NCREIF Farmland Index cumulative returns have also outperformed the MSCI World Index and tlx: Barclays Capital Aggregate Bond Index by a wide margin: and since 1991, the NCREIF Farmland Index has had little correlation to the S&P 500, the MSCI World and the Barclays Capital Aggregate Bond Indicos. NCREIF Farmland Index Return Statistics (from Inception in January 1991-June 30. 2015): Historical Return Statistics Annual Returns Annual Returns Annual Annual Returns Returns Annual Returns Standard Dnialion Cinaulats.* Returns Correlation Jan. 1901 - June 2915 (Inetptioal II 'earl (3 years' (5 'tarsi (IS years) (Inception) !Inception) Draw-down to Nil NCREIF Farmland Index (NFL) 11.8% 11.7% 16.2% 153% 16.4% 6.3% 1439.1% 0.0% - NCREIF Permanent Ow 12.4% 21.6% 23.9% 20.2% 20.0% 9.8% 1651.2% -3.8% - NCREIF Row Crop 11.0% 4.3% 11.6% 123% 13.4% 3.9% 1193.1% 0.0% - S&P 500 Index 10.0% 7.4% 17.3% 17.3% 7.9% 15.7% 938.0% -45.8% 0.13 MSC World Index 7.4% 1.4% 14.3% 13.1% 6.4% 16.2% 478.7% —49.1% 0.15 NCREIF Property Index 8.0% 13.0% 11.6% 12.7% 8.2% 4.8% 553.1% —23.9% 0.19 Barclays Capital Aggregate 6.3% 1.9% 1.8% 3.4% 4.4% 3.9% 342.2% —3.9% —0.I Note: Chart is based on quarterly data. "Drawdown" refers to the maximum peak-to-trough decline in net asset value. U.S. farmland performance vs. other real estate Ifistorically, US. farmland has been an asset class with relatively stable returns through income and value appreciation. The average annual return of the NCREIF Farmland Index since inception in 1991 has been approximately 11.8% per year versus an average of 8.0% for NCREIF's property index. aura l. hi .NCREIF (rand ince. . NCAE.F P5./potty mat Attaualkred (Wan) bmr(ag Rtxt)imme, Fsnntir.i tutu tNi, it NCREIF Property halm (NH) (2.2%) S&P 500 (14.1%) • NCREIF Fanblaad bin • S P so CAlei(oma al Mc(*) Otivimz 11(va.fross Nil SAP !at Sett 5C-0 Jul. 1990. Mar. 19