1. 2006 Half Year Results Analyst Presentation – 24 May 2006

2. 2 Content Half year review and highlights (Brendan Stewart) Financial performance (Paul Ingleby) Strategy & outlook (Brendan Stewart)

3. 3 Half year review and highlights Brendan Stewart Executive Chairman, AWB Limited

4. 4 Underlying profit & dividend maintained Financial result – half year ended 31 March ($m) 20052006Change (%) Underlying PBTA81.685.65 Underlying NPAT63.360.3(3.0) Reported NPAT105.146.0(59.1) Dividend (cents per share)16 0

5. 5 Business Strategy Growing our core business –Strong out-performance from 2004/05 Pool –20% increase in Landmark loan book to $1.64 billion –Record deliveries into Grain Centres Diversifying our business –AWB Geneva, AWB India and AWB Brazil –‘Rural Trust’ funding vehicle –Strengthened fertiliser position –Joint venture and strategic Dairy Alliance with Fonterra

6. 6 Financial Performance - Business Streams Paul Ingleby Chief Operating Officer / Chief Financial Officer, AWB Limited

7. 7 Statement of financial performance AWB Group Summary ($m) Half Year Ended 31 March 2005 2006 Revenue2622.62623.4 EBITDA117.0112.1 Depreciation & amortisation(26.2)(21.8) EBIT90.890.3 Interest(14.2)(9.7) PBT76.680.6 Tax(13.1)(20.3) Outside equity interest(0.2)(0.0) Underlying NPAT63.360.3 EPS (¢)18.517.4 Significant items after tax41.8(14.3) Reported NPAT105.146.0 EPS (¢)30.613.3 Underlying PBTA: Underlying PBT76.680.6 Add back: Amortisation (goodwill & software)5.0 Underlying PBTA81.685.6

8. 8 EBIT summary 90.8 4.3 1.3 5.9 0.9 7.7 90.3 8.4

9. 9 Pool Management Services Pool Management Services contributed an EBIT of $19.8 million for the half, a 74% uplift on the pcp. Revenue growth of 14% over the pcp was due to strong out-performance result achieved for the 2004/05 Pool. Final 20% of the 2004/05 out-performance incentive brought to account this half. 2004/05 Pool finalised in May 2006 – total base fee was $65.1 million. 45% of base fee for 2005/06 Pool received this half, providing revenue of $30 million. Costs allocated to Pool Management Services comparable to the pcp. Half Year Ended 31 March ($m) 20052006Change Revenue42.251.021% EBITDA11.419.874% Depreciation and amortisation0.0 0% EBIT11.419.874% EBITDA – Pool Management Services EBITDA $m

10. 10 Grain Acquisition & Trading Grain Acquisition & Trading contributed EBIT of $34.5 million, 4% up on the pcp. AWB’s international trading activities continued to provide strong earnings for the Group. Chartering continued to perform strongly in a less volatile freight market. Restrained local trading conditions in a lower priced environment reduced the contribution from domestic operations. Half Year Ended 31 March ($m) 20052006Change Revenue1,272.91,114.3-12% EBITDA34.235.02% Depreciation and amortisation(1.0)(0.5)48% EBIT33.234.54% EBITDA – Grain Acquisition & Trading EBITDA $m

11. 11 Supply Chain & Other Investments Supply Chain & Other Investments contributed $3.1 million for the period, significantly higher than the $1.2 million expense in the pcp. Grain Centre receivals were at record levels, with 1.9 million tonnes delivered during 2004/05 harvest, up 46% on the pcp. Melbourne Port Terminal’s (MPT) overall contribution reduced on the pcp, while overseas investments remained steady. MPT experienced lower throughput volumes due to decreased 2004/05 crop size and slow early shipping program for 2005/06 crop. Half Year Ended 31 March ($m) 20052006Change Revenue46.448.34% EBITDA4.08.3107% Depreciation and amortisation(5.2) 0% EBIT(1.2)3.1362% EBITDA – Supply Chain & Other Investments EBITDA $m

