RIVCO AUSTRALIA LTD — Fund Information / Factsheet 2018

May 2, 2018

INVESTMENT OVERVIEW

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MAY 2018 DUXTON WATER LIMITED ACN 611 976 517

PREPARED AND PRESENTED BY

DUXTON CAPITAL (AUSTRALIA) PTY LTD DUXTON WATER LIMITED

DUXTON WATER LIMITED [ASX:D2O]

INVESTMENT OVERVIEW

Duxton Water Limited ("Duxton Water") presents an opportunity to invest in Australian water entitlements (also known as water licenses or water rights), giving a perpetual right to Australia's water supply. Water is a key input into a number of agricultural industries, and as such, Duxton Water acts as a proxy to the agriculture industry. It is the only listed water company of this type, worldwide.

Duxton Water manages a diversified portfolio of water assets aiming to access both income yields and capital growth opportunities. Duxton Water's Investment Manager is Duxton Capital (Australia).

INFLATIONARY HEDGE

REAL UNDERLYING ASSET VISIBLE REVENUE STREAM DIVIDENDS LOW CORRELATION WITH EQUITY RISK CAPITAL GAIN POTENTIAL SCALABLE GEOPOLITICAL STABILITY NO DEPRECIATION [TARGET] ZERO DEBT ENCOURAGES WATER MARKET EFFICIENCY AUSTRALIAN LISTED PRODUCT (A$) RELATIVELY LOW MANAGEMENT FEE

2

DUXTON WATER LIMITED

THIS SECTION OUTLINES THE BUSINESS MODEL AND PERFORMANCE TO DATE OF DUXTON WATER LIMITED

VISIBLE REVENUE STREAM

Returns are expected to be generated via water entitlement leases, ranging in time horizon from 3 to 7 years, and trade of spot allocations with primary producers. As at 30 April 2018, Duxton Water currently leases 55% of the portfolio with a weighted average lease duration of 5.18 years; the remaining portion of the portfolio is unleased.

Assuming a steady state basis, the forecast annual gross yield to the end of 2018 is 6.10%. (This is a forecast and actual results may vary).

DIVIDENDS

The Company paid it’s first Dividend in November 2017 at 2.3 cents, franked to 75%. It paid it’s second Dividend in April 2018 at 2.4 cents, franked to 60%. Total dividend per share since listing is therefore 4.7 cents.

SCALABLE

Duxton Water is highly scalable; most expenses within the business will remain stable as the business grows with the exception of a few items such as Government fees and transaction costs, and performance related fees. The dilution impact of further capital injection should be short lived as money raised will be efficiently deployed into the acquisition of further entitlements.

LOW MANAGEMENT FEE

Duxton Water has no staff itself; management is outsourced to Duxton Capital (Australia) with a fee structure that is highly competitive:

• The Investment Manager receives a management fee of 0.85% p.a. of the net asset value (NAV) of the Company.

• A performance fee (subject to a high watermark) of 5% p.a. is payable on annual returns above 8%, and 10% p.a. on annual returns above 12%.

• The Investment Manager is also paid for reimbursable costs.

1 The Company tracks the return from its unleased entitlements in the form of a Running Yield, from start of the financial year (1 January) to date, based on the current annual income on the investment divided by its current market value. This yield should increase through the Company’s financial year as we divest the remainder of held allocation and derive returns from the next water year’s allocation from 1 July. Past performance is not a reliable indicator of future performance. Water Year: http://www.bom.gov.au/water/awid/id-644.shtml

2 Franking credits are available to Australian residents only. It enables an individual to claim an offset in their personal income for the tax paid by the Company.

3

SUMMARY

KEY FACTS AND INVESTMENT INFORMATION

SECURITIES ON ISSUE 73,094,343 Shares 62,132,906 Options NAV PER SHARE (30 APR 2018) A$1.24 per share

NAV PER SHARE (30 APR 2018)

EXERCISE PRICE OF EACH OPTION A$1.10 Exercisable before 31 May 2018 MARKET CAP (30 APR 2018) A$79,672,833 (A$1.09 per share) ASX CODE D2O (Shares) D2OO (Options) Listed 16 September 2016 INVESTMENT UNIVERSE Australian Water Entitlements*

INVESTMENT UNIVERSE

Duxton Capital (Australia) Pty Ltd

INVESTMENT MANAGER

~~Duxton Water has no direct employees, therefore the portfolio of water assets are managed~~ by Duxton Capital (Australia), part of the Duxton Group as a wholly owned subsidiary of Duxton Capital Pte Ltd. The Group manages over A$780 million in assets (as at 28 February 2018). The members of the Duxton Group have been exposed to Australian water markets since 1999.

