Water allocation further increase

15 September 2004

Today’s increase in general security allocation has been welcomed by Geoff Hipkins, Chief Executive of Murrumbidgee Irrigation.

The general security allocation for Murrumbidgee Irrigation shareholders, can now be underwritten to 24% allocation available pre end of February.

In response to the severe water shortage, Mr Hipkins announced that:

• while general security allocation levels are less than 50%, the extra advance announced by the Company is transferable within the Company licence,

• with all temporary transfers within the Company licence, post February water will be deliverable to the buyer if needed before end of February.

“This increase and the Company response will assist all shareholders with the watering program, however while this is very positive, significant catchment rainfall is required to ensure a viable summer cropping program for this season.

“This outcome reinforces the value to all Murrumbidgee Valley irrigators of the negotiations with Snowy Hydro and DIPNR earlier in the season, and the internal water management focus adopted by the Company on behalf of its shareholders during this drier time.

“Revised water balances will be sent to Murrumbidgee Irrigation shareholders as soon as possible”.