1. Investor presentation January 2004
(c) AWB Limited January 2004

2. Contents The strategy Landmark – the acquisition
The growth opportunity
Outlook
Appendices:
About AWB
Financial performance 2002/03
Landmark- the acquisition
Global market outlook

3. “The strategy”

4. 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

5. AWB’s financial objectives
Return on equity
- 15% return on equity in the medium term
Solid EPS growth (including Landmark)
- EPS accretive (pre-goodwill, post synergies, post one-off costs) in
- More than 35% EPS accretive by
Stable dividend payment
- Expect to maintain dividend payment at current levels for
Efficient capital management
- Surplus capital utilised to part fund the acquisition of Landmark
- Appropriate credit rating
Improve quality of earnings
- Reduce exposure to crop size
- Reduce proportion of earnings subject to principal risk

6. AWB Limited Group Structure Commercial operations Pooling operations
Pool Management Services
Finance & Risk Management Products
Grain Acquisition & Trading
Supply Chain & Other Investments
Grain Technology
Landmark

7. Business Streams Pool Management Services Base Fee
Out-Performance Incentive
Grain Acquisition & Trading
Grain Contract Acquisition Products
Domestic Trading
Non-Wheat Exports
Global Trading Operations - Geneva
Supply Chain & Other Investments
Chartering
Domestic Investments
Offshore Investments
Grain Technology
Agrifood Technology
AWB Seeds
Research & Development
Finance & Risk Management Products
National Pool Harvest Payments
AWB Basis Pool
AWB riskassist
Treasury activities
Landmark
Merchandise
Fertiliser
Finance
Real Estate
Livestock
Wool
Insurance

8. “Landmark – the acquisition”

9. Landmark strengthens AWB’s core wheat business & achieves substantial diversification in rural & financial services
Integration, extraction of synergies and building of growth platforms will be a major focus in
Landmark distribution network and Rabobank relationship will be growth enablers in Financial Services
AWB will continue to strengthen its grain business by seeking arrangements with bulk handlers allowing competitive access to ports and by securing end user demand
Strong focus on cost and capital management will help prioritise business opportunities, whether in existing business streams or beyond

10. The acquisition of Landmark creates a unique ‘one stop shop’ for the farmer
Enhanced access to global markets for Australian agriculture
Access to over 40 countries around the world
Cross-selling
Cross-selling of products and services to farmers and international customers
Overhead cost savings
Consolidation of AWB and Landmark corporate, head office and network functions, where appropriate
Supply chain cost savings
Consolidation of procurement functions
Leveraged logistical capability

11. AWB and Landmark Distribution Network
Acquisition of Landmark dramatically expands AWB’s foot print across rural Australia
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)
(c) AWB Limited January 2004

12. AWB and Landmark Profit Opportunities
Total EBIT enhancement opportunities, derived primarily from finance growth opportunities, assessed at A$5 - A$10 million in FY2004 increasing to A$30 - A$40 million by FY2006
Detailed implementation plan has been established to pursue opportunities from Day 1
(A$m)
2004E
2006E
EBIT Growth Opportunities
5 – 10
30 – 40
AWB Management NPAT Forecast for Merged Company1 na
EPS Accretion from Acquisition2
2%+
35%+
Agribusiness market in Australia can be thought of as 3 segments
Horizontal axis: turnover of farms
Vertical axis: product range required by agribusiness, harvest finance to full suite
Total lending to this sector is A$30bn, ABARE and RBA
Grain / Broadacre Segment “A”: AWB customers (only a relevant segment because of who we are, no other institution would sub-segment this group)
A$2.1bn, we have 70% or A$1.5bn
30k customers, 25k take AWB Finance (they have other lending as well)
Broader Agribusiness Segment “B”: turnover of up to A$1m per annum
Still think of themselves as ‘Farmers’
Size of loan book A$20bn (range of A$18-23bn)
Average A$175k loan (term 120k, seasonal 55k)
65k customers
Corporate Farms Segment “C”: turnover of A$1m plus
Three sub segments: C1 big farmers but same needs, C2 and C3 more complex
C2 and C3 Corps, eg. Fisheries, vineyards, plantation timber, feed lots, etc.
Size of loan book A$8bn (range A$7-12bn)
5k customers
This is where future growth will be as consolidation occurs
Specialised business banking needs
Data Sources
30k grain growers, A$2.1bn harvest finance: AWB database
A$30bn lending to agribusiness: ABARE, ABS and APRA
Segment C 5,000 corporates over A$1m turnover: Neil Clark from ABS/ABARE
100k agribusiness customers: ABS/ABARE, Neil Clark
Notes:
Net profit after tax, pre goodwill amortisation including all one-off costs
Based on AWB forecasts for FY2004 and FY2006, pre goodwill amortisation, includes all one-off costs for FY2004
(c) AWB Limited January 2004

