Introducing American Ranchlands Capital LLC, a Preservation Capital Partners offering. American Ranchlands Capital is a specialized, private placement, credit fund. The opportunity is proprietary, low LTV, fully collateralized loans to Agricultural (farms/ranches) and Small Balance Commercial Real Estate borrowers. -Targeted Minimum Annual Distribution of 8% -Portfolio LTV not to Exceed 55% -2 Year Minimum Commitment

1. FIRM OVERVIEW – July 2015 CONFIDENTIAL
Earn ~15%+ returns with regular cash flow and liquidity collateralized
against bridge loans on the best performing real estate asset class with
a portfolio LTV not to exceed 55 %
Wes McCrimmon
312-848-9842
wmccrimmon@preservationcapital.com

2. American Ranchland's Opportunity and Advantage
Confidential
• Disruption in the debt marketplace for farms and ranches – currently, traditional lenders are
tightening their lending guidelines for lending to farms and ranches due to a reduction in
commodity prices and the association between land values and commodity prices.
• First mover – We are amongst the first to evolve our approach to financing the farmlands and
ranchlands markets for a changing and growing borrower/owner and from an advance sale
and bridge to permanent financing perspective.
• Residential and commercial lenders have evolved to meet the evolving borrowers.
• Comparable financing structures to advance sale exist in high end auctions for
collectables and luxury goods.
• Team has extensive farmlands and ranchlands lending experience, including loan sales to the
secondary market with existing portfolio of assets. We have been doing this since 2006. Team
is comprised of ranchlands and farmlands owners and experts, as well as structured finance
experts. We have the ability to manage the property in addition to financing it.
• Proprietary deal flow comes from relationships with regional associates, affluent owners,
farm and ranch networks, real estate brokers, estate planners and traditional lenders.
• Current pipeline $40+ million within 300 miles of office in Bozeman, Montana. Additional
interest obtained from WY, ID, UT, SD, ND, IN, WI & CO. Target originations – Year 1 - $70
million, Year 2 - $200 million total, Year 3.5 - $500 million total

3. Product Investment Profile
Confidential
Bridge Loans, Term Loans & Purchase Leaseback
Asset Profile US farmland, ranchland, and small balance commercial real estate
Borrower Profile Strong owners and sellers of farmland, ranchland, and commercial real estate
Products Senior lien term loans, bridge loans, and purchase leaseback structures
Use of Proceeds No restrictions
Strategies Situational bridge loans, confidential liquidity, advance sale, estate planning
Transaction Amount ~ $500k – $3M per financing
Term ~ 3 – 5 year transaction durations
Return Composition Cash interest (or principal & interest) paid monthly or quarterly
Amortization ~20 year and interest only
Interest Rates Charged 9 – 15% unlevered + 2 – 10% of upside if a purchase, leaseback, repurchase structure is used
Collateral Security First Lien / Deed in escrow at 40 – 55% LTV (portfolio average not to exceed 50% LTV)

4. CURRENT ANNUAL
MARKET SIZE OF FARM
ASSETS
$2.9 TRILLION +
ADDRESSABLE MARKET*
$368 BILLION
Annual increasein
loandemand
~+6.5%
*Sources & Notes:
• USDA – ERS Farm Income and Wealth
Statistics, November 2015
• Loan demand 2015 increase of 6.3%. Loan
demand data from Congressional Research
Service U.S. Farm Income Outlook 2015,
December 2015.
• Farmlands and ranchlands financing
Includes real estate, equipment, cropss, operating
Term Farm / Ranch Financing – Large Market Opportunity
Confidential
• Annual farmlands and ranchlands financing 2015
• It is estimated loan demand will
increase by ~6.5% per year over
the coming years
• Farm Credit Systems - $460 Billion in assets
• Farmer Mac - $446 Billion in assets
• Insurance Companies - $900+ Billion in assets
• Local / Regional Banks - $1+ Trillion in assets
• USDA FSA - ~$50 billion
Opportunity: ~$2 trillion of ranch and farm real estate loans are in force today

5. 10Year Delinquency Rate Comparison
Confidential
The farmlands and ranchlands delinquency rate is much lower than that of commercial real
estate and residential real estate.
Source: Federal Reserve, Q3 2015

