Andrew Lindberg Managing Director and Chief Executive 28 th November 2001

Overview Highlights of the year Financial Performance Business Drivers Strategy Challenges & Opportunities Outlook Questions

Highlights of the year

Successful listing on the ASX in August Profit after-tax up 32% to $83.7m and EPS up 30% to 34.1c Retained Single Desk as sole exporter of Australian bulk wheat New performance based payment agreement with AWBI Loan book for harvest season peaked at $1.5 billion Six new storage facilities ready for this harvest Rail freight agreement with FreightCorp Pool wheat price at near record high

Financial Performance

Profit and Loss $million % Change Revenue from ordinary activities Cost of sales (1608.1) (1474.6) (9.1) Depreciation and Amortisation (8.0) (5.6)(42.9) Borrowing costs (95.9) (89.9)(6.7) Other (122.2) (90.1)(35.6) Operating profit before tax Income tax expense (38.4) (34.8) (10.3) Operating profit after tax Outside equity interest (0.5)(0.4) (25.0) Net profit

Cashflow $million 2001 Operating profit before tax Tax paid (44.1) Depreciation & amortisation 8.0 Working capital changes (164.3) Capital expenditure (44.6) Dividends paid (87.0) Decrease in loan book Net new equity 92.3 Increase in debt (13.7)

Balance Sheet $million Assets Cash Receivables1, ,604.5 Investments Inventories Property, plant and equipment Other ,983.11,818.8 Liabilities Payables Interest bearing liabilities1, Provisions Other ,232.11,189.9 Net Assets

Financial Results – capital expenditure Capital expenditure ($million) Grain centres construction Melbourne Port Terminal System development Other plant and equipment Total Depreciation8.05.6

Business Operations EBIT $million %change Pool Management Services (7.9) Grain Acquisition & Trading Grain Technology(6.0)(3.8)(57.9) Supply Chain & Other Invest Interest expense(21.1)(15.7)(34.4) EBT Finance & Risk Management (10.3) Corporate(28.6)(20.1)(42.3) Operating profit before tax Operating profit after tax

Business Operations Pool Mgt Services Grain Acquisition & Trading Grain Tech Supply Chain & Other Invest. Finance & Risk Mgt Other (interest, tax & corporate) 2001 $million 63.3 (0.8) (2.2) (9.7) (17.6) 83.7

Dividends and Earnings %Change Earnings per share34.1c26.2c30.2 Return on average equity12.8%10.1%26.7 Dividends per share22c - NTA Backing per share$2.75$ Capital Expenditure58.1m35.8m62.3 Shareholder’s Equity751.0m628.9m19.4

Business Drivers

Australian wheat production (and AWB receivals) Global wheat supply and demand fundamentals Wheat price performance against benchmarks Trading volumes and margins Chartering volumes and margins Tonnage delivered to finance and risk products Supply chain volume and margins Interest margins

Strategy

Secure end user demand Sustain trading out-performance Increased grains under management Diversify revenue streams by offering products and services to other growers and customers Increased revenue from the supply chain and other investments Grain technology – plant breeding and seed end-point royalties

Four engines of growth Grains under management Core wheat business Processing & branded products Financial & risk management AWB 2001 AWB Future

Challenges & Opportunities

Grains industry consolidation and increased efficiency Increased competition in grain accumulation trading Competition for financial services with banks and other providers To reduce supply chain costs US / Afghanistan crisis – impact on Middle East markets Trade reform

Outlook

The company believes that the outlook is positive and that earnings growth for the financial year will be positive. Our expectation is for a wheat crop this year of at least, if not better than last year’s crop of 21.2 million tonnes.

