<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-Q/A

                          Amendment No. 1 to Form 10-Q

(Mark One)

[X]   Quarterly report pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934 For the quarterly period ended March 31, 2003*

                                       or

[ ]   Transition report pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934
      For the transition period from _______________ to ________________.

                        Commission file number 333-84486


                               LAND O'LAKES, INC.
--------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)

             Minnesota                                  41-0365145
----------------------------------------    ------------------------------------
  (State or Other Jurisdiction of                    (I.R.S. Employer
   Incorporation or Organization)                   Identification No.)

      4001 Lexington Avenue North
         Arden Hills, Minnesota                            55112
----------------------------------------    ------------------------------------
(Address of Principal Executive Offices)                 (Zip Code)

                                 (651) 481-2222
--------------------------------------------------------------------------------
              (Registrant's Telephone Number, Including Area Code)

         Indicate by check mark whether the registrant: (1) has filed all
     reports required to be filed by Section 13 or 15(d) of the Securities
     Exchange Act of 1934 during the preceding 12 months (or for such shorter
     period that the registrant was required to file such reports), and (2) has
     been subject to such filing requirements for the past 90 days. Yes [ ] No
     [X]

         Indicate by check mark whether the registrant is an accelerated filer
     (as defined in rule 12-b-2 of the Act). Yes [ ] No [X]

         The number of shares of the registrant's common stock outstanding as of
     April 30, 2003: 1,110 shares of Class A common stock, 5,128 shares of Class
     B common stock, 193 shares of Class C common stock, and 1,239 shares of
     Class D common stock.

         Land O'Lakes, Inc. is a cooperative. Our voting and non-voting common
     equity can only be held by our members. No public market for voting and
     non-voting common equity of Land O'Lakes, Inc. is established and it is
     unlikely, in the foreseeable future, that a public market for our voting
     and non-voting common equity will develop.

         We maintain a website on the Internet through which additional
     information about Land O' Lakes, Inc. is available. Our website address is
     www.landolakesinc.com. Our annual reports on Form 10-K, quarterly reports
     on Form 10-Q, current reports on Form 8-K, press releases and earnings
     releases are available, free of charge, on our website when they are
     released publicly or filed with the SEC.

         *Although Land O'Lakes, Inc. is not currently required to file this
     Quarterly Report on Form 10-Q pursuant to Section 13 or 15(d), we are
     filing voluntarily.




<PAGE>
                                     INDEX

<Table>
<Caption>
                                                                                                              PAGE
                                                                                                              ----
<S>                                                                                                           <C>
PART I.  FINANCIAL INFORMATION...........................................................................        4

Item 1. Financial Statements.............................................................................        4

LAND O'LAKES, INC.
Consolidated Balance Sheets as of March 31, 2003 (unaudited) and December 31, 2002.......................        4
Consolidated Statements of Operations for the three months ended March 31, 2003 and 2002 (unaudited).....        5
Consolidated Statements of Cash Flows for the three months ended March 31, 2003 and 2002 (unaudited)             6
Notes to Consolidated Financial Statements (unaudited)...................................................        7

LAND O'LAKES FARMLAND FEED LLC
Consolidated Balance Sheets as of March 31, 2003 (unaudited) and  December 31, 2002......................       18
Consolidated Statements of Operations for the three months ended March 31, 2003 and 2002 (unaudited)            19
Consolidated Statements of Cash Flows for the three months ended March 31, 2003 and 2002 (unaudited)            20
Notes to Consolidated Financial Statements (unaudited)...................................................       21

PURINA MILLS, LLC
Consolidated Balance Sheets as of March 31, 2003 (unaudited) and December 31, 2002.......................       31
Consolidated Statements of Operations for the three months ended March 31, 2003 and 2002 (unaudited)            32
Consolidated Statements of Cash Flows for the three months ended March 31, 2003 and 2002 (unaudited)            33
Notes to Consolidated Financial Statements (unaudited)...................................................       34

PART II.  OTHER INFORMATION..............................................................................       38

Item 6.  Exhibits and Reports on Form 8-K................................................................       38

SIGNATURES...............................................................................................       39
</Table>



                                       2
<PAGE>


                               LAND O'LAKES, INC.

                                EXPLANATORY NOTE


The purpose of this Amendment No. 1 on Form 10-Q/A to the Quarterly Report on
Form 10-Q of Land O'Lakes, Inc. (the "Company") for the quarter ended March 31,
2003 is to file (1) the supplemental consolidating schedules of Land O'Lakes
Farmland LLC ("Farmland Feed") which separately present the financial data of
Purina Mills, LLC, a wholly owned subsidiary of Farmland Feed ("Purina Mills"),
and (2) the financials statements of Purina Mills.

The Company's Chief Executive Officer and Chief Financial Officer have also
reissued their certifications required by Section 302 and Section 906 of the
Sarbanes-Oxley Act of 2002 in connection with this amendment and the Company has
included an amended exhibit list to list the certifications filed with this
amendment. Except as provided herein, all other information contained in the
original Form 10-Q remains unchanged.



                                       3
<PAGE>



PART I.    FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

                               LAND O'LAKES, INC.

                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                  MARCH 31,    DECEMBER 31,
                                                                    2003           2002
                                                                ------------   ------------
                                                                     ($ IN THOUSANDS)
                                                                (UNAUDITED)
<S>                                                             <C>            <C>
ASSETS
Current assets:
  Cash and short-term investments ...........................   $     34,212   $     64,327
  Receivables, net ..........................................        504,340        567,584
  Receivable from legal settlement ..........................             --         96,707
  Inventories ...............................................        495,953        446,386
  Prepaid expenses ..........................................         97,215        189,246
  Other current assets ......................................         13,689         13,878
                                                                ------------   ------------
          Total current assets ..............................      1,145,409      1,378,128

Investments .................................................        549,381        545,592
Property, plant and equipment, net ..........................        576,705        579,860
Property under capital lease ................................        103,511        105,736
Goodwill, net ...............................................        317,905        323,413
Other intangibles ...........................................        102,472        101,770
Other assets ................................................        210,980        211,823
                                                                ------------   ------------
          Total assets ......................................   $  3,006,363   $  3,246,322
                                                                ============   ============
LIABILITIES AND EQUITIES
Current liabilities:
  Notes and short-term obligations ..........................   $     45,825   $     37,829
  Current portion of long-term debt .........................         81,965        104,563
  Current portion of obligation under capital lease .........          8,867        108,279
  Accounts payable ..........................................        509,781        701,786
  Accrued expenses ..........................................        202,092        204,629
  Patronage refunds payable and other member equities payable          7,128         12,388
                                                                ------------   ------------
          Total current liabilities .........................        855,658      1,169,474

Long-term debt ..............................................        988,872      1,007,308
Obligation under capital lease ..............................         97,005             --
Employee benefits and other liabilities .....................        106,532        104,340
Minority interests ..........................................         57,662         53,687

Equities:
  Capital stock .............................................          2,169          2,190
  Member equities ...........................................        863,546        873,659
  Retained earnings .........................................         34,919         35,664
                                                                ------------   ------------
          Total equities ....................................        900,634        911,513
                                                                ------------   ------------
Commitments and contingencies
Total liabilities and equities ..............................   $  3,006,363   $  3,246,322
                                                                ============   ============
</TABLE>

          See accompanying notes to consolidated financial statements.


                                       4
<PAGE>

                               LAND O'LAKES, INC.

                      CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                 FOR THE THREE MONTHS ENDED
                                                          MARCH 31,
                                                    2003            2002
                                                ------------    ------------
                                                      ($ IN THOUSANDS)
                                                         (UNAUDITED)
<S>                                             <C>             <C>
Net sales ...................................   $  1,454,452    $  1,532,233
Cost of sales ...............................      1,328,903       1,384,258
                                                ------------    ------------
Gross profit ................................        125,549         147,975

Selling, general and administration .........        119,969         127,521
Restructuring and impairment charges ........          1,092           3,435
                                                ------------    ------------
Earnings from operations ....................          4,488          17,019

Interest expense, net .......................         17,385          17,547
Gain on legal settlements ...................         (8,889)             --
Gain on sale of intangible ..................             --          (4,184)
Gain on sale of investment ..................           (500)             --
Equity in loss of affiliated companies ......            983           9,861
Minority interest in earnings of subsidiaries          1,489             934
                                                ------------    ------------
Loss before income taxes ....................         (5,980)         (7,139)
Income tax benefit ..........................         (5,609)         (6,163)
                                                ------------    ------------
Net loss ....................................   $       (371)   $       (976)
                                                ============    ============

Applied to:
  Member equities
     Allocated patronage refunds ............   $      9,794    $     11,574
     Deferred equities ......................        (13,893)        (12,086)
                                                ------------    ------------
                                                      (4,099)           (512)
  Retained earnings .........................          3,728            (464)
                                                ------------    ------------
                                                $       (371)   $       (976)
                                                ============    ============
</TABLE>

          See accompanying notes to consolidated financial statements.


                                       5
<PAGE>

                               LAND O'LAKES, INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                            FOR THE THREE MONTHS ENDED
                                                                     MARCH 31,
                                                               2003            2002
                                                           ------------    ------------
                                                                 ($ IN THOUSANDS)
                                                                    (UNAUDITED)
<S>                                                        <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss .............................................   $       (371)   $       (976)
  Adjustments to reconcile net loss to net cash provided
     (used) by operating activities:
     Depreciation and amortization .....................         26,642          26,813
     Amortization of deferred financing charges ........            913             691
     Bad debt expense ..................................            691             253
     Proceeds from patronage revolvement received ......             10             127
     Non-cash patronage income .........................           (209)           (923)
     Receivable from legal settlement ..................         96,707              --
     Decrease (increase) in other assets ...............          1,709            (824)
     Increase (decrease) in other liabilities ..........          2,096          (1,208)
     Restructuring and impairment charges ..............          1,092           3,435
     Equity in loss of affiliated companies ............            983           9,861
     Minority interests ................................          1,489             934
     Other .............................................         (1,229)         (4,943)
  Changes in current assets and liabilities, net of
     acquisitions and divestitures:
     Receivables .......................................         62,553          22,255
     Inventories .......................................        (47,777)        (42,880)
     Other current assets ..............................         92,304          77,987
     Accounts payable ..................................       (192,201)       (172,389)
     Accrued expenses ..................................         (6,537)        (22,197)
                                                           ------------    ------------
  Net cash provided (used) by operating activities .....         38,865        (103,984)

CASH FLOWS FROM INVESTING ACTIVITIES:
  Additions to property, plant and equipment ...........        (16,120)        (17,674)
  Payments for investments .............................         (8,800)         (3,595)
  Proceeds from sale of investments ....................          3,000          21,009
  Proceeds from sale of property, plant and equipment ..          1,562           6,622
  Dividends from investments in affiliated companies ...          1,737           3,084
  Other ................................................          2,581              37
                                                           ------------    ------------
  Net cash (used) provided by investing activities .....        (16,040)          9,483

CASH FLOWS FROM FINANCING ACTIVITIES:
  Increase in short-term debt ..........................         24,768          37,877
  Proceeds from issuance of long-term debt .............            425           1,688
  Payments on principal of long-term debt ..............        (61,934)        (41,734)
  Payments on principal of capital lease obligation ....         (2,217)             --
  Payments for redemption of member equities ...........        (15,331)        (20,060)
  Other ................................................          1,349             362
                                                           ------------    ------------
  Net cash used by financing activities ................        (52,940)        (21,867)
                                                           ------------    ------------
  Net decrease in cash .................................        (30,115)       (116,368)
Cash and short-term investments at beginning of period .         64,327         130,169
                                                           ------------    ------------
Cash and short-term investments at end of period .......   $     34,212    $     13,801
                                                           ============    ============
SUPPLEMENTARY DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during periods for:
  Interest, net of interest capitalized ................   $     14,610    $     16,924
  Income taxes recovered ...............................   $     (4,198)   $     (7,080)
</TABLE>

          See accompanying notes to consolidated financial statements.



                                       6
<PAGE>

                               LAND O'LAKES, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           ($ IN THOUSANDS IN TABLES)
                                   (UNAUDITED)

1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      The unaudited consolidated financial statements reflect, in the opinion of
the management of Land O'Lakes, Inc. (the "Company"), all normal recurring
adjustments necessary for a fair statement of the financial position and results
of operations and cash flows for the interim periods. The statements are
condensed and therefore do not include all of the information and footnotes
required by accounting principles generally accepted in the United States of
America for complete financial statements. For further information, refer to the
audited consolidated financial statements and footnotes for the year ended
December 31, 2002 included in our Annual Report on Form 10-K. The results of
operations and cash flows for interim periods are not necessarily indicative of
results for a full year.

RECENT ACCOUNTING PRONOUNCEMENTS

      On January 1, 2003, the Company adopted Statement of Financial Accounting
Standards 146, "Accounting for Costs Associated with Exit or Disposal
Activities." The standard requires that a liability for a cost associated with
an exit or disposal activity be recognized and measured initially at fair value
when the liability is incurred. Under prior accounting literature, certain costs
for exit activities were recognized at the date a company committed to an exit
plan. The provisions of the standard are effective for exit or disposal
activities initiated after December 31, 2002.

2.    RECEIVABLES

      A summary of receivables is as follows:

<TABLE>
<CAPTION>
                                                         MARCH 31,  DECEMBER 31,
                                                           2003         2002
                                                         ---------  ------------
<S>                                                      <C>        <C>
          Trade accounts.............................    $ 246,776  $   237,106
          Notes and contracts........................       52,739       44,565
          Notes from sale of trade receivables (see
          Note 3)....................................      151,193      225,144
          Other......................................       73,019       79,024
                                                         ---------  -----------
                                                           523,727      585,839
          Less allowance for doubtful accounts.......       19,387       18,255
                                                         ---------  -----------
          Total receivables, net.....................    $ 504,340  $   567,584
                                                         =========  ===========
</TABLE>

      A substantial portion of Land O'Lakes receivables is concentrated in the
agricultural industry. Collections of these receivables may be dependent upon
economic returns from farm crop and livestock production. The Company's credit
risks are continually reviewed, and management believes that adequate provisions
have been made for doubtful accounts.

