1. a LANDMARK for Australian Agriculture
29 August 2003
This document may not be distributed, directly or indirectly, in the United States or to any US person
ACN

2. Contents 1 2 3 4 5 6 Executive Summary Transaction Overview
Landmark Overview 4
AWB and Landmark 5
Funding 6
Conclusion
APPENDICES

3. Important Notice
The information in this document has been provided to you for informational purposes only in relation to a proposed placement to institutional investors of shares in AWB Limited (“AWB”) and is subject to change without notice. Nothing contained in this document constitutes investment, legal, tax or other advice. The information in this document does not take into account your investment objectives, financial situation or particular needs. Before making an investment decision, you should consider, with or without the assistance of a professional securities adviser, whether an investment in AWB is appropriate in light of your particular investment needs, objectives and financial circumstances.
Nothing in this document should be considered a solicitation, offer or invitation to buy, subscribe for or sell any security in the United States or in any place in which, or to any person to whom, it would be unlawful to make such an offer or invitation. The distribution of this document outside Australia may be restricted by law. Persons who come into possession of this document who are not in Australia should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.
Neither this document nor any copy hereof may be transmitted in the United States or distributed, directly or indirectly, in the United States or to any US person including (1) any US resident, (2) any partnership or corporation or other entity organised or incorporated under the laws of the United States or any state thereof, (3) any trust of which any trustee is a US person, or (4) any agency or branch of a foreign entity located in the United States. By accepting this document, you agree to be bound by these limitations.
AWB has prepared this document based on information available to it. Although all reasonable care has been taken to ensure that the facts stated and opinions given in this document are fair and accurate, the information provided in this document has not been independently verified. Accordingly, no representation or warranty, expressed or implied is made as to the fairness, accuracy, completeness or correctness of the information and opinions contained in this document. To the fullest extent permitted by law, none of AWB, its directors, employee or agents or any other person accepts any liability for any loss whatsoever arising from any use of this document or its contents, or otherwise arising in connection therewith.

4. 1 Executive Summary
AWB has entered into an agreement to purchase Landmark from Wesfarmers for a net purchase consideration of A$718 million and enterprise value of A$825 million
Purchase completed today after due diligence and implementation planning
Landmark is a large and diversified rural services business which is a very attractive strategic fit for AWB
Australia’s leading supplier of agricultural inputs and a major provider of a broad range of other rural products and services
Proven management team
Following the acquisition, AWB will be uniquely positioned to meet the global challenge for Australian agriculture
Acquisition is EPS accretive (pre-goodwill, post synergies, post one-off costs) in FY2004 and is expected to be more than 35% EPS accretive by FY2006
AWB will issue approximately 41 million new shares through an institutional placement, with additional equity being raised by a combination of a share purchase plan (“SPP”) and underwritten DRP
Rating agency view, in combination with “ring fence” for pool finance activities, at AWB target levels for AWB Commercial Funding and AWB Harvest Finance of BBB and AA-/A-1+ respectively (S&P)
Given the acquisition of Landmark, AWB is reviewing its shareholding in Futuris

5. 2 Transaction Overview Key Features of Landmark
Landmark is Australia’s 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

6. 2 Transaction Overview Financial Returns
The acquisition of Landmark will assist AWB to achieve its stated financial objectives as set out at the 2003 AGM
Objective
Impact of Landmark Acquisition
15% return on equity in the medium term
Acquisition expected to achieve target 15% ROE by FY2005
Trend EPS growth
EPS accretive in FY2004 and by more than 35% in FY2006
Stable dividend payment
AWB expects to maintain its dividends at current levels for FY2004
Improved quality of earnings
Landmark will diversify AWB’s earnings base and reduce the volatility of AWB’s earnings
Efficient capital management
AWB’s funding structure utilises its surplus capital and reduces its cost of capital
S&P has indicated that AWB’s ratings will be BBB for AWB Commercial Funding and AA-/A-1+ for AWB Harvest Finance which meets AWB’s target ratings
Appropriate credit rating

7. 2 Transaction Overview Sale Process
Exclusive sale process involving completion of due diligence by AWB
AWB and Wesfarmers have settled the purchase and sale under a Share Sale Agreement for Landmark
Simultaneous completion, subject to Completion Account adjustments
AWB and Wesfarmers have also entered into various other agreements, including:
A series of transitional arrangements including for Information Technology and Landmark’s Interest Bearing Deposits
New supply agreements between Landmark and CSBP and Landmark and WFI
Landmark’s key senior management team, including the MD, Mark Allison, is committed to continue leading the business
Sale process has enabled a detailed implementation plan to be put in place in conjunction with Landmark’s management

