What produces better risk adjusted returns - operating farmland or owning farmland? Sept 24, Calgary There are two schools of thought on investing in upstream agriculture. One perspective is to operate farms directly and the other is to own the farmland and rent it back to a diversified portfolio of skilled operators on an arms length basis. Enquirica’s research indicates that over the medium to long term, farmland returns are directly tied to commodity returns and operating margin expansion and that the value of operating a farming business is ultimately capitalized in the land. In simple terms that means you can realize the upside from operating farm returns simply by owning the land and renting it out. Owning and renting has other significant advantages over operating a farming business – lower volatility of returns and no need to put significant amounts of working capital at risk. When you own the land your entire investment is tied into a non-depreciating asset and not tied up in machines, fuel, fertilizer, herbicides, labor etc. In addition, large scale farming is extremely complex from a logistics and operations perspective, expertise is difficult to find and very few attempts appear to have been successful – typically a poor crop year results in company destroying losses, a testament to the extreme volatility of farming versus owning the farmland itself. A large-scale farm is a “single point of failure” in engineering terms with all the drawbacks of central planning while a farmland portfolio can be leased to a diversified portfolio of farm operators more closely attuned to local conditions to reduce risk even further. The net result is that the risk adjusted returns to owning farmland are superior to those that come from just operating a farm – an important data point for investors considering exposure to the agriculture sector and trying to decide between farm operating companies and pure farmland ownership vehicles. Enquirica commented "We believe that investing in farmland directly and renting it back to a diversified pool of skilled farmers is the lower risk way to gain exposure to increasing agricultural commodity prices and improving operating margins of farming businesses. Farmland returns, unlike the operating returns of farms, are not particularly volatile and have over the long term produced consistent real returns. ” Enquirica Research is a Calgary based research firm focusing on independent analysis of alternative asset classes and investment opportunities, primarily in western Canada. For full copy of the report register at www.enquirica.com. DISCLAIMER: The opinions, estimates, projections and other information which is contained herein and derived from or attributable to persons other than ENQUIRICA is neither endorsed nor adopted by ENQUIRICA – it is presented for informational purposes only. Further, the opinions, estimates, projections and other information contained herein are not intended and are not to be construed as an offer to sell, or a

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