Full Year Results th November 2002

Overview Result highlights & achievements Financial performance Strategy & outlook

Andrew Lindberg Managing Director

2002 result highlights Net profit after tax of $107.2m, up 28% Total operating revenue of $2.3b, up 19% Earnings per share of 39.2 cents, up 15% Fully franked final dividend of 11 cents per share Large wheat crop of 24.5 million tonnes Loan book peaked at $2.1b in March Pool wheat price at high levels - $5.4b Gross Pool Value Strategic initiatives implemented

NPAT$107.2m$83.7m Total operating revenue$2.33b$1.96b Return on average equity13.9%12.1% Earnings per share39.2c34.1c Dividends per share25.0c22.0c NTA backing per share$2.89$2.75 Capital expenditure$81.7m$58.1m Shareholders’ equity$789.5m$751.0m Solid result reflected in improved shareholder measures

Significant achievements in 2002 Strengthening the performance of the Single Desk and implementation of new performance based remuneration model Strong, consistent performance from the Trading division Strengthened grower / rural services and financial advisory networks Expansion of financial and risk services to growers and customers (new loan products, payment options and risk management services) Developing AWB supply chain network with capacity of around 3mt (targeting returns above weighted average cost of capital) Further improvements to the Chartering business Developing superior grain varieties through a JV with Syngenta Successful implementation of SAP – on time, on budget. Successful implementation of an enterprise wide risk management system Established global trading business in Geneva

Paul Ingleby Chief Financial Officer

Overview Statement of financial performance Cashflow Capital expenditure Statement of financial position Business operations

Statement of financial performance $million For the 12 months ended 30-Sep-02 For the 12 months ended 30-Sep-01 Change % Revenue from ordinary activities2,325.01, Cost of sales(1,932.3)(1,608.1)20.2 Depreciation & amortisation(14.5)(8.0)81.3 Borrowing costs(98.1)(95.9)2.3 Other(126.9)(122.2)3.8 Operating profit before tax Income tax expense(45.4)(38.4)18.2 Operating profit after tax Outside entity interest(0.6)(0.5)20.0 Net profit

Cashflow $million For the 12 months ended 30-Sep-02 Operating profit before tax153.2 Income taxes paid(67.5) Depreciation & amortisation14.5 Working capital changes(235.9) Purchase of non-current assets*(81.7) Dividends paid(60.1) Increase in loan book(360.7) Increase in debt638.2 * Net of proceeds

Capital expenditure $million For the 12 months ended 30-Sep-02 For the 12 months ended 30-Sep-01 Change % Grain centres construction System Development & Other Plant & Equipment Total Depreciation

Statement of financial position $million 30-Sep-0230-Sep-01 Assets Cash Receivables2,140.61,544.2 Financial assets Inventories Property, plant & equipment Other ,626.51,987.8 Liabilities Payables Interest bearing liabilities1, Provisions Other ,837.01,236.8 Net Assets

Business operations (6.0) $m

Business operations $million For the 12 months ended 30-Sep-02 For the 12 months ended 30-Sep-01 Change % Pool Management Services Grain Acquisition & Trading Grain Technology(3.0)(6.0) (50.0) Supply Chain & Other Investments Interest expense(23.6)(21.1) 11.8 PBT Sub-total Finance & Risk Mgt Products Corporate(25.0)(28.6) (12.6) Operating profit before tax Net profit after tax

Pool management services

Finance & risk management products

Grain acquisition & trading

Grain technology (4.4) (6.7) (3.7)

Supply chain & other investments

Strategy & Outlook

The global grain asset manager model defines long term growth as being both vertical and horizontal Australian other grains Australian other commodities Australian wheat International wheat International other grains & commodities Solid domestic base enables domestic value chain integration and international growth Grower Relation- ships Customer Relation- ships Value adding products and services Rural Services Inputs Seed & Grain Tech. Shipping Finance & Risk Mgmt. Grain Acq. & Trading Supply Chain Milling & Processing Pool Mgmt.

Wheat crop – 2002/03 Current drought is the worst in 20 years AWB forecast wheat production at lower end of 11–13mt ABARE, AWB & USDA presume normal seasonal conditions going forward Historic patterns suggest at least an average crop following a drought: * ABARE 5 year average up to (not including) the El Nino year. Production El Nino year Following year year average*

Outlook Production of around 11mt, over 50% below the 5 year average (22.2mt) – major impact on 2003 earnings. Stable dividend payment for despite reduction in earnings. Strategic investment in Futuris Limited – complimentary business streams and represents good value at current prices. Efficient capital management is a key financial objective. Plans to establish a “ring-fenced” funding platform. Further additions to the existing suite of finance & risk management products and investment in the supply chain. Further growth and diversification – aim to be less than 80% reliant on the wheat crop by end of 2004.

AWB is well positioned One of the largest integrated global wheat managers Manager of the Single Desk Potential to broaden range of products, services to a large existing customer base in Australia and overseas Balance sheet strength – strong dividend paying capacity

Questions

For more information contact: Michael Thomas GM, Stakeholder Relations Ph: