/- Acres Becker County, MN (see pgs 1-6) /- Acres Clay County, MN (see pgs 8-14) Pifer s Written Bid.

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812.02 +/- Acres Becker County, MN (see pgs 1-6) 810.14 +/- Acres Clay County, MN (see pgs 8-14) Written Bid Land For Lease WRITTEN BIDS DUE BEFORE: Friday, December 8, 2017 5:00 p.m. OWNERS: Case Agricultural Properties, LP

Becker County Land Information Auction Note: Land will be presented in 4 parcels and written bids will be accepted until 5:00 p.m. (CT) on Friday, December 8, 2017. Bidding will be based on Cropland Acres. Highest written bids will have an opportunity to orally raise their bid on Monday, December 11, 2017 at 10:00 a.m. (CT) by phone. Bidders may bid on one or more parcels or all parcels combined. This property features 812.02 acres of cropland with Soil es between 80.5 to 89.4! Driving Directions Parcel 1: From Lake Park drive west on Hwy 10 for approximately 3 miles to the intersection of Hwy 10 and 120th Ave. From the intersection, continue north approximately 1.5 miles. This will place you at the center of the properties on the E1/2 of Section of 31 and the W1/2 of Section 32. 9 2 260th St. 190th Ave. 4 Parcel 2: From Lake Park take Co Rd 9 northeast for approximately 2.5 miles to the intersection of Co Rd 9 and 240th St. This will place you at the SW corner of the property. Parcel 3: From Lake Park take Co Rd 9 northeast approximately 2 miles to the intersection of Co Rd 9 and 240th St. This will place you at the NW corner of the property. Parcel 4: From Lake Park take Co Rd 9 northeast approximately 4 miles to intersection of Co Rd 9 and 260th St. Proceed east 5 miles. This will place you at the center of the properties on the S1/2 of section 9 and the W1/2 of section 16. 120th Ave. 1 102 3 Lake Park, MN 10 240th St. 230th St. Contact: Paul Butenhoff Cell: 701.371.1426 paulb@pifers.com 1506 29th Ave S. - Moorhead, MN 56560

Legal: NE1/4SE1/4, SE1/4NE1/4 and S1/2NW1/4 Section 31-140-43 and S1/2NW1/4 EX RWY & N1/2SW1/4 Less 9 AC Farmstead Section 32-140-43 in Cuba Township, Becker County, MN Cropland Acres: 255.96 +/- Becker County Parcel 1 780B Audubon-Boyerlake complex, 1 to 6 percent slopes 60.68 23.7% IIe 91 137 780C2 Audubon-Boyerlake complex, 6 to 12 percent slopes, eroded 54.92 21.5% IIIe 75 112 1135 Foxlake silty clay loam 28.05 11.0% IIw 86 130 747B Audubon silty clay loam, 0 to 6 percent slopes 24.91 9.7% IIe 91 137 903C2 Barnes-Buse complex, 6 to 12 percent slopes, moderately eroded 20.04 7.8% IIIe 76 1938 Lakepark-Parnell, occasionally ponded, complex, 0 to 2 percent slopes 18.02 7.0% IIw 92 780D2 Audubon-Boyerlake complex, 12 to 20 percent slopes, eroded 14.46 5.6% IVe 59 90 942D2 Langhei-Barnes, moderately eroded, complex, 12 to 20 percent slopes 11.54 4.5% IVe 60 137 Dovray silty clay 8.93 3.5% IIIw 82 124 711B Arvilla-Sandberg complex, 2 to 6 percent slopes 4.45 1.7% IVs 39 59 1317 Vallers clay loam, 0 to 2 percent slopes 3.30 1.3% IIw 90 413 Osakis sandy loam 2.04 0.8% IIIs 45 68 1227 Quam, Cathro, and Urness soils, ponded 1.68 0.7% VIIIw 5 903B Hokans-Buse complex, 2 to 6 percent slopes 1.66 0.6% IIe 89 184 Balaton-Hamerly complex, 1 to 4 percent slopes 0.89 0.3% IIs 89 344 Quam silty clay loam, occasionally ponded, 0 to 1 percent slopes 0.17 0.1% IIIw 88 1878 Hamre muck 0.15 0.1% VIw 15 26 Aazdahl clay loam, 1 to 4 percent slopes 0.07 0.0% Iw 100 Weighted Average 80.5 95.1 Corn auctions@pifers.com

