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Shareholder Discussion Groups – Sentiment Report

1 November 2024

Murray Irrigation Board Meeting, Wednesday 23 October 2024

Murray Irrigation Board Meeting, Wednesday 28 August 2024

28 August 2024

15 August 2024 

Murray Irrigation (MIL) hosted a meeting with representatives from Southern Riverina Irrigators (SRI) and Local Landholder Associations (LHAs) on Tuesday 6 August. The meeting covered a range of topics including the recent update to the Escapes Agreement with WaterNSW, water policy, key company projects, stakeholder engagement, the 2024/25 budget and the termination of the Murray Irrigation, SRI and LHA Memorandum of Understanding (MOU) in November last year. The representatives were advised at the meeting that while Murray Irrigation values constructive engagement with all stakeholders to the business, including SRI and LHAs, the company will not be reinstating the MOU, or paying fees to SRI or LHAs for the 2024/25 financial year. Murray Irrigation Chair Phil Snowden said the Board of Directors looks forward to a fresh start to the MIL, SRI and LHA relationship. “While we are not reinstating the MOU, we have encouraged SRI and LHAs to continue to provide feedback into the business for consideration, as we do with all stakeholder feedback," Mr Snowden said. “CEO Ron McCalman has committed to attending LHA Annual General Meetings along with Directors who are able participate, and we will continue to meet with these groups to discuss relevant matters. “Everyone at the meeting agreed that there is a need for a fresh start to the MIL, SRI and LHA relationship and we look forward working through this.” As previously communicated, Murray Irrigation will be hosting a round of shareholder meetings next month to understand shareholder sentiment around the recent water buyback legislation and how we can work together to minimise the impact on Murray Irrigation, customers and the local community going forward. Further information on these meetings will be provided in due course. If shareholders have any questions, please contact the Company Secretary on: T. 1300 138 265 E. companysecretary@murrayirrigation.com.au

Sustainability Product - Expressions of Interest Open Online Expressions of Interest (EOI) for Murray Irrigation’s Sustainability Product open tomorrow, Tuesday 6 August 2024 at 9am. What is on offer? 77GL of water will be available at $92 per ML to achieve a revenue target of $7 Million. This price is the weighted average price on the Water Exchange for the past 7 days. The Sustainability Product is part of Murray Irrigation’s WaterWell suite, which aims to release 100GL of productive early season water into the footprint to increase certainty for farmers when planning their irrigation needs The 77GL offered is in addition to the 5% Allocation Advance and 5% water users credit announced recently.

Murray Irrigation Board Meeting, Wednesday 31 July 2024 Murray Irrigation held a Board meeting yesterday, Wednesday 31 July 2024. It was a full agenda, with a focus on new initiatives to support our customers, defining our new shareholder engagement strategy and our ongoing focus on dealing with the complexity of buybacks. The Board was given the first look at financial results for last year and is pleased to note that we exceeded budget with on farm water deliveries and investment returns. On farm water deliveries are key for Murray Irrigation and our community. The board approved the following: Sustainability finance product The Board approved a new product to support our customers in funding their water requirements. Customers who participate in the sustainability product will be offered financing terms up to a maximum of 10 months. Further information on how customers can participate in this will be provided in the coming weeks. Updates on committee charters The Board is reviewing and has approved changes to committee charters to ensure they are relevant and fit for purpose. Appointment of an external Chair to our ICT transformation project control group The Board is pleased to advise that it has approved the appointment of an external chair to oversee the ICT transformation project control group (PCG). The role of the PCG is a governance body that oversees the management and progress of a construction or capital project. Comprising key stakeholders, the PCG ensures that the project stays on track, within budget, and meets its scope and timeline requirements. The PCG plays a critical role in project oversight, risk management, and decision-making. Discussion points The Board continues to work through the planning for Murray Irrigation’s Shareholder meetings to understand your sentiment around the recent legislation changes and how we can work together to minimise the impact on your business going forward. These meetings are expected to be held in September. Other discussion points in the meeting included WaterNSW proposed 2025 pricing structure and our 2024 Annual General Meeting. I look forward to sharing further information on these topics with you in due course. The Board also welcomed Murray Irrigation’s new Corporate Strategy Manager Henry Delves to the meeting. We look forward to working with Henry in his new capacity with the company. The official meeting proceedings were followed by a detailed presentation from Jacqui Hickey and Joe Davis from the Murray Darling Basin Authority. This presentation reinforced the ongoing importance of collaboration for both organisations and Murray Irrigation Shareholders. We thank Jacqui and Joe for taking the time to make the presentation. As Winter Works is coming to a close and channels are filling, I would like to wish everyone all the best for the year ahead. The Board will be meeting again at the end of August, and I look forward to providing you with another update post that meeting. If shareholders have any questions, please contact the Company Secretary on: T. 1300 138 265 E. companysecretary@murrayirrigation.com.au Phil Snowden Murray Irrigation Chair M: 0427 839 217 Delivering for our farmers, community and environment