Notice of Resignation of Director and Reduction in the Size of the Board of Directors of AgCarolina Farm Credit, ACA

The stockholders of AgCarolina Farm Credit, ACA (“AgCarolina”) are hereby notified in accordance with Farm Credit Administration Regulation §620.15 that on December 27, 2022, Jennifer Daniels, a stockholder-elected director of Cape Fear Farm Credit, ACA (“Cape Fear”) from Sampson County, North Carolina, for personal reasons resigned from the Board of Directors of Cape Fear effective immediately. Mrs. Daniels was to become a director of AgCarolina upon the consummation of the merger of Cape Fear into AgCarolina on January 1, 2023.

The director seat on the Board of Directors of AgCarolina (“Board”) formerly held by Mrs. Daniels was scheduled to be combined with another Board seat at the 2025 annual meeting of the stockholders of AgCarolina. At a meeting of the Board held on January 25, 2023, the Board approved the elimination of the vacant Board seat formerly held by Mrs. Daniels, after making the proper notification to the Farm Credit Administration. The Board has indicated that it intends to amend the Bylaws of AgCarolina to reduce the size of the Board by eliminating the vacant Board seat at the meeting of the Board to be held on February 28, 2023.