3.    RECEIVABLES PURCHASE FACILITY

      In December 2001, the Company established a $100.0 million receivables
purchase facility with CoBank, ACB ("CoBank"). A wholly-owned, unconsolidated
qualifying special purpose entity ("QSPE") was established to purchase certain
receivables from the Company. CoBank has been granted an interest in the pool of
receivables owned by the QSPE. The transfers of the receivables from the Company
to the QSPE are structured as sales and, accordingly, the receivables
transferred to the QSPE are not reflected in the consolidated balance sheet.
However, the Company retains credit risk related to the repayment of the notes
receivable with the QSPE, which, in turn, is dependent upon the credit risk of
the QSPE's receivables pool. Accordingly, the Company has retained reserves for
estimated losses. The Company expects no significant gains or losses from the
facility. At March 31, 2003, $100.0 million was outstanding under this facility
and no amounts remained available. The total accounts receivable sold during the
three months ended March 31, 2003 and 2002 were $672.8 million and $654.1
million, respectively.



                                       7
<PAGE>

4.    INVENTORIES

      A summary of inventories is as follows:

<TABLE>
<CAPTION>
                                                  MARCH 31,  DECEMBER 31,
                                                     2003         2002
                                                  ---------  ------------
<S>                                               <C>        <C>
                 Raw materials................    $ 146,599  $    141,849
                 Work in process..............       35,005        33,707
                 Finished goods...............      314,349       270,830
                                                  ---------  ------------
                 Total inventories............    $ 495,953  $    446,386
                                                  =========  ============
</TABLE>

5.    INVESTMENTS

      A summary of investments is as follows:

<TABLE>
<CAPTION>
                                                             MARCH 31,  DECEMBER 31,
                                                                2003        2002
                                                             ---------  ------------
<S>                                                          <C>        <C>
            CF Industries, Inc...........................    $ 249,502  $   249,502
            Agriliance LLC...............................       88,862       91,629
            MoArk LLC....................................       55,103       44,678
            Ag Processing Inc............................       37,854       37,854
            Advanced Food Products LLC...................       26,822       27,418
            CoBank, ACB..................................       22,090       22,061
            Universal Cooperatives.......................        6,473        6,473
            Prairie Farms Dairy, Inc.....................        5,272        5,092
            Melrose Dairy Proteins, LLC..................        4,906        6,579
            Other -- principally cooperatives and joint
            ventures.....................................       52,497       54,306
                                                             ---------  -----------
            Total investments............................    $ 549,381  $   545,592
                                                             =========  ===========
</TABLE>

6.    GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL

The carrying amount of goodwill is as follows:

<TABLE>
<CAPTION>
                                                     MARCH 31,  DECEMBER 31,
                                                       2003        2002
                                                     ---------  ------------
<S>                                                  <C>        <C>
                Dairy Foods.....................     $  66,668  $    66,718
                Feed............................       156,651      156,839
                Seed............................        13,432       16,948
                Swine...........................           634          647
                Agronomy........................        68,300       69,823
                Other...........................        12,220       12,438
                                                     ---------  -----------
                Total goodwill..................     $ 317,905  $   323,413
                                                     =========  ===========
</TABLE>

      Goodwill decreases in Dairy Foods, Feed, Swine, Agronomy and Other were
due to amortization. The goodwill decrease of $3.5 million in the Seed segment
was related to amortization and reclassifications.

OTHER INTANGIBLE ASSETS

<TABLE>
<CAPTION>
                                                              MARCH 31,  DECEMBER 31,
                                                                2003         2002
                                                              ---------  ------------
<S>                                                           <C>        <C>
           Amortized other intangible assets:
             Trademarks, less accumulated amortization
                of $1,758 and $1,615, respectively.........   $   2,611  $      2,725
             Patents, less accumulated amortization of
                $1,684 and $1,394, respectively............      14,689        14,979
             Agreements not to compete, less accumulated
                amortization of $2,534 and $2,324,
                respectively...............................       1,766         1,976
             Other intangible assets, less accumulated
                amortization of $6,578 and $7,343,
           respectively....................................       6,443         5,127
                                                              ---------  ------------
           Total amortized other intangible assets.........      25,509        24,807
           Total non-amortized other intangible assets --
           trademarks......................................      76,963        76,963
                                                              ---------  ------------
           Total other intangible assets...................   $ 102,472  $    101,770
                                                              =========  ============
</TABLE>

      Amortization expense for the three months ended March 31, 2003 and 2002
was $1.1 million and $1.3 million, respectively. The estimated amortization
expense related to other intangible assets subject to amortization for the



                                       8
<PAGE>

next five years will approximate $3.2 million annually. The weighted-average
life of the intangible assets subject to amortization is approximately 11 years.

7.    RESTRUCTURING AND IMPAIRMENT CHARGES

RESTRUCTURING CHARGES

      For the three months ended March 31, 2003, the Dairy Food segment recorded
a restructuring charge of $1.0 million which represented severance costs for 44
employees as a result of closing an Upper Midwest whey production facility.

      For the three months ended March 31, 2002, the Feed segment recorded
restructuring charges of $2.6 million which represented severance and
outplacement costs for 136 employees at the Ft. Dodge, IA office facility and
other plant facilities.

      A summary of restructuring activities and resulting reserve for the three
months ended March 31, 2003 is as follows:

<TABLE>
<CAPTION>
                         BALANCE                                       BALANCE
                       DECEMBER 31,    CHARGE TO       UTILIZED        MARCH 31,
                           2002         EXPENSE        IN 2003           2003
                       ------------   ------------   ------------    ------------
<S>                    <C>            <C>            <C>             <C>
Termination benefits   $      8,871   $      1,000   $     (5,231)   $      4,640
Other ..............          1,604             --           (128)          1,476
                       ------------   ------------   ------------    ------------
Total ..............   $     10,475   $      1,000   $     (5,359)   $      6,116
                       ============   ============   ============    ============
</TABLE>

IMPAIRMENT CHARGES

      For the three months ended March 31, 2003 and 2002, the Company recorded
impairment charges of $0.1 million and $0.8 million, respectively, in the Feed
segment for write downs of certain plant assets to their estimated fair value.

8.    GAIN ON LEGAL SETTLEMENTS

      During the three months ended March 31, 2003, the Company recognized gain
on legal settlements of $8.9 million. The gain represents cash received from
product suppliers against whom the Company alleged certain price-fixing claims.

9.    GAIN ON SALE OF INTANGIBLE

      In the three months ended March 31, 2002, the Company recorded a $4.2
million gain on the sale of a customer list pertaining to the feed phosphate
distribution business.

10.   DEBT OBLIGATIONS

      In the three months ended March 31, 2003, the Company made payments on
Term A loan of $35.0 million and Term B loan of $26.2 million, of which $50.0
million was a voluntary prepayment. The weighted average interest rates on
short-term borrowings and notes outstanding at March 31, 2003 and December 31,
2002 were 3.52% and 3.51%, respectively.

11.   COMMITMENTS AND CONTINGENCIES

      In March 2003, our consolidated joint venture, Cheese & Protein
International LLC ("CPI"), received an amendment to its capital lease contract
from its lenders. The amendment eliminated the measurement of the fixed charge
coverage ratio requirement until March 2005. In addition to paying an increased
applicable lender margin, we established a $20 million cash account to provide
additional support to the lease participants. The cash account will only be
drawn upon in the event of a CPI default and would reduce amounts otherwise due
under the lease. This support requirement will be lifted when certain financial
targets are achieved by CPI. At March 31, 2003, the obligation under capital
lease has been recognized as a long-term liability.



                                       9
<PAGE>

12.   SEGMENT INFORMATION

      The Company operates in five segments: Dairy Foods, Animal Feed, Crop
Seed, Swine and Agronomy.

      The Dairy Foods segment produces, markets and sells products such as
butter, spreads, cheese, and other dairy related products. Products are sold
under well-recognized national brand names including LAND O LAKES, the Indian
Maiden logo and Alpine Lace, as well as under regional brand names such as New
Yorker.

      The Animal Feed segment is made up of a 92% ownership position in Land
O'Lakes Farmland Feed LLC ("Land O'Lakes Farmland Feed"). Land O'Lakes Farmland
Feed develops, produces, markets and distributes animal feeds such as ingredient
feed, formula feed, milk replacers, vitamins and additives.

      The Crop Seed segment is a supplier and distributor of crop seed products
in the United States. A variety of crop seed is sold, including alfalfa,
soybeans, corn and forage and turf grasses.

      The Swine segment has three programs: farrow-to-finish, swine aligned and
cost-plus. The farrow-to-finish program produces and sells market hogs. The
swine aligned program raises feeder pigs which are sold to local member
cooperatives. The cost-plus program provides minimum hog price guarantees to
producers in exchange for swine feed sales and profit participation.

      The Agronomy segment consists primarily of the Company's 50% ownership in
Agriliance LLC ("Agriliance"), which is accounted for under the equity method.
Agriliance markets and sells two primary product lines: crop protection
(including herbicides and pesticides) and crop nutrients (including fertilizers
and micronutrients).

      The Company allocates corporate administration expense to all of its
business segments, both directly and indirectly. Corporate staff functions that
are able to determine actual services provided to each segment allocate expense
on a direct and predetermined basis. All other corporate staff functions
allocate expense indirectly based on each segment's percent of total invested
capital. A majority of corporate administration expense is allocated directly.

<TABLE>
<CAPTION>
                                   DAIRY FOODS      FEED         SEED      SWINE      AGRONOMY     OTHER     CONSOLIDATED
                                   -----------    ---------    --------   --------    --------    -------    ------------
<S>                                <C>            <C>          <C>        <C>         <C>         <C>        <C>
FOR THE THREE MONTHS ENDED MARCH
31, 2003
  Net sales ....................   $   635,944    $ 602,466    $191,895   $ 21,165    $     --    $ 2,982    $  1,454,452
  Cost of sales ................       608,106      529,929     166,834     22,236          --      1,798       1,328,903
  Selling, general and
    administration .............        39,462       59,969      13,393      1,362       3,326      2,457         119,969
  Restructuring and impairment
    charges ....................         1,000           92          --         --          --         --           1,092
  Interest expense, net ........         6,322        5,789       1,046      1,273       2,332        623          17,385
  Gain on legal settlements ....            --       (8,889)         --         --          --         --          (8,889)
  Gain on sale of investment ...            --         (500)         --         --          --         --            (500)
  Equity in loss (earnings) of
    affiliated companies .......           630         (556)         --        365       3,147     (2,603)            983
  Minority interest in earnings
    of subsidiaries ............            --        1,489          --         --          --         --           1,489
                                   -----------    ---------    --------   --------    --------    -------    ------------
  (Loss) earnings before income
    taxes ......................   $   (19,576)   $  15,143    $ 10,622   $ (4,071)   $ (8,805)   $   707    $     (5,980)
                                   ===========    =========    ========   ========    ========    =======    ============
FOR THE THREE MONTHS ENDED MARCH
31, 2002
  Net sales ....................   $   731,128    $ 618,563    $155,703   $ 23,880    $     --    $ 2,959    $  1,532,233
  Cost of sales ................       686,063      544,496     130,568     21,517          --      1,614       1,384,258
  Selling, general and
    administration .............        44,541       62,317      12,977      1,661       3,547      2,478         127,521
  Restructuring and impairment
    charges ....................            --        3,435          --         --          --         --           3,435
  Interest expense, net ........         4,358        8,029         973      1,385       2,087        715          17,547
  Gain on sale of intangible ...            --       (4,184)         --         --          --         --          (4,184)
  Equity in loss (earnings) of
    affiliated companies .......           530         (458)         96       (161)      9,806         48           9,861
  Minority interest in (loss)
    earnings of subsidiaries ...          (537)       1,399          --         --          --         72             934
                                   -----------    ---------    --------   --------    --------    -------    ------------
  (Loss) earnings before income
    taxes ......................   $    (3,827)   $   3,529    $ 11,089   $   (522)   $(15,440)   $(1,968)   $     (7,139)
                                   ===========    =========    ========   ========    ========    =======    ============
</TABLE>



                                       10
<PAGE>

13.   SUBSEQUENT EVENT

      On April 1, 2003, a dairy foods customer, Fleming Companies, Inc. and its
operating subsidiaries, filed voluntary petitions for reorganization under
Chapter 11 of the U.S. Bankruptcy Code. We believe that we have adequate
reserves for doubtful accounts to cover losses, if any, arising from Fleming's
inability to pay amounts due to us.

14.   CONSOLIDATING FINANCIAL INFORMATION

      The Company has entered into financing arrangements which are guaranteed
by the Company and certain of its wholly-owned and majority-owned subsidiaries
(the "Guarantor Subsidiaries"). Such guarantees are full, unconditional and
joint and several.

      The following supplemental financial information sets forth, on an
unconsolidated basis, balance sheet, statement of operations and cash flow
information for the Company, Guarantor Subsidiaries and the Company's other
subsidiaries (the "Non-Guarantor Subsidiaries"). The supplemental financial
information reflects the investments of the Company in the Guarantor and
Non-Guarantor Subsidiaries using the equity method of accounting.