Questions

For more information contact: Michael Thomas Head of Investor Relations Ph:

Presentation Supplement

Contents AWB 1.History of AWB 2.Ownership structure 3.Corporate structure 4.Involvement throughout the value chain 5.Risk allocation 6.Risk management process 7.Senior management 8.Offices throughout Australian wheat belt Business Streams 9.Pool management services 10.Costs incurred by AWBI 11.Finance and risk management products 12.Finance and risk management products 13.Grain acquisition and trading 14.Grain technology 15.Supply chain and other investments 16.Major grain storage and handling providers 17.Major rail transport service providers 18.AWB new storage facilities

Contents Global Wheat Industry 19.Global grain trade 20.Global wheat consumption & production 21.Global wheat stocks and stock to use ratio 22.Global wheat production 23.Wheat production - major exporters 24.Top 5 wheat importing & exporting nations 25.Global wheat trade – 2000/01 26.Australian wheat production 27.AWB wheat exports 28.AWB wheat export destinations 29.Major Australian domestic wheat traders 30.AWB is one of the largest global wheat managers 31.Pool price trend graph Share Information 32.Share Price v All Ords 33.Share Price v ASX / S&P Share Price and Volume 35.Shareholder ranges

AWB

History of AWB 60 years experience in marketing Australian wheat In 1989, domestic market deregulated and Wheat Industry Fund established In 1998, AWB corporatised (formerly a statutory authority) In 1999, AWB privatised as a grower owned and controlled corporation — Wheat Industry Fund converted to B class shares — A class shares issued to wheat growers — Government guarantee of AWB borrowings removed In 2001, AWB listed on the ASX 1

Ownership structure A class shares Can only be owned by current wheat growers (currently 35,000) Non-transferrable Not entitled to receive any dividends Carry other rights including ability to control AWB through electing 7 Directors (a majority of the board) B class shares Shares listed on the ASX Can be owned by any investor, subject to 10% ownership limit (currently 63,500) Entitled to receive dividends Entitled to elect 4 Directors over time 2

Corporate structure AWB Growers Business services Pool payments Wheat deliveries AWBI Objective to maximise net pool returns to growers Wheat Export Authority Export markets Wheat marketing Monitor performance of AWBI 3

Involvement throughout the value chain Grain technology Grain acquisition Supply chain Pool services Chartering Finance and risk mgt Trading Milling and Manufacturing Investment in R&D, plant breeding, seeds and technical services Commercial return on milling investments (15% IRR hurdle rate) Increase high margin contract acquisition products (cash, multi-varietal) Commercial return on investments in supply chain (15% IRR hurdle rate) Performance fee for pool management Performance fee from pool Harvest loans, RiskAssist and risk management products (Basis Pool) Provide strong trading margins 4

Risk allocation National PoolUnderwritten loansPrincipal trading Final net pool return –final sale price –foreign exchange Credit risk manage- ment outcomes Supply chain costs Grower riskAWB risk Pool return falls below 80% Size of pool impacts revenue derived from products and services Incentive in pool management fee Margin on loans Underwriting fees Fees from basis contracts Principal positions Multi-varietal and fixed grade contracts 5

Risk management process AWB Limited Board of Directors Determine policy framework Corporate Risk Board Committee Oversees all strategies, their objectives and implementation on monthly or as need basis Corporate Risk Review Committee Executive Management review and approve risk management strategies on weekly basis Corporate Risk Assessment Independent group who quantify, analyse and report exposure Operational Areas Initiate individual hedging strategies 6

Senior management Paul Ingleby (CFO) Finance and Administration, Treasury, Trade Finance, Risk Management and Compliance, Legal, Investor Relations and Financial Services Former CFO of Elders Australia and experience in banking, merchant banking, chartered accounting and government Tim Goodacre (Group GM, Sales and Marketing) Grain Acquisition, Grain Technology and International Sales and Marketing Former executive in the Department of Agriculture Fisheries and Forestry Peter Geary (Group GM, Trading) Domestic and Global Trading and Risk Management Products 15 years previous experience in National Pool, Policy and Export Sales Jill Gillingham (Chief Information Officer) Information Systems and Supply Chain Management Broad range of general management experience Sarah Scales (GM, National Pool) Management of National Pool 8 years previous experience in pricing and risk management strategies 7 Charles Stott (Group GM, Investments, Mergers & Acquisitions) Responsible for Investments, Mergers and Acquisitions Former positions with BHP and extensive international experience

About 500 employees with 30 offices in Australia and overseas Offices throughout Australian wheat belt 8

