Agcapita is Canada's only RRSP and TFSA eligible farmland fund and is part of a family of funds with almost $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 created the Farmland Investment Partnership to allow investors to add professionally managed farmland to their portfolios. Agcapita publishes a monthly Agriculture Brief which deals with agriculture specific investment issues along with big picture macro-economic issues.

1. Agriculture Brief
July, 2009
1

2. Monthly Highlights
CONTENTS
2 Funds Making Hyperinflation Bets
2 Inflation Protection
3 Borrower of Last Resort
4 US Interest Payments Will Balloon
5 Invest in What China Needs
5 Investing in the New Environment
9 Global Money Supply Analysis
11 No-till Farming
11 Canadian Farmers Diversify
13 Appendix
1

3. Global Macro Outlook
FUNDS MAKING HYPERINFLATION BETS INFLATION PROTECTION
There have been several fund launches recently with Agcapita’s view is that there have been a growing
hyperinflation as their underlying investment premise. number of signs that the monetary actions taken by
Pitched as high-risk, high-return propositions these the worlds central banks are generating inflation:
funds are predicated on what the founders perceive − Long Bond Yields: An increase in yields for
as the inflationary policies of the worlds governments long-term bonds, likely reflecting, in part, the
and central banks. Hyperinflation is clearly not greater premium investors are demanding to
a mainstream view, but it is one beginning to be compensate for inflation. The yield on 10-year
contemplated by high profile investors. The primary US Treasuries recently rose to a six-month
reason is a growing belief that the world’s central high of 3.75 percent. That increase helped lift
banks, most particularly the US Federal Reserve, will US 30-year mortgage rates above 5 percent
be reluctant to raise interest rates and reduce the for the first time in nearly three months.
money supply when the circumstances require. The − Gold Prices: The increasing price of the
two dedicated hyperinflation funds are: traditional inflation hedge gold. Recently an
− Excelsior Fund from 36 South Investment ounce of gold approached US$1,000, a level
Managers Ltd. - targets returns that will be just below its all-time high set in March 2008.
five times the average annual rate of inflation − Energy Prices; Prices of energy and energy
of the Group of Five economies. Founder stocks, seen as a hedge against inflation,
Jerry Haworth predicts that the world is “in have been increasing.
the lag period between when the seeds of
inflation are sown and when their off- spring, Curtis Arledge, of the fund management firm
that is higher prices, are evident for all to BlackRock, has allocated about 5 percent of the
see.” Haworth feels that most investors are fixed-income portfolios he manages to inflation
underestimating the risk of inflation. hedges. BlackRock is one of the world’s largest
− Universa Investments LP – Universa is fund management firms with over US$1.0 trillion
advised by “Black Swan” author Nassim in assets under management. As far as inflation
Taleb, which has constructed a strategy protection, according to Mr. Arledge “Anytime you’re
to profit from the premise that US stimulus buying insurance, you want to buy at a time when the
efforts will result in hyperinflation. probability of needing it is low, because it theoretically
costs less. You don’t want to buy fire insurance when
you see smoke coming out of your house.”
2

4. Global Macro Outlook (continued)
John Osbon, the head of Osbon Capital GOVERNMENT AS BORROWER OF LAST RESORT
Management, says that to take advantage of the
likely inflationary trends ahead, investors should buy Proponents of the deflation viewpoint rely primarily
Treasury Inflation Protected Securities, which trade on the view that “the federal reserve and the banks
like standard Treasuries but have inflation protection can create credit, but people may decide not to
built in. “Ten-year inflation is priced at 140 basis borrow.” However, even if the private sector refuses
points right now, meaning that the term structure to borrow money at 0% interest, central banks and
of interest rates say that inflation will be 1.4% per governments can do the borrowing and buying
year for the next 10 years,” he says. “There is no directly. Its clear that the worlds’ governments are
inflation in sight right now, which is why we believe doing exactly this - stepping in to replace private
everyone should own some inflation protection.” In sector borrowing and consumption – effectively
other words, buy it when its inexpensive. “To my becoming the “borrower of last resort” to generate
knowledge, no nation has ever run fiscal deficits inflation.
of over 6% without triggering inflation,” he says.
“Our budget deficit this year is 12%!” Osbon
recommends a 5% to 15% portfolio allocation
to inflation hedging bonds and also considering
commodities as another way to play inflation, though
CHART 1:
he says they deserve their own allocation.
GOVERNMENT DEBT ISSUED ANNUALLY
Agcapita views inflation indexed government bonds
$3.0 trillion +500%
less favourably than many investment managers.
The key weakness of inflation protected government 2.5 +400
bonds is that the government gets to calculate 2.0 U.S. Britain
the rate of inflation. The incentive for government +300
1.5 U.S.
is always to under-report inflation for a variety of Euro
zone +200
reasons. This under-reporting risk is best summed 1.0
up by a quote from fund manager Marc Faber – 0.5 +100 Euro
“Never ask the barber if you need a haircut. Never zone
0 Britain 0
ask the realtor if the house you are considering
buying is a bargain at the price offered. And never 05 06 07 08 09 10 05 06 07 08 09 10
projected projected
ask the government to calculate the rate of inflation
when it can save millions of dollars in cost-of-living Source: The New York Times
adjustments.”
3

