RIVCO AUSTRALIA LTD — Net Asset Value 2018

May 2, 2018

$1.24

Net Asset Value per Share

DUXTON WATER LIMITED

Monthly Update – 30 April 2018

DUXTON WATER

ASX Code (Shares)	D2O
ASX Code (Options)	D2OO
Shares on Issue	73,094,343
Options Outstanding Options Exercise Price	62,132,906 $1.10
Options Expiry	31 May 2018

ENTITLEMENT PORTFOLIO

==> picture [133 x 195] intentionally omitted <==

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

VALUE BY REGION
2%
1%
7%
8%
4%
78%
Murray Goulburn
Murrumbidgee Lachlan
Mallee Loddon
Macquarie
----- End of picture text -----

WATER PORTFOLIO DIVERSIFICATION

==> picture [128 x 130] intentionally omitted <==

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

45%
55%
Leased Unleased
----- End of picture text -----

WATER SECURITY BREAKDOWN

==> picture [131 x 138] intentionally omitted <==

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

2% 0%
22%
76%
HS GS BORE SUPP
----- End of picture text -----

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.

NET ASSET VALUE PER SHARE

Duxton Water’s NAV as at 30 April 2018 was $1.24 per share. The after tax NAV 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. These figures are not adjusted for any dilution due to the outstanding options which are exercisable at $1.10. NAV is calculated based on independent monthly portfolio valuation performed by Aither Pty Ltd (“Aither”).

NET ASSET VALUE PER SHARE – SINCE INCEPTION

1.30 1.25 1.20 1.15 1.10 1.05 1.00 0.95 PERFORMANCE GAIN/LOSS 1 Month 2.64% Less Dividend 1.96% 0.68% 3 Months 3.47% 6 Months 8.58% *12 Months 13.36% Inception 15.36% Inception (+ franked distributions Nov 17 & April 18)* 20.96%

*A 2.4c Dividend, franked to 60%, was paid to Shareholders on 18 April 2018 reducing NAV.

MARKET UPDATE

Market Summary

Storage levels of the major dams within the Murray Darling Basin (MDB) decreased by 3% through April. Total MDB storage levels were 19% lower than at the end of April 2017.

No allocations were announced through April. As Focus turns to the 18/19 Water Season we are moving into the new water year with lower storage volumes and drier forecast conditions, water availability is likely to lower. High Security Entitlements in South Australia Murray, and NSW Murray and Murrumbidgee have had their opening allocations confirmed at 100%, 97%, & 95% respectively. Victorian High Security Entitlements may open lower based on current conditions. Victorian Murray and Goulburn High Security Entitlements will open at least 35% and 20% respectively with resource improvements occurring as further water becomes available. Duxton Water presently hold approximately 12.2GL of unleased water allocations. The deployment of this allocation will be balanced between end of season sales and carryover, positioning the Company ahead of drier conditions and high pricing in the new water year (from 1 July).

Southern Basin

The Hume and Dartmouth reservoirs closed the month at 31% and 89% of capacity respectively. Entitlement demand remained strong. VIC Murray Zone 6 (14.15% of portfolio) and Goulburn (3.65% of portfolio) High Reliability Entitlements increased by 7% through March closing some of the gap that had forming between these and other High Security Entitlements. Temporary water prices increased as irrigators purchased to cover overuse and for carryover. Prices in the Murray have increased to $170/ML with prices up to $200/ML in the Murrumbidgee (season peaks). Forward allocation prices for 18/19 are at $180/ML in the Murray and $230/ML in the Murrumbidgee.

Northern Basin

A further 7% increase in Lachlan General Security Entitlement Values was achieved on top of last months uplift (6.11% of portfolio).

DUXTON CAPITAL (AUSTRALIA) PTY LTD // DUXTON HOUSE, 7 POMONA ROAD STIRLING SA AUSTRALIA 5152 // (+61) 8 8130 9500

$1.24

Net Asset Value per Share

DUXTON WATER LIMITED

Monthly Update – 30 April 2018

INVESTMENT UPDATE

Permanent Water Acquisitions and Divestments

At 30 April 2018, Duxton Water is invested in approximately $101.7 million of water entitlements with the remainder of the portfolio held in cash and net current assets. Duxton Water holds contracts over a further $4.8 million of water entitlements at the 30[th] April 2018.

Temporary Water Sales

677ML of allocation were sold throughout April. The Company's yield from its unleased Entitlements is expected to increase through its financial year as it divests the remainder of its current held allocations and derive returns from the next water years allocations from the 1st of July. The allocation sales to date for 2018 amount to 17,688 ML.

Lease Yield

No new leases were entered into in April.

55% of the Company's portfolio is leased with a weighted average yield of

6.20% and a weighted average lease duration of 5.18 years.

Total Yield

Duxton Water’s yield is comprised of two streams of income: leased and unleased income.

Assuming a steady state basis, the forecast annual gross yield to the end of 2018 will be 6.10%

(This is a forecast and actual results may vary).

Dividends

In line with the Company’s objectives of paying a dividend to shareholders biannually, on the 18[th] April 2018 the Company paid its second dividend to its shareholders of 2.4 cents per share payable in Australian dollars. The dividend was franked to 60% for Australian taxation purposes.

Valuation Methodology

Aither undertakes a monthly valuation of the Duxton Water portfolio. Total assets of the Company are valued based on an assessment of fair market value. Aither has adopted the Australian Accounting Standards Board (AASB) 13 Fair Value Measurement definition of fair value. Further information can be found on www.duxtonwater.com.au.

MARKET OUTLOOK

DUXTON WATER PORTFOLIO – SMDB EXPOSURE

==> picture [224 x 166] intentionally omitted <==

INFLOWS TO THE MDB

==> picture [233 x 187] intentionally omitted <==

The latest Bureau of Meteorology outlooks continue to suggest of a drier Autumn and early winter with a below-average to neutral chance of median rainfall over the next quarter ( see chart below ).

==> picture [495 x 122] intentionally omitted <==

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

Storage Levels The chance of above-median rainfall for May – July 2018
Total Murray Goulburn
12 Month Prior
Hume
Volume
Lake Eildon
Dartmouth
Total Murrumbidgee
Current Storage
Burrinjuck Volume
Murrumbidgee
0% 20% 40% 60% 80% 100%
DISCLAIMER
----- End of picture text -----

==> picture [28 x 109] intentionally omitted <==

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, solicitation 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 Duxton 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 // (+61) 8 8130 9500