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The information contained in this document should not be considered a recommendation to purchase or sell any particular security or asset and
the opinions expressed are those of Oxley Capital Partners Pty Limited and are subject to change without notice.

Furthermore, there can be no assurance that any trends described in this document will continue or that forecasts will occur because economic and market conditions change frequently.

The information contained in this document may be subject to change without notice and is for general information only and should not be regarded as constituting an offer or a solicitation to buy or sell any investment. It is expressly understood that nothing in this document constitutes investment advice.

If you require investment advice you should contact a professional advisor. This document is published solely for information purposes and has no regard to the specific investment objectives, financial situation or particular needs of any person.

It is expressly agreed that while all reasonable efforts have been made to ensure that the information in this document is accurate and up to date, no representations or warranties are given as to the reliability, accuracy or completeness of information.

No liability is accepted for any damage or loss, including loss of profit whether direct, indirect or consequential, in respect of the use of this document. By using this document, you acknowledge that you accept the terms of this Disclaimer as binding upon you.

Oxley Capital Partners Pty Limited reserves the right to change the terms of this Disclaimer without notice, and by using this document for general information purposes, you agree to abide by such changes once communicated to you.

Unauthorised use, copying, distribution or reproduction in whole or in part of the information contained in this document is prohibited without obtaining prior written permission from Oxley Capital Partners.

It is the responsibility of every person reading this document to satisfy themselves as to the full observance of the laws of any relevant country, including obtaining any government or other consent which may be required or observing any other formality which needs to be observed in that country.

Please note Oxley Capital Partners Pty Limited (ACN 636 400 747) operates as a Corporate Authorised Representative [representative no. 001279808] of Gunn Agri Partners Pty Limited (ACN 165 099 230) Australian Financial Services License no. 472500 granted to it by the Australian Securities &  Investments Commission.

Oxley Capital Partners is the licensee of real estate license number 4380649.

Adult Equivalent (AE) is the standard measure of grazing loads used in extensive cattle grazing areas across northern and pastoral Australia and is used for carrying capacity assessments, grazing management, nutrition management, land valuations and performance analysis. An AE is defined as a 450 kilogram non-lactating beast. This is a long term, year-in, year-out sustainable average level of productivity through fluctuating annual seasonal conditions.

Note no carrying capacity or land use assessment has been conducted or will be provided in this document. The estimated AE carrying capacity in this document is based on THF Finance Pty Limited historical stocking rates, land use and water allocations.

We provide no warranty or representation as to the accuracy of the water allocations summarised in this document and encourage all interested parties to make their own independent enquiries.

We are not aware as to the current state of repair and condition of irrigation infrastructure mentioned in this document.

Interested parties are to make their own independent enquiries as to the condition, working order or registration status of any items of plant and equipment mentioned in this document.

*All figures are approximates and estimates only.