1. Investor Presentation December 2005

2. 2003 1840 1914 1999Privatised 2001 1993 1985 1984 Frederick Dalgety began servicing farmers in western Victoria; the well known Dalgety business eventually covered all States 1950 2003 Landmark acquisition 2001 Listed on ASX - Wheat Industry Fund converted to B class shares - A class shares issued to wheat growers - Government guarantee of AWB borrowings removed 1998Corporatised Domestic market deregulated and Wheat Industry Fund established 1989 Australian Wheat Board established as a statutory authority 1939 1915Australian Wheat Board created during World War I AWB acquired Landmark from WES WES acquired IAMA, merged it with Wesfarmers Dalgety to form Wesfarmers Landmark WES acquired Dalgety Farmers, merged it with Wesfarmers Rural to form Wesfarmers Landmark Wesfarmers Rural expands to eastern states The Cooperative listed on ASX as Wesfarmers Limited (WES) The Cooperative diversified with a rural focus Westralian Farmers Cooperative established Australia’s leading agribusiness

3. AWB – a snapshot… AWB Limited (AWB) is Australia’s leading agribusiness and one of the world’s largest wheat managing and marketing companies. Having evolved from the Australian Wheat Board, which operated as a government statutory marketing authority for 60 years, AWB is now a listed, S&P/ASX 100 Australian company. AWB markets wheat to more than 50 countries With the acquisition of Landmark, AWB now offers a unique one-stop shop for Australian farmers, providing finance and risk management solutions across a wide range of agricultural enterprises Australian footprint includes more than 430 outlets across Australia with a spread of more than 2,700 employees reaching about 100,000 farmers Market capitalisation of over $1.8 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

4. Acquired Landmark in August 2003 for around $825 million enterprise value: Integration of Landmark 100% complete Cumulative EBIT enhancements for 2003/04 and 2004/05 of $24.5 million aligned with $20 - $25 million target. 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 What we’ve achieved

5. 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 Merch $1.2b sales What we are today

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

7. 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 and real estate 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

8. 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 Storage period Price per service Business characteristics (cont.)

9. Our scorecard to date *Before significant items Return on equityNPAT* & production volume EPS* & dividend Share price since listing

10. AWB Strategy

11. Looking forward… AWB’s strategy is to be Australia’s leading agribusiness through becoming the ‘business partner of choice’ for primary producers and end customers Execution of this vision will enable AWB to deliver its financial objectives of: –Strengthening core business. –Growing and diversifying to improve the quality of the earnings and reducing the share of ‘Pool’ based earnings.

12. A solid foundation to our strategy Rural Services Commodity Management Financial Services People and Capability AWB’s overarching goal is to implement an Integrated Business Model... In the medium term, AWB expects to be less reliant on Pool related earnings.

13. Leading position in Australian rural services Australia’s leading global commodity management business Leading rural financial services and insurance provider 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 Fertiliser and merchandise are the main areas targeted for growth Cross selling Leverage buying power in the network Improve merchandise and supply chain effectiveness Three growth areas…

14. Key financial targets 2003200420053 year target EPS (cps)* 16.839.143.5 continual growth ROE (%)* 5.413.613.815 Dividend (cps) 25 29 stable dividend *Before significant items & amortisation of goodwill and software Diversification has made shareholder return less dependent on season downturns

15. Financial Performance Year ended 30 September 2005

16. NPAT before significant items ($m) Production tonnes (m) NPAT before significant items ($m) 2nd Half NPAT before significant items ($m) 1st Half Production (million tonnes) Diversification pays dividends Financial result – year ended 30 September ($m) 20042005Change (%) PBTA184.9184.5(0.2) NPAT before significant items96.9115.319 Reported NPAT96.9157.162.1

17. Financial highlights from the year AWB demonstrated the effectiveness of its diversification strategy and delivered profit before tax, sale of Futuris shares and amortisation (PBTA) of $184.5 million compared with $184.9 million in the pcp. First time AWB has increased its year on year NPAT (before significant items) when it has received lower year on year wheat volumes. Reported NPAT up 62% on the pcp to $157.1 million. (including the profit on sale of investment in FCL). NPAT before significant items was $115.3 million, up 19% compared to $96.9 million in the pcp. Reported EPS was up 59% to 45.7 cents per share. Final dividend has increased to 13 cents per share fully franked, bringing the total full year dividend to 29 cps, up 16%. Landmark integration targets of $24.5 million achieved since acquisition, against a target of $20-25 million. Landmark, Finance & Risk Management and Pool Management Services all demonstrated strong year on year growth.

