1. 1 2004 Half Year Results Wednesday, 26 May 2004

2. 2 Andrew Lindberg Managing Director, AWB Limited

3. 3 Content Result highlights Financial performance (CFO) Business operations Landmark integration Strategy Outlook

4. 4 Net profit after tax of $54.1 million, up 81% Total operating revenue of $2.9 billion, up 186% Earnings per share of 16.3 cents, up 49% Interim dividend of 14 cents per share Australian wheat production rebounded to 25.2 million tonnes Loan book peaked at $1.6 billion in February 2004 Gross Pool Value currently estimated at $4.7 billion, ($1.3 billion in 2002-03) Result highlights

5. 5 Paul Ingleby Chief Financial Officer

6. 6 $million For the 6 months ended 31-Mar-04 For the 6 months ended 31-Mar-03 Change Revenue from ordinary activities2,945.91,030.3186% Cost of sales(2,584.1)(883.0)193% Borrowing costs(60.1)(42.7)41% Depreciation & amortisation(37.6)(12.2)208% Other(185.3)(49.6)274% Operating profit before tax78.842.884% Net profit after tax54.129.981% Statement of financial performance

7. 7 $million For the 6 months ended 31-Mar-04 Profit from ordinary activities before tax 78.8 Depreciation & amortisation 37.6 Tax paid (9.6) Finance options for growers (net) (1,168.6) Purchase of property, plant and equipment* (18.3) Purchase of investments * (22.8) Increase in cash & short term deposits (191.7) Dividends paid (25.1) Proceeds from issue & ordinary shares 76.0 Changes in working capital (417.7) Change in debt – (increase) / decrease (1,661.3) * Net of proceeds Change in debt position

8. 8 $million For the 6 months ended 31-Mar-04 For the 6 months ended 31-Mar-03 Change Grain centres construction3.840.7(91%) System Development & Other Plant & Equipment10.7 1 8.329% New building costs7.2-N/A Total21.749.1(56%) Depreciation22.7 1 12.779% 1 Includes Landmark Capital expenditure

9. 9 $million As at 31-Mar-04As at 30-Sep-03 Assets Cash28.854.8 Receivables2,523.41,012.6 Intangibles576.9583.6 Investments16.212.9 Inventories332.9185.4 Property, plant & equipment296.9300.4 Other520.0266.2 4,295.12,415.9 Liabilities Payables444.2336.0 Interest bearing liabilities2,740.01,062.9 Provisions49.052.4 Other28.232.6 3,261.41,483.9 Net Assets1,033.7932.0 Statement of financial position

10. 10 $million For the 6 months ended 31-Mar-04 For the 6 months ended 31-Mar-03 Change Pool Management Services11.68.340% Grain Acquisition & Trading29.815.099% Grain Technology(2.2)(2.5)12% Supply Chain & Other Investments29.82.8964% Less: Interest expense(16.0)(18.6)14% Profit before tax53.05.0960% Finance & Risk Management21.635.5(39%) Rural Services (Landmark) Goodwill Amortisation (Landmark) Corporate 29.6 (14.9) (10.5) - 2.3 - (557%) Operating profit before tax78.842.884% Net profit after tax54.129.981% Business operations

11. 11 $million (EBIT) For the half year ended 31-Mar-04 For the half year ended 31-Mar-03 Change Pool Management Services11.68.340% ($million) For the half year ended 31-Mar-04 For the half year ended 31-Mar-03 2002-03 Pool2003-04 PoolTotal2001-02 Pool2002-03 PoolTotal Base Fee 4.628.633.2-20.9 Out performance 4.1- 12.6- Administration costs -(25.7) -(25.2) Total Pool Mgt Services 8.72.911.612.6(4.3)8.3 Pool Management Services

12. 12 $million (EBIT) For the half year ended 31-Mar-04 For the half year ended 31-Mar-03 Change Grain Acquisition & Trading29.815.099% Trading activity increased with improved seasonal conditions -Domestic wheat trading volumes of 2.8 million tonnes, representing an increase of 64% compared to the previous half year -Trading volumes in other grain (sorghum, barley, canola) increased by 39% AWB Geneva executed around 1.0 million tonnes of grain sales -Chartering business successfully traded a long position in the rising freight market Grain Acquisition & Trading

13. 13 $million (EBIT) For the half year ended 31-Mar-04 For the half year ended 31-Mar-03 Change Grain Technology(2.2)(2.5)12% Grain Technology Reduced loss in comparison to the previous half year due to improved seasonal conditions Net expenditure of $2.1 million on R&D ($1.9 million spend last half year) R&D will continue to be a major expenditure element in protecting future revenue streams With the acquisition of Landmark, AWB is reviewing its technology and R&D operations across the Group with the view to consolidating the businesses and achieving scale benefits