5. Global Macro Outlook (continued)
Where will the money to fund this borrowing come US INTEREST PAYMENTS WILL BALLOON
from? These are the main sources:
1. Domestic private investors The US is expected to issue more than $5 trillion
2. Foreign private investors in additional debt over the next 18 months.
3. Foreign central banks Assuming US long bond yields stay under 5% the
4. Domestic central banks US government’s total annual interest payments are
projected to exceed $800 billion, up almost 500%
Of the four funding sources it seems only likely that from 2009. Harvard economist Kenneth Rogoff
in the US the Federal reserve will be willing and able predicts for every percentage point higher over 5% on
to step in and absorb the amounts of debt issuance long bonds, the U.S. government will have to pay an
that the US fiscal deficit will require – direct debt extra $170 billion in annual interest payments.
monetization and highly inflationary.
CHART 2: CHART 3
GOVERNMENT REPLACES THE CONSUMER
Actual Projected
Rise in Government Borrowing Offsets CBO White House
Fall in Private borrowing $236.2 billion
estimate estimate
20%
‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19
15% 0 ‘00 ‘01
10%
-400
5%
0% -800
-5%
3/52
3/55
3/58
3/61
3/64
3/67
3/70
3/73
3/76
3/79
3/82
3/85
3/88
3/91
3/94
3/97
3/03
3/06
3/09
-1,200
Firms and Households Federal Government -1,600
Source: www.crg.org/cgs White House: - $1.75 trillion
CBO: - $1.85 trillion
In Billions
4

6. Global Macro Outlook (continued)
INVEST IN WHAT CHINA NEEDS INVESTING IN THE NEW ENVIRONMENT
As an investor you should focus on being long Bill Gross is one of the world’s largest mutual fund
the things for which China has high demand but managers, focusing mostly on bonds. The following
insufficient domestic production. is a complete reproduction of a recent investment
commentary from Bill Gross that makes very
The further the move into the lower left-hand corner interesting reading.
of Chart 4, the greater the exposure to Chinese
demand factors for the item in question. Currently “Staying Rich in the New Normal By Bill Gross
that means potash, soybeans, iron ore and oil. In ‘Behind every great fortune lies a great crime.’ Balzac.
these commodities, China’s share of world production Balzac was on to something 200 years ago, but to
is low (for potash, China represents less than 5% of be fair to modern day multi-millionaires, the only real
global production and China’s production of potash way to accumulate wealth prior to the 18th century
is little more than 20% of its domestic demand and was to steal it, or tax it, I suppose, as was the case
its ability to satisfy domestic demand with domestic with kings and their royal courts. It was only with the
production is low). Source Agora advent of capitalism and annual productivity gains
that entrepreneurs, investors, and risk-takers with
luck or pinpoint-timing could jump to the head of the
pack and accumulate what came to be recognized
as a fortune. Still, the negative connotations persist.
CHART 4: BUY WHAT CHINA NEEDS I remember a cocktail party in the early 80s where a
somewhat inebriated guest engaged me in a debate
China Net Buyer China Net Seller
about the merits of capitalism. “You’re filthy rich,” he
45 said, which struck me as most unfair from a number
China’s Share of World Production (%)
40 Coal Tin Lead
of angles. First of all, he hadn’t seen anything yet, I
35
Zinc Steel Products thought, and second, I wasn’t quite sure where the
30
Aluminum “filthy” came from. Resentment that he’d missed
25
Iron Ore out on my presumed good deal, I suppose, and in
20
Stainless Steel Copper the process using a hackneyed phrase that was
15
bitter and biting, yet had some context of historical
10
5
Potash Crude Oil sociological relativity. Still, he might have been on to
0
Soy Beans
something there - not about me, hopefully, because
20 30 40 50 60 70 80 90 100 110 120 130 140 150 I’ve always felt that while PIMCO has prospered, it’s
Chinese Production as a % of China’s Demand only because its clients have benefitted even more
Source: Agora so - but about the developing sense of one-sided,
perhaps off-sided wealth generation that was to
dominate the next several decades. Granted, we had
5

