RIVCO AUSTRALIA LTD — AGM Information 2021

May 27, 2021

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DUXTON WATER LTD

ANNUAL GENERAL MEETING MAY 2021

Disclaimer

This presentation was prepared by Duxton Capital (Australia) Pty Ltd [ACN: 164 225 647; AFSL No: 450218] (“DC Australia”) as Investment Manager on behalf of Duxton Water Limited [ACN 611 976 517] (“Duxton Water” or “D2O”). The content of this presentation is intended only as a source of general information and is not the basis for any contract to deal in, or an offer of, any security. Information from this presentation must not be issued in any jurisdiction where prohibited by law and must not be used in any way that would be contrary to Australian law or regulation. Specifically, this presentation shall not be construed as the making of any offer or invitation to anyone in any jurisdiction in which such offer is not authorised or in which the person making such offer is not qualified to do so or to anyone to whom it is unlawful to make such an offer. Particularly, this presentation and the information contained in it does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to any US person.

This presentation is not intended to contain financial product advice as defined in the Act. This presentation is a statement of facts and is for general information only. This presentation is not intended to influence any person in making a decision in relation to investing in Duxton Water. This presentation does not take into account the investment objectives, financial situation or needs of any particular investors. No person should base their decision to invest in Duxton Water solely on the information in this presentation. Permitted Investors should consider the suitability of an investment in Duxton Water in view of their financial position and investment objectives and needs and should consult their professional advisors accordingly.

No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this presentation. The forecasts and/or sensitivity analyses provided are based upon DC Australia’s opinion of the market as at the date of this presentation and are subject to change, dependent on future changes in the market. Any prediction, projection or forecast on the economy, stock market, bond market, any commodity or the economic trends of the markets is not necessarily indicative of the future or likely performance. Investments are subject to risks, including possible loss of principal amount invested. The value of interests in the securities discussed in this presentation and any derived income may fall as well as rise. Past performance or any prediction or forecast is not necessarily indicative of future performance. Returns are not guaranteed.

Copyright protection exists in this presentation. The contents of this presentation are strictly confidential and it may not be disclosed, reproduced, distributed or published by any person for any purpose without DC Australia’s written consent. To the extent permitted by applicable law, none of DC Australia or Duxton Water, their respective affiliates, or any officer or employee of DC Australia or Duxton Water accepts any liability whatsoever for any direct or consequential loss arising from any use of this presentation or its contents, including for negligence.

No member of DC Australia or Duxton Water, its respective related bodies corporate, shareholders or affiliates, nor any of their respective officers, directors, employees, affiliates, partners, representatives, agents or advisers (including Bell Potter Limited and any of their respective affiliates, related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth) or their respective directors, employees officers and representatives) (each a “Limited Party”) guarantees or makes any representations or warranties, express or implied, as to or takes responsibility for, the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation (including by omission). No Limited Party represents or warrants that this presentation is complete or that it contains all information about the Fund that a prospective investor or purchaser may require in evaluating a possible investment in the Fund. To the maximum extent permitted by law, each Limited Party expressly disclaims any and all liability, including, without limitation, any or implied, contained in, arising out of or derived from, or for omissions from, this presentation including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom. Readers agree, to the maximum extent permitted by law, that they will not seek or sue or hold the Limited Parties liable, and will not take any action they may otherwise have against each Limited Party in any respect in connection with this presentation or its contents and releases each Limited Party from such claims. Furthermore, without limitation to the foregoing, neither the receipt of this presentation by any reader nor any other matter shall be deemed to created or give rise to a fiduciary, agency or similar relationship between each Limited Party and any reader.

FINANCIAL DATA

All references in this presentation to “$” are to Australian currency, unless otherwise stated. A number or figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in the presentation.

ACCEPTANCE

The information in this presentation remains subject to change without notice. No responsibility or liability is assumed by any member of DC Australia, Duxton Water or its respective advisers for updating any information in this presentation or to inform any receipt of any new or more accurate information or any errors or mis-descriptions of which any member of DC Australia, Duxton Water or its respective advisers may become aware. By accepting, accessing or reviewing this document you acknowledge and agree to the terms set out above.