                                       11
<PAGE>

                               LAND O'LAKES, INC.
                    SUPPLEMENTAL CONSOLIDATING BALANCE SHEET
                                 MARCH 31, 2003

<TABLE>
<CAPTION>
                                        LAND           WHOLLY-       MAJORITY-
                                    O'LAKES, INC.       OWNED          OWNED
                                       PARENT        CONSOLIDATED   CONSOLIDATED     NON-GUARANTOR
                                       COMPANY        GUARANTORS     GUARANTORS      SUBSIDIARIES     ELIMINATIONS     CONSOLIDATED
                                    -------------    -------------  -------------    -------------    -------------    -------------
                                                             (UNAUDITED)

                                                                   ASSETS
<S>                                 <C>              <C>            <C>              <C>              <C>              <C>
Current assets:
  Cash and short-term
     investments ................   $      24,538    $       3,863  $        (371)   $       6,182    $          --    $      34,212
  Receivables, net ..............         465,364           72,827        138,496           48,007         (220,355)         504,340
  Inventories ...................         311,679           55,797        119,179            9,297               --          495,953
  Prepaid expenses ..............          85,141            1,239         10,560              275               --           97,215
  Other current assets ..........           9,819              835             --            3,034               --           13,689
                                    -------------    -------------  -------------    -------------    -------------    -------------
       Total current assets .....         896,542          134,562        267,864           66,796         (220,355)       1,145,409

Investments .....................       1,115,381              223         18,790            1,951         (586,963)         549,381
Property, plant and equipment,
  net ...........................         269,002           15,018        242,693           49,992               --          576,705
Property under capital lease ....              --               --             --          103,511               --          103,511
Goodwill, net ...................         190,711            4,824        122,154              216               --          317,905
Other intangibles ...............           4,512              677         96,946              337               --          102,472
Other assets ....................         154,038            3,714         27,018           45,125          (18,915)         210,980
                                    -------------    -------------  -------------    -------------    -------------    -------------
       Total assets .............   $   2,630,186    $     159,017  $     775,465    $     267,928    $    (826,233)   $   3,006,363
                                    =============    =============  =============    =============    =============    =============
</TABLE>

<TABLE>
<CAPTION>
                                                          LIABILITIES AND EQUITIES

<S>                                 <C>              <C>            <C>              <C>              <C>              <C>
Current liabilities:
  Notes and short-term
     obligations ................   $       2,640    $       2,845  $        (508)   $      79,589    $     (38,741)   $      45,825
  Current portion of long-term
     debt .......................          81,918           68,429             --               47          (68,429)          81,965
  Current portion of obligation
     under capital lease ........              --               --             --            8,867               --            8,867
  Accounts payable ..............         464,782           58,000         97,509           11,923         (122,434)         509,781
  Accrued expenses ..............         157,723            1,632         39,097            3,640               --          202,092
  Patronage refunds and other
    member equities payable .....           7,128               --             --               --               --            7,128
                                    -------------    -------------  -------------    -------------    -------------    -------------
       Total current liabilities          714,190          130,907        136,098          104,067         (229,604)         855,658

Long-term debt ..................         972,366           10,178             --           15,993           (9,666)         988,872
Obligation under capital lease ..              --               --             --           97,005               --           97,005
Employee benefits and other
  liabilities ...................          77,172            1,168         26,382            1,810               --          106,532
Minority interests ..............          50,711               --          2,564            4,387               --           57,662
Equities:
  Capital stock .................           2,169            1,084        508,035           68,045         (577,164)           2,169
  Member equities ...............         863,546               --             --               --               --          863,546
  Retained earnings .............         (49,969)          15,680        102,386          (23,379)          (9,799)          34,919
                                    -------------    -------------  -------------    -------------    -------------    -------------
       Total equities ...........         815,746           16,764        610,421           44,665         (586,963)         900,634
                                    -------------    -------------  -------------    -------------    -------------    -------------
Commitments and contingencies
Total liabilities and
  equities ......................   $   2,630,186    $     159,017  $     775,465    $     267,928    $    (826,233)   $   3,006,363
                                    =============    =============  =============    =============    =============    =============
</TABLE>



                                       12
<PAGE>

                               LAND O'LAKES, INC.

               SUPPLEMENTAL CONSOLIDATING STATEMENT OF OPERATIONS
                    FOR THE THREE MONTHS ENDED MARCH 31, 2003

<TABLE>
<CAPTION>
                                          LAND         WHOLLY-         MAJORITY-
                                        O'LAKES,        OWNED           OWNED
                                      INC. PARENT    CONSOLIDATED    CONSOLIDATED    NON-GUARANTOR
                                        COMPANY       GUARANTORS      GUARANTORS     SUBSIDIARIES     CONSOLIDATED
                                      -----------    ------------    ------------    -------------    ------------
                                                     (UNAUDITED)
<S>                                   <C>            <C>             <C>             <C>              <C>
Net sales .........................   $   777,440    $     54,938    $    589,485    $      32,629    $  1,454,452
Cost of sales .....................       715,571          50,842         518,674           33,816       1,328,903
                                      -----------    ------------    ------------    -------------    ------------
Gross profit ......................        51,829           4,096          70,811           (1,187)        125,549

Selling, general and administration        54,447           3,161          57,745            4,616         119,969
Restructuring and impairment
  charges .........................         1,000              --              92               --           1,092
                                      -----------    ------------    ------------    -------------    ------------
(Loss) earnings from operations ...        (3,618)            935          12,974           (5,803)          4,488

Interest expense (income), net ....        18,171             667          (1,127)            (326)         17,385
Gain on legal settlements .........        (8,021)             --            (868)              --          (8,889)
Gain on sale of investment ........            --              --            (500)              --            (500)
Equity in loss (earnings) of
affiliated companies ..............         1,530              --            (547)              --             983
Minority interest in earnings
  (loss) of subsidiaries ..........         1,309              --              (4)             184           1,489
                                      -----------    ------------    ------------    -------------    ------------
(Loss) earnings before income taxes       (16,607)            268          16,020           (5,661)         (5,980)
Income tax (benefit) expense ......        (3,758)            282             162           (2,295)         (5,609)
                                      -----------    ------------    ------------    -------------    ------------
Net (loss) earnings ...............   $   (12,849)   $        (14)   $     15,858    $      (3,366)   $       (371)
                                      ===========    ============    ============    =============    ============
</TABLE>



                                       13
<PAGE>

                               LAND O'LAKES, INC.

               SUPPLEMENTAL CONSOLIDATING STATEMENT OF CASH FLOWS
                    FOR THE THREE MONTHS ENDED MARCH 31, 2003

<TABLE>
<CAPTION>
                                               LAND        WHOLLY-       MAJORITY-
                                             O'LAKES,       OWNED          OWNED
                                           INC. PARENT   CONSOLIDATED   CONSOLIDATED   NON-GUARANTOR
                                             COMPANY      GUARANTORS     GUARANTORS    SUBSIDIARIES    ELIMINATIONS   CONSOLIDATED
                                           -----------   ------------   ------------   -------------   ------------   ------------
                                                         (UNAUDITED)
<S>                                        <C>           <C>            <C>            <C>             <C>            <C>
CASH FLOWS FROM OPERATING
 ACTIVITIES:
 Net (loss) earnings ....................  $   (12,849)  $        (14)  $     15,858   $      (3,366)  $         --   $       (371)
 Adjustments to reconcile net (loss)
  earnings to net cash provided (used) by
  operating activities:
  Depreciation and amortization .........       15,670            574          9,870             528             --         26,642
  Amortization of deferred financing
   charges ..............................          913             --             --              --             --            913
  Bad debt expense ......................          191             --            500              --             --            691
  Proceeds from patronage revolvement
   received .............................           10             --             --              --             --             10
  Non-cash patronage income .............         (209)            --             --              --             --           (209)
  Receivable from legal settlement ......       90,707             --          6,000              --             --         96,707
  (Increase) decrease in other assets ...       (8,037)         7,356           (564)         (2,024)         4,978          1,709
  Increase (decrease) in other
   liabilities ..........................        3,516           (165)        (1,072)           (183)            --          2,096
  Restructuring and impairment charges ..        1,000             --             92              --             --          1,092
  Equity in loss (earnings) of affiliated
   companies ............................        1,530             --           (547)             --             --            983
  Minority interest .....................        1,309             --             (4)            184             --          1,489
  Other .................................         (741)            --           (425)            (63)            --         (1,229)
 Changes in current assets and
  liabilities, net of acquisitions and
  divestitures:
  Receivables ...........................      (38,951)         2,791         64,730          (2,685)        36,668         62,553
  Inventories ...........................      (57,164)        18,600         (8,896)           (317)            --        (47,777)
  Other current assets ..................       91,165          3,102         (1,942)            (21)            --         92,304
  Accounts payable ......................      (13,459)       (34,279)       (22,585)         (5,954)      (115,924)      (192,201)
  Accrued expenses ......................       (1,199)           (12)        (9,663)           (888)         5,225         (6,537)
                                           -----------   ------------   ------------   -------------   ------------   ------------
 Net cash provided (used) by operating
  activities ............................       73,402         (2,047)        51,352         (14,789)       (69,053)        38,865

CASH FLOWS FROM INVESTING
 ACTIVITIES:
 Additions to property, plant and
  equipment .............................      (12,509)          (122)        (3,370)           (119)            --        (16,120)
 Payments for investments ...............      (13,797)            --             --            (348)         5,345         (8,800)
 Proceeds from sale of investments ......           --             --          3,000              --             --          3,000
 Proceeds from sale of property, plant
  and equipment .........................        1,562             --             --              --             --          1,562
 Dividends from investments in affiliated
  companies .............................        1,737             --             --              --             --          1,737
 Other ..................................           41             --          2,540              --             --          2,581
                                           -----------   ------------   ------------   -------------   ------------   ------------
 Net cash (used) provided by investing
 activities .............................      (22,966)          (122)         2,170            (467)         5,345        (16,040)

CASH FLOWS FROM FINANCING
 ACTIVITIES:
 (Decrease) increase in short-term debt .       (7,460)         3,494           (604)         13,452         15,886         24,768
 Proceeds from issuance of long-term debt          424             --             --               1             --            425
 Payments on principal of long-term debt       (61,916)           (18)       (52,593)           (632)        53,225        (61,934)
 Payments on principal of capital lease
  obligation ............................           --             --             --          (2,217)            --         (2,217)
 Payments for redemption of member
  equities ..............................      (15,331)            --             --              --             --        (15,331)
 Other ..................................           51            (28)           765           5,964         (5,403)         1,349
                                           -----------   ------------   ------------   -------------   ------------   ------------
 Net cash (used) provided by financing
  activities ............................      (84,232)         3,448        (52,432)         16,568         63,708        (52,940)
                                           -----------   ------------   ------------   -------------   ------------   ------------
 Net (decrease) increase in cash ........      (33,796)         1,279          1,090           1,312             --        (30,115)
Cash and short-term investments at
 beginning of period ....................       58,334          2,584         (1,461)          4,870             --         64,327
                                           -----------   ------------   ------------   -------------   ------------   ------------
Cash and short-term investments at end of
 period .................................  $    24,538   $      3,863   $       (371)  $       6,182   $         --   $     34,212
                                           ===========   ============   ============   =============   ============   ============
</TABLE>



                                       14
<PAGE>

                               LAND O'LAKES, INC.

                    SUPPLEMENTAL CONSOLIDATING BALANCE SHEET
                                DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                        LAND          WHOLLY-      MAJORITY-
                                    O'LAKES, INC.      OWNED         OWNED
                                       PARENT       CONSOLIDATED  CONSOLIDATED   NON-GUARANTOR
                                       COMPANY       GUARANTORS    GUARANTORS    SUBSIDIARIES    ELIMINATIONS   CONSOLIDATED
                                    -------------   ------------  ------------   -------------   ------------   ------------

                                                                             ASSETS
<S>                                 <C>             <C>           <C>            <C>             <C>            <C>
Current assets:
  Cash and short-term
     investments .................  $      58,334   $      2,584  $     (1,461)  $       4,870   $         --   $     64,327
  Receivables, net ...............        472,165         30,057       150,447          45,377       (130,462)       567,584
  Receivable from legal settlement         90,707             --         6,000              --             --         96,707
  Inventories ....................        254,517         74,397       108,493           8,979             --        446,386
  Prepaid expenses ...............        176,541          4,840         7,625             240             --        189,246
  Other current assets ...........         12,868            337            --             673             --         13,878
                                    -------------   ------------  ------------   -------------   ------------   ------------
       Total current assets ......      1,065,132        112,215       271,104          60,139       (130,462)     1,378,128

Investments ......................      1,102,835          1,102        20,777           2,496       (581,618)       545,592
Property, plant and equipment,
  net ............................        260,078         23,131       246,402          50,249             --        579,860
Property under capital lease .....             --             --            --         105,736             --        105,736
Goodwill, net ....................        187,755         13,172       121,673             813             --        323,413
Other intangibles ................          4,243            723        96,455             349             --        101,770
Other assets .....................        150,909          2,738        27,064          45,049        (13,937)       211,823
                                    -------------   ------------  ------------   -------------   ------------   ------------
       Total assets ..............  $   2,770,952   $    153,081  $    783,475   $     264,831   $   (726,017)  $  3,246,322
                                    =============   ============  ============   =============   ============   ============
</TABLE>

<TABLE>
<CAPTION>
                                                                    LIABILITIES AND EQUITIES

<S>                                 <C>             <C>           <C>            <C>             <C>            <C>
Current liabilities:
  Notes and short-term
     obligations .................  $      27,040   $      2,818  $         59   $      66,174   $    (58,262)  $     37,829
  Current portion of long-term
     debt ........................        104,347         64,963            --              47        (64,794)       104,563
  Obligation under capital lease .             --             --            --         108,279             --        108,279
  Accounts payable ...............        503,851         68,329       117,563          18,553         (6,510)       701,786
  Accrued expenses ...............        158,323          1,644        45,361           4,526         (5,225)       204,629
  Patronage refunds and other
    member equities payable ......         12,388             --            --              --             --         12,388
                                    -------------   ------------  ------------   -------------   ------------   ------------
       Total current liabilities .        805,949        137,754       162,983         197,579       (134,791)     1,169,474

Long-term debt ...................        988,696         10,197            --          18,023         (9,608)     1,007,308
Employee benefits and other
  liabilities ....................         75,588          1,333        26,071           1,348             --        104,340
Minority interests ...............         49,402             --            --           4,285             --         53,687
Equities:
  Capital stock ..................          2,190          1,084       507,956          61,123       (570,163)         2,190
  Member equities ................        873,659             --            --              --             --        873,659
  Retained earnings ..............        (24,532)         2,713        86,465         (17,527)       (11,455)        35,664
                                    -------------   ------------  ------------   -------------   ------------   ------------
       Total equities ............        851,317          3,797       594,421          43,596       (581,618)       911,513
                                    -------------   ------------  ------------   -------------   ------------   ------------
Commitments and contingencies
Total liabilities and
  equities .......................  $   2,770,952   $    153,081  $    783,475   $     264,831   $   (726,017)  $  3,246,322
                                    =============   ============  ============   =============   ============   ============
</TABLE>



                                       15
<PAGE>

                               LAND O'LAKES, INC.

