Cumulative Returns (1991—June 2015) Conon:Oise Return ot jone .1(1, 2015 0991 = indexed to 1001 1.800 1.600 k IA00 l2® 1.000 KO 603 1- 40 200 0 1991 1997 2003 2000 2Cris - Fen,land — WW 2 —aPatenveds —M O% Sonny: NCREIF, SNI. Financial. (1991—Jun. 20151 1400% 1400% 1200% 1490% 1000% tin P00% 740% 533% B00% 400% 200% 0% FainLind SAP se%) AP441414, 44 U.S. farmland may serve as a hedge against both inflation and deflation with limited correlation to other asset classes We believe the farmland asset class may provide both diversification and a hedge against inflation in a portfolio of investments. The Purdue University Center for Commercial Agriculture published research on farmland values. In its analysis, the Center found that over a period of time that spanned various market cycles (1914.2011) farmland values were highly correlated with inflation with a correlation coefficient of 0.63 between land prices and the Consumer Price Index. In addition, farmland's returns to major asset classes such as the US. 10-Year Treasury and the S&P 500 Index, as noted in the chart below (based on research from The Center for Farmland Research at the University of Illinois), demonstrate farmland's potential ability to diversify a portfolio. Return Correlation with U.S. Farmland (1970 to 2012) 30.2% Gold I tiv. 10-Year Treasury (9.6%) Baa Bonds (10.0%) IIII Equity REITs (26.3%) S&P 500 (26.6%) MSCI EAFE Index (35.0%) OJIA (40.0%) (20.0%) 0.0% Source: University of Illinois, Center for Farmland Research. 20.0% 40.0% U.S. farmland performance during different interest rate environments and during recent credit shocks U.S. farmland property values have generally been increasing over the long-term, although exceptions may exist, with lower than historical debt-to-equity and debt-to-asset ratios over the past 44 years, and have risen in both increasing and decreasing interest rate environments. With less debt, farmlan