Investor Presentation June 2005

Australian Wheat Board created in World War I, privatised in 1999 and listed as AWB Limited (AWB) on Australian Stock Exchange in August 2001 Market capitalisation of $1.5 billion; revenues of $9 billion (including Pool revenue) and shareholder funds in excess of $1 billion Consistently out performed the S&P / ASX 200 since listing Markets wheat to more than 50 countries Australian footprint includes more than 430 outlets across Australia with a spread of more than 2,700 staff reaching about 100,000 farmers AWB - a snapshot…

B class shareholders: Market capitalisation: Shares on issue: Shareholder’s equity: Index inclusion: $1.5 billion 344 million $1 billion S&P/ASX 100 (75% IWF) A class shareholders:26,227 65,925 Institutional investors: Growers / retail shareholders: Employee shareholders: 24.8% 73.7% 1.5% What we have achieved …

Our scorecard to date… ^Pre goodwill & amortisation Net Profit^ & Production volume Share price since listing Earnings per share^ & Dividend per share Return on average equity^ * At least 27 cps, subject to normal seasonal conditions on the east coast

What we have achieved… Acquired Landmark in August 2003 for around $825 million enterprise value: Integration of Landmark 95% complete EBIT enhancements for 2003/04 of $13 million exceeded target of $5-10 million. On track to achieve $20 - $25 million this year. Established fertiliser joint venture – ELF AWB constructed 21 grain centres with a total capacity of over 3 million tonnes Strategic focus on customer management, introduction of CMS system Successful development of international business – Geneva, India Sold 2.5 million tonnes to China, the first significant sale since 1996 Positioned to tap into growing Asian markets Progressive business expansion

Merch $1.2b sales 431 outlets 2,700 employees Finance & Insurance $2.5bn loan book $600m on deposit $150m premium 100,000 customers Real Estate $1bn sales Wool 500k bales Livestock 2.0m cattle 11m sheep Fertiliser 1.2m tonnes Grain $5-$6b revenue What we are today …

Business characteristics… Business StreamDrivers Pool Management Services: Manages the pooling and global marketing of Australian wheat Manages grain from point of delivery to point of consumption AWB National Pool receival tonnes AUD/USD exchange rate US wheat price per tonne Rural Services (Landmark): Major supplier of agribusiness products and services including merchandise, fertiliser, livestock, wool marketing, real estate, finance and insurance Seasonal conditions Livestock prices and volume Wool prices and volume Crop production Grain Acquisition & Trading: Responsible for domestic grain trading Exporting non-wheat grains such as canola and sorghum Tonnes sold – wheat and other grains Other origin grains sold Margins per tonne

Business characteristics… (contd) Business StreamDrivers Finance & Risk Management: Provides harvest finance against majority of grain delivered to the AWB National Pool Range of price risk management products for growers, domestic and international customers through AWB RiskAssist AWB National Pool receival tonnes AWB National Pool Payment Options take-up Average wheat price Loan book interest rate Supply Chain & Other Investments: Manages supply chain infrastructure to move grain from paddock to international customers AWB National Pool receival tonnes Receival volume through grain centres Price per storage

AWB Strategy

Targets will be achieved by implementing three dominant business strategies AWB’s overarching goal is to implement an Integrated Business Model... Leading position in Australian rural services Leading rural financial services and insurance provider Australia’s leading global grain trading business People and Capability

Three growth areas… Leading position in Australian rural services Leading rural financial services and insurance provider Australia’s leading global grain trading business Fertiliser and merchandise are the main areas targeted for growth Cross selling Leverage buying power in the network Improve merchandise and supply chain effectiveness Increase product base – build on AWB’s natural advantage to provide a wider range of products, better interest rates, and streamline credit processes Specific areas targeted for growth include lending, deposits, wealth management and general insurance Continue to focus on mandate to maximise grower returns Expand the suite of commodities, origins and risks managed Strengthen the differentiated position for Australian wheat

