Full Year Results Wednesday 26 November 2003

2 Andrew Lindberg, Managing Director Content: Result highlights Financial performance (Paul Ingleby, CFO) Business streams Strategy Integration of Landmark Outlook

3 Full year results reflect severe drought conditions Net profit after tax of $43.9m, down 59%, whilst export volumes down 75% Total operating revenue of $2.2b, down 5% Earnings per share of 15.9 cents, down 59% Final dividend of 11 cents per share Drought impacted wheat crop of 9.7 million tonnes, down 61% from the previous year (24.9 million tonnes) Loan book peaked at $1.6b in December 2002 Gross Pool Value of $1.3b

4 AWB improved performance despite the drought Growth and diversification - Successful strategic acquisition of Landmark Secured tonnage to Iraq - Sold and shipped 400,000 tonnes of wheat to Iraq despite logistical challenges - Secured funding for the outstanding 800,000 tonnes Added value over and above the Wheat Industry Benchmark - Achieved $329m extra value for the 2001/02 AWB National Pool, over and above the Wheat Industry Benchmark Ring fencing structure implemented - Achieved highest possible rating for Pool operations - Cost effective sustainable base for the continued operations of the Group Global operations - Successful first full year of operation for AWB Geneva and the Over the Counter (OTC) desk in Portland Cost control measures implemented successfully - 12% reduction in total overheads (excluding depreciation)

5 Paul Ingleby, Chief Financial Officer Content: Statement of financial performance Cashflow Capital expenditure Statement of financial position

6 Statement of financial performance $million For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Revenue from ordinary activities2,211.92,319.6(5%) Cost of sales(1,889.2)(1,926.3)2% Borrowing costs(70.5)(98.6)28% Depreciation & amortisation(29.9)(14.3)(109%) Other(163.4)(127.2)(28%) Operating profit before tax (62%) Net profit (59%)

7 Cashflow $million For the year ended 30-Sep-03 Operating profit before tax58.9 Tax paid(54.3) Depreciation & amortisation29.9 Write down in value of PP&E ( to recoverable amount )7.2 Working capital changes439.2 Increase in net cash & short term deposits(10.2) Purchase of non-current assets(92.6) Payment of controlled entities ( net cash acquired )(542.8) Purchase of investments(122.6) Dividends paid(68.5) Net new equity148.6 Decrease in loan book1,063.4 Decrease in debt856.2

8 Capital expenditure $million For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Grain centres construction % System Development & Other Plant & Equipment (51.9%) New Building3.2 -n/a Total % Depreciation % Includes Landmark

9 Statement of financial position $millionAs at 30-Sep-03As at 30-Sep-02 Assets Cash Receivables1,012.62,141.1 Intangibles Investments Inventories Property, plant & equipment Other ,415.92,641.1 Liabilities Payables Interest bearing liabilities1,062.91,637.5 Provisions Other ,483.91,851.6 Net Assets

10 Business operations $million For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Pool Management Services % Grain Acquisition & Trading (57%) Grain Technology(5.1)(3.0)(70%) Supply Chain & Other Investments (88%) Less: Interest expense(29.6)(23.6)(25%) PBT Sub total (76%) Finance & Risk Management (28%) Rural Services (Landmark)5.0 -n/a Goodwill Amortisation (Landmark)(2.4) -n/a Corporate(29.6)(25.0)(18%) Operating profit before tax (62%) Net profit after tax (59%)

11 Pool Management Services $million (EBIT) For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Pool Management Services % ($million) For the year ended 30-Sep-03 For the year ended 30-Sep /02 Pool2002/03 PoolTotal2001/02 PoolTotal Base Fee Out performance Administration costs-(53.8) (50.9) Total Pool Mgt Services Breakdown of fees paid to AWB based on export tonnage of 19.6mt for 2001 Pool and 4.5mt for 2002 Pool:

12 Grain Acquisition & Trading $million (EBIT) For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Grain Acquisition & Trading (57%) Trading activity declined due to drought -Domestic wheat trading volumes of 2.8mmt for 2002/03, down by 40% compared to last year -Trading volumes in other grain (sorghum, barley, canola) also down by over 60% AWB Geneva executed over 1.5mmt grain sales

