Mr John Smith

26 July 2016

The Manager

ASX Market Announcements ASX Limited

Property Valuation Update

The Directors of One Managed Investment Funds Limited ("OMIFL"), the responsible entity of the Agricultural Land Trust (the "Trust") advise that the Trust has obtained an independent valuation of the Linkletters property (Esperance, Western Australia).

The Market Value As Is, subject to the existing lease as at 30 June 2016 was $20,100,000. We note that this valuation specifically excludes any additional value for the standing Blue Gum Plantation.

On the basis of this valuation, the fair value of the Trust's investment property has increased from the value set out in the 31 December 2015 Half Year Report by $1.63 million.

Accordingly, a $1.63 million fair value adjustment will be reflected in the 30 June 2016 Annual Report.

The Directors of OMIFL advise that the Trust's auditors, Crowe Horwath, are currently undertaking their audit.

For further information contact: Justin Epstein

Director

(02) 8277 0000

One Managed Investment Funds Limited ABN 47 117 400 987 AFSL 297042

Level 11, 20 Hunter Street, Sydney NSW 2000 • P: +61 2 8277 0000 • F: +61 2 8580 5700 • www.oneinvestment.com.au Postal Address • PO Box R1471, Royal Exchange NSW 1225

Agricultural Land Trust published this content on 26 July 2016 and is solely responsible for the information contained herein.
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