Michel Fribourg Eulogy

April 12, 2001

When Michel Fribourg invited me to join the board of Continental Grain in 1988, I did some research on his business and his person. I found that his company had been in his family's hands since 1813, that he had been elected Chief Executive at the age of 31 in 1944, and expanded the company through major acquisitions and daring trades until Continental Grain was one of the largest suppliers of grain in the world and a dominant factor in the cattle-feed and meat industry. It became also clear that as Chief Executive of a private company, and as its principal counsel, Michel did not really need to have a board, much less be bound by its views.

Expecting a dominant, perhaps domineering personality, I was astonished to encounter a gentle, humble, unassuming, quite shy man who conducted his board meetings as a kind of Socratic dialogue to educate all the participants and above all, himself, with extraordinary patience and acumen. His agenda was geared mostly to the future; he would listen patiently, speaking rarely; but when he intervened, it was to telling effect. His interventions were preceded by a gentle comment like, "I don't quite agree," and when pressed, he would then offer compelling analyses that were almost always proved right by events. And while planning was his avocation, trading was his passion, and every once in a while he would veer off into some trading activity, like an athlete keeping up his skills.

In the process, I developed deep affection for Michel and his understated way of showing concern and displaying commitment. He looked at his global business as a family trust and a social obligation. He was deeply devoted to his family. And he extended this sense of family obligation to those who worked with or for him in all parts of the world. He was passionately loyal, sometimes to a fault. Human relations and decency, for Michel, were not subordinate to the profit motive.

It is in that capacity--as friend rather than as a board member--that I came to share the complexities of his life as the brutal last century drew to a close. Michel had built a great, preeminent company, as an inspirational executive, as a daring trader, as a believer in the ultimate impact of the human personality. "We live by our wits," he said in 1964, "Our business is basically built on ideas and imagination."

But the new age in the grain business was less receptive to individualism and more insistent on organization, less responsive to intuition than to technology. Markets changed and the attributes that had made Continental Grain great were not the qualities the markets rewarded.

So the time came when the question of consolidation could no longer be avoided, and selling the grain business was on the agenda. In discussion with Paul, I argued that

the economics be subordinated to his father's peace of mind. True to the family tradition, Paul agreed and suggested I tell Michel that since he owned the business, he was entitled to pursue his vocation rather than economic gain. But Michel's sense of obligation was different. He had no right to pursue his passion, he answered. He had a duty to his family and his family tradition. He was prepared to adapt his company to its necessities.

In the painful transition that followed, he acted with nobility and discretion. He never looked back. He came to board meetings, and wherever he sat was the head of the table. And whenever he could, he sustained the leadership of Paul. For Michel's scale of values, he was not bringing a sacrifice but fulfilling his life's meaning.

So we are here to say good-bye to a remarkable human being. Michel deeply loved his wife who was a daily source of his inner strength; he took pride in his children, and reflected often and deeply about his responsibilities toward them. He was the best friend anyone could have, because his commitments were never subject to modification. He could always be relied upon. This matter-of-fact loyalty extended even to his beloved golden retriever. When Max passed away, Michel missed him terribly and occasionally considered getting a replacement. But Michel was not capable of transferring his loyalties, and never did so.

For those of us who had the privilege of becoming Michel's friend, there will be a permanent void. But, we would not trade places with those who did not have our good fortune. For Michel's friendship will be our badge of honor so long as we live.

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Michel Fribourg Eulogy

April 12, 2001

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were preceded by a gentle comment like, “I don’t quite agree,” and when pressed, he would then offer compelling analyses that were almost always proved right by events.

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[Y]

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[Y]

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[Y]

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Michel Fribourg Eulogy

April 12, 2001

Continental Grain in 1988, I did some research on his business and his person. I found that his company had been in his family's hands since 1813, that he had been elected Chief Executive at the age of 31 in 1944, and expanded through major acquisitions and daring trades until Continental Grain was one of the largest suppliers of grain in the world and a dominant factor in the cattle-feed and meat industry. It became also clear that as Chief Executive of a private company, and as its principal counsel, Michel did not really need to have a board, much less be bound by its views.

1

[Y]

who conducted his board meetings as a kind of Socratic dialogue to
educate all the participants and above all, himself, with extraordinary
patience and acumen. His agenda geared mostly to the future; he would
listen patiently, speaking rarely; but when he intervened, it was to
telling effect. His interventions were preceded by a gentle comment like,
"I don't quite agree," and when pressed, he would then offer compelling
analyses that were almost always proved right by events.