7. Global Macro Outlook (continued)
Bill Gates and Steve Jobs and other true capitalistic much wealth in proportion to the rest of the world. Its
dynamos who benefitted society immeasurably. But fortune-producing capabilities seem to be declining,
growing percentages of fortunes were being made by which might suggest that its relative standard of living
those who could borrow or aggregate other people’s is doing so as well. If so, the implications are serious,
money. Because our economy was still in a relatively not just for Donald Trump but for wage earners
early stage of leveraging, those who borrowed money and ordinary citizens, as reflected in their income
and used it to invest in higher-risk yet higher-return levels and unemployment rates. Stockholders,
financial or real assets didn’t require a lot of skill, 401(k) investors, and yes, bond managers will be
they just needed to be able to convince a bank or an affected too. Last week’s furor over the possibility
insurance company to lend them some money. After of an eventual downgrade of America’s AAA rating
that, the secular wave of leverage would be enough demonstrates that only too clearly. On the night of
to multiply their meager equity many times over and May 20, Standard & Poor’s announced a downgrade
carry them to a beach where a fortune awaited them watch for the United Kingdom and since the U.S.
much like a pirate’s buried treasure. and U.K. are Siamese-connected, financially-
levered twins, the implications were obvious: the
I remember as a child my parents telling me, perhaps U.S. might be next. In the space of 48 hours, the
resentfully, that only a doctor, airline pilot, or a car dollar declined 2%, and U.S. stocks and long-term
dealer could afford to join a country club. My how bonds were down by similar amounts. Such a trifecta
things have changed. Now, as I write this overlooking rarely occurs but in retrospect it all made sense: a
the 16th hole on the Vintage Club near Palm Springs, downgrade would cast a negative light on the world’s
the only golfers who shank seven irons into the lake reserve currency, and since stocks and bonds are
are real estate developers, investment bankers, or only present values of a forward stream of dollar-
heads of investment management companies. The denominated receipts, they went down as well.
rich are different, not only in the manner intoned by F.
Scott Fitzgerald, but also in who they are and what The potential downgrade, while still far off in the future
they do for a living. Whether some or all of them are in PIMCO’s opinion, seemed dubious at first blush.
filthy is a judgment for society and history to make. While country ratings factor in numerous subjective
Of one thing you can be sure however: over the qualifications such as contract rights, military might,
next several decades, the ability to make a fortune and advanced secondary education, the primary
by using other people’s money will be a lot harder. focus has always been on the objective measurement
Deleveraging, reregulation, increased taxation, and of debt levels, in this case sovereign debt, as a
compensation limits will allow only the most skillful - percentage of GDP. Yet, as shown in Table 1, both
or the shadiest - into the Balzac or Forbes 400. the U.S. and the U.K. entered the Great Recession
with attractive ratios compared to such grievous
Readers who are interested in such things as the offenders (and AA rated) as Japan.
Forbes annual list of hoity-toities will have noticed
that more and more of them are global, not U.S. Yet as the markets recognized rather abruptly last
citizens. The U.S., in other words, is not producing as week, both countries seem to be closing the gap
6