14. 14 $million (EBIT) For the half year ended 31-Mar-04 For the half year ended 31-Mar-03 Change Supply Chain & Other Investments29.82.8964% Receivals through the Grain Centres were 1.8 million tonnes Grain throughput at Melbourne Port Terminal increase by 63% Chartering made a strong contribution due to: -Successful deployment of a long trading strategy whilst ocean freight market rallied Contribution by offshore investments (Five Star Flour Mills in Egypt and AWB Zennoh in Japan) Supply Chain & Other Investments

15. 15 $million (PBT) For the half year ended 31-Mar-04 For the half year ended 31-Mar-03 Change Finance & Risk Management21.635.5(39%) Impacted by reduced contribution from Group funding due to surplus capital utilised for the acquisition of Landmark Contribution by Financial Services increased 50% to an EBIT of $14.8 million mainly due to seasonal conditions The level of underwriting revenue and take up of products increased significantly Finance & Risk Management

16. 16 Merchandise volumes influenced by weather conditions and increased competition Fertiliser sales have been strong in Queensland, Western Australian and South Australia The continuing high average price per head for both cattle and sheep is a reflection of supply and demand and there have been a number of vendors in the market with quality cattle for sale Real Estate strong due to improving turnover achieved in rural property $million (PBT) For the half year ended 31-Mar-04 For the half year ended 31-Mar-03 Change Rural Services (Landmark)29.6-- Rural Services (Landmark)

17. 17 Combination of head office costs offset by miscellaneous revenue items Dividends from Futuris of $3.7 million $million (PBT) For the half year ended 31-Mar-04 For the half year ended 31-Mar-03 Change Corporate(10.5)2.3(557%) Corporate

18. 18 Overall Status Sale and Purchase process Transition Integration Growth Overall we are making good progress on ensuring a successful integration Estimated % complete 50% 100% 95% 80% 5%

19. 19 Key Achievements Since Acquisition  Closure of Landmark Sydney head office and relocation of critical staff to Melbourne  Full integration all Landmark accounting, finance, treasury, HR, risk, corporate insurance, IT and legal functions  AFSL license and transfer of IBD arrangements with 85% retention rate  Launch $2/tonne merchandise voucher pilot in South Australia  Launch of Fastrak Finance  Phase 1 Procurement completed with improved terms & conditions being obtained in all categories  Consolidation of 8 network offices. Integration growth phase is ongoing Key Ongoing Work – Next 6-12 months  Phase 2 Procurement - concentrating on securing better supplier terms in freight, IT and agricultural chemicals  Dedicated drive on insurance and merchandise cross sell  Work plan developed to build brand awareness and ensure AWB and Landmark customer bases are provided with access to the full suite of products and services – “One Stop Shop”  Growth in term and seasonal finance loan book  Extend and grow insurance portfolio  Implementation of Network optimisation strategies to improve efficiency and cost control in the supply chain  Expand and grow feedlot and back-grounding businesses  BUILD THE INTEGRATED BUSINESS MODEL 19

20. 20 Landmark integration on track to meet the first year synergy targets Revenue, cost synergies and finance growth (EBIT) to date $4.2m FY forecast $5 - $10m FY forecast $30 - 40m 2003-04 2005-06

21. 21 Primary Producer Enablers Value Proposition Inputs Outputs & International Domestic Customers Advice Full Service Offering Loyalty / Reward Account Management “One – Stop Shop” Relationships CRM Capability Network Optimisation Procurement Excellence Customer Service Excellence Domestic & International Customers Information ACCESS = Business partner of choice Building the Integrated Business Model 21

22. 22 Iraq Successful in the first Iraqi Grains Board tender – 50% of tender, ie, 100,000 tonnes 560,000 tonnes for period China – 1 million tonne contract signed in December 2003 First significant sale since 1996 Strong position to meet Chinese quality and shipping requirements Egypt – heads of agreement signed Will build on the successful trade relationship with Egypt for over 50 years Establishes a framework to pursue the opportunity for a long- term supply contract of wheat Positioned to export in excess of 2.3 million tonnes to Egypt Opportunities – global wheat market

23. 23 VISION: To be Australia’s leading Agribusiness Corporate strategy Australia’s leading Agribusiness Primary producer Business partner of choice End use customer Our vision delivered by.. Comprehensive product / service offering managed through an... Grain Marketing and Handling Chartering Risk Manage- ment Financial Services Insurance Merchan- dise AgronomyWoolReal EstateLivestock Integrated Value Chain to ensure that AWB is the… Business Partner of choice Seeds and R&D Farm inputs Domestic Supply Chain Acquisition and Trading Freight Offshore Supply Chain End use demand Milling and Processing 23

24. 24 Outlook 2003-04 NPAT forecast $110-$120 million (pre goodwill amortisation including one off costs) Wheat production forecast between 21 – 24 million tonnes for 2004-05 Focus remains on AWB’s core wheat business Integrate and expand the Landmark business to deliver the integrated business model

25. 25 QUESTIONS

26. 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