Brendan Stewart Chairman

Order of meetings Meeting of A class shareholders to amend Articles of the AWB Limited Constitution Annual General Meeting of AWB Limited Meeting of A class shareholders (NSW/ACT region) to elect a director of AWB (International) Limited

Andrew Lindberg Managing Director

Financial performance was significantly impacted by severe drought, across all business streams Drought impacted wheat crop of 9.7 million tonnes in 2002/03 compared with 24.9 million tonnes in 2001/02 Export volumes in the Pool fell by 77% to 4.3 million tonnes Net profit after tax of $43.9m, down 59% Earnings per share of 15.9 cents, down 59% Fully franked dividend of 25 cents per share paid during 2003 Cost control measures implemented successfully which resulted in a 12% reduction in total overheads (excluding depreciation)

AWB has consistently outperformed the S&P / ASX 200 since listing $A

The acquisition of Landmark dramatically expands AWB’s foot print across rural Australia 430 outlets, 1950 staff and approx. 100,000 customers Businesses include wool, livestock, merchandise, finance, real estate, insurance and fertiliser Better able to service customers and complement Single Desk marketing/ risk management activities Platform to leverage growth for AWB financial services business AWB office locations (49) Landmark outlets (430)

Our focus is on the successful integration of Landmark Team dedicated to the integration of Landmark Targeted EBIT enhancement opportunities of $5-$10 million in 2003/04, and $30-$40 million by 2005/06 On track to achieve year one targets and cost savings Commenced training of Landmark Rural Financial Managers AWB staff already selling a full suite of financial products Consolidation of network and re-branding has commenced Exploring opportunities to provide unique product offerings to farmers through “one-stop shop” model

Largest ever National Pool finalised reporting a record Gross Pool Value of $5.3 billion Excellent result despite: - Volatile wheat market - War in Iraq Strategic decision to extend pool (twice) resulted in Pool participants receiving an additional $14.60 per tonne AWB is also on track to achieve significant Out-Performance for the 2002/03 National Pool

Ring fencing has achieved a higher short term credit rating for AWB Ring fencing has separated the activities of the National Pool from the commercial activities of the AWB group Ratings post 1 October AWB Harvest Finance  S&P: A1+ (s/t) AA- (l/t) stable  Moodys: P-1 -AWB Commercial Subsidiaries  S&P: BBB stable outlook

Improvements to the supply chain with a joint venture between AWB & WA CBH Co-operative joint venture “Grain Direct” signed in WA Objective is to:  reduce supply chain costs for the National Pool participants; and  produce commercial investment returns for AWB Anticipated net savings of $3.30 per tonne, per annum by 2008/09 harvest

Global trading operation, Geneva, enabled continued wheat supply to key customers during stock shortage 1.5 million tonnes traded in its first full year of operation Utilised successfully to manage customer demand during the drought, through other origin grain Relationships with overseas customers retained

International marketing program Independent review performed – strategic plan developed Grower participation in the future direction of AWB (International) Limited and its management of the single desk CHINA Sale of 1 million tonnes of wheat to China - first sale since 1996 NEW MARKETS Focus on developing new markets, such as Sudan and Kuwait IRAQ Will continue to supply Iraq – anticipating strong competition from the US

Price trends for wheat, livestock & wool Estimated Pool Returns for the 2004/05 harvest of $190 - $200 per tonne for APW Prices impacted by appreciating AUD Hedging program is well underway for 2003/04 and 2004/05 Outlook for sheep and lamb prices is positive Cattle industry remains buoyant Wool market impacted by uncertain economic conditions in major markets

AWB is well positioned National wheat production forecast to be 25 million tonnes High Pool receivals enables a greater amount of tonnage available for harvest finance products In excess of 1.8 million tonnes through grain centres Growth in chartering with approximately half total Pool tonnage to be sold with chartering component On track to achieve targets through the integration of Landmark NPAT forecast is $110-$120 million (pre goodwill amortisation, including one off costs)

Hamish Gidley-Baird Returning Officer

1 st Meeting Special meeting of A class shareholders to amend Articles of the AWB Limited Constitution Amendment of Articles considered are entrenched provisions Requires a majority of at least 75% of votes being cast by A class shareholders in order for these amendment to be passed

1 st Meeting 2.1A class share redemption 2.2Maintain “Grower” status 2.3Retiring directors of AWB (International) Limited seeking re-election