Business Streams

Pool management services Primary role is to aggregate and internationally market pooled wheat on behalf of growers The national pool is operated by AWB International. AWB provides services to enable AWBI to operate the pool and in return receives payments for these services Approximately 15m tonnes of wheat managed representing 70% of total wheat production in Australia New performance-based fee model, which will reward (or penalise) AWB on a commercial basis:  aligns both the mandate of AWBI to maximise net National Pool Returns with the mandate of AWB, by creating incentive for investment and improvement in performance  consistent with that adopted by asset managers  designed to provide the appropriate incentives to AWB to achieve superior pool return out-performance while sharing the risks and costs associated with the National Pool 9

Costs incurred by AWBI Costs of approximately $58 million to operate the National Pool AWBI has no employees and therefore in order for it to carry out its functions, it contracts various services from AWB. Some of these key services are: — Risk management services — Grain acquisition services — Logistics services — Trading support — Export credit advice and insurance — Treasury services — Marketing services — Accounting and administrative services 10

Finance and risk management products Growers are exposed to a number of interrelated risks requiring co-ordinated working capital management and marketing / price risk management AWB provides limited recourse finance secured against a grower’s wheat delivery to an AWB managed pool The provision of risk management products (effectively derivatives that manage pool risk exposures and cash flows) that allow growers to tailor their risk exposure 11

Finance and risk management products AWB has a strong market position in the provision of price risk management and lending products to wheat growers AWB has a significant market share in agricultural lending, specifically in crop advances In the $2.0bn Crop Loan segment, AWB is the largest participant with approximately 60% share of all outstanding crop loans  AWB’s share of all grain farm working capital is approximately 35%  Within the crop loan segment, AWB’s share is substantially higher than the next largest competitor Crop Loan 61% Overdraft/ Business Card 18% Seasonal Loan* 21% Wheat and Grain Farms Only Working Capital Market by product type Total Working Capital Debt = A$3.2bn (1999/2000) * Loan against inputs or crop pre-harvest $2.0bn 12

Grain acquisition and trading Provides growers with cash sales options before and during harvest Australian domestic trading – trading in deregulated domestic grain and non-wheat export markets Contract acquisition products – providing a range of pre- harvest contract products that provide growers with greater flexibility 13

Grain technology Primary role is the development of a proprietary position for AWB in plant genetics and new cereal varieties 5 main areas: agrifood technology, AWB Seeds, Grain Development, Quality Assurance, and AWB Research Provides technical services supporting AWB’s core business activities Generates revenue through the provision of analytical testing services and the development and sale of new seed varieties 14

Supply chain and other investments AWB has made a number of other investments in activities across the grain value chain that assist it in delivering its core product, including: Dimboola Grain Centre $11m (100% owned) completed for the 1999/00 harvest Melbourne Port Terminal $40m (50% owned joint venture with Melbourne Terminal Operations) operations officially commenced in Aug 2000 Investment of $46m in new storage and handling sites in NSW and VIC. New storage facilities are aimed at reducing supply chain costs and delivering improved services and greater efficiencies to growers. Sites completed Investments in flour and feed milling $14m include: Five Star Flour Mills (Egypt) 30% shareholding, Vietnam flour mills (Vietnam) 17.5% shareholding and Shenzen Southseas Grain Industries (China) 8% shareholding Small investment in grain importing through AWB Zennoh, a joint venture commodity trading company established between AWB and Zennoh (Japans largest agricultural cooperative) Chartering business manages all aspects of AWB’s chartering operations in-house 15

Major grain storage & handling providers 16 QLD: GrainCo  Established in 1991  Formed from a number of State owned grower co-operates and statutory authorities  Corporatised entity NSW & VIC: GrainCorp  Privatised in 1992  Listed on the stock exchange in 1998  Merged with Vicgrain in 2000  Opening new sites in QLD, NSW & VIC AWB Grain Centers  4 in Vic  3 in NSW  Total capacity = 1.3m tonnes SA: Ausbulk  Incorporated in 1955  Owned by SA grain growers  Corporatised in 2000 WA: CBH  Established in 1933  Formed by WA Government  Cooperative structure  Owned by WA grain growers NSW & VIC: ABA  Established in 1999  Joint venture company owned by GrainCo and Ausbulk

