This email update is issued by AAM Investment Group Pty Ltd (AAM) ABN 28 612 701 274, a corporate authorised representative (CAR No. 001279434) of AAM Licensees Pty Ltd (AAML) ACN 169 645 416 AFSL 458978. AAML is the trustee of the Southern Cross Poultry Fund comprising of Southern Cross Poultry Investment Trust ABN 98 971 102 645 and Southern Cross Poultry Operating Trust ABN 91 348 989 830, the Pastoral Development Trust comprising of the Pastoral Development Property Trust ABN 16 472 041 766 and the Pastoral Development Cattle Trust ABN 46 156 756 734, the Sustainable Softwood Trust ABN 21 446 674 754 and the AAM Diversified Agriculture Fund comprising of AAM Diversified Agriculture Real Asset Trust ABN 66 105 484 925 and AAM Diversified Agriculture Operating Trust ABN 82 620 396 937.

Whilst AAM believes the information in this update is based on reliable information, no warranty is given as to its accuracy and persons relying on this information do so at their own risk. Subject to any liability which cannot be excluded under the relevant laws, AAM disclaims all liability to any person relying on the information contained in this presentation in respect of any loss or damage (including consequential loss or damage), however, caused, which may be suffered or arise directly or indirectly in respect of such information.

Any opinions or forecasts reflect the judgment and assumptions of AAM on the basis of information at the date of publication and may later change without notice. Any projections are estimates only and may not be realised in the future. Past performance is not a reliable indicator of future performance. AAM does not guarantee repayment of capital or any particular rate of return from any of its managed investments.

Information in this update is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making any investment decision, you should assess whether an investment is appropriate given your objectives, financial situation or needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser.

This update is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. All information herein is only intended to be accessed by ‘Sophisticated Investors’ or ‘Wholesale Clients’ as defined by the Corporations Act. Unauthorised use, copying, distribution, replication, posting, transmitting, publication, display, or reproduction in whole or in part of the information contained in this email update is prohibited without obtaining prior written permission from AAM