Table 12.  Implications of the 1996 Farm Bill and the January 1997 FAPRI
           Baseline on the Economic Viablility of Representative Ranches
           Primarily Producing Beef.
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                             MTB400    WYB300    COB300    TXB400    MOB150
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Change in Real Net Worth
1996-2002 (%)                 12.10      1.57      7.42      0.14      8.77

Government Payments/Receipts (%)
1996-2002 Average              0.00      0.00      0.00      0.00      2.98

Expenses to Receipts (%)
1996-2002 Average             64.66     87.06     72.79     95.71     69.33

Average Cash Receipts ($1000)
           1996              103.41     87.70    139.50    128.07    106.77
           1997              117.95     97.92    145.48    142.32    107.16
           1998              134.48    110.71    159.29    160.43    113.37
           1999              150.65    123.17    172.80    178.05    120.74
           2000              163.61    133.14    183.74    192.30    126.21
           2001              169.23    137.32    189.73    198.39    129.24
           2002              155.27    126.92    179.67    182.91    125.11
1996-2002 Average            142.09    116.70    167.17    168.92    118.37

Average Government Payments ($1000)
           1996                0.00      0.00      0.00      0.00      2.60
           1997                0.00      0.00      0.00      0.00      3.28
           1998                0.00      0.00      0.00      0.00      4.50
           1999                0.00      0.00      0.00      0.00      4.23
           2000                0.00      0.00      0.00      0.00      3.74
           2001                0.00      0.00      0.00      0.00      2.83
           2002                0.00      0.00      0.00      0.00      2.59
1996-2002 Average              0.00      0.00      0.00      0.00      3.40

Average Net Cash Income ($1000)
           1996               19.93     -2.46     20.85    -12.77     29.96
           1997               30.15      5.02     28.92     -5.64     29.19
           1998               48.11     13.90     43.72      7.33     34.87
           1999               60.68     24.67     56.14     18.63     38.45
           2000               75.37     32.26     61.29     27.50     42.83
           2001               77.80     31.78     66.11     30.45     45.45
           2002               65.60     22.35     55.75     15.56     41.78
1996-2002 Average             53.95     18.22     47.54     11.58     37.50

Average Cash Reserve ($1000)
           1996                3.47    -15.78      1.91    -31.21      8.12
           1997               11.73    -24.57      9.12    -56.66      4.96
           1998               29.71    -25.40     25.55    -73.06      3.57
           1999               55.41    -18.55     47.66    -77.78      4.35
           2000               84.50    -16.95     69.26    -77.64      6.33
           2001               99.53    -13.02     91.21    -77.00      5.78
           2002              104.32    -22.83    101.25    -93.07      2.40
1996-2002 Average             55.52    -19.59     49.42    -69.49      5.07

Average Total Debt ($1000)
           1996               15.90     21.82     27.06     53.32     60.90
           1997               18.74     29.18     26.41     89.96     62.90
           1998               26.49     44.39     23.12    108.21     83.75
           1999               23.05     52.49     40.77    116.44     80.53
           2000               28.76     64.27     69.90    113.25     71.72
           2001               31.17     66.10     66.39    108.31     59.37
           2002               29.55     79.93     58.96    117.92     59.59
1996-2002 Average             24.81     51.17     44.66    101.06     68.39

Average Nominal Net Worth ($1000)
           1996             1536.30    554.68   2669.83   2281.08    589.48
           1997             1627.34    575.06   2817.05   2368.99    620.42
           1998             1744.96    612.18   2989.49   2485.32    658.18
           1999             1879.48    658.33   3182.97   2624.83    700.90
           2000             1979.39    695.63   3313.98   2718.82    731.89
           2001             2057.46    719.06   3419.89   2788.55    758.78
           2002             2068.05    698.48   3446.13   2782.92    762.24
1996-2002 Average           1841.86    644.77   3119.91   2578.65    688.84

NIA for Total Real Net Worth 1996-2002
in Dollars ($1000)           -35.52      0.00    -28.24      0.00     -7.23

NIA for Total Real Net Worth 1996-2002
as % Receipts (%)            -25.00      0.00    -18.20      0.00     -6.11
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