1. Investor presentation July 2003 AWB Limited

2. 2003 Half year results Corporate strategy Key issues Global supply & demand Outlook Presentation supplement - Financials - Background / introduction to AWB Overview

3. 2003 Half-year results impacted by drought Net profit after tax of $29.9m, down 61% Total operating revenue of $1.03b, down 34% Earnings per share of 10.9 cents, down 61% Interim dividend of 14 cents per share Drought impacted wheat crop of 9.7 million tonnes Loan book peaked at $1.6b in December 2002 Gross Pool Value at $1.3b

4. Business operations $million For the 6 months ended 31-Mar-03 For the 6 months ended 31-Mar-02 Change Pool Management Services8.31.8361% Grain Acquisition & Trading15.052.5(71%) Grain Technology(2.5)(0.9)178% Supply Chain & Other Investments2.822.5(88%) Interest expense(18.6)(10.4)79% Finance & Risk Management35.550.7(30%) Corporate2.3(7.0)133% Operating profit before tax42.8109.2(61%) Net profit after tax29.977.1(61%)

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

6. Key issues Iraq Strategic investment in Futuris Single Desk

7. AWB will continue supplying Iraq Wheat supply is continuing via the UN Oil-For-Food program under direction from the World Food Program The UN Oil-For-Food program has been extended to November 2003 The UN and the US administration will continue to honour contracts previously awarded Australian wheat is widely used and recognised throughout the Middle East region as a clean quality white wheat Australia has been supplying Iraq with this wheat for more than 54 years. AWB expects to retain a strong market share in Iraq in the future

8. Strategic investment in Futuris AWB currently owns 14.2% in Futuris – we are the largest single shareholder The primary objective is to maximise the value of our investment and to pursue opportunities with Elders (namely, their distribution network) In order to increase stake above 15%, we have lodged an application to the Treasurer This is all about keeping our options open

9. Single Desk The 2004 WEA Review is limited to a review on AWBI’s performance as manager of the Single Desk. This will be overseen by an independent panel. It will not incorporate National Competition Policy (NCP) principles or the broader industry issues The Single Desk system legislation will be reviewed in 2010 under the NCP principles

10. Global export market share 2003-04 Australian, Canadian and US wheat crops expected to rebound significantly 2003-04 total exports by major exporting countries forecast to increase to 81.5mt, an increase of 18.2mt from 2002-03 Major wheat exporting countries continue to face competition from non-traditional exporters in 2003-04 All figures are forecasts. Source: USDA June 2003

11. 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, some of these exporters will produce significantly lower tonnage in 2003-04, reducing total exports by non-traditional exporters to only 11.7mt compared with 34.3mt in 2002-03 (f) = forecast. (e) = estimate Source: USDA June 2003

12. Global supply and demand 2003-04 world wheat production is forecast to fall for the 2 nd consecutive year by around 1% due to limited production in non- traditional exporters, particularly Russia, Eastern Europe and the Ukraine. Carryover stocks are at relatively low levels, representing approximately three months supply. Production in major exporting countries are forecast to increase (e) = estimate (f) = forecast. Source: USDA June 2003

13. Outlook AWB is forecasting full-year NPAT result in the range of $40-$45m AWB has forecast 2003-04 wheat production between 20-22mt Stable dividend payment for 2002-03 despite reduction in earnings. The Board intends to maintain a stable dividend policy Strategic investment in Futuris Limited Capital management and ring fencing Expand Finance and Risk Management products Further growth and diversification – aim to be less than 80% reliant on the wheat crop by end of 2004

14. Financials Background / introductory information on AWB Presentation Supplement

15. Statement of financial performance $million For the 6 months ended 31-Mar-03 For the 6 months ended 31-Mar-02 Change Revenue from ordinary activities1,030.31,559.7(34%) Cost of sales(883.0)(1,354.1)(35%) Borrowing costs(42.7)(42.3)1% Depreciation & amortisation(12.2)(5.6)118% Other(52.4)(50.4)4% Share of net profit of associates2.81.947% Operating profit before tax42.8109.2(61%) Net profit29.977.1(61%)

16. Cash flow $million For the 6 months ended 31-Mar-03 Operating profit before tax 42.8 Tax paid(39.2) Depreciation & amortisation12.2 Working capital changes19.3 Increase in net cash & short term deposits(195.1) Purchase of non-current assets(49.1) Purchase of investments(121.7) Dividends paid(30.2) Net new equity1.9 Decrease in loan book250.1 Increase in debt(109.0)

17. Capital expenditure $million For the 6 months ended 31-Mar-03 For the 6 months ended 31-Mar-02 Change Grain centres construction40.78.6373% System Development & Other Plant & Equipment 8.418.3(54%) Total49.126.983% Depreciation12.25.6118%

18. Statement of financial position $millionAs at 31-Mar-03As at 31-Mar-02 Assets Cash61.911.7 Receivables1,721.32,987.1 Investments381.8109.9 Inventories310.8169.3 Property, plant & equipment206.9126.2 Other52.818.4 2,735.53,422.6 Liabilities Payables121.1188.6 Interest bearing liabilities1,746.62,355.8 Provisions8.847.3 Other43.141.5 1,919.62,633.2 Net Assets815.9789.4

19. AWB … an introduction Australia's major grain marketer & one of the world's largest wheat managers and marketers – over 60 years experience in marketing Australian wheat. AWB markets wheat and other grains to more than 40 countries and is the world’s second largest wheat exporter with 16% global market share (based on 2001-02). The AWB National Pool is a significant contributor to the Australian economy, accounting for around 3% of the total value of Australia’s exports. AWB employs more than 570 people, with a network of 43 offices in Australia and around the world. AWB is chosen by most Australian wheat and grain growers to market and finance their grain. AWB operates and manages the AWB National Pool on behalf of AWB (International) Ltd via the Single Desk system. Market Cap: $1,058.0 million ($3.86 15/7/03) Shares on issue: 274.1 million Shareholder’s equity: $815.9 million (as at 31 Mar 2003) ASX listing:22 August 2001 Index inclusion: S&P / ASX 100 Average daily volume: 344,000 shares Credit ratings: A+ S&P long term A1 S&P short term P1 Moody’s short term

20. Evolution 2001Listed on the ASX 1999Privatised. (shareholders equity = $607m) 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 2003Shareholders equity = $815.9m (as at 31-Mar-2003). Of the $215.5m in dividends paid since Dec-2000, $196.3m has been paid to grower shareholders

21. AWB has a dual class ownership structure A Class Shares (35,000)B Class Shares (274.1m) Can only be owned by current wheat growers One share per wheat grower with weighted voting dependant on tonnes delivered (currently 35,000 A class shareholders) Non-transferable Not entitled to receive any dividends Ability to control AWB through electing 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 60,448 B Class shareholders) Entitled to receive dividends Entitled to elect up to 4 of 12 Directors over time 15% of issued capital owned by Institutions

22. Corporate structure AWB - Pool management services - Grain acquisition and trading - Supply chain and other investments - Finance and risk management products - Grain technology Growers Business services Pool payments Wheat deliveries AWBI Export markets Wheat marketing Monitors performance of AWBI Wheat Export Authority

23. Risk allocation National PoolFinancingPrincipal trading / other Final net pool return –final sale price –foreign exchange –Supply chain logistics Credit risk management outcomes Chartering and Quality Assurance costs Grower riskAWB risk Underwriting risk if Pool return falls below guaranteed return (currently at 81.8)% 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

24. For more information contact: Delphine Cassidy Head of Investor Relations Ph: +61 3 9209 2404 Email: dcassidy@awb.com.au www.awb.com.au