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21 October 2008 SAVINGS ENHANCEMENT FOR GS Murrumbidgee Irrigation (MI) is pleased to advise its general security (GS) shareholders today that the company is able to offer them an additional 5% savings enhancement on top of current allocations. The NSW Department of Water and Energy (DWE) last week advised a GS total allocation of 9% with 2% of that being deliverable after February 2009. MI’s savings enhancement now takes GS shareholders entitlement to a total of 14%. The Board have made this offer in light of high security already at full entitlement, the company having sufficient water to meet conveyance requirements and the company being able to achieve a good level of water savings through tighter controls and more efficient running of the system. The Board also understand that it is a critical time for shareholders considering growing summer crops and today’s announcement will assist with those business decisions. • Due to issues of deliverability, MI is suspending rule 6.2 of the Annual Water Access Rules which states “Any water entitlement holder who temporarily transfers allocation outside of the company licence will lose access to all company water for the season of the transfer.”; • Allocation water (State announced allocation, carry over, trades in) can be transferred out of the area of operations without loss of the enhancement; • Rule 4.2 of the Permanent Trade of
Water Entitlement Rules will remain in place. This means that no enhancement
will be available if entitlement is transferred out of the company’s
area of operations this season. There must also be sufficient water in
an account before an external transfer is finalised; • Enhancement will be deemed last use; • Unused enhancement can be carried over into next season; • For shareholders who participated in the “Wah Wah advance enhancement”, the advance will be debited against this enhancement; • Wah Wah can transfer this enhancement net of any advance received, anywhere within the company’s area of operations; • For shareholders who received water in the “Barren Box Water Tender”, this enhancement is in addition to the tender; • MI makes no guarantee about delivery of water provided under the enhancement. Shareholders intending to irrigate summer crops should contact their Division Operator ASAP to advise their intentions; • The enhancement can only be traded internally through MI on special application forms, either via an exchange that will be set up, or through a private deal between buyer and seller; • Conditions and procedures for the trading of enhancement will be released shortly and made available at reception and on our website (www.mirrigation.com.au); • Shareholders receiving the enhancement can opt to voluntarily pay off Snowy Hydro debt; • Total GS allocation plus carry over plus enhancement cannot exceed 100% of GS entitlement. Ends
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