1. 2004 Full Year Results 24 November, 2004

2. Andrew Lindberg Managing Director

3. 3 Content Result highlights Financial performance ( presented by the CFO ) Business operations Landmark integration Dividend Outlook

4. 4 AWB has delivered a strong result Exceeded profit guidance (2003-04 forecast) Strong revenue growth Significant progress on the integration of Landmark Strong balance sheet Quality credit ratings Positive outlook for next year

5. 5 Result highlights Net profit after tax (pre goodwill and amortisation) of $134.7 million, up 191% (exceeded forecast of $110 - $120 million pre goodwill and amortisation). Net profit after tax of $96.9 million, up 121%, post goodwill and amortisation Total operating revenue of $5.3 billion, up 142% Landmark integration targets exceeded, with $13 million achieved in revenue, cost synergies, and finance growth Earnings per share (pre goodwill and amortisation) of 40.1 cents, up 139%. Earnings per share of 28.8 cents, up 81.1%, post goodwill and amortisation Final dividend of 11 cents per share, fully franked, amounting to 25 cents per share for 2003-04 Significant contribution from Grain Acquisition and Trading, particularly Chartering AWB Harvest Finance loan book peaked at $1.6 billion in February 2004 Landmark loan book balance of $1.1 billion at 30 September 2004 (record high) Gross Pool Value currently estimated at $4.8 billion for the 2003-04 Pool ($1.3 billion in 2002-03) Australian wheat production rebounded to 25.2 million tonnes (9.7 million tonnes in 2002-03)

6. Paul Ingleby Chief Financial Officer

7. 7 Statement of financial performance $million For the 12 months ended 30-Sep-04 For the 12 months ended 30-Sep-03 % Change Revenue from ordinary activities5,344.62,211.9142% Cost of sales(4,612.1)(1,889.2)(144%) Borrowing costs(113.9)(70.5)(62%) Depreciation & Amortisation(83.3)(29.9)(179%) Other expenses(397.3)(165.5)(140%) Share of profits of associates9.12.1333% Operating profit before tax 147.158.9150% Net profit after tax & OEI 1 96.9*43.9121% 1 OEI = Outside Equity Interests * Post goodwill and amortisation

8. 8 * Net of proceeds Change in debt position $million For the 12 months ended 30-Sep-04 Profit from ordinary activities before tax147.1 Depreciation & amortisation83.3 Write down in value of investment2.8 Tax refund received8.7 Finance options for growers (net)(368.3) Purchase of property, plant and equipment * (19.7) Purchase of controlled entities & investments (32.3) Increase in cash & short term deposits(473.3) Dividends paid(54.6) Proceeds from issue & ordinary shares75.7 Changes in working capital(208.6) Change in debt – (increase) / decrease(839.2)

9. 9 Capital expenditure $million For the 12 months ended 30-Sep-04 For the 12 months ended 30-Sep-03 % Change Grain Centres1.971.0(97%) System Development & Other Plant & Equipment13.617.8(24%) Motor Vehicles11.61.1955% New building fit-out8.53.2166% Total35.693.1(62%) Depreciation56.227.453% 3 year building program for grain centres has been completed Expenditure on system development and other PP&E is related to IT, upgrades, motor vehicles (Landmark) New building costs relate to the relocation of Head Office in January 2004 (new building is leased)

10. 10 $million As at 30-Sep-04As at 30-Sep-03 Assets Cash48.254.8 Receivables1,725.81,012.6 Intangibles515.0533.6 Investments21.412.9 Inventories181.0185.4 Property, plant & equipment319.6350.4 Other financial assets873.5276.0 Other50.768.7 3,735.22,494.4 Liabilities Payables533.9356.6 Interest bearing liabilities1,902.11,062.9 Provisions53.752.4 Financial liabilities141.166.8 Other58.223.7 2,689.01,562.4 Net Assets1,046.2932.0 Statement of financial position

11. 11 A-IFRS Impacts Employee share schemes, including performance rights, to be expensed Goodwill to be subject to annual impairment testing rather than amortised Asset impairment testing will allow for fair value or discounted cash flows as recoverable amount Inventories held as a commodity trader will be able to be measured at fair value less costs to sell Financial instruments will be subject to prescriptive classifications and hedge accounting requirements. May lead to more fair value recognition in P&L and Balance Sheet Deferred tax liabilities and assets will incorporate the tax consequences of transactions recognised in the balance sheet

12. 12 Business operations (PBT) $million For the 12 months ended 30-Sep-04 For the 12 months ended 30-Sep-03 % Change Profit before tax Pool Management Services27.518.946% Grain Acquisition & Trading81.024.7228% Supply Chain & Other Investments(9.9)(20.4)51% Finance & Risk Management30.036.1(17%) Landmark72.63.61,917% Corporate(16.3)(1.6)(919%) Software Amortisation (Landmark)(10.8)0n/a Goodwill Amortisation (Landmark)(27.0)(2.4)(1,025%) Operating profit before tax147.158.9150% Net profit after tax & OEI 1 96.9*43.9*121% 1 OEI = Outside Equity Interests * Post goodwill and amortisation

