Annual General Meeting Thursday 10 March 2005

Brendan Stewart Chairman

Order of meetings Annual General Meeting of AWB Limited Meeting of A class shareholders to amend Articles of the AWB Limited Constitution Meeting of A class shareholders (QLD/VIC/SA/NT/TAS) to elect a Director of AWB (International) Limited

Incoming AWB Limited Directors Tony HowarthJohn Schmoll

Andrew Lindberg Managing Director

AWB’s strategy has been demonstrated through its financial performance Substantial increase in net profit after tax - $96.9 million, up 120% on the previous year Earnings per share of 28.8 cents, up 81% Largest ever national wheat crop of 25.2 million tonnes (mt), up from 9.7 mt in 2002/03 Second largest ever export program, with 19.9 mt received by the Pool Fully franked dividend of 25 cents per share paid during 2004 Landmark integration targets exceeded, with cost synergies and finance growth of $13 million

Growing Horizons: AWB’s vision is to be Australia’s leading agribusiness Three strategic areas of focus: 1.Grains & Commodities Strategy in place to enhance the differentiated quality position of Australian wheat Continue in driving supply chain efficiencies 2.Rural Services Continuous improvement of procurement and supply processes Expand Landmark’s presence – targeting new areas of growth 3.Financial Services Retain leading position in Harvest Finance Market Target growth within broader agribusiness market

Solid results from Landmark business Delivered a 64% PBT uplift over the previous year Increased the Rural Finance book by 34%, to more than $1 billion – with a balance today of approximately $1.2 billion 85% of Landmark deposits converted to an AWB backed prospectus – deposits now stand at close to $600 million Strengthened insurance supplier arrangements with a 20% increase in Gross Written Premium Record real estate sales of more than $1 billion, up by 31% Record prices for beef and lamb resulted in the Livestock business seeing a 17% growth in profitability 13% increase in Merchandise and Fertiliser sales

Excellent results from the second largest ever Pool program Second largest export program ever – 19.1mt for year ended November 2004 Sales of 2.5mt to China – first significant business to that market for 8 years Record sales to Indonesia of more than 3mt Continual trade with Iraq- more than 1.5mt in sales Reduction for the sixth consecutive year of grain supply chain costs Above benchmark performance in our foreign exchange management for the National Pool

Performance from other grain related business streams Trading: Excellent result from Chartering division; almost 50% of Pool volumes sold with a freight component Geneva based International Trading business nearly doubled trading volumes to two million tonnes during 2003/04 International Trading business has been extended with a new office in New Delhi

Performance from other grain related business streams cont… Financial Services: AWB retained over 70% market share in the highly competitive Harvest Finance market AWB Harvest Finance achieved the highest possible short term credit ratings through the company’s new ring-fenced structure Supply Chain: AWB GrainFlow significantly increased receival volumes, with 1.8mt during 2003/04 Increased supply of Australian wheat by 50% to Five Star Flour Mills in Egypt over the past year

Supply Chain Developments Joint venture with GrainCorp aimed at reducing supply chain costs for export grain CBH – Western Australia Supply chain and infrastructure issues remain a challenge; immediate and ongoing investment by Government and industry required

Outlook 2005/06: Assuming normal seasonal conditions, wheat production expected to average levels around 22-23mt Estimated Pool Returns for 2005/06 of $170-$180 per tonne for APW – price direction largely dependent on Northern Hemisphere crop Lamb prices set to remain positive with increased demand from export markets Beef prices tipped to tail off with increased export competition from North and South America Promising rural Real Estate market Strong medium term growth for Financial Services business Reduced commodity prices expected to impact Rural Services business

Going forward… Despite a difficult outlook, we are confident that Australian agriculture can be globally competitive We have “comparative advantage” Freight advantage to Asian region Progress on trade reform will improve market access AWB and Landmark can continue to capitalise on opportunities with our business model

Hamish Gidley-Baird Returning Officer

1 st Meeting: Annual General Meeting of AWB Limited Annual General Meeting of AWB Limited Financial Report, Directors’ Reports & Auditor’s Report Election of directors Special resolutions

1 st Meeting: Annual General Meeting of AWB Limited Item 1.2(a): Election of a director of AWB Limited - WA

1 st Meeting: Annual General Meeting of AWB Limited Item 1.2(a): Election of a director of AWB Limited – WA Candidate: Mr Christopher Moffet

1 st Meeting: Annual General Meeting of AWB Limited Item 1.2(b): Election of a director of AWB Limited – VIC/TAS

1 st Meeting: Annual General Meeting of AWB Limited Item 1.2(b): Election of a director of AWB Limited – VIC/TAS Candidates: Mr Christopher Hewitt Mr Warrick McClelland

1 st Meeting: Annual General Meeting of AWB Limited Item 1.2(c): Election of a director of AWB Limited – NSW/ACT

1 st Meeting: Annual General Meeting of AWB Limited Item 1.2(c): Election of a director of AWB Limited – NSW/ACT Candidates: Mr John Simpson Mr Geoffrey Brennan

1 st Meeting: Annual General Meeting of AWB Limited Item 1.2(d): Election of a director of AWB Limited – B class

1 st Meeting: Annual General Meeting of AWB Limited Item 1.2(d): Election of a director of AWB Limited – B class Candidate: Mr Peter Polson

1 st Meeting: Annual General Meeting of AWB Limited Proxy position for director elections as at 5pm (Melbourne time) 8 th March 2005: ItemDirectionTotal Item 1.2(a) – Election of director of AWB Limited – WA Mr Christopher MoffetFOR4,757 AGAINST103 OPEN CHAIRMAN196 OPEN OTHER30

