1. Smart Governance By Gavin McMahon Chief Executive Officer Central Irrigation Trust

2. Smart Governance By Gavin McMahon Chief Executive Officer Central Irrigation Trust sustainable, managed, accountable, resilient, trusted Established 1997, Created by and survived Government Reform eg MDBA, Survived Millennium Drought, 3 year management contracts renewed, 4 Trusts joined the group

3. Riverland South Australia Where are we - CIT

4. 1,243,000 ha Irrigation - Southern Murray Darling * Data provided by Professor Wayne Meyer of CSIRO and the CRC for Irrigation Futures

5. Total $6.33 billion + water $6.66 billion (6,656GL @ $1m/GL) Murray Darling Basin Irrigation Assets * Data provided by Professor Wayne Meyer of CSIRO and the CRC for Irrigation Futures

6. Our Journey - Early

7. Our Journey To Date

8. 1997 Central Irrigation Trust forms to manage Irrigation Districts Central Irrigation Trust

9. 10 Government Developed (1900-50) –1997 transferred to Grower Ownership 2 Privately Developed (1960-61) –2011 joined CIT 6720 Customers (3250 Irrigation, 3400 Domestic, 70 Others) 20,000 litres/second pumping capacity 500 km Piped Delivery 336 km Piped Drainage Assets $227 million Turnover $12 Million Grower Owned Trusts

10. To ownership by farmers The First Step From ownership by governments

11. Our Irrigation Business Monopoly supplier Regulated Business Irrigation Customer is the Owner High Asset Value with Low Turnover

12. CIT Business Structure Central Irrigation Trust (Operating Company formed 1997) Grower Owned Trusts Golden Heights Loxton Cadell Cobdogla Sunlands Berri Mypolonga Moorook Kingston Chaffey Waikerie Lyrup Annual Turnover - $12 million Irrigation Assets - $227 million Water Entitlement - 135 000 ML Site Use Approvals - 175 000 ML

13. Smart Governance Models and structure depend on circumstances Complex and rapidly changing operating environment Easy to operate infrastructure Water Trading Increased Regulation Greater Liabilities Greater Customer Demands Daily replacement Better water quality Asset Replacement Annuity Fund 120 Year Replacement Model

14. Thank you for listening