Assiniboia Farmland Limited Partnership 3

Assiniboia Farmland Limited Partnership 3

October 12, 2007 17:05 ET

Assiniboia Farmland Limited Partnership 3 Completes Initial Public Offering

REGINA, SASKATCHEWAN--(Marketwire - Oct. 12, 2007) - Assiniboia Farmland Limited Partnership 3 (the "Partnership") is pleased to announce the completion of the first closing of its initial public offering of limited partnership units. The Partnership issued 415,300 limited partnership units at a price of $25.00 per unit for gross proceeds of $10,382,500. One or more additional closings may be completed by the Partnership up until December 14, 2007.

The Partnership has been established to provide investors with an opportunity to gain exposure to Saskatchewan farmland, which Assiniboia Farmland GP 3 Corp., the general partner of the Partnership, believes will benefit from increasing global demand for agricultural commodities resulting from the growing worldwide demand for (i) food, driven by countries such as China and India, and (ii) for ethanol and biofuels which can be produced from crops such as corn, wheat, canola and soybeans.

The Partnership's investment objectives are: (i) to maximize long-term total returns for Limited Partners; and (ii) to provide semi-annual distributions of its available cash to limited partners of the Partnership.

The syndicate for the offering is being co-led by CIBC World Markets Inc. and RBC Capital Markets and includes Scotia Capital Inc., Richardson Partners Financial Limited, Wellington West Capital Inc., Berkshire Securities Inc., Bieber Securities Inc., Canaccord Adams, Dundee Securities Corporation, MGI Securities Inc., Raymond James Ltd. and Research Capital Corporation.

Additional information about the Partnership is available on SEDAR (www.sedar.com).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the limited partnership units in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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