Investor Presentaiton

Risks to Sector Risk Weather Water Explanation of Risk Extreme temperatures (cold or hot), lack of water, excess water, storms, high winds, tornados, hail, flooding, etc. Droughts, depleting aquifers Competitive Geographies Trade Policy Agronomy Innovation Change in Consumer Preferences Climate Change Decreasing Food Demand Controlled Environment Agriculture Plant Based Protein Agriculture production increases in other parts of the world and makes the USA less competitive Losing access to export markets would be detrimental to the American farmer. New seeds, technology, nutrients, processes, equipment Crops may go out of favor. For example: grapefruit and grapefruit juice can cause problems with medicines that treat high cholesterol and high blood pressure. Changing temperatures may change productivity of farmland. New growing regions may emerge. Less food consumed means fewer resources needed to produce food High value crops grown indoors, close to population centers. Saves transportation costs (economic and environmental). Multiple harvest cycles per year. May replace human labor with machines. Meat alternatives (e.g., Beyond Meat) offer a protein alternative to consumers • • • • • Portfolio diversification Mitigation FARMLAND PARTNERS Weather events occur somewhere every year, but seldom occur across large geographic areas at the same time Crop insurance and property insurance can protect growers and landowners in cases of extreme weather Portfolio diversification Farmland located in regions with ample rainfall Properties with strong water rights Most viable competitor to the United States is Brazil. Brazil already has a thriving agriculture sector and exports products worldwide Sub-Saharan Africa has areas with good agriculture characteristics. Increased production will be used to meet projections of increased consumption Few other places in the world have suitable land, strong domestic consumption, infrastructure, and access to export markets Government officials have strong incentives to maintain strong trade worldwide In cases of trade policy breakdowns, the US government has moved to protect the agriculture sector Growers are always adapting to new trends to enhance productivity and profitability Annual crops are regularly replanted and can readily adapt to innovation Permanent crops are most exposed to this risk, as trees, bushes, vines, etc. have long lives and are expensive to replace Annual crops are replanted every year and can change with consumer preferences and market conditions Portfolio diversification. Changes are already occurring to growing regions, both due to environmental changes and technology changes. Less of a risk to core operating regions of the United States (e.g., corn belt) Trends of population increases and increased protein consumption with rising GDP/capita are unlikely to reverse Urbanization trends are unlikely to reverse Economically viable for certain high-value products (herbs, leafy greens, etc.) Growers must pay for energy (for photosynthesis), climate control, structural elements Unlikely to replace outdoor growing for large-area planted row crops (e.g., corn, soybeans) Consumers base long-term choices on many factors, including price, taste, ingredients, health factors, environmental impact, ease of preparation Farmland used for both plant-based proteins and traditional meat-based proteins Laboratory- Grown Meat May offer alternatives for people that are opposed to animal consumption for cultural, religious, environmental, or other reasons. Complex, precise, expensive, and energy-intensive process with today's technology Unclear of specifications required (e.g., food-grade, pharmaceutical-grade, etc.) Unproved at scale, but continual innovation will enhance today's technology and processes FPI 22 LISTED NYSE

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