1. A Day at the Farm JPMorgan's Agriculture Corporate Access Day 18 June 2007

2. 2 Content Australian agricultural landscape Our approach Strategy and Outlook AWB – what we are today

3. 3

4. 4 AWB - what we are today Points of presence: 432 domestic; 55 offshore 2,500 employees 110,000 customers Financial Services Rural Services Commodity Management $1b merchandise sales 1 mt fertiliser sales 2 million cattle 11 million sheep 500 thousand wool bales $1b real estate sales Other investments: RD1 AWH Hi-Fert Landmark loan book and Harvest Finance in excess of $2.5 b Wealth management products BPay Equipment finance Deposits over $400 m Gross written premium of average $130 m Australian Commodity Management International Commodity Management AWB Geneva AWB India AWB Brazil Pool Management Services Supply Chain and Other Investments 22 GrainFlow centres

5. 5 Australian agricultural landscape

6. 6 Improvement in seasonal conditions evident Source:Australian Bureau of Meteorology East Coast including South Australia 50-200mm more compared to similar period last year Concerns over SQLD Western Australia Esperance - significantly above average Albany - average Perth to Geraldton - average to significantly below average

7. 7 Wheat productivity up 25% Source: ABS/ACF Analysis: Neil Clark & Associates 10 year production (1998-2007) average 20.4 mmt Drought years International wheat market remains strong World wheat consumption forecast to outstrip production in 2007/08; reduced stocks to use ratio Size of US corn crop will impact pricing outlook for world wheat in coming year

8. 8 Farm inputs – Landmark participation Note:*Other cash costs include stores and rations, seed purchased, electricity, artificial insemination and herd testing fees, advisory services, motor vehicle expenses, travelling expenses and insurance Source:ABARE $ billion Total Farm Cash Costs by Type Australia (2005/06f) Strong Landmark participation Some Landmark participation No Landmark participation Chemicals Seed & Fodder Repairs & Maint. Other* Fertiliser Marketing Interest Fuel & Lubricants Rent & Insurance Labour CAGR% (2001-06f) 2.7 2.3 3.0 (0.1) 2.8 3.8 4.6 1.0 3.0 4.5 Total2.9

9. 9 Strong growth in rural lending market Farmers gearing-up to purchase additional land Market continues to be attractive in the longer term Strong competition from major and regional banks Total Rural Debt - Australia (1995 – 2005) Source:RBA Total CAGR% of 9.3% Major exposure to broad acre dry land farms Limited exposure to irrigated agriculture / water entitlements

10. 10 Changing farm structure will influence business strategy Large farms –Input decisions commercially tendered by business managers –Leadership in product and price are important Medium farms –Relationships and broad service offerings are important Small farms –Require broad product range, information and advice Source: ABS 147Total number of farms (‘000s): 146130 70.4%63.5%55.4% 24.7% 27.8%30.6% 4.9% 8.7% 14.0%

11. 11 Our approach

12. 12 Our approach Ours to control –Sustainable cost base –Efficient capital allocation Ours to influence –Wheat export marketing arrangements –Conduct of legacy issues Ours to manage –Seasonal impacts –Commodity prices

13. 13 Progress on priorities Efficiency Cost reductions delivered Streamlined business processes Culture New leadership team Values completed and roll-out in final stages Governance More rigorous risk management Improved compliance Communication Improved disclosure and transparency Improving stakeholder engagement

14. 14 General Counsel Chris Davie Company Secretary Peter Patterson AWB Limited Board New Management Team

15. 15 Strategy and Outlook

16. 16 Phase one: Manage our business performance Phase two: Consolidate and reshape our business Phase three: Our sustainable growth agenda Operationalperformance Culture change Governance Reputation Improving disclosure Efficiency People and organisation Strategy Mitigate seasonal andcyclical volatility Proactive capitalallocation Grow the business Our Strategy

17. 17 Our Outlook Increase shareholder returns by reshaping the business: –Embedding a sustainably lower cost base –Developing skills and capability for future growth –Improving capital utilisation across the business –Minimise the cost of legacy issues; and –Continue business and geographic diversification