Annual General Meeting 2003 (c) AWB Limited March 2003

Andrew Lindberg Managing Director

2001/02 Highlights Net profit after tax of $107.2m, up 28% Earnings per share of 39.2 cents, up 15% Fully franked dividend of 25 cents per share, up 3 cents Total operating revenue of $2.3b, up 19%

Business operations $million 30-Sep-02 30-Sep-01 Change % For the 12 months ended 30-Sep-02 30-Sep-01 Change % Pool Management Services 17.4 9.3 87.1 Grain Acquisition & Trading 68.6 0.0 Grain Technology (3.0) (6.0) 50.0 Supply Chain & Other Investments 30.3 15.6 94.2 113.3 87.5 29.5 Interest expense (23.6) (21.1) 11.8 PBT Sub-total 89.7 66.4 35.1 Finance & Risk Management Products 88.5 84.8 4.4 Corporate (25.0) (28.6) (12.6) Operating profit before tax 153.2 122.6 25.0 Net profit after tax 107.2 83.7 28.1

2002/03 Earnings prospects significantly reduced due to the worst drought in 100 years 2002/03 wheat production reduced to between 9.5mt and 10.5mt The market is expecting net profit after tax in the range of $30 - $40m

AWB outperformed the S&P/ASX 200 by 20.2% over the past 6 months

AWB is committed to its long-term financial goals 15% return on equity in the medium term Trend earnings per share growth Stable dividend payment Improved quality of earnings Efficient capital management; and Appropriate credit rating

AWB’s commitment to growers More AWB offices and staff in regional Australia Grower Consultative Groups Grower Ombudsman

AWB markets wheat to more than 40 countries with 16% global market share New customers in: Morocco Columbia Tunisia Myanmar Algeria USA 24% Other 25% Australia 16% EU 11% Argentina 9% Canada 15% Source: USDA. Based on 2001/02 global trade.

Non-Traditional Exporters But faces a tougher wheat marketing environment with increasing competition from Non-Traditional Exporters Major Exporters include: US, Australia, Canada, Europe, Argentina Non-traditional Exporters include: Russia, Ukraine, India, Eastern Europe, Kazakhstan, Pakistan Major Exporters Non-Traditional Exporters Source: Sparks & USDA

Outlook for Australian wheat prices 2003/04 National Pool estimate of $205-$215 per tonne for APW Lower prices also triggered by higher AUD (35 month high 61.5 US cents) and flat international demand

Initiatives and Investments Iraq - 50 year long standing trade relationship Global trading operations have now commenced in Geneva Continue to expand range of Finance and Risk Mgt products Strategic stake of 14.9% of Futuris Supply Chain improvements

The global grain asset manager model defines long term growth as being both vertical and horizontal Milling & Processing International other grains & commodities Customer Relation-ships Shipping Finance & Risk Mgmt. International wheat Solid domestic base enables domestic value chain integration and international growth Pool Mgmt. Australian other commodities Value adding products and services Grain Acq. & Trading Grower Relation- ships Supply Chain Australian other grains Rural Services Inputs Australian wheat Seed & Grain Tech.

Historically, the wheat crop rebounds significantly after a drought (mt) El Niño event El Niño event El Niño event El Niño event El Niño event f Source: ABARE 2003. f = forecast

Annual General Meeting 2003 (c) AWB Limited March 2003