RFM Australian Wine Fund

Previously known as the RFM Ultra Premium Vineyard Fund & incorporating the Agricultural Income Trust Fund 1

	Fund Overview
	Fund Assets
	Water Information
	Performance & Financial Information
	Unit Prices

Fund Overview

The AWF is a registered Managed Investment Scheme, established in 2002. The AWF owns seven vineyards across the Barossa Valley, Adelaide Hills and the Coonawarra, South Australia and the Grampians in Victoria. The vineyards are at varying stages of maturity and produce fruit for ultra premium quality and icon quality wines. The majority of the plantings are contracted to Australian wine companies.

Fund Assets

The AWF has seven properties in total with six located in South Australia, in the Barossa Valley, Adelaide Hills, and Coonawarra, and a property in the Grampians in Victoria.

In 2011, the standout asset for the AWF was the Kleinig Vineyard, producing 1,199 tonnes of grapes at an average price of $2,052 a tonne. The Kleinig Vineyard is located in the northern end of the Barossa Valley region and is approximately 260 hectares in size with 206.3 hectares planted with vines. The majority of the grapes grown on this property are Shiraz (82%) with Grenache (14%) and Mouvedre and Cabernet Sauvignon (4%) making up the remainder.

The Geir Vineyard situated approximately 2km north of the Barossa Valley township of Greenock, is 323.8 hectares of which 243.3 hectares is planted to vines. The four varieties of grapes grown on this property are Shiraz (65%), Cabernet Sauvignon (23%), with the remaining 12% consisting of Merlot and Mouverdre.

The Hahn Vineyard of 55.9 hectares is located south of the Barossa Valley township of Stockwell with 49.0 hectares of planted area growing six varieties of grapes. The different varieties are; Shiraz (25%), Sauvignon Blanc (18%), Chardonnay (17%), Merlot (16%), Viognier (16%) and Cabernet Sauvignon (8%).

Dohnt is a small vineyard of around 37 hectares located in the Coonawarra area of South Australia of which 29.7 hectares is planted to vines. The two varieties of grape grown on the property are Shiraz (39%) and Cabernet Sauvignon (61%).

The Mundy and Murphy Vineyards are located near the Adelaide Hills township of Forreston with a total area of 67.4 hectares of which 55.2 hectares are planted. There are five varieties of grapes grown with the majority being Pinot Noir and the remainder Chardonnay, Pinot Gris, Sauvignon Blanc and Riesling.

The Rosebank Vineyard located in the Grampians region of western Victoria has 82.3 hectares planted in two varieties being Shiraz (81%) and Cabernet Sauvignon (19%).

Table 1: Vineyard Assets

Vineyard	Planted (ha)	Location
Kleinig	206.3	Barossa
Dohnt	29.7	Coonawarra
Rosebank	82.3	Grampians
Geier	243.3	Barossa
Hahn	49.0	Barossa
Mundy and Murphy	55.2	Adelaide Hills
Total	665.8

Table 2: AWF Units, Total Assets and Net Assets

RFM AWF as at 31 December 2011
Units on Issue	70,526,754
Total Assets	$35,851,677
Net Assets / NAV	$22,773,089

Water Information

The AWF owns water entitlements within the Murray Darling Basin, and the fund’s primary water supply is dependent on surface or river water. However, the value of entitlements and the quantity of water used is not a significant expense item in the fund’s operation. Given that the Australian Government has committed to provide payments or reductions in water entitlement values as a result of changes in government policy, RFM does not believe that the Murray Darling Basin Plan will have a material adverse impact on these businesses.

Performance & Financial Information

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Unit Prices

Unit prices are quoted in Australian dollars and are calculated on the 15^th day of the month or the following Business Day, if the 15^th is not a Business Day. They are based on the NAV calculated using the preceding month’s financial results.

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