Chair Update - 2 April 2024

Ladies and gentlemen,

With the online voting for the general meeting opening tomorrow, Wednesday 3 April, I’d like to remind you of the importance of voting. Historically, participation in MIL voting can be as low as 40%.

This could prove to be the most important shareholder vote since privatisation. Shareholders are being asked to vote FOR (yes) or AGAINST (no) to the two resolutions to remove Non-Member Directors Trisha Gorman and Robert Burbury from the Murray Irrigation Board.

I strongly encourage all shareholders to involve yourselves in the voting process, to ensure the outcome on 10 April represents the majority view of the footprint, not the minority.

Recommendation - vote NO (AGAINST)

Deputy Chair Lachlan Marshall and I will be voting 'NO' to the proposed resolutions to remove the non-member directors and we urge other shareholders to also vote 'NO'.

Our reasons are set out in the notice of meeting.

Our positions if non-member directors are removed

After carefully considering our position further, we feel so strongly that Steve Fawns, Brendan Barry and Troy Mauger have behaved in such an unreasonably disruptive political way, that if shareholders support their resolutions to remove the non-member directors, Lachlan and I will resign as directors.

This is because if we were to continue on a Board with them, we would be compromising our morals and integrity.

The CEO Ron McCalman will also step down on the afternoon of the General Meeting if the Yes vote is successful.

What will happen if non-member directors are not removed?

If the NO VOTE is successful, we will be calling for nominations to fill the casual vacancies left by these three requisitioning directors. The nominations will be independently assessed for the skills and experience they can bring to the Board and then voted on by shareholders at this year’s AGM. It is our hope that a number of women and the younger generation of irrigators put their hand up for the roles, as the diversity this will bring to the current skill set of the Board, we believe, will bring great value to the future of MIL.

We have an absolute commitment to the future of MIL and hope common-sense will prevail, for the betterment of our company and all shareholders.