KEY OBJECTIVES

• Visible revenue streams and dividend streams as high as prudently possible and franked to 100% or the maximum extent possible.

• Deliver investors with optimal long-term gains on their invested principal.

DIVIDENDS

The Company paid it’s first Dividend in November 2017 at 2.3 cents, franked to 75%. It paid it’s second Dividend in April 2018 at 2.4 cents, franked to 60%. Total dividend per share since listing is therefore 4.7 cents.

• Achieve reliable yields on behalf of investors.

• Establishing a portfolio which is diversified across water entitlement types, security classes and geographical regions with the Murray Darling Basin.

A$101.7 MILLION IN WATER ENTITLEMENTS (30 APRIL 2018)

• Maintenance of the principal invested.

• A long-term buy and hold strategy with the purchase and sale of assets as required to ensure the portfolio is positioned to capitalise on growth opportunities.

*Duxton Water may hold small land holdings from time to time when the purchase of land is required for the purchase of the associated water entitlement.

If Duxton Water market capitalisation exceeds A$100 million, which is a possibility depending on volume of options exercised, the stock may become more attractive to institutional investors, potentially increasing liquidity.

4

DUXTON WATER PORTFOLIO

CREATING A DIVERSIFIED PORTFOLIO OF REAL ASSETS, WITH A VISIBLE STEADY REVENUE STREAM AND CAPITAL GAINS POTENTIAL

VISIBLE REVENUE STREAM

Duxton Water receives revenue primarily through long-term lease arrangements with producers. The leases are commercial in nature with varying terms, where the lessee pays a fixed annual rent (quarterly in advance) to the lessor who maintains holding over the asset title. The lessee bears the risks associated with water allocation variability year-on-year, minimising any risk of climate variability year-on-year for Duxton Water. The water allocations of the unleased portion are actively traded in the market to return gains on sale. Through dividends, the returns flow though to investors.

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45%
55%
Leased Unleased
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AT 31 MARCH 2018 DUXTON WATER HAD 57% OF THE PORTFOLIO LEASED.

THE LEASED PORTFOLIO RETURNS A WEIGHTED AVERAGE YIELD OF 6.2% BASED ON THE TERMS OF THE LEASES.

DIVERSIFICATION

The portfolio is diversified in terms of entitlement type (high security, general security and bore water), and in terms of entitlement location. Each entitlement (for example NSW High Security) has different characteristics, and the portfolio of assets are actively managed to ensure Duxton Water is managing risk and opportunistically maximising returns.

As a proxy to agriculture, given water is a primary resource to most producers in the Murray Darling Region, Duxton Water is also diversified in terms of exposure to agriculture industries*. 1% 2% 2% 0%

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1% 2% 0%
Murray 22%
7%
Goulburn HS
8%
4% Murrumbidgee GS
Lachlan BORE
Mallee SUPP
Loddon
78% Macquarie 76%
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*55% of the portfolio is leased and the remainder 45% of the portfolio is unleased and sold on the temporary market. The leased portfolio is proportionally leased as follow: vineyards 86%, cropping 9%, dairy 4% and potatoes the remainder. The temporary allocation portion of the portfolio is sold to various parties and as such, the precise industry utilising the water is difficult to determine.

5

PERFORMANCE

NET ASSET VALUE A$1.24 NAV PER SHARE 30 APRIL 2018

DUXTON WATER NET ASSET VALUE PER SHARE (A$)

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1.30
1.25
1.20
1.15
1.10
1.05
1.00
0.95
NAV AUD per Share
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From November 2017, NAV has been calculated based on an independent monthly portfolio valuation performed by Aither Pty Ltd ("Aither"). The after-tax figure takes into account the provision for deferred tax on set-up costs and estimates of net tax provisions that may arise should the entire portfolio be disposed of at 30 April 2018. Aither has adopted the Australian Accounting Standards Board (AASB) 13 Fair Value Measurement definition of fair value in making their assessment of the fair market value.

