Agcapita is pleased to announce that Agcapita Fund IV has launched. Agcapita Fund V is a $20 million offering and is the only RRSP eligible farmland investment vehicle in Canada. If you would like to receive information about Agcapita Fund V please feel free to contact us at Fund5@agcapita.com or register online at the Agcapita website. Stephen Johnston, co-founder of Agcapita, commented "Agcapita believes that prices of Canada farmland, in particular Saskatchewan farmland, are discounted to world averages for a tonne of productive capacity. Part of our investment premise is that this gap will close and with the attention that Canadian farmland is receiving from investors it can obviously happen quite quickly. It is this "margin of safety" return driver that attracted us to Canada and Saskatchewan in the first place.”

1. Agcapita Update: Agcapita Farmland Fund V Launches
FOR IMMEDIATE RELEASE, ATTENTION INVESTMENT EDITORS – July 21, 2014 -
Calgary
Agcapita is pleased to announce that Agcapita Fund IV has launched. Agcapita
Fund V is a $20 million offering and is the only RRSP eligible farmland
investment vehicle in Canada. If you would like to receive information about
Agcapita Fund V please feel free to contact us at Fund5@agcapita.com or
register online at the Agcapita website.
Stephen Johnston, co-founder of Agcapita, commented "Agcapita believes that
prices of Canada farmland, in particular Saskatchewan farmland, are discounted
to world averages for a tonne of productive capacity. Part of our investment
premise is that this gap will close and with the attention that Canadian farmland
is receiving from investors it can obviously happen quite quickly. It is this "margin
of safety" return driver that attracted us to Canada and Saskatchewan in the first
place.”
According to Karim Kadry, Agcapita’s Investment Manager, “Agcapita believes
that farmland will continue to show great appeal to conservative investors
concerned with inflation and the volatility of their existing public equity
investments. Canadian farmland has similar inflation hedging qualities to gold but
with an ongoing cash yield that gold lacks. We are now seeing large institutional
investors recognize these qualities with CPPIB acquiring 120,000 acres of
Saskatchewan farmland in a single transaction worth in excess of $120 million.”
Johnston added “Canadian farmland returns have exhibited low volatility and this
combined with higher absolute returns equate to a favorable Sharpe ratio.
Agcapita’s funds directly hold diversified portfolios of farmland in western
Canada, and in particular in the highly price competitive province of
Saskatchewan. Agcapita’s funds give investors the benefit of a direct investment
in farmland combined with a model of front-end loaded cash rents. Agcapita is
one of Canada's most experienced farmland fund managers, launching its first
fund in 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

2. (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.