Assiniboia Farmland Group completes reorganization transaction



    REGINA, Jan. 30 /CNW/ - The Assiniboia Farmland group has today completed
its previously announced reorganization. The combined effect of the
reorganization is that Assiniboia Farmland Limited Partnership 3 ("Assiniboia
3 Partnership") acquired all of the outstanding limited partnership units of
Assiniboia Farmland Limited Partnership ("Assiniboia 1 Partnership"),
Assiniboia Farmland Limited Partnership II ("Assiniboia 2 Partnership") and
Assiniboia Farmland Limited Partnership 4 ("Assiniboia 4 Partnership") in
exchange for limited partnership units of Assiniboia 3 Partnership issued from
treasury to the unit holders of Assiniboia 1 Partnership, Assiniboia 2
Partnership and Assiniboia 4 Partnership. Assiniboia 3 Partnership
subsequently acquired all of the assets and assumed all of the liabilities of
Assiniboia 1 Partnership, Assiniboia 2 Partnership and Assiniboia 4
Partnership and Assiniboia 1 Partnership, Assiniboia 2 Partnership and
Assiniboia 4 Partnership were wound up and dissolved.
    A total of 671,436 new units of Assiniboia 3 Partnership were issued from
treasury as a result of the reorganization transactions, increasing the total
number of outstanding Assiniboia 3 Partnership units to 1,111,136 from the
439,700 units previously outstanding. Based on the final net asset values
determined for the respective limited partnerships as of December 31, 2008,
unit holders of Assiniboia 1 Partnership and Assiniboia 2 Partnership received
5,553.7543 Assiniboia 3 Partnership units for each Assiniboia 1 Partnership
unit and 851.7529 Assiniboia 3 Partnership units for each Assiniboia 2
Partnership unit. Unit holders of Assiniboia 4 Partnership received 0.9019
Assiniboia 3 Partnership units for each Class "A" Assiniboia 4 Partnership
unit and 0.9251 Assiniboia 3 Partnership units for each Class "F" Assiniboia 4
Partnership unit, respectively.
    As a result of the reorganization, Assiniboia Farmland Limited
Partnership 3 now owns a portfolio of approximately 80,000 acres of
Saskatchewan farmland and cash resources with a combined net asset value of
approximately $28.7 million as of January 30th, 2009. Assiniboia Farmland
Limited Partnership 3 is a Regina based limited partnership that provides
investors with an opportunity to gain exposure to Saskatchewan farmland.
    Additional information about Assiniboia 3 Partnership and Assiniboia 4
Partnership is available at www.sedar.com.

    %SEDAR: 00025696E




For further information:

For further information: Doug Emsley, President and Chief Executive
Officer, (306) 347-1024, doug@farmlandinvestor.ca; Brad Farquhar, Vice
President, (306) 347-7202, brad@farmlandinvestor.ca; Web:
www.farmlandinvestor.ca

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Assiniboia Farmland Limited Partnership

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