Strengthen core business, in particular preserve and enhance the value of the Single Desk system Grow and diversify to improve the quality of the earnings base and reduce wheat harvest volatility Acquisition expected to achieve target 15% ROE by FY2005 EPS accretive in FY 2004 and by more than 35% in FY2006 % of PBT not related to Australian wheat: >20% in 2004/05 Landmark will diversify AWB’s earnings base and reduce volatility of AWB’s earnings AWB Group will achieve 15% ROE in the medium term Stable dividend policy “To be both the primary producer’s and end-use consumers’ business partner of choice” The way ahead…

Outlook

Outlook – 2004/05 Earnings: AWB’s 2005 earnings forecast is expected to be comparable to 2004 earnings, assuming improved seasonal conditions on the east coast to compliment the excellent start in the west Dividend: Increase in interim dividend to 16 cents per share, fully franked Final dividend expected to be no less than 11 cents per share, fully franked Full year dividend to increase from 25 cents per share in 2004, to at least 27 cents per share in 2005

Outlook - global wheat market Production is slightly down and stocks remain tight New crop conditions around the world are good FSU rebound after poor 2003/04 crop has contributed to increasing major exporter carry out stocks Markets have retraced from highs of 367 cents per bushel set in mid March to around 310 cents per bushel million tonnes is expected from 2005/06 domestic harvest subject to improved seasonal conditions on the east coast Current conditions in WA are excellent Solid performance in international grain trading business

Outlook – other commodities Livestock: Beef prices expected to tail off with increased export competition from North and South America Lamb prices set to remain positive with increased demand from export markets Real Estate: Rural real estate market remains promising Financial Services: Strong medium term growth is forecast for the financial services business Merchandise & Fertiliser: Merchandise & Fertiliser sales dependent on rain on the east coast

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

Half Year Results 2. Wheat prices, futures & global supply 3. Rural services 4. Financial services 5. IFRS update

APPENDIX 1: 2005 Half Year Results

Solid result in a tough environment Financial Result - half year ended 31 st March 2005 * * Outside Equity Interests

Net profit after tax of $91.3 million, up 69%, underlying net profit after tax of $66.6 million, down 3% Earnings per share of 26.6 cents, with an interim dividend of 16 cents per share (fully franked) Profit on sale of investment in Futuris of $55.2m ($41.8m after tax) Landmark integration on track to deliver year two synergy targets Pool performed well given tough global environment Expansion of international trading with a new office in New Delhi, India Harvest loan book peaked at $1.1 billion Landmark lending book was nearly $1.3 billion Increased merchandise and fertiliser sales by 6% nationally Establishment of strategic partnership in fertiliser with Elders & WMC Resources Half year highlights

“demonstrating strength through diversification” *NPAT pre significant items Despite a 17% decrease in wheat production over 2003/04 harvest, earnings have dropped by only 3%

Strong yield for shareholders Shareholder Summary: “AWB continues to be a strong yield stock”

Statement of financial performance

Statement of financial position

Cashflow $ million6 months to 31 March 2005 Profit before tax Depreciation & amortisation Profit on sale of n/c assets Other non-cash items Increase in working capital balances Finance options for growers Tax paid Payments for pp&e* (net) Proceeds on sale of investments (net) Proceeds from issue of shares Net increase in interest bearing liabilities Dividends paid (58.4) (5.7) (300.0) (184.8) (42.9) (1.5) (38.0) Net decrease in cash held(12.4) *property, plant & equipment

$million For the 6 months ended 31-Mar-05 For the 6 months ended 31-Mar-04 % Change Grain centres construction System Development & Other Plant & Equipment New building costs Total Depreciation Capital expenditure

$million (EBIT) For the half year ended 31-Mar-05 For the half year ended 31-Mar-04 Change Pool Management Services (3)% Pool Management Services “challenging environment… strong performance” 2004 Wheat Marketing Review findings showed that the Single Desk is being well managed by AWB Following recommendations from the review, the performance based remuneration model has been refined As out-performance is reported, Pool Management Services expects improved earnings in the second half of 2005 Strong sales performance

