DUXTON WATER LIMITED ANNUAL MEETING 2018

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Section: Content:

1 The Team

2 Chairman’s Address

3 Portfolio Manager’s Address

4 Items of Business

4.1 Financial Report and Report of the Directors and Auditor

4.2 Remuneration Report

4.3 Election of Director – Dirk Wiedmann

4.4 Election of Director – Peter Michell

4.5 Authority to issue extra 10% Shares

5 Q&A

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SECTION 1 – THE TEAM

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ED PETER PETER MICHELL Chairman of the Independent NonBoard Executive Director

STEPHEN DUERDEN Non-Executive Director

DIRK WIEDMANN Independent NonExecutive Director

DENNIS MUTTON DONALD STEPHENS Independent NonCompany Secretary Executive Director

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ALISTER WALSH Director of Water Assets Portfolio Manager

Alister Walsh is a former Board Member of the Water Industry Alliance. Prior to joining Duxton Capital (Australia), Alister was CEO of Waterfind from 2014 to 2017. Alister has had extensive experience within the Australian Water Market since 2000.

Please refer to the Investment Overview or Annual Report for bios for the Board members.

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Section: Content:

1 The Team

2 Chairman’s Address

3 Portfolio Manager’s Address

4 Items of Business
4.1 Financial Report and Report of the Directors and Auditor
4.2 Remuneration Report
4.3 Election of Director – Dirk Wiedmann
4.4 Election of Director – Peter Michell

4.5 Authority to issue extra 10% Shares

5 Q&A

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SECTION 2 – CHAIRMAN’S ADDRESS

Highlights of 2017
Future Expectations
Investment Environment

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SECTION 2 – CHAIRMAN’S ADDRESS

DuxtonWater Balance Sheet

$120,000,000 Profit FY17 $2.07m $100,000,000 Loss FY16 ($0.230)m $80,000,000 $60,000,000 Cash & Other Assets Water Assets Net Assets $40,000,000 $20,000,000 $0

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SECTION 2 – CHAIRMAN’S ADDRESS

$120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $-

Duxton Water Balance Sheet – by Revenue Stream

Leased 55% Unleased 45%

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Unleased Entitlements (MV) Leased Entitlements (MV) Allocation Water Assets Net Assets

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SECTION 2 – CHAIRMAN’S ADDRESS

12.5% RETURN TO SHAREHOLDERS 2.3 cent Dividend // 75% Franked Paid November 2017

December 2016

($0.232m) After-tax Loss

($0.015) Basic Earnings Per Share

$0 Dividends Paid

$1.074 NAV per share

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December 2017

$2.066m After-tax Profit

$0.032 Basic Earnings Per Share $1.471m Dividends Paid (2.3c 75% franked)

$1.180 NAV per share

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SECTION 2 – CHAIRMAN’S ADDRESS

Allocation Prices Over DuxtonWater’s Lifetime ($/ML)

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$180
$160
$140
$120
$100
$80
$60
$40
$20
Winter
$0
2017
Vic 7 Murray (Barmah to SA) NSW Murray NSW Murrumbidgee
Sep-16 Apr-17 Jun-17 Dec-17 Mar-18 Apr-18
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SECTION 2 – CHAIRMAN’S ADDRESS

Entitlement Prices Over DuxtonWater’s Lifetime ($/ML)

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$4,500
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
Vic 7 Murray (Barmah to SA) NSW Murray NSW Murrumbidgee
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NSW Murrumbidgee

Sep-16 Apr-17 Jun-17 Dec-17 Mar-18 Apr-18

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SECTION 2 – CHAIRMAN’S ADDRESS

Highlights of 2017
Future Expectations
Investment Environment

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SECTION 2 – CHAIRMAN’S ADDRESS

Highlights of 2017
Future Expectations
Investment Environment

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SECTION 2 – CHAIRMAN’S ADDRESS

DuxtonWater Balance Sheet

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$120,000,000 $1.30
$1.24 NAV
$1.25
$100,000,000
$1.20
Cash & Other
Assets
$1.15
$80,000,000 $1.09 ASX
Water Assets
$1.10
$60,000,000 $1.05
Net Assets
$1.00
$40,000,000 Share Price
$0.95
(closing
E.O.M)
$0.90
$20,000,000 Net Asset
Value per
$0.85
share
$0 $0.80
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Section: Content:

1 The Team

2 Chairman’s Address

3 Portfolio Manager’s Address

4 Items of Business
4.1 Financial Report and Report of the Directors and Auditor
4.2 Remuneration Report

4.3 Election of Director – Dirk Wiedmann

4.4 Election of Director – Peter Michell 4.5 Authority to issue extra 10% Shares

5 Q&A

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SECTION 3 – PORTFOLIO

DuxtonWater Balance Sheet

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NAV
$120,000,000
$1.24/share
$100,000,000 $90.5 million
NET ASSETS
NAV
At April 2018
$80,000,000 $1.06/share
$60,000,000 Cash & Other Assets
Water Assets
Net Assets
$40,000,000
$20,000,000
$0
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SECTION 3 – PORTFOLIO

DuxtonWater Balance Sheet – Purchases v Capital Gains

$120,000,000 $100,000,000 $80,000,000 Water Asset $60,000,000 Revaluations to MV Water Assets Carried Forward (at cost) $40,000,000 Water Asset Purchases / Sales Net Assets $20,000,000 $0

($20,000,000)

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SECTION 3 – PORTFOLIO

DuxtonWater Balance Sheet - Entitlements Held, By State

$120,000,000 $100,000,000 VIC $80,000,000 NSW SA $60,000,000 Other $40,000,000 Allocation Market Value Adjustment $20,000,000 Net Assets $0

($20,000,000)

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SECTION 3 – PORTFOLIO

DuxtonWater Balance Sheet - Entitlements Held, By Security

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$120,000,000 63% of Water
Assets are HS
$100,000,000
$80,000,000
High Security
General Security
$60,000,000
Supplementary
Bore
Allocation
$40,000,000
Revaluation to MV
Net Assets
$20,000,000
$0
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($20,000,000)

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SECTION 3 – PORTFOLIO

Duxton Water Balance Sheet – by Revenue Stream

$120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $-

Leased 57% Unleased 43% WEIGHTER AVG LEASE YIELD: 6.2%

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Unleased Entitlements (MV) Leased Entitlements (MV) Allocation Water Assets Net Assets

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SECTION 3 – PORTFOLIO

DuxtonWater Leased Assets (Volume) by Customer Industry

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2%
34%
61%
3%
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Viticulture Dairy Broadacre Potato

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SECTION 3 – PORTFOLIO

Duxton Water Balance Sheet – by Revenue Stream

Leased 57% Unleased 43%

$120,000,000 Unleased 43% $100,000,000 $80,000,000 Leased Entitlements $60,000,000 (MV) Unleased Entitlements (MV) $40,000,000 Allocation Water Assets Net Assets $20,000,000 $-

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SECTION 3 – WHY THIS APPROACH

PERMANENT MARKET

TEMPORARY MARKET

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ALLOCATION
ALLOCATION
ALLOCATION
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SECTION 3 – WHY THIS APPROACH

SEPTEMBER 2016 (LISTING)

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NSW

VIC

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SECTION 3 – WHY THIS APPROACH

APRIL 2018

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NSW

VIC

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SECTION 3 – WHY THIS APPROACH SMDB HISTORICAL ALLOCATION ON ENTITLEMENT (ML)

8,000,000 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 -

START NEW WATER YEAR

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Volume GS Entitlements (Irrigators) Volume HS Entitlements (Irrigators) Allocation volume on GS Allocation volume on HS

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SECTION 3 – DUXTON WATER VOLUME

DUXTON WATER PORTFOLIO (VOLUME ML)

45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 - (5,000)

Water Year (JULY to JUNE)

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Water Assets Held Purchases (during month) at cost

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Financial / Calendar Year (JAN to DEC)

SECTION 3 – WATER MARKET CONDITIONS

Allocation Prices Over Duxton Water’s Lifetime ($/ML)

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12 month Price Change 12 month Price Change 12 month Price Change
April 2017 to 2018: 433% April 2017 to 2018: 540% April 2017 to 2018: 795%
$180
$160
$140
$120
$100
$80
$60
$40
$20
$0
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Vic 7 Murray (Barmah to SA)

NSW Murray Sep-16 Apr-17 Jun-17 Dec-17 Mar-18 Apr-18

NSW Murrumbidgee

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SECTION 3 – WATER MARKET CONDITIONS

SMDB System In-Flow Volume

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Source: MDBA River Murray Weekly Report, 25 April 2018

SECTION 3 – WATER MARKET CONDITIONS

Entitlement Prices Over DuxtonWater’s Lifetime ($/ML)

12 month Price Change 12 month Price Change 12 month Price Change $4,500 April 2017 to 2018: 29% April 2017 to 2018: 19% April 2017 to 2018: 20% $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 Vic 7 Murray (Barmah to SA) NSW Murray NSW Murrumbidgee

