Contents: 1.0 Introduction...........................................................................p3 1.1 Key Features…………………………………………………………………….…p4 2.0 The Opportunity.....................................................................p5 3.0 Executive Summary................................................................p5 3.2 Property Description……………………………………………………..…….p6 3.3 Scope of Current Enterprise…………………………………........………p9 3.4 Future Development Opportunities……………………….……………p11 3.5 The Sale Process………………………………………………………………….p11 4.0 Historical Overview................................................................p14 5.1 Silver Valley Overview………………………………………………………...p14 5.2 Certificate Of Title…………………………………………………..…………..p14 5.0 Geographic Location..............................................................p16 5.5 Climate And Rainfall……………………………………………………..…….p18 5.6 Paddock Descriptions………………………………………………………….p20 5.8 Capital Investment and Development............... ...................p23 5.10 Stock Water………………………………………………………………..…….p24 5.11 Fencing And Associated Infrastructure………………………………p24 5.12 Stock Yards…………………………………………………………………….…p24 6.1 Silver Valley Homestead………………………………………………….….p28 6.2 Managers Residence……………………………………………………………p29 7.0 Broadacre Cultivation and Grazing........................................p30 8.2 Feedlot...................................................................................p31 8.3 Vegetation Management Map ……………………………...............p33 8.4 The End Result……………………………………………………………...……p35 9.0 Disclaimer.............................................................................. P36

1.0 INTRODUCTION

Under instructions from Mr. Ian Graham Wills and Mrs. Jeanette Elizabeth Wills, Murray & Associates Agribusiness is

pleased to exclusively present ‘Silver Valley’ Wallumbilla located within the well renowned and highly regarded Roma

District.

‘Silver Valley’ comprises an unprecedented land holding (by district standards) of 5,859.44 hectares (14,479 acres), which

is offered for sale by an Expression of Interest campaign. This Information Memorandum is to be read in conjunction and

subject to the Disclaimer attached herein.

1.1 KEY FEATURES

The key features of Silver Valley can be summarised as follows:

* High quality agricultural land within a tightly held and well regarded region

* Excellent and highly secure stock water infrastructure comprising bores and dams ensuring superior pasture utilisation

* Strategically located livestock handling facilities coupled with a network of well-maintained access roads ensuring

ease of stock movement

* Excellent gravel reserves for road maintenance and development purposes

* Extensive high quality structural improvements

* Silage storage of 3,500 tonnes underground, with 1,200 tonnes on gravel pads in specially concealed wrapping

* Extremely reliable rainfall area proven by 48 years of farming and never missed a crop

* Proven, long run, production history easily run operation at the high end of production output

2.0 THE OPPORTUNITY

Silver Valley presents a rare opportunity to acquire a premier rural holding of unprecedented scale and quality. Acquiring

Silver Valley offers the opportunity to establish a strategic footprint in the red meat supply chain within arguably

Australia’s most well regarded grass fed beef producing region, synonymous with consistently high levels of production.

A number of opportunities exist for sophisticated investors,

including:

• Continuation and expansion of the current breeding and

fattening operation and/or feedlot facility

• Implementation of a more intensive backgrounding and

fattening grazing model which utilises the property as a

“fodder factory”, either on a standalone basis or as part

of an integrated supply chain

• Further development of current and potential cultivation

land including large scale irrigation infrastructure

(subject to water availability)

3.0 EXECUTIVE SUMMARY

3.1 BACKGROUND

The purpose of this Information Memorandum is to provide an overview to parties interested in purchasing Silver Valley.

It is by no means a full and complete account of all relevant matters in relation to the holding and prospective purchasers

should make their own enquiries to satisfy themselves as to all relevant matters. Silver Valley at present is a large scale

breeding and fattening operations of unprecedented quality and scale (by district standards) located within the renowned

and highly regarded Roma District.

Silver Valley is a concentration of GHPL under one title. Having been acquired by the Wills Family in 1967

the property has undergone significant development over the ensuing 48 years, resulting in the establishment of one of the

most well regarded holdings in the district. Cattle produced on Silver Valley have a well-earned reputation for growing and

fattening and are sought after by backgrounders and feed-lotters across the eastern sea board.

