RIVCO AUSTRALIA LTD — Net Asset Value 2025

Mar 13, 2025

Monthly Update

FEBRUARY 2025

INVESTMENT NAME INVESTMENT MANAGER INVESTMENT UNIVERSE Duxton Water Limited Duxton Capital (Australia) Pty Ltd Australian Water Entitlements ASX Code: D2O NET ASSET VALUE (POST -TAX) WATER PORTFOLIO VALUE SHARES ON ISSUE: 156,403,151 $1.58 per share $382 million OPTIONS ON ISSUE : 38,165,498

Duxton Water Limited (ASX:D2O)

Monthly Update

FEBRUARY 2025

==> picture [26 x 30] intentionally omitted <==

The primary investment objective of Duxton Water (“the Company”) is to build a portfolio of permanent water entitlements and utilise this portfolio to provide flexible water supply solutions to our Australian farming partners. The Company generates a return by offering irrigators a range of supply solutions including long-term entitlement leases, forward allocation contracts and spot allocation supply.

==> picture [58 x 57] intentionally omitted <==

Portfolio Managers’ Update

On 6 March 2025, D2O confirmed the execution of a $121.3 million sale of water entitlements to the Australian Government. This transaction will be recorded in the Company’s March 2025 accounts and, therefore, has not been reflected in the values reported in this monthly update. Further information on this transaction can be found in the Company’s recent announcement.

In February 2025, the Company’s post-NAV per share increased 3 cents (+2%) to $1.58 per share from the month prior. This increase was primarily driven by the sale of approximately $14 million of water entitlements at above market prices. These sales were contracted in February 2025 and are not part of the $121.3 million sale of water entitlements announced on 6 March 2025. Proceeds from these sales will be used to settle recent entitlement acquisitions and offset against the Company’s debt facilities.

Several zones within the portfolio also experienced uplift during the month of February, which has contributed to this positive result. Over the last three months, the Company has achieved a 4.7% growth in post-tax NAV per share, demonstrating strong performance. This result excludes any impacts of the $121.3 million sale of water entitlements to the Australian Government.

In addition to this, on 27 February 2025, the Company was pleased to formally declare a fully franked dividend of $3.71 cents per share. This dividend will be paid to shareholders on 24 April 2025. The Board is pleased to continue offering shareholders the ability to participate in the Company’s dividend reinvestment plan, allowing participants to receive additional shares in the Company at a 5% discount.[1]

With respect to allocation markets, pricing trends varied during the month of February. Demand for allocation remains high as the irrigation season reaches its peak. Strong demand has been coming from regions experiencing warm and dry weather, such as parts of South Australia and Victoria. By contrast, rainfall in the Murrumbidgee and an increase in allocations to upper Murray entitlements have led to a softening of allocation prices in these markets.

Dam storages remain at their lowest levels for this time of year since February 2021. This has led to a significant increase in the value of water allocations at this time of year when compared to the previous 3 years.

Higher allocation prices have increased demand for leases starting next water year (1 July 2025). While there remains a difference in pricing expectations between buyers and sellers, lower dam storages and allocation prices observed in recent months have meant this gap is closing. The Company is currently negotiating a range of new leases and forward contracts with potential counterparties for next season.

==> picture [84 x 80] intentionally omitted <==

==> picture [80 x 77] intentionally omitted <==

Lachlan Campbell Portfolio Manager

Lachlan Beech Portfolio Manager

==> picture [111 x 23] intentionally omitted <==

==> picture [127 x 26] intentionally omitted <==

1. DRP price is based on a 5-day volume-weighted average price before and inclusive of the record date. For more information, please refer to the ASX announcement.

COMPANY PERFORMANCE (28 FEBRUARY 2025)

1 Month	3 Months	6 Months	12 Months	Inception
2.00%	4.69%	4.03%	4.57%	106.57%

*These figures are based on post-tax NAV movements and include franked dividends for the period

Duxton Water Limited (ASX:D2O)

Page 2

FEBRUARY 2025

Monthly Update

==> picture [26 x 30] intentionally omitted <==

COMPANY SNAPSHOT

	Oct-24	Nov-24	Dec-24	Jan-25	Feb-25*
NAV (Post-Tax)	$1.51	$1.51	$1.54	$1.55	$1.58
NAV (Pre-Tax)	$1.61	$1.61	$1.65	$1.66	$1.71
Portfolio Size ($)	$366m	$366m	$392m	$393m	$385m
Shares on Issue	157m	157m	156m	156m	156m
Options on Issue	38m	38m	38m	38m	38m
Leverage	30%	31%	31%	30%	29%

*Sale of $121.3 million of water entitlements excluded from the Feb-2025 metrics above.