ANNUAL FINANCIAL RESULTS

2016 NET PROFIT A$(0.23M) 2017 NET PROFIT A$2.07M

Period NAV Return NAV Return + Dividend NAV Return + Franked Dividend*	Period NAV Return NAV Return + Dividend NAV Return + Franked Dividend*	Period NAV Return NAV Return + Dividend NAV Return + Franked Dividend*	Period NAV Return NAV Return + Dividend NAV Return + Franked Dividend*
1 month	0.68%	2.59%	2.92%
3 months	3.57%	5.47%	5.80%
6 months	8.58%	12.70%	13.53%
12 months	13.56%	13.56%	13.56%
Inception	15.68%	20.07%	20.96%

Duxton Water is an easily scalable business, which will benefit from economies of scale. There are over 62 million options exercisable (for A$1.10) by 31 May 2018. If all were exercised the business would grow to ~A$150 million, based on market capitalisation at 31 March 2018. With the exception of some Government water charges on transactions, and management/performance fees, the majority of other expenses are stable or reasonably unchanged with the growth of the business.

*NAV return + dividend does not include any franking benefits/credits.

6

AUSTRALIAN WATER MARKET

THIS SECTION EXPLAINS THE NEW ASSET CLASS OF AUSTRALIAN WATER ENTITLEMENTS

REAL UNDERLYING ASSET

Duxton Water provides an opportunity to invest in Australian water assets, a new and real asset class. Rights to water are issued and held by way of water entitlements to which actual resource is allocated each year depending on the total available resource and the priority characteristics of the particular entitlement and allocations.

NO DEPRECIATION

Water entitlements are intangible assets giving the holder a right to the underlying water. Neither water, nor the entitlement, is a depreciable asset. While the system is supported by infrastructure and mechanisms to move the physical water, the asset in which Duxton Water is invested is not depreciable.

CAPITAL GAIN POTENTIAL

There is potential for capital gains as the Australian water market continues to develop and mature, and the value of the underlying asset continues to increase. Current market insights and production trends suggest that prices may increase over the next 5 to 10 years, given that the economic value of water dictates that whomever can derive the most benefit from the water should be the most willing to pay the most for the resource.

ENCOURAGES EFFICIENCY

Duxton Water will aid in the development of Australia's water markets, assisting water to be appropriately valued and utilised. The water market in Australia is the most sophisticated in the world[1] ; it is relatively efficient and as such the resource is valued and priced according to the market drivers of supply and demand. The water, therefore, goes to the best and highest use, and water users are encouraged to be efficient with their water allocations to ensure the highest margins and yields returned for the input[2] .

1http://www.afr.com/real-estate/australias-water-market-light-years-ahead-says-99m-water-fund-manager-20160812-gqr3nx And; https://www.mdba.gov.au/sites/default/files/pubs/ABARES-water-market-report-14-15.pdf, page 44

2Aither have within their 'outlook entitlement markets’: "after three years of rapid price growth, the limited growth in 2016-17 reflects market sentiment, with many buyers considering higher reliability entitlements to be close to or fully valued, despite the additional horticultural development underway"

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THE AUSTRALIAN WATER MARKET

A SECURE, WELL-DEVELOPED MARKET WITH A REAL UNDERLYING ASSET LIKELY TO INCREASE IN VALUE

The increasing scarcity of water, coupled with rising demand, is likely to be a key economic driver underpinning the water market.

The overall Australian water market is valued at approximately A$46.7 billion (in 2013[)1] . The Murray Darling Basin (“MDB”) is the world’s most sophisticated water market and the area is referred to as ‘Australia’s food bowl’. This is where Duxton Water is focused presently. The MDB contains about 40% of Australia’s farms, and 65% of irrigated farms[2] . In 2015-16, the MDB accounted for roughly 57% of Australia’s total irrigative water[3] .

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GROWING GLOBAL POPULATIONS
CONTRAINED WATER SUPPLY
EXPOSURE TO AUSTRALIAN AGRICULTURE
SIGNIFICANT GOVERNMENT INVESTMENT
REGULATED ENVIRONMENT
HUMAN AND ENVIRONMENTAL NEEDS FIRST
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AITHER ENTITLEMENT INDEX

The graph below shows the Aither Entitlement Index over the period from July 2008 to March 2018 (the index as at 31 March 2018 is A$162.40). This indicates capital growth potential of the asset, supported by agricultural production shifts toward more permanent plantings (discussed in following sections)*.

