.724 $1,593.738 $ 797.377 S 33.11371,167 Derelageneme: Roadrunner Ranch Citrus mare, CA Apr-II & Sep.!! 227 244 $ —Jeer $ 7.150.639 N/A Condor Ranch Mocidos/ Ventura, CA Nov-II & Dec-11 261 785 125.931" 43.20(00 9.542.6(6 Nov-IS Lemons Gawk blind Gnat, . Otrus Okeechobee, Dec.12 451

h as the leases for Kimberly Vineyard, Blue Heron Farms, Quail Run Vineyard, Golden Eagle, Falcon Farms, Kingfisher Ranch and the mature portion of Condor Ranch, pursuant to which a portion of the rent is a fixed base rent and the remaining amount of rent depends on crop yields and prices realized by our ten

able and commodity row crop farms, in any given year we may have multiple leases up for renewal or extension. We have nine leases (Sandpiper Ranch, Condor Ranch, Pleasant Plains Farm, lillar Farm and Kane County Farms), with some farms having multiple leases, expiring in 2015 that collectively accounted for

aised value of the farms pledged as collateral. The third revolving credit facility is secured by first lien mortgages on our Kimberly Vineyard 2, Condor Ranch, Roadrunner Ranch, Blue Cypress, Grassy Island Groves properties, with the loan commitment amount not to exceed 50% of the current appraised value o

• An example of the disparity between purchase price and/or total cost of a development farm compared to the valuation of a mature farm is our Condor Ranch property, which we purchased in two transactions in November and December 2011 for $18,678 per tillable acre. -total costs, inclusive of purchase p

6.127.008 4.446 1726 1,593,738 797,379 DevdopmertE": Roadnutace Ranch Cirrus lblan. CA Apr-11 dt Sep-11 7.180.639 7.154.000 227 244 on Condor Ranch Avotiadoe/ Lemons Vannera. CA Nov-11 dr Deed 1 9.542,606 10.855,000 261 786 125431" 47,22006 li nt, Island Grisets Cirrus Okccchobce. FL