Investor Presentaiton

FDIC South Dakota led all states in farmland price appreciation between 2004 to 2014. Average Value of 1.3 1.7 3.3 2.2 1.3 1.4 3.4 1.4 1.6 3.2 1.3 3.1 1.8 1.6 1.4 2.4 2.1 1.6 1.4 2.3 1.6 Farm Real Estate 2014 As a Multiple of 2004 Less Than 1.5 1.5 to 2.0 2.0 to 3.0 Greater than 3.0 Source: USDA (Haver Analytics). Note: Inflation adjusted values. 1.3 1.1 1.2 1.9 1.7 1.6 1.4 1.1 1.3 1.1 1.1 1.8 1.21 0.9 1.2 0.90.9 0.91.1

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