And while planning was his cyocation, trading was his passion,
and every once in a while he would veer off into some trading activity,
like an athlete keeping up with his skills by training. In the process, I
developed deep affection for Michel and his understated way of showing
concern and displaying commitment. He looked at his global business
as a family trust and a social obligation. He was deeply devoted to his
family. And he extended this sense of family obligation to those who

2

[Y]

It is in that capacity--as friend rather more than as board
member--that I came to share the complexities of his life as the brutal
last century drew to a close. Michel had built a great, preeminent
company, as an inspirational executive, as a daring trader, as a believer
in the ultimate impact of the human personality. "We live by our wits,"
he said in 1964, "Our business is basically built on ideas and
imagination."

But the new age in the grain business was less receptive to
individualism and more insistent on organization, less responsive to
intuition than technology. Markets changed and the attributes that had

3

[Y]

So the time came when the question of consolidation could no
longer be avoided, and selling the grain business was on the agenda. In
discussion with Paul, I argued that the economics be subordinated to his
father's peace of mind. True to the family tradition, Paul agreed and
suggested I tell Michel that he owned the business; he was entitled to
pursue his vocation rather than economic gain. But Michel's sense of
obligation was different. He had no right to pursue his passion, he
answered. He had a duty to his family and his family tradition. He was
prepared to adapt his company to its necessities.

In the painful transition that followed, he acted with nobility and
discretion. He never looked back. He came to board meetings and,
whenEVER he could, he sustained the leadership of Paul. For Michel's

4

[Y]

scale of values, he was not bringing a sacrifice but fulfilling his life's
meaning. Michel deeply loved his wife who was a daily source of his inner
strength; he took pride in his children, and reflected often and deeply
about his responsibilities toward them. He was the best friend anyone
could have, because his commitments were never subject to
modification. He could always be relied upon. This matter-of-fact
loyalty extended even to his beloved golden retriever. When Max
passed away, Michel missed him terribly and occasionally considered
getting a replacement. But Michel was not capable of transferring his
loyalties, and never did so.

So we are here to say good-bye to a remarkable man. There will
be a permanent void for those of us who had the privilege of becoming
the friend of this thoughtful, warm, and gentle man. But, we would not

5

Michel Fribourg Eulogy

April 12, 2001

Continental Grain in 1988 I did some research on his business and his

1813, that he had been elected Chief Executive at the age of 31 and

expanded it through major acquisitions and daring trades until

Continental Grain was one of the largest importers of grain from the-

United States and a dominant factor in the cattle-feed and meat

company and as its principal counsel he did not really need to have a

1

[Y]

who conducted his board meetings as a kind of seminar in educating—

himself. He would design an agenda geared mostly to the future; he

would listen patiently, rarely speaking, but when he did tell effect.

His interventions were preceded by a gentle comment like "I don't quite agree" and when pressed he would then offer compelling analyses that were almost always proved right by events.

occasion to increase his fortune but as a family trust and a social obligation. He was deeply devoted to his family. And he extended this sense of family obligation to those who worked with or for him in all parts of the world. He was passionately loyal sometimes to a fault.

2

[Y]

Human relations and decency for Michel were not subordinate to the
profit motive.

This is why I consider the friendship that grew up between us will
contribute to sustaining me for the rest of my life.

It is that capacity as a friend more than as a board member – that
I came to share the complexities of his life as the violent twentieth—
century drew to a close. Michel had built a great, preeminent company,
as an inspirational executive, as a daring trader, as a believer in the
”He lives by other rules” & said in
ultimate impact of the human personality. “Our business is basically
built on ideas and imagination,” he said in 1964.

3

[Y]

But the new age in the grain business was less receptive to individualism and more insistent on organization, less responsive to intuition than technology. Markets changed and the attributes that had made Continental Grain great were not the qualities the markets rewarded.

So the time came when the question of consolidation could no longer be avoided and selling the grain business was on the agenda. In discussion with Paul I agreed that the economics were less important than his father's peace of mind. (Paul agreed and suggested I talk to Michel in that spirit.) I said to Michel that he owned the business, he was entitled to pursue his passion rather than economic gain. But Michel's sense of obligation was different. He had no right to pursue his

4

[Y]

passion, he answered, he had a duty to his family and his family
tradition. He was prepared to adapt his company to its necessities.