13. Landmark integration
“Total EBIT enhancement opportunities, derived primarily from finance growth opportunities, assessed at $5 - $10 million in FY2004 increasing to $30 - $40 million by FY2006”
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

14. “The growth opportunity”

15. Harvest finance market
Environment becoming increasingly competitive
Traditional players – NAB, Rabo, BHC’s
Others players– WBC, ANZ, Regionals
AWB product enhancements for 2003
Performance & take up rates
70% market share
Majority Harvest Loan, but other product use increasing
Cross sell opportunities between AWB & Landmark
Product bundling
Landmark finance staff to sell AWB Harvest Finance

16. The opportunity $30b of agribusiness lending in three broad segments
‘Farmers’
‘Corporations’
Product set
Segment ‘B’
65,000 SME agribusiness customers
$20b loans
Segment ‘C’
5,000 Corporate Enterprise
$8b loans
Finance to all agribusiness
Segment ‘A’
30,000 Grain / Broadacre
$2b loans
Harvest finance to grain growers
Turnover
Small
<$200k
Medium
$200k-$1m
Large
>$1m
Source: ABARE, ABS, RBA, APRA, Jun Neil Clark & Assoc.

17. Competitive opportunities
Competitors vary in their primary focus of attention
Major Banks
Large
Rabo
Value Proposition #1:
Commodity led
Value Proposition #2:
Finance led
Oppor-tunity 1
300 agronomists
Broad product range
Rural distribution
Product bundling
Brand appeal to agribusiness
Balance sheet strength, funding, liquidity capacity
Regionals
60 RFM/RFO’s
Understanding of agribusiness risk
Rural distribution
Product bundling
Brand appeal to agribusiness
Balance sheet strength, funding, liquidity capacity
Oppor-tunity 2
Landmark
ERB
Small
Low
Profitability
High

18. Growth in Agribusiness lending
$Bn’s 50
10% CAGR 40 30 20 10
1997
1998
1999
2000
2001
2002
2003(f)
2004(f)
2005(f)
2006(f)
Source: ABARE, ABS, RBA, APRA, Jun Neil Clark & Assoc., Bank Annual Reports. (f) = forecast

19. “Outlook”

20. AWB is well positioned for 2003/04
NPAT forecast is $110-$120 million
(pre goodwill amortisation including one off costs)
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 2003/04

21. 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

22. Appendix 1: About AWB Introduction AWB Evolution
Share ownership structure
Corporate structure
Risk allocation
Share price performance
Ring fence

23. Introduction
AWB Limited (AWB) is Australia’s leading agribusiness and one of the world’s largest wheat managing and marketing companies. Having evolved from the Australian Wheat Board, which operated as a government statutory marketing authority for 60 years, AWB is now a listed, S&P/ASX 100 Australian company.
 AWB is the exclusive manager and marketer of all Australian bulk wheat exports through what is known as the Single Desk system.
With the acquisition of Landmark, AWB now offers a unique one-stop shop for Australian farmers, providing finance and risk management solutions across a wide range of agricultural enterprises, and having a considerable investment in rural and regional Australia.
Market Cap:
A$1,478.1 million (A$ /01/04)
Shares on issue:
335.9 million
Shareholder’s equity:
A$932 million (as at 30/09/03)
ASX listing:
22 August 2001
Index inclusion:
S&P / ASX 100 (75% weighted)
Average daily volume:
408,500 shares (average since listing)
Note:
Paul Ingleby will be presenting the financials
(c) AWB Limited January 2004

24. AWB Evolution 2003 Acquisition of Landmark 2001 Listed on the ASX 1999
Privatised
Wheat Industry Fund converted to B class shares
A class shares issued to wheat growers
Government guarantee of AWB borrowings removed
1998
Corporatised
1989
Domestic market deregulated and
Wheat Industry Fund established
Australian Wheat Board established as a statutory authority
1939