PO RTFO LIO S UM M ARY

	Oct-24	Nov-24	Dec-24	Jan-25	Feb-25*
Portfolio Size (ML)	88 GL	88 GL	92 GL	92 GL	90 GL
Zones Held (#)	19	19	19	19	19
Leased %	40%	40%	37%	38%	40%
WALE	2.9 years	2.8 years	2.8 years	2.9 years	2.8 years
WALE (inc. options)	4.5 years	4.4 years	4.4 years	4.5 years	4.4 years

*Sale of $121.3 million of water entitlements excluded from the Feb-2025 metrics above.

ALLO C ATIO N PRIC ES (END O F M O NTH)

	Oct-24	Nov-24	Dec-24	Jan-25	Feb-25
Lower Murray	$140	$135	$150	$160	$180
Upper Murray	$125	$120	$125	$130	$120
Goulburn	$105	$100	$105	$90	$103
Murrumbidgee	$140	$135	$230	$235	$200
Lachlan	$100	$90	$100	$120	$125

^Approximate water allocation prices at the end of each period.

S O UTHERN B AS IN DAM S TO RAGE LEV ELS (ANNUAL)

	Feb-21	Feb-22	Feb-23	Feb-24	Feb-25
Dartmouth	63%	93%	97%	97%	86%
Hume	56%	98%	96%	78%	35%
Lake Eildon	64%	84%	97%	96%	73%
Blowering	77%	96%	81%	67%	37%
Burrinjuck	71%	92%	82%	88%	50%
Menindee Lakes	18%	98%	100%	55%	41%
Weighted Average	59%	93%	94%	84%	59%

^Dam storage levels at the end of each period.

==> picture [91 x 18] intentionally omitted <==

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

W A T E R P O R T F O L I O
D I V E R S I F I C AT I O N
----- End of picture text -----

==> picture [117 x 126] intentionally omitted <==

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

40% 60%
Leased Unleased
----- End of picture text -----

E N T I T L E M E N T V A L U E B Y R E G I O N

==> picture [156 x 162] intentionally omitted <==

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

10%
14%
3%
2%
71%
Murray Murrumbidgee
Goulburn Lachlan
Mallee
----- End of picture text -----

W A T E R S E C U R I T Y B R E A K D O W N

==> picture [145 x 153] intentionally omitted <==

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

20%
78% 2%
High Security General Security
Groundwater
----- End of picture text -----

==> picture [491 x 121] intentionally omitted <==

Page 3

Duxton Water Limited (ASX:D2O)

Monthly Update

FEBRUARY 2025

==> picture [26 x 30] intentionally omitted <==

HISTORICAL PERFORMANCE (& DIVIDENDS) – SINCE INCEPTION

==> picture [464 x 229] intentionally omitted <==

C HA NC E O F A BO VE -A VERA GE RA I NFA LL

A P R I L 2 0 2 5 – J U N E 2 0 2 5

RA I NFA LL DEC I LE C HA RT ( SU M M ER)

D E C E M B E R 2 0 2 4 – F E B R U A R Y 2 0 2 5

==> picture [545 x 200] intentionally omitted <==

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

Source: Bureau of Meteorology Source: Bureau of Meteorology
----- End of picture text -----

==> picture [30 x 35] intentionally omitted <==

DUXTON WATER LIMITED

ABN: 53 611 976 517

==> picture [14 x 13] intentionally omitted <==

==> picture [16 x 16] intentionally omitted <==

7 Pomona Road, Stirling, SA, 5152 +61 (8) 81350 9500

==> picture [15 x 15] intentionally omitted <==

==> picture [13 x 14] intentionally omitted <==

invest@duxtonam.com

www.duxtonwater.com.au

This announcement has been authorised for release by the Chairman of Duxton Water Limited

DISCLAIMER: This factsheet is prepared by 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 Duxton Water’s 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. Although the information was compiled from sources believed to be reliable, no liability for any error or omission is accepted by Duxton Water 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 Duxton Water, Duxton Capital (Australia) Pty Ltd, their respective affiliates, or any of their respective officers or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this factsheet or its contents, including for negligence.

Duxton Water Limited (ASX:D2O) Duxton Water Limited (ASX:D2O)

Page 4