General Becker County Information Parcel 2 Legal: S1/2SW1/4, NE1/4SW1/4 and SE1/4NW1/4 Section 24-140-43 in Cuba Township, Becker County, MN Cropland Acres: 140.21 +/- 5.76 75.09 37.73 335 Urness mucky silty clay loam, occasionally ponded, 0 to 1 percent slopes 39.70 28.3% IIIw 69 184 Balaton-Hamerly complex, 1 to 4 percent slopes 34.25 24.4% IIs 89 1317 Vallers clay loam, 0 to 2 percent slopes 29.87 21.3% IIw 90 1234B Formdale-Buse complex, 2 to 6 percent slopes 18.34 13.1% IIe 92 139 931C2 Formdale-Langhei complex, 6 to 12 percent slopes, 11.71 8.4% IIIe 80 121 eroded 344 Quam silty clay loam, occasionally ponded, 0 to 1 percent slopes 6.34 4.5% IIIw 88 Corn Weighted Average 83.1 28.3 1506 29th Ave S. - Moorhead, MN 56560

Legal: W1/2 LESS 20 AC SW1/4SW1/4 Section 25-140-43 in Cuba Township, Becker County, MN Cropland Acres: 290.64 +/- Becker County Parcel 3 290.64 931C2 Formdale-Langhei complex, 6 to 12 percent slopes, eroded 137.47 47.3% IIIe 80 121 1234B Formdale-Buse complex, 2 to 6 percent slopes 72.12 24.8% IIe 92 139 1938 Lakepark-Parnell, occasionally ponded, complex, 0 to 2 percent slopes 23.39 8.0% IIw 92 26 Aazdahl clay loam, 1 to 4 percent slopes 18.48 6.4% Iw 100 943D2 Langhei-Formdale complex, 12 to 20 percent slopes, eroded 14.09 4.8% IVe 60 91 1317 Vallers clay loam, 0 to 2 percent slopes 6.60 2.3% IIw 90 335 Urness mucky silty clay loam, occasionally ponded, 0 to 1 percent slopes 6.54 2.2% IIIw 69 344 Quam silty clay loam, occasionally ponded, 0 to 1 percent slopes 6.16 2.1% IIIw 88 544 Cathro muck, occasionally ponded, 0 to 1 percent slopes 5.87 2.0% VIw 5 Corn Weighted Average 82.9 96.1 auctions@pifers.com

Becker County Parcel 4 Legal: S1/2SW1/4 LESS 14.36 AC Section 9-140-42 in Hamden Township, Becker County, MN and N1/2NW1/4 LESS 7.02 AC Section 16-140-42 in Hamden Township, Becker County, MN Cropland Acres: 125.21 +/- TEAR/CUT HERE 171B Formdale clay loam, 2 to 5 percent slopes 34.15 27.3% IIe 99 149 26 Aazdahl clay loam, 1 to 4 percent slopes 17.68 14.1% Iw 100 418 Lamoure silty clay loam, occasionally flooded 17.11 13.7% IIw 78 118 63 Rockwell loam 16.75 13.4% IIw 87 131 931C2 Formdale-Langhei complex, 6 to 12 percent slopes, eroded 13.27 10.6% IIIe 80 121 1234B Formdale-Buse complex, 2 to 6 percent slopes 8.13 6.5% IIe 92 139 1317 Vallers clay loam, 0 to 2 percent slopes 5.85 4.7% IIw 90 1938 Lakepark-Parnell, occasionally ponded, complex, 0 to 2 percent slopes 4.10 3.3% IIw 92 1130 Wolverton fine sandy loam 3.27 2.6% IIs 76 115 508 Wyndmere fine sandy loam 2.13 1.7% IIs 77 116 141B Egeland sandy loam, 2 to 6 percent slopes 1.23 1.0% IIIe 68 746 Haslie muck 1.04 0.8% VIw 15 344 Quam silty clay loam, occasionally ponded, 0 to 1 percent slopes 0.50 0.4% IIIw 88 Weighted Average 89.5 101.1 1506 29th Ave S. - Moorhead, MN 56560 Corn