6. Farm & Ranch Loan Demand vs.Traditional Available Funds
Confidential
The demand for farmlands and ranchlands loans is vastly exceeding the
available funds from local and regional banks.
Source: Federal Reserve Bank of Kansas, 2015 Q3 Ag Credit Survey

7. Why Borrow From American Ranchlands?
Confidential
Why borrow from us?
• Complete confidentiality (unlike traditional lenders)
• We will finance properties as they are listed for sale
• Flexible use of funds (unlike traditional lenders)
• Interest only positions available
• Non-recourse positions available
• Summarized underwriting
• Faster funding
• Bridge financing
• We are experts in finding the most appropriate
structure for the client.
Currently, traditional farmlands and ranchlands lenders are pulling back from
the marketplace due to a fall in commodity pricing. Traditional lenders also have
not evolved to meet the needs of many farm and ranch borrowers.
High Quality
Property
Cash Flowing
Property
Owner Liquidity
Desire or Need
Advance Sale
Inability to refinance
Secure Entry Point
Creative Structure
Flexible Situations
Management
Experts
Ideal Real
Estate
Profile

8. Basic Underwriting Criteria
Confidential
Cash flowing farmlands and ranchlands are the most desirable collateral. Home or
other structures may be financed along with land at a discounted LTV.
All loans will be underwritten using:
• Full appraisal from a licensed, certified appraiser
• Real estate broker opinion of valuation
• Home / building inspection (if applicable)
• Title search / report
• Survey / lease validation
• Phase I environmental report
• Credit report and score
• Attestation of no contingent liabilities
• Attestation of no judgments / lawsuits
Additional criteria for recourse evaluation:
• Current summarized balance sheet
• Past year tax returns with K1s
• Proof of liquidity
Portfolio Composition
50%
Senor Lien
Term or
Bridge Loans
To be
refinanced
50%
Purchase
Asset
Leaseback to
prior owner
Owner
repurchases

9. Production Channels
Confidential
Banks &
Insurance
Companies
Insurance Companies Regional Banks Community Banks
Brokers
Farm, Ranch, &
Commercial Real
Estate Brokers
Farm, Ranch, &
Commercial Mortgage
Brokers
Private Equity Funds
Professionals &
Estate Planners
Wealth Managers Accountants Attorneys
Regional Associates are positioned strategically in states to take
advantage of the following production channels and network with
local organizations and consumers.

10. Lending Model / Loss Waterfall
Borrower Equity
American Ranchlands
Capital JV
Senior Debt
Confidential
~50%
~50%
CLTV
~40%
LTV
• Value established with
formal appraisal and
multiple written broker
opinions
• Senior Lien is place on
property OR deed to
property is held for
additional security
We will leverage
with Local &
National Banks
whenever possible.
American Ranchlands
Capital, LLC
OurFinancing

11. Preservation Capital Team
Confidential
John Hudson | President
Chris Bateson | Operations & Underwriting Jason Mittelstaedt | Strategic Marketing
Philip Land | Sales & Real Estate Advisor
John is a trusted structured finance and capital markets executive with experience at Merrill Lynch,
Sun Microsystems, and Symbol Technologies. John founded Preservation Capital in 2006 and
specializes in asset based specialty finance and capital markets advisory. John holds a B.S. in
Economics, a B.S. in Finance, an M.S.M. in Finance from the Krannert School at Purdue University.
Chris has twenty years of experience in finance in accounting,
banking, and in the technology sector. As a CPA, Chris worked at
Deloitte and Touche as well as other regional firms. Chris was a
commercial lender for a large commercial and agricultural bank
and was the CFO of a high growth technology company. Chris holds
a B.S. in Business Administration and Masters of Public
Accountancy from Montana State University.
Jason is a successful marketing executive and was the CMO
at RightNow Technologies. Jason has directed strategic
marketing efforts at numerous technology companies and
also invests in several prominent companies. Jason holds a
B.S. from Northwest Nazarene University and is a graduate
of Harvard Business School.
Philip Land is a successful business and agricultural investor,
ranch broker, and landowner. Philip started his career as a
dentist and grew his practice into a large network of dental
offices. After selling his regional dental practice, Philip
moved to Montana and began strategically placing
investments in commercial and agricultural real estate and
brokering ranchland. Philip is the founder and principal of
The Land Brokers, a regional ranchlands brokerage firm.
Victoria Booth | Chief of Staff
Victoria has experience in communications, research, technical
writing and project management in the nonprofit and finance
sectors. She has managed teams in the founding of two
profitable startup businesses. Victoria graduated summa cum
laude from the University of Montana with a B.A. in History.
Todd Graham | Ranchlands Advisor
Todd has over twenty years’ experience managing ranches for
absentee owners and providing ranch management consulting
on over four million acres of ranchlands across the West. His
work focuses on improving land health and wildlife habitat
while implementing financially sustainable enterprises. Todd
holds a B.S. in Rangeland Science from the University of
Wyoming and is the author of the Bullseye! Monitoring
Protocol. www.ranchadvisory.com
Al W. Van Ness | Senior Advisor
Al is an experienced executive with experience in logistics,
hospitality, and finance. Al was Chairman and CEO of Consolidated
Delivery & Logistics, Inc. (CDL-AMEX) from the company's
inception in 1995 to the sale of CDL in 2006. Al is also a founder of
niche hotel company Club Quarters. Al attended Duke University
and Northern State University, where he received his BA. He holds
a Masters degree from South Dakota State University and
continued his doctorate at Syracuse University.

12. INVESTMENT OPPORTUNITY
Confidential

13. Investment Summary – American Ranchlands Capital, LLC (DE) or related JV
Confidential
Unique opportunity to invest in a market disruption with an experienced team.
Expected net return to investors: ~15%+ net annually (fully collateralized
against hard assets at ~50% portfolio LTV )
Distributions:
Will be made to the American Ranchlands Members and Manager as follows:
1. First, 100% to the American Ranchlands Members pro rata until each American
Ranchlands Member has received a cumulative, but non-compounding annual return
equal to 8%;
2. Second; 80% to the American Ranchlands Members pro rata until each American
Ranchlands Member has received a cumulative, but non-compounding annual return
equal to 15% and 20% to the Manager; and
3. Third, beyond a cumulative, but non-compounding annual return equal to 15%,
30% to the American Ranchlands Members pro rata and 70% to the Manager.
For discussion purpose only

14. Investment Summary – (Continued …)
Confidential
Unique opportunity to invest in a market disruption with an experienced team.
Expected net return to investors: ~15%+ net annually (fully collateralized
against hard assets at ~50% portfolio LTV )
Two Models Utilized:
1) MODEL 1: Senior Lien on Property
• We hold a senior lien position on the property
Investment Manager: Preservation Capital Ag, LLC or related JV
Position of Interest: Senior Lien
Management Fee: 1.25%
Servicing Fee: 0.60%
Interest rate: 9-14% unlevered
Leveraged to increase return (Est. leveraged Int. cost 5%)
Dividends: Paid semi-annually or reinvested to investor(s).
Equity incentive: NA
Overall Estimated ROI: 15%+
For discussion purpose only

15. Investment Summary – (Continued …)
Confidential
Unique opportunity to invest in a market disruption with an experienced team.
Expected net return to investors: ~15%+ net annually (fully collateralized
against hard assets at ~50% portfolio LTV )
Two Models Utilized:
2) MODEL 2: Purchase, leaseback to counter party, counter party repurchases
• We hold the deed to avoid foreclosure risk and ease of leverage
Investment Manager: Preservation Capital Ag, LLC or related JV
Position of Interest: Ownership + Leaseback + Repurchase Agreement
Management Fee: 1.25%
Servicing Fee: 0.60%
Implied interest rate: 9-14% unlevered
Leveraged to increase return (Est. leveraged Int. cost 5%)
Dividends: Paid semi-annually or reinvested to investor(s).
Equity incentive: 2-10% of difference between purchase price and sale price.
Overall Estimated ROI: 15%+
For discussion purpose only