NSW & VIC: ATN Access  Major shareholder: Wisconsin Central Transportation Company.  Operates a 40 wagon contract train for AWB from NSW and Victorian sites into Port Kembla and Appleton Dock, Melbourne  Expected early 2002 Major rail transport service providers QLD: QR  100% owned by the Queensland Government.  Hauls all AWB export task over 120 kms from port NSW: FreightCorp  100% owned by the NSW Government.  The NSW Government has announced it will sell FreightCorp. The sale is expected to be finalised in Dec Victoria: Freight Australia  Privatised in May  Owned by Rail America  Also operates a contract train for AWB from NSW silos into Port Kembla 17 WA / SA: ARG  Privatised late 2000  50% owned by Wesfarmers; and 50% owned by Genesee & Wyoming Inc  AWR (Aust. Western Railway)  ASR (Aust. Southern Railway)

AWB new storage facilities Birchip 2. Charlton 3. Sea Lake 4. Bogan Gate 5. Stockinbingal 6. West Wyalong 7. Dimboola 18 7 VIC NSW

Global Wheat Industry

Global grain trade Global grain trade is dominated by wheat Approximately 270 million tonnes traded Australia’s share of global grain trade: — wheat 17% — barley 21% — pulses 26% Global grain trade has grown at an average of 1.4% pa over the last 20 years Oilseeds have been the fastest growing global traded grains over the last 20 years. Oilseed production has grown at an average of 20.3% pa over the last 20 years Most of the large grain importers are located in Asia, the Middle East or North Africa, which are AWB’s natural markets The management of grains is shifting from a commodity to an information intensive business driven by changes in grain acquisition, logistics and end use markets 19

Source: Economic Research Service, USDA March 2001 Global wheat consumption & production mt 20 Consumption Production

Global wheat stocks and stocks to use ratio Source: USDA Nov Global Stocks Global STU /941994/951995/961996/971997/981998/991999/002000/012001/ mt%

Global wheat production – 2000/01 Country / RegionTonnage (mt) Far East Asia201.7 EU104.0 CIS & Baltic States62.3 USA60.5 Middle East32.5 Non – EU Europe28.7 Canada26.8 Australia20.9 Argentina16.4 North Africa10.5 South America7.5 Sub Sahara Africa5.1 Total576.9 Source: Nov forecast USDA 22

Wheat production – major exporters USDA November

Top five wheat importing / exporting nations 01/02Top importersTop exporters Rank Country Volume (mt) Country Volume (mt) 1Iran7.0USA28.0 2Brazil6.6Australia17.0 3Egypt6.3Canada15.3 4Japan5.8Argentina12.9 5Algeria5.0EU8.2 Source: USDA Nov 2001 Forecast 24

Global wheat trade /01 Argentina 12% USA 26% Other 19% Australia 17% Canada 15% EU 11% 25 Source: USDA

Source: ABS and ABARE Australian wheat production Australian wheat production and yield over the last 20 years (wheat yield growth rate average of 2.3% pa) mt 26 Production Yield %

AWB wheat exports AWB exports around % of its total average wheat production Annual wheat production is around million tonnes 93% 88% 73% 55% 78% 27

AWB wheat export destinations RegionTonnage (mt) Asia7.0 Middle East6.2 North Africa1.4 Sub Sahara Africa1.2 Pacific Markets0.5 Europe0.4 Other0.3 Total17.0 Source: USDA July – June 2001/02 forecast 28

Major Australian domestic wheat traders Estimated market share Source: USDA, company reports, AWB, interviews 29 Ausbulk 12% AWB 50% Other Australian Traders 2% GrainCo 12% Other Global Traders 9% Graincorp 15%

AWB is one of the largest global wheat managers Wheat managementTradedShare AWB18mt18% Cargill / Continental18mt18% Canadian Wheat Board11mt11% ADM8mt8% Louis Dreyfus7mt7% Congara5mt5% Bunge2mt2% Xcan1mt1% Others30mt30% Total100mt100% Estimates of wheat tonnes under management Source: USDA, company reports, company interviews 30

Source: AWB Pre and post harvest pool prices for Australian prime hard wheat (APH#1) over the last 10 years $ Pool price trend graph 31

Share Information

Share Price v All Ords 32

Share Price v ASX / S&P

Share Price and volume 34

Shareholder ranges 35 RangeHoldersShares% 1 – , ,001 – 5,00019, ,001-10,0006, ,001 – 100,0006, ,001 - over Total63, Fully paid B class shares held at 31/10/01