               SUPPLEMENTAL CONSOLIDATING STATEMENT OF OPERATIONS
                    FOR THE THREE MONTHS ENDED MARCH 31, 2002

<TABLE>
<CAPTION>
                                         LAND        WHOLLY-       MAJORITY-
                                       O'LAKES,       OWNED          OWNED
                                     INC. PARENT   CONSOLIDATED   CONSOLIDATED   NON-GUARANTOR
                                       COMPANY      GUARANTORS     GUARANTORS    SUBSIDIARIES    CONSOLIDATED
                                     -----------   ------------   ------------   -------------   ------------
                                                   (UNAUDITED)
<S>                                  <C>           <C>            <C>            <C>             <C>
Net sales .........................  $   856,762   $     49,966   $    597,990   $      27,515   $  1,532,233
Cost of sales .....................      789,040         43,843        526,175          25,200      1,384,258
                                     -----------   ------------   ------------   -------------   ------------
Gross profit ......................       67,722          6,123         71,815           2,315        147,975

Selling, general and administration       58,332          6,122         58,832           4,235        127,521
Restructuring and impairment
  charges .........................           --             --          3,435              --          3,435
                                     -----------   ------------   ------------   -------------   ------------
Earnings (loss) from operations ...        9,390              1          9,548          (1,920)        17,019

Interest expense (income), net ....       17,411            993           (793)            (64)        17,547
Gain on sale of intangible ........           --             --         (4,184)             --         (4,184)
Equity in loss (earnings) of
affiliated companies ..............       10,064             --           (203)             --          9,861
Minority interest in earnings
  (loss) of subsidiaries ..........        1,170             --            186            (422)           934
                                     -----------   ------------   ------------   -------------   ------------
(Loss) earnings before income taxes      (19,255)          (992)        14,542          (1,434)        (7,139)
Income tax (benefit) expense ......       (6,453)           232           (402)            460         (6,163)
                                     -----------   ------------   ------------   -------------   ------------
Net (loss) earnings ...............  $   (12,802)  $     (1,224)  $     14,944   $      (1,894)  $       (976)
                                     ===========   ============   ============   =============   ============
</TABLE>



                                       16
<PAGE>

                               LAND O'LAKES, INC.

               SUPPLEMENTAL CONSOLIDATING STATEMENT OF CASH FLOWS
                    FOR THE THREE MONTHS ENDED MARCH 31, 2002

<TABLE>
<CAPTION>
                                                LAND        WHOLLY-       MAJORITY-
                                              O'LAKES,       OWNED          OWNED
                                            INC. PARENT   CONSOLIDATED   CONSOLIDATED   NON-GUARANTOR
                                              COMPANY      GUARANTORS     GUARANTORS    SUBSIDIARIES    ELIMINATIONS   CONSOLIDATED
                                            -----------   ------------   ------------   -------------   ------------   ------------
                                                          (UNAUDITED)
<S>                                         <C>           <C>            <C>            <C>             <C>            <C>
CASH FLOWS FROM OPERATING
 ACTIVITIES:
 Net (loss) earnings .....................  $   (12,802)  $     (1,224)  $     14,944   $      (1,894)  $         --   $       (976)
 Adjustments to reconcile net (loss)
   earnings to net cash (used) provided
   by operating activities:
   Depreciation and amortization .........       13,364          1,060         11,784             605             --         26,813
   Amortization of deferred financing
    charge ...............................          691             --             --              --             --            691
   Bad debt expense ......................          208             --             --              45             --            253
   Proceeds from patronage revolvement
     received ............................          127             --             --              --             --            127
   Non-cash patronage income .............         (923)            --             --              --             --           (923)
   Decrease (increase) in other assets ...        3,869            420         (6,124)            984             27           (824)
   Increase (decrease) in other
    liabilities ..........................          732           (882)        (1,063)              5             --         (1,208)
   Restructuring and impairment charges ..           --             --          3,435              --             --          3,435
   Equity in loss (earnings) of
     affiliated companies ................       10,064             --           (203)             --             --          9,861
   Minority interest .....................        1,170             --            186            (422)            --            934
   Other .................................       (6,989)            --          1,992              54             --         (4,943)
 Changes in current assets and
   liabilities, net of acquisitions and
   divestitures:
   Receivables ...........................       11,446         (8,163)        39,324          (4,221)       (16,131)        22,255
   Inventories ...........................      (44,447)        (1,228)           860           1,935             --        (42,880)
   Other current assets ..................       72,167          6,038           (316)             98             --         77,987
   Accounts payable ......................     (154,787)        (8,174)        (9,755)            330             (3)      (172,389)
   Accrued expenses ......................      (16,994)          (774)        (4,726)            297             --        (22,197)
                                            -----------   ------------   ------------   -------------   ------------   ------------
 Net cash (used) provided by
   operating activities ..................     (123,104)       (12,927)        50,338          (2,184)       (16,107)      (103,984)

CASH FLOWS FROM INVESTING
 ACTIVITIES:
 Additions to property, plant and
  equipment ..............................      (13,298)          (312)        (2,928)         (1,136)            --        (17,674)
 Payments for investments ................       (3,475)            --             --            (144)            24         (3,595)
 Proceeds from sale of investments .......       20,327             --            682              --             --         21,009
 Proceeds from sale of property, plant
   and equipment .........................        6,527             --             95              --             --          6,622
 Dividends from investments in affiliated
   companies .............................        3,084             --             --              --             --          3,084
 Other ...................................           37             --             --              --             --             37
                                            -----------   ------------   ------------   -------------   ------------   ------------
 Net cash provided (used) by investing
   activities ............................       13,202           (312)        (2,151)         (1,280)            24          9,483

CASH FLOWS FROM FINANCING
 ACTIVITIES:
 Increase (decrease) in short-term debt ..       37,518         12,919        (32,556)          3,928         16,068         37,877
 Proceeds from issuance of long-term debt         1,121             --            508              20             39          1,688
 Payments on principal of long-term debt .      (40,111)          (122)          (189)         (1,312)            --        (41,734)
 Payments for redemption of member
   equities ..............................      (20,060)            --             --              --             --        (20,060)
 Other ...................................       19,469          1,624        (21,091)            384            (24)           362
                                            -----------   ------------   ------------   -------------   ------------   ------------
 Net cash (used) provided by financing
   activities ............................       (2,063)        14,421        (53,328)          3,020         16,083        (21,867)
                                            -----------   ------------   ------------   -------------   ------------   ------------
 Net (decrease) increase in cash .........     (111,965)         1,182         (5,141)           (444)            --       (116,368)
Cash and short-term investments at
 beginning of period .....................      111,054          9,090         (1,027)         11,052             --        130,169
                                            -----------   ------------   ------------   -------------   ------------   ------------
Cash and short-term investments at end of
 period ..................................  $      (911)  $     10,272   $     (6,168)  $      10,608   $         --   $     13,801
                                            ===========   ============   ============   =============   ============   ============
</TABLE>



                                       17
<PAGE>

                         LAND O'LAKES FARMLAND FEED LLC

                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                    MARCH 31,       DECEMBER 31,
                                                      2003              2002
                                                      ----              ----
                                                         ($ IN THOUSANDS)
                                                   (UNAUDITED)
<S>                                               <C>               <C>
 ASSETS

 Current assets:
   Cash and short-term investments .........      $         --      $        356
   Receivables, net ........................            61,929           127,382
   Receivable from legal settlement ........                --             6,000
   Inventories .............................           123,557           113,078
   Prepaid expenses and other current assets            10,806             7,835
   Note receivable - Land O'Lakes, Inc. ....            82,718            29,493
                                                  ------------      ------------
           Total current assets ............           279,010           284,144

 Investments ...............................            20,093            22,973
 Property, plant and equipment, net ........           248,097           251,739
 Goodwill, net .............................           122,370           122,486
 Other intangibles .........................            97,283            96,804
 Other assets ..............................            28,845            28,762
                                                  ------------      ------------
           Total assets ....................      $    795,698      $    806,908
                                                  ============      ============

 LIABILITIES AND EQUITIES
 Current liabilities:
   Notes and short-term obligations ........      $      1,989      $      2,400
   Accounts payable ........................           100,281           121,219
   Accrued expenses ........................            40,664            48,134
                                                  ------------      ------------
           Total current liabilities .......           142,934           171,753

 Employee benefits and other liabilities ...            28,192            29,447
 Minority interests ........................             5,626             2,960

 Equities:
   Contributed capital .....................           515,376           515,376
   Retained earnings .......................           103,570            87,372
                                                  ------------      ------------
           Total equities ..................           618,946           602,748
                                                  ------------      ------------
 Commitments and contingencies
 Total liabilities and equities ............      $    795,698      $    806,908
                                                  ============      ============
</TABLE>

          See accompanying notes to consolidated financial statements.



                                       18
<PAGE>

                         LAND O'LAKES FARMLAND FEED LLC

                      CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                        FOR THE THREE MONTHS ENDED
                                                                 MARCH 31,
                                                         2003               2002
                                                         ----               ----
                                                            ($ IN THOUSANDS)
                                                               (UNAUDITED)
<S>                                                  <C>                <C>
  Net sales ...................................      $    601,100       $    611,460
  Cost of sales ...............................           528,846            538,632
                                                     ------------       ------------
  Gross profit ................................            72,254             72,828

  Selling, general and administration .........            58,644             59,675
  Restructuring and impairment charges ........                92              3,435
                                                     ------------       ------------
  Earnings from operations ....................            13,518              9,718

  Interest income, net ........................            (1,107)              (726)
  Gain on legal settlements ...................              (868)                --
  Gain on sale of intangible ..................                --             (4,184)
  Gain on sale of investment ..................              (500)                --
  Equity in earnings of affiliated companies ..              (547)              (203)
  Minority interest in earnings of subsidiaries               180                210
                                                     ------------       ------------
  Earnings before income taxes ................            16,360             14,621
  Income tax expense ..........................               162                128
                                                     ------------       ------------
  Net earnings ................................      $     16,198       $     14,493
                                                     ============       ============
</TABLE>

          See accompanying notes to consolidated financial statements.



                                       19
<PAGE>

                         LAND O'LAKES FARMLAND FEED LLC

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                              FOR THE THREE MONTHS ENDED
                                                                                       MARCH 31,
                                                                                2003               2002
                                                                                ----               ----
                                                                                   ($ IN THOUSANDS)
                                                                                      (UNAUDITED)
<S>                                                                         <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net earnings .......................................................      $     16,198       $     14,493
  Adjustments to reconcile net earnings to net cash
     provided by operating activities:
     Depreciation and amortization ...................................            10,011             11,932
     Bad debt expense ................................................               500                 75
     Receivable from legal settlement ................................             6,000                 --
     Increase in other assets ........................................               (83)            (4,217)
     Decrease in other liabilities ...................................            (1,255)            (1,308)
     Restructuring and impairment charges ............................                92              3,435
     Equity in earnings of affiliated companies ......................              (547)              (203)
     Minority interest ...............................................               180                210
     Gain on sale of investments .....................................              (500)                --
  Changes in current assets and liabilities, net of acquisitions and
     divestitures:
     Receivables .....................................................            64,953             32,131
     Inventories .....................................................            (8,689)             2,577
     Other current assets ............................................            (1,962)              (409)
     Accounts payable ................................................           (22,863)            (8,001)
     Accrued expenses ................................................           (10,869)            (9,515)
                                                                            ------------       ------------
  Net cash provided by operating activities ..........................            51,166             41,200

CASH FLOWS FROM INVESTING ACTIVITIES:
  Additions to property, plant and equipment .........................            (3,426)            (2,493)
  Proceeds from sale of investments ..................................             3,000                641
  Proceeds from sale of property, plant and equipment ................                --              4,535
  Other ..............................................................             2,540                 --
                                                                            ------------       ------------
    Net cash provided by investing activities ........................             2,114              2,683

CASH FLOWS FROM FINANCING ACTIVITIES:
  Decrease in short-term debt ........................................              (411)            (1,000)
  Proceeds from note receivable from Land O'Lakes, Inc. ..............           118,075             98,348
  Payments on note payable to Land O'Lakes, Inc. .....................          (171,300)          (144,250)
                                                                            ------------       ------------
  Net cash used by financing activities ..............................           (53,636)           (46,902)
                                                                            ------------       ------------
  Net decrease in cash and short-term investments ....................              (356)            (3,019)

Cash and short-term investments at beginning of period ...............               356              3,019
                                                                            ------------       ------------
Cash and short-term investments at end of period .....................      $         --       $         --
                                                                            ============       ============
</TABLE>

          See accompanying notes to consolidated financial statements.