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180.00
160.00
140.00
120.00
100.00
80.00
60.00
40.00 Direct Government Buy Backs
Millennium Drought Shift to High Value Crops
20.00
On-Farm Irrigation Efficiency Program
0.00
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• 1 http://www.abs.gov.au/ausstats/abs@.nsf/featurearticlesbyCatalogue/CBEC67B283B69C4FCA257CAE000ED12E?OpenDocument 2 https://www.mdba.gov.au/discover-basin/people/economy-basin

• 3 http://www.abs.gov.au/ausstats/abs@.nsf/mf/4618.0

• Past performance is not a reliable indicator of future performance.

8

THE AUSTRALIAN WATER MARKET

HOW IT WORKS

CAP & TRADE

In Australia, particularly in the Murray Darling Basin region, water entitlements provide a right to the use (or sale/trade) of the annual allocation of the water resource. The Australian water market is based on an unbundled ‘cap and trade’ system. Under this regime, water rights are separated from land rights.

Water entitlements are traded in the permanent market and give the holder a right to the water resource. Each water year (July to June) each water entitlement is allocated a portion of the total available resource (i.e. one might receive a 90% allocation of one’s total right). Annual allocations are traded in the ‘temporary market’.

ENTITLEMENT TO WATER RESOURCE ANNUAL ALLOCATION OF WATER CLASSIFIED BY RELIABILITY OF ALLOCATION SEPARATE FROM LAND FUNGIBLE MORTGAGABLE ASCERTAINABLE VALUE TRANSFERABLE

There are various different entitlement types in the market, classified by ‘region’ (i.e. NSW vs VIC) and by reliability (i.e. High Security which is given priority in allocation, and General Security which is allocated to at a lower priority). Subject to market regulations, water users have the option to use their water rights, buy and sell licences, lease rights and/or carry over the water allocation into a new water year.

The value of traded water entitlements and water allocations can be regularly and easily obtained from relevant water authorities subsequent to registration. Determination of seasonal allocations to water entitlements are governed by defined, published processes and calculations based on the measurable water availability conditions. Refer to the diagram below to see how allocations are prioritised; at a high level, the resource is firstly allocated to environmental and human consumption needs, then to the river system itself to ensure sustainability and flow, and then to the irrigators via water entitlement characteristics (priority).

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General Security Entitlements High Security Entitlements River Run Environment & Human Needs

9

THE AUSTRALIAN WATER MARKET

THE SOUTHERN MURRAY DARLING BASIN

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SUPPLY AVAILABILITY

Source: Australian Government, Department of Environment

Duxton Water has focused entitlement acquisition in the Southern Murray Darling Basin region of Australia. Refer to the map above. The MDB has a total of 7,549,881 ML of water entitlements on issue within its interconnected water systems, with an estimated value of A$17.43 billion[1] . Referring to the diagram below, as at 18 February 2018, 20% of this volume (1.5m ML) is held within the Commonwealth Environmental Water Holdings (“CEWH”) and is unavailable for irrigative use. The CEWH has an estimated value of A$3.75 billion. 8% is held by the respective States. This leaves 72% of the system available to investors and producers; at present roughly 3% of entitlement holders are ‘investor type’ and the remainder are primary producers[2] .

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20%
8%
72%
Commonwealth Portfolio
State Holdings
For Consumptive Use
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The MDB Plan involves a Government buyback of water entitlements for environmental purposes. The Plan targeted recovering 2,750 GL of water entitlements. Of that, 644 GL are still available to be recovered as at 31 December 2017[3] .

The Australian Government has invested approximately A$13 billion over the last 10+ years to restore the balance between the baseline environmental requirements and the productive demands on the water system[4.]

The market encourages efficient use of water by producers and presents a value on the asset in relation to the supply and demand for water.

1 Aither – Water Markets Report 2016-17 review and 2017-18 outlook

2 Commonwealth Environmental Water Holding, The Living Murray, New South Wales Office of Environment and Heritage, as at 18 February 2018 3https://www.mdba.gov.au/managing-water/environmental-water/progress-water-recovery

4 https://www.smh.com.au/environment/at-great-risk-13-billion-murraydarling-plan-headed-for-failure-report-says-20171129-gzv344.html

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THE AUSTRALIAN WATER MARKET

THE SOUTHERN MURRAY DARLING BASIN

DEMAND AND MARKET TRENDS

Australia is experiencing a shift in production preferences toward more permanent irrigated crops, and away from annual crops. This is likely to reduce the flexibility producers have in responding to climate and other changes; in the past, farmers could reasonably easily decide to plant or not, or to plant an alternative crop, should there be a dry water year. Permanent crops however require a significant capital investment and often only reach maturity after 5+ years. Farmers are therefore committing themselves to long-term demand, in ever-increasing volumes. The impact of this will be felt most by the market when the plantings reach maturity.

