1. Annual General Meeting 2003
(c) AWB Limited March 2003

2. Andrew Lindberg
Managing Director

3. 2001/02 Highlights Net profit after tax of $107.2m, up 28%
Earnings per share of 39.2 cents, up 15%
Fully franked dividend of 25 cents per share, up 3 cents
Total operating revenue of $2.3b, up 19%

4. Business operations $million 30-Sep-02 30-Sep-01 Change %
For the 12 months ended
30-Sep-02
30-Sep-01
Change %
Pool Management Services
17.4
9.3
87.1
Grain Acquisition & Trading
68.6
0.0
Grain Technology
(3.0)
(6.0)
50.0
Supply Chain & Other Investments
30.3
15.6
94.2
113.3
87.5
29.5
Interest expense
(23.6)
(21.1)
11.8
PBT Sub-total
89.7
66.4
35.1
Finance & Risk Management Products
88.5
84.8
4.4
Corporate
(25.0)
(28.6)
(12.6)
Operating profit before tax
153.2
122.6
25.0
Net profit after tax
107.2
83.7
28.1

5. 2002/03
Earnings prospects significantly reduced due to the worst drought in 100 years
2002/03 wheat production reduced to between 9.5mt and 10.5mt
The market is expecting net profit after tax in the range of $30 - $40m

6. AWB outperformed the S&P/ASX 200 by 20.2% over the past 6 months

7. AWB is committed to its long-term financial goals
15% return on equity in the medium term
Trend earnings per share growth
Stable dividend payment
Improved quality of earnings
Efficient capital management; and
Appropriate credit rating

8. AWB’s commitment to growers
More AWB offices and staff in regional Australia
Grower Consultative Groups
Grower Ombudsman

9. AWB markets wheat to more than 40 countries with 16% global market share
New customers in:
Morocco
Columbia
Tunisia
Myanmar
Algeria
USA 24%
Other 25%
Australia 16%
EU 11%
Argentina 9%
Canada 15%
Source: USDA. Based on 2001/02 global trade.

10. Non-Traditional Exporters
But faces a tougher wheat marketing environment with increasing competition from Non-Traditional Exporters
Major Exporters include:
US, Australia, Canada, Europe, Argentina
Non-traditional Exporters include:
Russia, Ukraine, India, Eastern Europe, Kazakhstan, Pakistan
Major Exporters
Non-Traditional Exporters
Source: Sparks & USDA

11. Outlook for Australian wheat prices
2003/04 National Pool estimate of $205-$215 per tonne for APW
Lower prices also triggered by higher AUD (35 month high 61.5 US cents) and flat international demand

12. Initiatives and Investments
Iraq - 50 year long standing trade relationship
Global trading operations have now commenced in Geneva
Continue to expand range of Finance and Risk Mgt products
Strategic stake of 14.9% of Futuris
Supply Chain improvements

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

14. Historically, the wheat crop rebounds significantly after a drought
(mt)
El Niño event
El Niño event
El Niño event
El Niño event
El Niño event f
Source: ABARE f = forecast

15. Annual General Meeting 2003
(c) AWB Limited March 2003