Dairy Farm US

David-

Mike wants you and me to chat about =apital sources (european and asian) to recap the =arm.

With soon to be 36,000 milking cows (30,000 now and 6000 =oming on stream shortly) it is the largest and best asset in the US. =eriod, full stop. Cash on cash returns of 6% + annual land appreciation =f 5% = 11% unlevered returns. Very attractive. With modest leverage =hese returns get into the mid teens.

The 30,000+ contiguous =creage is the largest agri plot in US east of Mississippi and only 90 =inutes from downtown Chicago - this providing wonderful downside =rotection and natural real estate hedge.

Price = $700. =ssuming leverage of $200 that means equity capital required of $500. =ssuming McCloskey rolls all of his 20% stake then $400 of equity is =equired. Mike is not taking any money off table.

Let me know =hen you can speak.

E

US =iary farm, key guy remains, buyout of his co-op partners. US$ 700m =ounds like a hell of a lot. See below and =ttached.