8. 2 Transaction Overview Total Acquisition Cost
The acquisition is funded through a mix of debt and equity
The debt facility will be reduced by the amount raised under the SPP and DRP
Price
A$m
Enterprise value
825
Net debt assumed
107
Net Purchase Consideration
718
Transaction costs 34
Total cash consideration
752
Funding
Placement1
160
Funded by working capital and debt finance
592
Total Funding (initial)
Further equity raised through SPP and DRP 90
Note: 1. Indicative only

9. 3 Landmark Overview Business Structure
Operations conducted through 7 business activities
Head office function centralised in Sydney
Branch network managed through 8 networks
Products channelled through branch network and distribution centres
Access to 100,000 customers across Australia
Over 1,900 staff, located mainly in rural and regional Australia
Landmark issues interest bearing securities to its customers by way of prospectus

10. 3 Landmark Overview Landmark Business Units
Landmark provides a broad range of products and services to agricultural producers
Division
Business Description
Merchandise
Wholesale and retail sale of agricultural inputs
Also provides agronomic advice
Fertiliser
Acts as an agent for CSBP (owned by Wesfarmers) in WA, IncitecPivot and Hi-Fert on the East Coast
Finance
Provides seasonal and term loans through agency agreement with Rabobank
Loan book of approximately A$780m
A$282m of Interest Bearing Deposits (IBDs)
Insurance
Sale of insurance cover options for rural businesses and households
Acts as agent for WFI and CGU
Livestock
Saleyard auction services and private treaty services
Wool
Provides traditional broking/auction selling services and sale of risk management products
50% interest in Australian Wool Handlers (joint venture with BWK) and 40% interest in Arcadian Wool Brokers
Real Estate
Markets large rural properties, lifestyle blocks, residential real estate (regional towns) and clearing sales in country areas

11. 3 Landmark Overview Sales and Earnings Growth
Strong EBITA growth rate trend (significantly drought affected in 2003)
Year End 30 June
(A$m)
20011
2002
2003
2004E3
Sales2
1,244
1,591
1,437 na
EBITDA2
44.7
78.8
72.1
EBITA2
34.7
64.5
54.0
70-75
Notes
2001 figures include only part year for IAMA
2001, 2002 and 2003 figures exclude earnings from divested businesses and abnormal items
AWB management forecast

12. Gross Profit Breakdown By Business Unit (2003A) 1
3 Landmark Overview Activity Segmentation
Merchandise and Livestock are the biggest contributors to Landmark gross profit
However, finance, insurance and fertiliser are the fastest growing activities
Gross Profit Breakdown By Business Unit (2003A) 1
Finance
Wool 5% 8%
Livestock
23%
Merchandise
37%
Fertiliser 7%
Real Estate
Insurance 7% 4%
Other 9%
Note: 1. Based on June year end

13. AWB and Landmark Distribution Network
Acquisition of Landmark dramatically expands AWB’s foot print across rural Australia
Better able to service customers and complement Single Desk marketing / risk management activities
Platform to leverage growth for AWB financial services business
AWB office locations (49)
Landmark outlets (430)

14. 4 AWB and Landmark Operational Diversity
The acquisition will significantly expand the scale and scope of AWB’s activities
AWB Pre-Acquisition
AWB Post-Acquisition
Heavy reliance on wheat crop
30,000 customer relationships
Committed to Single Desk Marketing System
Expanded distribution network
Extended product range for existing customers
Strengthened product development and technical capability
Significantly larger customer base (100,000)
Expanded growth opportunities
Breakdown of Gross Profit (2003E)
Pool Management
Finance & Risk
Merchandise
Management
Products
Grain Acquisition &
Pool Management
Trading
Corporate
Insurance
Grain Technology
Supply Chain &
Other
Other Investments
Supply Chain & Other
Investments
Real Estate
Finance & Risk
Management
Products
Grain Technology
Fertiliser
Grain Acquisition &
Corporate
Trading
Livestock
Wool

