Macquarie Emerging Leaders Conference 2002 Macquarie Equities Emerging Leaders Conference Andrew Lindberg Managing Director & Chief Executive 1st May 2002 © AWB Limited May 2002

Overview Highlights for the first half of 2002 Business Operations Business Drivers Growth Strategy Challenges & Opportunities Full Year Outlook

Highlights – first half 2002

Highlights – first half 2002 Wheat crop exceeded expectations > 24 million tonnes Near record pool prices Continued strong earnings from our trading, finance and risk management areas Growth in our pool management and chartering business Rail freight agreement signed with FreightCorp JV signed with Syngenta for wheat breeding

Business Operations

Pool management services The national pool represents about 80% of total wheat produced in Australia Aggregate and internationally market pooled wheat The national pool is operated by AWB International (AWBI). AWB provides services to enable AWBI to operate the pool and in return receives payments for these services 2002 wheat tonnes for export >18million 2002 Gross Pool Value >$4.5 billion OUTLOOK New performance-based fee model, which will reward AWB on a commercial basis from 2001/02 Increased earnings for pool management services in 2001/02 2002/03 Australian wheat planting forecast to be > 2001/02

Grain acquisition and trading Contract acquisition products Suite of comprehensive pre-harvest contract products including Multi V Domestic trading Buying for cash and delivering to domestic customers Buying for cash and delivering to the National Pool Non wheat exports OUTLOOK Strong earnings for grain acquisition and trading in 2001/02 Implementation of new contract acquisition products for 2002/03 harvest Increase grains under management

Supply chain and other investments Chartering Agent of chartering services to the national pool, shipping consolidation services, and trading of shipping capacity Domestic investments 7 grain centres and Melbourne Port Terminal Overseas investments Flour and feed milling investments in Egypt, Vietnam and China Grain importing investment in Japan OUTLOOK Continue to invest in supply chain and other investments Increased earnings for supply chain and other investments in 2001/02

Finance and risk management products Provision of limited recourse finance secured against a grower’s wheat delivery to an AWB managed pool Provision of risk management products (effectively derivatives that manage pool risk exposures and cash flows) that allow growers to tailor their risk exposure Products include: Harvest loans and underwriting, Basis Pool, and Riskassist OUTLOOK Major new products to be launched in 2002 that offer more flexible and competitive range of financial and risk management options to growers Similar to 2000/01 earnings

Grain technology Primary role is the development of a proprietary position for AWB in plant genetics and new cereal varieties Agrifood Technology, AWB Seeds, and AWB Research OUTLOOK Joint venture with world leading life science company, Syngenta, to develop new wheat varieties Expectation for breakeven in 2 to 3 years

(interest, tax & corporate) Business Operations $m 120 +11.1 (9.7) (17.6) +39.6 (2.2) 105 90 83.7 75 63.3 (0.8) 60 45 30 15 2000 Pool Mgt Services Grain Acquisition & Trading Grain Tech Supply Chain & Other Invest. Finance & Risk Mgt Other (interest, tax & corporate) 2001

Dividends and Earnings Macquarie Emerging Leaders Conference 2002 Dividends and Earnings Earnings per share Dividends per share (c) (c) 34.1c 22c 22c 26.2c Capital expenditure Return on equity ($m) (%) 60.0 ($m) 58.1 ($m) 12.8% 10.1% 35.8 ($m) © AWB Limited May 2002

Business Drivers

Business Drivers Australian wheat production Global wheat production and consumption Wheat price performance against benchmarks Trading volumes and margins Chartering volumes and margins Tonnage delivered to finance and risk products Supply chain volume and margins Interest margins

Australian wheat production mt Trendline Production Production forecasts & projections Source: ABARE March 2002 (f) = ABARE forecast (z) = ABARE Projection

Global wheat production & consumption mt Production Production forecasts Consumption Source: Economic Research Service, USDA March 2001 & ABARE March 2002 (f) = forecasts

Wheat production forecast – major producers Source: USDA Jan 2002

Growth Strategy

Four engines of growth AWB Future Vision: Grains managed by AWB are the world grains of choice Mission: AWB is a leading integrated global grains manager Objective: Maximise value for growers, customers, and shareholders Financial & risk management AWB Future Core wheat business Broadening range & volume of grains under management Processing & branded products 2002

Challenges & Opportunities

Challenges & Opportunities Grains industry consolidation and increased efficiency Increased competition in grain accumulation trading Competition for financial services with banks and other providers To reduce supply chain costs Middle East uncertainty Argentinean economic / political instability Trade reform

Full Year Outlook

Full Year Outlook Strong underlying fundamentals Close to growth markets in Asia Strong brand and customers reach Experienced in competition Commercial management driving strategy Strong balance sheet But still more to do ….

NPAT for the years ended 30 September 2000 to 2002 Forecast 2002 NPAT for the years ended 30 September 2000 to 2002 $m 100 to 110 20-30% 83.7 63.3

Interim Results – 31 March 2002 2001/02 half year results released Wednesday 22nd May Analyst briefing at 2:00pm Wednesday 22nd May Institutional briefings in Melbourne 23rd May Institutional briefings in Sydney 24th May

Macquarie Emerging Leaders Conference 2002 For more information contact: Michael Thomas Head of Investor Relations Ph: +61 3 9209 2064 Email: mthomas@awb.com.au www.awb.com.au © AWB Limited May 2002