                                       20
<PAGE>

                         LAND O'LAKES FARMLAND FEED LLC

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           ($ IN THOUSANDS IN TABLES)
                                   (UNAUDITED)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      The unaudited consolidated financial statements reflect, in the opinion of
the management of Land O'Lakes Farmland Feed LLC (the "Company"), all normal
recurring adjustments necessary for a fair statement of the financial position
and results of operations and cash flows for the interim periods. The statements
are condensed, therefore do not include all of the information and footnotes
required by accounting principles generally accepted in the United States of
America for complete financial statements. For further information, refer to the
audited consolidated financial statements and footnotes for the year ended
December 31, 2002 included in our Annual Report on Form 10-K. The results of
operations and cash flows for interim periods are not necessarily indicative of
results for a full year.

RECENT ACCOUNTING PRONOUNCEMENTS

      On January 1, 2003, the Company adopted Statement of Financial Accounting
Standards 146, "Accounting for Costs Associated with Exit or Disposal
Activities." The standard requires that a liability for a cost associated with
an exit or disposal activity be recognized and measured initially at fair value
when the liability is incurred. Under prior accounting literature, certain costs
for exit activities were recognized at the date a company committed to an exit
plan. The provisions of the standard are effective for exit or disposal
activities initiated after December 31, 2002.

2. RECEIVABLES

      A summary of receivables is as follows:

<TABLE>
<CAPTION>
                                                  MARCH 31,       DECEMBER 31,
                                                    2003              2002
                                                ------------      ------------
<S>                                             <C>               <C>
 Trade accounts ..........................      $     23,804      $     22,458
 Notes and contracts .....................            13,251            23,494
 Notes from sale of trade receivables (see
   Note 3)................................            22,719            83,158
 Other ...................................            13,303             8,871
                                                ------------      ------------
                                                      73,077           137,981
 Less allowance for doubtful accounts ....            11,148            10,599
                                                ------------      ------------
 Total receivables, net ..................      $     61,929      $    127,382
                                                ============      ============
</TABLE>

3. RECEIVABLES PURCHASE FACILITY

      In December 2001, the Company along with Land O'Lakes, Inc. established a
$100.0 million receivables purchase facility with CoBank, ACB ("CoBank"). A
wholly-owned unconsolidated qualifying special purpose entity, Land O'Lakes
Farmland Feed SPV, LLC, ("QSPE"), was established to purchase certain
receivables from the Company along with Land O'Lakes, Inc. CoBank has been
granted an interest in the receivables owned by the QSPE. The transfers of the
receivables from the Company to the QSPE are structured as sales and,
accordingly, the receivables transferred to the QSPE are not reflected in the
Company's consolidated balance sheet. However, the Company retains the credit
risk related to the repayment of the notes receivable with the QSPE, which in
turn is dependent upon the credit risk of the QSPE's receivables. Accordingly,
the Company has retained reserves for estimated losses. The Company expects no
significant gains or losses from the sale of the receivables. At March 31, 2003,
$100.0 million was outstanding under this facility and no amounts remained
available. The total accounts receivable sold during the three months ended
March 31, 2003 and 2002 were $552.1 million and $579.7 million, respectively.



                                       21
<PAGE>

4. INVENTORIES

      A summary of inventories is as follows:

<TABLE>
<CAPTION>
                                               MARCH 31,       DECEMBER 31,
                                                 2003              2002
                                             ------------      ------------
<S>                                          <C>               <C>
    Raw materials .....................      $     88,173      $     83,187
    Finished goods ....................            35,384            29,891
                                             ------------      ------------
    Total inventories .................      $    123,557      $    113,078
                                             ============      ============
</TABLE>

5. INVESTMENTS

      The Company's investments are as follows:

<TABLE>
<CAPTION>
                                              MARCH 31,        DECEMBER 31,
                                                 2003              2002
                                             ------------      ------------
<S>                                          <C>               <C>
    New Feeds, LLC ....................      $      3,113      $      3,033
    Agland Farmland Feed, LLC .........             2,462             2,585
    Pro-Pet, LLC ......................             2,448             2,326
    Northern Country Feeds, LLC .......             1,717             1,704
    LOLFF SPV, LLC ....................             1,000             1,000
    CalvaAlto Liquid, LLC .............             1,302             1,302
    Strauss Feeds, LLC ................             1,142             1,041
    Nutrikowi, LLC ....................               876               876
    Dakotaland Feeds, LLC .............               827               744
    Harmony Farms, LLC ................                --             2,435
    Other .............................             5,206             5,927
                                             ------------      ------------
    Total investments .................      $     20,093      $     22,973
                                             ============      ============
</TABLE>

6. GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL

The change in the carrying amount of goodwill for the three months ended March
31, 2003, is as follows.

<TABLE>
<S>                                                 <C>
                 Balance as of January 1, 2003 ..   $ 122,486
                   Amortization expense .........        (116)
                                                    ---------
                 Balance as of March 31, 2003 ...   $ 122,370
                                                    =========
</TABLE>

OTHER INTANGIBLE ASSETS

<TABLE>
<CAPTION>
                                                                                           MARCH 31,        DECEMBER 31,
                                                                                              2003              2002
                                                                                          ------------      ------------
<S>                                                                                       <C>               <C>
      Amortized other intangible assets
        Trademarks, less accumulated amortization of $284 and $262, respectively ...      $        598      $        621
        Patents, less accumulated amortization of $1,684 and $1,395, respectively ..            14,689            14,978
        Agreements not to compete, less accumulated amortization of $676 and $626,
           respectively ............................................................               725               775
        Other intangible assets, less accumulated amortization of $5,622 and $6,463,
           respectively ............................................................             4,308             3,467
                                                                                          ------------      ------------
      Total amortized other intangible assets ......................................            20,320            19,841
      Total non-amortized other intangible assets-trademarks .......................            76,963            76,963
                                                                                          ------------      ------------
      Total other intangible assets ................................................      $     97,283      $     96,804
                                                                                          ============      ============
</TABLE>

      Amortization expense for the three months ended March 31, 2003 and 2002
was $0.6 million and $0.6 million, respectively. The estimated amortization
expense related to other intangible assets subject to amortization for the next
five years will approximate $2.2 million annually. The weighted-average life of
the intangible assets subject to amortization is approximately 13 years.



                                       22
<PAGE>

7. RESTRUCTURING AND IMPAIRMENT CHARGES

RESTRUCTURING CHARGES

      The Company recorded restructuring charges of $2.6 million representing
severance and outplacement costs for 136 employees at the Ft. Dodge office and
other plant facilities for the three months ended March 31, 2002.

      A summary of the restructuring reserve for the three months ended March
31, 2003 is as follows:

<TABLE>
<CAPTION>
                                          BALANCE                               BALANCE
                                        DECEMBER 31,    CHARGE TO   UTILIZED    MARCH 31,
                                            2002         EXPENSE     IN 2003      2003
                                            ----         -------    --------      ----
<S>                                     <C>            <C>          <C>        <C>
       Termination benefits..........   $     6,396    $        --  $  (4,094) $     2,302
                                        ===========    ===========  =========  ===========
</TABLE>

IMPAIRMENT CHARGES

      For the three months ended March 31, 2003 and 2002, the Company recorded
impairment charges of $0.1 million and $0.8 million, respectively, for write
downs of certain plant assets to their estimated fair value.

8. GAIN ON LEGAL SETTLEMENTS

      During the three months ended March 31, 2003, the Company recognized gain
on legal settlements of $0.9 million. The gain represents cash received from
product suppliers against whom the Company alleged certain price-fixing claims.

9. GAIN ON SALE OF INTANGIBLE

      In the three months ended March 31, 2002, the Company recorded a $4.2
million gain on the sale of a customer list pertaining to the feed phosphate
distribution business.

10. COMMITMENTS AND CONTINGENCIES

GUARANTEES OF PARENT DEBT

      In November 2001, Land O'Lakes, which owns 92% of the Company, issued $350
million of senior notes, due 2011. These notes are guaranteed by certain
domestic, wholly-owned subsidiaries of Land O'Lakes, including the Company, and
by each domestic wholly-owned subsidiary of the Company.

      This guarantee is a general unsecured obligation, ranks equally in right
of payment with all existing and future senior indebtedness of Land O'Lakes, is
senior in right of payment to all existing and future subordinated obligations
of Land O'Lakes, and is effectively subordinated to any secured indebtedness of
Land O'Lakes and its subsidiaries, including the Company, to the extent of the
value of the assets securing such indebtedness. The maximum potential amount of
future payments that the Company would be required to make is $350 million as of
March 31, 2003. Currently, the Company does not record a liability regarding the
guarantee. The Company has no recourse provision that would enable it to recover
amounts paid under the guarantee from Land O'Lakes or any other parties.

      The notes are not guaranteed by certain majority-owned subsidiaries of the
Company (the "Non-Guarantors"). Summarized financial information of the
Non-Guarantors, which is consolidated in the financial statements of the
Company, as of and for the periods indicated, are as follows:

<TABLE>
<CAPTION>
                                     THREE
                                 MONTHS ENDED    YEAR ENDED
                                   MARCH 31,    DECEMBER 31,
                                     2003           2002
                                     ----           ----
<S>                              <C>            <C>
            Total assets.....    $     23,097   $    23,433
            Net sales........          11,615        53,669
            Net earnings.....             179           626
</TABLE>



                                       23
<PAGE>

      In November 2001, Land O'Lakes entered into new term facilities consisting
of a $325 million five-year Term Loan A facility and a $250 million seven-year
Term Loan B facility. These facilities are unconditionally guaranteed by certain
domestic, wholly-owned subsidiaries of Land O'Lakes, including the Company, and
by each domestic wholly-owned subsidiary of the Company. The maximum potential
payment related to this guarantee is $459 million as of March 31, 2003. The
Company does not currently record a liability related to the guarantee of the
Term Loans, and the Company has no recourse provisions that would enable it to
recover from Land O'Lakes or any other parties.

GUARANTEES OF PRODUCER LOANS

      The Company guarantees certain loans to large producers financed by LOL
Finance Co. The loans totaled $13.8 million and $15.2 million at March 31, 2003
and December 31, 2002, respectively. Reserves for these guarantees of $0.7
million at both March 31, 2003 and December 31, 2002, are included in the
allowance for doubtful accounts. The maximum amount guaranteed by the Company is
$7.0 million with the remaining balance guaranteed by Land O'Lakes. There were
no write-offs related to producer loans for the three months ended March 31,
2003. The Company does not currently record a liability related to the guarantee
of the producer loans. The Company would have recourse against the producer to
partially off-set the liability.

      The Company also guarantees certain loans to producers and dealers
financed by third party lenders. The loans totaled $2.4 million and $2.4 million
at March 31, 2003 and December 31, 2002, respectively. Reserves for these
guarantees of $0.5 million and $0.5 million at March 31, 2003 and December 31,
2002, respectively, are included in the consolidated balance sheet. There were
no write-offs related to these loans in the three months ended March 31, 2003.
The maximum potential payment related to these guarantees is $1.0 million. The
Company does not currently record a liability related to the guarantees of these
producer and dealer loans financed by third party lenders. The Company has no
recourse against the producer or dealer to partially off-set the potential
liability.

11. CONSOLIDATING FINANCIAL INFORMATION

      Land O'Lakes has issued $350 million in senior notes which are guaranteed
by certain domestic wholly-owned and majority-owned subsidiaries of
Land O'Lakes, including the Company and the Company's domestic wholly-owned
subsidiaries (the "Guarantor Subsidiaries"). Such guarantees are full,
unconditional and joint and several. The Company's majority-owned subsidiaries
are excluded from the guarantee ("Non-Guarantor Subsidiaries").

      The following supplemental financial information sets forth, on an
unconsolidated basis, balance sheet, statement of operations and cash flow
information for the Company, Guarantor Subsidiaries and the Company's
Non-Guarantor Subsidiaries. The supplemental financial information reflects the
investments of the Company in the Guarantor and Non-Guarantor Subsidiaries using
the equity method of accounting.




