Macquarie Securities Conference 5 th May, 2005

Australian Wheat Board created in World War I, privatised in 1999 and listed as AWB Limited (AWB) on Australian Stock Exchange in August 2001 Market capitalisation of $1.5 billion; revenues of $9 billion (including Pool revenue) and shareholder funds in excess of $1 billion Consistently out performed the S&P / ASX 200 since listing Markets wheat to more than 50 countries Australian footprint includes more than 430 outlets across Australia with a spread of more than 2,700 staff reaching about 100,000 farmers AWB - a snapshot…

Merch $1.2b sales 431 outlets 2,700 employees Finance & Insurance $2.5bn loan book $600m on deposit $150m premium 100,000 customers Real Estate $1bn sales Wool 500k bales Livestock 2.0m cattle 11m sheep Fertiliser 1.2m tonnes Grain $5-$6b revenue What we are today …

Business characteristics… Business StreamDrivers Pool Management Services: Manages the pooling and global marketing of Australian wheat Manages grain from point of delivery to point of consumption AWB National Pool receival tonnes AUD/USD exchange rate US wheat price per tonne Rural Services (Landmark): Major supplier of agribusiness products and services including merchandise, fertiliser, livestock, wool marketing and real estate Seasonal conditions Livestock prices and volume Wool prices and volume Crop production Grain Acquisition & Trading: Responsible for domestic grain trading Exporting non-wheat grains such as canola and sorghum Tonnes sold – wheat and other grains Other origin grains sold Margins per tonne

Business characteristics… Business StreamDrivers Finance & Risk Management: Provides harvest finance against majority of grain delivered to the AWB National Pool Range of price risk management products for growers, domestic and international customers through AWB RiskAssist AWB National Pool receival tonnes AWB National Pool Payment Options take-up Average wheat price Loan book interest rate Supply Chain & Other Investments: Manages supply chain infrastructure to move grain from paddock to international customers AWB National Pool receival tonnes Receival volume through grain centres Price per storage (contd)

Our scorecard to date… *Pre goodwill & amortisation Net Profit* & Production volume Share price since listing Earnings per share* & Dividend per share Return on average equity*

What we have achieved… Acquired Landmark in August 2003 for around $825 million enterprise value: Integration of Landmark 95% complete EBIT enhancements for 2003/04 of $13 million exceeded target of $5-10 million. On track to achieve $20 - $25 million this year. Established fertiliser joint venture – ELF AWB constructed 21 grain centres with a total capacity of over 3 million tonnes Strategic focus on customer management, introduction of CMS system Successful development of international business – Geneva, India Sold 2.5 million tonnes to China, the first significant sale since 1996 Positioned to tap into growing Asian markets Progressive business expansion

AWB Strategy

A solid foundation to our strategy AWB’s overarching goal is to implement an Integrated Business Model... Leading position in Australian rural services Leading rural financial services and insurance provider Australia’s leading global grain trading business People and Capability To be Australia’s Leading Agribusiness

Three growth areas… Leading position in Australian rural services Leading rural financial services and insurance provider Australia’s leading global grain trading business Fertiliser and merchandise are the main areas targeted for growth Cross selling Leverage buying power in the network Improve merchandise and supply chain effectiveness Increase product base – build on AWB’s natural advantage to provide a wider range of products, better interest rates, and streamline credit processes Specific areas targeted for growth include lending, deposits, wealth management and general insurance Continue to focus on mandate to maximise grower returns Expand the suite of commodities, origins and risks managed Strengthen the differentiated position for Australian wheat

Strengthen core business, in particular preserve and enhance the value of the Single Desk system Grow and diversify to improve the quality of the earnings base and reduce wheat harvest volatility Acquisition expected to achieve target 15% ROE by FY2005 EPS accretive in FY 2004 and by more than 35% in FY2006 % of PBT not related to Australian wheat: >20% in 2004/05 Landmark will diversify AWB’s earnings base and reduce volatility of AWB’s earnings AWB Group will achieve 15% ROE in the medium term “To be both the primary producer’s and end-use consumers’ business partner of choice” The way ahead…

Financial objectives… Return on equity - Achieve 15% return on equity for the AWB Group in the medium term Solid EPS growth - Landmark acquisition to be more than 35% EPS accretive (pre-goodwill, post synergies, post one-off costs) by Stable dividend payment - Expect to maintain dividend payment at current levels for Improve quality of earnings - Reduce exposure to crop by achieving more than 20% of PBT not related to Australian wheat by

Outlook

Outlook… 2005/06: Wheat Crop: Assuming normal seasonal conditions, wheat production expected to average around million tonnes Conditions in WA very good at present SA, VIC, NSW and QLD remain largely dry and experiencing delayed planting Broader Agricultural Market: Lamb prices set to remain positive with increased demand from export markets Beef prices tipped to tail off with increased export competition from North and South America Promising rural Real Estate market Strong medium term growth for Financial Services business Reduced commodity prices expected to impact Rural Services business 2004/05: Forecast comparable earnings to previous year

Going forward… Despite a difficult outlook, we are confident that Australian agriculture can be globally competitive We have “comparative advantage” Freight advantage to Asian region Progress on trade reform will improve market access AWB and Landmark can continue to capitalise on opportunities with our business model

Supplementary Information

Global wheat market Australia is the most export oriented grains industry in the world –Changes in the global wheat market impact directly on the Australian wheat industry Traditional wheat exporters are increasingly under threat from new exporters, particularly Eastern Europe and South America The number of companies involved in wheat and grain trade has shrunk, with a handful of multinational conglomerates dominating world grain trade Developing countries now make up the majority of Australia’s customers –These countries (particularly in Asia) are undergoing rapid economic development, contributing to the substitution of rice for wheat-based products –Following major food scares around the world, the developed world is becoming more discerning

World wheat production and consumption Source: USDA

Major wheat exporters Source: USDA

Australia poised for continued success in the global market Australia’s grain industry is well poised to meet changes in the global market: –National acreage sown to wheat is continuing to rise, in contrast to other countries such as the US where wheat acreage is in decline –Australia’s share of the global market has been increasing –Australian growers are producing a better quality and more specialised crop –AWB sells a differentiated product tailored to meet the needs of its customers, eg. selling over 4 million tonnes of wheat as targeted or niche products in Asia alone –National Pool marketing strategy is focused on Asia, aiming to have 65% of AWB’s wheat export program going to Asia by 2009

For more information contact: Delphine Cassidy Head of Investor Relations Ph: