The 2011 Canadian census reveals an increase in farm revenues and a trend towards consolidation within the agricultural sector, as larger farms grow in both number and size while smaller farms decline. Agcapita's farmland funds attract conservative investors looking for inflation hedging and are positioned to benefit from rising crop prices driven by growing demand for food, feed, and fuel. The Agcapita Farmland Fund III, launched in October 2011, offers a unique investment opportunity eligible for registered retirement savings plans, while acknowledging the associated risks in farmland investments.

1. Agcapita Farmland Fund III – Farm Receipts Increase, Farm Consolidation
Trend Continues
FOR IMMEDIATE RELEASE, ATTENTION INVESTMENT EDITORS – June 4, 2012 -
Calgary
The 2011 Census of Agriculture revealed higher Canadian farm revenues and an
increase in farm size reflecting a continuation of the land consolidation trend in
the industry. According to the census:
1) Consolidation - “The Canadian agricultural sector continues to restructure as
many farms expand in scale of operation, consolidate, draw on technological
innovations to enhance productivity, and augment their sales. This trend,
consistent with the economies of scale characterizing parts of Canadian
agriculture, is evident when examining farm numbers by gross farm receipts
class between 2006 and 2011.”
2) Receipts - “Gross farm receipts grew by 3.9% (at 2010 constant prices)
between 2005 and 2010 in Canada, and that this growth occurred primarily on
larger farms. The number of census farms with gross farm receipts of $500,000
and over grew while the number of farms with gross farm receipts less than
$500,000 decreased.”
3) Economies of Scale - “Farms with $500,000 and over in gross farm receipts
accounted for 11.5% of farms in 2011, and 67.9% of the total gross farm receipts
in Canada (Figure 2). In 2006, they represented 8.6% of farms and 60.1% of
gross farm receipts.”
4) Farm Numbers - “In 2011, Canada had 205,730 census farms, a number
representing a decrease of 10.3% (or 23,643 farms) since the last
census…Historically, the total number of census farms in Canada began to
decline after 1941 followed by the accelerating urbanization of the 1950s. The
largest 5-year decline on record was from 1956 to 1961 when the number of
farms fell by 16.4% or about 94,000 farms (Figure 3). Total farm area reached a
high in 1966 of 174.1 million acres, and in 2011 was 160.2 million acres.”
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

2. 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
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.
Agcapita Farmland Fund III was opened to investors in October 2011 with a $20
million offering. Agcapita Fund III is the only farmland investment fund eligible for
Registered Retirement Savings Plans (“RRSP”).
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.