                                       24
<PAGE>
                         LAND O'LAKES FARMLAND FEED LLC

                    SUPPLEMENTAL CONSOLIDATING BALANCE SHEET

                                 MARCH 31, 2003


<Table>
<Caption>
                             LAND                                     WHOLLY OWNED
                           O'LAKES                                    SUBSIDIARIES
                           FARMLAND     WHOLLY OWNED   WHOLLY OWNED        OF             NON-
                           FEED LLC     SUBSIDIARIES   PURINA MILLS,  PURINA MILLS,    GUARANTOR
                            PARENT      OF LOLFF LLC    LLC PARENT         LLC        SUBSIDIARIES   ELIMINATIONS    CONSOLIDATED
                         ------------   ------------   ------------   ------------    ------------   ------------    ------------
                                                          ($ IN THOUSANDS)
<S>                      <C>            <C>            <C>            <C>             <C>            <C>             <C>
                                                               ASSETS

Current assets:
 Cash and short-term
  investments .........  $         --   $         --   $         --   $         --    $         --   $         --    $         --
 Receivables, net .....        61,942         36,835             --          1,043           9,012        (46,903)         61,929
 Inventories ..........       101,610         16,285             --          1,284           4,378             --         123,557
 Prepaid expenses and
  other current
  assets ..............         6,139            313          4,101              6             247             --          10,806
 Note receivable -
  Land O'Lakes, Inc....        82,718             --             --             --              --             --          82,718
                         ------------   ------------   ------------   ------------    ------------   ------------    ------------
   Total current
    assets ............       252,409         53,433          4,101          2,333          13,637        (46,903)        279,010
Investments ...........       208,971            677             --          1,684           1,303       (192,542)         20,093
Property, plant and
 equipment, net .......        93,990          7,355        140,264          1,084           5,404             --         248,097
Goodwill ..............       118,498          3,656             --             --             216             --         122,370
Other intangibles .....        95,945          1,001             --             --             337             --          97,283
Other assets ..........        28,220          1,499             --             --           1,826         (2,700)         28,845
                         ------------   ------------   ------------   ------------    ------------   ------------    ------------
   Total assets .......  $    798,033   $     67,621   $    144,365   $      5,101    $     22,723   $   (242,145)   $    795,698
                         ============   ============   ============   ============    ============   ============    ============

                                                      LIABILITIES AND EQUITIES

Current liabilities:
 Notes and short-term
  obligations .........  $         92   $         --   $         --   $         --    $      1,897   $         --    $      1,989
 Accounts payable .....       111,667         30,580             --             --           4,937        (46,903)        100,281
 Accrued expenses .....        37,621          1,013             --            543           1,487             --          40,664
                         ------------   ------------   ------------   ------------    ------------   ------------    ------------
   Total current
    liabilities .......       149,380         31,593             --            543           8,321        (46,903)        142,934
Employee benefits and
 other liabilities ....        27,168          1,016             --             --           2,708         (2,700)         28,192
Minority interests ....         2,539             --             --             --           3,087             --           5,626
Equities:
 Contributed capital ..       523,181         16,055         89,126         12,640           7,421       (133,047)        515,376
 Retained earnings ....        95,765         18,957         55,239         (8,082)          1,186        (59,495)        103,570
                         ------------   ------------   ------------   ------------    ------------   ------------    ------------
   Total equities .....       618,946         35,012        144,365          4,558           8,607       (192,542)        618,946
                         ------------   ------------   ------------   ------------    ------------   ------------    ------------
Commitments and
 contingencies

Total liabilities
 and equities .........  $    798,033   $     67,621   $    144,365   $      5,101    $     22,723   $   (242,145)   $    795,698
                         ============   ============   ============   ============    ============   ============    ============
</Table>



                                       25
<PAGE>
                         LAND O'LAKES FARMLAND FEED LLC

               SUPPLEMENTAL CONSOLIDATING STATEMENT OF OPERATIONS
                    FOR THE THREE MONTHS ENDED MARCH 31, 2003


<Table>
<Caption>
                                                                           WHOLLY
                                                                           OWNED
                         LAND O'LAKES                                   SUBSIDIARIES
                           FARMLAND      WHOLLY OWNED   WHOLLY OWNED     OF PURINA         NON-
                           FEED LLC      SUBSIDIARIES   PURINA MILLS,      MILLS,        GUARANTOR
                            PARENT       OF LOLFF LLC    LLC PARENT         LLC         SUBSIDIARIES   ELIMINATIONS    CONSOLIDATED
                         ------------    ------------   ------------    ------------    ------------   ------------    ------------
                                                          ($ IN THOUSANDS)
<S>                      <C>             <C>            <C>             <C>             <C>            <C>             <C>
Net sales ............   $    543,183    $     34,187   $         --    $     12,115    $     11,615   $         --    $    601,100
Cost of sales ........        471,159          31,327          6,065          10,123          10,172             --         528,846
                         ------------    ------------   ------------    ------------    ------------   ------------    ------------
Gross profit .........         72,024           2,860         (6,065)          1,992           1,443             --          72,254
Selling, general and
 administrative ......         55,914           1,640            151              40             899             --          58,644
Restructuring and
 impairment charges ..             92              --             --              --              --             --              92
                         ------------    ------------   ------------    ------------    ------------   ------------    ------------
Earnings (loss) from
 operations ..........         16,018           1,220         (6,216)          1,952             544             --          13,518
Interest (income)
 expense, net ........         (1,263)            136             --              --              20             --          (1,107)
Gain on legal
 settlements .........             --              --           (868)             --              --             --            (868)
Gain on sale of
 investment ..........             --              --             --            (500)             --             --            (500)
Equity in loss
 (earnings) of
 affiliated companies           1,086              --             --              70              --         (1,703)           (547)
Minority interest in
 (loss) earnings of
 subsidiaries ........             (3)             --             --              --             183             --             180
                         ------------    ------------   ------------    ------------    ------------   ------------    ------------
Earnings (loss) before
 income taxes ........         16,198           1,084         (5,348)          2,382             341          1,703          16,360
Income tax expense ...             --              --             --              --             162             --             162
                         ------------    ------------   ------------    ------------    ------------   ------------    ------------
Net earnings (loss) ..   $     16,198    $      1,084   $     (5,348)   $      2,382    $        179   $      1,703    $     16,198
                         ============    ============   ============    ============    ============   ============    ============
</Table>



                                       26
<PAGE>
                         LAND O'LAKES FARMLAND FEED LLC

               SUPPLEMENTAL CONSOLIDATING STATEMENT OF CASH FLOWS
                    FOR THE THREE MONTHS ENDED MARCH 31, 2003


<Table>
<Caption>
                                    LAND                           WHOLLY         WHOLLY
                                  O'LAKES       WHOLLY OWNED       OWNED           OWNED
                                  FARMLAND      SUBSIDIARIES       PURINA       SUBSIDIARIES       NON-
                                  FEED LLC          OF           MILLS, LLC      OF PURINA       GUARANTOR
                                   PARENT        LOLFF LLC         PARENT        MILLS, LLC     SUBSIDIARIES
                                ------------    ------------    ------------    ------------    ------------
<S>                             <C>             <C>             <C>             <C>             <C>
                                                                          ($ IN THOUSANDS)
CASH FLOWS FROM
  OPERATING
  ACTIVITIES:
  Net earnings (loss) .......   $     16,198    $      1,084    $     (5,348)   $      2,382    $        179
  Adjustments to
    reconcile net
    earnings (loss)
    to net cash provided
    (used) by operating
    activities:
    Depreciation and
      amortization ..........          3,492             274           6,065              18             162
    Bad debt expense ........            500              --              --              --              --
    Receivable from
      legal settlement ......          6,000              --              --              --              --
    Decrease (increase)
      in other assets .......         73,126             139              --              --             481
    (Decrease) increase
      in other liabilities ..       (128,722)           (461)             --              --            (209)
    Restructuring and
      impairment charges ....             92              --              --              --              --
    Equity in loss
      (earnings) of
      affiliated companies ..          1,086              --              --              70              --
    Minority interests ......             (3)             --              --              --             183
    Gain on sale of
      investment ............             --              --              --            (500)             --
  Changes in current
    assets and
    liabilities, net
    of acquisitions
    and divestitures:
    Receivables .............         28,620          (1,060)             --             324          (2,655)
    Inventories .............         (8,827)           (718)             --             650             206
    Other current assets ....         (1,945)              9              --              (6)            (20)
    Accounts payable ........         85,442          (6,624)             --            (473)            350
    Accrued expenses ........         (7,571)         (1,859)             --            (153)         (1,286)
                                ------------    ------------    ------------    ------------    ------------
  Net cash provided
    (used) by
    operating
    activities ..............         67,488          (9,216)            717           2,312          (2,609)

CASH FLOWS FROM
  INVESTING
  ACTIVITIES:

  Additions to property,
    plant and equipment .....         (3,092)           (105)             --              --            (229)
  Proceeds from sale
    of investments ..........          3,000              --              --              --              --
  Other .....................          2,356              --             184              --              --
                                ------------    ------------    ------------    ------------    ------------
  Net cash provided
    (used) by investing
    activities ..............          2,264            (105)            184              --            (229)

CASH FLOWS FROM
  FINANCING
  ACTIVITIES:

  (Decrease) increase
    in short-term debt ......         (2,252)          2,015              --              --           2,167
  Proceeds from note
    receivable from
    Land O'Lakes, Inc. ......        118,075              --              --              --              --
  Payments on note
    payable to Land
    O'Lakes, Inc. ...........       (170,812)             --              --              --            (488)
  Distributions from
    Purina Mills, LLC. ......             --              --          (7,485)         (2,382)             --
  Other .....................            630              28              --              --            (658)
                                ------------    ------------    ------------    ------------    ------------
  Net cash (used)
    provided by
    financing
    activities ..............        (54,359)          2,043          (7,485)         (2,382)          1,021
                                ------------    ------------    ------------    ------------    ------------
  Net increase
    (decrease)
    in cash .................         15,393          (7,278)         (6,584)            (70)         (1,817)
Cash and short-term
  investments at
  beginning of period .......        (15,393)          7,278           6,584              70           1,817
                                ------------    ------------    ------------    ------------    ------------
Cash and short-term
  investments at end
  of period .................   $         --    $         --    $         --    $         --    $         --
                                ============    ============    ============    ============    ============




<Caption>
                                ELIMINATIONS    CONSOLIDATED
                                ------------    ------------
<S>                             <C>             <C>
CASH FLOWS FROM
  OPERATING
  ACTIVITIES:
  Net earnings (loss) .......   $      1,703    $     16,198
  Adjustments to
    reconcile net
    earnings (loss)
    to net cash provided
    (used) by operating
    activities:
    Depreciation and
      amortization ..........             --          10,011
    Bad debt expense ........             --             500
    Receivable from
      legal settlement ......             --           6,000
    Decrease (increase)
      in other assets .......        (73,829)            (83)
    (Decrease) increase
      in other liabilities ..        128,137          (1,255)
    Restructuring and
      impairment charges ....             --              92
    Equity in loss
      (earnings) of
      affiliated companies ..         (1,703)           (547)
    Minority interests ......             --             180
    Gain on sale of
      investment ............             --            (500)
  Changes in current
    assets and
    liabilities, net
    of acquisitions
    and divestitures:
    Receivables .............         39,724          64,953
    Inventories .............             --          (8,689)
    Other current assets ....             --          (1,962)
    Accounts payable ........       (101,558)        (22,863)
    Accrued expenses ........             --         (10,869)
                                ------------    ------------
  Net cash provided
    (used) by
    operating
    activities ..............         (7,526)         51,166

CASH FLOWS FROM
  INVESTING
  ACTIVITIES:

  Additions to property,
    plant and equipment .....             --          (3,426)
  Proceeds from sale
    of investments ..........             --           3,000
  Other .....................             --           2,540
                                ------------    ------------
  Net cash provided
    (used) by investing
    activities ..............             --           2,114

CASH FLOWS FROM
  FINANCING
  ACTIVITIES:

  (Decrease) increase
    in short-term debt ......         (2,341)           (411)
  Proceeds from note
    receivable from
    Land O'Lakes, Inc. ......             --         118,075
  Payments on note
    payable to Land
    O'Lakes, Inc. ...........             --        (171,300)
  Distributions from
    Purina Mills, LLC. ......          9,867              --
  Other .....................             --              --
                                ------------    ------------
  Net cash (used)
    provided by
    financing
    activities ..............          7,526         (53,636)
                                ------------    ------------
  Net increase
    (decrease)
    in cash .................             --            (356)
Cash and short-term
  investments at
  beginning of period .......             --             356
                                ------------    ------------
Cash and short-term
  investments at end
  of period .................   $         --    $         --
                                ============    ============
</Table>



                                       27
<PAGE>


                         LAND O'LAKES FARMLAND FEED LLC

                    SUPPLEMENTAL CONSOLIDATING BALANCE SHEET

                               DECEMBER 31, 2002

<Table>
<Caption>
                               LAND
                             O'LAKES                                     WHOLLY OWNED
                             FARMLAND      WHOLLY OWNED   WHOLLY OWNED   SUBSIDIARIES       NON-
                             FEED LLC      SUBSIDIARIES   PURINA MILLS,   OF PURINA       GUARANTOR
                              PARENT       OF LOLFF LLC    LLC PARENT     MILLS, LLC     SUBSIDIARIES   ELIMINATIONS    CONSOLIDATED
                           ------------    ------------   ------------   ------------    ------------   ------------    ------------
                                                                 ($ IN THOUSANDS)
<S>                        <C>             <C>            <C>            <C>             <C>            <C>             <C>
                                                                      ASSETS

Current assets:
  Cash and
    short-term
    investments ........   $    (15,393)   $      7,278   $      6,550   $         70    $      1,817   $         --    $        356
  Receivables, net .....        173,416          20,156         22,509          1,367           6,428        (96,494)        127,382
  Receivable from
    legal settlement ...             --              --          6,000             --              --             --           6,000
  Inventories ..........         45,693          15,757         45,109          1,934           4,585             --         113,078
  Prepaid expenses
    and other
    current assets .....          3,224             322          4,079             --             210             --           7,835
  Note receivable
    - Land O'Lakes,
    Inc ................         29,493              --         57,759             --              --        (57,759)         29,493
                           ------------    ------------   ------------   ------------    ------------   ------------    ------------
       Total current
         assets ........        236,467          43,513        142,006          3,371          13,040       (154,253)        284,144
Investments ............        473,350             258             --          5,491           2,196       (458,322)         22,973
Property, plant and
  equipment, net .......         83,735           7,530        154,023          1,114           5,337             --         251,739

Goodwill ...............         12,815           3,656        105,202             --             813             --         122,486
Other intangibles ......             84           2,639         93,984             --              97             --          96,804
Other assets ...........          7,959              --         21,553             --           1,950         (2,700)         28,762
                           ------------    ------------   ------------   ------------    ------------   ------------    ------------
       Total assets ....   $    814,410    $     57,596   $    516,768   $      9,976    $     23,433   $   (615,275)   $    806,908
                           ============    ============   ============   ============    ============   ============    ============