18. Significant developments during the year The Landmark lending book continued its growth to over $1.5 billion, up 41% on the pcp. AWB maintained its leadership position in the harvest finance market with the AWB harvest loan book peaking at $1.1 billion. Deposits increased from $254m to $550m. AWB Group developed its own funding vehicle ‘Rural Trust’ - providing the platform for Landmark loan book growth and strengthened position in agri- finance market. Expansion of international trading in Geneva. Indian trading operations commenced. Establishment of strategic partnership in fertiliser with Elders and WMC Resources (now BHP Billiton), including the acquisition of 33% of Hi-Fert. Pool Management launched their ‘Shaping the Future’ strategy to strengthen their competitiveness in the international wheat market. New offices were opened in Singapore and Beijing. Positioned to move forward with a more integrated business model.

19. EBIT summary

20. Pool Management Services Pool Management Services contributed an EBIT of $36.3m for the full year, a 11% lift on the pcp. 20mt managed through the 2003/04 Pool and 14.6mt tonnes through the 2004/05 Pool. Total base fee for the 2003/04 Pool was $63.5m. 90% of the base fee for the 2004/05 Pool is now recognised, providing revenue of $58.6m. Costs allocated to Pool Management Services up 3% on the pcp, mainly due to expansion of AWB’s Asian office network and investment in technology and systems. Base fee has been de-linked from Pool value and fixed to the cost of providing services to the Pool. The Out Performance Incentive (OPI) structure is now divided into two tiers. Full Year Ended 30 September ($m) 20042005Change Revenue95.2100.96% EBITDA32.636.311% Depreciation and amortisation 0.0 0% EBIT32.636.311% EBITDA – Pool Management Services EBITDA $m

21. Grain Acquisition & Trading contributed EBIT of $75.9m, 26% below the pcp, attributed mainly to adverse conditions in the Australian grain trading operations. Expanding international trading business continued to provide favourable trading results and remains a strong platform for the Group. Chartering continued to perform well through trading freight forward agreements (FFA’s) within predetermined limits. More difficult trading and seasonal conditions reduced the contribution from Australian Trading. Livestock trading experienced favourable margins in buoyant market conditions and traded over 65,000 of cattle. Grain Acquisition & Trading Full Year Ended 30 September ($m) 20042005Change Revenue2207.22348.46% EBITDA104.777.9-26% Depreciation and amortisation 1.92.00% EBIT102.875.9-26% EBITDA – Grain Acquisition & Trading EBITDA $m

22. Supply Chain & Other Investments Full Year Ended 30 September ($m) 20042005Change Revenue108.876.6-30% EBITDA14.56.7-54% Depreciation and amortisation 12.713.20% EBIT1.8(6.5)> -100% Supply Chain & Other Investments incurred an EBIT loss of $6.5m for the year, compared to $1.8m profit in the pcp. Grain Centres experienced competitive pressures and difficult seasonal conditions. Receivals of over 1.3m tonnes were down from over 1.8m tonnes in the pcp. Melbourne Port Terminal (MPT) and overseas investments overall contribution remained steady. MPT’s contribution to the Group decreased compared to the pcp, primarily due to lower throughput volumes for the year. Overseas investments maintained their EBIT contributions at a comparable level to the previous year. EBITDA $m EBITDA – Supply Chain & Other Investments

23. Finance & Risk Management Products The EBIT contribution from Finance & Risk Management Products was $36.3m for the year, 15% higher than the pcp. AWB’s Harvest Finance market share remains stable, reflecting AWB’s extensive industry expertise. The contribution from Harvest Finance products decreased compared to the pcp mainly due to lower wheat prices and production. AWB’s Risk Management business performed well, mainly attributable to increased activity from the OTC desk in the Portland office. Strong contribution from Treasury Management. Full Year Ended 30 September ($m) 20042005Change Revenue1284.2701.6-45% EBITDA31.736.315% Depreciation and amortisation 0.0 0% EBIT31.736.315% EBITDA $m EBITDA – Finance & Risk Management Products

