2. Andrew Lindberg Managing Director Content: Result highlights Financial performance (CFO) Business streams Global wheat market & outlook

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. Paul Ingleby Chief Financial Officer Content: Statement of financial performance Cashflow Capital expenditure Statement of financial position

5. 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%)

6. Cashflow $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)

7. 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%

8. 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

9. 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%)

10. 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%)

11. Opportunities to develop markets As part of AWB’s strategic objective of strengthening its core wheat business, AWB is using its competitive advantage to develop various markets, including: EgyptTanzania Morocco

12. Egypt – record volumes in 2001-02 AWBI achieved the highest volume sold to the Egyptian market since 1992-93 for the 2001-02 AWB National Pool Driven by record sales to the General Authority for Supply Commodities (GASC) with the highest volume sold since 1992-93. Sales to GASC consistently out-performed the WIB Australian market share has significantly increased from 16% to 24% since 1992-93, whilst US market share declined from 72% to 55% AWBI shipped over 1 million tonnes ASW to GASC versus the nearest competitor grade, SWW, where only 120,000 tonnes was shipped

13. Tanzania – exclusive supply agreement AWBI successfully negotiated a long term supply commitment for 2003 with the largest miller in Tanzania, Said Salim Bakhresa & Co. (SSB) which represents 80% of the domestic Tanzanian market This agreement strengthens the relationship between the two organisations to incorporate other revenue opportunities such as chartering and joint venture opportunities The benefit for SSB is that they have secured supply for their mills and logistics to their silos and can focus on other areas of their business The benefit for AWB is that the maximum tonnage allocated to the market is secured to a strategically important long term customer AWBI has shipped over 200,000 tonnes which would have previously been imported from the US, Canada and Argentina

14. Morocco – seven continuous shipments AWBI has successfully entered Morocco with seven continuous shipments of APW 200,000 tonnes have been shipped which would have previously been imported from Canada AWBI intend to target Morocco again and continue to build on this success with the expectation of a larger Australian wheat crop for the 2003-04 season

15. 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%)

16. 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%)

17. 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%)

18. 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%)

19. 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%)

20. AWB will continue supplying Iraq Wheat supply is continuing via the UN Oil-For-Food program under direction from the World Food Program Indications are that the UN Oil-For-Food program, or similar will be extended beyond 3 rd June 2003 and 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

21. Global supply and demand 2003-04 world wheat production is forecast to rebound strongly following a 5% fall in 2002-03 due to limited production in Australia, Canada and US Carryover stocks are at relatively low levels, representing approximately three months supply. Production in other major exporting countries are forecast to increase (f) = forecast. (z) = projection. Source: ABARE 2003

22. 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 79.3mt, an increase of 17mt from 2002-03 Major wheat exporting countries continue to face competition from non- traditional exporters in 2003-04 (above figures are forecasts). Source: USDA May 2003

23. 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 13.2mt compared with 34.9mt in 2002-03 (e) = estimate. (f) = forecast. Source: USDA May 2003

24. Outlook AWB is forecasting full-year NPAT result in the range of $40- $45m AWB has forecast 2003-04 wheat production between 22-24mt, around 10-15% above the 5 year average. The 2002-03 El Niño is officially finished 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

25. QUESTIONS

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