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ORDWAY CATTLE FEEDERS, LLC; <br />OPERATING AGREEMENT <br />This Operating Agreement ( "this Agreement ") is made effective on March 20, 2006, <br />by and among the Members of Ordway Cattle Feeders, LLC. <br />RECITALS <br />The parties are forming a limited liability company under Colorado law, as it may be <br />amended from time to time, and wish to provide for the operation and management of the <br />Company as set forth in this Agreement. <br />AGREEMENT OF THE PARTIES <br />NOW, THEREFORE, in consideration of these premises and the parties' mutual <br />covenants, the parties agree as follows: <br />ARTICLE 1 <br />FORMATION, GENERAL TERMS <br />0 1.1 Name. The name of the Company is "Ordway Cattle Feeders, LLC." <br />1.2 Members. The initial Members as of the effective date of this Agreement are <br />signatories to this Agreement. <br />1.3 Articles of Organization. Prior to executing this Agreement, the parties have <br />caused Articles of Organization to be filed as required under state law. <br />1.4 Term. The Company shall have perpetual existence. <br />1.5 Principal Place of Business. The Company's principal place of business shall be <br />1.9424 Highway 96, Ordway, Colorado 81063. The Manager may relocate the office or <br />establish additional offices as it determines from time to time in its discretion. <br />1.6 Registered Office and Agent. The Company's registered office in the State of <br />Colorado shall be 19424 Highway 96, Ordway, Colorado 81.063, and its registered agent . <br />for service of process at that address shall be Joe Spitz. <br />1.7 Company Property. "Company Property" means all of the Company's right, title, <br />and interest in any assets held at any time by the Company. All Company Property shall <br />be deemed owned by the Company as an entity, and no Member individually shall have <br />any ownership interest in it. No Member shall have the right to partition any real property <br />field by the Company. <br />