13. 13 Business operations - performance $43.9m + $8.6m +$56.3m +$10.5m - $6.1m - $14.7m +$69m -$10.8m -$24.6m -$35.2m $96.9m Note: + / – change is PBT * Post goodwill and amortisation * *

14. 14 $million (PBT) For the 12 months ended 30-Sep-04 For the 12 months ended 30-Sep-03 % Change Pool Management Fee32.723.340% Agrifood and R&D(5.2)(4.4)20% Total Pool Management Services27.518.946% ($million) For the 12 months ended 30-Sep-04 For the 12 months ended 30-Sep-03 2002-03 Pool2003-04 PoolTotal2001-02 Pool2002-03 PoolTotal Base Fee 4.657.261.86.041.847.8 Out performance 4.129.433.514.015.329.3 Administration costs (62.6) -(53.8) Total Pool Mgt Services 8.724.032.720.03.323.3 Pool Management Services Agrifood and Research & Development (formerly Grain Technology) Agrifood technology and R&D now reported under Pool Management Services (the Seeds business is now in Landmark) AWB will continue to fund a significant R&D program for the long term benefit of the company – this is an important investment for the future

15. 15 Grain Acquisition & Trading $million (PBT) For the 12 months ended 30-Sep-04 For the 12 months ended 30-Sep-03 % Change Grain Acquisition & Trading81.024.7228% Domestic Trading Increased its PBT contribution by 104%, with 3.2 million tonnes of wheat traded and 953,000 tonnes of other grains traded domestically Chartering Chartering division contributed $48 million PBT to the Trading division’s result, with freight volumes increasing by 83% compared to the previous year Successfully employed a long physical trading strategy in a rising freight market Chartering strategy was backed by robust risk position management, with limits monitored daily AWB Geneva Significant improvement to PBT contribution with over 2.0 million tonnes traded, which is a 67% increase on the previous year’s tonnage Significant contribution by Chartering

16. 16 Supply Chain & Other Investments $million (PBT) For the 12 months ended 30-Sep-04 For the 12 months ended 30-Sep-03 % Change Supply Chain & Other Investments(9.9)(20.4)51% GrainFlow Record receivals of 1.8 million tonnes for AWB GrainFlow, up from 185,000 tonnes in 2002-03, mainly due to improved seasonal conditions Melbourne Port Terminal (JV with Australian Bulk Alliance) Throughput of over 1.3 million tonnes, up 177% from the previous year Overseas Investments Overseas investments performed well AWB has determined to divest its interest in Vietnam Flour Mills AWB will continue to explore other overseas investment opportunities

17. 17 Finance & Risk Management million (PBT) For the 12 months ended 30-Sep-04 For the 12 months ended 30-Sep-03 % Change Finance & Risk Management30.036.1(17%) Financial Services Market share has been maintained by offering a varied combination of products, and the interest rate spread has been maintained Tonnage underwritten increased to 11.7 million tonnes as a result of improved seasonal conditions RiskAssist, Basis Pool and OTC (over-the-counter) operations Decreased PBT contribution from the risk management businesses due to a decline in popularity of the Basis Pool product and a return to more normal market conditions (compared with 2002-03 and 2001-02) Growth in RiskAssist sales to Australian and International customers Treasury Treasury management contributed PBT of $6.5 million which was $4.0 million below the previous year due to a return to normal market conditions

18. 18 Finance & Risk Management ( continued ) $36.1m +$7.8m -$9.9m -$4.0m $30.0m

19. 19 Landmark $million (PBT) For the 12 months ended 30-Sep-04 For the 12 months ended 30-Sep-03 % Change Landmark72.644.364% Key statistics – note 2002-03 12 months are for comparative purposes only. Only one month of trading (Sep 2003) included in AWB Group’s 2002-03 result. Landmark was purchased by AWB on 29 August 2003. Sales Revenue 1,619.91,464.611% Gross Margin 313.6276.413% All activities (except Wool operations) have outperformed when compared with the previous year Merchandise & Fertiliser sales increased by 10%, margins also improved Livestock gross profit increased by 17% due to higher cattle prices and increased sheep volumes Wool gross profit reduced by 8% due to lower wool prices Real Estate sales value increased by 31% due to increased demand for prime rural property Finance gross profit increased by 54% with the loan book balance of $1.1 billion (record high) and IBD’s increasing to $304 million Insurance gross written premiums increased by 20% AWB Seeds – gained over 60% of available wheat variety licences over the past 5 years, and captured 7 new licences during 2003-04 (chick pea and lupin varieties)