Another trend is in investment by producers in higher yield crops with higher demand for water resource. It is estimated that 67,304 hectares of irrigated cotton were planted in the 2017/18 season, making the Murrumbidgee region (NSW) the largest cotton growing region in Australia this season. In the last 8 years the number of farms in the Murrumbidgee growing cotton has increased 369%[1] .

CASE STUDY: ALMOND PLANTINGS

Australian bearing almond orchard size has grown 14.9x since 2000. Australian almond growers have been forecast to plant an additional 15,000+ hectares between 2016 to 2018 to reach a total market orchard size of 45,000 ha. At full maturity, this equates to a total industry demand (assumed no further plantings) of approximately ~630 GL of water to sustain production (8% of total consumptive entitlements on issue withstanding actual allocation).[2]

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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
Bearing hectares Non Bearing hectares Planted hectares
Hectares
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1 http://www.theland.com.au/story/5226905/favourable-projections-for-australian-cotton/?cs=4936 2 Source: Australian Almonds, Orchard Size Statistics

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ECONOMIC OBSERVATIONS

THIS SECTION PROVIDES AN ANALYSIS OF SOME KEY CONSIDERATIONS FOR FOREIGN INVESTORS IN THE AUSTRALIAN WATER MARKET

LOW CORRELATION

Water entitlements have historically demonstrated a low correlation to traditional equities held within major indexes. They thus provide a diversification benefit to other asset classes to reduce volatility within a portfolio.

INFLATIONARY HEDGE

As a real asset, water entitlements have historically provided returns in excess of inflation due to their intrinsic nature*.

AUSTRALIAN LISTED PRODUCT (A$)

Providing currency exposure to the Australian Dollar will offer Foreign investors further portfolio diversification.

GEO POLITICAL STABILITY

Australia’s political stability and common law judicial system protecting investors’ rights provides a safe investment destination. Fiscally responsible Government maintaining low public debt in comparison to leading European nations, combined with one of the largest pension fund markets in the world assisting to reduce future pensionary pressures. Australia’s growing population is aging at a lower rate than Europe’s which will see a dramatic population dynamic shift within the next 5-10 years impacting economic growth.

*Duxton calculation based off publicly available data from: ABS - inflation data, Public registers - entitlement values. Refer following sections.

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LOW CORRELATION

A COMPARISON OF WATER AND EQUITIES

CORRELATION WITH EQUITIES – NOMINAL RETURNS

The table below presents the correlation coefficients between indexes over the previous 10 years. The Water Entitlements Index (sourced from Aither Index) demonstrates a low correlation coefficient with traditional equities.

	Aust. Water	ASX 200	FTSE 100	DAX	SMI
	entitlements	(AUD)	(GBP)	(EURO)	(CHF)
	(AUD)
Aither (AUD)	1.00	0.26	0.15	0.37	0.23
ASX 200 (AUD)	0.26	1.00	0.93	0.92	0.94
FTSE 100 (GBP)	0.15	0.93	1.00	0.93	0.89
DAX (EURO)	0.37	0.92	0.93	1.00	0.93
SMI (CHF)	0.23	0.94	0.89	0.93	1.00

source: Bloomberg as at 31/03/2018

13

INFLATIONARY HEDGE

REAL RETURNS

• Water entitlements provide an inflationary hedge with returns tending to be in excess of annual inflation.

• Real entitlement returns, adjusted for inflation, have outperformed the ASX 200 over the period of the Index.

• Note: 2008 consists of 31 July 2008 to 31 December 2008 due to the timing of the inception of the Aither Entitlement Index.