$million (EBIT) For the half year ended 31-Mar-05 For the half year ended 31-Mar-04 Change Grain Acquisition & Trading (45%) Trading operates on a “fund of funds” basis There has been a return to more normal freight market conditions AWB Geneva continues to be a strong revenue platform for the group New office opened in New Delhi, India Australia grain trading reduced its EBIT contribution on lower volumes and margins (mainly due to seasonal conditions) Livestock trading (previously managed in the Landmark business) contributed strong revenue growth to the Group Trading “presence in both domestic and international grain markets”

$million (EBIT) For the half year ended 31-Mar-05 For the half year ended 31-Mar-04 Change Supply Chain & Other Investments(2.5)0.1- Receivals through the Grain Centres were down 0.5 million tonnes to 1.3 million tonnes due to adverse seasonal conditions coupled increased competitive pressures Melbourne Port Terminal and overseas investments (Five Star Flour Mills in Egypt and AWB Zennoh in Japan) maintained their EBIT contributions at a similar level to the prior year Efficiencies within the supply chain positively impacts the Pool Services management fee Supply Chain & Other Investments “adverse seasonal conditions impact results”

$million (EBIT) For the half year ended 31-Mar-05 For the half year ended 31-Mar-04 Change Finance & Risk Management Finance & Risk Management Contribution by Financial Services decreased while Risk Management increased Market share and margins were maintained in a highly competitive environment, although wheat production and export prices declined AWB’s risk management businesses (AWB Riskassist, Basis Pool and the over-the-counter options desk in AWB’s Portland, USA office) provided increased contribution to the result mainly due to increased activity in Portland, USA office “highly competitive environment… but still the market leader”

Higher earnings across all activities (other than wool) plus the recognition of profit on the sale of assets was partially offset by higher overhead costs (predominantly incentive payments, training and motor vehicle costs) Merchandise and fertiliser sales increased by 6% Livestock profitability remained comparable due to higher cattle prices offset by reduced volumes and lower sheep prices offset by increased volumes Real Estate sales increased through increased prices driven by increased demand for prime rural properties Finance profitability increased 4% due to growth in the loan book Insurance profitability increased 3% due to 1% growth in gross written premium $million (EBIT) For the half year ended 31-Mar-05 For the half year ended 31-Mar-04 Change Rural Services (Landmark) % Rural Services (Landmark) “lowest cost full service distribution network”

Combination of head office costs offset by miscellaneous revenue items Corporate overheads decreased mainly due to non-recurring integration and restructuring costs associated with the Landmark acquisition incurred in the prior year Dividends from Futuris of $4 million $million (EBIT) For the half year ended 31-Mar-05 For the half year ended 31-Mar-04 Change Corporate(3.4)(13.3)74% Corporate

EBIT summary of business operations

Integration update

On track to deliver year two synergy targets 1. Customer Management 2. Product Development 3. Channel Strategy Channel management to optimise AWB-Landmark’s combined distribution network Integrated customer management developed across the distribution network combining systems and processes to better understand and serve our customers Back office integration is complete, our focus has shifted to implementation of the IBM New products and bundles being developed incorporating products from across Landmark and AWB range to better meet our customers needs Integration Integrated Business Model “generating new revenue growth opportunities”

APPENDIX 2: Wheat prices, futures & global supply

World wheat production increased by 71 million tonnes to record 625 million tonnes in 2004 after consecutive problematic years in 2002 and Initial USDA forecast for 2005 historically large at 615 million tonnes Second consecutive year of large crops forecast across –EU mmt in ’04 followed by 128m forecast this year –FSU86m and 87m resp –Major Exp200m and 190m –China91m and 93m US crop forecast unchanged at 59 mmt World wheat production

World wheat production & consumption Source: USDA 2005

World wheat trade – 5 major exporters * 2004/05 & 2005/06 – estimated Source: USDA

