EXHIBIT 99



                      SECURITIES AND  EXCHANGE COMMISSION
                            Washington, D. C. 20549

                                ________________

                                    EXHIBITS

                                       To

                                    Form 10KSB
                                    
                             
                                     Under
                           The Securities Act of 1934


                              ___________________


                      ALLIANCE FARMS COOPERATIVE ASSOCIATION

                Financial Information for the Fiscal Year Ending
                                August 31, 1997


                                                                

                                 EXHIBIT INDEX

The following exhibits are filed as a part of this Form S-1 Registration
Statement.  Certain of these exhibits are incorporated by reference as
indicated.  Items marked with an asterisk (*) are filed herein.  


Exhibit No                        Description                           Page No

3.1     Articles of Incorporation (filed on May 23, 1997 as Exhibit 3.1 to the
        Company's Registration on Form SB-2 (Registration No. 333-25501) and
        incorporated herein by reference).

3.1.1   Articles of Amendment (filed on May 23, 1997 as Exhibit 3.1.1 to the
        Company's Registration on Form SB-2 (Registration No. 333-25501) and
        incorporated herein by reference).

3.1.2   Articles of Amendment (filed on May 23, 1997 as Exhibit 3.1.2 to the
        Company's Registration Statement on Form SB-2 (Registration No. 333-
        25501) and incorporated herein by reference).

3.1.3   Articles of Amendment (filed on May 23,, 1997 as Exhibit 3.1.3 to the
        Company's Registration Statement on Form SB-2 (Registration No. 333-
        25501) and incorporated herein by reference).

3.1.4   Articles of Amendment (filed on May 23, 1997 as Exhibit 3.1.4 to the
        Company's Registration Statement on Form SB-2 (Registration No. 333-
        25501) and incorporated herein by reference).

3.2     Amended and Restated Bylaws (filed on May 23, 1997 as Exhibit 3.2 to
        the Company's Registration on Form SB-2 (Registration No. 333-25501)
        and incorporated herein by reference).

3.2.1   Amendments to Amended and Restated Bylaws (filed on May 23, 1997 as
        Exhibit 3.2.1 to the Company's Registration on Form SB-2 (Registration
        No. 333-25501) and incorporated herein by reference).

4.1     Articles of Incorporation (filed on May 23, 1997 as Exhibit 3.1 to the
        Company's Registration on Form SB-2 (Registration No. 333-25501) and
        incorporated herein by reference).

4.1.1   Articles of Amendment (filed on May 23, 1997 as Exhibit 3.1.1 to the
        Company's Registration on Form SB-2 (Registration No. 333-25501) and
        incorporated herein by reference).
4.1.2   Articles of Amendment (filed on May 23, 1997 as Exhibit 3.1.2 to the
        Company's Registration Statement on Form SB-2 (Registration No. 333-
        25501) and incorporated herein by reference).

4.1.3   Articles of Amendment (filed on May 23, 1997 as Exhibit 3.1.3 to the
        Company's Registration Statement on Form SB-2 (Registration No. 333-
        25501) and incorporated herein by reference).

4.1.4   Articles of Amendment (filed on May 23, 1997 as Exhibit 3.1.4 to the
        Company's Registration Statement on Form SB-2 (Registration No. 333-
        25501) and incorporated herein by reference).

4.2     Amended and Restated Bylaws (filed on May 23, 1997 as Exhibit 3.2 to
        the Company's Registration on Form SB-2 (Registration No. 333-25501)
        and incorporated herein by reference).

4.2.1   Amendments to Amended and Restated Bylaws (filed on May 23, 1997 as
        Exhibit 3.2.1 to the Company's Registration on Form SB-2 (Registration
        No. 333-25501) and incorporated herein by reference).

4.3.1   Specimen Form of Certificate Representing Membership in the Company and
        the Class A Common Stock (filed on November 7, 1994 as Exhibit 4.3 to
        the Company's Registration on Form SB-2 (Registration No. 33-86068) and
        incorporated herein by reference).

4.3.2   Specimen Form of Certificate Representing Membership in the Company and
        the Class B Common Stock (filed on April 18, 1997 as Exhibit 4.4 to the
        Company's Registration Statement on Form SB-2 (Registration No. 333-
        25501) and incorporated herein by reference).

4.3.3   Specimen Form of Certificate Representing Membership in the Company and
        the Class C Common Stock (filed on May 23, 1997 as Exhibit 4.15 to the
        Company's Registration Statement on Form SB-2 (Registration No. 333-
        25501) and incorporated herein by reference).

4.4     Loan Agreement, dated as of September 21, 1994, between National Bank
        for Cooperatives and the Registrant (filed on November 7, 1994 as
        Exhibit 10.6 to the Company's Registration on Form SB-2 (Registration
        No. 33-86068) and incorporated herein by reference).