12. 12 Finance & Risk Management Products $14.1 million EBIT contribution from Finance & Risk Management Products, compared with $21.8 million in the pcp. Contribution from Harvest Finance increased 4% on pcp due to higher levels of wheat production and improved portfolio management. Harvest Finance loan book peaked at $1.3 billion, up 18% on the pcp. Lower than forecast earnings from OTC desk in Portland, USA, was main contributor to reduced result this half. Risk Assist performed strongly. Half Year Ended 31 March ($m) 20052006Change Revenue462.8610.732% EBITDA21.814.1-35% Depreciation and amortisation0.0 0% EBIT21.814.1-35% EBITDA – Finance & Risk Management Products EBITDA $m

13. 13 Landmark Landmark EBIT down by $5.9 million on pcp to $28.6 million. –Other income in pcp included one-off items (approximately $5 million) such as sale and leaseback of motor vehicles. –Enhanced staff levels in targeted growth activities and through acquisition and integration activities. Merchandise and fertiliser sales increased by 5% on the pcp. Livestock profitability marginally down on pcp. Real Estate profitability down on the pcp. Strong result from Wool – profitability up 24%. Finance gross profit increased by 25%. Insurance increases Gross Written Premiums by 10%. Investments – decreased contribution with Hi-Fert operational losses in first quarter. Half Year Ended 31 March ($m) 20052006Change Revenue710.7778.09% EBITDA42.633.2-22% Depreciation and amortisation(8.1)(4.6) 43% EBIT34.528.6-17% EBITDA – Landmark EBITDA $m

14. 14 Corporate Items Corporate division contributed an EBIT expense of $9.8 million, compared with $8.9 million in the pcp. Result is consistent with the pcp; lower overheads offset by lower miscellaneous revenue items. Result excludes costs associated with Cole inquiry which are included in significant items. Depreciation and amortisation includes amortisation of software associated with acquisition of Landmark of $5.0 million (pcp: $5.0 million) Half Year Ended 31 March ($m) 20052006Change Revenue87.620.5-77% EBITDA3.01.70% Depreciation and amortisation(12.0)(11.5)4% EBIT(8.9)(9.8)-10% EBITDA – Corporate Items EBITDA $m

15. 15 Financial Performance – AWB Group

16. 16 Statement of financial position 30 September31 March ($m)20052006 Cash54.234.8 Working Capital Items625.2768.1 Landmark Lending (incl Rural Trust)0.01,626.9 Grower Loan Receivables410.9813.8 Advanced & Deferred Payment Products167.0445.9 Finance Options577.92,886.6 Investments & Available for Sale Assets69.5102.2 Intangible Assets566.0562.4 Property, Plant, and Equipment202.6195.9 Short Term Deposits393.2264.5 Interest Bearing Deposits (Landmark) (535.4) (505.0) Deposits - AWB National Pools (565.9) (672.5) Bank Loans (257.3) (2,474.0) Net Debt (965.4) (3,387.0) Net Assets1,130.01,163.0 Shareholders' Equity1,130.01,163.0

17. 17 Cashflow Half Year Ended 31 March ($m)20052006 Profit before tax131.861.3 Add: depreciation & amortisation26.221.8 Less: profit on sale of n/c assets (58.4) (1.3) Add: other non-cash items8.414.1 108.095.9 Increase in working capital balances (313.2) (142.9) Finance options (184.8) (708.9) Income taxes paid (net) (42.9) (21.4) Cash flows from operating activities (432.9) (777.3) Payments for pp&e (net) (0.1) (5.5) Proceeds from / (purchases of) investments (net)151.7 (10.0) Payments for intangible assets (net) (1.5) (11.3) Purchase of loan book0.0 (1,599.8) Proceeds / (placements) of short term deposits (50.0)128.8 Cash flows from investing activities100.1 (1,497.8) Proceeds from issues of shares8.38.0 Net increase in interest bearing liabilities350.12,292.8 Dividends paid (38.0) (45.1) Cash flows from financing activities320.42,255.7 Net increase / (decrease) in cash held (12.4) (19.4)