25. Dual Class Share Ownership Structure
A class shares (28,811 shares)
B class shares (338m shares)
Can only be owned by current wheat growers
One share per wheat grower with weighted voting dependant on tonnes delivered (currently 28,811 A class shareholders)
Non-transferable
Not entitled to receive any dividends
Ability to elect 7 of 12 Directors (a majority of the Board)
Shares listed on the ASX
Can be owned by any investor, subject to 10% ownership limit (currently 64,545 B class shareholders)
Entitled to receive dividends
Entitled to elect up to 4 of 12 Directors over time
21% of issued capital owned by Institutions
Note:
Paul Ingleby will be presenting the financials
(c) AWB Limited January 2004

26. Principal trading / other
Risk allocation
Grower risk
AWB risk
National Pool
Financing
Principal trading / other
Final net pool return
final sale price
foreign exchange
credit risk
supply chain logistics (including execution)
Credit risk manage- ment outcomes
Chartering and Quality Assurance costs
Underwriting risk if Pool return falls below guaranteed return
Size of pool impacts revenue derived from products and services
Margin on loans
Underwriting fees
Fees from basis pool contracts
Principal positions in wheat and other grains
Multi-varietal and fixed grade contracts
Credit risk management
Trade execution management
Grain centres management
Riskassist advisory services
Incentive in pool management fee

27. Share price performance since listing

28. Ring fence of National Pool operations
Ring fence structure effective from 1 October 2003
Ratings post 1 October 2003
AWB Harvest Finance
S&P: A1+ (s/t) AA- (l/t) stable
Moodys: P-1
AWB Commercial Subsidiaries
S&P: BBB stable outlook

29. Appendix 2: Financial Performance 2002/03
2003 full year results highlights
Statement of financial position
Statement of financial performance
Capital expenditure
Business operations

30. 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
Key messages:
AWB achieved strong earnings despite the drought;
AWB has delivered on its strategy to diversify, to reduce its reliance on wheat production; and
AWB has effectively exercised a cost reduction program
AWB performed well considering the major drivers of the business fell by 75%.
Market share maintained
Margins held
Successful trading strategies, particularly for Chartering
Costs controlled
AWB able to cushion the impact of drought with the carry over from the Pool
Export volume:
Export tonnes (2001 Pool) = 19.58mmt
Export tonnes (2002 Pool) = 4.51mmt
(c) AWB Limited January 2004

31. Statement of financial position
$million
As at 30-Sep-03
As at 30-Sep-02
Assets
Cash
54.7
69.9
Receivables
1,012.6
2,141.1
Intangibles
583.6
0.2
Investments
12.9
17.0
Inventories
185.4
134.1
Property, plant & equipment
300.4
170.5
Other
266.2
108.3
2,415.9
2,641.1
Liabilities
Payables
336.1
122.7
Interest bearing liabilities
1,062.9
1,637.5
Provisions
52.4
41.8
32.6
49.6
1,483.9
1,851.6
Net Assets
932.0
789.5
(c) AWB Limited January 2004

32. Statement of financial performance
$million
For the year ended
30-Sep-03
For the year ended
30-Sep-02
Change
Revenue from ordinary activities
2,211.9
2,319.6
(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
58.9
153.2
(62%)
Net profit
43.9
107.2
(59%)
(c) AWB Limited January 2004

33. Capital expenditure $million
For the year ended
30-Sep-03
30-Sep-02
Change
Grain centres construction
71.0
53.0
33.9%
System Development &
Other Plant & Equipment
18.9
28.7
(51.9%)
New Building
3.2 -
n/a
Total
93.1
81.7
14.0%
Depreciation
27.4
14.3
91.6% 1 1
Level of capital required to support future growth plans
No major capital expenditure for
Expected maintenance capital expenditure of approximately $20-$30 million per annum (to ) 1
Includes Landmark
(c) AWB Limited January 2004

