Peoples Report - Winter 2022

PEOPLES REPORT WINTER 2022 DAVE ENGLUND JOINS PEOPLES COMPANY AS DIRECTOR OF NATIONAL ACCOUNTS PEOPLES COMPANY ANNOUNCES PARTNERSHIP WITH LANDMARK AG CAPITAL FEDERAL CROP INSURANCE - A POWERFUL TOOL FOR FARMLAND INVESTING VALUE MIDWEST BECOMES A PEOPLES COMPANY OFFICE US FARMLAND MARKET OVERVIEW

2 | PeoplesCompany.com WINTER 2022 IN THIS ISSUE RECOGNIZED NATIONALLY AS FARM MANAGERS OF THE YEAR pictured here left to right George Baird 2006 Kyle Walker 2021 Dave Englund 1999 3 Dave Englund Joins Peoples Company as Director of National Accounts 3 Value Midwest Becomes a Peoples Company Office 4 Peoples Company Announces Partnership with Landmark Ag Capital 5 US Farmland Market Overview 6 Federal Crop Insurance - A Powerful Tool for Farmland Investing 8 Auction Methods 10 Organic Production - A Farmland Investment Strategy 11 Farm Lease Considerations: Short Term vs. Long Term 12 Peoples Company Achieves Sustainability Certification for Managed Land Portfolio 13 Peoples Company Team Members Learn About Ag in California 14 Two Peoples Company Agents Lead State RLI Chapters 14 Kyle Walker Named 2021 Farm Manager of the Year 14 Walker Becomes President of ASAC 15 Peoples Company Platform On the cover...

3 Peoples Company recently announced the hiring of Dave Englund as the Director of National Accounts. Mr. Englund, the former President and CEO of Farmers National Company, adds vast senior-level expertise to Peoples Company’s growing team. “There are few people in our industry who match Dave’s industry knowledge, relationships management, lake management services and executive planning experience. Adding Dave to the Peoples Company team not only allows us to continue our exceptional growth across the country, but it broadens our expertise, increases our ability to develop and implement strategic initiatives, and, ultimately, adds tremendous value for our clients,” said Peoples Company President Steve Bruere. Dave Englund retired as President and CEO of Farmers National Company in April 2021 after 34 successful years in various roles within the company. As President and CEO, Englund oversaw the management of over $9 billion in assets, including over two million farm and ranch acres across 26 states. Under Englund’s leadership, the company brokered the sale of more than 600 farms and ranches per year for a total annual consideration of more than $450 million. In addition to land management and land sales, Englund oversaw other Farmers National Company business lines including appraisals, insurance, consultation services, DAVE ENGLUND JOINS PEOPLES COMPANY AS DIRECTOR OF NATIONAL ACCOUNTS hunting lease management, forest resource and collateral review services for lending institutions. “I have admired Peoples Company’s business model and their thoughtful approach to growth while maintaining close and deep relationships with their existing client base,” said Dave Englund. “In the months since retiring from Farmers National Company, I came to realize I still have a strong passion for the business and a desire to continue serving farmers and landowners across the nation. I enjoy working alongside Steve Bruere and the entire Peoples Company team to further cement it as the industry leader for land management, brokerage, appraisal and investment.” As the Director of National Accounts, Englund uses his extensive experience and relationships across the country to develop and implement client growth opportunities, elevate Peoples Company’s current performance and strategy, and build and maintain long-term relationships with business prospects, partners, and affiliates. Englund, the former President and CEO of Farmers National Company, oversees business development, partnerships, acquisitions, and strategic initiatives. Value Midwest of Marlette, Michigan, and Peoples Company have been working collaboratively for the past three years. As of January 1st, 2022, Value Midwest officially became a Peoples Company office. The Michigan office will remain open, and clients can expect exceptional service from the same dedicated team. The acquisition of Value Midwest by Peoples Company represents a win-win for both companies and our clients. The strategic move bolsters agricultural real estate service offerings and expands the network and territories served. Value Midwest has been providing valuation services since 1994. Value Midwest services a myriad of clients across nearly thirty states. Appraisal projects include bare cropland, recreational land, orchards, dairy and grain facilities, commercial land and buildings, business ventures, conservation easements and many other unique properties. VALUE MIDWEST BECOMES A PEOPLES COMPANY OFFICE

