Paul Ingleby, Chief Financial Officer October 2003

1. Paul Ingleby, Chief Financial Officer October 2003

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

3. “The strategy”

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

5. Milling & Processing International other grains & commodities • End-users Relation-ships Shipping Finance & Risk Mgmt. International wheat Pool Mgmt. Integrated Value Chain Australian other commodities Value adding products and services Acquisition & Trading Supply Chain • Producers Relation-ships Australian other grains Rural Services Agricultural inputs and technology Australian wheat Agricultural Commodities Corporate strategy Vision: “Australia’s leading global manager of agricultural commodity assets, services and flows”

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. “Landmark – the acquisition”

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. 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. 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. AWB and LandmarkIndicative financial position as at acquisition date1 Notes Subject to completion accounts Indicative only, following placement. Does not include equity raisings under the Share Purchase Plan and Dividend Reinvestment Plan

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 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. Funding the acquisition A$250m Underwritten Equity Offer in Three Tranches Placement Share Purchase Plan (SPP) Underwritten Dividend Reinvestment Plan (DRP) Completed Commences next dividend (Dec 2003) Offer mailed out • 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

14. “The growth opportunity”

15. Harvest finance market • Environmentbecoming 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. The opportunity $30b of agribusiness lending in three broad segments ‘Farmers’ ‘Corporations’ Product set Segment ‘B’ 65,000 SME agribusiness customers $20b loans Segment ‘C’ 5,000 Corporate Enterprise $8b loans Finance to all agribusiness Segment ‘A’ 30,000 Grain / Broadacre $2b loans Harvest finance to grain growers Turnover Small <$200k Medium $200k-$1m Large >$1m Source: ABARE, ABS, RBA, APRA, Jun 2002. Neil Clark & Assoc.

17. Competitive opportunities Competitors vary in their primary focus of attention Major Banks Large Rabo Value Proposition #1: Commodity led Value Proposition #2: Finance led Oppor-tunity 1 Regionals • 300 agronomists • Broad product range • Rural distribution • Product bundling • Brand appeal to agribusiness • Balance sheet strength, funding, liquidity capacity • 60 RFM/RFO’s • Understanding of agribusiness risk • Rural distribution • Product bundling • Brand appeal to agribusiness • Balance sheet strength, funding, liquidity capacity Oppor-tunity 2 Landmark ERB Small Low Profitability High

18. Growth in Agribusiness lending $Bn’s 50 10% CAGR 40 30 20 10 0 1997 1998 1999 2000 2001 2002 2003(f) 2004(f) 2005(f) 2006(f) Source: ABARE, ABS, RBA, APRA, Jun 2002. Neil Clark & Assoc., Bank Annual Reports. (f) = forecast

19. “Outlook”

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. Appendix 1 : AWB’s Business

22. Introduction • Australia's major grain marketer and one of theworld'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 financetheir grain • AWB operates and manages the AWB National Pool on behalf of AWB (International) Ltd via the Single Desk system

23. Dual Class Share Ownership Structure

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

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. 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. Appendix 2 : Landmark’s Business

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

30. Overview of Landmark by business unit Wool Livestock • 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 • 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

31. Overview of Landmark by business unit Real Estate Insurance • 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

32. Overview of Landmark by business unit Merchandise • 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

33. Overview of Landmark by business unit 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

34. Overview of Landmark by business unit Other • Other Sales and Gross Profit are derived from the following businesses

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