World stocks World wheat ending stocks have rebounded since the 2003/04 historical low in 2004/05 and are forecast unchanged in 2005/06 around mmt. However of these stocks 35-40mmt are in China of which forecasts have proved historically unreliable. The trend erosion in world wheat ending stocks is primarily due to forecast declining Chinese stocks with major exporter stocks building. World stocks an unreliable indicator of price due to Chinese stock uncertainty, reduced global number of government controlled balance sheets and importers and increased number of smaller private sector importers using least cost inventory management. 5 Major exporter stocks continuing to build and becoming burdensome forecast at 57mmt in 05/06 versus 55mmt in 04/05 and 38mmt in 03/04. World feed demand increasing primarily in Europe due to oversupply of wheat versus competing feed-grains.

Chicago futures

Prices US wheat futures complex continues to price in a modest risk premium versus historical fundamental price models due to row crop weather market uncertainty, long-only index fund participation and weaker $USD regime USDA forecast 2005/06 major exporter and US wheat fundamentals would suggest downside price risk through Sep subject to US corn supply APW National Pool 2004/05 EPR remains at $199 FOB versus forecast $186 FOB for 2005/06 Pool primarily due to stronger $AUD

The future Increased production and export supply from the Russia and Ukraine likely over time Exports from the Black Sea work initially into the Mediterranean, then Africa and the Middle East This is one of the major drivers for AWB to focus on increasing exports into Asian markets over the next five years AWB exports into Asia in 2004 will be greater than 10 million tonnes for the first time

Outlook Downside price risk remains Strong competition from Northern Hemisphere export origins to continue World wheat balance sheet much more comfortable than 2003/04 able to withstand a medium scale supply shock going forward Demand surprise risk increasing over time in both China and Sub-Continent AWB confident of retaining 50% of Iraq import demand

APPENDIX 3: Rural Services

Merger of Wesfarmers Dalgety and IAMA in 2001 resulted in Landmark becoming Australia’s largest rural merchandise distributor Stores across Australia stock a range of animal health, cropping, fencing, fertiliser and farm hardware product Merchandise products are distributed via 230 company owned branches, 47 franchises and 120 members and agents, and supported by over 200 agronomists Australia wide Merchandise

Merchandise overview Competitive environment Key opportunities Intense price competition Commoditisation of products Rationalisation of suppliers, particularly in the chemical sector Channel proliferation leading to increased competition in distribution Low demand for cotton inputs due to lower production, irrigation cuts and biotechnology Livestock carrying numbers reduced following drought with expected impact on Animal Health and management sales Cotton prospects improved with increased water availability Commoditisation of products – 75% of chemical products expected to be off -patent by 2005 – Generic products are becoming a bigger part of the farmer’s decision making process Operational improvement opportunities Meet all price points … a generic strategy will be important

Significant supplier of fertiliser distributing over 1 million tonnes per annum, as well as retailing liquid, trace element and specialist fertilisers The major fertiliser products are globally traded commodities, resulting in: –Limited scope for differentiation between retail outlets; and –Importer traders ensuring world price movements rapidly flow through to domestic price (i.e. volatility) Fertiliser

Fertiliser overview Competitive environment Key opportunities Limited product differentiation Large number of agents and dealers competing locally Requirement for logistics services in some markets Ongoing rationalisation of industry players Market volumes increasing Nitrogen use increasing Local prices driven by world prices Increased market share through acquisition of independents Cross sell bundled product offering … growing market share and volume is important

One of Australia’s largest marketers of livestock Operating in all States and Territories throughout Australia Handles 20% of livestock trading in Australia Core business is sale of livestock through saleyards - 70% sold via auction Livestock trading is also a part of the business Landmark supplies processors, supermarket processors, lot feeders and live export markets Livestock

Livestock overview Competitive environmentKey opportunities Pressure on core agency business from increased direct selling to processors Major competitors involved in vertical integration Private agents cutting commission rates to gain share Rationalisation of saleyards Increase business into grain fed markets Strong meat and live export markets Productivity improvements, saleyard rationalisation … prices are expected to remain strong