ADVISORS

DUXTON WATER ANNUAL GENERAL MEETING PAGE 2

~~The Water Team~~

~~A~~ NNUAL GENERAL MEETING

The Duxton Water Board

Duxton Capital Water Team

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Ed Peter Dirk Wiedmann Dennis Mutton Dr Vivienne Brand Lachlan Campbell Lachlan Beech
Chairman Independent Non- Independent Non- Independent Non- Finance Manager Analyst
Executive Director & Executive Director Executive Director
Deputy Chairman
Stephen Duerden Peter Michell Katelyn Adams Carolyn James Claire Wilde Sharon Ball
Non-Executive Independent Non- Company Secretary Portfolio Group Financial Finance Officer
Director Executive Director Administrator Controller
The Board of Duxton Water
have years of combined
DUXTON WATER ANNUAL GENERAL MEETING PAGE 3
13 Corporate + Agri Experience
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DUXTON WATER ANNUAL GENERAL MEETING PAGE 3

ANNUAL GENERAL MEETING

~~Agenda~~

The Water Team

Chairman's Address Portfolio Manager’s Update Items of Business Questions & Answers

DUXTON WATER ANNUAL GENERAL MEETING PAGE 4

~~Chairman's Address~~

~~A~~ NNUAL GENERAL MEETING

2020 Results Summary

2020 Financial Highlights

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• Duxton Water delivered an operational profit of $16.7 million (2019: $12.9 million).

• Increased annual visible leasing revenue to $8.9 million (2019: $5.8 million).

• Paid two fully franked dividends totalling 5.7 cents per share.

• Provided Shareholders with increasing dividend targets for the next 24 months .

• At 31 December 2020, the Company held unrealised capital gains of $69.3 million against its water portfolio, however due to the application of accounting standards, this gain is not included in the Company’s statutory financials.

• In 2020, the portfolio generated an Earnings per Share of 7.3 cents and paid dividends of 5.7 cents (fully franked) to shareholders. With the leased portion of the portfolio providing income visibility, the Company has provided dividend targets for the next 24 months .

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DUXTON WATER ANNUAL GENERAL MEETING PAGE 5
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1. Duxton Water 2020 Annual Report

~~Chairman's Address~~

~~A~~ NNUAL GENERAL MEETING

Dividend Guidance

The Board maintains its commitment to continue providing shareholders with visibility to future dividend targets.

The Company is pleased to reaffirm its intention to pay the following dividends:

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~~Chairman's Address~~

~~A~~ NNUAL GENERAL MEETING

Leases

Duxton Water has developed a diversified portfolio of water assets which assist the Company in meeting its lease delivery obligations.

Water entitlement leases provide Duxton Water with a reliable, visible income stream and are an increasingly attractive long-term solution for irrigators.

The Company’s leasing revenue increased to $8.9 million in 2020, up from $5.8 million in 2019. 64% of the portfolio is leased with a Weighted Average Lease Expiry (WALE) of 2.2 years (4.5 years including renewal options).

Based on current negotiations, Duxton Water expects to increase its leased exposure, achieving the Company’s goal of having between 7080% of the portfolio leased.

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^As at 31 December 2020

DUXTON WATER ANNUAL GENERAL MEETING PAGE 7

~~Chairman's Address~~

ANNUAL GENERAL MEETING

Duxton Water Portfolio

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Duxton Water has continued to build its water entitlement portfolio and through the provision of water supply solutions to its farming irrigation partners, mature its increasingly visible revenue to support shareholder returns.

Allocation water received on the Company’s unleased portion of the portfolio is actively managed and sold down to producers through spot and forward contract sales.

At 31 December 2020, the Company is invested in approximately $319 million of water assets (81GL) and has a NAV of $1.62 per share.

Since the Company’s listing in September 2016, water entitlements across the SMDB have increased by 84%.