18. 18 Capital expenditure & Intangibles *excludes goodwill and software amortisation ($m)Half Year Ended 31 MarchChange 20052006% PP&E: Grain Centres construction5.02.4 -52 System development & other property, plant & equipment17.46.9 -60 New building costs0.0 0 Total22.49.3-58.5 Intangibles: Software development 1.52.2 47 Other Intangibles 0.09.1 n/a Total1.511.3653.3 Depreciation and amortisation * (26.2) (21.8) -16.8

19. 19 Strategy & Outlook Brendan Stewart Executive Chairman, AWB Limited

20. 20 Strategy 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 objective of: »Strengthening core business. »Growing and diversifying to improve the quality of earnings and reducing the share of ‘Pool’ based earnings. In the medium term, AWB expects to be less reliant on Pool and Pool related earnings. AWB will achieve its financial objectives by working towards growth in the following three segments: 1)Commodity Management 2)Financial Services 3)Rural Services

21. 21 Commodity Management How will we achieve our financial objectives? Diversification into select profitable segments (eg other origin grains) and niche assets. Expansion and diversification of the international trading network. What we’ve delivered in the first half… Grain Centre receivals at record levels, 1.9 million tonnes received during the 2005/06 winter crop, up 0.6 million tonnes on 2004/05. AWB’s International Trading business remains a strong contributor, led by AWB (Geneva), and more recently India. Outlook… AWB’s forecast for domestic wheat production for 2006/07 is 23 to 25 million tonnes. World wheat production forecast to reach 600 million tonnes for 2006/07, 3% lower than previous year. Global ending stocks for 2006/07 season projected to be lowest in 25 years, based on lower world production. World wheat consumption forecast to fall 2% despite expected increased demand from India. International activities continue to provide strong revenue platform.

22. 22 Expanding AWB’s international presence AWB (Geneva) remains a strong revenue platform for the AWB Group. AWB (India), established in 2005, is on track to deliver a strong profit contribution in 2006 and is well positioned for further growth. AWB (Brazil) is expected to be operational by June 2006. –Brazil is an emerging agricultural market and has a dominant position across many commodities. –AWB (Brazil) will trade local and export markets and will compliment AWB’s operations in Geneva and India.

23. 23 Financial Services How will we achieve our financial objectives? Growing the lending and insurance business. Moving into selected new financial products and services. What we’ve delivered in the first half… Rabobank’s $1.58 billion ‘Landmark managed’ loan book purchased. ‘Rural Trust’ funding vehicle implemented. New range of Landmark lending products launched – strong demand seen. Landmark lending book grew over 28% on pcp to $1.6 billion. AWB harvest finance loan book peaked at $1.3 billion, up 18% on the pcp. Outlook… Strong competition exists in both the finance and insurance industries across rural Australia. Despite this, growth has been strong and is expected to continue for the remainder of 2006. ‘Rural Trust’ loan book experiencing solid growth – attributed to the success of recently launched lending solutions and the knowledge and expertise held by specialised staff.

24. 24 Rural Services How will we achieve our financial objectives? Optimising network operations. Growing merchandise, fertiliser and real estate. Retaining market share and managing profitability in livestock and wool. What we’ve delivered in the first half… Landmark strengthened its fertiliser position, following ELF Australia acquisition of BHP Billiton’s 33% shareholding in Hi- Fert. Landmark successfully completed a fertiliser supply agreement with Incitec Pivot. Landmark’s urban growth strategy delivered results, with an increased presence in Western Australia. Outlook… Cattle prices modestly weaker over coming months due to strengthening AUD. Strong lamb prices expected to continue throughout 2006. Australian beef exports continue to benefit from absence of US and Canadian exporters in traditional markets. Merchandise and Fertiliser business looks positive with improved margins expected in second half of 2006. Rural property market expected to remain flat with slight downturn. Wool prices expected to continue decline - lack of global demand.

