SIA Presentation Andrew Lindberg Managing Director 17 th March 2004

Overview About AWB Landmark Growth Opportunities Outlook Questions

About AWB AWB Limited is Australia’s leading agribusiness and one of the world’s largest wheat managing and marketing companies. AWB is the exclusive manager and marketer of all Australian bulk wheat exports. With the acquisition of Landmark, AWB now offers a unique one-stop shop for Australian farmers. Landmark provides customers with rural merchandise, livestock, wool marketing, agronomy, insurance, real estate and rural financial services. It has 100,000 customers, 2,000 employees and 430 offices around Australia. Market Cap: A$1,636 million 16/03/04) Shares on issue: 338 million Shareholder’s equity: A$932 million (as at 30/09/03) Listed on ASX: 22 August 2001 Index inclusion:S&P / ASX 100 (75% weighted) Average daily volume: 417,000 shares (average since listing)

AWB Evolution 2001Listed on ASX 1999Privatised 1998Corporatised 1989Domestic market deregulated and Wheat Industry Fund established 1939Australian Wheat Board established as a statutory authority — Wheat Industry Fund converted to B class shares — A class shares issued to wheat growers — Government guarantee of AWB borrowings removed 2003Landmark acquisition

Landmark acquisition is consistent with AWB’s strategy Vision: “Australia’s leading global manager of agricultural commodity assets and services” Australian other grains Australian other commodities Australian wheat International wheat International other grains & commodities Producers Relation- ships End-users Relation- ships Rural Services Agricultural inputs and technology Finance & Risk Mgmt. Acquisition & Trading Supply Chain Milling & Processing Pool Mgmt. Value adding products and services Agricultural Commodities Integrated Value Chain Shipping

Landmark

Landmark strengthens AWB’s core wheat business & achieves substantial diversification in rural & financial services Integration, synergy benefits and building of growth platforms is a major focus in Landmark distribution network and Rabobank relationship are 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

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 Supply chain cost savings Consolidation of procurement functions Leveraged logistical capability Overhead cost savings Consolidation of AWB and Landmark head office and network functions, where appropriate

AWB and Landmark 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) Distribution Network

Growth Opportunities

Environment becoming increasingly competitive ‑ Traditional players – NAB, Rabo ‑ Others players– Westpac, ANZ ‑ 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 Harvest finance market

The financial services opportunity Segment ‘C’ 5,000 Corporate Enterprise $8b loans Segment ‘B’ 65,000 SME agribusiness customers $20b loans Harvest finance to grain growers Small <$200k Finance to all agribusiness Medium $200k-$1m Large >$1m Turnover ‘Farmers’‘Corporations’ Product set Segment ‘A’ 30,000 Grain / Broadacre $2b loans $30b of agribusiness lending in three broad segments Source: ABARE, ABS, RBA, APRA, Jun Neil Clark & Assoc.

Competitive opportunities Competitors vary in their primary focus ProfitabilityHighLow Small Large Value Proposition #2: Finance led Major Banks Rabo ERB Oppor- tunity 1 Oppor- tunity 2 60 RFM/RFO’s Understanding of agribusiness risk Rural distribution Product bundling Brand appeal to agribusiness Balance sheet strength, funding, liquidity capacity Value Proposition #1: Commodity led 300 agronomists Broad product range Rural distribution Product bundling Brand appeal to agribusiness Balance sheet strength, funding, liquidity capacity Landmark Regionals

Growth in Agribusiness lending (f)2004(f)2005(f)2006(f) 10% CAGR $Bn’s Source: ABARE, ABS, RBA, APRA, Jun Neil Clark & Assoc., Bank Annual Reports. (f) = forecast CAGR: Compound Annual Growth Rate

Outlook

AWB is well positioned for 2003/04 Increase in Crop size -Australian wheat production rebounds to approximately 25 million tonnes -Positive impact on business streams Growth Potential in Financial Services & Insurance -Four Pool Payment Options available this year; forecast 70% take up of total tonnes available for these options -Cross selling between AWB Loan products and Landmark products to customers has commenced -Insurance will benefit from the integrated business model, mainly via cross selling to AWB growers Fully Operational Grain Centres -All 21 Grain Centres are operational -AWB GrainFlow has received more than 1.8 million tonnes

Strong Chartering Business - Pool tonnes chartered to double in 2003/04 Rebound in merchandise and fertiliser - Demand for farm inputs and fertiliser expected to recover due to increased availability of land after the heavy de-stocking during drought. -Merchandise and fertiliser earnings to be at least 10% higher than previous year Slower recovery on livestock -Due to major de-stocking during drought, it will take a few years to recover to pre drought levels -However, livestock prices forecast to increase by at least 5% NPAT forecast is $110-$120 million (pre goodwill amortisation, including one off costs)

Questions