* Announced + targeted dividends

DUXTON WATER ANNUAL GENERAL MEETING PAGE 8

~~Chairman's Address~~

~~A~~ NNUAL GENERAL MEETING

Duxton Water NAV vs Share Price

31 December 2020 NAV of $1.62 per share

0.80 1.00 1.20 1.40 1.60 1.80 2.00 $ Per Share	March	March	March	March	March
	September NAV of $1.07 per share August Paid 2.5 cents (75% Franked) November Paid 2.3 cents (75% Franked) April Paid 2.4 cents (60% Franked) Paid 2.6 cents (100% Franked) September Paid 2.7 cents (100% Franked) Mar Paid (10	c 0	h 2.8 cents % Franked) October Paid 2.9 cents (100% Franked)
	Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

NAV per Share Ending Share Price

DUXTON WATER ANNUAL GENERAL MEETING PAGE 9

~~A~~ NNUAL GENERAL MEETING

~~Chairman’s Address~~

Debt

• The board will continue to use sensible debt funding to grow and develop the portfolio of water assets. Due to the economic impacts of COVID-19, interest rates which resulted in an overall cash benefit to the Company.

• A portion of the Company’s long-term debt has been assigned to interest rate swaps which will hedge the Company’s exposure to future interest rate movements.

Company Debt Profile	FY2020	FY2019
Debt Drawn	$109m	$94m
Loan-to-Value Ratio (LVR)	34%	28%
Effective Interest Rate	2.3%	3.2%

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Source: Duxton Water 2020 Annual Report

DUXTON WATER ANNUAL GENERAL MEETING PAGE 10

~~A~~ NNUAL GENERAL MEETING

~~Chairman’s Address~~

ACCC Final Report

• The ACCC Final Report into the Australian water market has identified opportunities to improve the governance, regulatory and operational frameworks that support all stakeholders.

• The Australian water market has grown and matured over the last 20+ years, the ACCC found that the water market of today has significantly outgrown the frameworks that were once sufficient.

• The ACCC notes that it does not …consider it a viable option to entirely or substantially dismantle existing water markets, or to make them more restricted.

• The report’s recommendations are heavily dependent upon the establishment of a new, independent, Basinwide, Water Market Agency.

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ACCC Findings

• There is a lack of quality, timely and accessible information and that lack of market transparency contributes to misconceptions and misinformation about the conduct of market participants.

• There are scant rules governing the conduct of the market participants, and no particulate body to oversee trading.

• Differences in governance between states furthers the unnecessary complexity of the Basin’s market.

• The water market allows irrigators to supplement their water supply in the short and long term, expand production or free up capital that can be invested elsewhere in their businesses.

DUXTON WATER ANNUAL GENERAL MEETING PAGE 11

~~Portfolio Manager’s Update~~

ANNUAL GENERAL MEETING

Aither Entitlement Index

This graph shows the Aither Entitlement Index over the period from July 2008 to February 2021.

The Aither Entitlement Index tracks the weighted change in entitlement values of a group of major water entitlement types across the southern Murray-Darling Basin.

The graph indicates the movement in values since 2014, driven by major increases in permanent crop plantings.

Entitlement values have seen a Compound Annual Growth Rate (CAGR) of 14% over the past five years. Since the inception of the Index (10 years), an 8% CAGR has been observed.

Aither Water Entitlement Index

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$350
$300
$250
$200
$150
$100
Millennium Drought Shift to High Value Crops
$50
Direct Government Buybacks
On-Farm Irrigation Efficiency Program and Reduced Government Buyback
$0
Water Value
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Source: Aither Pty Ltd

DUXTON WATER INVESTMENT UPDATE PAGE 12

~~Portfolio Manager’s Update~~

~~A~~ NNUAL GENERAL MEETING

Current Pricing

• Permanent water pricing has continued to strengthen in early 2021. D2O saw a 1.3% uplift in its permanent water portfolio in April alone.

• Current season allocation prices opened at $350/ML in the lower Murray and $250$260/ML in the upper Murray and Murrumbidgee regions. Goulburn opened slightly lower at $230-$250ML.

• Pricing has since stabilised around the $85-$95/ML mark for 2021 across NSW, VIC & SA.

• Forwards for next season are transacting between $220-$250/ML in the lower Murray and $160-$190 in the Murrumbidgee and upper Murray regions.

• Carry Over pricing of general security upper Murray has been selling for $60-$75/ML , general security lower Murray for $100-$120/ML and NSW Murrumbidgee general security carry over space reached $130/ML.

DUXTON WATER ANNUAL GENERAL MEETING PAGE 13

~~Portfolio Manager’s Update~~

~~A~~ NNUAL GENERAL MEETING

Portfolio Composition

Duxton Water has aggregated a diversified portfolio of water assets which assist the company in meeting our water supply requirements to lessees.

The company’s portfolio is weighted toward high security entitlements because of their capability to receive an allocation in most years ensuring D2O can meet leasing requirements. The general security entitlements in the portfolio assist in wetter years when these assets receive a higher amount of allocation relative to the capital cost.

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The Company is considering ownership of water outside of the southern Murray Darling Basin.

Expanding to other areas would further diversify the portfolio and give shareholders a broader exposure to Australian Water rights.

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^As at 31 December 2020
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DUXTON WATER ANNUAL GENERAL MEETING PAGE 14

~~Portfolio Manager’s Update~~

~~A~~ NNUAL GENERAL MEETING

Opening Allocations

Water Season 2021/2022	Projected Minimum Opening (High Security)	Projected Minimum Opening (General Security)
VIC (Murray, Goulburn, Campaspe and Loddon)	25%	0%
NSW (Murray)	97%	0%
NSW (Murrumbidgee)	95%	27%
SA (Murray)	94%	0%

Government Buy-Back

Water available for consumptive use has decreased with the ongoing Government buy-back program. This initiative aims to support environmental water requirements by reclaiming water for environmental and river conveyancing needs. This reduces the consumptive pool of water available for irrigated agriculture.

Over the last 12 years, the Government has bought back 20-22% of water entitlements on issue.

DUXTON WATER ANNUAL GENERAL MEETING PAGE 15

~~Portfolio Manager’s Update~~

~~A~~ NNUAL GENERAL MEETING

Current Climate

• Australia experienced wetter than average conditions throughout the beginning of 2021.

• The La Nina event in the Pacific Ocean brought above average rainfalls as trade winds become stronger, changing ocean temperatures.

• In April 2021, the Bureau of Meteorology confirmed temperatures in the Pacific Ocean had returned to an ENSO neutral level resulting in drier conditions being experienced throughout April and May.

Rainfall Decile Graph[1]

January to April 2021

Chance of Exceeding Median Maximum Temperature[2]

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1. Bureau of Meteorology

DUXTON WATER ANNUAL GENERAL MEETING PAGE 16

2. Bureau of Meteorology

~~Portfolio Manager’s Update~~

~~A~~ NNUAL GENERAL MEETING

Current Climate

Murray System Daily Inflows[3]

Murray Darling Basin Storage Levels

Storages at 5 May 2021

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Murray Darling Basin Storage Level Comparison	Season 20/21	Season 19/20
Northern Basin Storage Levels	49%	18%
Southern Basin Storage Levels	51%	35%

DUXTON WATER ANNUAL GENERAL MEETING PAGE 17

3. Murray Darling Basin Authority

~~Portfolio Manager’s Update~~

~~A~~ NNUAL GENERAL MEETING

Climate Outlook

• Average to above average rainfalls are expected for June to August.

• Winter daytime temperatures are likely to be warmer for those areas closer the coast. While winter night temperatures are likely to be warmer than average across the country.

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Chance of Exceeding Median Rainfall [4]
June to August 2021
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Chance of Exceeding Median Maximum Temperature[5] June to August 2021

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4. Bureau of Meteorology

DUXTON WATER ANNUAL GENERAL MEETING PAGE 18

5. Bureau of Meteorology

~~Summary~~

~~A~~ NNUAL GENERAL MEETING

Since IPO in September 2016 Duxton Water has

invested over million $250 in Australian water assets (cost). Now valued at* million $319

Currently, 64% of the portfolio is leased,

providing the company with cashflow visibility

Enabling D2O to pay fully franked dividends per share

of 5.7cents In 2020

DUXTON WATER ANNUAL GENERAL MEETING PAGE 19

*As at 31 December 2020

~~Items of business~~

~~A~~ NNUAL GENERAL MEETING

Item 1: Financial Report and Reports of the Directors and Auditor

• Item 2: Remuneration Report

• Item 3: Election of Director – Vivienne Brand

• Item 4: Election of Director – Stephen Duerden

Item 5: Approval of 10% Placement Capacity

DUXTON WATER ANNUAL GENERAL MEETING PAGE 20

~~Items of Business~~

~~A~~ NNUAL GENERAL MEETING

Item 1: Financial Report and Reports of the Directors and Auditor

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To receive and consider the Financial Report, Directors’ Report and Independent Auditor’s Report for the financial period ended 31 December 2020. The relevant documents are also available at the Duxton Water website: https://www.duxtonwater.com.au/investor-centre

DUXTON WATER ANNUAL GENERAL MEETING PAGE 21

~~Items of Business~~

~~A~~ NNUAL GENERAL MEETING

Item 2: Remuneration Report

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 2020 is adopted.”

