June 2003 AWB Limited

2003 Half-year results impacted by drought Net profit after tax of $29.9m, down 61% Total operating revenue of $1.03b, down 34% Earnings per share of 10.9 cents, down 61% Interim dividend of 14 cents per share Drought impacted wheat crop of 9.7 million tonnes Loan book peaked at $1.6b in December 2002 Gross Pool Value at $1.3b

Statement of financial performance $million For the 6 months ended 31-Mar-03 For the 6 months ended 31-Mar-02 Change Revenue from ordinary activities1,030.31,559.7(34%) Cost of sales(883.0)(1,354.1)(35%) Borrowing costs(42.7)(42.3)1% Depreciation & amortisation(12.2)(5.6)118% Other(52.4)(50.4)4% Share of net profit of associates % Operating profit before tax (61%) Net profit (61%)

Cashflow $million For the 6 months ended 31-Mar-03 Operating profit before tax 42.8 Tax paid(39.2) Depreciation & amortisation12.2 Working capital changes19.3 Increase in net cash & short term deposits(195.1) Purchase of non-current assets(49.1) Purchase of investments(121.7) Dividends paid(30.2) Net new equity1.9 Decrease in loan book250.1 Increase in debt(109.0)

Capital expenditure $million For the 6 months ended 31-Mar-03 For the 6 months ended 31-Mar-02 Change Grain centres construction % System Development & Other Plant & Equipment (54%) Total % Depreciation %

Statement of financial position $millionAs at 31-Mar-03As at 31-Mar-02 Assets Cash Receivables1,721.32,987.1 Investments Inventories Property, plant & equipment Other ,735.53,422.6 Liabilities Payables Interest bearing liabilities1,746.62,355.8 Provisions Other ,919.62,633.2 Net Assets

Business operations $million For the 6 months ended 31-Mar-03 For the 6 months ended 31-Mar-02 Change Pool Management Services % Grain Acquisition & Trading (71%) Grain Technology(2.5)(0.9)178% Supply Chain & Other Investments (88%) Interest expense(18.6)(10.4)79% Finance & Risk Management (30%) Corporate2.3(7.0)133% Operating profit before tax (61%) Net profit after tax (61%)

Outlook AWB is forecasting full-year NPAT result in the range of $40- $45m AWB has forecast wheat production between 22-24mt, around 10-15% above the 5 year average. The El Niño is officially finished Stable dividend payment for despite reduction in earnings. The Board intends to maintain a stable dividend policy Strategic investment in Futuris Limited Capital management and ring fencing Expand Finance and Risk Management products Further growth and diversification – aim to be less than 80% reliant on the wheat crop by end of 2004

Global supply and demand world wheat production is forecast to rebound strongly following a 5% fall in due to limited production in Australia, Canada and US Carryover stocks are at relatively low levels, representing approximately three months supply. Production in other major exporting countries are forecast to increase (f) = forecast. (z) = projection. Source: ABARE 2003

Global export market share Australian, Canadian and US wheat crops expected to rebound significantly total exports by major exporting countries forecast to increase to 79.3mt, an increase of 17mt from Major wheat exporting countries continue to face competition from non- traditional exporters in (above figures are forecasts). Source: USDA May 2003

Non-traditional exporters Non-traditional exporters have increased their export program over the last two years due to good production, large carryover stocks and increased investment in transport and infrastructure However, some of these exporters will produce significantly lower tonnage in , reducing total exports by non-traditional exporters to only 13.2mt compared with 34.9mt in (f) = forecast. (e) = estimate Source: USDA May 2003

Key issues Iraq Strategic investment in Futuris Senate inquiry into WEA Funding Future of the Single Desk system

AWB will continue supplying Iraq Wheat supply is continuing via the UN Oil-For-Food program under direction from the World Food Program The UN Oil-For-Food program has been extended to September 2003 The UN and the US administration will continue to honour contracts previously awarded Australian wheat is widely used and recognised throughout the Middle East region as a clean quality white wheat Australia has been supplying Iraq with this wheat for more than 54 years. AWB expects to retain a strong market share in Iraq in the future

Strategic investment in Futuris AWB currently owns 14.2% in Futuris – we are the largest single shareholder The primary objective is to maximise the value of our investment and to pursue opportunities with Elders (namely, their distribution network) In order to increase stake above 15%, we have lodged an application to the Treasurer. We expect a decision to be made by the end of June 2003 This is all about keeping our options open

Senate inquiry into WEA Funding The main purpose of the amendment to the Bill is about the ongoing funding to support the continuing operation of the WEA However, the process has given a forum to the anti Single Desk campaigners; trying to dismantle the Single Desk AWB has participated and cooperated fully with the inquiry

Single Desk The 2004 WEA Review is limited to a review on AWBI’s performance as manager of the Single Desk It will not incorporate National Competition Policy (NCP) principles or the broader industry issues The Single Desk system legislation will be reviewed in 2010 under the NCP principles This was confirmed by Minister Truss at the Grains Week conference in March 2003.

QUESTIONS

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