8. Global Macro Outlook (continued)
in record time. To zero in on the U.S. of A., its ephemeral taxes on leverage-based capital gains that
annual deficit of nearly $1.5 trillion is 10% of GDP in turn were due to the secular decline of inflation and
alone, a number never approached since the 1930s interest rates that at some point had to bottom. We
Depression. While policymakers, including the are reaping the consequences of that long period of
President and Treasury Secretary Geithner, assure overconsumption and undersavings encouraged by
voters and financial markets alike that such a path is the belief that lower and lower taxes would cure all.
unsustainable and that a return to fiscal conservatism
is just around the recovery’s corner, it is hard to The current annual deficit of $1.5 trillion does not
comprehend exactly how that more balanced rabbit even address the “pig in the python,” baby boomer,
can be pulled out of Washington’s hat. demographic squeeze on resources that looms
straight ahead. Private think tanks such as The
Private sector deleveraging, reregulation and reduced Blackstone Group and even studies by government
consumption all argue for a real growth rate in the agencies, such as the Congressional Budget Office,
U.S. that requires a government checkbook for years promise that Federal spending for Social Security,
to come just to keep its head above the 1% required Medicare, and Medicaid will collectively increase
to stabilize unemployment. Five more years of those by 6% of GDP over the next 20 years, leading
10% of GDP deficits will quickly raise America’s to even larger deficits unless taxes are increased
debt to GDP level to over 100%, a level that the proportionately. Collectively these three programs
rating services - and more importantly the markets represent an approximate $40 trillion liability that will
- recognize as a point of no return. At 100% debt to have to be paid. If not, you can add that present
GDP, the interest on the debt might amount to 5% or value figure to the current $10 trillion deficit and reach
6% of annual output alone, and it quickly compounds a 300% of GDP figure - a number that resembles
as the interest upon interest becomes as heavy Latin American economies such as Argentina and
as those “sixteen tons” in Tennessee Ernie Ford’s Brazil over the past century.
famous song of a West Virginia coal miner. “You load
sixteen tons and whattaya get? Another day older So the rather conservative U.S. government debt
and deeper in debt.” Pretty soon you need 17, 18, 19 ratio shown in Chart 5 will likely be anything but in
tons just to stay even and that describes the potential less than a decade’s time. The immediate question
fate of the United States as the deficits string out into is who is going to buy all of this debt? Estimates
the Obama and other future Administrations. The fact suggest gross Treasury issuance of up to $3 trillion
is that supply-side economics was a partial con job this calendar year and net offerings close to $2
from the get-go. Granted, from the 80% marginal tax trillion - almost four times last year’s supply. Prior to
rate that existed in the U.S. and the U.K. into the late 2009, it was enough to count on the recycling of the
60s and 70s, lower taxes do incentivize productive U.S. trade/current account deficit to fund Treasury
investment and entrepreneurial risk-taking. But below borrowing requirements. Now, however, with that
40% or so, it just pads the pockets of the rich and amount approximating only $500 billion, it is obvious
destabilizes the country’s financial balance sheet. that the Chinese and other surplus nations cannot
Bill Clinton’s magical surpluses were really due to fund the deficit even if they were fully on board -
7

9. Global Macro Outlook (continued)
which they are not. Someone else has got to write with its publicly announced and near daily purchases
checks for up to $1.5 trillion additional Treasury notes of Treasuries and Agencies at a $400 billion annual
and bonds. Well, you’ve got the banks and even rate. That in combination with a buy ticket for over
individual investors to sponge up some of the excess, $1 trillion of Agency mortgages has been the primary
but a huge, difficult to estimate marginal supply will reason why capital markets - both corporate bonds
have to be bought. The concern is that this can be and stocks - are behaving so well. But the Fed
accomplished in only two ways - both of which have must tread carefully here. These purchases result
serious consequences for U.S. and global financial in an expansion of the Fed’s balance sheet, which
markets. The first and most recent development ultimately could have inflationary implications. In turn,
is the steepening of the U.S. Treasury yield curve nervous holders of dollar obligations are beginning
and the rise of intermediate and long-term bond to look for diversification in other currencies, selling
yields. While the Treasury can easily afford the higher Treasury bonds in the process.
interest expense in the short term, the pressure it
puts on mortgage and corporate rates represents a The obvious solution to both dollar weakness and
serious threat to the fragile “greenshoots” recovery higher yields is to move quickly towards a more
now underway. Secondly, the buyer of last resort in balanced budget once a sustained recovery is
recent months has become the Federal Reserve, assured, but don’t count on the former or the latter.
It is probable that trillion-dollar deficits are here to
stay because any recovery is likely to reflect “new
normal” GDP growth rates of 1%-2% not 3%+ as
CHART 5: SIXTEEN TONS we used to have. Staying rich in this future world
will require strategies that reflect this altered vision
of global economic growth and delivered financial
Federal Gov’t Debt markets. Bond investors should therefore confine
Country
to GDP Ratio maturities to the front end of yield curves where
U.S. 45% continuing low yields and downside price protection
U.K. 50% is more probable. Holders of dollars should diversify
their own baskets before central banks and sovereign
Japan 171% wealth funds ultimately do the same. All investors
Germany 39% should expect considerably lower rates of return than
Canada 42% what they grew accustomed to only a few years ago.
China 20% Staying rich in the “new normal” may not require
investors to resemble Balzac as much as Will Rogers,
Brazil 36% who opined in the early 30s that he wasn’t as much
Source: PIMCO. All data as of Q4: 2008, sourced from concerned about the return on his money as the
individual country national accounts return of his money.”
8