13 Grain Technology $million (EBIT) For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Grain Technology(5.1)(3.0)(70%) EBIT loss due to drought. Net expenditure of $3.3m on R&D R&D will continue to be a major expenditure element in protecting future revenue streams Opportunity to review technology and R&D operations across the Group with the view to consolidating the businesses and achieving scale benefits

14 Supply Chain & Other Investments $million (EBIT) For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Supply Chain & Other Investments (88%) Receivals through the Grain Centres down by 70% due to the drought Grain throughput reduced at Melbourne Port Terminal Chartering made a strong contribution due to: -Favourable margins from physical freight -Successful deployment of a long trading strategy

15 Finance & Risk Management $million (PBT) For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Finance & Risk Management (28%) Impacted significantly by lower tonnage Level of underwritten loan draw-downs was significantly lower than for the previous year Decrease in underwriting revenue by 76% The size of the 2002/03 harvest has also had an impact on the average loan book, which is smaller than in the previous year

16 Landmark PBT contribution for September is $5m, mainly due to: -Increase in cattle numbers and average price per head -Increase in fertiliser sales due to improving conditions and drying paddocks -The above increases were offset by reduced sales in merchandising due to ongoing dry conditions in QLD and NSW $million (PBT) For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Rural Services (Landmark)5.0-n/a

17 Corporate Net increase of $5m due to: -Integration and restructuring costs associated with Landmark -Write off of system development costs Dividends from Futuris of $3.6m included in result $million (PBT) For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Corporate(29.6)(25.0)(18%)

Strategy, Integration & Outlook

19 Corporate strategy Vision: “Australia’s leading global manager of agricultural commodity assets, services and flows” Australian other grains Australian other commodities Australian wheat International wheat International other grains & commodities Producers Relation- ships End-users Relation- ships Rural Services Agricultural inputs and technology Finance & Risk Mgmt. Acquisition & Trading Supply Chain Milling & Processing Pool Mgmt. Value adding products and services Agricultural Commodities Integrated Value Chain Shipping

20 Landmark integration Detailed integration plan being implemented, including consolidation of corporate functions to optimise service efficiency and costs On track to achieve Year 1 financial services growth, cost and revenue synergies -Landmark Rural Finance Managers trained to sell Harvest Loan products -Products already being sold and new customers serviced -Renegotiation of supplier agreements (direct and indirect) -Network offices are being re-branded and consolidation of network has commenced Cross selling opportunities for fertiliser, merchandise, insurance are being pursued. Bundled product offerings being piloted in SA “Total EBIT enhancement opportunities, derived primarily from finance growth opportunities, assessed at $5 - $10 million in FY2004 increasing to $30 - $40 million by FY2006”

21 AWB is well positioned for 2003/04 Crop size -Australian wheat production rebounds to 22-24mmt -Positive impact on all business streams Financial Services -Four Pool Payment Options available this year; forecast 70% take up of total tonnes available for these options -Cross selling between AWB Loan products and Landmark products to customers has commenced Grain Centres -All 21 Grain Centres will be operational for the coming harvest; forecast throughput of at least 60% capacity Chartering - Pool tonnes chartered to double in 2003/ NPAT forecast upgraded to $110-$120 million (pre goodwill amortisation including one off costs)

22 AWB is well positioned for 2003/04 ( continued ) Rebound in merchandise and fertiliser - Demand for farm inputs and fertiliser expected to recover due to increased availability of land after the heavy de-stocking during drought. -Forecast merchandise and fertiliser earnings to be at least 10% higher than previous year Slower recovery on livestock -Due to major de-stocking during drought, it will take a few years to recover to pre drought levels -However, livestock prices forecast to increase by at least 5% Global wheat outlook -Major exporters to rebound in 2003/04, approx. 80% of world wheat trade -Non-traditional exporters not a threat during 2003/04 -Global Stocks-To-Use remain the tightest ever in recent memory -Wheat prices reasonable

23 For more information contact: Delphine Cassidy Head of Investor Relations T: F: E: