"In the second half of 2011, farmland values in Saskatchewan increased an average of 10.1%, the highest average increase across Canada. This followed gains of 11.6% and 2.7% in the previous two reporting periods, continuing the decade-long trend of price increases that began in 2002. In Saskatchewan, farmland values increased by an average of 1.8% per month in 2011. The results in Saskatchewan, which has 40% of Canada’s arable land, appear to mirror what’s occurring in the United States, where double-digit increases in farmland values have been reported in several corn and soybean states. The ongoing strength of commodity prices combined with a land market that had historically increased at a slower rate than in other areas of the country are two contributing factors to the current value increase. The rising values are also attributed to good seeding and harvest conditions in most areas of the province, coupled with low interest rates. Areas that had been flooded out or experienced minimal sales in 2010 saw resurgence in sales activity in the latter part of 2011. However, areas that experienced flooding in the spring of 2011 had limited sales in this reporting period."

1. Agcapita Farmland Fund III – Saskatchewan Farmland Values Increase
21.7% in 2011, 1.8% per month.
FOR IMMEDIATE RELEASE, ATTENTION INVESTMENT EDITORS–April 18, 2012 -
Calgary
According to the recently released report on farmland values issued by Farmland
Credit Canada "In the second half of 2011, farmland values in Saskatchewan
increased an average of 10.1%, the highest average increase across Canada.
This followed gains of 11.6% and 2.7% in the previous two reporting periods,
continuing the decade-long trend of price increases that began in 2002.
In Saskatchewan, farmland values increased by an average of 1.8% per month in
2011. The results in Saskatchewan, which has 40% of Canada’s arable land,
appear to mirror what’s occurring in the United States, where double-digit
increases in farmland values have been reported in several corn and soybean
states. The ongoing strength of commodity prices combined with a land market
that had historically increased at a slower rate than in other areas of the country
are two contributing factors to the current value increase.
The rising values are also attributed to good seeding and harvest conditions in
most areas of the province, coupled with low interest rates. Areas that had been
flooded out or experienced minimal sales in 2010 saw resurgence in sales
activity in the latter part of 2011. However, areas that experienced flooding in the
spring of 2011 had limited sales in this reporting period."
Agcapita’s series of farmland funds continue to show great appeal to
conservative investors concerned with inflation and the volatility of their existing
public equity investments. Agcapita's analysis shows the risk of inflation
increasing hence a continued interest in farmland investments. Farmland has
similar inflation hedging qualities to gold but with an ongoing cash yield that gold
lacks. Farmland returns exhibit low volatility and this combined with the high
absolute returns from farmland equate to a favorable Sharpe ratio. Agcapita is
one of Canada's most experienced farmland fund managers, launching its first
fund in Q1 2008.
Agcapita’s funds directly hold diversified portfolios of farmland in western
Canada, and in particular in the highly price competitive province of
Saskatchewan. Investors are provided with the comfort of a direct investment in
farmland combined with a model of front-end loaded cash rents. Agcapita is part
of a family of alternative investment funds with a focus on generating commodity-
linked returns and with over $100 million in assets under management. Agcapita
believes farmland is a safe investment, that supply is shrinking and that

2. unprecedented demand for "food, feed and fuel" will continue to move crop
prices higher over the long-term. Agcapita is one of Canada's most experienced
farmland fund managers, launching its first fund in Q1 2008.
This news release may contain certain information that is forward looking and, by
its nature, such forward-looking information is subject to important risks and
uncertainties. The words "anticipate", "expect", "may", "should", "estimate",
"project", "outlook", "forecast" or other similar words are used to identify such
forward looking information. Those forward-looking statements herein made by
Agcapita, if any, reflect Agcapita's beliefs and assumptions based on information
available at the time the statements were made (including, without limitation, that
(i) the demand for agricultural commodities will continue to grow at a pace that is
unlikely to be matched by growth in agricultural productivity, and (ii) investment
demand for tangible assets such as agricultural commodities and farmland will
continue to increase for the foreseeable future). Actual results or events may
differ from those anticipated or predicted in these forward-looking statements,
and the differences may be material. Factors which could cause actual results or
events to differ materially from current expectations include, among other things:
risks associated with the ownership and operation of farmland, including
fluctuations in interest rates, rental rates and vacancy rates; general economic
conditions; local real estate markets; supply and demand for farmland;
competition for available farmland; weather; crop diseases; the price of grain and
other agricultural commodities; changes in legislation and the regulatory
environment; and international trade and global political conditions. Readers are
cautioned not to place undue reliance on any forward-looking information
contained in this news release (if any), which is given as of the date it is
expressed herein. Agcapita's undertakes no obligation to update publicly or
revise any forward-looking information, whether as a result of new information,
future events or otherwise.
###
Agcapita’s funds directly hold diversified portfolios of farmland in western
Canada, and in particular in the highly competitive province of Saskatchewan.
Investors are provided with the comfort of a direct investment in farmland
combined with a model of front-end loaded cash rents. Agcapita is part of a
family of alternative investment funds with a focus on generating commodity-
linked returns and with over $100 million in assets under management. Agcapita
believes farmland is a safe investment, that supply is shrinking and that
unprecedented demand for "food, feed and fuel" will continue to move crop
prices higher over the long-term. Agcapita is one of Canada's most experienced
farmland fund managers, launching its first fund in Q1 2008.