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Program

• Andrew Lindberg
• Paul Ingleby
• Mark Allison
• Marcus Kennedy
• MORNING TEA
• Sarah Scales
• Peter Geary
• Jill Gillingham

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• Corporate Strategy Diversification Growth
• Andrew Lindberg, Managing Director

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AWBs financial objectives

• Return on equity
• - 15 return on equity in the medium term
• Solid EPS growth (including Landmark)
• - EPS accretive (pre-goodwill, post synergies,
  post one-off costs) in 2003-04
• - More than 35 EPS accretive by 2005-06
• Stable dividend payment
• - 11 cents per share for the 2003 final dividend
• - Expect to maintain dividend payment at current
  levels for 2003-04
• Efficient capital management
• - Surplus capital utilised to part fund the
  acquisition of Landmark
• - Appropriate credit rating
• Improve quality of earnings
• - Reduced exposure to crop size
• - Reduced proportion of earnings subject to
  principal risk

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The acquisition of Landmark is consistent with
our corporate strategy
Vision Australias leading global manager of
agricultural commodity assets, services and flows
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Landmark strengthens AWBs core wheat business
achieves substantial diversification in rural
financial services

• Integration, extraction of synergies and building
  of growth platforms will be a major focus in
  2003-04
• Landmark distribution network and Rabobank
  relationship will be growth enablers in Financial
  Services
• AWB will continue to strengthen its grain
  business by seeking arrangements with bulk
  handlers allowing competitive access to ports and
  by securing end user demand
• Strong focus on cost and capital management will
  help prioritise business opportunities, whether
  in existing business streams or beyond

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The acquisition of Landmark creates a unique one
stop shop for the farmer

• Enhanced access to global markets for Australian
  agriculture
• Access to over 40 countries around the world
• Cross-selling
• Cross-selling of products and services to farmers
  and international customers
• Overhead cost savings
• Consolidation of AWB and Landmark corporate, head
  office and network functions, where appropriate
• Supply chain cost savings
• Consolidation of procurement functions
• Leveraged logistical capability

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Outlook AWB is well positioned as Australias
leading agribusiness

• Agricultural outlook is improving
• - AWB forecast 22 to 24m tonnes of wheat for
  2003-04
• - Outlook solid for finance, insurance,
  fertiliser and real estate
• 2002-03 Group NPAT forecast in the range of
  40-45m
• 2003-04 Group NPAT forecast in the range of
  100-110m
• - Pre goodwill amortisation, including all
  one-off costs
• Ring fencing of National Pool
• - Targeted credit ratings achieved and protected
• Integration of Landmark
• - Total EBIT enhancement opportunities, derived
  primarily from finance growth opportunities,
  assessed at 5-10m in 2003-04 increasing to
  30-40m by 2005-06

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• Capital Risk Management
• Paul Ingleby, Chief Financial Officer

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Ring fenced operation overview
Commercial businesses
Wheat export related businesses
WEA
AWB Limited
Growers
AWB International
AWB Commercial Subsidiaries

AWB Services
Security Trustee
AWB Harvest Finance
AWB Commercial Funding
Euro CP Program
A EPN/MTN Program
Bank Facility
US CP Program
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Ring fencing will achieve

• Highest possible rating given AWBs business mix
  and overall capitalisation
• A cost effective sustainable base for the
  continued operations of the Group
• Separation of the wheat export related and
  commercial operations of the Group for ratings
  purposes while retaining operating synergies
• A platform for growth and diversification
• A commercial self regulating structure for the
  Groups wheat pooling operation
• Capital allocation within the Group
• Enhanced market transparency of Group operations
• Improved financial flexibility for the Group

Note Group refers to AWB group of entities
including Landmark
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Ring fence of National Pool operations

• Ring fence structure to be effective from 1
  October 2003
• Ratings expected post 1 October 2003
• AWB Harvest Finance
• SP A1 (s/t) AA- (l/t) stable
• Moodys P-1
• AWB Commercial Subsidiaries
• SP BBB stable outlook

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Capital requirements going forward

• Level of capital required to support future
  growth plans
• No major capital expenditure for 2003-04
• Expected maintenance capital expenditure of
  approximately 20-30m per annum (to 2005-06)

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Risk Management

• Capital allocated to each business stream
• Business measured on RoRAC
• Risk reviewed on a regular basis