3.2 PROPERTY DESCRIPTION

The key property information for Silver Valley is summarised in the following table:

Property - Silver Valley (Owners - Jeanette Elizabeth Wills & Ian Graham Wills)

Address – 557 Silver Valley Road, Wallumbilla South, Queensland, 4428

RPD – L5 WV1272:GHPL 36/7845:PAR WALLABELLA GHPL Title 1

Area - Total (ha) 5,859.44 Total (acres) 14,478.68

3.3 SCOPE OF CURRENT ENTERPRISE

Silver Valley operates as a mixed farming and grazing enterprise producing high yielding grain crops and fattening

operations producing high quality grass-fed beef. Basically the current enterprise operates as a production factory all year

round. The current feedlot receives grain supplied from on-farm, mostly as hay grain silage. The current owners grow oat

crops during the Winter seasons then place the cattle from off oat crops into the feedlot after that. The owners went to

Germany and studied a machine capable or wrapping silage sausage lengths. This equipment has been invaluable and has

been in operation at Silver Valley for the past ten years. This has enabled the whole operation to be almost completely

drought proof producing store condition and fat cattle throughout any season, good or bad.

3.4 FUTURE DEVELOPMENT OPPORTUNITIES

Silver Valley’s location, scale, quality and soil types lend favourably to the further development of the holding.

Opportunities exist to integrate a more comprehensive grazing model into the current overall management plan, and to

develop broad acre cultivation areas. Approximately (1,618ha) 4,000 acres of lightly timbered country lends itself to

further fodder harvesting, thinning and clearing of encroachment for expansion of the grazing enterprise through permit

application under PMAV process. An area of (1,821 ha) 4,500 acres are planted under cultivation with (2,420 ha) 5,980

acres providing improved pasture areas for grazing, being a total of (5,859 ha) 14,477 acres across Silver Valley.

‘Silver Valley is well-established, well managed, well presented and a versatile holding that has a variety of current and

future land use options’.

3.5 THE SALES PROCESS

Murray & Associates Agribusiness is exceptionally proud to offer Silver Valley exclusively for sale by Expression of

Interest.

For more information please contact:

Andrew A. Murray

Managing Director

Murray & Associates Pty Ltd

Agribusiness Solutions & Opportunities

m: +61 412 005 007

f: +61 7 5530 1800

andrew@murrayandassociates.com.au

4.0 HISTORICAL OVERVIEW

The Wills family originally acquired Silver Valley in 1967. At that time, which was won in a land ballot, the property was in

original native scrub form prior to the family relocating from the Wandoan area to commence a new beginning.

Drawing on the Will Family’s Mallee and Wandoan grazing experience, a comprehensive development program was

implemented which aimed to increase productivity and efficiencies whilst maintaining a level of simplicity to core farming

and grazing practices. Key elements of this development program included stock water reticulation, grid, gate and fencing

infrastructure, livestock handling facilities, vegetation control and road infrastructure. The result of this well focused

program and implementation of the comprehensive development program has positioned Silver Valley ahead of the

competition as it is a name synonymous with exceptional quality, yield and consistency; a true testament to the Wills family.

5.1 SILVER VALLEY OVERVIEW

Silver Valley provides the purchaser the rare opportunity to secure 5,859.44 hectares of premium agricultural land in a very

tightly held district. The physical size of Silver Valley provides exposure to a complementary mix of land types, lending

favourably to high performance production regardless of prevailing seasonal conditions. The current bank of standing feed

and the condition of the cattle presently on hand (as shown

throughout this IM) are certain proof of the “safety” of the area, in contrast to the otherwise inconsistent rainfall and drought

conditions being experienced throughout many areas of Queensland. Located on the southern slopes of the Great Dividing

Ranges at approximately 330 metres above sea level, consistent rainfall averaging 24’(in excess of 350 millimetres, 14

inches, from December 2014 to January 2015) provides added security to the operation. Silver Valley exhibits all the

hallmarks of properties that have been held by unchanged management for an extended period, progressively developed to a

well formulated plan, offering high productivity, excellent stock water, sound and functional infrastructure, which all

facilitates ease of operation.

5.2 CERTIFICATE OF TITLE

Silver Valley comprises one Grazing Homestead Perpetual Lease.

Certificates of Title legally described as follows:

Lot Plan Title Reference: L5 WV1272:GHPL 36/7845: PAR WALLABELLA

5.0 GEOGRAPHIC LOCATION

Silver Valley is positioned between the Queensland regional centre of Roma and the rural township of Miles. The township

of Roma forms part of the Maranoa Regional Council which has an area of approximately 58,750 square kilometres with a

total population of approximately 13,100 people (Census 2011). The Maranoa Regional Council incorporates the former

shires of Roma Town, Bungil, Waroo, Booringa and Bendemere. Townships within the Maranoa Regional Shire include

Mitchell, Surat, Injune, Wallumbilla and Yuleba with the major service centre and administrative centre being Roma,

which has a population of approximately 6,900 people. (Census 2011).

