SIA Presentation Andrew Lindberg Managing Director 6 th June 2002

Overview  Introduction  Highlights & Business Operations  Business Drivers  Platform for Growth  Outlook

AWB Australia's major grain marketer & one of the world's largest wheat managers and marketers Markets wheat and other grains to more than 50 countries and is the world's third largest wheat exporter with a 17% global market share Chosen by most Australian wheat and grain growers to market and finance their grain Single Desk - exclusive manager and marketer of all Australian bulk wheat exports Market Cap:$AUD1.2 billion Shares on issue: million Shareholder’s equity: $AUD789 million ASX listing:22 nd August 2001 Index inclusion: S&P / ASX 200 Average daily volume: 392,000 shares

Evolution 2001Listed on the ASX 1999Privatised 1998Corporatised 1989Domestic market deregulated and Wheat Industry Fund established 1939 Australian Wheat Board established as a statutory authority

Highlights (for the 6 months ended 31-Mar-02) Net profit after tax of $77.1m, up 47% Total operating revenue of $1.56b, up 20% Earnings per share of 28.2 cents, up 30% Fully franked interim dividend of 14 cents per share Wheat crop exceeded expectations of 24.4 million tonnes Loan book peaked at $2.1 billion Pool wheat price at high levels - Gross Pool Value greater than $4.5 billion Strategic initiatives implemented

Business Operations $million For the 6 months ended 31-Mar-02 For the 6 months ended 31-Mar-01 Change % Pool Management Services1.84.7(62) Grain Acquisition & Trading Grain Technology(0.9) 0 Supply Chain & Other Investments Interest expense(10.4)(14.8)(30) Finance & Risk Management (9) Corporate(7.0)(8.4)(17) Operating profit before tax Net profit after tax

Dividends, Earnings & CapEx Earnings per share (c) Dividends per share (c) 14.0 Capital Expenditure ($) NPAT ($m)

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 Source: ABARE March 2002 (f) = ABARE forecast (z) = ABARE Projection ProductionProduction forecasts & projections

International Supply & Demand world consumption expected to again exceed world production carryover stocks forecast to decline further Production in other major exporting countries forecast to increase (except the US) Production from minor exporting countries forecast to be slightly less than Prod & Cons (mt) Closing Stocks(mt) Source: USDA May 2002 & ABARE March 2002 (mt) = million tonnes (f) = ABARE forecast (z) = ABARE Projection Global Prod 597mt, Cons 604mt

Global wheat trade – market shares Source: USDA April 2002 USA 25% Other 24% Australia 17% (12% in 91/92) Canada 15% Based on 2001/02 EU 9% Argentina 10%

Major Exporting Companies Source: AWB May * Only 60% of Canadian wheat exports are directly exported via CWB. The balance of Canadian wheat exports are exported via Authorised Exporters of CWB. Other 39% Cargill / Continental 18% *CWB 11% As at May 2001 AWB 17% ADM 8% Louis Dreyfus 7%

Platform for Growth Four growth drivers: 1.To strengthen core wheat business 2.To broaden the range and volume of grains under AWB management 3.To expand range of Finance and Risk Management products 4.To invest in processing and branded products

Strategy Ensure Single Desk continues to be managed effectively Lead in the provision of high quality grains Reduce costs and improve grower services in the grain supply chain Competitive Advantage Australian wheat growers lead the world as highly efficient low cost producers Enviable quality reputation Increasing global market share and significant growth Strengthen core wheat business

Broaden the range and volume of grains under AWB management Strategy AWB will supply other Australian grains and other origin grains to our international and domestic customers Competitive Advantage World leading expertise in wheat marketing Globally competitive system of marketing wheat and managing associated risk Expertise in commodity risk management Capability to access and deliver grains of any type and any origin to global customer base Global sales and distribution network

Expand range of Finance and Risk Management products Strategy Continue to win the business of our existing growers by offering a comprehensive range of products Launch major new products (with greater flexibility) Diversify revenue streams Provide new products and services to end-use customers Competitive Advantage Relationship with grain growers and understanding of grower needs for innovative finance and risk management products Existing customer base for AWB products

Invest in processing and branded products Strategy Secure demand and build margin through vertical integration in downstream operations Competitive Advantage Leveraging existing investments such as Five Star Flour Mill (Egypt) Access to high quality inputs for various end-use applications Understanding of key input quality requirements for selected end- use applications Ability to leverage the supply chain

Share price vs S&P / ASX 200 Source: UBSW June 2002 AWB Share Price ASX / S&P 200 ($)

Outlook Full year NPAT forecast between $100 to $110 million earnings predominantly dependent on current plantings of wheat and other grains, and tonnes received by AWB later in the year ABARE forecast an increase in wheat plantings from prior years (subject to reasonable planting conditions – next ABARE forecast to be released next week) International wheat prices and trading ranges over the next 12 months are expected to show similar trends to those of the past few seasons

Questions