4 | PeoplesCompany.com Peoples Company announced a strategic partnership with Landmark Ag Capital and its owner, George E. Baird, IV, which expands Peoples Company’s reach deeper into the Mississippi Delta region. Landmark Ag Capital, which is based just outside Memphis in management, consulting, and real estate service Arlington, Tennessee, has significant experience in the Mississippi Delta. In partnering with in Arkansas, Mississippi, and Tennessee. The announcement comes following the 2020 announcement that Peoples Company opened its first office in the Mississippi Delta in Jonesboro, Arkansas, with the addition of Joel and Kim King. “Peoples Company’s strategic growth and expansion across the nation is a success because we continue partnering with the most knowledgeable firms in the industry that have spent decades building relationships,” said Kyle Walker, Peoples Company Director of Asset Management. “Existing Landmark Ag Capital clients can expect the same great service and counsel from George, while having access to more resources offered by Peoples Company. In partnering with Landmark Ag Capital, Peoples Company is thrilled to continue our growth in the Mississippi Delta.” PEOPLES COMPANY ANNOUNCES PARTNERSHIP WITH LANDMARK AG CAPITAL George E. Baird, IV, comes from an agricultural background and has been serving farmers for 27 years. Baird used his knowledge and expertise to build Landmark Ag Capital into a trusted and highly reputable farm Peoples Company, Landmark Ag Capital gains access to Peoples Company’s high-powered technology, national reach, diversified service offering, and industry-leading marketing service. Landmark Ag Capital, in turn, extends Peoples Company’s reach into a region where it continues to experience significant growth in land management and brokerage. Baird earned a Bachelor of Science Degree in Agriculture Economics from Mississippi State University in 1993. After graduation, George worked for Farmers National Company in Memphis, Tennessee, for nine years. He co- founded Baird & Brunson Land Management Group, LLC with partner Steve Brunson in 2001, before launching Landmark Ag Capital. Holding real estate licenses in Arkansas, Mississippi, and Tennessee, George represents landowners in managing their land and the buying and selling of farmland. His wide range of clientele includes everyone from sole farm owners to large investment companies. A member of the “Million Dollar Sales Club” since 2002, George’s proudest professional accomplishment was achieved in 2006 when he was selected Farm Manager of the Year by Syngenta, Ag Professional magazine, and ASFMRA.

5 US FARMLAND MARKET OVERVIEW Farmland markets have experienced a remarkable surge in price across much of the country during the last 12 months with many areas in the Midwest up 20% or more. Farm incomes have been buoyed by strengthening commodity prices, which were supported by increased export demand and recovering domestic usage as well. And all asset market valuations have continued to be supported by sustained low interest rates. Concern about potential inflation and debate about future monetary policy and stimulus spending regularly generate headlines about future asset values. And unfortunately, disruptions related to the COVID-19 pandemic and associated policy responses have continued longer than expected. In the previous National Land Values Report, major issues affecting agricultural asset markets were identified, and it was noted that the demand-side factors supporting continued strong performance would determine near-term performance and that longer-term issues would depend more critically on capital market and interest rate impacts. The reasonably positive projections from a year ago have in fact turned out to be mostly accurate, and the strong market for farmland that developed since then has continued. By Bruce Sherrick, Professor & Director TIAA Center for Farmland Research, University of Illinois Adapted from Peoples Company’s National Land Values Report. To view the full article and the entire National Land Values Report, go to PeoplesCompany.com/Company/Industry Research

