RIVCO AUSTRALIA LTD — Net Asset Value 2017

Apr 11, 2017

==> picture [81 x 95] intentionally omitted <==

Duxton Water Limited Monthly Update

31 March 2017

Net Asset Value per Share

$1.08

The primary investment objective of Duxton Water is to generate annual income through capitalising on the increasing demand for scarce water resources. Duxton Water derives its income from a diversified portfolio of Australian Water Allocations and Water Entitlements.

Duxton Water

==> picture [177 x 133] intentionally omitted <==

----- Start of picture text -----

ASX Code (Shares) D2O
ASX Code (Options) D2OO
Shares on Issue 63,965,406
Options Outstanding 63,965,406
Options Exercise Price $1.10
Options Expiry 31 May 2018
----- End of picture text -----

Net Asset Value per Share

Duxton Water's NAV as at 31 March 2017 was $1.08 per share.

These figures are not adjusted for any dilution due to the outstanding options which are exercisable at $1.10. 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 on the above date.

Net Asset Value per Share - Since Inception

==> picture [355 x 138] intentionally omitted <==

----- Start of picture text -----

1.20
1.10
1.00
0.90
0.80
0.70
0.60
0.50
16th September 30th Spetember 31st October 30th November 31st December 31st January 28th February 31st March
2016 2016 2016 2016 2016 2017 2017 2017
AUD
----- End of picture text -----

Entitlement Portfolio Value by Region

==> picture [176 x 127] intentionally omitted <==

----- Start of picture text -----

0% 1% 0% 1% Murray
Murrumbidgee
10%
Unsettled
6% Transactions
Lachlan
6%
Goulburn
9% Campaspe
67% Loddon
Macquarie
Mallee
----- End of picture text -----

Performance	Gain/Loss
1 Month	1.41%
3 Months	0.56%
6 Months	1.75%
12 Months	N/A
Inception	0.93%

Water Portfolio Diversification

==> picture [176 x 125] intentionally omitted <==

----- Start of picture text -----

41%
Leased
Unleased
59%
----- End of picture text -----

Market Update

Market summary

Major storages within the Murray Darling Basin (MDB) decreased 4% over the past month although the total MDB storage is still 33% higher than March 2016. Heavy rain along Australia’s east coast pushed further inland in late March with humid and unstable conditions affecting large parts of the MDB. Conditions in the far west of New South Wales and South Australia were mostly dry. The Murrumbidgee Inter-Valley Trade (IVT) opened for the second time in 2017 with a further 15GL of allocation available for trade out of the Murrumbidgee into the Murray.

The Bureau of Meteorology (BoM) updated their El Nino-Southern Oscillation (ENSO) outlook late March to show an 85% chance of an El Nino forming by October 2017. Following this, the Department of Primary Iindustries NSW Water released its preliminary outlook for opening allocations in the 2017/18 water year (commencing 1[st] July 2017). In the NSW Murray, an opening allocation of 3% is forecast (with 45% carryover). By 1 November 2017 allocations are forecast to be between 25% (very dry) and 100% (wet) with average inflows leading to a forecast of 51%.

Water Security Breakdown

==> picture [176 x 136] intentionally omitted <==

----- Start of picture text -----

1%
20%
HS
GS
BORE
79%
----- End of picture text -----

Southern Basin

Total inflows into the Murray system were 90GL, compared to the 10 year average of 396GL. The Hume and Dartmouth reservoirs closed the month at 65% and 77%, respectively. The Hume Reservoir received total rainfall of 71.2mm, compared to the long-term average of 45.8mm.

Overall, water entitlement prices increased in March. The major price increases were Zone 1A and Zone 7, increasing 13.0% and 5.3%, respectively.

Prices for temporary water have been variable over the past month. Continued dry weather has seen an increase in demand for Autumn irrigation. The opening of the Murrumbidgee/Murray IVT was the catalyst for the temporary price decline in the Murray water systems. Although temporary prices for Zones 1A, Macquarie and Murrumbidgee continued to fall, the overall impact on the portfolio was mitigated through our exposure to fixed long-term leases.

Northern Basin

The Lachlan Valley water assets increased by 6.6% in March. There is still demand for Lachlan Valley entitlements at a 22% premium to our weighted average price.

Duxton Capital (Australia) Pty Ltd Duxton House, 7 Pomona Road, Stirling, SA, Australia 5152 T (08) 8130 9500 F (08) 8130 9599

==> picture [81 x 96] intentionally omitted <==

Duxton Water Limited Monthly Update

31 March 2017

Investment Update

==> picture [521 x 98] intentionally omitted <==

----- Start of picture text -----

Permanent Water Acquisitions and Divestments 40,000,000.00 Post-IPO Deployment
As at 31 March 2017, Duxton Water is invested in approximately $63 million of water entitlements,
equating to 94% of the portfolio, with the remainder of the portfolio held in cash and net current 30,000,000.00
assets. Duxton Water has additionally entered into contracts, agreed terms for contracts or has pending 20,000,000.00
offers for contracts on an additional $4.4 million worth of water entitlements. These additional contracts
will result in 100% of the portfolio being invested, in-line with our 6 month deployment strategy. See the 10,000,000.00
graph to the right showing the monthly deployment of IPO proceeds. Cash -
Temporary Water Sales Water PurchasesSept Oct Nov Dec Jan Feb Mar
In March, 2,104ML of allocations were sold. YTD allocation sales amount to 11,358ML.
Duxton Water Portfolio SMDB Exposure
----- End of picture text -----

Lease Yield

==> picture [212 x 151] intentionally omitted <==

No new leases were entered into in March. The weighted average yield for long-term leases remains at 6.0%.

Total Yield

The combined (temporary sales plus lease) annualised yield YTD is 4.84%.

Dividends

The Company intends to pay dividends twice yearly. We currently anticipate the first dividend will be paid to Shareholders in August 2017.

Valuation Methodology

Total assets of the Company are valued at fair market value based upon independent valuation, or the weighted average price of the last three applicable trades on or prior to the relevant Valuation Day, received from the respective state register, excluding outliers. Outliers are defined as a trade with greater than 10.0% variance from the last weighted average price and transactions that are less than 10ML (unless there are no applicable transactions greater than 10ML) less the total liabilities of the Company.

Market Outlook

The latest Bureau of Meteorology outlooks are suggestive of further hot and dry conditions over the next three months for the Murray Darling Basin. Models are forecasting a 65%-80% chance of below average rainfall across the Southern Connected Basin ( see chart below ).

==> picture [498 x 160] intentionally omitted <==

----- Start of picture text -----

The chance of above median rainfall for April- June Storage levels
Total Murray Goulburn 34% 70%
Hume 25% 65%
Lake Eildon 33% 67%
Dartmouth 43% 77%
Total Murrumbidgee 36% 67%
Burrinjuck 32% 67%
Blowering 38% 67%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
2016 2017
----- End of picture text -----

Source: Bureau of Meteorology

Disclaimer

This factsheet is prepared by Duxton Capital (Australia) Pty Ltd [ACN: 164 225 647; AFSL no. 450218] ("Duxton Capital (Australia)"). Duxton Capital (Australia) is the Investment Manager of Duxton Water Limited [ACN 611 976 517] (“Duxton Water”). This factsheet has been prepared for the purposes of providing general information only and does not constitute an offer, invitation, soliciation or recommendation with respect to the purchase or sale of any securities in Duxton Water. Information from this factsheet must not be issued in any jurisdiction where prohibited by law and must not be used in any way that would be contrary to local law or regulation. The terms of Duxton Water are set out in the prospectus of Duxton Water (“Prospectus”), and should there be any conflict between the terms set out in this factsheet and the Prospectus, the terms in the Prospectus shall prevail.

The forecasts provided are based upon our opinion of the market as at this date and are subject to change, dependent on future changes in the market. Any prediction, projection or forecast on the economy, stock market, bond market 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 shares/ units and their derived income may fall as well as rise. Past performance or any prediction or forecast is not necessarily indicative of future performance. No assurance is given that the investment objective or the targets will be met.

This document does not constitute investment, tax, legal or any other form of advice or recommendation and was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it. Investors should study all relevant information and consider whether the investment is appropriate for them. If you require investment or financial advice please contact a regulated financial adviser. 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 Duxton Group or its affiliates may hold positions in the securities referred. Where stocks are mentioned, it should not be construed that these are recommendations to buy or sell those stocks.

You are not authorized to redistribute this document nor qualified to make any offer, representation or contract on behalf of Duxton Capital (Australia) or its affiliates. Although the information was compiled from sources believed to be reliable, no liability for any error or omission is accepted by Duxton Capital (Australia) or its affiliates or any of their directors or employees. The information and opinions contained may also change. Copyright protection exists in this presentation. To the extent permitted by applicable law, none of the Duxton Group, their affiliates, or any officer or employee of the Duxto Group accepts any liability whatsoever for any direct or consequential loss arising from any use of this factsheet or its contents, including for negligence.

Duxton Capital (Australia) Pty Ltd Duxton House, 7 Pomona Road, Stirling, SA, Australia 5152 T (08) 8130 9500 F (08) 8130 9599