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Landmark the acquisition

• 718m paid. Purchase price represents good value
  for AWB given the cross sell opportunities
  between AWB and Landmark
• No other company positioned to benefit from the
  synergies as AWB Landmark was worth a lot more
  to AWB than other companies
• Funded via cash, debt and new equity
• Debt facility arranged before announcement
• Institutional placement 152m, Share Purchase
  Plan (offer closes 10 Oct) and Dividend
  Reinvestment Plan (up to three fully
  underwritten)

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Landmark integration

• Integration of the two businesses is governed by
• Desire to minimise disruption to AWB and Landmark
  businesses during the coming grain harvest
  (October February) and
• Need to achieve the synergies as outlined
• Pre completion, synergistic benefits were
  identified in the areas of cross selling,
  procurement and overhead cost savings
• Joint AWB/Landmark project team established to
  progress integration process. The project team
  reports to a Steering Committee (Landmark Board)

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Landmark integration (contd)

• Project team has
• Launched broad communications plan to all staff
  across 430 locations throughout Australia
• Identified and retained key staff assuring
  business continuity during integration
• Conducted meetings between AWB and Landmark
  counterparts across the businesses to
• Prepare plans for the next 12 months
• Validate synergies previously identified
• Project Team will
• Focus on realising procurement benefits and
  setting in place a cross sell strategy

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• Landmark
• Mark Allison
• Managing Director, Landmark

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Overview of Landmark

• Landmark is Australias leading rural
  distribution network with national coverage and
  significant growth opportunities
• Largest merchandise and fertiliser distribution
  business in Australia
• Well diversified earnings base across regions,
  agricultural commodities and business activities
• High growth finance business that can be further
  leveraged by AWB
• Strong insurance agency business
• Extensive branch network throughout regional
  Australia with 430 outlets and over 100,000
  customers
• Lower risk agency model relative to peers
• Experienced management team which has presided
  over previous successful acquisitions and
  significant earnings growth

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Landmark a snapshot
100,000 customers
Mercha- ndise 1.1b Sales
Livestock 1.9m Cattle 11m Sheep
Wool 500k bales
Real Estate 730m sales
Fertiliser 1.2m tonnes
Finance 815m book
Insurance 119m premium
1,890 employees
430 outlets
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Strategic direction
Three phases for developing Landmark
Phase 1 Integration and creation of common
systems
Phase 2 Consolidating the merger
and fine-tuning the organisation
Phase 3 Generating sustainable
growth

• Phase 1 was completed in 2001
• Phase 2 was the focus in 2002
• Phase 3 will focus on new business growth in 2003
  and beyond

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Strategic direction - phase 1 2

• The merger of Dalgety and IAMA was the key issue
  facing Landmark in 2001 2002
• Achieving synergy cost savings
• Capturing merchandise and logistics opportunities
• Maintaining revenue in the existing business
• Establishing a new brand identity in the
  marketplace
• Disposal of non-core businesses

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Strategic direction phase 3

• Landmark growth
• Appropriate cost base
• Streamlined structure
• Merchandise recovery
• East coast fertiliser expansion
• Drive livestock wool growth
• National finance insurance

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Key strategic issues

• Business sustainability
• Commodity market cycles
• Variable seasonal conditions
• New product technologies
• Security of member and agency structure
• Productivity and performance culture
• Sales productivity consistency
• Network configuration optimisation
• Evolving performance culture
• Growth
• Internal focus has diluted growth initiatives

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Strategies

• 1. Sales productivity
• Improve profitability by increasing sales
  productivity in all activities
• 2. Network optimisation
• Improve profitability and return on capital by
  optimising network configuration
• 3. Merchandise supply chain
• Capture cost purchasing efficiencies
• 4. Growth
• Generate growth

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Outlook - 2004

• Improving winter crop
• Irrigation concerns for summer crops
• Low sheep and cattle numbers
• Strengthening livestock prices
• Focus on productivity in merchandise, wool,
  livestock real estate
• Focus on growth for finance, fertiliser
  insurance
• Continue tight management of costs and capital
• Exploit AWB Group growth opportunities

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• Financial services
• Marcus Kennedy, Group GM
• Financial Rural Services

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Harvest finance market

• Environment becoming increasingly competitive
• Traditional players NAB, Rabo, BHCs
• Others players WBC, ANZ, Regionals
• AWB product enhancements for 2003
• Performance take up rates
• 70 market share
• Majority Harvest Loan, but other product use
  increasing
• Cross sell opportunities between AWB Landmark
• Product bundling
• Landmark finance staff to sell AWB Harvest Finance