16. Legal Disclaimer
Confidential
THE FUND SECURITIES (“SECURITIES”) ARE NOT SUITABLE INVESTMENTS FOR ALL INVESTORS. YOU SHOULD NOT PURCHASE ANY SECURITIES UNLESS YOU UNDERSTAND AND ARE ABLE TO BEAR THE LIQUIDITY AND
MARKET RISKS ASSOCIATED WITH THE SECURITIES. AN INVESTMENT IN THE SECURITIES INVOLVES SUBSTANTIAL RISKS AND UNCERTAINTIES AND SHOULD BE CONSIDERED ONLY BY SOPHISTICATED INVESTORS
WITH SUBSTANTIAL INVESTMENT EXPERIENCE WITH SIMILAR TYPES OF SECURITIES.
Prospective investors should review the Private Placement Memorandum, including the description of risk factors contained therein, prior to making a decision to invest in the Securities. The Private Placement
Memorandum will include more complete descriptions of the risks described below as well as additional important risks. Any decision to invest in the Securities described herein should be made after reviewing
such Private Placement Memorandum, conducting such investigations as the investor deems necessary and consulting the investor’s own legal, accounting and tax advisors in order to make an independent
determination of the suitability and consequences of an investment in the Securities.
Securities Not Listed; No Market for Securities. The Fund's Securities are not traded on any securities exchange or other market. No market currently exists for Securities, and the Investment Adviser does not
expect that one will develop. The Securities are, therefore, not readily marketable. Although the Investment Adviser expects to recommend to the Fund’s Board to repurchase Securities in accordance with the
terms described herein, no assurances can be given that the Fund will do so. In addition, no assurance can be given that the Fund will offer to repurchase Securities quarterly or at any other interval.
Consequently, Securities should only be acquired by investors able to committheir funds for an indefinite period of time.
Liquidity Risks. The Fund is designed primarily for long-term investors and is not intended to be a trading vehicle. An investor should not invest in the Fund if the investor needs a liquid investment.
No Operating History. The Fund is a newly organized entity with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision.
Lack of Fund Management Experience. Although certain of its personnel have experience purchasing, structuring and managing investments for private investment vehicles, the Investment Adviser itself has no
prior experience acting as investment adviser for any funds or other collective investment vehicles. Accordingly, no performance history is available for the Investment Adviser.
Conflicts of Interest Risk. The Investment Adviser will experience conflicts of interest in connection with the management of the Fund, relating to: the allocation of the Investment Adviser's time and resources
between the Fund and other investment activities; the allocation of investment opportunities by the Investment Adviser and its affiliates; compensation to the Investment Adviser; services that may be provided by
the Investment Adviser and its affiliates to borrowers whose loans are included in the Loan Portfolios in which the Fund invests, including origination and loan servicing activities and placement agency services;
investments by the Fund and other clients of the Investment Adviser; the formation of additional investment funds by the Investment Adviser; and differing recommendations given by the Investment Adviser to the
Fund versus other clients.
Credit Risk. The Fund's debt investments will be subject to the risk of non-payment of scheduled interest or principal by the borrowers with respect to such investments. Such non-payment would likely result in
a reduction of income to the Fund and a reduction in the value of the debt investments experiencing non-payment.
Leveraged Credit Risk. The Fund may use a high degree of leverage. The use of leverage is a speculative investment technique that increases the risk of loss to holders of the Securities.
Liquidity Risk. The Fund may invest without limit in assets that, at the time of investment, are illiquid. Illiquid investments may be difficult to dispose of at a fair price at the times when the Fund believes it is
desirable to do so. The market price of illiquid investments is more volatile than that of more liquid investments, which may adversely affect the price that the Fund pays for or recovers upon the sale of such
investments. Illiquid investments are also more difficult to value, especially in challenging markets. The Investment Adviser's judgment will play a key role in the valuation process.
Legal and Regulatory Risks. Legal and regulatory changes could occur which may materially adversely affect the Fund. The regulation of the investment funds such as the Fund has undergone substantial
change in recent years, and such changes will continue.
Loan Prepayments May Affect the Ability of the Fund to Reinvest in Appropriate Assets. Loans are generally prepayable in whole or in part without penalty. There can be no assurance that when a loan is
prepaid, suitable investments that satisfy the Fund’s investment criteria and restrictions will be available for the Fund to purchase. Any delay in reinvestment will reduce the amount of proceeds available for
distribution by the Fund.