Roma is located approximately 420 radial kilometres west of Brisbane at the intersection of the Carnarvon and Warrego

Highways. The town is serviced by daily air services, as well as rail and road from Brisbane and boasts a large public

service population. Roma supports significant amenities including a hospital, major pastoral houses, banks, doctors,

solicitors and accountants as well as substantial mining and gas service industries.

State School Prep to Year 10 schooling is available in Wallumbilla, and State School Prep to Senior schooling is available in

Roma, with St Johns’ Catholic School in Roma educating to year twelve. The Roma Rural Student Hostel provides

subsidised supervised accommodation for students attending local schools. School bus services for Silver Valley are

available within 5 km’s from the front gate.

Roma features the largest cattle selling centre in Australia, regularly selling 5,000 to 8,000 head (and up to 15,000 head) per

week in addition to numerous Stud Stock and Dispersal / Special Sales. Other selling centres include Dalby and Toowoomba

located 250 and 300 kilometres respectively to the East.

The Australian Country Choice Feedlot, Brindley Park, is situated approximately 60 radial kilometres to the North West of

Silver Valley with numerous other facilities within a 300 kilometre radius. A number of processing facilities are located

within a 500 kilometre radius, in Oakey, Toowoomba, Grantham, Dinmore, Warwick, Beenleigh, Caboolture, Biloela and

Rockhampton (often referred to as “The Beef Capital of Australia”).

5.5 CLIMATE AND RAINFALL

Silver Valley has benefitted by a subtropical climate. Ideally located on the Southern slopes of the Great Divide at an

elevation of approximately 300 metres above sea level, the location is conducive to cooler temperatures and higher rainfall

than those areas located to the south and west. The nearest Bureau of Meteorology weather station (Roma) has recorded a

mean maximum temperature of 34.2 degrees Celsius (94 degrees Fahrenheit) in summer falling to a mean minimum

temperature of 3.7 degrees Celsius (39 degrees Fahrenheit) in winter. Rainfall is favourably distributed through the year with

an annual average of 582.3 millimetres. Rainfall peaks throughout the summer months due to frequent showers and

thunderstorms. Tropical cyclones and associated rain depressions have, favourably influenced rainfall in this locality. Of

particular note, Silver Valley has received in excess of 350 millimetres (14 inches) from December 2014 to January 2015.

Source: www.bom.gov/climate/data. Accessed January 2015

5.6 SILVER VALLEY PADDOCK DESCRIPTIONS

A: Is a small grass paddock used for stock and has a creek and has bore water.

B: Is a small grass paddock with the same creek, a dam and also has 50 acres of cultivation used for any crop situation.

C and E : Is called Eastern House Paddock and is 150 acres of cultivation used for any crop situation.

D: Is called Western House Paddock and is 140 acres of cultivation used for any crop situation.

F: Is called House Dam Paddock and is 140 acres of cultivation used for any crop situation.

G: Is called the Strimonium Paddock and is 110 acres of cultivation used for any crop situation.

H: Is called the Biloela Buffel Paddock and is used for stock, has bore water in a trough and can be linked and run with Paddock B.

I: Is called the Sixty Acre Paddock and is that size, cultivation used for any crop situation.

J: Is called North House Bore Paddock and is 220 acres of cultivation, the plan is to plant Leucaena into this in Spring.

K: Is called South House Bore Paddock and is 220 acres of cultivation used for any crop situation.

L: Is called Top Buffel Paddock and is 440 acres of cultivation, the plan is to plant Leucaena into this in Spring.

M: Is called North Yard Paddock and is 60 acres of cultivation used for any cropping situation, has a dam in it.

N: Is the feedlot/feed pad/cattle yards.

O: Is called South Yard Paddock and is 50 acres of cultivation used for any crop situation.

P: Is called East Yard Paddock and is 60 acres of cultivation used for any crop situation.

Q: Is called the Old Oat Paddock and is 120 acres of cultivation used for any crop situation.

R: Is called The Strip and is 50 acres of cultivation used for any crop situation, also has 50 acres of grass. Has a dam up one end which

supplies feedlot water (this dam has not been dry for 50 years). Also has 3,500 tonnes of sorghum silage which is 2 years old sealed with

almost 1 metre of soil, it also has a gravel base underneath and linking gravel road to yards and feedlot. In November 2014 t he silage had a

small hole opened on top to check product, it was perfect.

