1. An Introduction to AWB Andrew Lindberg Chief Executive AWB Limited

2. Covering today…. Why its appropriate for AWB to present today Australian and global wheat industry What AWB does and how the company will grow Investment attributes Challenges and strategies Corporate structure Regulatory issues 2000 financials Management and Board Listing

3. Why present at a financial services forum? Breakdown of 2000 Financials NPAT of $63.3m Pool Activities 10% Trading and Other 22% Financial and Risk Products 68%

4. 93% 55% 88% 78% 73% Australia exports 80% of its total average wheat production Wheat production is about 21 million tonnes Australian wheat industry

5. Global wheat trade Canada 19% 1999/2000 total wheat trade 100 million tonnes EU 16% Other 8% Argentina 9% Australia 18% USA 30%

6. Grain technology and seeds Grain acquisition Domestic logistics Pool management and trading Risk management & finance International grain marketing What does AWB do? AWB is integrated across the value chain

7. 450 employees 30 offices in Australia and overseas AWB offices throughout wheat belt

8. Wheat Management TradedShare AWB18mt18% Cargill/Continental18mt18% Canadian Wheat Board11mt11% ADM 8mt8% Louis Dreyfus 7mt 7% Wheat Management TradedShare AWB18mt18% Cargill/Continental18mt18% Canadian Wheat Board11mt11% ADM 8mt8% Louis Dreyfus 7mt 7% AWB is the largest global wheat manager Source: USDA, company reports, company interviews Estimate of wheat tonnes under management, 2000

9. Financial & Risk Products Trading Pool Services Grain Technology Supply Chain How will AWB grow? AWBs core business streams

10. Investment attributes Largest global wheat manager Unparalleled expertise in wheat marketing Substantial customer base Holder of the single desk Growth in Asian population & wheat product consumption Potential to leverage customer base to deliver a broad range of financial and risk management services Potential to extend the customer base to all grain producers and end users Scope for geographical expansion Strong balance sheet and dividend paying capacity

11. Competition for financial services revenue with banks and other providers Increasing supply chain costs as a consequence of limited investment and poor contract management Entry of international integrated grains companies into the Australian wheat export market Emergence of an online global grain exchange What challenges does AWB face?

12. 1.Win grower mandates 2.Extract value from the supply chain 3.Secure end-user demand 4.Sustain trading out-performance 5.Lead in grain technology Respond with 5 pronged strategy WINNING: AWB is the dominant Asset Manager for Australian Grain

13. Unlisted public company (1 July 1999) Dual class 35,000 A class shareholders 1 share each with weighted voting 67,000 B class shareholders 241m shares issued Balance shareholder & grower interests Corporate structure

14. Domestic wheat market is fully deregulated Bulk export wheat is marketed by AWB via the Wheat Marketing Act legislation NCC review of the Export Single Desk Commonwealth Government decision 2004 review of AWBs export performance Regulatory issues

15. Operating revenue: $1.8 billion Related revenue: $3.8 billion (national pool) NPAT: $63 million EPS: 26 cents DPS: 22 cents Shareholders equity: $629 million ROE of 10.1% 2000 financial results

16. Andrew Lindberg CEO Peter Geary Group GM Trading Management Jill Gillingham CIO Paul Ingleby CFO Tim Goodacre Group GM Sales & Marketing

17. Board of directors The Board has a commercial balance of relevant skills investment banking risk management marketing production logistics Chairman - Trevor Flugge Deputy Chairman - Rob Barry

18. Process pre-marketing – early June prospectus – end June issue – end June to end July listing - August New equity raised institutional offer retail offer options for existing shareholders Listing