Farmland Investor Letter Survey of Land Values & Cash Rent Rates

• Non-irrigated cropland values up 2.5% in quarter; 9.3% year-over-year
• Irrigated cropland values up 2.8% in quarter; 9.6% year-over-year
• Pasture values stable in quarter; up 3.2% year-over-year

• Low Interest Rates Continue to Underpin Farmland Price Inflation
• Economic Outlook Turns Positive
• Banks Report Significant Increase in Borrowing to Purchase Farmland

• Farmland Price Index Hits Record High
• Worries Over "Fiscal Cliff" Turn Economic Outlook Negative
• Wexford Steams Ahead on Farmland Portfolio Liquidation

• Uncertain Ground
• Second Qtr. 2012 Land Market Review
• Hedge Fund Manager Wexford Capital to Take Profits & Run
• New Land Market Coverage for Southern Midwest/Mid-South

• Farmland Price Index Rises to Highest Level Since March
• Economic Outlook Edges Up to Growth Neutral

• More Air in Farmland Price Bubble
• Economic Outlook Improves

• Flattening Income Expectations Curb Land Price Growth
• Economic Outlook Points to Slowdown

• Continued robust profits and low interest rates helped lift U.S. cropland values 14.5% to new record.
• Rent income yields for cropland declined to an average 3.52%.
• Based on income yields, cropland appears most attractively priced in the Northwest; least attractive in the Southeast.

• Worries Over Drought & Slowing Economy Crimp Land Price Growth
• Economic Outlook Plummets, Hints at Contraction

• Land Price Growth Weakens for Third Straight Month
• Economic Outlook Sees Slowdown