1 st Meeting Proxy position for special resolutions 2.1, 2.2 and 2.3 for A class shareholders only – as at 5pm (Melbourne time) 9 th March 2004: ItemDirectionNo. of Votes 2.1 A class share redemption FOR 5,827 AGAINST 1,123 OPEN CHAIRMAN 1,414 OPEN OTHER Maintaining “Grower” status FOR 6,069 AGAINST 1,019 OPEN CHAIRMAN 1,337 OPEN OTHER Retiring directors of AWB (International) Limited seeking re- election FOR 5,729 AGAINST 1,103 OPEN CHAIRMAN 1,436 OPEN OTHER 174

Voting procedures

1 st Meeting

2 nd Meeting Annual General Meeting of AWB Limited Financial Report, Directors’ Reports & Auditor’s Report Election of directors Ordinary resolution Special resolutions

2 nd Meeting Election of director of AWB Limited - WA

2 nd Meeting Election of director of AWB Limited - WA Laurie MarshallWinston CraneHendy CowenSteve Chamarette

2 nd Meeting Proxy position for election of director of AWB Limited – WA as at 5pm (Melbourne time) 9 th March 2004: Item 1.2aTotal Open Chairman114 Open Other39

Voting procedures

2 nd Meeting

Election of Director of AWB Limited – B class

2 nd Meeting Election of Director of AWB Limited – B class Robert BarryFrank O’ConnorBrett Cowell

2 nd Meeting Ordinary resolution: Increase in non-executive directors’ remuneration

2 nd Meeting Special resolutions: 1.Casual vacancies for B class directors 2.A class share redemption 3.Maintaining “Grower” status 4.Retiring directors of AWB (International) Limited seeking re-election

2 nd Meeting Proxy position for election of director of AWB Limited – B class - as at 5pm (Melbourne time) 9 th March 2004: Election of a B class director Item 1.2bDirectionNo. of Votes Mr Robert Barry FOR 38,150,375 AGAINST 9,186,724 OPEN CHAIRMAN 10,502,081 OPEN OTHER 503,369 Mr Frank O’Connor FOR 4,600,436 AGAINST 28,017,908 OPEN CHAIRMAN 10,495,227 OPEN OTHER 503,369 Mr Brett Cowell FOR 23,424,725 AGAINST 21,298,228 OPEN CHAIRMAN 10,502,164 OPEN OTHER 503,369

2 nd Meeting Proxy position for ordinary resolution to increase non-executive directors’ remuneration - as at 5pm (Melbourne time) 9 th March 2004: ItemDirectionNo. of Votes 1.3 Increase in non-executive directors’ remuneration FOR 36,172,225 AGAINST 25,606,614 OPEN CHAIRMAN 6,672,294 OPEN OTHER 587

2 nd Meeting Proxy position for four special resolutions for A & B class shareholders – as at 5pm (Melbourne time) 9 th March 2004: ItemDirectionNo. of Votes 1.4a Casual vacancies for B class directors FOR 49,854,424 AGAINST 12,576,303 OPEN CHAIRMAN 11,633,878 OPEN OTHER 564, b A class share redemption FOR 50,953,885 AGAINST 9,996,307 OPEN CHAIRMAN 11,279,371 OPEN OTHER 564, c Maintaining “Grower” status FOR 48,948,401 AGAINST 12,307,750 OPEN CHAIRMAN 11,249,676 OPEN OTHER 559, d Retiring directors of AWB (International) Limited seeking re- election FOR 50,394,009 AGAINST 10,134,066 OPEN CHAIRMAN 11,491,057 OPEN OTHER 604,614

Voting procedures

2 nd Meeting

Financial Report, Directors’ Reports & Auditor’s Report

3 rd Meeting Meeting of A class shareholders (NSW/ACT region) to elect a director of AWB (International) Limited

3 rd Meeting Election of Director of AWB (International) Limited – NSW/ACT region Ian Donges

3 rd Meeting Proxy position for election of director of AWB (International) Limited – NSW/ACT region – as at 5pm (Melbourne time) 9 th March 2004: Item 3DirectionNo. of Votes Election of Mr Ian Donges to the office of Director of AWB (International) Limited for NSW/ACT YES 1,099 NO 38 OPEN CHAIRMAN 173 OPEN OTHER 11

Voting procedures

3 rd Meeting