4.4.1   Term Loan Amendment, dated as of May 19, 1995, between CoBank, ACB
        (formerly National Bank for Cooperatives) and the Registrant (filed
        with the Company's Annual Report on Form 10-KSB for the fiscal year
        ended August 31, 1995 as Exhibit 10.6.1 and incorporated herein by
        reference).

4.5     The Registrant's Promissory Note, dated September 21, 1994, to National
        Bank for Cooperatives (filed on November 7, 1994 as Exhibit 10.7 to the
        Company's Registration on Form SB-2 (Registration No. 33-86068) and
        incorporated herein by reference).

4.6     Security Agreement, dated September 21, 1994, made by the Registrant to
        National Bank for Cooperatives (filed on November 7, 1994 as Exhibit
        10.8 to the Company's Registration on Form SB-2 (Registration No. 33-
        86068) and incorporated herein by reference).

4.7     Correction Deed of Trust, dated November 4, 1994, between the Public
        Trustee of the County of Yuma, State of Colorado and the Registrant
        (filed on January 23, 1995 as Exhibit 10.9 to the Company's
        Registration on Form SB-2 (Registration No. 33-86068) and incorporated
        herein by reference).

4.8     Master Loan Agreement, dated as of May 19, 1995, between CoBank, ACB
        and the Registrant (filed with the Company's Annual Report on Form 10-
        KSB for the fiscal year ended August 31, 1995 as Exhibit 10.11 and
        incorporated herein by reference).

4.9     Multiple Advance Term Loan Supplement, dated as of May 19, 1995,
        between CoBank, ACB and the Registrant (filed with the Company's Annual
        Report on Form 10-KSB for the fiscal year ended August 31, 1995 as
        Exhibit 10.12 and incorporated herein by reference).

4.9.1   Amendment to Multiple Advance Term Loan Supplement, dated as of
        February 11, 1997, between CoBank, ACB and the Registrant respecting
        the extension of the CoBank credit facility (filed on April 18, 1997
        as Exhibit 10.14.1 to the Registrant's Registration Statement on Form
        SB-2 (No. 333-25501) and incorporated herein by reference).

4.10    Revolving Term Loan Supplement, dated as of May 19, 1995, between
        CoBank, ACB and the Registrant (filed with the Company's Annual Report
        on Form 10-KSB for the fiscal year ended August 31, 1995 as Exhibit
        10.13 and incorporated herein by reference).

4.11    Correction Deed of Trust, dated October 23, 1996, between the Public
        Trustee of the County of Yuma, State of Colorado and the Registrant
        (filed with the Registrant's Quarterly Report on Form 10-QSB for the
        quarter ended February 28, 1997 as Exhibit 10.6 and incorporated
        herein by reference).

4.12    Illinois Mortgage, dated February 23, 1996, from the Registrant to
        CoBank, ACB (filed with the Registrant's Quarterly Report on Form 10-
        QSB for the quarter ended February 28, 1997 as Exhibit 10.10 and
        incorporated herein by reference).

4.13    Letter Agreement between the Registrant to CoBank, ACB respecting the
        extension of the CoBank credit facility (filed on April 18, 1997 as
        Exhibit 10.28 to the Registrant's Registration Statement on Form SB-2
        (No. 333-25501) and incorporated herein by reference).

10.1    Form of Feeder Pig Purchase Agreement (filed on January 23, 1995 as
        Exhibit 10.1 to the Company's Registration on Form SB-2 (Registration
        No. 33-86068) and incorporated herein by reference).

10.2    Swine Production Services Agreement, dated July 13, 1994, between
        Farmland Industries, Inc. and the Registrant (filed on November 7, 1994
        as Exhibit 10.2 to the Company's Registration on Form SB-2
        (Registration No. 33-86068) and incorporated herein by reference).

10.2.1  First Amendment to Swine Production Services Agreement, dated as of
        July 26, 1996, between Farmland Industries, Inc. and the Company (filed
        with the Registrant's Quarterly Report on Form 10-QSB for the quarter
        ended February 28, 1997 as Exhibit 10.1 and incorporated herein by
        reference).

10.2.2  Second Amendment to Swine Production Services Agreement, dated as of
        April 14, 1997, between Farmland Industries, Inc. and the Registrant
        (filed on April 18, 1997 as Exhibit 10.2.2 to the Registrant's
        Registration Statement on Form SB-2 (No. 333-25501) and incorporated
        herein by reference).

10.3    Feed Purchase Agreement, dated July 13, 1994, between the Yuma Farmers
        Milling-Mercantile Cooperative Company of Yuma, Colorado and the
        Registrant (filed on November 7, 1994 as Exhibit 10.3 to the Company's
        Registration on Form SB-2 (Registration No. 33-86068) and incorporated
        herein by reference).