6 | PeoplesCompany.com The US Department of Agriculture (USDA) administered federal crop insurance program (FCIP) makes US farmland truly unique compared to other investment grade asset classes across the globe. The FCIP provides a minimum annual revenue guarantee for annual revenue guarantees by crop and county asset operations that significantly reduces risks for farmland operators and by extension farmland owners. Created in 1938 as an element of agricultural policy responses to the Great Depression, the FCIP is a permanently authorized program with a dedicated agency, The Federal Crop Insurance Corporation (FCIC) . The FCIC finances FCIP operations 1 through mandatory appropriations. In 2019 the FCIP provided coverage for 124 commodities with over 90% of all corn, soybean and cotton acres insured through the program. In total 379.9 million acres were insured through FCIP in 2019 . 1 FCIP provides coverage for a wide range of agricultural production perils ranging from adverse growing conditions to commodity market risks. Insurance premiums are subsidized by the federal government encouraging broad participation. Private sector companies are responsible for selling and servicing the policies while the USDA supports premium subsidies, regulation, and reinsurance of the policies. Through this public/private partnership a broad range of policy types and options are available to help customize coverage for the specific needs and characteristics of an individual asset. Actuarial analysis of historical production history and risk at a county level is used to establish insurable yields (T-Yields) by crop (Figure 1) . Market price testing is 2 performed using several different approaches suitable to each crop during each annual production cycle to establish insurable crop prices. These mechanisms establish insurable location. Actual Production History (APH) is used to establish insurable yields on assets managed by an operator with sufficient history of production for a crop within the county, or potentially an adjacent county, where the asset is located. Three years is typically the required production history for an operator to establish their APH for a crop and location. The FCIP is an important and valuable tool for farmland investors to understand and utilize. The key value adds include: Minimum annual revenue guarantees Underwriting and asset diligence Emerging financial incentives Minimum Annual Revenue Guarantee The ability to insure a predictable minimum annual revenue for asset operations is substantially valuable. This stabilizes annual asset performance when adverse growing conditions impact productive capacity in a particular year. Every operator and asset will By Dave Muth, Managing Partner, Alternative Equity Advisors FEDERAL CROP INSURANCE – A POWERFUL TOOL FOR FARMLAND INVESTING FIGURE 1 Non-irrigated corn grain T-Yields by county for 2021.

7 see this annual revenue guarantee calibrate to their APH over time. If an asset has low actual production for multiple years, the insurable revenue will decrease. The ability to have this minimum revenue guarantee is particularly important with newly acquired assets. This provides financial support while building knowledge and expertise needed to optimize management of the asset. Consider an example using Grundy County, IA and the non-irrigated corn T-Yield data provided in Figure 1. The T-Yield for corn in Grundy County is 205 bushels/acre. Assuming the RMA price test establishes an insurable corn price of $5.00/bushel, and the maximum multi-peril election of 85% coverage is elected, this provides a minimum revenue guarantee of $871.25/acre. This provides a predictable and consistent financial return to land ownership and substantially reduces the risk discount factors that would be associated with more variable annual cash flows. Because of this FCIP provides stability for long-term values and appreciation across the farmland asset class. acquisition price of $10,708/acre. The same Underwriting and Asset Diligence The USDA’s actuarial establishment of county level insurable yields by crop provides a temporally and spatially aggregated dataset that delivers important information to support asset underwriting and diligence. Specifically, this resource can support determination of production potential and stability when evaluating assets as investment opportunities. The risk classifications and relative cost of premiums for an asset or production area can provide valuable insights that support evaluation of the potential and frequency of production perils. Establishing the insurable annual revenue guarantee for an asset provides a clear and delineated maximum exposure for operator and investor for a particular production year. Considering the previous example looking at corn production in Grundy County, Iowa, the assumptions led to a minimum revenue guarantee of $871.25/ acre. Assuming total production cost for corn of $550/acre provides a breakeven maximum return to land of $321.25/acre from operations. Applying the same approach to McCook County, South Dakota, the non-irrigated corn T-Yield is 159 bushels/acre. This provides a minimum revenue guarantee of $675.75/acre. Assuming slightly reduced production costs in McCook County of $500/acre because of reduced inputs from lower yield targets establishes a breakeven maximum return to land of $175.75/acre. This basic analysis and data supports quick evaluation of how an asset can perform within an investment portfolio. Applying a 3.0% gross return requirement to the Grundy County example results in an return requirement applied to the McCook County example results in $5,858/acre. When acquiring assets from owner operators the annual reporting documents required for FCIP provide a valuable and streamlined information source for asset diligence. Annual reporting and crop insurance claim documents can be requested as part of the diligence process. These documents will provide yield history and details about perils that have impacted production in prior management years. These factors combine to deliver a powerful set of tools for effectively underwriting downside risk in US farmland investing. Emerging Financial Incentives USDA and the partner private sector insurance providers are currently piloting several programs that incentivize a range of soil health and conservation focused management practices. These incentivized practices include cover crops, split nitrogen application and reduced tillage practices. The pilots are exploring incentives through additional premium subsidies based on long term reductions in production risks through more resilient soils. Emerging FPIC programs focused on sustainability and resiliency align well with ESG objectives from many investment capital providers and also with crop market opportunities meeting consumer values for sustainability and transparency in the food supply chain. The ability to reduce the cost of insurance while achieving priority market access through the implementation of market preferred practices and meeting ESG objectives provides a unique financial opportunity for farmland investors. Additionally, these incentivized practices align with emerging carbon markets potentially providing another revenue stream for farmland operators and owners. The FCIP plays an important role in making US farmland a stable, reliable, and competitive asset class for investors. Understanding how the FCIP works and leveraging the actuarial data resources for the program can streamline asset underwriting and diligence. A holistic approach to US farmland investing will take advantage of the broad range of benefits across the investment lifecycle provided by the FCIP. 1 https://fas.org/sgp/crs/misc/R46686.pdf 2 USDA RMA Actuarial Data Master, author’s calculations