	Nominal Water Entitlement Return	Nominal ASX 200 Return	Inflation Rate	Real Entitlement Return	Real ASX 200 Return	Outperformance / (Underperformance)
2008	3.64%	(25.22%)	0.87%	2.74%	(25.86%)	28.61%
2009	9.65%	30.85%	2.06%	7.44%	28.21%	(20.77%)
2010	(30.20%)	(2.57%)	2.76%	(32.07%)	(5.19%)	(26.88%)
2011	5.40%	(14.51%)	2.99%	2.33%	(17.00%)	19.33%
2012	(22.78%)	14.60%	2.20%	(24.44%)	12.13%	(36.57%)
2013	-0.03%	15.13%	2.75%	(2.70%)	12.05%	(14.75%)
2014	33.72%	1.10%	1.72%	31.46%	(0.61%)	32.07%
2015	37.07%	(2.13%)	1.69%	34.79%	(3.75%)	38.54%
2016	12.23%	6.98%	1.48%	10.60%	5.43%	5.17%
2017	15.78%	7.05%	1.91%	13.61%	5.04%	8.57%

source: Bloomberg as at 31/03/2018

GOVERNMENT BONDS

The table below presents various yields offered by governmental bonds as at 21 February 2018. Average Yield offered for 2 Year governmental bonds is 0.72%. D2O returned a 5.28%* yield over the past 12 months (inclusive of dividend paid 18[th] April 2018).

Duration (Years)	Australian Government	Australian Government	US Treasury	US Treasury	UK Gilt	UK Gilt	German Bund	German Bund	Japan Government	Japan Government
	Coupon	Yield	Coupon	Yield	Coupon	Yield	Coupon	Yield	Coupon	Yield
2 4.50% 2.01% 2.00% 2.26% 1.75% 0.67% 0.00% -0.53% 0.10% -0.16%
5 2.25% 2.42% 2.38% 2.66% 0.50% 1.05% 0.00% 0.08% 0.10% -0.10%
10 2.25% 2.88% 2.75% 2.90% 4.25% 1.58% 0.50% 0.73% 0.10% 0.05%
30 n/a n/a 3.00% 3.16% 1.50% 1.97% 1.25% 1.39% 0.80% 0.78%

source: Bloomberg as at 31/03/2018 * Share price gain 31/3/17 to 29/3/2018 plus dividends

14

AUSTRALIAN ECONOMY

KEY OBSERVATIONS

PUBLIC DEBT

	Current Level	5 Year Average
Australia	47.1%	42.6%
Switzerland	32.9%	33.7%
USA	77.4%	74.7%
Singapore	114.6%	108.2%
Germany	65.7%	71.9%
France	96.1%	95.5%
United Kingdom	90.4%	89.6%

source: Bloomberg as at 31/03/2018.

GOVERNMENT BUDGET DEFICIT

The graph below shows the annual Government Budget Deficit as a % of GDP.

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4%
2%
0%
-2%
-4%
-6%
-8%
-10%
Australia Switzerland Germany
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
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source: Bloomberg as at 31/03/2018.

15

AUSTRALIAN ECONOMY

(CONTINUED)

POPULATION DYNAMICS

The graph below shows total expected population figures (at the top) as well as population split by age category. World Bank estimates that Australia is set to see the second highest growth, behind only Singapore.

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(million) 24.1 25.6 8.4 8.7 82.7 80.4 65.6 66.7 323.1 333.5 5.6 6
100.0%
15.0% 16.1% 18.0% 18.4% 21.0% 22.7% 18.0% 18.4% 15.0% 16.7% 12.0% 15.1%
72.0%
80.0% 66.0% 64.6% 67.0% 66.6% 64.0% 63.3% 66.0% 64.8% 70.5%
66.0%
64.4%
60.0%
40.0%
20.0%
19.0% 19.3% 18.0% 18.3% 19.0% 18.5%
15.0% 15.0% 15.0% 14.4%
13.0% 12.9%
0.0%
2016 2020 2016 2020 2016 2020 2016 2020 2016 2020 2016 2020
Australia Switzerland Germany United Kingdom United States Singapore
0 - 14 15 - 64 65 +
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source: World Bank

16

AUSTRALIAN CURRENCY

(CONTINUED)