10.4    Interim Feeder Pig Purchase Agreement, dated July 13, 1994, between
        Farmland Industries, Inc. and the Registrant (filed on November 7, 1994
        as Exhibit 10.4 to the Company's Registration on Form SB-2
        (Registration No. 33-86068) and incorporated herein by reference).

10.4.1  First Amendment to Interim Feeder Pig Purchase Agreement, dated July
        13, 1994, between Farmland Industries, Inc. and the Registrant (filed
        on November 7, 1994 as Exhibit 10.4.1 to the Company's Registration on
        Form SB-2 (Registration No. 33-86068) and incorporated herein by
        reference).

10.5    Interim Feeder Pig Purchase Agreement, dated July 13, 1994, between the
        Yuma Farmers Milling-Mercantile Cooperative Company of Yuma, Colorado
        and the Registrant (filed on November 7, 1994 as Exhibit 10.5 to the
        Company's Registration on Form SB-2 (Registration No. 33-86068) and
        incorporated herein by reference).

10.5.1  First Amendment to Interim Feeder Pig Purchase Agreement, dated July
        13, 1994, between the Yuma Farmers Milling-Mercantile Cooperative
        Company of Yuma, Colorado and the Registrant (filed on November 7, 1994
        as Exhibit 10.5.1 to the Company's Registration on Form SB-2
        (Registration No. 33-86068) and incorporated herein by reference).

10.6    Loan Agreement, dated as of September 21, 1994, between National Bank
        for Cooperatives and the Registrant (filed on November 7, 1994 as
        Exhibit 10.6 to the Company's Registration on Form SB-2 (Registration
        No. 33-86068) and incorporated herein by reference).

10.6.1  Term Loan Amendment, dated as of May 19, 1995, between CoBank, ACB
        (formerly National Bank for Cooperatives) and the Registrant (filed
        with the Registrant's Annual Report on Form 10-KSB for the fiscal year
        ended August 31, 1995 as Exhibit 10.6.1 and incorporated herein by
        reference).
10.7    The Registrant's Promissory Note, dated September 21, 1994, to National
        Bank for Cooperatives (filed on November 7, 1994 as Exhibit 10.7 to the
        Company's Registration on Form SB-2 (Registration No. 33-86068) and
        incorporated herein by reference).

10.8    Security Agreement, dated September 21, 1994, made by the Registrant to
        National Bank for Cooperatives (filed on November 7, 1994 as Exhibit
        10.8 to the Company's Registration on Form SB-2 (Registration No. 33-
        86068) and incorporated herein by reference).

10.9    Correction Deed of Trust, dated November 4, 1994, between the Public
        Trustee of the County of Yuma, State of Colorado and the Registrant
        (filed on January 23, 1995 as Exhibit 10.9 to the Company's
        Registration on Form SB-2 (Registration No. 33-86068) and incorporated
        herein by reference).

10.10   Effluent Agreement, dated September 15, 1994, between RMR Ranch, Inc.,
        and the Registrant (filed on November 7, 1994 as Exhibit 10.13 to the
        Company's Registration on Form SB-2 (Registration No. 33-86068) and
        incorporated herein by reference).

10.11   Master Loan Agreement, dated as of May 19, 1995, between CoBank, ACB
        and the Registrant (filed with the Registrant's Annual Report on Form
        10-KSB for the fiscal year ended August 31, 1995 as Exhibit 10.11 and
        incorporated herein by reference).

10.12   Multiple Advance Term Loan Supplement, dated as of May 19, 1995,
        between CoBank, ACB and the Registrant  (filed with the Registrant's
        Annual Report on Form 10-KSB for the fiscal year ended August 31, 1995
        as Exhibit 10.12 and incorporated herein by reference).

10.12.1 Amendment to Multiple Advance Term Loan Supplement, dated as of
        February 11, 1997, between CoBank, ACB and the Registrant respecting
        the extension of the CoBank credit facility (filed on April 18, 1997 as
        Exhibit 10.14.1 to the Registrant's Registration Statement on Form SB-2
        (No. 333-25501) and incorporated herein by reference).

10.13   Revolving Term Loan Supplement, dated as of May 19, 1995, between
        CoBank, ACB and the Registrant (filed with the Registrant's Annual
        Report on Form 10-KSB for the fiscal year ended August 31, 1995 as
        Exhibit 10.13 and incorporated herein by reference).

10.14   Master Construction Agreement, dated September 18, 1995, between the
        Registrant and Central Confinement Service, Ltd. (filed with the
        Registrant's Annual Report on Form 10-KSB for the fiscal year ended
        August 31, 1995 as Exhibit 10.15 and incorporated herein by reference).

10.15   Form of Weaned Pig Purchase Agreement (filed on April 18, 1997 as
        Exhibit 10.29 to the Company's Registration Statement on Form SB-2
        (Registration No. 333-25501) and incorporated herein by reference).

