Investor Presentaiton

FARMLAND PARTNERS . Established Business/Emerging REIT Sector Established Business Model U.S. farmers have long rented farmland (15) to expand operations and achieve economies of scale. Many farmers historically rented land from family members, neighbors, or other community members. 1,200 1,000 800 600 400 200 о U.S. Farmland (Millions of Acres) 1925 1930 1935 1940 1945 1950 1954 1959 1964 1969 1974 1978 1982 1987 Owner Operated Please see p. 28 for end notes. 1992 1997 2002 2007 2012 ■Rented/Leased 2017 Emerging REIT Sector Farmland is a very large scale, near-zero vacancy sector, with de-risked cash flows and government support. Demand is constant and growing, independent of discretionary income. The sector is highly fragmented and underpenetrated from an institutional investor perspective. How long has farmland existed as an investible asset class? What is the penetration of institutional investors into farmland real estate in the United States? What is the total addressable market size in the United States? What other now-established real estate sectors were considered early or emerging in recent years? How much public market capital has flowed to "emerging" real estate sectors in recent years? What are the fundamental drivers of other emerging real estate sectors? What are the fundamental drivers for farmland? What are the risks to the farmland sector? Decades, if not centuries Less than 5% ~$3.4 trillion (3) Cold Storage Gaming Data Centers Towers Single Family Rental In excess of $100 billion Food logistics Communication infrastructure Tourism, leisure spending Lack of mortgage availability Growing demand for food in the face of land scarcity See p. 22 FPI 20 LISTED NYSE

View entire presentation