20. 20 Landmark - gross profit growth across product lines Only one month incorporated in AWB Group’s results in 2002-03 1 1 Gross profit $million 2003-042002-03

21. 21 Corporate $million (PBT) For the 12 months ended 30-Sep-04 For the 12 months ended 30-Sep-03 % Change Corporate(16.3)(1.6)(919%) Corporate items Costs include governance, compliance, shareholder services and strategic development Integration and restructuring costs associated with Landmark of $8.0 million Group funding interest Group funding interest revenue of $4.8 million Interest previously earned from surplus capital now reported under “Corporate” - significantly lower than the previous year due to funding requirements for the Landmark acquisition Miscellaneous Revenue items $5.3 million profit on sale of Ceres House (Melbourne) and Grains House (Adelaide) $7.4 million in Futuris dividends Corporate items includes corporate overheads, miscellaneous revenue items, and the net result from group funding

22. 22 Integration achievements and on going initiatives Integration achievements thus far Network consolidation and re-branding of all branches Back office consolidation - relocation of critical staff to Melbourne Recruitment of finance and insurance specialists Incentive program implemented for all staff AFS license and transfer of IBD arrangements with 85% retention rate Phase 1 procurement completed with improved terms and conditions negotiated Launch of Fastrak Finance At least 95% of the way through the integration stage, and 15% of the way through the growth stage Ongoing initiatives Implementation of the Integrated Business Model due to take place over the next year Financial Services will continue to focus on product development to improve overall offer to the customer Grain Marketers and key branch staff will continue to focus on cross-sell opportunities The final Procurement category - IT will be finalised by the middle of next year

23. 23 The first year synergy result of $13m exceeded the target $5-10m EBIT uplift Revenue, cost synergies and finance growth (EBIT) $13m (actual) FY forecast $30 - 40m 2003-04 2005-062004-05 FY forecast $20 - 25m

24. 24 With the integration of AWB & Landmark now achieved, the focus is on creating value and implementing the Integrated Business Model

25. 25 Dividend Final dividend of 11 cents per share Full dividend = 5.2% yield (as at 18/11/04) Dividend dates: Ex dividend date – 29 November 2004 Record date – 3 December 2004 Payment date – 17 December Dividend Reinvestment Plan (changes) DRP shares will be sourced by a combination of an on-market purchase of shares and new issue Nil discount offered Pricing period will be of 7 days trading immediately after the record date (3 December 2004), therefore from 6 December 2004 to 14 December, 2004 inclusive DRP election form must be received by 3 December 2004

26. 26 AWB remains focused on its financial objectives Landmark integration Focus on further integration and achieving earnings targets of $20-25 million EBIT in 2004-05, and $30-40 million in 2005-06 Finance & Insurance businesses Continue with current strategy of leveraging strong relationships with AWB and Landmark customers to offer the full range of lending, deposit and insurance products Landmark - Livestock, wool and merchandise Sheep flock forecast to grow 4.3% during 2004-05, though we do expect some lagging impact from the previous drought on overall volumes of livestock and wool Cattle numbers are expected to reach 27.6 million head, and the sheep flock is forecast to reach 99.5 million head in 2004-05, (Source: MLA) Australian wool volumes are forecast to increase to 470 million kilograms greasy in 2004-05 (Source: ABARE) The market for merchandise and fertiliser is promising, and meat prices look set to remain strong AWB will focus on achieving solid financial growth, stable dividend payments, efficient capital management, improved quality of earnings and 15%* return on equity in the medium term (subject to normal seasonal conditions) * Pre goodwill and amortisation

27. 27 Wheat production forecast Estimated by AWB to be between 20 - 22 million tonnes in 2004-05 Global wheat market outlook – production, consumption and price World ending stocks forecast to increase for the first time in five years with world wheat production expected to reach 616 million tonnes in 2004-05 as a result of good crops in both the major and non traditional exporting countries World wheat consumption forecast to be 605 million tonnes, with human consumption demand increasing at a long term trend of 1% Production and export supply from the Russia and the Ukraine are likely to increase Production risk premium has been removed from the market and this has seen Kansas futures decline from in excess of US$4 bushel to US$3.40 bushel APW National Pool return currently estimated to be $200 per tonne (weaker currency is supportive to price) Markets AWB has a clear strategy to generate more value from the Australian wheat crop through an increasingly differentiated market position AWB will focus on opportunities in various markets including China and Iraq Global wheat market and opportunities

28. 28 Earnings forecast for 2004-05 Based on current seasonal and market conditions: AWB’s 2004-05 earnings forecast is expected to be comparable to the 2003-04 earnings AWB will focus on achieving Return on Equity target of 15% (pre goodwill and amortisation) in the medium term.

29. QUESTIONS

30. 30 For more information contact: Delphine Cassidy Head of Investor Relations Ph: +61 3 9209 2404 Email: dcassidy@awb.com.au www.awb.com.au