25. 25 Landmark Fonterra Joint Venture Joint Venture with a global dairy leader providing further geographical earnings to the Landmark base Landmark investment of NZ$35-$45m EPS positive year 1 Timely entry into the NZ market with strong platform for future growth Strengthens Landmarks dairy profile and capability in Australia Furthers Landmark’s commitment to maintaining its leading position in Australian rural services and follows on from the successful Hi-Fert fertiliser and Growmart (horticulture) investments. Joint Venture AustraliaNZ 50% investment in RD1 Business well positioned for growth through introduction of agency services being livestock, real estate, financial services, insurance and real estate Exclusive Dairy Alliance Landmark to leverage Fonterra expertise in growing dairy market share Through Landmark stores Fonterra to promote its regional profile Fonterra has 2,000 Australian milk suppliers 100% owned rural services subsidiary National network of 51 stores 360 staff $NZ 400m in annual revenue Key customer interface for wider Fonterra Group in NZ

26. 26 AWB Group profit - 2006 As stated at February AGM, forecast for 2006 underlying PBTA similar to 2005 underlying PBTA, subject to normal seasonal and operating conditions As previously indicated, reported earnings to be impacted by following significant items: Hi-Fert acquisition benefit Costs associated with the Cole inquiry Redundancies and restructuring A-IFRS transition adjustments

27. 27 Looking forward StabiliseGrowRestore January 2006Next 6 – 24 months24 months onwards

28. Questions

29. 29 Additional Information

30. 30 IFRS update

31. 31 A-IFRS impact The half-year ended 31 March 2006 is AWB’s first A-IFRS compliant reporting period. Prior comparative period data has been restated with the exception of financial instruments (AASBs 132 and 139) Major impacts: –Goodwill amortisation was replaced by impairment testing. The written down value of goodwill as at 30 September 2004 remains on balance sheet –Grain centre carrying value was reduced on transition with reduced depreciation from 2005 onwards –Expense share based payments –Grain trading inventory at fair value –Full profit and loss for all derivatives with a 2006 opening equity adjustment given no restatement of comparatives for financial instruments –Tax impacts largely confined to balance sheet, exception is the tax effect of reduced depreciation

32. 32 A-IFRS Analysis – High Impact AASB RefDescriptionImpact AASB 1First Time adoption – elections available Grain centre plant and equipment at fair value (see also AASB 136). Use of discounted expected future cash flows from grain centre assets resulted in recognition of a lower carrying value with a consequent lower depreciation expense. 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 paymentsFair value of executive performance rights with 4 year amortisation period. Other schemes expensed as incurred except loans. Loan schemes recognised as a financial asset – amortised cost using effective interest. AASB 136Goodwill impairment testing30 September 2004 carrying value supported by impairment testing at 31 March 2005. 2005 amortisation entries have been reversed for A-IFRS comparatives. AASB 139Grain Acquisition and Trading Financial Instruments No hedge accounting sought given onerous documentation and transaction matching requirements. All trading activities recognised at fair value with gains and losses recognised in P&L. AASB 102InventoriesFull P&L for trading businesses as inventory standard is not applicable to commodity traders (fair value less costs to sell permitted). Landmark inventory remains lower of cost or net realisable value. AASB 139Available for Sale Financial Assets Investments and memberships previously recognised at cost are now recognised at fair value with gains and losses recognised in reserves (no P&L impact).

33. 33 A-IFRS March 2005 High Impact ($) March 2005 Impact$'000 Share Based PaymentsNegative Increase in operating expenses2,098 Reduction in opening equity226 Increase in equity reserves2,324 Fair value of grain trading inventoryPositive Increase in revenue1,318 Increase in inventory1,318 Business CombinationsPositive Reduction in operating expenses13,595 Increase in intangible assets13,595 Property, Plant and EquipmentNegative Reduction in P, P&E30,658 Reduction in opening equity30,658 Reduction in depreciation expense1,363

34. 34 A-IFRS Financial Instruments Impact 1 October 2005 Impact$'000 Recognise derivatives at fair valuePositive Increase in financial assets30,824 Increase in deferred tax liability8,429 Increase in equity22,395 Fair value of A-GAAP hedgesNegative Decrease in financial assets13,220 Reduction in deferred tax liability3,966 Reduction in equity9,254 N-C financial assets reclassifiedPositive Increase in available for sale assets8,453 Reduction in non-current financial assets4,230 Increase in deferred tax liability1,267 Increase in equity (reserves)2,956

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