15. 4 AWB and Landmark Finance Growth Opportunities
AWB currently provides harvest loans to 30,000 grain producers (A$2 billion market)
Landmark distribution network and finance business provides AWB with opportunity to market new products, including:
Seasonal loans to 30,000 grain producers (A$8 billion market)
Term and seasonal loans to 65,000 SME agribusiness customers (A$12 billion market)
Loans to 5,000 agribusiness corporates (A$8 billion market) – focus in the longer term
‘Farmers’
‘Corporations’
Product set
Growth Opportunity
65,000 SME agribusiness customers
A$20b loans
Growth Opportunity
5,000 Corporate Enterprise
A$8b loans
Finance to all agribusiness
Agribusiness market in Australia can be thought of as 3 segments
Horizontal axis: turnover of farms
Vertical axis: product range required by agribusiness, harvest finance to full suite
Total lending to this sector is A$30bn, ABARE and RBA
Grain / Broadacre Segment “A”: AWB customers (only a relevant segment because of who we are, no other institution would sub-segment this group)
A$2.1bn, we have 70% or A$1.5bn
30k customers, 25k take AWB Finance (they have other lending as well)
Broader Agribusiness Segment “B”: turnover of up to A$1m per annum
Still think of themselves as ‘Farmers’
Size of loan book A$20bn (range of A$18-23bn)
Average A$175k loan (term 120k, seasonal 55k)
65k customers
Corporate Farms Segment “C”: turnover of A$1m plus
Three sub segments: C1 big farmers but same needs, C2 and C3 more complex
C2 and C3 Corps, eg. Fisheries, vineyards, plantation timber, feed lots, etc.
Size of loan book A$8bn (range A$7-12bn)
5k customers
This is where future growth will be as consolidation occurs
Specialised business banking needs
Data Sources
30k grain growers, A$2.1bn harvest finance: AWB database
A$30bn lending to agribusiness: ABARE, ABS and APRA
Segment C 5,000 corporates over A$1m turnover: Neil Clark from ABS/ABARE
100k agribusiness customers: ABS/ABARE, Neil Clark
AWB’s current market
30,000 Grain / Broadacre
A$2b loans
Harvest finance to grain growers
Turnover
Small
<A$200k
Medium
A$200k-A$1m
Large
>A$1m
Source: ABARE, ABS, RBA, APRA, Neil Clarke & Associates

16. 4 AWB and Landmark Other Opportunities
Enhanced access to global markets
Access to over 40 countries around the world
Cross selling of products and services between AWB
and Landmark
Cross-selling
Consolidation of AWB and Landmark corporate and head office functions, where appropriate
Overhead cost savings
Procurement cost savings
Consolidation of procurement functions

17. 4 AWB and Landmark Profit Opportunities
Total EBIT enhancement opportunities, derived primarily from finance growth opportunities, assessed at A$5 - A$10 million in FY2004 increasing to A$30 - A$40 million by FY2006
Detailed implementation plan has been established to pursue opportunities from Day 1
(A$m)
2004E
2006E
EBIT Growth Opportunities
5 – 10
30 – 40
AWB Management NPAT Forecast for Merged Company1 na
EPS Accretion from Acquisition2
2%+
35%+
Notes:
Net profit after tax, pre goodwill amortisation including all one-off costs
Based on AWB forecasts for FY2004 and FY2006, pre goodwill amortisation, includes all one-off costs for FY2004
Agribusiness market in Australia can be thought of as 3 segments
Horizontal axis: turnover of farms
Vertical axis: product range required by agribusiness, harvest finance to full suite
Total lending to this sector is A$30bn, ABARE and RBA
Grain / Broadacre Segment “A”: AWB customers (only a relevant segment because of who we are, no other institution would sub-segment this group)
A$2.1bn, we have 70% or A$1.5bn
30k customers, 25k take AWB Finance (they have other lending as well)
Broader Agribusiness Segment “B”: turnover of up to A$1m per annum
Still think of themselves as ‘Farmers’
Size of loan book A$20bn (range of A$18-23bn)
Average A$175k loan (term 120k, seasonal 55k)
65k customers
Corporate Farms Segment “C”: turnover of A$1m plus
Three sub segments: C1 big farmers but same needs, C2 and C3 more complex
C2 and C3 Corps, eg. Fisheries, vineyards, plantation timber, feed lots, etc.
Size of loan book A$8bn (range A$7-12bn)
5k customers
This is where future growth will be as consolidation occurs
Specialised business banking needs
Data Sources
30k grain growers, A$2.1bn harvest finance: AWB database
A$30bn lending to agribusiness: ABARE, ABS and APRA
Segment C 5,000 corporates over A$1m turnover: Neil Clark from ABS/ABARE
100k agribusiness customers: ABS/ABARE, Neil Clark