VOTE TYPE	VOTED	%	% OF ALL SECURITIES
For	19,733,596	98.66	16.47
Against	111,962	0.56	0.09
Open-Unusable	155,916	0.78	0.13
Board	107,281	0.54	0.09
Non-Board	48,635	0.24	0.04
Open-Cond	0	0.00	0.00
Open Unusable	0	N/A	0.00
Abstain	60,657	N/A	0.05
Excluded	0	N/A	0.00

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DUXTON WATER ANNUAL GENERAL MEETING PAGE 22

~~Items of Business~~

~~A~~ NNUAL GENERAL MEETING

Item 3: Election of Director – Vivienne Brand

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

“That Vivienne Brand, in accordance with Clause 17.3 of the Constitution and for all other purposes, be elected as a Director of the Company.”

VOTE TYPE	VOTED	%	% OF ALL SECURITIES
For	19,820,030	99.08	16.54
Against	28,812	0.14	0.02
Open-Unusable	155,916	0.78	0.13
Board	107,281	0.54	0.09
Non-Board	48,635	0.24	0.04
Open-Cond	0	0.00	0.00
Open Unusable	0	N/A	0.00
Abstain	57,373	N/A	0.05
Excluded	0	N/A	0.00

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DUXTON WATER ANNUAL GENERAL MEETING PAGE 23

~~Items of Business~~

~~A~~ NNUAL GENERAL MEETING

Item 4: Election of Director – Stephen Duerden

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

“That Stephen Duerden, having retired as a Director in accordance with Clause 17.3 of the Constitution and, being eligible and having offered himself for re-election, be re-elected as a Director of the Company.”

VOTE TYPE	VOTED	%	% OF ALL SECURITIES
For	19,795,477	98.95	16.52
Against	53,365	0.27	0.04
Open-Unusable	155,916	0.78	0.13
Board	107,281	0.54	0.09
Non-Board	48,635	0.24	0.04
Open-Cond	0	0.00	0.00
Open Unusable	0	N/A	0.00
Abstain	57,373	N/A	0.05
Excluded	0	N/A	0.00

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DUXTON WATER ANNUAL GENERAL MEETING PAGE 24

~~Items of Business~~

~~A~~ NNUAL GENERAL MEETING

Item 5: Approval of 10% Placement Capacity

Special Resolution

To consider and, if thought fit, 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.”

VOTE TYPE	VOTED	%	% OF ALL SECURITIES
For	18,079,618	90.46	15.09
Against	1,752,558	8.76	1.46
Open-Unusable	155,916	0.78	0.13
Board	107,281	0.54	0.09
Non-Board	48,635	0.24	0.04
Open-Cond	0	0.00	0.00
Open Unusable	0	N/A	0.00
Abstain	74,039	N/A	0.06
Excluded	0	N/A	0.00

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DUXTON WATER ANNUAL GENERAL MEETING PAGE 25

~~Voting Polls Now Open~~

~~A~~ NNUAL GENERAL MEETING

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DUXTON WATER ANNUAL GENERAL MEETING PAGE 26

~~Questions and Answers~~

~~A~~ NNUAL GENERAL MEETING

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DUXTON WATER ANNUAL GENERAL MEETING PAGE 27

~~Key Contacts~~

~~A~~ NNUAL GENERAL MEETING

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Bridget Johnson Duxton Capital (Australia) Business Development Bridget.johnson@duxtonam.com +61 475 045 434 +61 8 8130 9500

Jordy Kitschke Duxton Capital (Australia) Business Development Jordy.kitschke@duxtonam.com +61 427 075 138 +61 8 8130 9533

Duxton Capital (Australia) Pty Ltd Duxton House, 7 Pomona Road, Stirling SA 5152 Ph: +61 8130 9538 / www.duxtonam.com / enquiries@duxtonam.com