34. Business operations $million 30-Sep-03 30-Sep-02 Change
For the year ended
30-Sep-03
30-Sep-02
Change
Pool Management Services
23.3
17.4
34%
Grain Acquisition & Trading
29.7
68.6
(57%)
Grain Technology
(5.1)
(3.0)
(70%)
Supply Chain & Other Investments
3.5
30.3
(88%)
Less: Interest expense
(29.6)
(23.6)
(25%)
PBT Sub total
21.8
89.7
(76%)
Finance & Risk Management
64.1
88.5
(28%)
Rural Services (Landmark)
5.0 -
n/a
Goodwill Amortisation (Landmark)
(2.4)
Corporate
(25.0)
(18%)
Operating profit before tax
58.9
153.2
(62%)
Net profit after tax
43.9
107.2
(59%)

35. Pool Management Services
$million (EBIT)
For the year ended
30-Sep-03
30-Sep-02
Change
Pool Management Services
23.3
17.4
34%
Breakdown of fees paid to AWB based on export tonnage of 19.6mt for 2001 Pool and 4.5mt for 2002 Pool:
($million)
For the year ended
30-Sep-03
30-Sep-02
2001/02 Pool
2002/03 Pool
Total
Base Fee
6.0
41.8
47.8
54.0
Out performance
14.0
15.3
29.3
14.3
Administration costs -
(53.8)
(50.9)
Total Pool Mgt Services
20.0
3.3
23.3
17.4
- AWB added a lot of value despite tough market conditions
- Out-performance for the 2001/02 AWB National Pool was $329m
Out-performance for the 2002/03 AWB National Pool is forecast to be $117m as at 30 September 2003
This represents 9% of GPV compared with 6% of GPV for the 2001/02 AWB National Pool
- PMS contribution is up $6m from the previous corresponding period, mainly due to:
Timing of receipt of fee income
Pool finalisation was delayed (to July) to protect the value of the pool
- Base Fee revenue is lower for the 2002/03 as GPV decreased to $1.3b compared to $5.3b for the 2001/02 AWB National Pool
- Administrative Costs were $53.8 for 2002/03, up $2.8m due to additional services provided to the Pool
(c) AWB Limited January 2004

36. Grain Acquisition & Trading
$million (EBIT)
For the year ended
30-Sep-03
30-Sep-02
Change
Grain Acquisition & Trading
29.7
68.6
(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
Grain acquisition and trading contributed EBIT of $29.7m which is $38.9m below the pcp 
Market conditions were not conducive
No opportunity for forward selling
Not enough grain to trade
Negative impact of rising $A
Domestic trading
Volumes for of 2.8mt , compared with 4.5mt in , a decrease of 40%
Margins achieved of $8/t for compared with $10/t in
Domestic non-wheat trading activity in sorghum, canola, and barley trading volumes down by over 60%
321,000 tonnes went through the Pool in 2002/03, compared with 2.7mt through the Pool in 2001/02
Geneva
Executed over 1.5mt of grain sales in its first full year of operations
Encountered execution difficulties
Significant contributor to Chartering
Margins
The margins per tonne achieved by GA&T are lower than in the pcp due to global trading business which typically achieved lower per tonne back-to-back margins than the domestic principal grain trading business, due to the different trading models
(c) AWB Limited January 2004

37. Grain Technology
$million (EBIT)
For the year ended
30-Sep-03
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
EBIT loss from grain technology of $5.1m comprises:
$1.8 million loss from grain technology business
$3.3m net expenditure on R&D
R&D expenditures are seen as a major element in protecting future revenue streams in AWB’s business activities
AWB to increase total expenditure on R&D to $8m (before tax) – major projects include
- Graingene – to develop traits
- LongReach – to breed premium wheats
- Pipelines – to deliver niche parcels from grower to end-user
AWB Seeds
AWB has gained over 60% of available wheat variety licences over the last 5 years – captured three new licences during
Consolidation with Landmark activities
AWB will be reviewing its technology and R&D operations across the group with the view to consolidate the businesses and achieve scale benefits
(c) AWB Limited January 2004

38. Supply Chain & Other Investments
$million (EBIT)
For the year ended
30-Sep-03
30-Sep-02
Change
Supply Chain & Other Investments
3.5
30.3
(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
Chartering
Strong contribution to EBIT based on successful trading strategies in a rising freight market
The ocean freight market rallied significantly during the latter stages of the financial year and chartering was able to employ a successful long trading strategy
Total freight volume of 4.5mt for , compared to 6.0mt in
900,000 through Geneva
Melbourne Port Terminal
Small positive contribution to EBIT, although the result was much lower than the pcp
The terminal handled 470,000 tonnes in compared with 1.2mt in
This decrease reflects the impact of drought conditions on grain throughput at the terminal
(c) AWB Limited January 2004

