Our Financials

Farm Credit Services of the Mountain Plains, ACA

To Our Stockholders:
We are pleased to present this summary of our financial performance in 2008, and we encourage you to read Management's Discussion and Analysis for a look at the year's results.

In the wake of the federal government's takeover of the nation's housing GSEs, Fannie Mae and Freddie Mac, the Farm Credit System stands as an example of everything that is right and working with GSEs (government-sponsored enterprises).

As the nation's first GSE, Congress chartered the Farm Credit System in 1916 to ensure a permanent source of reliable and competitive credit for the agriculture industry and rural America. Over the years, Farm Credit has accomplished that mission and continues to play an important role in the economic viability of agriculture and rural communities throughout the country.

Why is Farm Credit different? There are several reasons:

We remain financially strong. This report shows a year of favorable net income, credit quality, loan growth, and positive capital.
Our mission comes first. Because we don't issue publicly traded stock, we avoid the conflict with mission that has troubled other GSEs. Furthermore, our cooperative structure ensures that profits are either returned to customers through the Ownership Dividend Program ($6.0 million in 2008, and $42.5 million since 2004) or used to capitalize additional mission-related activity.
Our financial reporting is transparent. Quarterly and annual financial disclosure information providing detailed information about our performance and financial condition is available on our web site at www.ifeedtheworld.com.
We are subject to strong, independent regulatory oversight. The Farm Credit Administration (FCA) is the independent Federal regulatory agency overseeing our safety and soundness. Their experienced, professional staff regularly examine our operations to ensure compliance with regulations and law.
Our unique, self-funded insurance fund provides protection. We are the only GSE with a self-funded insurance fund that protects to the extent available investors in Systemwide debt securities.

Not all GSEs are alike. The Farm Credit System serves as a positive example of how government-sponsored enterprises can and should work. Farm Credit remains sound as it continues to successfully fulfill its mission. As always, thank you for your trust and loyalty.

Sincerely,

Kirvin Knox
Chairman of the Board

Terry D Anders
Chief Executive Officer