Commodity Row Crops Commodity row crops are planted and harvested annually or more frequently and include corn, wheat, soybean, rice, cotton, oats, rye, barley, sorghum, potatoes and hay, among others. The U.S. is the leading producer and exporter of corn and soybeans and is a top producer of cotton, according to the USDA. Annualized total returns over the five year period ended June 30, 2015 for row crops, which include specialty/vegetable and commodity row crops, were 12.5%, according to NCREIE As of the date of this prospectus, our portfolio was diversified by crop type and region as shown by the charts below: Appraised Nokia Diversification (i• milNons t:SD) by Crop Appraised Value Diversification fin millions USD) by State Type and Region %San Saluinento AL.$23.[ AR. $6.3. Joaquin Valley (CAI. 34 Valley (CA). 59.9.5% 5233.11% Stnwbeuics 590.4% Pecaos.58.2. 4% Con I Soybeans. $39.6.19% Croton I Rice. 56.3. 3% Au:RadosI Lams. 510.9.5% Citnis (Rush). 511.5.6% N. Sun Joaquin Valley (CM. 534.1.16% total appraised *ohm 5207.7 U.. 5395. CA.55.7. 3% Note: Portfolio diversification based on appraised value as of June 30. 2015 for all farms excluding any farms acquired after the third quarter of 2014. which are based on investment cost as of June 30, 2015 and includes total cost (purchase price plus preliminary closing costs) for the two additional properties acquired in August 2015. Some crop type categories contain multiple crops (i.e. Wine stapes consists of Merlot, Chanlonnay. etc. and Winter Vegetables refers to melons, peanuts and other mixed vegetables), which aggregates to more than 21 crop varieties (approximately 40 if sub-varieties, arc wonted), state planted in rotation. Development farms generally will not generate lease income during the development period, which for permanent crops is between four and nine years, depending on the crop, and will generally be considered to be development farms until comme