Handle approximately 25% of the National Wool Clip (500,000 bales) Provide traditional broking / auction selling services as well as a comprehensive range of Risk Management products 50% interest in Australian Wool Handlers ‘AWH’ (with Elders) –wool handling Not involved in any downstream processing Wool

Wool overview Competitive environment Key opportunities Strong competition for a record low volume of wool (sheep numbers at 96 million in ) Small, low cost regional brokers have increased market share Ongoing price discounting Rationalisation amongst brokers to occur Move from wool to meat likely to continue Fall in wool production has created an opportunity for industry rationalisation and consolidation Good prospects for sheep meat will assist building flock numbers Low levels of supply will provide support to wool prices … increased throughput is the key

Landmark real estate has two main activities: Real Estate - Rural property sales - Residential property sales

Real Estate overview Competitive environment Key opportunities Metro and town real estate agents moving into small farm areas causing margin pressure Sophisticated players with marketing and sales representatives Low market share in residential real estate Limited capital Variable pay structure Outlook is for steady growth … good platform to grow residential market share

Outlook Opportunities exist to grow in most activities Commodity prices expected to remain strong Real Estate values expected to plateau

APPENDIX 4: Financial Services

Distribution footprint in rural 431 outlets across all regional areas Local representation and service 90 Finance specialists Often on farm & close to clients business Deeper customer relationships than other Financial Service providers Deeper customer relationships than other Financial Service providers Insight into the financials and operations of a clients total business More individualised business/product transactions per client Rural focus Specialist focus on agri means no distractions Deeper understanding of agri needs e.g. we want the physical, we see the fund flow (e.g. livestock, grain, wool etc) Point of difference for Landmark Financial Services

LendingHarvest FinanceDepositsInsurance Product  Relationship pricing and bundling  Cross sell and bundling programs  Tap into commodity cashflows  Fill product gaps People  Recruit and develop high calibre RFM’s  Specialist grain expertise  FSRA skill accreditation  Recruit and develop specialist staff Process  Enhanced loan platform  Web enabled  Improve client statements  Full online proposition  Supplier sales conversions  Web enabled Positioning  Build FS brand with primary producers  Reinforce strong brand with grain clients  Build FS brand across rural, regional and metro …to be a broad-based rural and regional financial services distributor with niche manufacturing capability where we have a natural competitive advantage What are our major initiatives

Term Loans Seasonal Finance Line of Credit Fastrak Finance Lending $1.3b book Cheque Account Debit Card Blue Ribbon Online Call Inv. Term Deposit Deposits $0.6b book General Insurance Crop Insurance Stud Livestock Insurance Transit Insurance Insurance $120m book Landmark Finance Online Plus Transfer funds Views statements Pay bills Net Access 3,500 clients Harvest Loan Flexible Drawdown Loan Advanced Payment Deferred Payment Harvest Finance $0.9b book A broad product range

Target a growing market Harvest Finance Finance $2.1B GP $56m Lending $37.2B GP $960m Deposits $16.1B GP $64m Insurance $0.8B GWP GP $91m Moderate growth outlook Lower credit risk, volatility and fewer losses (relative to commercial lending) AWB-Landmark has 70% market share Competition continues to intensify Dominated by banks but Landmark has $600M Moderate growth outlook Increasingly complex covers required Highly concentrated market

StrengthsWeaknesses Distribution Network – extensive branch network provides broad geographical representation in key rural regions and a platform for business origination, relationship management and local knowledge and presence Broad client base – AWB and Landmark businesses provide large and diverse client contact points and relationship defining opportunities Deep Agribusiness Understanding – The AWB- Landmark group of businesses collectively has at its disposal market leading knowledge of agribusiness Harvest Finance – clear market leadership (70% market share), and strong influence over fund flows Agency agreement with Rabobank – restricts lending effectiveness and pricing flexibility and causes channel conflict Moderate brand association – market perception that the Landmark brand is not as highly associated with FS expertise as against other market players Product gaps exist in all product groups - particularly insurance and wealth OpportunitiesThreats New funding arrangements – access to market leading products Develop cross business relationship pricing model Market leading risk pricing – leverage deep agribusiness understanding to better price risk and selectively manufacture niche products Address key product gaps to allow for more attractive packaging proposition Increasingly competitive market – declining number of clients and increasing number of competitors Competitors increasingly view Landmark as a threat and move to leverage core client base away from Landmark Strong opportunity to grow