10.16   Form of Class C Weaned Pig Purchase Agreement (filed on May 23, 1997 as
        Exhibit 10.34 to the Company's Registration Statement on Form SB-2
        (Registration No. 333-25501) and incorporated herein by reference).

10.17   The Registrant's Promissory Note, dated August 30, 1995, to Farmland
        Industries, Inc. (filed with the Registrant's Annual Report on Form 10-
        KSB for the fiscal year ended August 31, 1995 as Exhibit 10.16 and
        incorporated herein by reference).

*10.18  Loan Agreement, dated as of November 5, 1997, between the Registrant
        and Farmland Industries, Inc.

*10.19  The Registrant's Promissory Note, dated November 5, 1997, to Farmland
        Industries, Inc.

*10.20  Security Agreement, dated as of November 5, 1997, between the
        Registrant and Farmland Industries, Inc.

*10.21  Colorado Deed of Trust, dated November 5, 1997, between the Registrant,
        the Public Trustee of the County of Yuma, State of Colorado and
        Farmland Industries, Inc.

*10.22  Excess Feeder Pig Purchase Agreement, dated as of November 5, 1997,
        between the Registrant and Farmland Industries, Inc.

10.23   Camborough-22 Closed Herd Multiplier Agreement, dated March 1, 1996,
        between Pig Improvement Company, Inc. and the Registrant (filed with
        the Registrant's Quarterly Report on Form 10-QSB for the quarter ended
        February 28, 1997 as Exhibit 10.2 and incorporated herein by reference)

10.24   Option Contract, dated November 20, 1996, between Bill L. Bailey and
        Norma Jean Bailey, and the Registrant (filed with the Registrant's
        Quarterly Report on Form 10-QSB for the quarter ended February 28, 1997
        as Exhibit 10.3 and incorporated herein by reference)

10.25   Correction Deed of Trust, dated October 23, 1996, between the Public
        Trustee of the County of Yuma, State of Colorado and the Registrant
        (filed with the Registrant's Quarterly Report on Form 10-QSB for the
        quarter ended February 28, 1997 as Exhibit 10.6 and incorporated herein
        by reference)

10.26   Master Construction Agreement, dated November 22, 1996 (Illinois #2 sow
        unit), between the Registrant and Central Confinement Service, Ltd.
        (filed with the Registrant's Quarterly Report on Form 10-QSB for the
        quarter ended February 28, 1997 as Exhibit 10.7 and incorporated herein
        by reference)

10.27   Master Construction Agreement, dated November 22, 1996 (Illinois #2
        nursery), between the Registrant and Central Confinement Service, Ltd.
        (filed with the Registrant's Quarterly Report on Form 10-QSB for the
        quarter ended February 28, 1997 as Exhibit 10.8 and incorporated herein
        by reference)

10.28   Master Construction Agreement, dated November 22, 1996 (Illinois #2
        isolation building), between the Registrant and Central Confinement
        Service, Ltd. (filed with the Registrant's Quarterly Report on Form 10-
        QSB for the quarter ended February 28, 1997 as Exhibit 10.9 and
        incorporated herein by reference)

10.29   Illinois Mortgage, dated February 23, 1996, from the Registrant to
        CoBank, ACB (filed with the Registrant's Quarterly Report on Form 10-
        QSB for the quarter ended February 28, 1997 as Exhibit 10.10 and
        incorporated herein by reference)

10.30   Letter Agreement between the Registrant to CoBank, ACB respecting the
        extension of the CoBank credit facility (filed on April 18, 1997 as
        Exhibit 10.28 to the Registrant's Registration Statement on Form SB-2
        (No. 333-25501) and incorporated herein by reference).

10.31   Colorado Breeding Farm Side Agreement, dated April 11, 1997, between
        the Registrant and Farmland Industries, Inc. (filed on May 23, 1997 as
        Exhibit 10.35 to the Registrant's Registration Statement on Form SB-2
        (No. 333-25501) and incorporated herein by reference).

10.32   Colorado Breeding Farm Agreement, dated April 11, 1997, between the
        Registrant, G & G Pork Producers, LLC and Farmland Industries, Inc.
        (filed on May 23, 1997 as Exhibit 10.36 to the Registrant's
        Registration Statement on Form SB-2 (No. 333-25501) and incorporated
        herein by reference).

10.33   Colorado Breeding Farm Agreement, dated April 21, 1997, between the
        Registrant, Triple R and Farmland Industries, Inc. (filed on May 23,
        1997 as Exhibit 10.37 to the Registrant's Registration Statement on
        Form SB-2 (No. 333-25501) and incorporated herein by reference).

*10.34  CoBank, ACB Loan Commitment Letter, dated October 9, 1997.

*24.1   Power of Attorney

*27     Financial Data Schedule