18. 4 AWB and Landmark Indicative financial position as at acquisition date1
(A$m)
AWB
Landmark
Adjustments
AWB Proforma
Current Assets
979
592 2
1,573
Non Current Assets
390
157
540
1,087
Intangibles 51
591
Total Assets
1,369
749
542
2,660
Current Liabilities
560
545
1,105
Non Current Liabilities 26 5
585
616
Long Term Debt
Total Liabilities
586
550
1,721
Shareholders Equity
783
192
1562
939
Net Working Capital
(excluding Grower Loans)
178
200
378
Notes
Subject to completion accounts
Indicative only, following placement. Does not include equity raisings under the Share Purchase Plan and Dividend Reinvestment Plan

19. 5 Funding Overview Debt and equity funding in place:
Committed bank facilities of A$950 million
Underwritten equity component to raise A$250 million
Pool finance activities will be “ring-fenced” as at 1 October 2003
Credit ratings for pool activities upgraded
Entity
Rating (S&P)
AWB Commercial Funding
BBB
AWB Harvest Finance L/T
AA-
AWB Harvest Finance S/T
A-1+
Ratios
AWB Limited
2004E
2005E
EBIT Interest Cover (x)1
4.1x
6.0x
Gearing (%)2
37%
34%
Notes:
EBIT interest cover includes impact of operating leases
Gearing = Total Debt including Operating leases/Total Capital

20. 5 Funding A$250m Underwritten Equity Offer in Three Tranches
Placement
Share Purchase Plan (SPP)
Underwritten Dividend Reinvestment Plan (DRP)
41.1 million shares –15% of issued capital (A$152m-169m at bookbuild range)
Capped at A$150m
If required - to raise A$250m less (Placement + SPP)
Institutional offer via bookbuild on 2 September 2003 at indicative range of A$ A$4.10
The SPP will be launched immediately following the placement with the underwritten DRP providing the remainder of the funding if required
All shares issued under placement/SPP qualify for the next dividend payable in December (anticipated to be 11 cps) and will be entitled to participate in the DRP
The SPP will allow all AWB shareholders to purchase up to A$5,000 of AWB shares each
With 60,000 shareholders, maximum take-up would result in approximately A$300 million raising
AWB directors reserve the right to scale back where total applications exceed A$150 million
AWB will implement the DRP effective next dividend at a 5% discount, underwritten for the next three dividends to the extent that the placement and SPP raise less than A$250 million

21. 6 Conclusion AWB is now the leading agribusiness in Australia
Landmark is a clear fit with our stated growth strategy
Complements the Single Desk
Diversifies and reduces volatility of our earnings
Provides platform for growth, particularly in financial services
Expect acquisition to deliver strong earnings per share accretion
Acquisition expected to meet our return on equity target by FY2005
S&P has affirmed target ratings for AWB and AWB Harvest Finance
AWB remains in a strong financial position
AWB reaffirms its commitment to the Single Desk marketing system
AWB expands its services to the Australian agricultural community
AWB uniquely positioned to meet the global challenge for Australian agriculture

22. Appendix 1- AWB’s Business
Introduction
Australia's major grain marketer and one of the world's largest wheat managers and marketers – over 60 years experience in marketing Australian wheat
AWB markets wheat and other grains to more than 40 countries and is the world’s second largest wheat exporter with 16% global market share (based on ). The AWB National Pool is a significant contributor to the Australian economy, accounting for around 3% of the total value of Australia’s exports. AWB employs more than 550 people, with a network of 43 offices in Australia and around the world
AWB is chosen by most Australian wheat and grain growers to market and finance their grain
AWB operates and manages the AWB National Pool on behalf of AWB (International) Ltd via the Single Desk system
Market Cap:
A$1,140.3 million (A$ /8/03)
Shares on issue:
274.1 million
Shareholder’s equity:
A$815.9 million (as at 31 Mar 2003)
ASX listing:
22 August 2001
Index inclusion:
S&P / ASX 100 (75% weighted)
Average daily volume:
344,000 shares (over the last 12 months)
Note:
Paul Ingleby will be presenting the financials

