To our Shareholders

PLANNING FOR THE FUTURE is key to running a successful business in agriculture. From choosing the right inputs and commodity mix to laying out plans for long-term growth and succession, a successful producer must make sound decisions to remain in business.

At American AgCredit, we have the same mindset when planning for the road ahead. In 2022, we delivered strong financial results for our customerowners. We are proud to serve our customers today with the knowledge and insights you value, while also positioning our business to evolve alongside yours.

As a member of the Farm Credit System, it’s our privilege to serve our nation’s farmers, ranchers, and agribusiness owners every day as we push to be the best lender to agriculture. With that in mind, we want to take a moment to reflect on our results and success stories in 2022.

• We launched a new online banking platform, delivering a faster and more intuitive digital experience.

• We invested in loan decision tools that will increase speed and efficiency.

• We executed strategies that will drive future growth, ensuring that we can serve our mission and continue to pay a competitive cash patronage to our customer-owners.

• We launched Terrain to offer American AgCredit customers insight and analyses from agriculture’s leading experts.

While many economists are pointing to a slowdown in global economic growth, American AgCredit has outperformed expectations in 2022 and will return more than $185.7 million to our customer-owners in the form of cash patronage. We’re proud to have returned more than $1.2 billion in cash patronage since 2005.

More than ever, we know the importance of supporting the communities in which we serve. In 2022, we’re proud to have provided more than $1.4 million to our network of nonprofit partners through our Local Community Impact program, including $350,000 from our employee-directed Holiday Giving program.

What does the future hold for agriculture? The possibilities are endless, but we know our customer-owners will adapt and rise to each challenge. Together, we are building a strong foundation for the future of agriculture.

It’s inspiring to learn from our customers who are adapting their businesses to remain competitive and sustainable for years to come. In this report, you will learn about forestry science and sustainability at Sierra Pacific Industries, a push for local agriculture at Villa Rose – Waialua Egg a lender, we’re committed to serving the entire agricultural ecosystem, from food and raw materials to the finished products that feed and clothe the world.

Farm on Oahu, a new generation taking the reins at Triangle H / Hands Enterprises, and an innovative approach to reducing food waste at Spinaca Farms.

As we continue to pursue our purpose of supporting the long-term viability and sustainability of production agriculture as an important component of U.S. food security, we are pleased to be pursuing a merger with Farm Credit of New Mexico. If the merger receives regulatory and shareholder approval, we believe it should benefit the customers and employees of American AgCredit as well as Farm Credit of New Mexico.

American AgCredit is evolving quickly to continue partnering with you for years to come. More than

We look forward to partnering with you in the new year and beyond. Thank you for trusting us with your business.

Executive Officer