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The opportunity
30b of agribusiness lending in three broad
segments
Farmers
Corporations
Product set
Segment C 5,000 Corporate Enterprise 8b loans
Segment B 65,000 SME agribusiness
customers 20b loans
Finance to all agribusiness
Segment A 30,000 Grain / Broadacre 2b loans
Harvest finance to grain growers
Turnover
Small lt200k
Medium 200k-1m
Large gt1m
Source ABARE, ABS, RBA, APRA, Jun 2002. Neil
Clark Assoc.
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New finance earnings
Competitors vary in their primary focus of
attention
Major Banks
Large
Rabo
Regionals
Size of business and lending needs
Landmark
ERB
Small
Profitability
High
Low
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Competitive opportunities
Competitors vary in their primary focus of
attention
Major Banks
Large
Rabo
Value Proposition 2 Finance led
Value Proposition 1 Commodity led
Oppor-tunity 1
Regionals

• 60 RFM/RFOs
• Understanding of agribusiness risk
• Rural distribution
• Product bundling
• Brand appeal to agribusiness
• Balance sheet strength, funding, liquidity
  capacity

• 300 agronomists
• Broad product range
• Rural distribution
• Product bundling
• Brand appeal to agribusiness
• Balance sheet strength, funding, liquidity
  capacity

Oppor-tunity 2
Landmark
ERB
Small
Profitability
High
Low
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Growth in Agribusiness lending
Bns
50
10 CAGR
40
30
20
10
0
1997
1998
1999
2000
2001
2002
2003(f)
2004(f)
2005(f)
2006(f)
Source ABARE, ABS, RBA, APRA, Jun 2002. Neil
Clark Assoc., Bank Annual Reports. (f)
forecast
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Strategic investment in Grain Technology
Innovation Research AWB Seeds Agrifood
Developing business through technology Major projects - Graingene to develop traits - LongReach to breed premium wheats - Pipelines to deliver niche parcels from grower to end-user Investment in 2003-04 will be 8m before tax Innovative business model to deliver value to farmers at lowest cost and risk Captured three new licences in 2002-03 Gained 60 of available wheat variety licences over the last five years Delivers test results to AWB and leverages expertise in grains and related industries with external customers
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• Maximising out-performance
• Sarah Scales, GM National Pools

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Structure
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Demonstrating performance

• Base Fee
• 1.5 of GPV
• Subject to a cap of 61.9m and a floor of 46.4m
• Out-performance Incentive payment
• 1.5 of GPV
• 20 of revenue generated above the WIB plus
  hurdle

Note The total Pool Management Services fees
payable by AWBI to AWB are capped at 3 of GPV
(except if the Base Fee floor is triggered).
AWB Wheat Industry Benchmark (WIB)
Pool Benchmark
1. USD Wheat Price Sub- benchmark
2. FX (AUD/USD) Sub- benchmark
3. Domestic Supply Chain Sub- benchmark
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A constantly changing environment

• Impact on Base Fee and OPI
• US Wheat Price
• Foreign Exchange
• Crop size

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A constantly changing environment (contd)
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A constantly changing environment (contd)
2001/02
2002/03
USA
Australia
Canada
EU
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17
17
12
Canada
EU
Argentina
9
7
11
Australia
11
USA
NTE
Argentina
NTE
28
20
6
38
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Strategies

• Vision - Increase exports to Asia to 60 by
  2007-08
• Achieving the vision
• Crop shaping
• Price discrimination
• Blending and site selection
• Golden Rewards product and payment integrity
• Supply Chain optimisation
• International sales marketing strategies
• Iraq
• Premium customers why targeted
• New markets

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Global market outlook

• Near record low global wheat stocks to use ratio
• Short term - How do EU, EEU and FSU solve their
  internal deficits
• Medium / Long term Planting and development of
  northern hemisphere crops

mt

Source USDA (e) Estimate
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Regulatory environment - WEA Review 2004

• Wheat Marketing Amendments 2003
• 2004 Independent Panel
• Impact on growers

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• Trading Chartering
• Peter Geary, Group GM - Trading