10. Global Macro Outlook (continued)
GLOBAL MONEY SUPPLY ANALYSIS
Financial commentator Mike Hewitt has conducted Chart 7 shows the growth of aggregate money
a very useful analysis of global monetary aggregates supply since 1971, the last year that US dollars were
in an attempt to arrive at a measure of global convertible to gold.
money supply. There are several different monetary
aggregates used to measure a nation’s money It is worth noting that four currencies (EUR, USD,
supply. These monetary aggregates can be thought JPY and CNY) comprise nearly 75% of all circulating
of as forming a continuum from most liquid LMO to banknotes and coins. (See Appendix for data).
the least liquid LM3.
Chart 8 shows the historical outstanding stocks of
Chart 6 shows the countries used to measure M0, M0 for currencies analyzed by Hewitt.
M1, M2 and M3 in Hewitt’s study.
CHART 6: 138 COUNTRIES INCLUDED IN CHART 7: ESTIMATED GLOBAL MONETARY
ANALYSIS AGGREGATES (JAN 1971 TO MAY 2009)
60
50
(in US $ trillions)
40
30
20
10
European Union West African Union Central African Union 0
Data Aavailable No Data Available
1971
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
Source: www.dollardaze.org
M3 - Broad Money
M2 - Money + Close Substitutes (Quasi-Money)
M1 - Currency in Circulation + Demand Deposits (Money)
M0 - Currency in Circulation
Source: www.dollardaze.org
9

11. Global Macro Outlook (continued)
Though the exact numbers are subject to
interpretation, the trend is clear. Global money supply
is increasing at an accelerating rate. In 1990, the total
amount of currency in circulation exceeded US$1
trillion. Twelve years later, the total amount exceeded
US$2 trillion. This doubled again less than six years
later.
CHART 8 ESTIMATED GLOBAL CURRENCY IN
CIRCULATION (JAN 1971 TO MAY 2009)
4.5
4.0
3.5
(in US $ trillions)
3.0
2.5
2.0
1.5
1.0
.5
0.0
1971
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
US Dollar (USD) Japanese Yen (JPY)
Euro (EUR) Chinese Renminbi (CNY)
All Others
Source: www.dollardaze.org
10

