INVESTING IN FA R M L A N D WITH GOOD FA R M E R S o Dirt Capital Partners invests private capital in farmland in the Northeast United States, facilitating farmland access and security for

sustainable farmers with viable businesses. o Farmers sign a 9-year lease with a fixed price purchase option after 5 or 6 years, and at the end of the lease term. The goal of each project is transfer of the farm to the farmer. o

We work with local partners land trusts, University extension services, technical service providers, agricultural lenders to position the project for long-term success. 1 2 FA R M S PURCHASED SINCE 2014 6 Organic Dairy 5 Diversified 1 Small Grains

2,000 acres total COMMON PROJECT TH E M Ean S existing farm to a more secure or larger property o Relocate o o o

o Expand a successful operation by acquiring nearby land Transfer a farm to non-family or family successors Conserve when land trusts look to partner with a like-minded organization Transform a farm with infrastructure updates for the next generations efficiency FA R M E R A N D P R O J E C T C R I T E R I A o o o

o Organic practices, certification not required New England, New York, New Jersey $100,000+ in annual gross revenue projected 2+ years of sales, or prior farm management experience and purchasing an established business o Project acquisitions range roughly $200,000-1M PROJECT PROFILE M o x i e R i d g e Fa r m & C r e a m e r y

Argyle, NY o 45-Acres of Pasture/Woods, Farmhouse, Outbuildings o Creating a Diversified Livestock, Farmstead Cheese and Agritourism Operation o Purchase and Expansion of an Existing, Operating Business from a Retiring Farmer Couple o Multiple Project Technical Assistance and Financing Partners: Hudson Valley Agribusiness Development Corporation, American Farmland Trust, GrowNYC, Agricultural Stewardship Association, USDA-FSA

California FarmLink 12 California FarmLink offers training and technical assistance related to land, capital and succession. California FarmLink links independent

farmers and ranchers to the land and financing they need for a sustainable future. 13 A Community Development Financial Institution (CDFI) Filling the capital gap for farms and ranches in California, with a focus

on beginning, immigrant and minority, direct-market and alternative production systems Initial focus of lending was operating capital; financing for purchase and refinance of land began in 2015 CDFI provides structure to: Pool capital from diverse sources Mitigate risks traditional lenders dont have an appetite for

Integrate development services for deal development, risk mitigation and servicing over the life of the loan FarmLinks Path to becoming a CDFI Farmer Education and TA organization founded in 1999 Through provision of education and TA focused on preparing for financing and loan packaging assistance, learned just how limited the options were for small, beginning and immigrant farmers. 2005- 2006 raised $1 million for loan fund

2006 2011 loans underwritten and serviced through Cal Coastal, a local, ag-focused CDFI 2011 began direct lending 2013 became Certified CDFI through Dept of Treasury 2017 $4 million available to lend 2016 $2.3 million in loan volume 2017 $3.5 million projected in loan volume 15 FarmLinks 168 loans Access to Capital have supported more

than 75 farmers across California. Impacts include: 764 jobs sustained and 196 new jobs created 30% average annual increase in gross business revenue 10% average annual You guys were literally our only option. You didnt just lend us money, but you understood

increase in family our perspective, and guided and taught us in the process as well. Farmer-Borrower income More than 85% of borrowers are certified 16 Financing 3 years operating

Criteria experience Adequate Debt Service Coverage Unable to secure financing elsewhere Deals to Date 17

Purchases (3) Participating Lenders (3) Succession (1) Down Payment Program (2) Refis (1) Conventional Residential Gaps Price Down

Payment Experience Financial Records Succession Risk profile Expansion/ Projection-based JSM Organics Diverse organic farm

Started in 2012 by Javier Zamora Operating on 40 acres across 3 parcels prior to purchase Direct to consumer and direct to retail markets Property: ALBAs Triple M Ranch 195 acres, 60 farmable Natural Resource & Ag Easement, held by Elkhorn Slough Foundation, conveyed with title 5-7 small farmer tenants continued under new ownership

19 Deal Profile $1.3 million asking price Partnerships and Capital Stack Critical to Deal Capital Stack FSA Down Payment Program 5% down $300,000 FSA Direct Farm Ownership Loan $650,000 FarmLink FSA Guaranteed Loan $250,000 RSF Social Finance Loan

Partnerships Kitchen Table Advisors FSA RSF ALBA 20

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