1. 1 Investor presentation January 2004

2. 2 Contents The strategy Landmark – the acquisition The growth opportunity Outlook Appendices: 1. About AWB 2. Financial performance 2002/03 3. Landmark- the acquisition 4. Global market outlook

3. 3 “The strategy”

4. 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. 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 2003-04 - More than 35% EPS accretive by 2005-06 Stable dividend payment - Expect to maintain dividend payment at current levels for 2003-04 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. 6 Group Structure AWB Limited Pooling operationsCommercial operations Supply Chain & Other Investments Pool Management Services Finance & Risk Management Products Grain Acquisition & Trading Grain Technology Landmark

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

8. 8 “Landmark – the acquisition”

9. 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 2003-04 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. 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. 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)

12. 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)2004E2006E EBIT Growth Opportunities5 – 1030 – 40 AWB Management NPAT Forecast for Merged Company 1 110-120na EPS Accretion from Acquisition 2 2%+35%+ 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

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

14. 14 “The growth opportunity”

15. 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. 16 The opportunity Segment ‘C’ 5,000 Corporate Enterprise $8b loans Segment ‘B’ 65,000 SME agribusiness customers $20b loans Harvest finance to grain growers Small <$200k Finance to all agribusiness Medium $200k-$1m Large >$1m Turnover ‘Farmers’‘Corporations ’ Product set Segment ‘A’ 30,000 Grain / Broadacre $2b loans $30b of agribusiness lending in three broad segments Source: ABARE, ABS, RBA, APRA, Jun 2002. Neil Clark & Assoc.

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

18. 18 Growth in Agribusiness lending 0 10 20 30 40 50 1997199819992000200120022003(f)2004(f)2005(f)2006(f) 10% CAGR $Bn’s Source: ABARE, ABS, RBA, APRA, Jun 2002. Neil Clark & Assoc., Bank Annual Reports. (f) = forecast

19. 19 “Outlook”

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

21. 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. 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$4.40 09/01/04) 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) Introduction

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

25. 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 Dual Class Share Ownership Structure

26. 26 Risk allocation National PoolFinancingPrincipal 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 Grower riskAWB risk 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. 27 Share price performance since listing

28. 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. 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

31. 31 Statement of financial position $millionAs at 30-Sep-03As at 30-Sep-02 Assets Cash54.769.9 Receivables1,012.62,141.1 Intangibles583.60.2 Investments12.917.0 Inventories185.4134.1 Property, plant & equipment300.4170.5 Other266.2108.3 2,415.92,641.1 Liabilities Payables336.1122.7 Interest bearing liabilities1,062.91,637.5 Provisions52.441.8 Other32.649.6 1,483.91,851.6 Net Assets932.0789.5

32. 32 Statement of financial performance $million For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Revenue from ordinary activities2,211.92,319.6(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 tax58.9153.2(62%) Net profit43.9107.2(59%)

33. 33 Capital expenditure $million For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Grain centres construction71.053.033.9% System Development & Other Plant & Equipment 18.928.7(51.9%) New Building3.2 -n/a Total93.181.714.0% Depreciation27.414.391.6% 1 1 1 Includes Landmark Level of capital required to support future growth plans No major capital expenditure for 2003-04 Expected maintenance capital expenditure of approximately $20- $30 million per annum (to 2005-06)

34. 34 Business operations $million For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Pool Management Services23.317.434% Grain Acquisition & Trading29.768.6(57%) Grain Technology(5.1)(3.0)(70%) Supply Chain & Other Investments3.530.3(88%) Less: Interest expense(29.6)(23.6)(25%) PBT Sub total21.889.7(76%) Finance & Risk Management64.188.5(28%) Rural Services (Landmark)5.0 -n/a Goodwill Amortisation (Landmark)(2.4) -n/a Corporate(29.6)(25.0)(18%) Operating profit before tax58.9153.2(62%) Net profit after tax43.9107.2(59%)

35. 35 Pool Management Services $million (EBIT) For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Pool Management Services23.317.434% ($million) For the year ended 30-Sep-03 For the year ended 30-Sep-02 2001/02 Pool2002/03 PoolTotal2001/02 PoolTotal Base Fee6.041.847.854.0 Out performance14.015.329.314.3 Administration costs-(53.8) (50.9) Total Pool Mgt Services20.03.323.317.4 Breakdown of fees paid to AWB based on export tonnage of 19.6mt for 2001 Pool and 4.5mt for 2002 Pool:

36. 36 Grain Acquisition & Trading $million (EBIT) For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Grain Acquisition & Trading29.768.6(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

37. 37 Grain Technology $million (EBIT) For the year ended 30-Sep-03 For the year ended 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

38. 38 Supply Chain & Other Investments $million (EBIT) For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Supply Chain & Other Investments3.530.3(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

39. 39 Finance & Risk Management $million (PBT) For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Finance & Risk Management64.188.5(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

40. 40 Corporate 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 $million (PBT) For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Corporate(29.6)(25.0)(18%)

41. 41 Landmark 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 $million (PBT) For the year ended 30-Sep-03 For the year ended 30-Sep-02 Change Rural Services (Landmark)5.0-n/a

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

43. 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. 44 Merch $1.1b Sales 430 outlets 1,890 employees Livestock 1.9m Cattle 11m Sheep Wool 600k bales Real Estate $730m sales Fertiliser 1.2m tonnes Finance $815m book Insurance $119m premium 100,000 customers Landmark: a snapshot

45. 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. 46 WoolLivestock 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 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 Overview of Landmark by business unit

47. 47 Real EstateInsurance 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 Overview of Landmark by business unit

48. 48 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 Merchandise Network characteristics BranchCore regional town, full service FranchiseSmaller regional town with committed local operator MemberWholesale supply, may be branded or non-branded Overview of Landmark by business unit

49. 49 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 Overview of Landmark by business unit

50. 50 Other Sales and Gross Profit are derived from the following businesses Other Big NAnhydrous 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 Overview of Landmark by business unit

51. 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

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

53. 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. * 2002-03 & 2003-04 – estimated (Source: USDA)

54. 54 Major exporters (2003-04) Australian, Canadian and US wheat crops expected to rebound significantly 2003-04 total exports by major exporting countries forecast to increase to 78.6 mt, an increase of 16.3mt from 2002-03 Major wheat exporting countries continue to face competition from non- traditional exporters in 2003-04 Major exporters - 2003-04(f) (Source: USDA)

55. 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. 56 www.awb.com.au For more information contact: Delphine Cassidy Head of Investor Relations T: +61 3 9209 2404 F: +61 3 9670 1723 E: dcassidy@awb.com.au