NSW Murrumbidgee

Sep-16 Apr-17 Jun-17 Dec-17 Mar-18 Apr-18

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SECTION 3 – MARKET TRENDS

ALMOND PLANTINGS

3ML / HA AVG AT PLANTING STAGE 7ML / HA AVG NON-BEARING STAGE 14ML / HA AVG BEARING STAGE (6+ years)

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50,000
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
-
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Hectares
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Planted hectares Non Bearing hectares Bearing hectares

Source: http://www.theland.com.au/story/5226905/favourable-projections-for-australian-cotton/?cs=4936 Source: ABS Source: Australian Almonds, Orchard Size Statistics

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Section: Content:

1 The Team

2 Chairman’s Address
3 Portfolio Manager’s Address
4 Items of Business

4.1 Financial Report and Report of the Directors and Auditor

4.2 Remuneration Report

4.3 Election of Director – Dirk Wiedmann
4.4 Election of Director – Peter Michell

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4.5 Authority to issue extra 10% Shares

ITEM 4.1 – FINANCIAL REPORT AND REPORTS OF THE DIRECTORS AND AUDITOR

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Resolution

To receive and consider the Financial Report, Directors’ Report and Independent Auditor’s Report for the financial period ended 31 December 2017.

The relevant documents are also available on the Duxton Water website: www.duxtonwater.com.au.

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ITEM 4.2 – REMUNERATION REPORT

Resolution (non-binding)

To consider and, if thought fit, to pass the following resolution as an ordinary resolution:

“The Company’s Remuneration Report for the financial period ended 31 December 2017 is adopted.”

(The Company will disregard any votes cast on Resolution 1 by a KMP/CRP of the Company).

VOTE TYPE	VOTED	%	% OF ALL SECURITIES
For	34,668,371	98.95	47.43
Against	100,900	0.29	0.14
Open-Usable	263,095	0.76	0.36
Board	261,145	0.75	0.36
Non-Board	1,950	0.01	0.00
Open-Cond	0	0	0.00
Open Unusable	0	N/A	0.00
Abstain	53,968	N/A	0.07
Excluded	0	N/A

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ITEM 4.3 – ELECTION OF DIRECTOR – DIRK WIEDMANN

Resolution

To consider and, if thought fit, to pass the following resolution as an ordinary resolution:

“ Pursuant to clause 17.3 of the Constitution and for all other purposes, Dirk Wiedmann is elected as a Director of the Company .”

(The Company will disregard any votes cast on Resolution 3 by Mr Wiedmann or his associates)

VOTE TYPE	VOTED	%	% OF ALL SECURITIES
For	34,693,871	99.05	47.46
Against	67,200	0.19	0.09
Open-Usable	263,095	0.76	0.36
Board	261,145	0.75	0.36
Non-Board	1,950	0.01	0.00
Open-Cond	0	0.00	0.00
Open Unusable	0	N/A	0.00
Abstain	62,168	N/A	0.09
Excluded	0	N/A

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ITEM 4.4 – ELECTION OF DIRECTOR – PETER MICHELL

Resolution

To consider and, if thought fit, to pass the following resolution as an ordinary resolution:

“ Pursuant to clause 17.3 of the Constitution and for all other purposes, Peter Michell is elected as a Director of the Company .” (The Company will disregard any votes cast on Resolution 4 by Mr Michell or his associates)

VOTE TYPE	VOTED	%	% OF ALL SECURITIES
For	34,716,071	99.11	47.49
Against	45,000	0.13	0.06
Open-Usable	263,095	0.76	0.36
Board	261,145	0.75	0.36
Non-Board	1,950	0.01	0.00
Open-Cond	0	0.00	0.00
Open Unusable	0	N/A	0.00
Abstain	62,168	N/A	0.09
Excluded	0	N/A

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ITEM 4.5 – AUTHORITY TO ISSUE EXTRA 10% SHARES

Resolution

To consider and, if thought fit, to pass the following resolution with or without amendment, as a special resolution:

“In accordance with ASX Listing Rule 7.1A, and for all other purposes, the issue of Shares of up to 10% of the issued capital of the Company (at the time of issue) calculated in accordance with the formula prescribed in ASX Listing Rule 7.1A.2, and on the terms and conditions in the Explanatory Statement, is approved.”

(The Company will disregard any votes cast on Resolution 5 by persons who may participate in the issue and or associates of that person).