1 st Meeting: Annual General Meeting of AWB Limited ItemDirectionTotal Item 1.2(b) – Election of a director of AWB Limited – VIC/TAS OPEN CHAIRMAN 181 OPEN OTHER 635 Item 1.2(c) – Election of a director of AWB Limited – NSW/ACT OPEN CHAIRMAN 287 OPEN OTHER 26 Proxy position for director elections as at 5pm (Melbourne time) 8th March 2005: ItemDirectionTotal Item 1.2(d) – Election of director of AWB Limited – B Class Mr Peter PolsonFOR71,009,165 AGAINST2,281,937 OPEN CHAIRMAN9,490,180 OPEN OTHER3,192,685

Voting Procedures

1 st Meeting: Annual General Meeting of AWB Limited

Proxyholder Ref: CHM Proxyholder:CHAIRMAN OF THE MEETING AWB LIMITED ABN: ANNUAL GENERAL MEETING 10th March 2005 ItemForAgainstOpen 01 ELECT A B CLASS DIRECTOR – MR PETER POLSON ##### 02 COMPOSITION OF AWB (INT’L) LTD – ADDITIONAL DIRECTORS ##### 03 TENURE OF DIRECTORS OF AWB LIMITED ##### THIS FORM SUMMARISES THE VOTES GIVEN TO YOU AS PROXYHOLDER FOR THE ABOVE MEETING. PLEASE NOTE THAT IF THE DONOR OF A PROXY PERSONALLY ATTENDS A MEETING AND VOTES, YOUR VOTING ENTITLEMENT WILL BE APPROPRIATELY REDUCED.

1 st Meeting: Annual General Meeting of AWB Limited Proxyholder Ref: CHM Proxyholder:CHAIRMAN OF THE MEETING AWB LIMITED ABN: ANNUAL GENERAL MEETING 10th March 2005 ItemForAgainstOpen 01 ELECT A B CLASS DIRECTOR – MR PETER POLSON ##### 02 COMPOSITION OF AWB (INT’L) LTD – ADDITIONAL DIRECTORS ##### 03 TENURE OF DIRECTORS OF AWB LIMITED ##### THIS FORM SUMMARISES THE VOTES GIVEN TO YOU AS PROXYHOLDER FOR THE ABOVE MEETING. PLEASE NOTE THAT IF THE DONOR OF A PROXY PERSONALLY ATTENDS A MEETING AND VOTES, YOUR VOTING ENTITLEMENT WILL BE APPROPRIATELY REDUCED.

1 st Meeting

1 st Meeting: Annual General Meeting of AWB Limited

1 st Meeting

1 st Meeting: Annual General Meeting of AWB Limited

Special Resolutions: 1.Composition of the AWB (International) Limited Board – Additional directors 2.Tenure of directors of AWB Limited

1 st Meeting: Annual General Meeting of AWB Limited Item 1.3(a): Composition of the AWB (International) Limited Board Additional Directors

1 st Meeting: Annual General Meeting of AWB Limited Item 1.3(b): Tenure of Directors of AWB Limited

1 st Meeting: Annual General Meeting of AWB Limited Proxy position for two special resolutions for A & B class shareholders - as at 5pm (Melbourne time) 8 th March 2005: ItemDirectionTotal 1.3(a) – Composition of the AWB (International) Limited Board – Additional Directors FOR62,008,630 AGAINST11,986,764 OPEN CHAIRMAN9,658,839 OPEN OTHER3,014, (b) – Tenure of Directors of AWB Limited FOR65,459,145 AGAINST8,010,453 OPEN CHAIRMAN9,709,784 OPEN OTHER3,106,008

1 st Meeting: Annual General Meeting of AWB Limited Annual General Meeting:A Class Shareholders Meeting:

1 st Meeting: Annual General Meeting of AWB Limited Annual General Meeting:A Class Shareholders Meeting:

1 st Meeting: Annual General Meeting of AWB Limited Item 1.1: Financial Report, Directors’ Report and Auditor’s Report

2 nd Meeting: Meeting of A class shareholders Meeting of A class shareholders to consider amendments to particular Articles of the AWB Limited Constitution Composition of the AWB (International) Limited Board – Additional Directors

2 nd Meeting: Meeting of A class shareholders Item 2.1: Composition of the AWB (International) Limited Board – Additional Directors

2 nd Meeting: Meeting of A class shareholders Proxy position for a special resolution for A class shareholders - as at 5pm (Melbourne time) 8 th March 2005: ItemDirectionTotal Composition of the AWB (International) Limited Board – Additional Directors FOR4,553 AGAINST4,075 OPEN CHAIRMAN1,405 OPEN OTHER842

2 nd Meeting

3 rd Meeting: Meeting of A class shareholders (QLD/VIC/SA/NT/TAS region) Meeting of A class shareholders (QLD/VIC/SA/NT/TAS region) Election of a director of AWB (International) Limited

3 rd Meeting: Meeting of A class shareholders (QLD/VIC/SA/NT/TAS region) Item 3: Election of a director of AWB (International) Limited Candidate: Mr Clinton Starr

3 rd Meeting: Meeting of A class shareholders (QLD/VIC/SA/NT/TAS region) Proxy position for director election as at 5pm (Melbourne time) 8 th March 2005 ItemDirectionTotal Item 3 – Election of a director of AWB (International) Limited - QLD/VIC/SA/NT/TAS) Mr Clinton StarrFOR2,580 AGAINST174 OPEN CHAIRMAN704 OPEN OTHER672

3 rd Meeting