12. Farmland Update
NO-TILL FARMING
No-till farming (sometimes called zero tillage or At the World Congress on Conservation Agriculture
conservation tillage) has been part of the evolution of held in Kenya in 2005, it was reported that farmers
grain growing - a way to produce more grain with less are showing increased interest in no-tillage and the
effort, fuel, erosion and water loss. The countries technology is being applied to more than 95 million
with the largest acreage under no-till are the US, Brazil, hectares worldwide. These six countries all have
Argentina, Canada, Australia and Paraguay. Canadian adoption areas above one million hectares (see
farmers, and in particular Saskatchewan farmers, are Chart 9).
world leaders in no-till farming practices. In 1991,
6.7% of Canadian farmland was in no-till cultivation CANADIAN FARMERS DIVERSIFY
but by 2006 the average was 46.4% according to
the Department of Agriculture. In Saskatchewan In 2006, red meats, grains and oilseeds, and dairy
the averages are even better. In 1991, 10.4% of accounted for almost 70% of total farm market
Saskatchewan farmland was in no-till cultivation but by receipts, down from 74% in 1990 (See Chart
2006 the average had climbed to 60.2%. 10). Since 1990, the contribution of grains and
CHART 9: EXTENT OF NO-TILLAGE ADOPTION CHART 10: FARM MARKET RECIPTS BY
WORLDWIDE COMMODITY, 1990 AND 2006
26 Total $20.1B Total $32.4B
Area under no-tillage
24 $1.1 5.2% Fruits & Vegetables 7.0% $2.3
22 (million hectares) 2004-05 Poultry & Eggs
$1.7 8.4% 7.3% $2.4
20
28 $2.5 12.5% Other Farm Commodities 16.5% $5.3
16
14
12 $3.2 15.7% Dairy 14.9% $4.8
10
8
6 27.8% Grains & Oilseeds
4
$5.6 23.3% $7.6
2
0
USA
Brazil
Argentina
Canada
Australia
Indo-Gangetic-Plains
Paraguay
Bolivia
South Africa
Spain
Venezuela
Uruguay
France Chile
Colombia
China
Others (estimate)
30.4% Red Meats 31.0% $10.1
$6.1
1990 2006
Source: Statistics Canada
11

13. Farmland Update (continued)
oilseeds, dairy, and poultry and eggs to total farm
CHART 11: REGIONAL FARM MARKET RECEIPTS
market receipts are gradually declining, while that
BY COMMODITY SHARE, 2006
of red meats, fruits and vegetables, and other farm
commodities are increasing. Percent
100
In the Prairies, red meats have surpassed grains 90
80
and oilseeds as the most important commodity in 70
dollar terms. In the Atlantic Provinces, other farm 60
commodities such as special crops contributed about 50
50% to farm market receipts in 2006. In Central 40
30
Canada, red meats and dairy are the most important 20
commodities in dollar terms. 10
0
B.C. Prairies Ont. Que Atlantic
Red Meats Grains & Oilseeds
Other Farm Commodities Daiy
Poultry & Eggs Fruits & Vegetables
Source: Statistics Canada
12

14. Appendix
TABLE 1
Percent
Amount of all
Country/ Currency (Billion Circulating
Union Code US$) Currency
European
EUR 1035.2 24.30%
Union
United
USD 850.7 19.97%
States
Japan JPY 762.4 17.90%
China CNY 492.3 11.56%
India INR 140.3 3.29%
Russia RUR 110.8 2.60%
United
GBP 87.5 2.05%
Kingdom
Canada CAD 43.8 1.03%
Switzerland CHF 40.3 0.95%
Poland PLN 37.7 0.89%
Brazil BRL 37.3 0.88%
Mexico MXN 34.3 0.81%
Australia AUD 32.4 0.76%
Others (89) - 554.9 13.03%
13

15. DISCLAIMER:
The information, opinions, estimates, projections and other materials
contained here in are provided as the date hereof and are subject to change
without notice. Some of the information, opinions, estimates, projections
and other materials contained herein have been obtained from numerous
sources and Agcapita Partners LP (“AGCAPITA”) and its affiliates make
every effort to ensure that the contents hereof have been compiled or
derived from sources believed to be reliable and to contain information and
opinions which are accurate and complete. However, neither AGCAPITA
nor its affiliates have independently verified or make any representation or
warranty, express or implied, in respect thereof, take no responsibility for
any errors and omissions which maybe contained herein or accept any
liability whatsoever for any loss arising from any use of or reliance on the
information, opinions, estimates, projections and other materials contained
herein whether relied upon by the recipient or user or any other third
party (including, without limitation, any customer of the recipient or user).
Information may be available to AGCAPITA and/or its affiliates that is not
reflected herein. The information, opinions, estimates, projections and other
materials contained herein are not to be construed as an offer to sell, a
solicitation for or an offer to buy, any products or services referenced herein
(including, without limitation, any commodities, securities or other financial
instruments), nor shall such information, opinions, estimates, projections and
other materials be considered as investment advice or as a recommendation
to enter into any transaction. Additional information is available by contacting
AGCAPITA or its relevant affiliate directly.
#400, 2424 4th Street SW Tel: +1.403.218.6506 www.agcapita.com
Calgary, Alberta T2S 2T4 Fax: +1.403.266.1541
Canada