Land Lease Becker County Bidder Form PROSPECTIVE BIDDERS MUST READ THIS IMPORTANT INFORMATION! Bidding Procedure and Terms/Conditions Bidding Procedure: 1 - All written bids must be received before 5:00 p.m. on Friday, December 8, 2017. 2 - Written bid should be on an annual per acre basis. 3 - The top written bids will be invited to the Oral Bidding, and will have an opportunity to raise their bid at a time and place designated by Auction & Realty. Oral Bidding will be on Monday, December 11, 2017 at 10:00 a.m. (CT). 4 - Each Oral Bidder will have the opportunity to bid on each parcel individually as well as altogether (Overall). Each Oral Bidder must bid on at least one parcel individually to qualify for participation in the Overall bidding process. 5 - The winning bidder will (upon Landowner acceptance) receive a lease agreement and will be required to return a signed copy to on or before December 18, 2017. 6 - Bidders are bidding on a 2 year lease agreement. The agreement will begin on January 1, 2018 and terminate on December 31, 2019. 7 - The Landowner reserves the right to reject or accept any and all bids. 8 - All statements made the day of the Oral Bidding take precedence over all printed materials. Mail, Email or Fax this Bid Form to: Land Management ATTN: Case Agricultural Properties, LP Land Lease c/o Paul Butenhoff 1506 29th Ave S. Moorhead, MN 56560 Fax: 218.477.1969 paulb@pifers.com Parcel Parcel 1: 255.96 +/- Acres Parcel 2: 140.21 +/- Acres Parcel 3: 290.64 +/- Acres Parcel 4: 125.21 +/- Acres $ Per Acre Name: Address: City: State: Zip Phone: I understand & agree to all the terms & conditions for this sale. Signature: auctions@pifers.com

810.14 +/- Acres Clay County, MN (see pgs 8-14) 812.02 +/- Acres Becker County, MN (see pgs 1-6) Written Bid Land For Lease WRITTEN BIDS DUE BEFORE: Friday, December 8, 2017 5:00 p.m. OWNERS: Case Agricultural Properties, LP 1506 29th Ave S. - Moorhead, MN 56560

Clay County Land Information Auction Note: Land will be presented in 5 parcels and written bids will be accepted until 5:00 p.m. (CT) on Friday, December 8, 2017. Bidding will be based on Cropland Acres. Highest written bids will have an opportunity to orally raise their bid on Monday, December 11, 2017 at 1:00 p.m. (CT) by phone. Bidders may bid on one or more parcels or all parcels combined. This property features 810.14 acres of cropland with Soil es between 73.4 to 89.7! Driving Directions Parcel 1: From Glyndon, MN drive west on Hwy 10 for approximately 3 miles, then take the Co Hwy 11 exit. Turn north onto 70th St. N which turns into Hwy 11 and drive 4 miles north to the intersection Co Hwy 11 and Co Rd 91. Turn east on to Co Rd 91 then proceed east 1.9 miles. This will place you at the SE corner of the property at the corner of Co Rd 91 and Co Rd 68. Parcel 2: From Glyndon drive east on Hwy 10 for approximately 3 miles to the intersection of Hwy 10 and Hwy 9. From the intersection, continue north 8 miles to intersection Hwy 9 and 100th Ave. N., then drive west 1 mile. This will place you at the NE corner of the property at the corner of 100th Ave. N and 130th St. N. Parcel 3: From Glyndon drive east on Hwy 10 for approximately 3 miles to the intersection of Hwy 10 and Hwy 9. From the intersection, continue north 2 miles to intersection of Hwy 9 and 28th Ave. N. This will place you at the SW corner of the property at the corner of Hwy 9 and 28th Ave. N. Parcel 4: From Glyndon drive east on Hwy 10 for approximately 3 miles to the intersection of Hwy 10 and Co Rd 9. Then from the intersection, continue north 6 miles to intersection of Hwy 9 and 80th Ave. N., then drive 1 mile east. This will place you at the SW corner of the property at the corner of Hwy 9 and 150th St. N. Parcel 5: From Glyndon drive east on Hwy 10 for approximately 3 miles to the intersection of Hwy 10 and Co Rd 9. From the intersection, continue south 2 miles to intersection of Hwy 9 and 28th Ave. S, then drive south for a ½ a mile. This will place you at the SE 1/4 corner of the property. 11 70th St. N 1 100th Ave. N 68 90th Ave. N 80th Ave. N 91 28th Ave. N Glyndon, MN 130th St. N 10 28th Ave. S 9 9 2 4 3 5 Contact: Paul Butenhoff Cell: 701.371.1426 paulb@pifers.com auctions@pifers.com

General Clay County Information Parcel 1 Legal: E1/2NE1/4 LESS DITCH & E1/2SE1/4 Section 16-140-47 in Moland Township, Clay County, MN Cropland Acres: 151.67 +/- I377A Wheatville silt loam, 0 to 2 percent slopes 84.80 55.9% IIe 89 I634A Augsburg silt loam, 0 to 1 percent slopes 53.38 35.2% IIw 90 I467A Bearden silt loam, 0 to 2 percent slopes 13.49 8.9% IIe 93 Weighted Average 89.7 1506 29th Ave S. - Moorhead, MN 56560

