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Agcapita Farmland Fund is pleased to report that Farm Credit Canada ("FCC") confirms another strong return performance

for Canadian farmland.


FOR IMMEDIATE RELEASE, ATTENTION INVESTMENT EDITORS October 14,

2012 - Calgary According to the FCC Farmland Values Report, the average value of farmland in Saskatchewan increased by 9.1% during the first half of 2012. The FCC reports that "The latest increase is part of a trend that shows farmland values have been rising in the province since 2002. In the two previous six-month reporting periods, farmland values increased by 10.1% and 11.6%, respectively. In comparison, the average value of Canadian farmland increased by 8.6% during the first six months of 2012, following gains of 6.9% and 7.4% in the previous two semiannual reporting periods. Farmland values remained the same or increased in each province except British Columbia. Ontario experienced the highest average increase at 16.3%. High-quality farmland suitable for specialty crops continued to be in strong demand, says Michael Hoffort, FCC Senior Vice-President of Portfolio and Credit Risk. Consolidation of farms in some provinces is an ongoing trend as producers seek to increase their land base and take advantage of efficiencies." Stephen Johnston, founder of Agcapita reports that "Farmland continues to appreciate as we predicted when we launched our first fund in 2008. We believe that strong agriculture commodity prices and expansive monetary conditions are supporting valuations globally but more interestingly, Saskatchewan appears to be closing the price gap with its neighbors and generating even higher rates of returns than Canadian farmland investments in general. We believe this is a demonstration of a margin of safety factor in Saskatchewan farmland which we find so compelling as investment managers. With capital raised in our 2012 offering, Fund III expects to be able to add up to 10,000 additional acres to the overall Agcapita portfolio. We continue our model of using minimal to no leverage for acquisitions in keeping with a commitment to risk mitigation." Agcapitas series of farmland funds continue to show great appeal to conservative investors concerned with inflation and the volatility of their existing public equity 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. Agcapitas 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. 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. 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.