DUXTON FARMS LTD — Board/Management Information 2018

Dec 23, 2018

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ASX Release 24 December 2018

The Manager Announcements Companies Office Australian Securities Exchange Limited Sydney NSW 2000

MANAGEMENT TRANSITION

The Board of Duxton Broadacre Farms (ASX:DBF) (“the Company”) wishes to advise the market of the transitioning of Dr Anthony Hamilton from Managing Director of the Company, to a Non-Executive Director, effective 1 January 2019.

We are pleased to announce that Mr Bryan Goldsmith has been appointed to the position of General Manager – NSW with effect 1 January 2019.

Dr Hamilton has been integral to the successful acquisition and integration of the Wyalong and Yarranlea aggregations, as well as driving the Company’s weather risk mitigation strategies and irrigation development. We look forward to Dr Hamilton’s ongoing contributions to the Company in his capacity as Non-Executive Director.

Mr Peter commented; “We would like to express our sincere gratitude to Tony who worked tirelessly to position the Company as one of the nation’s pre-eminent cropping ventures.”

Mr Goldsmith has been previously acting in the capacity of Chief Operating Officer of the Company, bringing a wealth of experience with him to the role with 35 years experience in the agricultural industry and most recently was the general manager of agriculture for Twynam Agricultural Group. Details of Mr Goldsmiths remuneration and key contractual terms are included in Appendix 1.

ENDS

Appendix 1:

Summary of the Key Terms of employment of Mr Bryan Goldsmith

1. Commencement Date:

The Company will engage Mr Goldsmith in the position of General Manager, NSW commencing on 1 January 2019.

2. Terms

Mr Goldsmith will be appointed for an ongoing term subject to termination by either party (see section 4 below).

3. Remuneration

Mr Goldsmith will be entitled to a base salary of $140,000 (exclusive of superannuation) per annum. This will be reviewed annually.

4. Termination

Mr Goldsmith’s employment may be terminated at any time on three (3) months’ notice or payment in lieu of notice, for any reason, including if in the opinion of the Board his performance is unsatisfactory.