17. Legal Disclaimer
Confidential
The information contained herein is confidential information regarding the Fund and the Investment Adviser. By accepting this information, the recipient agrees that it will use and it will cause its directors, partners,
officers, employees, attorney(s), agents and representatives to use the information only to evaluate its potential interest in the securities described herein and for no other purpose and will not divulge any such
information to any other party. Any reproduction of this information, in whole or in part, is prohibited. Further, unless prohibited by local law, any use, review or acceptance of this information is subject to and
manifests your agreement with the Investment Adviser to use such information only in accordance with the terms set forth above. The Investment Adviser caused this information to be delivered to you in reliance
upon such agreement.
These materials are being delivered only to (i) accredited investors (as defined in Regulation D under the Securities Act of 1933) in the United States and (ii) non-United States persons in offshore transactions who
would be purchasing in reliance upon Regulation S of the Securities Act. These materials contain indicative terms only and describe, among other things, the Securities to be issued by a private investment fund.
The Securities will not be recommended by any United States federal or state securities commission or any other regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or
determined the adequacy of the information contained in this document. Any representation to the contrary is a criminal offense.
The information contained herein has been prepared solely for informational purposes and should not be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument. If
any offer of securities is made, it shall be made pursuant to the final Private Placement Memorandum prepared by or on behalf of the Fund, which would contain information not contained herein and which shall
supersede, amend and supplement this information in its entirety.
Prospective investors are urged to request any additional information they may consider necessary or desirable in making an informed investment decision. Each prospective investor (and each investor’s
representative, if any) is invited, prior to the consummation of a sale of any interest by the Fund to such investor to ask questions of, and receive answers from, the Investment Adviser regarding the offering and to
obtain any additional information to the extent the Investment Adviser possesses the same or can acquire it without unreasonable effort or expense, in order to verify the accuracy of the information contained
herein or otherwise.
None of the Fund, the Investment Adviser, or any of their respective affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein,
and nothing contained herein shall be relied upon as a promise or representation, including, without limitation, as to past or future performance. The information includes estimates and projections and involves
significant elements of subjective judgment and analysis. No representations are made as to the accuracy of such estimates or projections or that all assumptions relating to such estimates or projections have
been considered or stated or that such projections will be realized. Opinions expressed are our current opinions as of the date appearing on this material only and only represent the views of the
Investment Adviser, unless otherwise expressly noted. The Fund, the Investment Adviser, and their respective affiliates disclaim any and all liability relating to this information, including, without limitation,
any express or implied representation or warranty for statements contained in and omissions from this information. None of the Fund, the Investment Adviser, or any of their respective affiliates expects to
update or otherwise revise the information contained herein except by means of the Private Placement Memorandum relating to the Securities.
HYPOTHETICAL ILLUSTRATIONSAND PRO FORMA INFORMATION
These materials contain statements that are not purely historical in nature but that are "forward-looking statements." These include, among other things, projections, forecasts, estimates of income or return,
future performance targets, sample or pro forma portfolio structures or portfolio composition, scenario analysis, specific investment strategies and proposed or pro forma levels of diversification or sector
investment. These forward-looking statements are based upon certain assumptions and involve significant elements of subjective judgment and analysis. Actual events are difficult to predict and are beyond the
control of the Fund, the Investment Adviser, and their respective affiliates. Actual events may differ from those assumed. There can be no assurance that estimated returns or projections will be realized, that
forward-looking statements will materialize or that actual returns or results will not be materially lower than those presented. All forward-looking statements included are based on information available on
the date hereof, and none of the Fund, the Investment Adviser, or their respective affiliates assumes any duty to update any forward-looking statement.
PRIOR INVESTMENT RESULTS
Any prior investment results or returns are presented for illustrative purposes only and are not indicative of the future returns on the securities and obligations of the Fund. Future returns are not guaranteed, and a
loss of original capital may occur. Because of portfolio restrictions that apply to the Fund and differences in market conditions, the investments selected by Investment Adviser on behalf of the Fund may differ
substantially from the investments made by Investment Adviser and its affiliates for their own account or on behalf of other pooled investment vehicles managed by it.