                                                               LIABILITIES AND EQUITIES

Current liabilities:
  Notes and short-term
    obligations ........   $      2,000    $         --   $         --   $         --    $      2,341   $     (2,341)   $      2,000
  Accounts payable .....        190,263          22,803         47,656          5,302           3,656       (148,461)        121,219
  Accrued expenses .....         17,888           2,955         23,822            696           2,773             --          48,134
                           ------------    ------------   ------------   ------------    ------------   ------------    ------------
          Total current         210,151          25,758         71,478          5,998           8,770       (150,802)        171,353
liabilities
Notes payable --
  Land O'Lakes,
  Inc -- noncurrent ....             --           2,700             --             --              --         (2,700)             --
Employee benefits and
  other liabilities ....          1,482              --         28,411             --           3,405         (3,451)         29,847
Minority interests .....             --              --             29             --           2,931             --           2,960
Equities:
  Contributed capital ..        515,376          16,272        358,017          8,882           7,420       (390,980)        515,376
  Retained earnings
  (accumulated deficit)          87,372          12,866         58,862         (4,904)            907        (67,731)         87,372
                           ------------    ------------   ------------   ------------    ------------   ------------    ------------
          Total equities        602,748          29,138        416,879          3,978           8,327       (458,322)        602,748
                           ------------    ------------   ------------   ------------    ------------   ------------    ------------
Commitments and
  contingencies

Total liabilities
  and equities .........   $    814,410    $     57,596   $    516,768   $      9,976    $     23,433   $   (615,275)   $    806,908
                           ============    ============   ============   ============    ============   ============    ============
</Table>



                                       28
<PAGE>


                         LAND O'LAKES FARMLAND FEED LLC

               SUPPLEMENTAL CONSOLIDATING STATEMENT OF OPERATIONS
                    FOR THE THREE MONTHS ENDED MARCH 31, 2002


<Table>
<Caption>
                                                                         WHOLLY
                                                                         OWNED
                           LAND O'LAKES                   WHOLLY       SUBSIDIARIES
                             FARMLAND     WHOLLY OWNED     OWNED         OF PURINA        NON-
                             FEED LLC     SUBSIDIARIES  PURINA MILLS,     MILLS,       GUARANTOR
                              PARENT      OF LOLFF LLC   LLC PARENT        LLC        SUBSIDIARIES   ELIMINATIONS   CONSOLIDATED
                           ------------   ------------  ------------   ------------   ------------   ------------   ------------
                                                                 ($ IN THOUSANDS)
<S>                        <C>            <C>           <C>            <C>            <C>            <C>            <C>
Net sales ...............  $    345,008   $     38,745  $    207,108   $      7,129   $     13,470   $         --   $    611,460
Cost of sales ...........       313,836         34,877       172,133          5,329         12,457             --        538,632
                           ------------   ------------  ------------   ------------   ------------   ------------   ------------
Gross profit ............        31,172          3,868        34,975          1,800          1,013             --         72,828
Selling, general
  and administrative ....        28,376          2,420        25,719          1,915          1,245             --         59,675
Restructuring and
  impairment
  charges ...............         3,435             --            --             --             --             --          3,435
                           ------------   ------------  ------------   ------------   ------------   ------------   ------------
(Loss) earnings from
  operations ............          (639)         1,448         9,256           (115)          (232)            --          9,718
Interest (income)
  expense, net ..........          (604)           112          (301)            --             67             --           (726)
Gain on sale of
  intangible ............        (4,184)            --            --             --             --             --         (4,184)
Equity in
  (earnings)
  loss of
  affiliated
  companies .............       (10,477)           106           (79)           240             --         10,007           (203)
Minority interest
  in earnings of
  subsidiaries ..........           133             --            53             --             24             --            210
                           ------------   ------------  ------------   ------------   ------------   ------------   ------------
Earnings (loss)
  before income
  taxes .................        14,493          1,230         9,583           (355)          (323)       (10,007)        14,621
Income tax expense ......            --             --            --             --            128             --            128
                           ------------   ------------  ------------   ------------   ------------   ------------   ------------
Net earnings (loss) .....  $     14,493   $      1,230  $      9,583   $       (355)  $       (451)  $    (10,007)  $     14,493
                           ============   ============  ============   ============   ============   ============   ============
</Table>



                                       29
<PAGE>


                         LAND O'LAKES FARMLAND FEED LLC

               SUPPLEMENTAL CONSOLIDATING STATEMENT OF CASH FLOWS
                    FOR THE THREE MONTHS ENDED MARCH 31, 2002


<Table>
<Caption>
                                 LAND                            WHOLLY         WHOLLY
                                O'LAKES       WHOLLY OWNED       OWNED          OWNED
                                FARMLAND      SUBSIDIARIES       PURINA       SUBSIDIARIES       NON-
                                FEED LLC          OF           MILLS, LLC      OF PURINA       GUARANTOR
                                 PARENT        LOLFF LLC         PARENT        MILLS, LLC     SUBSIDIARIES
                              ------------    ------------    ------------    ------------    ------------
                                                                      ($ IN THOUSANDS)
<S>                           <C>             <C>             <C>             <C>             <C>
CASH FLOWS FROM
   OPERATING
   ACTIVITIES:
  Net earnings
    (loss) ................   $     14,493    $      1,230    $      9,583    $       (355)   $       (451)
  Adjustments to
    reconcile net
    earnings (loss)
    to net cash provided
    (used) by operating
    activities:
    Depreciation and
      amortization ........          3,434             318           7,890              87             203
    Bad debt expense ......             75              --              --              --              --
    (Increase) decrease
      in other assets .....         (3,397)            195          (2,450)            527             (87)
    Increase (decrease)
      in other liabilities             571          (2,905)          1,024              --               2
    Restructuring and
      impairment charges ..          3,435              --              --              --              --
    Equity in (earnings)
      loss of affiliated
      companies ...........        (10,477)            106             (79)            240              --
    Minority interests ....            119              --              53              --              24
  Changes in current
    assets and liabilities,
    net of acquisitions
    and divestitures:
    Receivables ...........         (9,741)         (4,469)        (20,985)            202          (2,632)
    Inventories ...........         (1,432)              9           1,955             328           1,717
    Other current assets ..           (773)            (30)            419              (4)            (21)
    Accounts payable ......         64,265           1,849          (7,332)         (1,266)         (1,665)
    Accrued expenses ......         (4,936)           (705)         (1,110)            230            (296)
                              ------------    ------------    ------------    ------------    ------------
  Net cash provided
    (used) by operating
    activities ............         55,650          (4,402)        (11,032)            (11)         (3,206)

CASH FLOWS FROM INVESTING
  ACTIVITIES:

  Additions to property,
    plant and equipment ...           (386)         (1,426)           (428)            (71)           (182)
  Proceeds from sale of
    investments ...........            641              --              --              --              --
  Proceeds from sale of
    property, plant and
    equipment .............          4,535              --              --              --              --
                              ------------    ------------    ------------    ------------    ------------
  Net cash provided (used)
    by investing
    activities ............          4,790          (1,426)           (428)            (71)           (182)

CASH FLOWS FROM
  FINANCING ACTIVITIES:

  (Decrease) increase in
    short-term debt .......         (6,737)          6,751              --              --           3,187
  Proceeds from note
    receivable from
    Land O'Lakes, Inc. ....         98,348              --              --              --              --
  Payments on note
    payable to Land
    O'Lakes, Inc. .........       (143,150)             --              --              --          (1,100)
                              ------------    ------------    ------------    ------------    ------------
  Net cash (used) provided
    by financing activities        (51,539)          6,751              --              --           2,087
                              ------------    ------------    ------------    ------------    ------------
  Net increase (decrease)
    in cash ...............          8,901             923         (11,460)            (82)         (1,301)

Cash and short-term
  investments at beginning
   of period ..............        (19,774)          4,377          14,156             214           4,046
                              ------------    ------------    ------------    ------------    ------------
Cash and short-term
  investments at end
  of period ...............   $    (10,873)   $      5,300    $      2,696    $        132    $      2,745
                              ============    ============    ============    ============    ============




<Caption>
                               ELIMINATIONS    CONSOLIDATED
                               ------------    ------------
<S>                            <C>             <C>
CASH FLOWS FROM
   OPERATING
   ACTIVITIES:
  Net earnings
    (loss) ................    $    (10,007)   $     14,493
  Adjustments to
    reconcile net
    earnings (loss)
    to net cash provided
    (used) by operating
    activities:
    Depreciation and
      amortization ........              --          11,932
    Bad debt expense ......              --              75
    (Increase) decrease
      in other assets .....             995          (4,217)
    Increase (decrease)
      in other liabilities               --          (1,308)
    Restructuring and
      impairment charges ..              --           3,435
    Equity in (earnings)
      loss of affiliated
      companies ...........          10,007            (203)
    Minority interests ....              --             210
  Changes in current
    assets and liabilities,
    net of acquisitions
    and divestitures:
    Receivables ...........          69,756          32,131
    Inventories ...........              --           2,577
    Other current assets ..              --            (409)
    Accounts payable ......         (63,852)         (8,001)
    Accrued expenses ......          (2,698)         (9,515)
                               ------------    ------------
  Net cash provided
    (used) by operating
    activities ............           4,201          41,200

CASH FLOWS FROM INVESTING
  ACTIVITIES:

  Additions to property,
    plant and equipment ...              --          (2,493)
  Proceeds from sale of
    investments ...........              --             641
  Proceeds from sale of
    property, plant and
    equipment .............              --           4,535
                               ------------    ------------
  Net cash provided (used)
    by investing
    activities ............              --           2,683

CASH FLOWS FROM
  FINANCING ACTIVITIES:

  (Decrease) increase in
    short-term debt .......          (4,201)         (1,000)
  Proceeds from note
    receivable from
    Land O'Lakes, Inc. ....              --          98,348
  Payments on note
    payable to Land
    O'Lakes, Inc. .........              --        (144,250)
                               ------------    ------------
  Net cash (used) provided
    by financing activities          (4,201)        (46,902)
                               ------------    ------------
  Net increase (decrease)
    in cash ...............              --          (3,019)

Cash and short-term
  investments at beginning
   of period ..............              --           3,019
                               ------------    ------------
Cash and short-term
  investments at end
  of period ...............    $         --    $         --
                               ============    ============
</Table>



                                       30
<PAGE>
                                PURINA MILLS, LLC

                           CONSOLIDATED BALANCE SHEETS


<Table>
<Caption>
                                                                    MARCH 31,           DECEMBER 31,
                                                                      2003                  2002
                                                                 ---------------       ---------------
                                                                            ($ IN THOUSANDS)
                                                                   (UNAUDITED)
<S>                                                              <C>                   <C>
ASSETS

Current assets:
  Cash and short-term investments ........................       $            76       $         6,654
  Receivables, net .......................................                 1,120                23,990
  Receivable from legal settlement .......................                    --                 6,000
  Inventories ............................................                 1,719                47,620
  Prepaid expenses and other current assets ..............                 4,133                 4,079
  Note receivable from Land O'Lakes Farmland Feed LLC. ...                    --                57,759
                                                                 ---------------       ---------------
          Total current assets ...........................                 7,048               146,102

Investments ..............................................                 1,685                 5,491
Property, plant and equipment, net .......................               142,606               156,291
Goodwill .................................................                    60               105,202
Other intangibles ........................................                    --                94,044
Other assets .............................................                    --                21,547
                                                                 ---------------       ---------------
          Total assets ...................................       $       151,399       $       528,677
                                                                 ===============       ===============

LIABILITIES AND EQUITIES

Current liabilities:

  Accounts payable .......................................                   307                53,308
  Accrued expenses .......................................                 1,021                24,995
                                                                 ---------------       ---------------
          Total current liabilities ......................                 1,328                78,303

Employee benefits and other liabilities ..................                 1,080                29,493
Minority interests .......................................                    21                    29

Equities:
  Contributed capital ....................................                98,274               367,288
  Retained earnings ......................................                50,696                53,564
                                                                 ---------------       ---------------
          Total equities .................................               148,970               420,852
                                                                 ---------------       ---------------
Commitments and contingencies

Total liabilities and equities ...........................       $       151,399       $       528,677
                                                                 ===============       ===============
</Table>


          See accompanying notes to consolidated financial statements.



                                       31
<PAGE>
                                PURINA MILLS, LLC

                      CONSOLIDATED STATEMENTS OF OPERATIONS


<Table>
<Caption>
                                                          FOR THE THREE MONTHS ENDED
                                                                  MARCH 31,
                                                        2003                   2002
                                                   ---------------        ---------------
                                                              ($ IN THOUSANDS)
                                                                 (UNAUDITED)
<S>                                                <C>                    <C>
Net sales ..................................       $        12,628        $       214,863
Cost of sales ..............................                16,650                177,993
                                                   ---------------        ---------------
Gross profit (loss) ........................                (4,022)                36,870

Selling, general and administrative ........                   216                 27,814
                                                   ---------------        ---------------
(Loss) earnings from operations ............                (4,238)                 9,056

Interest expense (income), net .............                     3                   (288)
Gain on legal settlements ..................                  (868)                    --

Gain on sale of investment .................                  (500)                    --
Equity in loss of affiliated companies .....                     3                    161
Minority interest in (loss) earnings of
  subsidiaries .............................                    (8)                    67
                                                   ---------------        ---------------
Net (loss) earnings ........................       $        (2,868)       $         9,116
                                                   ===============        ===============
</Table>


          See accompanying notes to consolidated financial statements.



