1. Presentation to Ridley Agribusiness Investor Forum An Introduction to AWB Andrew Lindberg 15 November 2000

2. Covering today…. Australian Wheat Industry Structure & Business Financial Results Challenges Growth and Diversified Profit Streams Key Industry Considerations Solid Foundation for Future Success Board & Management

3. 40,000 wheat growing properties Geographically fragmented 21 million tonnes of wheat production 20 per cent of wheat grown is consumed domestically – about 4.5m tonnes Balance of wheat is exported Australian Wheat Industry

5. Australia’s Wheat Market Share

6. One of the largest wheat exporters in the world Wheat Export Volume (1) Exporter (m Tonnes) Canadian Wheat Board19.4 AWB 17.1 Cargill (2) 13.7 ADM (2) 4.5 Conagra (2) 1.9 1/ 99-00, expected export volume 2/ U.S. exports only Source: USDA AWB is ….

7. AWB’s Structure Unlisted public company (1 July 1999) Dual class –37,000 A class shareholders 1 share each with weighted voting –67,000 B class shareholders 241m shares issued 425 employees, 30 offices in Australia and oversees

8. AWB’s Structure

9. Global Manager of Australian Grain... VISION Grains managed by AWB are the world grains of choice MISSION AWB is the leading global manager of Australian grain OBJECTIVE Maximise value for growers, customers, and shareholders

10. Financial Results ½ year to 31 March 2000 –Operating Revenue: $1b –NPAT: $41.8m –EPS: 17 cents Full year to 30 September 2000 –Operating Revenue: $1.7-$1.8b(est) –Related Revenue: $5.5b (est) –NPAT: $62-64m (est) –EPS: 26 cents (est) –DPS: 22 cents (declared) –Shareholders equity: $625-630m

11. AWB Faces Three Challenges... Business Strategy Stakeholder Satisfaction Organisational Capability WINNING

12. AWB is Building Strong Positions Across Each Link of the Value Chain AWB Seed AcquisitionStorageHandlingShippingTradingMarketingRisk Mgmt Milling

13. The Wheat Industry Supply Chain Suffers Significant Inefficiencies Growers BHCs Customer Information flows Product flows AWB transport orders AWB orders, & BHC inventory & movement reports AWB forecasts & price signals Transport Companies 1. Most customer orders are by telephone 2. Most transport and BHC orders are by telephone, fax or manual e-mail 4. No access to actual grower production or delivery data 5. Most information flows are NOT automated Customer orders 3. Most inventory and movement data are controlled by service providers Limited access by AWB Low data integrity due to manual systems

14. Growth and Diversified Profit Streams Asset & Risk Management Strategic Investments Trading Performance Australian Export Wheat Harvest Value 0% 20% 40% 60% 80% 100% 2000 2003

15. Information Advantage System Management Regulation Key Industry Considerations

16. Strengthening our organisational capability Strong and sustainable position within the industry Strong profit growth in the core business Reducing earnings volatility Solid Foundation for Future Success

17. Trevor Flugge - Chairman Rob Barry – Deputy Chairman Paul Ingleby – CFO Tim Goodacre – Group GM Trading Peter Geary – GM Export Pools Board & Management