Table 12.  Implications of the 1996 Farm Bill and FAPRI November 1996 Baseline on the
           Economic Viablility of Representative Ranches Primarily Producing Beef.
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                                   MTB400     WYB300    COB300     STB400     MOB150
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Change in Real Net Worth
1996-2002 (%)                       4.13       1.89       0.21      -3.55       6.77

Government Payments/Receipts (%)
1996-2002 Average                   0.00       0.00       0.00       0.00       3.54

Expenses to Receipts (%)
1996-2002 Average                  63.26      84.70      71.76      92.01      71.84

Average Cash Receipts ($1000)
           1996                   107.13      89.72     138.98     130.06     107.52
           1997                   116.25      96.80     144.18     140.38     106.64
           1998                   137.37     112.79     161.63     163.56     114.62
           1999                   156.38     127.36     176.11     184.59     122.55
           2000                   169.83     137.74     187.50     199.31     128.03
           2001                   173.26     140.27     190.26     202.88     129.30
           2002                   164.78     133.87     182.67     193.61     126.68
1996-2002 Average                 146.43     119.79     168.76     173.48     119.33

Average Government Payments ($1000)
           1996                     0.00       0.00       0.00       0.00       3.12
           1997                     0.00       0.00       0.00       0.00       4.01
           1998                     0.00       0.00       0.00       0.00       5.36
           1999                     0.00       0.00       0.00       0.00       4.90
           2000                     0.00       0.00       0.00       0.00       4.40
           2001                     0.00       0.00       0.00       0.00       3.47
           2002                     0.00       0.00       0.00       0.00       3.22
1996-2002 Average                   0.00       0.00       0.00       0.00       4.07

Average Net Cash Income ($1000)
           1996                    23.07      -0.07      21.38     -10.34      26.70
           1997                    28.87       4.97      28.50      -4.16      25.64
           1998                    51.25      16.83      47.28      12.44      32.84
           1999                    67.27      29.99      61.25      27.72      36.88
           2000                    81.99      37.82      66.14      38.02      41.47
           2001                    81.21      35.27      67.06      38.86      42.11
           2002                    73.42      29.12      58.51      29.41      39.20
1996-2002 Average                  58.15      21.99      50.02      18.85      34.98

Average Cash Reserve ($1000)
           1996                     4.26     -13.53       0.87     -28.79       0.63
           1997                    10.91     -22.23       7.67     -52.80      -5.41
           1998                    31.36     -19.56      25.33     -64.09      -9.16
           1999                    54.84      -6.92      44.44     -58.78      -6.00
           2000                    80.52      -2.32      56.01     -46.70      -4.39
           2001                    85.86       1.79      65.83     -37.55      -9.19
           2002                    88.79      -3.53      63.95     -40.09     -16.06
1996-2002 Average                  50.94      -9.47      37.73     -46.97      -7.08

Average Total Debt ($1000)
           1996                    20.02      19.95      30.91      50.89     123.64
           1997                    19.51      27.60      26.75      86.10     124.79
           1998                    26.84      40.88      23.43      99.22     144.61
           1999                    22.93      46.18      40.74      97.54     137.27
           2000                    30.74      55.52      69.88      83.80     124.71
           2001                    41.71      56.81      66.30      73.37     110.47
           2002                    52.83      66.33      58.86      70.55     109.27
1996-2002 Average                  30.66      44.75      45.27      80.21     124.96

Average Nominal Net Worth ($1000)
           1996                  1612.07     577.24    2810.45    2403.32     547.03
           1997                  1685.71     591.85    2932.60    2473.91     572.46
           1998                  1780.77     631.13    3060.98    2562.17     605.33
           1999                  1878.39     675.53    3188.56    2660.80     640.90
           2000                  1933.58     708.63    3243.45    2710.07     662.12
           2001                  1954.90     722.46    3260.58    2724.89     675.35
           2002                  1920.31     702.92    3206.99    2674.79     669.59
1996-2002 Average                1823.67     658.54    3100.52    2601.42     624.68

NIA for Total Real Net Worth 1996-2002
in Dollars ($1000)                -19.54      -1.81       0.00      10.00      -6.17

NIA for Total Real Net Worth 1996-2002
as % Receipts (%)                 -13.34      -1.51       0.00       5.77      -5.17
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