Andrew Lindberg Managing Director & Chief Executive 10 April 2002

1. UBSW Emerging Companies Conference Andrew LindbergManaging Director & Chief Executive10 April 2002

2. Overview • Highlights for the first half of 2002 • Business Operations • Business Drivers • Growth Strategy • Challenges & Opportunities • Full Year Outlook

3. Highlights – firsthalf 2002

4. Highlights – first half 2002 • Wheat crop exceeded expectations > 24 million tonnes • Near record pool prices • Continued strong earnings from our trading, finance and risk management areas • Growth in our pool management and chartering business • Rail freight agreement signed with FreightCorp • JV signed with Syngenta for wheat breeding

5. Business Operations

6. Pool management services • The national pool represents about 80% of total wheat produced in Australia • Aggregate and internationally market pooled wheat • The national pool is operated by AWB International (AWBI). AWB provides services to enable AWBI to operate the pool and in return receives payments for these services • 2002 wheat tonnes for export >18million • 2002 Gross Pool Value >$4.5 billion OUTLOOK • New performance-based fee model, which will reward AWB on a commercial basis from 2001/02 • Increased earnings for pool management services in 2001/02 • 2002/03 Australian wheat planting forecast to be > 2001/02

7. Grain acquisition and trading • Contract acquisition products • Suite of comprehensive pre-harvest contract products including Multi V • Domestic trading • Buying for cash and delivering to domestic customers • Buying for cash and delivering to the National Pool • Non wheat exports OUTLOOK • Strong earnings for grain acquisition and trading in 2001/02 • Implementation of new contract acquisition products for 2002/03 harvest • Increase grains under management

8. Supply chain and other investments • Chartering • Agent of chartering services to the national pool, shipping consolidation services, and trading of shipping capacity • Domestic investments • 7 grain centres and Melbourne Port Terminal • Overseas investments • Flour and feed milling investments in Egypt, Vietnam and China • Grain importing investment in Japan OUTLOOK • Continue to invest in supply chain and other investments • Increased earnings for supply chain and other investments in 2001/02

9. Finance and risk management products • Provision of limited recourse finance secured against a grower’s wheat delivery to an AWB managed pool • Provision of risk management products (effectively derivatives that manage pool risk exposures and cash flows) that allow growers to tailor their risk exposure • Products include: Harvest loans and underwriting, Basis Pool, and Riskassist OUTLOOK • Major new products to be launched in 2002 that offer more flexible and competitive range of financial and risk management options to growers • Similar to 2000/01 earnings

10. Grain technology • Primary role is the development of a proprietary position for AWB in plant genetics and new cereal varieties • Agrifood Technology, AWB Seeds, and AWB Research OUTLOOK • Joint venture with world leading life science company, Syngenta, to develop new wheat varieties • Expectation for breakeven in 2 to 3 years

11. Business Operations $million 120 (9.7) +11.1 (17.6) (2.2) +39.6 105 90 83.7 75 (0.8) 63.3 60 45 30 15 0 2000 Pool Mgt Services Grain Acquisition & Trading Grain Tech Supply Chain & Other Invest. Finance & Risk Mgt Other (interest, tax & corporate) 2001

12. Dividends and Earnings Earnings per share Dividends per share (c) (c) 34.1c 22c 22c 26.2c Capital expenditure Return on equity ($m) (%) 60.0 ($m) 58.1 ($m) 12.8% 10.1% 35.8 ($m)

13. Business Drivers

14. Business Drivers • Australian wheat production • Global wheat production and consumption • Wheat price performance against benchmarks • Trading volumes and margins • Chartering volumes and margins • Tonnage delivered to finance and risk products • Supply chain volume and margins • Interest margins

15. Australian wheat production mt Trendline Production Production forecasts & projections Source: ABARE March 2002 (f) = ABARE forecast (z) = ABARE Projection

16. Global wheat production & consumption mt Production Production forecasts Consumption Source: Economic Research Service, USDA March 2001 & ABARE March 2002 (f) = forecasts

17. Wheat production forecast – major producers Source: USDA Jan 2002

18. Growth Strategy

19. Core wheat business AWB 2002 Broadening range & volume of grains under management AWB Future Financial & risk management Processing & branded products Four engines of growth Vision: Grains managed by AWB are the world grains of choice Mission: AWB is a leading integrated global grains manager Objective:Maximise value for growers, customers, and shareholders

20. Challenges & Opportunities

21. Challenges & Opportunities • Grains industry consolidation and increased efficiency • Increased competition in grain accumulation trading • Competition for financial services with banks and other providers • To reduce supply chain costs • Middle East uncertainty • Argentinean economic / political instability • Trade reform

22. Full Year Outlook

23. Full Year Outlook • Strong underlying fundamentals • Close to growth markets in Asia • Strong brand and customers reach • Experienced in competition • Commercial management driving strategy • Strong balance sheet • But still more to do ….

24. Forecast 2002 NPAT for the years ended 30 September 2000 to 2002 $m 100 to 110 20-30% 83.7 63.3

25. Interim Results – 31 March 2002 • 2001/02 half year results released Wednesday 22nd May • Analyst briefing at 2:00pm Wednesday 22nd May • Institutional briefings in Melbourne 23rd May • Institutional briefings in Sydney 24th May

26. For more information contact: Michael Thomas Head of Investor Relations Ph: +61 3 9209 2064 Email: mthomas@awb.com.au www.awb.com.au