1. Livestock & Dairy Investment Opportunities Global AgInvesting Conference London 2 nd – 3 rd December 2014 David Sackett Managing Director, Growth Farms

2. Meat and dairy offer the biggest opportunities……. Source: ABARES

3. Key players in global red meat exports Source: USDA 2013Source: FAOSTAT, 2011

4. Lamb has seen a large price increase

5. What sort of returns? (Australia) Operating yield (before capital appreciation of 6-8%) Beef2-4% Lamb4-6% Dairy5-8% (sharemilk - operate)

6. Opportunities Countries with competitive advantages Beef in Sth America, Australia Sheep in Aust, NZ Dairy in NZ, Aust. Low – moderate correlation with grains Sheep & dairy offer some great advantages Aggregation of subscale farms Buy and manage well

7. Introduction to Growth Farms Australia Specialist Managers in Australian Agriculture Sep 2014

8. Established in 1999 with an appropriate blend of farm management, commercial, legal and accounting experience Has over $380m under management, over $200m since 2008 Specialises in portfolio strategy, acquisition and management of Australian broad-acre agricultural investments Works with a diverse client base including high net worth individuals, corporate and institutional investors from Australia, Asia and Europe Has recently had first close of a Fund with a UK insurance company as the seed investor Has a proven track record of value acquisitions and top quartile operating returns Employs highly qualified operational management who are all experienced agricultural specialists covering a wide range of sectors Growth Farms is an established agricultural asset management company:

9. Assets under management are substantial and across diverse agricultural sectors: $380m and a total area of 105,000 hectares - 150,000 sheep - 14,000 cattle - 21,000 ha winter crop -cereal, oilseed, other - 4,000 ha summer crop -cotton, sugar, other

10. Thirty farms under management, most in the higher rainfall areas of eastern Australia: Climate Zones Source: Growth Farms Australia, Australian Bureau of Meteorology - http://www.bom.gov.au/jsp/ncc/climate_averages/climate-classifications/index.jsp?maptype=kpngrp

11. Growth Farms operating yield track record (EBITDA as % asset value)

12. For further information: David Sackett Managing Director +61 (0) 419 164 273 dsackett@growthfarms.com.au www.growthfarms.com.au