Clay County Parcel 2 Legal: NE1/4 Section 32-141-46 in Flowing Township in Clay County, MN Cropland Acres: 153.54 +/- I507A Glyndon loam, 0 to 2 percent slopes 97.70 63.6% IIe 89 I5A Borup loam, 0 to 1 percent slopes 24.26 15.8% IIw 90 I729A Wyndmere, moderately salinewyndmere fine sandy loams, 0 to 2 percent slopes 17.07 11.1% IIIs 60 I377A Wheatville silt loam, 0 to 2 percent slopes 10.13 6.6% IIe 89 I634A Augsburg silt loam, 0 to 1 percent slopes 4.38 2.9% IIw 90 Weighted Average 86 auctions@pifers.com

Clay County Parcel 3 Legal: SW1/4 LESS DITCH & 6.02 AC Section 28-140-46 in Spring Prairie Township, Clay County, MN Cropland Acres: 140.23 +/- 140.23 I312A Wyndmere fine sandy loam, 0 to 2 percent slopes 107.78 76.1% IIIe 77 I5A Borup loam, 0 to 1 percent slopes 33.70 23.8% IIw 90 I716A Arveson clay loam, 0 to 1 percent slopes 0.06 0.0% IIIw 74 Weighted Average 80.1 1506 29th Ave S. - Moorhead, MN 56560

Clay County Parcel 4 Legal: E1/2 Less GOV T LOT 1 Section 04-140-46 in Spring Prairie Township, Clay County, MN Cropland Acres: 265.7 +/- 265.7 I312A Wyndmere fine sandy loam, 0 to 2 percent slopes 238.70 91.6% IIIe 77 I729A Wyndmere, moderately salinewyndmere 9.04 3.5% IIIs 60 fine sandy loams, 0 to 2 percent slopes I5A Borup loam, 0 to 1 percent slopes 5.95 2.3% IIw 90 I356A Ulen fine sandy loam, 0 to 2 percent slopes 4.05 1.6% IIIe 55 I8A Cathro muck, 0 to 1 percent slopes 2.98 1.1% VIw 5 Weighted Average 75.5 auctions@pifers.com

Clay County Parcel 5 Legal: SE1/4 LESS 1 AC TO TWP & LESS 60.42 AC Section 16-139-46 in Riverton Township, Clay County, MN Cropland Acres: 99 +/- TEAR/CUT HERE I312A Wyndmere fine sandy loam, 0 to 2 percent slopes 47.56 48.0% IIIe 77 I24A Grimstad fine sandy loam, 0 to 3 percent slopes 17.79 18.0% IIs 88 106 I672B Sioux sandy loam, 2 to 6 percent slopes 16.73 16.9% VIs 33 I762A Vallers loam, lake plain, 0 to 1 percent slopes 11.05 11.2% IIw 90 I634A Augsburg silt loam, 0 to 1 percent slopes 5.00 5.1% IIw 90 I356A Ulen fine sandy loam, 0 to 2 percent slopes 0.87 0.9% IIIe 55 Corn Weighted Average 73.5 19 1506 29th Ave S. - Moorhead, MN 56560

Land Lease Clay County Bidder Form PROSPECTIVE BIDDERS MUST READ THIS IMPORTANT INFORMATION! Bidding Procedure and Terms/Conditions Bidding Procedure: 1 - All written bids must be received before 5:00 p.m. on Friday, December 8, 2017. 2 - Written bid should be on an annual per acre basis. 3 - The top written bids will be invited to the Oral Bidding, and will have an opportunity to raise their bid at a time and place designated by Auction & Realty. Oral Bidding will be on Monday, December 11, 2017 at 1:00 p.m. (CT). 4 - Each Oral Bidder will have the opportunity to bid on each parcel individually as well as altogether (Overall). Each Oral Bidder must bid on at least one parcel individually to qualify for participation in the Overall bidding process. 5 - The winning bidder will (upon Landowner acceptance) receive a lease agreement and will be required to return a signed copy to on or before December 18, 2017. 6 - Bidders are bidding on a 2 year lease agreement. The agreement will begin on January 1, 2018 and terminate on December 31, 2019. 7 - The Landowner reserves the right to reject or accept any and all bids. 8 - All statements made the day of the Oral Bidding take precedence over all printed materials. Mail, Email or Fax this Bid Form to: Land Management ATTN: Case Agricultural Properties, LP Land Lease c/o Paul Butenhoff 1506 29th Ave S. Moorhead, MN 56560 Fax: 218.477.1969 paulb@pifers.com Parcel Parcel 1: 151.67 +/- Acres Parcel 2: 153.54 +/- Acres Parcel 3: 140.23 +/- Acres Parcel 4: 265.7 +/- Acres Parcel 5: 99 +/- Acres $ Per Acre Name: Address: City: State: Zip Phone: I understand & agree to all the terms & conditions for this sale. Signature: auctions@pifers.com