1. AWB LIMITED’S INITIAL PUBLIC OFFER Monday 9 July 2001

2. Trevor Flugge Chairman, AWB ¨

3. HISTORY OF AWB 60 years experience in marketing Australian wheat 1989 – Domestic market deregulated and Wheat Industry Fund established 1998 – AWB corporatised 1999 – AWB privatised as grower owned and controlled corporation

4. AUSTRALIAN WHEAT INDUSTRY Australia exports 80% of its total average wheat production Wheat production is about 20 - 21 million tonnes per year WHEAT GROWING AREAS

5. AWB OVERVIEW AWB activities account for: 3% of Australia’s total exports 12% of Australia’s total farm exports Average 17 million tonnes of bulk wheat exported per year Markets to 50 countries Total revenues of approx $5.5 billion (of which $3.5 - $4 billion related National Pool sales)

6. GLOBAL WHEAT TRADE 1999/2000 total wheat trade -100 million tonnes Canada 19% Other 8% Argentina 9% Australia 18% USA 30% EU 16%

7. AWB STRENGTHS Expertise in: Pool Management Services Financial & Risk Management for Wheat Growers Domestic Marketing of Wheat and other Grains Investments in Distribution Infrastructure

8. CORPORATE STRUCTURE Dual class 35,000 A class shareholders –1 share each with weighted voting 64,500 B class shareholders –242 million shares issued

9. BENEFITS OF LISTING Fair value for existing shareholders Increased liquidity New equity to fund future development Increased commercial disciplines

10. AWB LIMITED’S INITIAL PUBLIC OFFER

11. Andrew Lindberg Chief Executive and Managing Director, AWB

12. AWB’S BUSINESS STREAMS 2001F EBIT $9.3m Pool Management Services 2001F PBT $80.2m Finance and Risk Management Products 2001F EBIT $70.3m Grain Acquisition and Trading 2001F EBIT ($3.0m) Grain Technology 2001F EBIT $15.4m Supply Chain and Other Investments

13. AWB’S FINANCIAL RESULTS Full Year 1999/2000 - $63.3 million Net Assets at 31 March 2001 of $648 million Half Year 2000/2001 - $52.4 million (increase of 25%) Half Year Dividend - 14 cents (Fully Franked)

14. AWB INVESTMENT HIGHLIGHTS Significant expertise and scale in global wheat marketing One of the largest integrated global wheat managers Large existing customer base Manager of Single Desk Potential to broaden range of products, services and customers in Australia & overseas Strong balance sheet and dividend paying capacity

15. AWB LIMITED’S INITIAL PUBLIC OFFER

16. Paul Ingleby Chief Financial Officer, AWB

17. AWB FINANCIAL FORECASTS Full Year 2000/2001 Forecast - $79.4 million (increase of 25%) Full Year Dividend = 22 cents (Fully Franked) Pro-forma Net Assets at March 2001 of $743 million

18. THE OFFER Offered to clients of the Lead Manager and Retail Brokers and institutional investors Underwritten by UBS Warburg Existing Shareholder Offer Open to existing A and B class shareholders Top-up, cash-out and New A class shareholder components Employee Offer Open to all existing employees of AWB Guaranteed minimum allocation of 1,000 shares Up to $20 million non- underwritten $80 million underwritten Public and Institutional Offers

19. OFFER HIGHLIGHTS Application Price = $3.15 Share Issue = up to 31.8 million Amount raised = up to $100 million Market Capitalisation Post Offer = $860 million Dividend Yield (Fully Franked) = 7.0% Price to Earnings Multiple = 9.7 times

20. OFFER TIMETABLE Offer Opens23 July Offer Closes15 August ASX Listing 22 August

21. AWB LIMITED’S INITIAL PUBLIC OFFER Monday 9 July 2001