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Murray Irrigation Board Meeting, Thursday 27 June 2024 

13 June 2024

2024 End of season trade and your water allocation account This is the second Operational Update on end of season trade including details to help manage your water allocation account. 2024 Season trade closure dates Friday 21 June, 5.00pm - Water Exchange (WEX) closes. Monday 24 June, 5.00pm - External transfers to / from Murray Irrigation close. Tuesday 25 June, 5.00pm - Internal transfers to / from Murray Irrigation landholdings close. Tuesday 25 June, 5.00pm - Customer Portal access closes. Monday 1 July, 7.00am - WEX and Customer Portal re-open. Water Exchange closure - Unsold water When the WEX closes on 21 June, any unsold water remaining on the Exchange is returned to relevant customer accounts in accordance with section 11 of the Water Exchange Terms and Conditions . You can then decide how to manage your water balance to avoid forfeiture. Options include: Carryover, External transfers out of MIL to river licences or other valleys, or Internal transfers between your landholdings. Barmah Choke Trade 1 July 2024 Murray Irrigation will accept applications on WaterNSW Barmah Choke trade forms from 9.00am on Thursday 27 June 2024 . This follows WaterNSW advice that it will accept Barmah Choke trade applications from 12.00pm on Friday 28 June 2023 and will enable our processing prior to this time on a WaterNSW Barmah Choke trading form . The Murray Darling Basin Authority (MDBA), which manages the Barmah Choke, advised on 16 May 2024 that the opening trade balance on 1 July 2024 will be approximately 56 gigalitres (GL) downstream of the Barmah Choke. WaterNSW released a trade notification about Barmah Choke Trade on 26 March 2024, please click to read the WaterNSW Trade Notice . Please note that WaterNSW advises: If the application is unsuccessful, withdrawn or incomplete your fee will not be refunded. Please be aware that applications returned for amendment will lose their place in the queue in accordance with the new protocol. View the WaterNSW Barmah Choke Application Protocol with the Victorian Government and its Barmah Choke Frequently Asked Questions for 1 July . More information from Water NSW is available here and from the MDBA here . Casual usage charges To avoid casual usage fees, remember to check your 'DE Transfer Limit' available on your Customer Portal , Water Allocation page. If your DE transfer limit is negative, you can trade in or purchase annual delivery entitlements on the WEX prior to its closure. Casual usage fees are applied to your quarterly invoice when the megalitre usage is greater than 120% of the annual delivery entitlements on your account. For more information on the tiered usage fees see the Schedule of Charges . More information Please read our first End of Season Trade Update sent on 30 April for more information on: Carryover rules Actions available via the Customer Portal Your Water Allocation Account. Opening of 2024-25 Trade and Water Exchange At 7.00am on Monday 1 July 2024, the WEX and Customer Portal will re-open. You will then be able to purchase, sell, and transfer temporary water and delivery entitlements online via your Customer Portal . Any allocation announced by the Department of Planning and Environment (DPE) will be applied to your water allocation account following the announcement.

23 May 2024

Murray Irrigation’s new fully constituted Board of Directors held its first Board meeting yesterday, 20 May. Prior to the Board meeting, an information sharing session was held with the management team to provide new Directors the opportunity to ask questions and gain an in-depth understanding of the company and its overall strategy. I’m pleased to report the Board meeting was very productive with a number of key business decisions made. Chair and Deputy Chair appointments I have been reelected as Chair of the Board and I would like to congratulate Lachlan Marshall for being reelected as Deputy Chair. Committee Chair appointments I would like to congratulate Trisha Gorman on being reappointed as the Chair of REMCO (Remuneration and Nominations Committee), Robert Burbury on being reappointed as the Chair of ARMCO (Audit and Risk Management Committee) and Geoff McLeod on his appointment as the Chair of the Water Policy and Management Committee. CEO appointment I am pleased to share that Ron McCalman has accepted an offer from the Board to continue in his role as CEO after 30 June 2024. 2025 financial year budget The 2025 financial year budget was approved with the key components noted below. As promised during last year’s business modernisation review, fees and prices increases are capped at CPI, which is 3.5%, aside from government pass-through charges. The Board has approved $7 million in temporary water sales for the 2025 financial year. This reduction on the targeted $10.8M, which was announced during the business review last year, is due to the strong investment and business performance returns achieved during the 2024 financial year. The reduction in water sales for the coming financial year will still allow the company to achieve its investment fund growth of $54M over five years, a key tool in our intergenerational strategy. Resource Management Strategy The Board has capped temporary water sales at 80GL on an annual basis. Further information on the 2025 Sustainability Product will be provided to customers early in the irrigation season.  Capital Expenditure The Board approved a Capital expenditure budget of $8.5M for the 2025 financial year. This aligns with the targets set for capital investment as part of the business review and will ensure the company delivers on its commitment to extend asset life and invest where required. I’d like to thank all Murray Irrigation staff for their focus over the last few months and for ensuring the smooth delivery of water for our customers in one of the best seasons in a long time. There is still a lot of work for the Board to do over the coming months and I look forward to keeping shareholders updated after our next Board meeting which is scheduled for late June. If shareholders have any questions, please contact the Company Secretary on: T. 1300 138 265 E. companysecretary@murrayirrigat i on.com.au Phil Snowden Murray Irrigation Chair M: 0427 839 217 Delivering for our farmers, community and environment

