SIA Presentation Andrew Lindberg Managing Director 6 th June 2002

1. SIA Presentation Andrew Lindberg Managing Director 6th June 2002

2. Overview • Introduction • Highlights & Business Operations • Business Drivers • Platform for Growth • Outlook

3. AWB • Australia's major grain marketer & one of theworld's largest wheat managers and marketers • Markets wheat and other grains to more than 50 countries and is the world's third largest wheat exporter with a 17% global market share • Chosen by most Australian wheat and grain growers to market and finance their grain • Single Desk - exclusive manager and marketer of all Australian bulk wheat exports

4. Evolution 2001 Listed on the ASX 1999 Privatised 1998 Corporatised 1989 Domestic market deregulated and Wheat Industry Fund established Australian Wheat Board established as a statutory authority 1939

5. Highlights (for the 6 months ended 31-Mar-02) • Net profit after tax of $77.1m, up 47% • Total operating revenue of $1.56b, up 20% • Earnings per share of 28.2 cents, up 30% • Fully franked interim dividend of 14 cents per share • Wheat crop exceeded expectations of 24.4 million tonnes • Loan book peaked at $2.1 billion • Pool wheat price at high levels - Gross Pool Value greater than $4.5 billion • Strategic initiatives implemented

6. Business Operations

7. Dividends, Earnings & CapEx (c) (c) 28.2 14.0 14.0 Earnings per share 21.7 Dividends per share 17.3 ($) ($m) 77.1 26.9 NPAT 52.4 Capital Expenditure 41.8 8.7 7.5

8. 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

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

10. International Supply & Demand Prod & Cons (mt) Closing Stocks(mt) • 2002-03 world consumption expected to again exceed world production • 2002-03 carryover stocks forecast to decline further • Production in other majorexporting countries forecast to increase (except the US) • Production from minorexporting countries forecast to be slightly less than 2001-02 2002-03 Global Prod 597mt, Cons 604mt Source: USDA May 2002 & ABARE March 2002 (mt) = million tonnes (f) = ABARE forecast (z) = ABARE Projection

11. Global wheat trade – market shares Based on 2001/02 Other 24% USA 25% EU 9% Australia 17%(12% in 91/92) Canada 15% Argentina 10% Source: USDA April 2002

12. Major Exporting Companies As at May 2001 Cargill / Continental 18% Other 39% AWB 17% Louis Dreyfus 7% *CWB 11% ADM 8% Source: AWB May 2001. * Only 60% of Canadian wheat exports are directly exported via CWB. The balance of Canadian wheat exports are exported via Authorised Exporters of CWB.

13. Platform for Growth Four growth drivers: • To strengthen core wheat business • To broaden the range and volume of grains under AWB management • To expand range of Finance and Risk Management products • To invest in processing and branded products

14. Strengthen core wheat business Strategy • Ensure Single Desk continues to be managed effectively   • Lead in the provision of high quality grains • Reduce costs and improve grower services in the grain supply chain   Competitive Advantage • Australian wheat growers lead the world as highly efficient low cost producers • Enviable quality reputation • Increasing global market share and significant growth

15. Broaden the range and volume of grains under AWB management Strategy • AWB will supply other Australian grains and other origin grains to our international and domestic customers Competitive Advantage • World leading expertise in wheat marketing • Globally competitive system of marketing wheat and managing associated risk • Expertise in commodity risk management • Capability to access and deliver grains of any type and any origin to global customer base • Global sales and distribution network

16. Expand range of Finance and Risk Management products Strategy • Continue to win the business of our existing growers by offering a comprehensive range of products • Launch major new products (with greater flexibility) • Diversify revenue streams • Provide new products and services to end-use customers Competitive Advantage • Relationship with grain growers and understanding of grower needs for innovative finance and risk management products • Existing customer base for AWB products

17. Invest in processing and brandedproducts Strategy • Secure demand and build margin through vertical integration in downstream operations Competitive Advantage • Leveraging existing investments such as Five Star Flour Mill (Egypt) • Access to high quality inputs for various end-use applications • Understanding of key input quality requirements for selected end-use applications • Ability to leverage the supply chain

18. Share price vs S&P / ASX 200 ($) AWB Share Price ASX / S&P 200 Source: UBSW June 2002

19. Outlook • Full year NPAT forecast between $100 to $110 million • 2002-03 earnings predominantly dependent on current plantings of wheat and other grains, and tonnes received by AWB later in the year • ABARE forecast an increase in wheat plantings from prior years (subject to reasonable planting conditions – next ABARE forecast to be released next week) • International wheat prices and trading ranges over the next 12 months are expected to show similar trends to those of the past few seasons

20. Questions

21. www.awb.com.au