24. Landmark Landmark contributed an EBIT of $81.3m for the year, 6% higher than the pcp. Merchandise and fertiliser sales increased by 3% compared with the pcp. Livestock gross profit was comparable to the pcp. Higher cattle prices offset by reduced volumes and lower sheep prices offset by higher volumes. Real Estate sales increased by 5% on the pcp. Increase in prices driven by excellent demand for prime rural property. Wool gross profit was down by 7% on the pcp, primarily due to a reduction in wool prices and a reduction in volumes. Finance gross profit increased on the pcp. 41% increase in the loan book to a balance of $1.6b. Interest bearing deposits increased 86% to $550m. Insurance gross profit increased compared with the pcp. Full Year Ended 30 September ($m) 20042005Change Revenue1646.21682.62% EBITDA93.094.31% Depreciation and amortisation 16.313.00% EBIT76.781.36% EBITDA $m EBITDA – Landmark

25. Corporate Items Corporate division contributed an EBIT expense of $51.4m, compared with a $67.4m expense in the pcp. Decrease in Corporate overheads mainly due to non-recurring integration and restructuring costs associated with Landmark acquisition incurred in the pcp. Full Year Ended 30 September ($m) 20042005Change Revenue3.0246.4> 100% EBITDA(15.1)(0.3)-98% Depreciation and amortisation 52.351.1-2% EBIT(67.4)(51.4)-24% EBITDA $m EBITDA – Corporate Items 2002200320042005

26. Outlook

27. Outlook – Commodity Management AWB’s 2005/06 forecast for domestic wheat production is 23-25m tonnes World wheat production in 2005/06 is estimated to be around 608m tonnes, around 17m tonnes less than the previous season. Global wheat consumption will continue to increase and remain ahead of world production (2005/06 consumption forecast is 619mt) AUD is expected to weaken against the US into late 2005 and early 2006 Continued offshore expansion within the Group is expected. 440 490 540 590 640 92/9393/9494/9595/9696/9797/9898/9999/00 2000/012001/022002/032003/042004/05 2005/06F Tonnes (million) World ProductionWorld Consumption World Wheat Production & Consumption

28. Outlook – Financial Services Landmark remains a genuine alternative to the banks, with complete lending solutions offered through the Group’s recently established ‘Rural Trust.’ Lending growth for the last year was well above the industry trend and that growth is expected to continue going forward.

29. Outlook – Rural Services Australian beef exports remain strong and are still benefiting from the absence of US and Canadian beef exporters in our traditional markets. Some potential for softening of livestock prices when the US regains market access into the Korean and Japanese markets. Merchandise and fertiliser looks promising with good seasonal conditions also supported by Landmark business set to benefit from synergy benefits. In the Real Estate market, property prices are expected to ease after a strong two years. Wool prices are expected to remain flat in the short term, as they remain highly sensitive to the AUD/USD exchange rate.

30. Outlook – AWB Group profit for 2006  AWB is expecting pre tax profits to be around 10% higher than this year’s PBTA of $184.5 million, subject to normal seasonal and operating conditions.  A more robust business platform and improvements in key market drivers will support the lift.

31. For more information contact: Delphine Cassidy Head of Investor Relations Ph: +61 3 9209 2404 Email: dcassidy@awb.com.au www.awb.com.au

32. Supplementary information

33. Landmark – our acquisition

34. Landmark back office integration complete 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”

35. Canada Production 25.5 25.86 23.5 Exports 16.0 15.0 15.8 USA Production 57.11 58.7 63.8 Exports 27.22 28.6 31.6 European Union 25 Production 122.7 136.7 106.9 Exports 14.5 13.5 10.93 Australia Production 22.5 21.5 26.2 Exports 16.0 14.8 18.03 Argentina Production 12.1 16.0 14.0 Exports 6.8 10.5 9.4 2004/05* 2003/04* 2002/03 (mmt) * 2003/04 & 2004/05 – forecast Source: USDA Major Exporters

36. Ukraine Production 19.0 17.5 3.6 Exports 5.5 3.8 0.07 Russia Production 48.0 45.3 34.1 Exports 10.0 6.0 3.1 Pakistan Production 20.0 19.0 19.2 Exports 0.05 0.2 Kazakhstan Production 11.0 9.95 11.5 Exports 3.5 3.2 4.5 India Production 72.0 65.1 Exports 0.5 2.0 5.7 * 2003/04 & 2004/05 – forecast Source: USDA China Production 95.0 92.0 86.5 Exports 1.0 1.2 2.82 2004/05* 2003/04* 2002/03 (mmt) Minor Exporters

37. Wheat production in Australia