SYDNEY, AUSTRALIA: Midway Limited announced its new Managing Director and Chief Executive Officer, Tony McKenna, has commenced work with the company.

Mr McKenna’s appointment follows the decision of the previous Managing Director and Chief Executive Officer, Mr Tony Price, to step down after six years in the role so that he can pursue non-executive roles.

Midway Chairman Mr Greg McCormack said the Board of Directors looks forward to working with Mr McKenna on future growth strategies for the Company that will generate sustainable returns to shareholders.

Mr McKenna has extensive international experience in delivering growth strategies and major investment projects that will directly assist Midway with its future growth plans including leveraging our core businesses, expanding in complementary opportunities and investing in emerging technologies. A detailed resume is attached.

Mr McCormack thanked the former Managing Director and CEO, Tony Price, for his contribution to Company growth over the last six years, including the listing of Midway on the Australian Securities Exchange and domestic and international expansion.

The Midway Board has decided that Tony Price’s performance rights will lapse on a pro rata basis over their respective performance periods. The performance rights that remain may then vest in the future if performance hurdles are met.

Midway Limited is a leading Australian forestry company with headquarters in Geelong, with 100% shareholdings in Plantation Management Partners (PMP) based on Melville Island and Midway Logistics (MWL) based in Bunbury, Western Australia, and majority shareholdings in South West Fibre Pty Ltd (SWF) based in the Green Triangle and Queensland Commodity Exports Pty Ltd (QCE) based in Brisbane.

Founded in 1980, Midway is primarily involved in the production, processing and export of high quality wood fibre to producers of pulp, paper and associated products in the Asian region. www.midwaylimited.com.au