2005 Full Year Results Presentation

1. 2005 Full Year Results Presentation Wednesday, 23 November 2005

2. Content • Full year review and highlights (Andrew Lindberg) • Financial performance (Paul Ingleby) • Strategy and outlook (Andrew Lindberg)

3. Full year review and highlights Andrew Lindberg Managing Director, AWB Limited

4. NPAT before significant items ($m) 2nd Half NPAT before significant items ($m) 1st Half Production (million tonnes) Diversification pays dividends NPAT before significantitems ($m) Production tonnes (m)

5. 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.

6. 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.

7. EBIT summary

8. Our scorecard to date *Before significant items & amortisation of goodwill and software Diversification has made shareholder return less dependent on season downturns

9. Financial Performance Business Streams Paul Ingleby Chief Financial Officer, AWB Limited

10. Statement of financial performance

11. Pool Management Services EBITDA – 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. EBITDA $m

12. Grain Acquisition & Trading EBITDA – Grain Acquisition & Trading • 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. EBITDA $m

13. Supply Chain & Other Investments EBITDA – Supply Chain & Other Investments • 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

14. Finance & Risk Management Products EBITDA – 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. EBITDA $m

15. Landmark EBITDA – 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. EBITDA $m

16. 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. Corporate Items EBITDA – Corporate Items EBITDA $m 2002 2003 2004 2005

17. Financial performanceAWB Group

18. Statement of financial position

19. Cashflow *property, plant & equipment

20. Capital expenditure

21. IFRS Update

22. A-IFRS impact • First A-IFRS compliant reporting will be 31 March 2006 • Project to manage transition has been completed and remaining tasks have been transferred to existing functional areas • AWB expects to fully comply • Major impacts: • Goodwill amortisation replaced by impairment testing • Grain centres reduced carrying value on transition • Expense share based payments • No hedge accounting for derivatives • Grain trading inventory at fair value

23. A-IFRS Analysis - High Impact

24. A-IFRS financial impact

25. Strategy and outlook Andrew Lindberg Managing Director, AWB Limited

26. Landmark back office integration complete Integrated Business Model “generating new revenue growth opportunities” Integration 1. Customer Management 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 2. Product Development New products and bundles being developed incorporating products from across Landmark and AWB range to better meet our customers needs 3. Channel Strategy Channel management to optimise AWB-Landmark’s combined distribution network

27. 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.

28. Looking forward… Rural Services People and Capability Commodity Management Financial Services • 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 substantial growth in the following three segments:

29. How will we achieve our financial objectives? Diversification into select profitable segments (eg livestock, other origin grains) and niche assets. Expansion and diversification of the international trading network. What we’ve done this year… Our international presence has continued to grow with the recent opening of an AWB office in New Delhi. Livestock trading is now fully integrated into the AWB Group. Commodity Management

30. How will we achieve our financial objectives? Growing the lending and insurance business. Moving into selected new products and services. What we’ve done this year… Developed our own funding vehicle ‘Rural Trust’ for the lending business. Recently launched a new set of price risk management products. Released new harvest finance products. Financial Services

31. 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 done this year… Established strategic partnership in Fertiliser, including the acquisition of 33% of Hi-Fert. Further growth targeted in the rural residential sector. Landmark back office integration completed, focus now on implementation of the integrated business model. Rural Services

32. 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. 640 Outlook – Commodity Management 590 Tonnes (million) 540 490 440 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06F World Production World Consumption World Wheat Production & Consumption

33. 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.

34. 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.

35. 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.

36. Questions

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