VOTE TYPE	VOTED	%	% OF ALL SECURITIES
For	34,601,292	98.72	47.34
Against	183,547	0.52	0.25
Open-Usable	263,095	0.76	0.36
Board	261,145	0.75	0.36
Non-Board	1,950	0.01	0.00
Open-Cond	0	0.00	0.00
Open Unusable	0	N/A	0.00
Abstain	38,400	N/A	0.05
Excluded	0	N/A

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Q&A

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CONTACT INFORMATION

DUXTON CAPITAL (AUSTRALIA) PTY LTD

Ed Peter

Chief Executive Officer E: [email protected]

A: Duxton House, 7 Pomona Road, Stirling, South Australia, 5152

Melissa Randall

Head of Business Development

& Relationship Management, Australia

M: +61 420 307 104

E: [email protected]

A: Duxton House, 7 Pomona Road, Stirling, South Australia, 5152

Lauren Thiel

Business Development & Relationship Management Team M: +61 417 834 549

E: [email protected]

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AI assistant

RIVCO AUSTRALIA LTD — AGM Information 2018

65706_rns_2018-05-02_a4a001bd-7600-4975-9f20-b66a06600ee0.pdf

DUXTON WATER LIMITED ANNUAL MEETING 2018

SECTION 1 – THE TEAM

SECTION 2 – CHAIRMAN’S ADDRESS

SECTION 2 – CHAIRMAN’S ADDRESS

DuxtonWater Balance Sheet

SECTION 2 – CHAIRMAN’S ADDRESS

Duxton Water Balance Sheet – by Revenue Stream

SECTION 2 – CHAIRMAN’S ADDRESS

December 2016

December 2017

SECTION 2 – CHAIRMAN’S ADDRESS

Allocation Prices Over DuxtonWater’s Lifetime ($/ML)

SECTION 2 – CHAIRMAN’S ADDRESS

Entitlement Prices Over DuxtonWater’s Lifetime ($/ML)

SECTION 2 – CHAIRMAN’S ADDRESS

SECTION 2 – CHAIRMAN’S ADDRESS

SECTION 2 – CHAIRMAN’S ADDRESS

DuxtonWater Balance Sheet

SECTION 3 – PORTFOLIO

DuxtonWater Balance Sheet

SECTION 3 – PORTFOLIO

DuxtonWater Balance Sheet – Purchases v Capital Gains

SECTION 3 – PORTFOLIO

DuxtonWater Balance Sheet - Entitlements Held, By State

SECTION 3 – PORTFOLIO

DuxtonWater Balance Sheet - Entitlements Held, By Security

SECTION 3 – PORTFOLIO

Duxton Water Balance Sheet – by Revenue Stream

SECTION 3 – PORTFOLIO

DuxtonWater Leased Assets (Volume) by Customer Industry

SECTION 3 – PORTFOLIO

Duxton Water Balance Sheet – by Revenue Stream

SECTION 3 – WHY THIS APPROACH

PERMANENT MARKET

TEMPORARY MARKET

SECTION 3 – WHY THIS APPROACH

SECTION 3 – WHY THIS APPROACH

APRIL 2018

SECTION 3 – WHY THIS APPROACH SMDB HISTORICAL ALLOCATION ON ENTITLEMENT (ML)

SECTION 3 – DUXTON WATER VOLUME

DUXTON WATER PORTFOLIO (VOLUME ML)

Water Year (JULY to JUNE)

SECTION 3 – WATER MARKET CONDITIONS

Allocation Prices Over Duxton Water’s Lifetime ($/ML)

SECTION 3 – WATER MARKET CONDITIONS

SMDB System In-Flow Volume

SECTION 3 – WATER MARKET CONDITIONS

Entitlement Prices Over DuxtonWater’s Lifetime ($/ML)

SECTION 3 – MARKET TRENDS

ALMOND PLANTINGS

ITEM 4.1 – FINANCIAL REPORT AND REPORTS OF THE DIRECTORS AND AUDITOR

Resolution

ITEM 4.2 – REMUNERATION REPORT

Resolution (non-binding)

ITEM 4.3 – ELECTION OF DIRECTOR – DIRK WIEDMANN

Resolution

ITEM 4.4 – ELECTION OF DIRECTOR – PETER MICHELL

Resolution

ITEM 4.5 – AUTHORITY TO ISSUE EXTRA 10% SHARES

Resolution

CONTACT INFORMATION

DUXTON CAPITAL (AUSTRALIA) PTY LTD

Ed Peter

Melissa Randall

Lauren Thiel

More from RIVCO AUSTRALIA LTD

RIVCO AUSTRALIA LTD AGM Information 2018