8 | PeoplesCompany.com AUCTION METHODS A farmland auction, when executed professionally, can be the ultimate solution and value creator for landowners when the decision is made to sell all or part of their land holdings. A lot goes into a farmland auction compared to a traditional listing and getting the details right is absolutely critical to the success of the sale. Peoples Company’s auction team conducted 60 auctions involving 204 tracts in the last six months of 2021.

9 ONLINE ONLY AUCTION An Online Only Auction allows buyers to bid on a property over a set period of time from their phone, tablet, computer, or other electronic device. A “soft close” is typically used which allows for an extension of the bidding period if bids are placed within the final minutes. This creates a competitive atmosphere similar to live auctions and often results in bidding extending beyond the scheduled auction end time. This method also allows buyers from a wide geography to easily participate in the auction. MULTI-PARCEL AUCTION A Multi-Parcel Auction (or “MultiPar”) is an auction method where a price is established on each tract before opening the bidding up to any characteristics and creates competition between and all combinations. In this method, bidders have the ultimate flexibility in choosing what they would like to purchase, and competition arises between the large combination buyers and the small individual tract buyers. This process may take several hours with bidding ending once no new bid raises have been placed made is the winning bid and results in a sale, within a certain time frame. The property is sold to the tract combination(s) that produce the highest total sale price. LIVE AUCTION This auction method takes place on a specific date and time and is often held in a nearby town community center or banquet hall close to the property. These auctions are open to the public and can draw large crowds that generate excitement and encourage a competitive bidding environment. SEALED BID AUCTION A Sealed Bid Auction involves setting a due date that all offers must be submitted by, typically 45-60 days after the launch of the marketing campaign. This process creates urgency in the marketplace but still allows the seller to receive multiple offers they can analyze and respond to, potentially including post offer negotiations. The sealed bid method may also be used as a precursor to a live auction to qualify bidders for participation in successive rounds of live bidding. CHOICE AUCTION When selling Choice, the auctioneer is offering the winning bidder the right to choose which parcel or parcels they would like to purchase. If the bidder wishes to take more than one parcel, the same per acre bid price will be used for each tract the bidder selects. This method is often chosen for auctions with similar tract bidders interested in different tracts. That helps achieve maximum sale prices. DUTCH AUCTION A type of auction in which the price on an item is lowered until it gets a bid. The first bid assuming that the price is above the reserve price. This is in contrast to typical auctions, where the price rises as bidders compete. INVITE ONLY AUCTION An auction format that is only accessible to a few selected potential buyers. Participants are often chosen through a bid submittal process. These auctions are a modification of live public auctions where sellers can restrict the participation for the bidding process to a few selected potential buyers. More often than not, farmland is the most valuable asset a family has and it is not uncommon for multiple generations of a family to be reliant upon it as their source of wealth. As such, the decision to sell their land is among the most important a family will ever have to make. Marketing strategy, getting the right people in the room, and sale day execution are essential. Ultimately, picking the right firm to handle a farmland sale and relying on experienced, knowledgeable professionals for advice throughout a transaction is crucial. If you’d like to learn more about Peoples Company’s auctions, please email [email protected] or call 855.800.5263.

10 | PeoplesCompany.com Trends in organic food consumption in the United States, as well as the level of imports of organic feed grains, indicate more farmland in the US needs to be transitioned to organic production in order to satisfy growing domestic imported over 21 million bushels of organic demand for organic food. This represents a compelling opportunity for investment with clear and growing market demand and the potential for premium returns compared to conventional farmland investments. Market Opportunity According to the 2021 Organic Industry Survey produced by the Organic Trade Association (“OTA”), organic food sales in the US increased a record 12.8% in 2020 from 2019 levels, reaching a new high of $56.5 billion. Since 2011, growth in total organic food sales have averaged approximately 9% annually. As a result of this strong long-term growth, the OTA estimates that almost 6% of total food sold in the US was certified organic last year, as opposed to 3.4% in 2010. Comparing the growth in sales of organic food products that require substantial organic feed grains, such as meat and dairy products, to the growth in certified organic farmland acres suggests an increasing deficit of organic feed grain production in the US Indeed, from 2008 to 2019, domestic production of organic grains (corn, soybeans, barley, oats, and wheat) grew almost 80%, from approximately 600,000 to over 1,000,000 certified organic acres, according to the USDA. Over a similar time period, USDA data shows that sales of organic livestock and livestock products grew nearly 3 times as quickly, increasing from approximately $1.3 billion to over $4.1 billion, nearly 216% growth. Imported organic grains are filling the domestic production deficit. According to the USDA, the value of imported organic grains reached a high of $424 million in 2016, exceeding sales of domestic organic grains by $44.5 million. ORGANIC PRODUCTION A FARMLAND INVESTMENT STRATEGY By Mark Moore, Managing Director of Business Development Alternative Equity Advisors Even though domestic organic grain sales have increased since 2016 and now exceed imports, there is still a substantial need for more organic acreage in the United States. In 2020, the US grains, including 8.4 million bushels of organic corn and 9.9 million bushels of organic soybeans. Assuming average organic grain yields, Alternative Equity Advisors estimates that the US needs to add approximately 440,000 acres of production to satisfy existing organic grain demand. Without additional organic acreage, the US reliance on imports will continue to grow as demand for organic feed grains increases. Imports of organic grains is not only a missed opportunity for American farmers but also raises concerns about the integrity of organic certification in the countries that are supplying organic grains to the US, including Turkey, Argentina, and India. Concerns about fraudulent organic certification of products from major import markets have led the USDA to start to crack down on illegal activity. Premium Returns The production of organic feed grain crops offers the opportunity for greater financial returns compared to conventional crops, with organic grain prices typically falling in the range of 2 to 3 times that of conventional grain prices. On a well-managed farm, these price premiums can more than offset lower crop yields and higher costs that may result from organic farming. Also, these price premiums have meaningful runway to continue because growth in organic feed grain consumption in the US is outpacing growth in domestic production and this gap is being filled by imports which are significant and potentially problematic. The attractive financial returns from organic farming do not come without challenges, however. One primary challenge is having the financial resources to transition conventional farmland to certified organic. Achieving organic certification requires a two-year period between the most recent chemical application and crop planting. During this transition period, crop yields will be lower, and crops can be sold only at conventional prices. Therefore, converting to organic production requires capital to support up to two years of potential financial losses. Another major challenge for producers is obtaining the technical training needed to transition to organic production. Although the USDA and private organizations offer programs to assist farmers in learning organic production, the uptake has been slow with less than 1% of US farms producing organically based on USDA data. For investors and farmers with the resources to overcome the investment and educational hurdles, organic production is typically more profitable than conventional production. According to research by Purdue University professors, the net return to land from organic corn production from 2015 to 2019 was 8.1 times higher than conventional corn while the same ratio for soybean production was 2.3 times. Conclusion Organic feed grain acreage has increased substantially over the past 12 years but has not kept pace with the growth in organic food demand. As a result, while the US is the leading producer and exporter of conventional feed grains, it ironically imports substantial amounts of organic feed grains. Despite substantial price premiums for organic grains, the transition to organic production has lagged demand due to the investment required to do so and the need for education and training. These threshold issues can be overcome with a properly capitalized farming operation and access to management teams with expertise in organic production.

11 Farmland has two return components: long- term appreciation and short-term cash yield. The way a landowner can capture appreciation of a farm is a pretty straight forward recipe: provide good general maintenance, emphasize soil health practices, and reinvest in the farm with improvements such as tile or irrigation. Maximizing income is less straight forward with no one-size-fits-all solution. Volatile markets and yields that are unknown can make to pay rent beyond what the market will bear, it hard to determine a fair cash rental rate months before the crop is even planted. Because up costing the landowner in the long run. of that, some landowners like the flexibility that comes with short term leases. Other landowners opt for the sense of stability they get from longer term leases. Short term leases, typically one year in duration, have become increasingly popular as they offer some distinct benefits. In this fast- paced world that we live in, short term leases allow the landowner to quickly make changes as circumstances evolve. If grain prices move higher, the rental rate can be adjusted higher the following year. Conversely, if grain prices are lower, the landowner might have to accept a is also preventing a rent reduction when prices lower rental rate. Also, a short term lease can be viewed as a trial run with a new tenant. If the landowner and tenant find that they are compatible in goals and expectations, then maybe a longer term lease is worth considering. If issues arise within the relationship, the lease can easily be terminated and both parties can move on. A drawback to short term leases is that it can discourage tenants from taking a long-term perspective on soil health and conservation. FARM LEASE CONSIDERATIONS: SHORT TERM VS. LONG TERM If the tenant knows that he/she may only be on the farm for one year, it’s unlikely they will make investments that may be realized by another tenant. It can also encourage aggressive each other until the lease ends or both parties operators to overpay for the lease. Just because someone is willing to pay a higher amount of cash rent doesn’t mean that the landowner is getting the best return on investment. In fact, it alluded to earlier, a long term lease will put a can mean the opposite. If an operator is willing they might cut corners elsewhere that could end sudden turn higher like they have in recent Long term leases are still common and can make a lot of sense in some circumstances. A risk-adverse landowner that is interested in stable, predictable income from their farm could benefit from a three or five year lease. First, it would provide some insulation from the volatility of the grain markets. Regardless of whether the markets are up or down, that landowner would get the same amount of cash rent for the duration of the lease. That landowner would be sacrificing the opportunity to raise rent when grain prices are higher but are lower. Another situation is a tenant taking on more of a care-taker role and accepting responsibilities beyond what is normally expected of a tenant. If there are projects to be done on the property and the landowner wants to offload those projects to the tenant, then it’s only reasonable that the tenant would want a longer lease to recoup their time, energy, and expenses. Of course, there are some tradeoffs to long term leases as well. A landowner needs to be judicious in selecting a tenant for a long term lease. If the relationship becomes strained, both parties are still contractually tied to agree to terminate. In the meantime, a rocky landowner/tenant relationship can become an uncomfortable situation for all involved. As ceiling over what the landowner can earn on their investment. If the grain markets take a times, but a long term lease is in place, the landowner is faced with a missed opportunity to raise their cash rent. When trying to decide between two options that lie on opposite ends of the spectrum, often times an individual will find that the best solution is somewhere in the middle. That is why Peoples Company Land Managers commonly employ Flexible Lease Agreements when negotiating a new lease. A flex lease is unique in that the landowner still receives a base amount of cash rent but is also entitled to a bonus if the tenant has a profitable year. This type of arrangement is a good compromise for both the landowner and tenant. For the landowner, it means that risk is mitigated as a certain amount of cash rent is guaranteed, but there is still some up-side potential if the tenant has a good year. In the case of a bad year, it does not put any additional burden on the tenant. If a flex lease sounds like something that you might be interested in, or if you would like more information, please visit PeoplesCompany.com or email [email protected]. By Paul Anderson, Land Manager