                                       32
<PAGE>
                               PURINA MILLS, LLC

                     CONSOLIDATED STATEMENTS OF CASH FLOWS

<Table>
<Caption>
                                                                                     FOR THE THREE MONTHS ENDED
                                                                                              MARCH 31,
                                                                                    2003                    2002
                                                                               ---------------        ---------------
                                                                                          ($ IN THOUSANDS)
                                                                                             (UNAUDITED)
<S>                                                                            <C>                    <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net (loss) earnings ..................................................       $        (2,868)       $         9,116
  Adjustments to reconcile net (loss) earnings to net cash
     provided by operating activities:
     Depreciation and amortization .....................................                 6,083                  7,798
     Increase in other assets ..........................................                    --                   (964)
     (Decrease) increase in other liabilities ..........................                  (569)                   972
     Equity in loss of affiliated companies ............................                     3                    161
     Minority interests ................................................                    (8)                    67
     Gain on sale of investment ........................................                  (500)                    --
     Loss on sale of property, plant and equipment .....................                   106                     --
     Other .............................................................                   (96)                    --
  Changes in current assets and liabilities, net of acquisitions and
     divestitures:
     Receivables .......................................................                   230                 11,279
     Inventories .......................................................                   785                  1,482
     Other current assets ..............................................                   935                    412
     Accounts payable ..................................................                  (328)                (7,152)
     Accrued expenses ..................................................                  (852)                (1,138)
                                                                               ---------------        ---------------
  Net cash provided by operating activities ............................                 2,921                 22,033

CASH FLOWS FROM INVESTING ACTIVITIES:
  Additions to property, plant and equipment ...........................                    --                 (2,895)
  Payments for investments .............................................                    --                     (8)
  Dividends from affiliated companies ..................................                   375                     --
  Proceeds from sale of investments ....................................                 3,000                     --
  Proceeds from sale of property, plant and equipment ..................                    34                     --
                                                                               ---------------        ---------------
    Net cash provided (used) by investing activities ...................                 3,409                 (2,903)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Payments on note payable to Land O'Lakes Farmland Feed LLC ...........                    --                (30,694)
  Cash distribution to parent ..........................................               (12,908)                    --
  Other ................................................................                    --                     23
                                                                               ---------------        ---------------
  Net cash used by financing activities ................................               (12,908)               (30,671)
                                                                               ---------------        ---------------
  Net decrease in cash and short-term investments ......................                (6,578)               (11,541)
Cash and short-term investments at beginning of period .................                 6,654                 14,370
                                                                               ---------------        ---------------
Cash and short-term investments at end of period .......................       $            76        $         2,829
                                                                               ===============        ===============
</Table>


          See accompanying notes to consolidated financial statements.



                                       33
<PAGE>


                                PURINA MILLS, LLC
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           ($ IN THOUSANDS IN TABLES)
                                   (UNAUDITED)


1.  ORGANIZATION

    Purina Mills, LLC ("the Company") was established in October, 2001 through
the merger of Purina Mills, Inc. with a wholly-owned subsidiary of Land O'Lakes,
Inc. As a result of the merger, Purina Mills, Inc. was reorganized as a limited
liability company, renamed Purina Mills, LLC, and was contributed to Land
O'Lakes Farmland Feed LLC ("Land O'Lakes Farmland Feed") on October 11, 2001.

    Since October 2001, Land O'Lakes Farmland Feed has been integrating the
Company's operations into its own to decrease operating costs and to generate
other integration-related synergies. In January 2003, Nestle Purina PetCare
Company ("NPPC") consented to the transfer of the Purina license from the
Company to Land O'Lakes Farmland Feed. This transfer granted Land O'Lakes
Farmland Feed the exclusive right to use the Purina, Chow and the "Checkerboard"
Nine Square logo on a perpetual, royalty-free basis. In connection with the
transfer of the Purina license beginning January 1, 2003, the Company also
transferred most of its operations and distributed most of its net assets to its
parent, Land O'Lakes Farmland Feed. At March 31, 2003, the Company still owns a
significant amount of property, plant, and equipment assets which generated no
revenue for the Company, as these assets are operated and controlled by Land
O'Lakes Farmland Feed.

2.  STATEMENT PRESENTATION

    The consolidated financial statements include the accounts of the Company
and wholly-owned and majority-owned subsidiaries and limited liability
companies. Intercompany balances and transactions have been eliminated. The
Company's parent company, Land O'Lakes Farmland Feed, conducts its operations
using property, plant, and equipment assets of the Company. Accordingly, the
consolidated financial statements reflect depreciation expense associated with
these assets for which no reimbursement is received from the parent company.

3.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    The unaudited consolidated financial statements reflect, in the opinion of
the management of Purina Mills, LLC, all normal recurring adjustments necessary
for a fair statement of the financial position and results of operations and
cash flows for the interim periods. The statements are condensed, and therefore
do not include all of the information and footnotes required by accounting
principles generally accepted in the United States of America for complete
financial statements. For further information, refer to the audited consolidated
financial statements and footnotes for the year ended December 31, 2002 included
in our Annual Report on Form 10-K. The results of operations and cash flows for
interim periods are not necessarily indicative of results for a full year.

4.  SUPPLEMENTAL CASH FLOW INFORMATION

     On January 1, 2003, in connection with the transfer of the Purina license,
the Company distributed net assets to Land O' Lakes Farmland Feed through a
non-cash transaction. These net assets totaled $256.1 million and are summarized
as follows:

<Table>
<Caption>
                                                AT JANUARY 1,
                                                    2003
                                               ---------------
<S>                                            <C>
Current assets .........................       $       131,911
Investments.............................                 1,142
Property, plant, and equipment, net ....                 6,015
Goodwill and other intangibles, net ....               199,186
Other assets ...........................                21,491
Current liabilities ....................               (75,796)
Other noncurrent liabilities ...........               (27,843)
                                               ---------------
Total  net assets distributed ..........       $       256,106
                                               ===============
</Table>



                                       34
<PAGE>
5.  RECEIVABLES

    A summary of receivables is as follows:

<Table>
<Caption>
                                                      MARCH 31,        DECEMBER 31,
                                                        2003               2002
                                                    ------------       ------------
<S>                                                 <C>                <C>
Trade receivables ...........................       $        484       $        345
Notes from sale of trade receivables (see
Note 6)......................................                 --             26,717
Other .......................................                661              3,002
                                                    ------------       ------------
                                                           1,145             30,064
Less allowance for doubtful accounts ........                 25              6,074
                                                    ------------       ------------
Total receivables, net ......................       $      1,120       $     23,990
                                                    ============       ============
</Table>

6.  RECEIVABLES PURCHASE FACILITY

    In December 2001, the Company along with Land O'Lakes, Inc. and Land O'Lakes
Farmland Feed, established a $100.0 million receivables purchase facility with
CoBank, ACB ("CoBank"). A wholly-owned, unconsolidated special purpose entity
("SPE") was established to purchase certain receivables from the Company, Land
O'Lakes and Land O'Lakes Farmland Feed. CoBank had been granted an interest in
the pool of receivables owned by the SPE. Transfers of receivables from the
Company to the SPE were structured as sales and, accordingly, the receivables
transferred to the SPE were not reflected in the consolidated balance sheet. In
2003, the Company's receivables, except for receivables of its wholly-owned and
majority-owned subsidiaries and limited liability companies, were distributed to
the parent company, Land O'Lakes Farmland Feed. The total accounts receivable
sold by the Company during the three months ended March 31, 2003 and 2002 were
$0.0 million and $235.6 million, respectively.

7.  INVENTORIES

    A summary of inventories is as follows:

<Table>
<Caption>
                               MARCH 31,        DECEMBER 31,
                                 2003               2002
                             ------------       ------------
<S>                          <C>                <C>
Raw materials ........       $        944       $     33,207
Finished goods .......                775             14,413
                             ------------       ------------
Total inventories ....       $      1,719       $     47,620
                             ============       ============
</Table>


8.  INVESTMENTS

    The Company's investments are as follows:

<Table>
<Caption>
                                            MARCH 31,        DECEMBER 31,
                                              2003               2002
                                          ------------       ------------
<S>                                       <C>                <C>
Y-Not, LLC ........................       $        611       $        579
Eastern Block, Inc. ...............                561                524
Eastgate Feed and Grain, LLC ......                316                296
Harmony Farms, LLC ................                 --              2,435
ESSV, LLC .........................                 --                893
Other .............................                197                764
                                          ------------       ------------
Total investments .................       $      1,685       $      5,491
                                          ============       ============
</Table>

During the three months ended March 31, 2003, the Company sold its interest in
Harmony Farms, LLC and ESSV, LLC for $3.0 million in cash and recorded a $0.5
million gain on the sale. During the first quarter of 2003 certain other
investments were distributed to the Company's parent, Land O'Lakes Farmland
Feed.

9.  GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL The changes in the carrying amount of goodwill for the three months
ended March 31, 2003, are as follows:



                                       35

<PAGE>


<Table>
<S>                                       <C>
Balance as of January 1, 2003 .....       $       105,202
Distribution to parent company ....              (105,142)
                                          ---------------
Balance as of March 31, 2003 ......       $            60
                                          ===============
</Table>

    During the first quarter of 2003, goodwill for the Company was distributed
to the parent company, Land O'Lakes Farmland Feed.

OTHER INTANGIBLE ASSETS A summary of other intangible assets is as follows:

<Table>
<Caption>
                                                                                    MARCH 31,         DECEMBER 31,
                                                                                      2003                2002
                                                                                  -------------       -------------
<S>                                                                               <C>                 <C>
Amortized other intangible assets:

  Patents, less accumulated amortization of $0 and $1,395, respectively ...       $          --       $      14,978
  Other intangible assets, less accumulated amortization of $0 and
    $670, respectively ....................................................                  --               2,103
                                                                                  -------------       -------------
Total amortized other intangible assets ...................................                  --              17,081
Total non-amortized other intangible assets-trademarks ....................                  --              76,963
                                                                                  -------------       -------------
Total other intangible assets .............................................       $          --       $      94,044
                                                                                  =============       =============
</Table>

    Amortization expense for the three months ended March 31, 2003 and 2002 was
$0.0 million and $0.4 million, respectively. In the first quarter of 2003, other
intangible assets of the Company were distributed to the parent company, Land
O'Lakes Farmland Feed.

10.  GAIN ON LEGAL SETTLEMENTS

        The Company recognized a gain on legal settlements of $0.9 million and
$0.0 million for the three months ended March 31, 2003 and 2002, respectively,
related to the litigation with vitamin product suppliers against whom the
Company alleged certain price-fixing claims.

11.  COMMITMENTS AND CONTINGENCIES

GUARANTEE OF PARENT DEBT

    In November 2001, Land O'Lakes, Inc. issued $350 million of senior unsecured
notes, due 2011. The notes are guaranteed by the Company and by certain of its
domestic wholly-owned subsidiaries.

    This guarantee is a general unsecured obligation, ranks equally in right of
payment with all existing and future senior indebtedness of Land O'Lakes, is
senior in right of payment to all existing and future subordinated obligations
of Land O'Lakes, and is effectively subordinated to any secured indebtedness of
Land O'Lakes and its subsidiaries, including the Company, to the extent of the
value of the assets securing such indebtedness. The maximum potential amount of
future payments that the Company would be required to make is $350 million as of
March 31, 2003. Currently, the Company does not record a liability regarding the
guarantee. The Company has no recourse provision that would enable it to recover
amounts paid under the guarantee from Land O'Lakes, Inc. or any other parties.

    The notes are not guaranteed by certain majority-owned subsidiaries of the
Company (the "Non-Guarantors"). Summarized financial information of the
Non-Guarantors, which is consolidated in the financial statements of the
Company, as of and for the periods indicated, are as follows:

<Table>
<Caption>
                           THREE
                        MONTHS ENDED         YEAR ENDED
                          MARCH 31,         DECEMBER 31,
                            2003                2002
                        ------------        ------------
<S>                     <C>                 <C>
Total assets ....       $      1,858        $      1,933
Net sales .......                513               1,859
Net loss ........                (24)               (625)
</Table>



                                       36
<PAGE>


    In November 2001, Land O'Lakes, Inc. entered into term facilities consisting
of a $325 million five-year Term Loan A facility and a $250 million seven-year
Term Loan B facility. These facilities are unconditionally guaranteed by the
Company and certain of its wholly-owned subsidiaries. The maximum potential
payment related to this guarantee is $459 million as of March 31, 2003. The
Company does not currently record a liability related to the guarantee of the
Term Loans, and the Company has no recourse provisions that would enable it to
recover from Land O'Lakes, Inc. or any other parties.

12.  RELATED PARTY TRANSACTIONS

    The Company records depreciation expense for property, plant, and equipment
assets which are used by the parent company, Land O'Lakes Farmland Feed, to
conduct its business. The Company receives no reimbursement for this expense,
which was $6.1 million for the three months ended March 31, 2003.

    For the three months ended March 31, 2003, the Company did not pay for
certain selling, general and administrative expenses. These costs include sales
and marketing support, corporate and other administrative and management costs
which were paid for and expensed by Land O'Lakes Farmland Feed.



                                       37
<PAGE>
PART II. OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)      EXHIBITS

<Table>
<Caption>
EXHIBIT    DESCRIPTION
<S>        <C>
 31.1      Certification Pursuant to 15 U.S.C. Section 7241, as adopted pursuant
           to Section 302 of the Sarbanes-Oxley Act of 2002*

 31.2      Certification Pursuant to 15 U.S.C. Section 7241, as adopted pursuant
           to Section 302 of the Sarbanes-Oxley Act of 2002*

 32.1      Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant
           to Section 906 of the Sarbanes-Oxley Act of 2002*

 32.2      Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant
           to Section 906 of the Sarbanes-Oxley Act of 2002*
</Table>

*   Filed electronically herewith



                                       38
<PAGE>
                                   SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized on the 26th day of April, 2004.


                                         LAND O'LAKES, INC.


                                         By  /s/ Daniel Knutson
                                             -----------------------------------
                                             Daniel Knutson
                                             Senior Vice President and
                                             Chief Financial Officer (Principal
                                             Financial and Accounting Officer)



                                       39