RIVCO AUSTRALIA LTD — Capital/Financing Update 2018

Sep 5, 2018

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6 September 2018

ASX Announcement

DUXTON WATER DEBT UPDATE

Duxton Water Limited (“Duxton Water” or “the Company”) wishes to advise that on the 5[th] of September 2018, the Directors endorsed an increase to the previously established debt facility (refer to announcement 30 November 2017).

The Company is preparing the portfolio to enter into new long-term leases over the coming year, with favourable terms for our investors. This debt facility provides the Company with the flexibility to respond to current and future acquisition opportunities to further develop its targeted water entitlement portfolio, and to increase the Company’s capacity to provide these water solutions to the market. It is Company’s view that water assets are still mis-priced, and do not fully reflect the longterm market and agricultural trends.

It continues to be the Company’s intention to not hold a significant amount of debt for an extended period of time. With this increased facility, primary debt to equity remains under 30%, based on portfolio value. As at 31 August 2018, the Company’s water entitlement portfolio was valued at $134.5 million. The Company has a further $14.9 million of water entitlement in its contracted pipeline.

The Company actively manages its portfolio to ensure short term returns are balanced against longer term leasing opportunities.

Contacts:

Mr Alister Walsh +61 427 282 250 Ms Melissa Randall +61 420 307 104

Duxton Water Limited 7 Pomona Road, Stirling SA 5152