1. 1 ‘The Transformation of AWB’ Andrew Lindberg, Managing Director

2. 2 Volatile trade flows ‘Flat’ global demand Global trade distorted World Wheat Prices Over Time A tough industry: global wheat market realities

3. 3 Australian growers disadvantaged High Exposure To World Price Volatility Unprotected By Subsidies Wheat Producer Subsidy Estimates: 1999-2001 (A$/tonne) Domestic Consumption As % Total Wheat Production: 1995-2000 (%)

4. 4 Global wheat trends Source: USDA, May 2004

5. 5 Australia’s competitive position in the world wheat markets Total wheat production for 2003-04(e) and 2004-05(f) Major exporters – estimated wheat market share for 2004-05(f) Source: USDA, May 2004

6. 6 2001Listed on ASX 1999Privatised 1998Corporatised 1989Domestic market deregulated and Wheat Industry Fund established 1939 Australian 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 AWB Evolution “Shareholders’ equity has grown from around $600 million in 1999 to over $1 billion as at 31 March 2004”.

7. 7 TO… FROM… Australian Wheat Board to AWB Limited a statutory authority government owned and backed wheat marketing authority Market capitalisation: Shares on issue: Shareholder’s equity: Index inclusion: Approx. $1.7 billion 338 million Approx. $1 billion S&P/ASX 100 (75% IWF) public company, listed in August 2001 75% grower owned; 25% institutional investors grain company

8. 8 AWB's success - the 'differentiation' strategy Developing Market Access Developing Market Access Differentiating Products Creating Origin- Specific Demand Developing new markets for higher quality wheat Increased proportion of high quality wheat - without significant price spread decline Strong share in markets with freight advantage Grown or maintained share of stable and high growth markets Improving Productivity Reduced / contained supply chain costs

9. 9 Grain Company to Australia’s Largest Agribusiness 430 outlets 2,500 employees Finance $2.0b loan book $300m on deposit 100,000 customers Real Estate $800m sales Wool 600k bales Livestock 2.0m cattle 11m sheep Fertiliser 1.2m tonnes Merch $1.2b sales Grain company $5-$6b revenue Insurance $120m premium

10. 10 Australia’s leading Agribusiness Primary producer Business partner of choice End use customer Our vision delivered by.. Comprehensive product / service offering managed through an... Grain Marketing and Handling Chartering Risk Manage- ment Financial Services Insurance Merchan- dise AgronomyWoolReal EstateLivestock Integrated Value Chain to ensure that AWB is the… Business Partner of choice Seeds and R&D Farm inputs Domestic Supply Chain Acquisition and Trading Freight Offshore Supply Chain End use demand Milling and Processing The Integrated Business Model

11. 11 AWB Limited Pooling operationsCommercial operations Supply Chain & Other Investments Pool Management Services Finance & Risk Management Grain Acquisition & Trading Grain Technology Landmark Group structure

12. 12 Financial Performance Commercial skills and culture Diversified agribusiness Positive outlook for Australian agriculture AWB is focused on delivering value…

13. 13 QUESTIONS