AAM Investment Group – March 2020 Quarterly Update

Greg Wynn & Damien Stocks

Sunshine Farms Aggregation

Anthony Cox

Legune Station Manager

AAM Diversified Agriculture Fund (ADAF)

Quarterly highlights

– Poultry and Sunshine Farms acquisitions complete
– Delay in poultry acquisition and short term cash allocation results in reduction of the first distribution
– Cash allocation from oversubscription being utilised for foundation asset in the red meat sector

ADAF – Sunshine Farms Operations

Quarterly highlights

– A return to normal seasonal conditions
– 7,000ha winter crop programme
– Purchased ~14,500 sheep
– Planning underway for Irrigation Development

Southern Cross Poultry Fund (SCPF)

Quarterly highlights

– Recent poultry acquisition makes SCPF second-largest grower in Australia
– On-site renewable energy investments to reduce costs and emissions
– Biosecurity enhancements to protect food supply

Pastoral Development Fund

Quarterly highlights

– Keep River Road Bridge fundamentally complete – all weather access from late 2020
– 305ha pilot fodder crop programme harvesting in early May
– During FY21, 150ha Stage One irrigated farming complete and 290ha Stage Two commenced
– Seafarms Group raises additional capital in part to undertake capital works on Legune

Sustainable Softwood Trust

Quarterly highlights

– COVID-19 impacting SST through reduced housing product sales
– SST landscaping products insulating impact in the short to medium term
– New Softwood Manager appointed