Agcapita Farmland Fund I is pleased to announce that the sale of its farmland portfolio, originally acquired for $8.5 million, closed on January 10th, 2014 for $18 million. Agcapita co-founder Stephen Johnston commented “my partners and I are extremely pleased with the returns generated by the sale of the Fund I portfolio and believe they represent a validation of the Agcapita investment premise. We are particularly pleased that we generated these returns with minimal use of leverage in keeping with our overall philosophy to actively reduce risk and return volatility for our investors.”

1. Agcapita Farmland Fund 1 Completes Sale of Farmland Portfolio for $18 Million
FOR IMMEDIATE RELEASE, ATTENTION INVESTMENT EDITORS – January 15,
2014 - Calgary
Agcapita Farmland Fund I is pleased to announce that the sale of its farmland
portfolio, originally acquired for $8.5 million, closed on January 10th, 2014 for
$18 million.
Agcapita co-founder Stephen Johnston commented “my partners and I are
extremely pleased with the returns generated by the sale of the Fund I portfolio
and believe they represent a validation of the Agcapita investment premise. We
are particularly pleased that we generated these returns with minimal use of
leverage in keeping with our overall philosophy to actively reduce risk and return
volatility for our investors.”
Johnston continued “Similar to Agcapita Fund I, Agcapita Funds II and III also
have constructed diversified portfolios of Saskatchewan farmland. Our
investment model leads us to conclude that Saskatchewan farmland continues to
trade at a fundamental discount to other Canadian and global jurisdictions raising
the prospect of further superior absolute and risk adjusted returns in this asset
class.”
Agcapita has opened Farmland Fund IV with a $20 million offering for those
interested in adding an agricultural investment to their portfolio. Farmland Fund
IV is scheduled to close on 28 April 2014 and is the only RRSP eligible way in
Canada to add farmland to an investment portfolio.
Agcapita is one of Canada's most experienced farmland fund managers,
launching its first fund in Q1 2008.Agcapita believes that farmland funds 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. Canadian farmland returns have exhibited low volatility and this combined
with higher absolute returns equate to a favorable Sharpe ratio. 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’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 with minimal
use of leverage.

2. 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.