23. Appendix 1- AWB’s Business
Dual Class Share Ownership Structure
A Class Shares (35,000 outstanding)
B Class Shares (274.1m outstanding)
Can only be owned by current wheat growers
One share per wheat grower with weighted voting dependant on tonnes delivered (currently 35,000 A class shareholders)
Non-transferable
Not entitled to receive any dividends
Ability to control AWB through electing 7 of 12 Directors (a majority of the board)
Shares listed on the ASX
Can be owned by any investor, subject to 10% ownership limit (currently 60,448 B Class shareholders)
Entitled to receive dividends
Entitled to elect up to 4 of 12 Directors over time
15% of issued capital owned by Institutions
Note:
Paul Ingleby will be presenting the financials

24. Appendix 1- AWB’s Business
Current Corporate Structure
AWB
Pool management services
Grain acquisition and trading
Supply chain and other investments
Finance and risk management products
Grain technology
Business services
Monitors performance of AWBI
Wheat Export
Authority
AWBI
Wheat marketing
Export
markets
Note:
Paul Ingleby will be presenting the financials
Wheat deliveries
Pool payments
Growers

25. Appendix 1- AWB’s Business
Business streams
Pool Management Services
Base Fee
Out-Performance Incentive
Finance & Risk Management Products
AWB National Pool Payment Options
AWB Basis Pool
AWB riskassist
Grain Acquisition & Trading
Grain Contract Acquisition Products
Domestic Trading
Non-Wheat Trading
Global Operations - Geneva
Supply Chain & Other Investments
Chartering
AWB Grainflow
Offshore Investments
Grain Technology
Agrifood Technology
AWB Seeds
Research & Development

26. Appendix 2 – Landmark’s Business
Overview of Landmark by Business Unit
Wool
Livestock
Landmark handles approximately 25% of the National Wool Clip (600,000 bales)
Provides traditional broking / auction selling services as well as a comprehensive range of Risk Management products
50% interest in Australian Wool Handlers (with BWK), 40% interest in Arcadia
Not involved in any downstream processing
Handles approximately 20% of livestock trading in Australia
Provides saleyard auction services and private treaty services for livestock producers
Supplies processors, supermarket chains, lot feeders and live export markets
Landmark do not own feedlots or abattoirs

27. Appendix 2 – Landmark’s Business
Overview of Landmark by Business Unit
Real Estate
Insurance
Markets large rural properties, residential real estate (regional towns) and clearing sales in country areas throughout Australia
Real estate sales of in excess of A$700 million in 2003
Landmark offers a range of insurance cover options for rural businesses and households
Landmark acts as an agent for WFI and CGU
The current arrangements with WFI and CGU will remain in place

28. Appendix 2 – Landmark’s Business
Overview of Landmark by Business Unit
Merchandise
Supplies a broad range of agricultural inputs, including agricultural chemicals and veterinary products, to all major agricultural sectors
Distributed via 230 company owned branches, 50 franchises and 150 members (ie non-Landmark merchandise stores)
Provides agronomic advice for cropping, pasture and cotton enterprises
Network Characteristics
Branch
Core regional town, full service
Franchise
Smaller regional town with committed local operator
Member
Wholesale supply, may be branded or non-branded

29. Appendix 2 – Landmark’s Business
Overview of Landmark by Business Unit
Fertiliser
Finance
Acts as an agent for CSBP (owned by Wesfarmers) and others in WA; IncitecPivot and Hi-Fert on the east coast
Landmark provides a range of financial products for rural producers including seasonal and term loans, term deposits, cheque accounts and credit cards
Acts as an agent for Rabobank and receives a proportion of the net interest on each loan and a share of a ‘bonus pool’ (precise earning arrangements are yet to be determined)
Landmark is responsible for loan approvals, however there is one Rabobank credit manager in the Landmark credit team
Landmark still ‘owns’ the client
50 Rural Finance Managers located throughout Australia

30. Appendix 2 – Landmark’s Business
Overview of Landmark by Business Unit
Other
Other Sales and Gross Profit are derived from the following businesses
Big N
Anhydrous ammonia distribution
75% of other income
JRT2
Cartage of sugar cane, fertiliser and
merchandise
Other
Interest margin on Deposit Notes and debtors,
rent recovery and car sales
25% of other income