39. Finance & Risk Management
$million (PBT)
For the year ended
30-Sep-03
30-Sep-02
Change
Finance & Risk Management
64.1
88.5
(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
PBT contribution from finance and risk management products of $64.1m, down $24.3m from the pcp
The most significant factor in this decrease is the level of contribution from financial services
Level of underwritten loan draw-downs for 2002/03 harvest down 74%
Change to the mix of products due to new payment options available
Underwriting per tonne of $1.60/t maintained
Volume of tonnes through finance for was 2.7mt, compared with 10.5mt in
Size of average loan book impact by smaller harvest, was $1.2b in , compared to $1.5b in
Interest rate spreads have been maintained despite fall in interest rates during that period
Riskassist
Small loss, with returns from the new consumer risk products business being more than offset by the downturn in grower business as a result of the drought
Tonnage managed through riskassist during of 1.5mt (for both customers 1.39mt & growers 75kt)
Basis Pool
Profit from the basis pool was maintained due to positive hedge despite drop in volume
175,000 tonnes delivered in compared to 730,000 tonnes in
The newly established OTC options desk in AWB’s Portland, USA office also made a positive contribution
(c) AWB Limited January 2004

40. Corporate Net increase of $5m due to:
$million (PBT)
For the year ended
30-Sep-03
30-Sep-02
Change
Corporate
(29.6)
(25.0)
(18%)
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
Corporate division generated a $29.6m pre-tax expense, up $4.6m from the pcp
This includes
- Integration and restructuring costs associated with the Landmark of of $5m ; and
- Write-off of system development costs of $7.2m
Cost control program
Total overheads (excluding depreciation) reduced by approximately 12%
The reduction is attributed to cost control measures effectively implemented by AWB management, some of which will not recur in 2003/04.
Futuris dividends (total $3.6m with 75% franking)
Dividends from Futuris Corporation made a positive contribution to the result
(c) AWB Limited January 2004

41. Landmark PBT contribution for September is $5m, mainly due to:
$million (PBT)
For the year ended
30-Sep-03
30-Sep-02
Change
Rural Services (Landmark)
5.0 -
n/a
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

42. Appendix 3: Landmark- the acquisition
Details of the acquisition
Overview of Landmark operations
Overview of Landmark by business unit
Key strategic issues

43. Details of the acquisition
$718m paid. Purchase price represents good value for AWB given the cross sell opportunities between AWB and Landmark
No other company positioned to benefit from the synergies as AWB – Landmark was worth a lot more to AWB than other companies
Funded via cash, debt and new equity:
Debt facility arranged before announcement
Institutional placement $152m, Share Purchase Plan $43.8m and Dividend Reinvestment Plan $35.9m

44. Landmark: a snapshot 100,000 customers 1,890 employees 430 outlets
Merch
$1.1b
Sales
Fertiliser
1.2m
tonnes
Livestock
1.9m
Cattle
11m
Sheep
Wool
600k
bales
Real
Estate
$730m
sales
Finance
$815m
book
Insurance
$119m
premium
Market Share %
Merchandise:
Herbicides 41%
Animal Health 32%
Fertiliser 22% (12% East 40% West)
Livestock:
Cattle 9%
Sheep 16%
Wool 20%
Real Estate 17%
Finance 2%
Insurance 7%
Farmers Census - 140K in (Grain up 11% Sheep down 10%)
1,890 employees
430 outlets
(c) AWB Limited January 2004

45. Overview of Landmark
Landmark is Australia’s leading rural distribution network with national coverage and significant growth opportunities
Largest merchandise and fertiliser distribution business in Australia
Well diversified earnings base across regions, agricultural commodities and business activities
High growth finance business that can be further leveraged by AWB
Strong insurance agency business
Extensive branch network throughout regional Australia with 430 outlets and over 100,000 customers
Lower risk agency model relative to peers
Experienced management team which has presided over previous successful acquisitions and significant earnings growth