Murray Irrigation appoints four new Directors to the Board. Murray Irrigation is pleased to announce the appointment of Geoff McLeod, Gabrielle Coupland, Leanne Small and Noel Graham to the company’s Board. These appointments are the result of the outcome of the recent General Meeting. Chair Phil Snowden, Deputy Chair Lachlan Marshall, and the Board's two non-member Directors, Robert Burbury and Trisha Gorman, completed the final interviews with the shortlisted candidates yesterday and they have now officially commenced their terms. Mr Snowden said he was thankful with the high level of interest the Director positions attracted, was very impressed with the calibre of the applicants and the rigour and expertise brought to the selection process by the independent selection committee. “We received nine applications for the vacant positions, which included both member and non-member applications," Mr Snowden said. “The independent selection committee conducted thorough interviews with candidates against a defined set of criteria to present the Board with a strong shortlist. “Although the process took a week longer than originally anticipated, the extra time was necessary for the committee to meticulously interview all applicants and for the Board to review in detail all applications, conduct interviews with the shortlisted candidates and reach an informed decision. “After undertaking our own due diligence, we are pleased the Board’s view very much aligned with that of the selection committee. We feel confident this merit-based approach to the Director selection process will bring value and stability to the Board and the company. “I’d like to thank Robbie Sefton, Chris Kelly and Jennie Grigg for their service to Murray Irrigation and the professionalism and insight they brought to the Director recruitment process. “On behalf of the company, I would like to congratulate the new Directors on their appointments to the Murray Irrigation Board. “These four talented individuals will each bring an outstanding set of skills, and we look forward to working together as a Board to achieve the best possible outcomes for the company, shareholders, customers and the broader community.” Further information about the company’s four new Directors will be made available on the company website in the coming days. The first official meeting of the new Board will be held next Monday 20 May. “Prior to next Monday’s proceedings, Geoff, Gabrielle, Leanne and Noel will spend a number of hours with the current Board of Directors, as well as members of the company's Executive Leadership Team. “This will give them the opportunity to ask questions and delve into the details so they have an in-depth understanding of the company and its overall strategy, so as to be properly informed prior to their first meeting.” As per the company constitution, and as communicated throughout the Board Director nomination process, shareholders will be given the opportunity to ratify the appointments of the new Directors at Murray Irrigation's 2024 Annual General Meeting, to be held in November. For any questions relating to the appointment of the new Directors, please contact the company secretary on: T. 1300 138 265 E. companysecretary@murrayirrigation.com.au

2024 Winter Operations - Guaranteed dates This second Operational Update on Winter Operations provides the Guaranteed Dates as required by the Season Operating Plan . We thank all the customers who have placed more than 730 orders in line with our requested order cut-off date. This was a tremendous help for us to understand where customer water delivery demand is located during May and June so we could determine the guaranteed dates. The data, along with the current dry weather, indicates high demand for water deliveries in maintenance areas, as a result water availability will be very limited after the guaranteed dates. Guaranteed water delivery dates for 2024 Maintenance Areas:

2024 End of season trade and water allocation accounts This Operational Update outlines arrangements for the end of the 2023-24 water trading season and information about how to manage your water allocation account. 2024 Season trade closure dates Friday 21 June, 5.00pm - Water Exchange (WEX) closes. Monday 24 June, 5.00pm - External transfers to / from Murray Irrigation close. Tuesday 25 June, 5.00pm - Internal transfers to / from Murray Irrigation landholdings close. Tuesday 25 June, 5.00pm - Customer Portal access closes. Monday 1 July - Water Exchange (WEX) and Customer Portal re-open. Information on Barmah Choke Trade opportunity on 1 July 2024 WaterNSW released a trade notification about Barmah Choke Trade on 26 March 2024, please click to read the WaterNSW Trade Notice . Murray Irrigation expects to release more details in early June when WaterNSW has finalised its arrangements. Carryover rules The water sharing plan (WSP) carryover rules enable customers to carryover up to 50% of Class C water entitlements held in their water allocation account each season. Any volume exceeding this is forfeited at the end of the season. Carryover also influences the amount of allocation a water account can receive in the subsequent season. Under the WSP, the maximum allocation a water account can receive in any season is 110% of the water entitlements held. As demonstrated in the diagram below, carryover is added into the maximum allocation calculation. For example, if you carryover 40%, any allocation exceeding 70% will not be received.

Director Nominations deadline extended to 9.00am Monday 29 April 2024 Murray Irrigation is pleased to inform shareholders that the Director nomination period has been extended by a further two days, from this Friday to 9.00am Monday 29 April 2024. This comes in response to a recommendation made by the independent selection committee this week to apply further rigour to the recruitment process, to ensure the committee has all the information required to make an informed recommendation to the Board. The additional time will enable nominees to cater for these new requirements. Nominations will be reviewed by the Independent Selection Committee on 29 April, with virtual video interviews commencing with the Independent Selection Committee from 30 April and completed by 3 May 2024. Written nominations, including a CV and cover letter, must be lodged with Murray Irrigation’s Returning Officer either in person, via post or email by 9.00am on 29 April 2024. Nominations received after this deadline will not be considered. Further information on how to submit your nomination and what to include in your cover letter can be found on the company website www.murrayirrigation.com.au/directornominations . If you have any questions or would like more information, please contact the Company Secretary on the below details: T. 1300 138 265 E. companysecretary@murrayirrigation.com.au