S: Is called Bull Gully Cultivation and is 300 acres of cultivation used for any crop situation.

T: Is called The Bahaunia Paddock and is 100 acres of cultivation used for any crop situation.

U: Is called Kyle’s Paddock and is 550 acres of cultivation used for any crop situation.

V and W: Is called Bull Gully Breeder Paddock and is 750 acres of cultivation used for any crop situation.

X: Is part of Bull Gully Breeder Paddock and is approximately 250 acres of grass country used for stock between cropping times. It has a bore in the paddock

supplying stock water.

Y: Is called Price’s Dam Paddock and is 250 acres of cultivation used for any crop situation, also it has a dam.

Z: Is called Jo’s Paddock and is 250 acres of cultivation used for any cropping situation.

1: Is called the Range paddock an is all timbered country, this paddock is usually only used in drought times as some of the species of the tree leaves with the

help of molasses lick create valuable feed.

2: Is called Julia’s Paddock and is used only for grazing, it has been sown to improved pasture grasses and legumes, it has a dam.

3: Is called the Valley paddock, for many years this was cultivation but has been planted back to improved pasture to graze and backs onto two dams and a

bore.

4: Is called East Valley Paddock and is 350 acres of cultivation used for any crop situation, it has a 7000 gallon tank with troughs with bore water.

5: Is called Happy Valley Paddock and is used for grazing, it has been farmed in the past for stock, and stock have access to dams and bore also.

6: Is called Milty’s Paddock and is a grazing paddock planted down to improved pasture, with timber country in between Happy Valley and Milty’s are run

together with stock, and water at dams and bore.

7: Does not have a name and is also only used in drought times.

8: Is called Price’s Dam Range and is used in conjunction with either Happy Valley, Prices Dam or Bull Gully Breeder Paddock.

5.8 CAPITAL INVESMENT AND DEVELOPMENT

Silver Valley has been transformed into a high producing enterprise at significant cost to the owners. Developed with the

guiding principles of consistent production, secure and readily available stock water and efficiency, significant capital

expenditure items include the following:

• Regrowth and pasture management through the

implementation of an extensive Grassland, blade ploughing

and chaining program, together with additional annual

programs for maintenance of cleared areas;

• Water reticulation systems to provide stock water to

cattle including an extensive system of 3 x bores,

6 x dams, 3 x turkey nests and 12 x troughs;

• Very well appointed livestock handling facilities developed

to minimise livestock stress, resulting in increased weight

gain performance;

• Annual replacement and installation of boundary and internal

fencing, and gate infrastructure;

• Development of all-weather access road, front gate to the

cattle yards, with road train turnaround area 100% weatherproof;

It is estimated that this capital investment has exceeded $2

million over the past several years alone.

5.10 STOCK WATER

Comprising 3 bores, 6 dams, 3 turkey nests and in excess of 12 stock troughs, the security of water resources and associated

reticulation systems are a feature of Silver Valley. Having been progressively developed to represent a secure, operator

friendly system Silver Valley’s 3 registered bores source water from the Wallumbilla underground aquifer supplying water to

numerous stock troughs or directly into a reticulated system. Additionally, a key requirement of the development was to

provide at least close to one water point to each paddock. All bores are equipped with either mono or submersible pumps

driven by a combination of diesel (Yanmar) and electric motors. In addition to the aforementioned water infrastructure,

numerous water courses traverse Spring Valley providing additional sources of seasonal / ephemeral water.

5.11 FENCING AND ASSOCIATED INFRASTRUCTURE

Silver Valley is subdivided into approximately 26 paddocks with smaller holding paddocks surrounding stock yards and

homestead complexes.

Fencing infrastructure is of a high standard and comprises mixed type stock proof fencing on boundary lines and internal

fence lines. Large sections of fencing are replaced on an annual basis as part of the annual fencing program with boundary

fencing replaced on a half share basis.

So as to improve livestock movement throughout Silver Valley a series of internal laneways were added, and a network of

well-maintained access roads have been developed with a consequent reduction of wear on property, plant and equipment.

5.12 STOCK YARDS

Silver Valley is benefitted by a well placed steel sets of Cattle Yards enabling stock work to be conducted in an efficient and

timely manner. Yards are benefitted by reticulated water systems. The Silver Valley yards comprise a large set of steel yards

incorporating two large cooler pens. The yards feature holding yards, forcing yards, drafting pound with six way draft and

cattle crush equipped with a Beef King steel veterinary crush. An additional feature of the Silver Valley yards is the three

way draft for movement out of the crush and raised walkway. A calf branding crush and Morrissey calf branding cradle have

also been installed and are positioned under a Bower Shed type cover. Capacity 800 head* of cattle.

6.1 SILVER VALLEY HOMESTEAD

The Silver Valley Homestead is set amongst manicured gardens, located centrally on Silvey Valley with access via Silver

Valley Road. The homestead commands an elevated view, on wooden stumps, and comprises an executive style, timber

framed dwelling and vinyl clad external walls. Features include four bedrooms, two bathrooms, large kitchen, dining room,

lounge, study, and large rumpus room. The homestead is benefitted by two split system air conditioners. Car accommodation

is provided and includes a double bay garage and carport.

6.2 MANAGERS RESIDENCE

The managers residence is set amongst a manicured garden ( pop-up sprinklers) is located nearby the main homestead and is

central to the workshop and cattle yard areas. The residence comprises a low set, timber framed building with weatherboard

external cladding. Features include five bedrooms, one bathroom, very modern new timber kitchen, dining room, lounge and

associated office. The homestead is benefitted by 3 x bedrooms having wall mounted evaporative air conditioning and car

accommodation is provided via a double bay carport. Furthermore an above ground swimming pool and large deck to pool.

7.0 BROAD ACRE CULTIVATION AND GRAZING

Silver Valley is benefitted by land and soil types conducive to the further development of the existing natural pasture and

lightly timbered areas lending expansion for future cultivation or grazing areas.

The broad acre cultivation areas total a sum of approx’ (1,821ha) 4,500 acres. 1,400 acres of Chickpeas (cash crop) are in at

present. Also planted at present 1,000 acres of wheat which is used in the feedlot. In addition presently planted 1,000 acres

of oats in forward condition. Undulating open downs grazing areas consisting of Belah, Brigalow, Wilga, Bauhinia and

Bottle tree soil types cover an area (2,420ha) of 5,980 acres improved with Digitera, Bambatsi and Rhodes Grass.

8.2 FEEDLOT

Silver Valley benefits from having established its own feedlot facility consisting of concrete bunker troughs and fences.

Target market has been MSA graded grass. Operating on a very low cost basis, being easily managed it is highly profitable

and could be used to finish cattle for a variety of end uses. The feedlot has been stocked and carried 1000 head. Potential to

feed 2000-3000 head in close proximity to the feedlot in surrounding holding pens is possible.

8.4 THE END RESULT

Acquiring Silver Valley offers the opportunity to either solidify a position at the top end of the central Queensland cattle

industry or alternatively provides a truly unique opportunity to enter this industry at a scale which is unprecedented in this

locality.

The building of a portfolio of scale generally requires time, patient capital and significant human endeavour. Silver Valley

offers sophisticated investors the opportunity to either fast track to becoming a significant player or complete the supply

chain for an existing operator. There are also further nearby acquisition opportunities if additional scale is of interest. Suffice

to say, the inherent qualities of Silver Valley offer safe, high yielding production and would be an excellent adjunct to any

existing supply chain. At almost 15,000 acres, Silver Valley is almost twice the size of a typical Roma District property.

Disclaimer This Information Memorandum has been prepared by Murray & Associates (M & A) (ABN 86 098 874 956). This document does not constitute an offer or contract of sale or any part of an offer or contract of sale. It is intended only as a guide and an aid to further investigation by potential investors. Potential investors accept this document on the condition that they will make their own enquiries and obtain their own independent advice in order to verify the accuracy of the information presented in this document. The content of this document has been derived, in part, from sources other than M & A and those on whose behalf M & A act and may be based on assumptions. In passing this information on, M & A do not warrant that such information or assumptions are accurate or correct. To the extent that this document includes any statement as to a future matter, that statement is provided as an estimate and/or opinion based upon the information known to M & A at the date of preparing this document and assumptions which may be incorrect. M & A and those on whose behalf M & A act do not warrant that such statements are or will be accurate or current. M & A provide this document on the condition that, subject to any statutory limitation on its ability to do so, M & A and those on whose behalf M & A act, disclaim liability under any cause of action including negligence for any loss arising from reliance upon this document. This confidential document is for the sole use of persons directly provided with it by M & A and is not to be resupplied to any other person without the prior written consent of M & A. Use by, or reliance upon this document by any other person is not authorised by M & A and without limitation to the above disclaimers, M & A are not liable for any loss arising from such unauthorised use or reliance. You should assess the suitability of purchasing the property in light of your own needs and circumstances by seeking independent financial and legal advice.