Cross Sell – Proportion of Client Base Purchasing Other FS Products Product No. Clients LendingDeposits Harvest Finance Insurance Lending 4,400N/A95%13%30% Deposits 11,00040%N/A8%20% Harvest Finance 19,0003%5%N/A16% Insurance 29,0005%8%11%N/A Lending Cross Sell across AWB Proportion of each client base also purchasing Lending Financial Services ‘Internal’ Cross Sell Cross sell benefits identified 15% of Wool customers also hold a lending product 11% of financial services customers hold both Insurance and Harvest Finance

Outlook for the business Next 3 years Product breadth Sales & service capability – people and systems Leads & referral management Performance management systems New supplier agreement (lending) People development & productivity Influence and control of client purchasing behaviours – including cross sell (customer solutions) opportunities Build client interface (single view of client and intuitive support tools for servicing clients needs) Drivers of Near Term Success Information and understanding of client is core competitive strength People development and enabling systems and processes have room for improvement Challenge is to grow business revenues while protecting base and enhance position during Rabo migration Current Situation Staged Approach Today Build/Source Capability - Transitional Distribution Platform

Rural customers traditionally under serviced Service based proposition Leverage customer insights across all business streams Business partnership Outlook

APPENDIX 5: IFRS update

A-IFRS impact First A-IFRS compliant reporting will be 31 March 2006 Project is managed in accordance with a documented governance and monitoring structure Project is on schedule and AWB expects to fully comply Major impacts: Goodwill impairment test Expense share based payments No hedge accounting for derivatives Grain trading inventory at fair value

A-IFRS Analysis - High Impact AASB RefDescriptionImpact AASB 1First Time adoption – elections available No AASB 139 comparatives. No AASB 3 re-opening of business combinations No AASB 121 transfer of cumulative translation differences to opening retained earnings. AASB 2Expensing share based payments Black Scholes modelling of executive performance rights with 4 year amortisation period – used for current AASB 1046 compliance. Other schemes expensed as incurred. Loan schemes currently a UIG proposed issue. AASB 136Goodwill impairment testing 30 September 2004 carrying value supported by impairment testing at 31 March AASB 136Other asset impairment testing Finalising cash generating unit assessment and impairment indicator identification. AASB 102InventoriesNot applicable to commodity traders where fair value less costs to sell permitted. Landmark inventory remains lower of cost or net realisable value. AASB 139Derivative HedgesNo hedge accounting sought. Full P&L given onerous documentation and transaction matching requirements combined with complimentary treatment of inventory and forwards

A-IFRS Analysis - Low Impact Addresses areas where widespread external publicity has created uncertainty, but assessment has confirmed as low impact at AWB Embedded derivatives (AASB 139) Comprehensive high level review by contract type Detailed review of high risk contracts No embedded derivatives identified Income Tax (AASB 112) Dependency on first consolidated tax return balance sheet Comprehensive review indicates no material impact FCTR (AASB 121, AASB 1) No transfer of cumulative translation differences to opening retained earnings as AWB has no intent to divest Landmark acquisition accounting (AASB 3, AASB 1) No value in reopening acquisition Pool Accounting Not consolidated – remains a special purpose reporting entity with ASIC exemption from annual and interim financial reporting UIG Action Alert 05-02, Commodity Pooling Arrangements, “The UIG received a presentation from representatives of AWB … given the now consistent presentation of financial reports of pool managers in relation to commodity pools, members agreed that the UIG need not address these issues further at this time.”

A-IFRS financial impact

For more information contact: Delphine Cassidy Head of Investor Relations Ph: