1. 1 Paul Ingleby, Chief Financial Officer October 2003

2. 2 Contents The strategy Landmark – the acquisition The growth opportunity Outlook Appendix 1: AWB’s business Appendix 2: Landmark’s business

3. 3 “The strategy”

4. 4 Group Structure AWB Limited Pooling operationsCommercial operations Supply Chain & Other Investments Pool Management Services Finance & Risk Management Products Grain Acquisition & Trading Grain Technology Landmark

5. 5 Corporate strategy Vision: “Australia’s leading global manager of agricultural commodity assets, services and flows” 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

6. 6 AWB’s financial objectives Return on equity - 15% return on equity in the medium term Solid EPS growth (including Landmark) - EPS accretive (pre-goodwill, post synergies, post one-off costs) in 2003-04 - More than 35% EPS accretive by 2005-06 Stable dividend payment - 11 cents per share for the 2003 final dividend - Expect to maintain dividend payment at current levels for 2003-04 Efficient capital management - Surplus capital utilised to part fund the acquisition of Landmark - Appropriate credit rating Improve quality of earnings - Reduced exposure to crop size - Reduced proportion of earnings subject to principal risk

7. 7 “Landmark – the acquisition”

8. 8 Landmark strengthens AWB’s core wheat business & achieves substantial diversification in rural & financial services Integration, extraction of synergies and building of growth platforms will be a major focus in 2003-04 Landmark distribution network and Rabobank relationship will be 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

9. 9 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 Overhead cost savings Consolidation of AWB and Landmark corporate, head office and network functions, where appropriate Supply chain cost savings Consolidation of procurement functions Leveraged logistical capability

10. 10 AWB and Landmark Distribution Network 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)

11. 11 AWB and Landmark Indicative financial position as at acquisition date 1 (A$m)AWB Proforma Current Assets1,573 Non Current Assets1,087 Intangibles591 Total Assets2,660 Current Liabilities1,105 Non Current Liabilities616 Long Term Debt585 Total Liabilities1,721 Shareholders Equity939 Net Working Capital (excluding Grower Loans) 378 Notes  Subject to completion accounts  Indicative only, following placement. Does not include equity raisings under the Share Purchase Plan and Dividend Reinvestment Plan

12. 12 AWB and Landmark Profit Opportunities Total EBIT enhancement opportunities, derived primarily from finance growth opportunities, assessed at A$5 - A$10 million in FY2004 increasing to A$30 - A$40 million by FY2006 Detailed implementation plan has been established to pursue opportunities from Day 1 (A$m)2004E2006E EBIT Growth Opportunities5 – 1030 – 40 AWB Management NPAT Forecast for Merged Company 1 100-110na EPS Accretion from Acquisition 2 2%+35%+ Notes:  Net profit after tax, pre goodwill amortisation including all one-off costs  Based on AWB forecasts for FY2004 and FY2006, pre goodwill amortisation, includes all one-off costs for FY2004

13. 13 Funding the acquisition A$250m Underwritten Equity Offer in Three Tranches Institutional offer via bookbuild completed on 2 Sept 2003 with 41.1m shares issued at A$3.70. The placement was oversubscribed. The SPP currently on offer to retail shareholders with the offer closing 20 Oct 2003 AWB will implement the DRP effective for the final dividend at a 5% discount, underwritten for the next three dividends to the extent that the placement and SPP raise less than A$250 million Placement Share Purchase Plan (SPP) Completed Underwritten Dividend Reinvestment Plan (DRP) Offer mailed out Commences next dividend (Dec 2003) Commences next dividend (Dec 2003)

14. 14 “The growth opportunity”

15. 15 Harvest finance market Environment becoming increasingly competitive ‑ Traditional players – NAB, Rabo, BHC’s ‑ Others players– WBC, ANZ, Regionals ‑ 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

16. 16 The 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 2002. Neil Clark & Assoc.

17. 17 Competitive opportunities Competitors vary in their primary focus of attention 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

18. 18 Growth in Agribusiness lending 0 10 20 30 40 50 1997199819992000200120022003(f)2004(f)2005(f)2006(f) 10% CAGR $Bn’s Source: ABARE, ABS, RBA, APRA, Jun 2002. Neil Clark & Assoc., Bank Annual Reports. (f) = forecast

19. 19 “Outlook”

20. 20 Outlook – AWB is well positioned as Australia’s leading agribusiness Agricultural outlook is improving - AWB forecast 22 to 24m tonnes of wheat for 2003-04 - Outlook solid for finance, insurance, fertiliser and real estate 2002-03 Group NPAT forecast in the range of $40-45m 2003-04 Group NPAT forecast in the range of $100-110m - Pre goodwill amortisation, including all one-off costs Ring fencing of National Pool - Targeted credit ratings achieved and protected Integration of Landmark - Total EBIT enhancement opportunities, derived primarily from finance growth opportunities, assessed at $5-$10m in 2003-04 increasing to $30-$40m by 2005-06

21. 21 Appendix 1 : AWB’s Business

22. Australia's major grain marketer and one of the world's largest wheat managers and marketers – over 60 years experience in marketing Australian wheat AWB markets wheat and other grains to more than 40 countries and is the world’s second largest wheat exporter with 16% global market share (based on 2001-02). The AWB National Pool is a significant contributor to the Australian economy, accounting for around 3% of the total value of Australia’s exports. AWB employs more than 550 people, with a network of 43 offices in Australia and around the world AWB is chosen by most Australian wheat and grain growers to market and finance their grain AWB operates and manages the AWB National Pool on behalf of AWB (International) Ltd via the Single Desk system Market Cap:A$1,242.3 million (A$3.95 30/9/03) Shares on issue:315 million Shareholder’s equity:A$815.9 million (as at 31 Mar 2003) ASX listing:22 August 2001 Index inclusion:S&P / ASX 100 (75% weighted) Average daily volume:370,000 shares (over the last 12 months) Introduction

23. A Class Shares (35,000 outstanding)B Class Shares (315m outstanding) Can only be owned by current wheat growers One share per wheat grower with weighted voting dependant on tonnes delivered (currently 35,000 A class shareholders) Non-transferable Not entitled to receive any dividends Ability to control AWB through electing 7 of 12 Directors (a majority of the board) Shares listed on the ASX Can be owned by any investor, subject to 10% ownership limit (currently 60,448 B Class shareholders) Entitled to receive dividends Entitled to elect up to 4 of 12 Directors over time 15% of issued capital owned by Institutions Dual Class Share Ownership Structure

24. 24 Supply Chain & Other Investments  Chartering  AWB Grainflow  Offshore Investments Pool Management Services  Base Fee  Out-Performance Incentive Finance & Risk Management Products  AWB National Pool Payment Options  AWB Basis Pool  AWB riskassist Grain Acquisition & Trading  Grain Contract Acquisition Products  Domestic Trading  Non-Wheat Trading  Global Operations - Geneva Grain Technology  Agrifood Technology  AWB Seeds  Research & Development AWB Business Streams

25. 25 Ring fence of National Pool operations Ring fence structure to be effective from 1 October 2003 Ratings expected post 1 October 2003 -AWB Harvest Finance  S&P: A1+ (s/t) AA- (l/t) stable  Moodys: P-1 -AWB Commercial Subsidiaries  S&P: BBB stable outlook

26. 26 Capital requirements going forward Level of capital required to support future growth plans No major capital expenditure for 2003-04 Expected maintenance capital expenditure of approximately $20-$30m per annum (to 2005-06)

27. 27 Appendix 2 : Landmark’s Business

28. 28 Overview of Landmark Landmark is Australia ’ s leading rural distribution network with national coverage and significant growth opportunities Largest merchandise and fertiliser distribution business in Australia Well diversified earnings base across regions, agricultural commodities and business activities High growth finance business that can be further leveraged by AWB Strong insurance agency business Extensive branch network throughout regional Australia with 430 outlets and over 100,000 customers Lower risk agency model relative to peers Experienced management team which has presided over previous successful acquisitions and significant earnings growth

29. 29 Mercha- ndise $1.1b Sales 430 outlets 1,890 employees Livestock 1.9m Cattle 11m Sheep Wool 500k bales Real Estate $730m sales Fertiliser 1.2m tonnes Finance $815m book Insurance $119m premium 100,000 customers Landmark: a snapshot

30. 30 WoolLivestock Landmark handles approximately 25% of the National Wool Clip (600,000 bales) Provides traditional broking / auction selling services as well as a comprehensive range of Risk Management products 50% interest in Australian Wool Handlers (with BWK), 40% interest in Arcadia Not involved in any downstream processing Handles approximately 20% of livestock trading in Australia Provides saleyard auction services and private treaty services for livestock producers Supplies processors, supermarket chains, lot feeders and live export markets Landmark do not own feedlots or abattoirs Overview of Landmark by business unit

31. 31 Real EstateInsurance Markets large rural properties, residential real estate (regional towns) and clearing sales in country areas throughout Australia Real estate sales of in excess of A$700 million in 2003 Landmark offers a range of insurance cover options for rural businesses and households Landmark acts as an agent for WFI and CGU The current arrangements with WFI and CGU will remain in place Overview of Landmark by business unit

32. 32 Supplies a broad range of agricultural inputs, including agricultural chemicals and veterinary products, to all major agricultural sectors Distributed via 230 company owned branches, 50 franchises and 150 members (ie non-Landmark merchandise stores) Provides agronomic advice for cropping, pasture and cotton enterprises Merchandise Network characteristics BranchCore regional town, full service FranchiseSmaller regional town with committed local operator MemberWholesale supply, may be branded or non-branded Overview of Landmark by business unit

33. 33 Fertiliser Finance Acts as an agent for CSBP (owned by Wesfarmers) and others in WA; IncitecPivot and Hi-Fert on the east coast Landmark provides a range of financial products for rural producers including seasonal and term loans, term deposits, cheque accounts and credit cards Acts as an agent for Rabobank and receives a proportion of the net interest on each loan and a share of a ‘bonus pool’ (precise earning arrangements are yet to be determined) Landmark is responsible for loan approvals, however there is one Rabobank credit manager in the Landmark credit team Landmark still ‘owns’ the client 50 Rural Finance Managers located throughout Australia Overview of Landmark by business unit

34. 34 Other Sales and Gross Profit are derived from the following businesses Other Big NAnhydrous ammonia distribution 75% of other income JRT2 Cartage of sugar cane, fertiliser and merchandise Other Interest margin on Deposit Notes and debtors, rent recovery and car sales 25% of other income Overview of Landmark by business unit

35. 35 www.awb.com.au For more information contact: Delphine Cassidy Head of Investor Relations T: +61 3 9209 2404 F: +61 3 9670 1723 E: dcassidy@awb.com.au