Emerging Companies Conference Presentation 17 October 2001

1 Contents State of global wheat markets Domestic wheat production for 2001/2002 Business stream strategies & risk allocation Investment highlights

2 State of global wheat markets

3 Wheat production – major exporters USDA September 2001

4 Historical world wheat production & consumption USDA September 2001

5 Global stocks and stocks to use ratio Million Tonnes USDA September 2001 %

6 World wheat trade USDA September 2001

7 Domestic wheat production for 2001/2002

8 ABARE 4 Sept 2001 AWF 24 Sept 2001 Production Prospects QLD0.90 MT0.69 MTWell below average NSW7.20 MT7.27 MTAverage VIC2.50 MT2.67 MTAverage SA3.99 MT4.13 MTAbove average WA5.46 MT5.67 MTBelow average TOTAL20.07 MT20.44 MTSlightly below average Australian wheat production forecasts USDA 4 September 2001: 20.3MT

9 Business stream strategies & risk allocation

10 Business streams 2001F EBIT $9.3m Pool Management Services 2001F PBT $80.2m Finance and Risk Management Products 2001F EBIT $70.3m Grain Acquisition and Trading 2001F EBIT ($3.0m) Grain Technology 2001F EBIT $15.4m Supply Chain and Other Investments

11 New Pool Management Services Remuneration Model Two-tiered payment system –A base fee –An out-performance incentive (OPI) There is a cap on the total payments by AWBI to AWB. The base fee and the OPI combined will be capped at 3% of GPV Effective from October 2001

12 Finance and Risk Management Products Opportunities for new financial products being evaluated and pursued Growth in risk advisory services to provide business cash flow management for more growers

13 Grain Acquisition and Trading Domestic grain and deregulated non wheat export market growth potential Investigation of opportunities in global trading in overseas markets

14 Grain Technology Focus on the development of a proprietary position in plant genetics and new cereal varieties –MOA signed with Syngenta Undergoing divestment of non strategic assets –Agrifood Toowoomba –AWB Seeds Dimboola –Agrifood Seed Testing Business

15 Supply Chain and Other Investments Six new storage and handling sites being constructed in NSW and Victoria Chartering restructure providing potential to increase share of wheat volume and other bulk cargoes Opportunities for further value chain integration being evaluated with respect to end use processing, distribution and marketing to final consumers

16 1.Continue to dominate and grow business of wheat growers 2.Increase revenue from active management of national wheat pool 3.Increase revenue from the supply chain and other investments 4.Diversify revenue streams by offering products and services to other growers and customers Summary of our growth strategy as an integrated global grains asset manager

17 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

18 Investment highlights

19 Investment highlights Significant expertise and scale in global wheat marketing One of the largest integrated global wheat managers Large existing customer base Manager of the Single Desk Potential to broaden range of products, services and customers in Australia and overseas Strong balance sheet and dividend paying capacity

/2001 Results Announcement 2000/2001 results released on Wednesday 28 th November Analyst briefing at 2:30pm on 28 th November Domestic institutional briefings on 29 th and 30 th November Singapore and Hong Kong institutional briefings on 3 rd - 6 th December Investor Relations Contact Michael Thomas Head of Investor Relations