In the painful transition that followed he acted with nobility even
when it meant discretion and never looked back. For Michel's scale of
values, he was not bringing a sacrifice but fulfilling his life's meaning.

For he cared deeply for his family, he deeply loved his wife who was a daily source of his inner strength; he took pride in his children, and reflected often and deeply about his responsibilities towards them. He was the best friend anyone could have because his commitments were never subject to modification. He would always be relied upon. This matter of fact loyalty extended even to his beloved golden retriever.

5

[Y]

changing his loyalties and never did so.

a remarkable man

So we are here to say good bye to our friend. For those of us who had the privilege of becoming the friend of this thoughtful, warm and gentle man there will be a permanent void. But we would not trade places with those who did not have our good fortune. Michel's friendship will be our badge of honor so long as we live.

6

Biography of Michel Fribourg
Chairman Emeritus, Continental Grain Company

Michel Fribourg, who built Continental Grain Company into one of the largest agribusiness firms in the world, was elected Chairman Emeritus in June 1994. During the five decades in which he held the positions of Chief Executive Officer, President and Chairman of the New York based company, he transformed his family's international grain trading concern into a broadly based agribusiness and financial services concern with a presence in over 70 countries and customers in more than 100.

Born in Belgium in 1913, he joined the family-owned business in Europe in 1931 and, for more than six decades, his life has paralleled the progress and fortunes of Continental. He was the fifth generation of Fribourgs to manage the business, which was founded in Belgium in 1813.

During the years prior to the start of World War II, Continental was expanding on a broad front internationally, with offices in all major European grain centers and buying offices in major exporting countries such as the United States, Canada, Argentina, Rumania and the French Colonies. In the late 1930s, offices were opened in several Asian markets, including Indochina, Cambodia, Thailand and Singapore.

At the onset of World War II in Europe, Mr. Fribourg and his family moved to the United States. During the War, he served with the Armed Forces of the United States, becoming a U.S. citizen. Upon the death of his father in 1944, he was elected President and Chief Executive Officer. His uncle, Rene Fribourg, was Acting President of the Company until Mr. Fribourg returned from the Army the following year. In 1944, Continental formally moved its headquarters to New York City from Paris.

At the end of World War II, Mr. Fribourg returned to New York to direct Continental, which soon was expanding into related businesses that processed the grains and oilseeds marketed by the Company's grain organization. He believed that these industries could stabilize the earnings base of the Company and provide synergy with its trading business. Upon the death of Mr. Fribourg's uncle Rene in 1963, he was elected to the additional position of Chairman.

By that time, Continental was further diversifying its international commodities business -- building or buying port facilities in Belgium, Germany, France, Italy, the United Kingdom and Spain. Its basic strategy was to buy commodities as near as possible to the producer and to sell as near as possible to the final consumer of those commodities. Continental's long standing presence in Europe left it well positioned when Western Europe became a major grain exporter in the 1980s.

In 1964, Continental began its acquisition of Allied Mills, Inc., a successful publicly held business that, at the time, was the second largest commercial feed manufacturer in the United States, a major producer and processor of poultry, and a leading processor of oilseeds. Through that acquisition, Continental entered the cattle feeding business in the mid-1970s, and over the next 15 years that business grew into the largest cattle feeding enterprise in the world. The Company also became a major producer of pork in the 1990s, making Continental a dominant factor in the meat industry.

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In another diversification move under Mr. Fribourg, Continental made significant investments in the Developing Countries. In these, the Company showed how well private enterprise could compete with nationalized businesses while helping improve the living standards of people. In 1964, Continental launched an international milling division that now operates flour and feed milling ventures in seven South American countries and the Caribbean markets.

In 1980, Continental launched its first joint venture in the People's Republic of China -- an agribusiness operation that introduced modern livestock and poultry production techniques to that country's southern province. Today, Continental has more than 24 joint ventures in China involving some 30 partners -- including Chinese government entities and such corporations as CP Group of Thailand, McDonald's Corporation and Huntsman Chemical Co. of the U.S., and Mitsui and Mitsubishi of Japan.

