2% increase in water allocation

15 November 2004

Geoff Hipkins, Chief Executive of Murrumbidgee Irrigation announced today a 2% increase in general security allocation for shareholders, with the full 28% to be available pre-end of February to those who require it.

Mr Hipkins reminded shareholders that all transfers within the Company licence will be deliverable if needed by the end of February.

“The internal water management focus adopted by the Company and its staff on behalf of shareholders during this drier time, continues to deliver benefits to shareholders, and this focus will continue.”

“Revised water balances will be available soon”.