12 | PeoplesCompany.com PEOPLES COMPANY ACHIEVES SUSTAINABILITY CERTIFICATION FOR MANAGED LAND PORTFOLIO THE STANDARD ADDRESSES 13 SUSTAINABILITY PRINCIPLES: 1. Sustainable Agriculture 2. Soil Health and Conservation 3. Protection of Water Resources 4. Protection of Crops 5. Energy Use, Air Quality and Climate Change 6. Waste and Material Management 7. Conservation of Biodiversity 8. Protection of Special Sites 9. Local Communities 10. Employees and Farm Labor 11. Legal and Regulatory Compliance 12. Management Review and Continual Improvement 13. Tenant-Operated Operations Independent Auditor certifies managed farmland across seven states in Leading Harvest’s Farmland Management Standard. critical sustainability metrics that we know improve environmental outcomes. On each farm, Peoples Company land managers work to maximize yields on the most productive acres while protecting the environmentally sensitive areas. Importantly, experience has taught us that we can often solve economic problems through an environmental solution.” In achieving certification, Peoples Company becomes the first private farm management firm in the country to enroll its entire portfolio of managed lands in Leading Harvest and achieve certification. The accomplishment has not been lost on investors and landowners who recognize the increasing importance of a commitment to ESG (environmental, social and governance) principles on the farm and within the food production supply chain. “Savvy investors, landowners and farmers that Peoples Company works with are seeing that sustainable practices and positive environmental outcomes go hand-in-hand with land productivity,” said Peoples Company President Steve Bruere. “Peoples Company is honored to be the first private asset manager to achieve Leading Harvest certification across our entire managed land portfolio and, true to the Leading Harvest standard, we intend to seek opportunities to continually improve land management techniques to be effective stewards of the land.” Peoples Company is licensed to manage farms in Alabama, Arkansas, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Tennessee, Texas, Washington, Wisconsin, and Wyoming. Peoples Company has achieved sustainability certification for its entire managed lands portfolio through Leading Harvest’s Farmland Management Standard. The certification of managed acres in Arkansas, Illinois, Iowa, Nebraska, Minnesota, Missouri, and Oregon was conducted by an independent auditor and completed in July. Peoples Company intends to bring all future managed acres into Leading Harvest certification. The certification and audit examined farm practices and land management techniques across 13 sustainability metrics, which include soil health, protecting water quality, conservation of biodiversity, air quality and climate change, compliance with all farm labor regulations, legal compliance, and continual improvement of farming practices. To be certified, Peoples Company was required to demonstrate compliance with each metric. “Today’s consumer is demanding the supply chain to reduce the environmental impact of the food we eat. At the same time, socially responsible investment is pushing the agriculture industry to address broader environmental, social, and governance factors in the business model,” said Mollie Aronowitz, Peoples Company’s Director of Sustainability. “Together with our clients and their tenant farmers, Peoples Company has honed our management system to focus

13 PEOPLES COMPANY TEAM MEMBERS LEARN ABOUT AG IN CALIFORNIA From Santa Barbara to Fresno, Peoples Company team members had an opportunity to learn about agriculture in California last fall on a company trip. Highlights included almond and pistachio farm tours, winery tours, and incredible opportunities to continue developing relationships across the national team.

14 | PeoplesCompany.com Kyle Walker was recently named President of the American Society of Agricultural Consultants (ASAC) during the group’s annual conference in Nashville, Tennessee. The American Society of Agricultural Consultants is a non-profit organization whose members represent a diverse range of disciplines in the agriculture industry. ASAC’s membership is comprised primarily of experienced consultants boasting a wide array of expertise. Walker has been a member of ASAC since early 2017 and holds the Certified Agricultural Consultant (CAC) designation; the highest level of achievement an ASAC member can reach. WALKER BECOMES PRESIDENT OF ASAC KYLE WALKER NAMED 2021 FARM MANAGER OF THE YEAR Kyle Walker, Director of Asset Management, was named the 2021 Professional Farm Manager of the Year. The award, co-sponsored by Syngenta, Farm Journal’s The Scoop magazine and the American Society of Farm Managers and Rural Appraisers (ASFMRA), recognizes farm managers who display excellence in client service and a commitment to agriculture. Walker began working in the asset management Walker’s ability to look at each farm he profession in 2006 for a large family farm operation in southern Iowa, where he was introduced to custom row crop farming of corn and soybeans. Walker transitioned to Peoples Company in 2014 where he now oversees the Land and Asset Management Division. Walker was named the 2021 Professional Farm Manager of the Year because of his ability to work well with clients of all agricultural backgrounds, his pioneering of many conservation efforts, and his passion for improving his clients’ farm operations. “Kyle has always done such a good job balancing the best interest of the landowner and farm improvement, while also building really good tenant relationships,” says Mollie Aronowitz, Director of Sustainability and Land Manager at Peoples Company. “When you see Kyle interact with landowners, tenants and contractors, you really see they respect him. Kyle figures out the problem, and he doesn’t stop until he finds a solution everyone can work with.” manages and determine how to bring out its full potential is something his clients value when putting their trust in his management. “We’re so fortunate to have the excellent service that Kyle delivers,” says Sharon Krause, a client of Walker’s with whom he has worked with for two decades. “He takes into account our family goals of working on regenerative agriculture, water quality and soil conservation. And probably most importantly, he maintains really meaningful relationships with our operators. Kyle takes all of these pieces and makes them work. He’s just really delivering the whole package.” The REALTORS® Land Institute is made up of some of the highest caliber land brokers, including Joel King, ALC, and Andrew Zellmer, who were recently sworn in as Chapter Presidents. TWO PEOPLES COMPANY AGENTS LEAD STATE RLI CHAPTERS Joel King ,ALC,CAI Arkansas RLI Chapter President Andrew Zellmer Iowa RLI Chapter President

15 PEOPLES COMPANY PLATFORM With a national footprint, Peoples Company is able to serve all the major agriculture markets as a full-service national farmland transaction company. The core business model centers around brokering large, sophisticated land deals around the country, appraising diverse agricultural assets, as well as acquiring and managing investment-grade assets for clientele of the highest caliber including institutional investors, family offices, and high-net-worth individuals. Peoples Company’s major relationships throughout the industry with key referral sources and prominent ag players bolster the company’s regional strategy and position the company to work on large deals all around the country. LICENSING MAP Land Management, Brokerage and Appraisal Licensed States Land Management and Brokerage Licensed States AgriBusiness Trading Group Pacific Northwest 109 West Poplar Street Walla Walla, WA 99362 509.876.8633 [email protected] Landmark Ag Delta 6225 Greenlee Street, Suite 101-#9 Arlington, TN 38002 901.483.0373 [email protected] Peoples Company — Clive Midwest (HEADQUARTERS) 12119 Stratford Drive, Suite B Clive, IA 50325 515.222.1347 [email protected] Peoples Company — DeWitt Midwest 700 6th Avenue DeWitt, IA 52742 563.659.8185 [email protected] Peoples Company — Fresno Pacific West 7498 Remington Avenue, Suite 106 Fresno, CA 93711 559.306.6337 [email protected] Peoples Company — Indianola Midwest 113 W. Salem Avenue Indianola, IA 50125 515.961.0247 [email protected] OFFICES Peoples Company — Jonesboro Delta 1201 Nettleton Circle Jonesboro, AR 72401 870.275.6249 [email protected] Peoples Company — Omaha Midwest 10665 Bedford Avenue, Suite 102 Omaha, NE 68134 402.334.0256 [email protected] Peoples Company — San Diego Pacific West 2150 W. Washington Street, Suite 501 San Diego, CA 92110 619.618.0540 [email protected] Peoples Company — Marlette Lake States 6446 Morris Street, PO Box 125 Marlette, MI 48453 989.635.0086 [email protected] Appraisal Licensed States Consulting Available Peoples Company Office

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