By the mid-1980s, Continental had expanded into the field of financial services, offering specialized programs involving asset securitization and credit enhancement to investment customers. A second financial business involving origination and servicing of home equity loans was added in 1990. In late 1995, these businesses were reorganized into ContiFinancial Corporation, a publicly traded company on the New York Stock Exchange.

During Mr. Fribourg's years at the helm of Continental Grain, the Company became one of the world's largest privately owned businesses and the fourth largest privately held concern in the U.S.

Today, Continental Grain has annual revenues in excess of $16 billion and an international workforce of more than 16,000. The Company is the second largest marketer of agricultural commodities in the world, a leading producer and processor of poultry and red meat, and a major presence in marketing asset-backed securities in the U.S.

In bringing Continental to this point, Mr. Fribourg's vision for the Company recognized that successful businesses as well as nations must operate "in an interdependent world, in which most national economic policies affect the world economy."

"The maximum development of world trade is essential to that world's prosperity," he frequently pointed out. "To achieve this aim, with maximum flexibility and efficiency at minimum cost, there is no successful or workable alternative to the fullest possible freedom of world trade and world prices in accordance with supply and demand... For in the long run, there is little if anything of greater importance to the inhabitants of this planet than the maintenance of a healthy world agricultural system. Man does not live by bread alone -- but he cannot live without it."

Mr. Fribourg's leadership in the international business field and his efforts to promote free trade are well known. He is a founding Director of the US-USSR Trade and Economic Council and the U.S.-China Business Council, two organizations that have achieved prominence in furthering bilateral trade. He is also active in the Council of the Americas and a member of the Council on Foreign Relations in New York. In 1990, he received the Commander of the Legion of Honour, one of the highest honors awarded by France, in recognition of both his public and private achievements in Franco-American relations.

For many years, Mr. Fribourg provided scholarships to promote exchanges of American and French students between the two countries. The Continental Grain Foundation is well known for its grants and scholarships awarded to students at major U.S. universities. In recognition of his contributions to society in almost every area of activity -- business, education, politics, public service and scholarship -- The American Graduate School of International Management in the

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Mr. Fribourg joined the business in 1931 and worked in various of the company's European offices until the start of World War II, when he and his family moved to the United States. During the war, Mr. Fribourg served in U.S. Army intelligence in France and became a United States citizen. At the end of the war, he returned to New York City to direct Continental, which had moved its headquarters from Paris.

In the 1960's, Mr. Fribourg began to expand Continental's operations by acquiring a majority interest in Allied Mills, a publicly held company and one of the largest commercial feed producers in the U.S. Through this acquisition, Continental entered the cattle feeding business in the mid 1970's. Since that time, it has become one of the world's largest cattle feeders as well as a major producer of pork and poultry.

A pioneer in international trade, Mr. Fribourg personally negotiated ground-breaking grain sales to the Soviet Union in the 1960's and 70's. In subsequent years, he expanded trade with China and established some of the first joint-venture businesses in that country in cooperation with both local and international partners. This legacy continues today with ContiGroup's substantial presence in China.

Michel Fribourg was a founding director of the US--USSR Trade and Economic Council and the US--China Business Council. He was also a member of the Council on Foreign Relations. In 1990, he received the Commander of the Legion of Honor award from France in recognition of his contributions to Franco-American relations.

Through the Fribourg Foundation and the ContiGroup Foundation, Mr. Fribourg has provided significant support to a wide range of social and educational organizations. In 1967, he established the Continental Grain Chair of International Agribusiness at the American Graduate School of International Management (Thunderbird). He has also been a significant contributor to New York University, McGill University, and the Wharton School at the University of Pennsylvania.

He is survived by his wife, Mary Ann, of New York; his sons, Paul and Robert, of New York, and Charles of Geneva, Switzerland; his daughters Nadine Newman and Caroline Rosen of New York; and 13 grandchildren.

This is a confidential business communication. If you have received this communication in error kindly delete the communication and notify the sender of the error. Reproduction, retransmission or other use of this communication by persons not employed by ContiGroup Companies Inc. or its subsidiaries and affiliates is prohibited without the permission of the sender.

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In the 1960's, Mr. Fribourg began to expand Continental's operations by acquiring a majority interest in Allied Mills, a publicly held company and one of the largest commercial feed producers in the U.S.. Through this acquisition, Continental entered the cattle feeding business in the mid 1970's. Since that time, it has become one of the world's largest cattle feeders as well as a major producer of pork and poultry.

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