AgFeed Industries, Inc. is a NASDAQ Global Market listed (Stock Symbol: FEED) US company headquartered in China. We have a 13 year corporate history, approximately 1,500 employees and a highly profitable business. We are a market leader in China's premix animal feed and hog production industries. With over 600 million hogs produced each year, China represents more than 50% of the world's annual hog production as well as the world's largest pork consumer markets. We are a strategic platform for accessing China's vast feed and hog raising industries. Our latest POWERPOINT is current as of May 2, 2008.

Our common stock is included in 4 Russell indexes: As of June 30, 2008, our common stock was included in the Russell 2000, Russell 3000, Russell Global Index and the Russell Microcap indexes.

AgFeed is the Largest Player in Two Profitable Agricultural Sectors in China: We are the largest premix feed company by revenues (as of the end of 2007) and the largest commercial hog producer in terms of annual hog production. As of June 2008, we have controlling interest (on average more than 90%) in 25 producing commercial hog farms. Our hog farms are strategically located in key consumer markets where we serve two of China's most profitable live hog markets: Shanghai and GuangDong.

We Have Experienced Rapid Earnings Growth: In May 2008, we raised our 2008 net income guidance to between $34 and $36 million. As we continue to acquire producing hog farms, we expect any newly acquired hog farms to be immediately accretive to our current year earnings.

13 Years of Success in China: Founded in 1995 with small amounts in personal savings by our founders/managers; we have grown our privately held company into a highly profitable, multi-million dollar revenue public company. AgFeed currently benefits from an income tax free environment (hog production), successful M&As, strong synergies between our feed and hog raising segments, a strong balance sheet and our capital strength as a public company. Particularly, we believe we have the following areas of strength:

• Our Management and Founders Are Our Largest Shareholders - a proven management team and a strong board of directors: Our senior management members are our founders and our largest shareholders. Our management and affiliates own more than 41% of our company. Our board members and advisors are senior Wall Street executives and industry experts. Our Chairman of Audit Committee is currently a board member of a Lehman Brothers affiliate; Our Chairman of Advisory Board is the former CFO of Merrill Lynch and former CEO of E.F. Hutton; Our industry advisors include the former Chairman of the American Feed Association, the former CEO of the largest US feed company – Purina Mills.
• Our Hog Production Business Enjoys Income Tax Free Status and Generates Significant Cash Flow: Approximately 65% of China's annual meat consumption is pork. Over 600 million hogs are raised in China each year, compared to 100 million in the US. Rising consumer incomes, lack of steady hog supply, and cultural preference towards daily slaughtered pork over other meats have driven hog prices to multi-year highs. Strong cash flow: hog producers receive fully payment upfront from wholesale buyers.
• We Operate an Extensive Agricultural Product Distribution Network for Our Premix Feed Business: Premix feed is a food addictive that helps significantly shorten a hog's natural growth of 12 to 24 months (without using premix) to as short as 5.5 months. Our products consist of proprietarily formulated minerals, vitamins and proteins specifically tailored to address the various growth phases of a hog based on animal science. Our raw materials are widely available in China. Licensed under the Chinese Ministry of Agriculture, our products do not contain animal parts or harmful components such as steroids or growth hormones. We distribute our feed products through our 800 plus independently owned retail chain stores as well as wholesale channels. Our extensive product distribution network presents opportunities for any agricultural product distributor that wishes to enter China through us.
• Our Advanced R&D Capabilities, Short New Product Launch Cycles and Outstanding Customer Support: We believe AgFeed's technical team is among some of the best educated and most experienced in China's animal feed and hog raising industries. We offer customers critically needed technical support in addition to effective products.
• We Operate In a Large and Fast Growing Market Environment: According to the China Feed Industry Association, China will surpass the US as the world's largest animal feed market reaching $50 billion in annual sales by 2010. We are well positioned to continue our growth.
• Our Ability to Acquire and Integrate Businesses at Deep Value to Our Shareholders: we have successfully completed and integrated multiple feed and hog farm acquisitions. Our ability to acquire commercial hog farms at low single digit current year earnings multiples reflects our management efficiency, experience and our focus on strategy execution in a favorable market environment.

At AgFeed, we look forward to continued success with our customers and shareholders.

- Songyan Li, PhD, Chairman, AgFeed Industries, Inc.