Report of the Audit Committee

The Audit Committee (Committee) is comprised of five members from the Board of Directors of Farm Credit West, ACA. In 2020, eight Committee meetings were held. The Committee oversees the scope of the Association’s internal audit program, the independence of the outside auditors, the adequacy of the Association’s system of internal controls and procedures, and the adequacy of management’s actions with respect to recommendations arising from those auditing activities. In addition, the Committee approved the appointment of PricewaterhouseCoopers LLP (PwC) as the Association’s independent auditors for 2020. The Committee’s responsibilities are described more fully in the Internal Audit Policy and the Audit Committee Charter. Management is responsible for the Association’s internal controls and the preparation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America. PwC is responsible for performing an independent audit of the Association’s consolidated financial statements in accordance with auditing standards generally accepted in the United States of America and to issue a report thereon. The Committee’s responsibilities include monitoring and overseeing these processes. In this context, the Committee reviewed and discussed the Association’s Quarterly Reports and the Association’s audited financial statements for the year ended December 31, 2020 (the “Financial Statements”) with management. The Committee also reviewed with PwC the matters required to be discussed by Statements on Auditing Standards. Both PwC and the Association’s internal auditors directly provide reports on significant matters to the Committee. Based on the foregoing review and discussions and relying thereon, the Committee recommended that the Board of Directors include the Financial Statements in the Association’s Annual Report to Shareholders for the year ended December 31, 2020 and for filing with the Farm Credit Administration.

Barry T. Powell Chairman of the Audit Committee

Barry T. Powell, Chairman Catherine Fanucchi, Vice Chair Teresa Castanias Colin Mellon Mark Osterkamp

March 10, 2021