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Trading functions

• Provides international marketing service to AWBI
  for Australian export wheat
• Develop and offer innovative marketing products
  to domestic growers and international customers
• Trades wheat and other grains as principal in the
  domestic market. Exports canola, feed malt
  barley and sorghum to international markets
• Global Trading business in Geneva trades
  non-Australian wheat and other grains/commodities
• Chartering business participates in global
  freight market
• Riskassist provides tailored grower consumer
  risk management products

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Trading business model
The business model supports a solution selling
approach
Deal Makers
Deal Makers
Supply
Supply
Consumer
Risk
Supplier
Consumer
Risk
Supplier
Chartering
Finance
/Demand
Chartering
Finance
/Demand
Landed
Services
FOB
Landed
Services
FOB
Information
Information
Price Makers
Price Makers
Freight
Commodity
Freight
Commodity
Structured
Volatility
Structured
Volatility
Position
Position
Position
Position
Finance
Trading
Finance
Trading
Taking
Taking
Taking
Taking
Execution
Execution
Control
Control
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Planned outcomes for Trading in 2003-04

• Expand and diversify grains under management
• Develop new markets that fit grains under
  management strategy add value to AWBI
• Develop other commodity experience in related
  agricultural industries
• Secure alliance partner for global origination
  capability
• Stronger consumer risk management business
• Expanded risk management client base and market
  share
• Increase pool tonnage sold with freight grow
  3rd party freight business

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Domestic trading in 2003-04

• Strengthen presence in WA SA
• Bundle product service offering to strategic
  customers (including inputs)
• Expand the range of contract alternatives to
  growers

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Global Trading in 2003-04

• First full year nearing completion
• On target to meet volume budget of 1.5m tonnes
• Geneva chartering strong contributor to PBT
• Strengthen skill set capability expand corn
  soybean business
• Secure regular supply agreements in key markets
  Egypt, East Coast Africa, South Africa, Indonesia
• Develop origination capability via alliance in
  key markets

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Riskassist in 2003-04

• Continue to expand the grower product range
  fixed basis partner pool, washouts
• Expand focus of consumer risk management advice

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Chartering in 2003-04

• Develop vessel pool and generate fee income
• Develop 3rd party freight business
• Develop back freight opportunities

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Growth in wheat sales sold with freight
of crop sold CNF

• Chartering is a service provider for AWBI
• Active strategy of growing freight under
  management
• Focus on freight trading, combination cargo 3rd
  party business
• Geneva freight book assists information flow
• Key freight markets in 2003-04 include Iran
  Indonesia, Korea Japan

(f)
(e)
(e) YTD estimate (f) forecast
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• Supply Chain
• Jill Gillingham, Chief Operating Officer

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Supply Chain Management

• Obligations of Supply Chain Management
• To ensure grain is delivered in full, on-time,
  in-specification to end customers at the least
  cost to growers (supply chain optimisation)
• To meet our obligations under the AWB
  Constitution In relation to wheat growers who
  sell pool return wheat to the company or its
  subsidiaries, to maximise their net returns from
  the poolsby minimising costs as far as
  practicable

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Supply Chain Management

• Strategy
• Compete on the East Coast
• Promote competition on the east coast to the
  existing storage and handling monopoly operators
  (includes AWB GrainFlow)
• Collaborate on the West Coast
• Long-term access with realistic cost base
• Results in downward pressure on SH charges
• Lower costs for pool participants, increased
  out-performance for AWB Limited

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National Supply Chain Costs (real dollars)
A
45.00
44.00
43.00
42.00
41.00
40.00
Cost reduction 1999-00 to 2001-02 3.15 per
tonne 53.5 million
39.00
38.00
37.00
1999/00
2000/01
2001/02
2002/03
2003/04
2004/05
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Supply Chain Investments
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Supply Chain Investments

• Storage and Handling (AWB GrainFlow)
• 21 sites strategically positioned on east coast
  with total capacity of 3.3 million tonnes
• Modern, state-of-the-art facilities
• Enables efficient intake and outturn of grain
• Expect to realise between 2 and 4 per tonne
  savings for growers
• Commercial investment returns currently on target
• Train
• Investment in 51 rail wagons, leased to operator
  in NSW
• Port
• 50 investment in Melbourne Port Terminal

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• www.awb.com.au
• For more information contact
• Delphine Cassidy
• Head of Investor Relations
• T 61 3 9209 2404
• F 61 3 9670 1723
• E dcassidy_at_awb.com.au