AUD/CHF AUD/EU	RO AUD/GBP AUD/SGD AUD/USD
Current 0.733 0.624	0.548 1.007 0.768
5 Year Average 0.781 0.683	0.559 1.088 0.820
10 Year Average 0.851 0.682	0.567 1.162 0.875
Long Term Average 0.883 0.644	0.491 1.147 0.787
Standard Deviation 0.092 0.071	0.101 0.126 0.154

source: Bloomberg as at 31/03/2018

AUD / EURO CROSS

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0.9
0.8
0.7
0.6
0.5
0.4
source: Bloomberg as at 31/03/2018
CHF / AUD CROSS
1.2
1.1
1
0.9
0.8
0.7
0.6
GBP / AUD CROSS source: Bloomberg as at 31/03/2018
0.7
0.6
0.5
0.4
0.3
source: Bloomberg as at 31/03/2018
AUD / EURO Cross
AUD / CHF Cross
AUD / GBP Cross
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17

DUXTON WATER BOARD

THE BOARD HAS A TOTAL OF 81 YEARS EXPERIENCE IN THE AUSTRALIAN WATER MARKET. THE BOARD HOLDS A COMBINED 124YEARS OF EXPERIENCE IN AGRICULTURE

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ED PETER Chairman of the Board

Ed Peter is the co-founder and Chairman of Duxton Asset Management ("Duxton"). Prior to forming Duxton in 2009, Ed was Head of Deutsche Asset Management Asia Pacific ("DeAM Asia"), Middle East and North Africa. Ed has been exposed to the Australian water market since 1999.

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DIRK WIEDMANN Independent Non-Executive Director

Dirk Wiedmann has 28 years of experience in the finance industry. Over his career, Dirk has held senior global positions with several Banks, including UBS AG, Bank Julius Baer & Co Ltd and Rothschild Bank AG. Dirk has been investing in Australian agricultural businesses since 1999.

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PETER MICHELL Independent Non-Executive Director

Peter Michell is Executive Director at Michell Wool P/L and was its Managing Director for the decade following 2004. Peter holds a Bachelor of Management UniSA, FAICD, FGLF2000, and currently sits on the University of Adelaide’s Agribusiness Advisory Board.

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DENNIS MUTTON Independent Non-Executive Director

Dennis Mutton has a long history in the fields of natural resource management and primary industries. Dennis has also held roles as Commissioner and Deputy President of the Murray Darling Basin Commission and Chair of the SA Natural Resources Management Council.

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STEPHEN DUERDEN Non-Executive Director

Stephen Duerden is the CEO of Duxton Asset Management. Stephen has over 26 years of experience in investment management and joined Duxton in May 2009. Prior to this, Stephen was the COO and Director for both the Complex Assets Investments Team and the Singapore operation of DeAM Asia.

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DONALD STEPHENS

Company Secretary

Donald Stephens is a Chartered Accountant and corporate adviser with over 20 years of experience in the accounting industry. Mr Stephens holds a number of positions as a public company Director and Company Secretary as well providing corporate advisory services to a wide range of organisations

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INVESTMENT MANAGER

DUXTON CAPITAL (AUSTRALIA) PTY LTD

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Duxton Water has no direct employees and as such the portfolio of water assets is managed by Duxton Capital (Australia), part of the Duxton Group as a wholly owned subsidiary of Duxton Capital Pte Ltd.

The Group manages over A$780 million in assets (at 28 February 2018). The members of the Duxton Group have been exposed to Australian water markets since 1999.

The Australian Management team is supported by the Duxton Group’s investment team in Singapore. The Duxton Group’s executive management team has an average of 28 years of industry experience.

The Duxton investment team of 24 staff is based in Singapore and Australia with an average of 12 years of industry experience in agricultural investments, emerging market private equity, complex assets and listed equities, and a total of 270 years of combined industry experience.

Duxton Water has access to specialist industry knowledge and key networks developed over a combined 81 years in the water industry.

The Duxton Group is fully owned by Ed Peter, Stephen Duerden, Desmond Sheehy, the Group’s co-founders, and Scott Jaffray.

MANAGEMENT & PERFORMANCE FEE

Duxton Capital (Australia) as the Investment Manager receives a management fee of 0.85% p.a. of the net asset value (NAV) of the Company.

Duxton Capital (Australia) is entitled to a performance fee (subject to a high watermark) of 5% p.a. payable on annual returns above 8%, and 10% p.a. on annual returns above 12%. The Investment Manager is also paid for reimbursable costs.

