New strategy announcement pursuant to which the Company may trade certain eligible tradeable water rights (ETWR).

From 1 July 2026 to 30 September 2026, unless amended, suspended, withdrawn or replaced by a subsequent announcement in accordance with applicable legislative and regulatory requirements.

Water allocation credited to general security water access licences and conveyance water access licences in New South Wales and high reliability water shares in Victoria.

The Company will buy and sell water allocation between and within the following trading zones under the Murray-Darling Basin Authority’s Processing Interstate and Intervalley Allocation and Exchange Rate Entitlement Trade Procedure (effective from 1 July 2026): 

• Zone 10: NSW Murray above Barmah Choke (includes Lake Hume, River Murray from Lake Hume to Barmah Choke; and the Company areas, including Wakool Irrigation District); and

• Zone 6: Vic Murray above Barmah Choke (includes Lake Dartmouth and Lake Hume, River Murray from Lake Hume to Barmah Choke; Mitta Mitta River below Lake Dartmouth; and Murray Valley irrigation area).

To optimise the value realised from water allocation credited to the Company’s water access licences, having regard to prevailing and anticipated market conditions and in compliance with applicable legislative and regulatory requirements.  Where consistent with those objectives, the Company may seek to make water allocation available for productive use within its area of operations.

Exchange trades (including on the Water Exchange conducted by the Company)

Broker-intermediated

Expression of interest tenders

Subject to available water determinations (or similar) released by each relevant state water authority.

The Company may make available up to 80GL of water allocation in aggregate through an expression-of-interest-based ‘sustainability product’.  Additional details will be provided in due course as more details are available within the reporting period. 

For broker-intermediated and exchange trades, up to the balance of water allocation available after accounting for the Company’s obligations to credit water allocation to its customers.

All volumes will be subject to available water, operational requirements, regulatory constraints and market conditions.

Transaction prices will be determined by the Company having regard to prevailing market conditions, forecast supply and demand conditions, and the Company’s trading objectives.

Ordinary execution of trades consistent with, and conducted pursuant to, this strategy is exempt from a ‘Trade Decision’ disclosure.

Following the opening allocation announcement on 1 July, additional water held by the Company from time to time to the extent available, including surplus water allocation after accounting for transmission losses.

5% of the volume delivered on-farm through a compliant meter, based on meter readings.

Water-using customers for whom the Company delivers water to a farm through a compliant meter.

1 July 2026 – 30 June 2027, unless amended, suspended, withdrawn or replaced by a subsequent announcement in accordance with applicable legislative and regulatory requirements.

Credited, on a daily basis, as water allocation to eligible customers’ water allocation accounts.