis Seminar Informa Client: $995 per attendee Non-Client: $1195 per attendee REGISTER EARLY! Fees for the Symposium and Seminar INCREASE by $75 per person after August 2. Flash drives containing Powerpoint presentations used in the Symposium will be provided to all registrants this year. So bring your laptop and, if you have an ipad, the presentations will be available to you on a website during the conference. Informa Economics Golf Outing - Summit Golf Club - Sunday, Aug. 18, Cannon Falls, MN 11:30 am start. Golf, Cart, Dinner $125 Your Handicap Please calculate your GRAND TOTAL and enter it here $ 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 should be made by individual attendees directly with the Hilton Minneapolis/St. Paul Airport Mall of America, 3800 American Blvd E, Bloomington, Minnesota The telephone number is and the web page for Informa reservations is Guest rooms will be held under the name Informa Economics at a rate of $134.00, including Wi-Fi, per night (single/double occupancy). Guests should refer to this name when calling to make their reservations. Reservation requests received after August 6, 2013, will be accepted on a space and rate availability basis. *** REFUNDS ARE AVAILABLE UPON REQUEST BEFORE August 10, 2013 ***