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CONTACT US

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PLEASE FEEL FREE TO CONTACT US ANYTIME

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ALISTER WALSH Director of Water Assets Portfolio Manager

MELISSA RANDALL Head of Business Development & Relationship Management

LAUREN THIEL Business Development & Relationship Management Team

MELISSA RANDALL Head of Business Development & Relationship Management

Melissa.Randall@duxtonam.com M: +61 (0)420 307 104

LAUREN THIEL Business Development & Relationship Management Team

Lauren.Thiel@duxtonam.com M: +61 (0)417 834 549 Ph: +61 (0)8 8130 9531

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DISCLAIMER

IF YOU HAVE ANY QUESTIONS PLEASE CONTACT US

The aim of this presentation on Duxton Water Limited [ACN 611 976 517] (“Duxton Water”) is to introduce Duxton Capital (Australia) Pty Ltd [ACN: 164 225 647; AFSL no. 450218] (“DC Australia”) and Duxton Water to you (“Recipient”), and the presentation is provided at the Recipient’s request. Any other person must not rely upon or act on this presentation.

The content of this presentation is intended only as a source of general information for the Recipient 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 applicable 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 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. The Recipient 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.

The securities of Duxton Water referred to in this presentation are not obligations of, deposits in, or guaranteed by DC Australia, Duxton Water or any of their respective affiliates.

All third party data (such as MSCI, S&P and Bloomberg) are copyrighted by and proprietary to the provider. Although the information was compiled from sources believed to be reliable, no liability for any error or omission is accepted by DC Australia, Duxton Water or their respective affiliates or any of their respective directors or employees. The information and opinions contained in this presentation may also change. 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.

Advisors

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 Taylor Collison Limited and Morgans Financial 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 Duxton Water that the Recipient may require in evaluating a possible investment in Duxton Water. 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. The Recipient agrees, 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 the Recipient nor any other matter shall be deemed to created or give rise to a fiduciary, agency or similar relationship between each Limited Party and the Recipient.

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DISCLAIMER

IF YOU HAVE ANY QUESTIONS PLEASE CONTACT US

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.

Hong Kong

The shares of Duxton Water (“Shares”) have not been, and will not be, offered or sold in Hong Kong, by means of this or any document, other than to persons whose ordinary business is to buy or sell shares or debentures, whether as principal or agent, or in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong); and no advertisement, invitation or document relating to the Shares, whether in Hong Kong or elsewhere, that is directed at, or the contents of which are or are likely to be accessed or read by, the public in Hong Kong has been or will be issued, or in the possession of any person for the purposes of issue, other than with respect to the Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and any rules made under that Ordinance, or as otherwise may be permitted under the laws of Hong Kong.

The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the Shares. If you are in doubt about any contents of this document, you should obtain independent professional advice.

Singapore

The offer of Shares made under the Duxton Water prospectus is not a collective investment scheme which is authorised under section 286 of the Securities and Futures Act (Cap. 289) of Singapore (the " SFA ") or recognised under section 287 of the SFA by the Monetary Authority of Singapore (the " MAS ") and the Shares are not allowed to be offered to the retail public in Singapore.

Neither the Duxton Water prospectus nor any other document or material issued in connection with any offer of the Shares has been or will be lodged or registered as a prospectus with the MAS under the SFA. Accordingly, (a) the Duxton Water prospectus or any other document or material issued in connection with any offer of, or invitation to subscribe for or purchase the Shares may not be, directly or indirectly, issued, circulated or distributed to; and (b) the Shares may not be, directly or indirectly, offered, or made subject to an invitation to subscribe or purchase to, persons in Singapore, except pursuant to, and in accordance with, the requirements of the private placement exemption under section 302C of the SFA.

This presentation and any other document or material issued in connection with the offer or sale of the shares is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply. You should consider carefully whether an investment in the shares of Duxton Water is suitable for you.

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DISCLAIMER

IF YOU HAVE ANY QUESTIONS PLEASE CONTACT US

Switzerland

The Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (“SIX”) or on any other stock exchange or regulated trading facility in Switzerland. The Duxton Water prospectus has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or under the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other marketing material relating to the Shares may be publicly distributed or otherwise made publicly available in Switzerland. The Shares will only be offered to regulated financial intermediaries such as banks, securities dealers, insurance institutions and fund management companies as well as institutional investors with professional treasury operations.

Neither this document nor any other marketing material relating to the Shares have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and any offer of the Shares will not be supervised by, the Swiss Financial Market Supervisory Authority (“ FINMA ”). This document is personal to the Recipient only and not for general circulation in Switzerland.

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