46. Overview of Landmark by business unit
Wool
Livestock
Handles approximately 20% of livestock trading in Australia
Provides saleyard auction services and private treaty services for livestock producers
Supplies processors, supermarket chains, lot feeders and live export markets
Landmark do not own feedlots or abattoirs
Landmark handles approximately 25% of the National Wool Clip (600,000 bales)
Provides traditional broking / auction selling services as well as a comprehensive range of Risk Management products
50% interest in Australian Wool Handlers (with BWK), 40% interest in Arcadia
Not involved in any downstream processing
(c) AWB Limited January 2004

47. Overview of Landmark by business unit
Real Estate
Insurance
Markets large rural properties, residential real estate (regional towns) and clearing sales in country areas throughout Australia
Real estate sales of in excess of A$700 million in 2003
Landmark offers a range of insurance cover options for rural businesses and households
Landmark acts as an agent for WFI and CGU
The current arrangements with WFI and CGU will remain in place
(c) AWB Limited January 2004

48. Overview of Landmark by business unit
Merchandise
Supplies a broad range of agricultural inputs, including agricultural chemicals and veterinary products, to all major agricultural sectors
Distributed via 230 company owned branches, 50 franchises and 150 members (ie non-Landmark merchandise stores)
Provides agronomic advice for cropping, pasture and cotton enterprises
Network characteristics
Branch
Core regional town, full service
Franchise
Smaller regional town with committed local operator
Member
Wholesale supply, may be branded or non-branded
(c) AWB Limited January 2004

49. Overview of Landmark by business unit
Fertiliser
Finance
Acts as an agent for CSBP (owned by Wesfarmers) and others in WA; IncitecPivot and Hi-Fert on the east coast
Landmark provides a range of financial products for rural producers including seasonal and term loans, term deposits, cheque accounts and credit cards
Acts as an agent for Rabobank and receives a proportion of the net interest on each loan and a share of a ‘bonus pool’
Landmark is responsible for loan approvals, however there is one Rabobank credit manager in the Landmark credit team
Landmark still ‘owns’ the client
50 Rural Finance Managers located throughout Australia
(c) AWB Limited January 2004

50. Overview of Landmark by business unit
Other
Other Sales and Gross Profit are derived from the following businesses
Big N
Anhydrous ammonia distribution
75% of other income
JRT2
Cartage of sugar cane, fertiliser and
merchandise
Other
Interest margin on Deposit Notes and debtors,
rent recovery and car sales
25% of other income
(c) AWB Limited January 2004

51. Key strategic issues Business sustainability
Commodity market cycles
Variable seasonal conditions
New product technologies
Security of member and agency structure
Productivity and performance culture
Sales productivity consistency
Network configuration optimisation
Evolving performance culture
Growth
Internal focus has diluted growth initiatives
Wesfarmers Rural, Dalgety and IAMA – big issues resolved – focus on Providing National consistency in systems, procedures to drive performance based culture.
(c) AWB Limited January 2004

52. Appendix 4: Global market outlook
Global supply & demand
Major exporters
Non-traditional exporters

53. Global supply and demand - wheat
World Production in 2003/04 is forecast at 552.7mmt, which is 14.1mmt lower than 2002/03.
World Consumption is forecast at 602.4mmt for 2002/03 and 590.8mmt for 2003/04.
Carryover stocks are at relatively low levels, representing approximately 2.5 months supply.
* & – estimated (Source: USDA)

54. Major exporters - 2003-04(f) (Source: USDA)
Australian, Canadian and US wheat crops expected to rebound significantly
total exports by major exporting countries forecast to increase to 78.6 mt, an increase of 16.3mt from
Major wheat exporting countries continue to face competition from non-traditional exporters in
Major exporters (f) (Source: USDA)

55. Non-traditional exporters
Non-traditional exporters have increased their export program over the last two years due to good production, large carryover stocks and increased investment in transport and infrastructure.
However, projected 2003/04 production for non-traditional exporters is projected to be massively lower than 2002/03 as a function of the FSU crop disaster. This in turn will limit non-traditional exporters ability to undercut prices to gain market share into the new campaign.
* 2002/03 & 2003/04 – forecast ( Source: USDA)

56. www.awb.com.au For more information contact: Delphine Cassidy
Head of Investor Relations T: F: E: