JP Morgan Conference

1. JP Morgan Conference October, 2004

2. 2003 2003 Where we have come from … “Australia’s Leading Agribusiness” AWB acquired Landmark from WES Landmark acquisition 2001 WES acquired IAMA, merged it with Wesfarmers Dalgety to form Wesfarmers Landmark 2001 Listed on ASX 1999 Privatised • - Wheat Industry Fund converted to B class shares • - A class shares issued to wheat growers • - Government guarantee of AWB borrowings removed 1993 WES acquired Dalgety Farmers, merged it with Wesfarmers Rural to form Wesfarmers Landmark 1985 Wesfarmers Rural expands to eastern states 1998 Corporatised 1984 The Cooperative listed on ASX as Wesfarmers Limited (WES) 1989 Domestic market deregulated and Wheat Industry Fund established 1950 The Cooperative diversified with a rural focus Australian Wheat Board establishedas a statutory authority 1939 1914 Westralian Farmers Cooperative established 1840 Frederick Dalgety began servicing farmers in western Victoria; the well known Dalgety business eventually covered all States 1915 Australian Wheat Board created during World War I

3. Market capitalisation: $1.6 billion A class shareholders: 28,605 64,134 Shares on issue: 342 million Institutional investors: 25.96% Shareholder’s equity: $1 billion Growers / retail shareholders: 73.06% Index inclusion: S&P/ASX 100 (75% IWF) Employee shareholders: 0.98% What we have achieved … B class shareholders:

4. What we have achieved … • 90th largest company in Australia with market capitalisation of $1.6 billion, and revenues of $9 billion (incl Pool revenue) shareholder funds of $1 billion • Consistently out performed the S&P / ASX 200 since listing • Top quartile TSR (total shareholder return) last three years • Weathered the worst drought in 100 years • Success in Iraq – 1.2m tonnes renegotiated (2003) • AWB constructed 21 grain centres with a total capacity of over [3m] tonnes (2003) • Positioned to tap into growing Asian markets • Nationalisation of the Landmark structure (2003) • New strategic focus on customer management, introduction of CMS system (2002) • Progressive business expansion

5. 100,000 customers Grain $5-$6b revenue Fertiliser 1.2m tonnes Livestock 2.0m cattle 11m sheep Wool 500k bales Real Estate $800m sales Finance & Insurance $2.0b loan book $300m on deposit $120m premium 2,500 employees 430 outlets What we are today … Merch $1.2b sales

6. What we are today … Australia’s leading agribusiness • Markets approx. 18 mmt wheat internationally representing 16% of total world wheat trade • Largest supplier of farm inputs and rural merchandise • Handles approx. 20% of national wool clip • Handles approx. 20% national livestock trading • Annual turnover in excess of $4.0b • Finance Loan book in excess of $2.5b • Over 2,500 staff in Australia and overseas • US/ Euro commercial paper issued this financial year totals USD3.8b • FX spot transactions (ytd Sep 03) totals USD20b

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

8. Financial objectives Return on equity - Achieve 15% return on equity for the AWB Group in the medium term Solid EPS growth - Landmark acquisition to be more than 35% EPS accretive (pre-goodwill, post synergies, post one-off costs) by 2005-06 Stable dividend payment - Expect to maintain dividend payment at current levels for 2004-05 Improve quality of earnings - Reduce exposure to crop by achieving more than 20% of PBT not related to Australian wheat by 2004-05

9. Leading position in Australian rural services People and Capability Leading rural financial services and insurance provider Australia’s leading global grain trading business Targets will be achieved by implementing three dominant business strategies AWB’s overarching goal is to implement anIntegrated Business Model...

10. Three growth areas • Fertiliser and merchandise are the main areas targeted for growth • Cross selling • Leverage buying power in the network • Improve merchandise and supply chain effectiveness Leading position in Australian rural services • Increase product base – build on AWB’s natural advantage to provide a wider range of products, better interest rates, and streamline credit processes • Specific areas targeted for growth include lending, deposits, wealth management and general insurance Leading rural financial services and insurance provider • Continue to focus on mandate to maximise grower returns • Expand the suite of commodities, origins and risks managed • Strengthen the differentiated position for Australian wheat Australia’s leading global grain trading business

11. Integrated Business Model will position AWB as Australia’s leading agribusiness

12. Strengthen core business, in particular preserve and enhance the value of the Single Desk system Grow and diversify to improve the quality of the earnings base and reduce wheat harvest volatility The way ahead … “To be both the primary producer’s and end-use consumers’ business partner of choice” • Acquisition expected to achieve target 15% ROE by FY2005 • EPS accretive in FY 2004 and by more than 35% in FY2006 • % of PBT not related to Australian wheat: >20% in 2004/05 • Landmark will diversify AWB’s earnings base and reduce volatility of AWB’s earnings • AWB Group will achieve 15% ROE in the medium term

13. APPENDICES 1. Financial results Slide 14 2. Rural services Slide 27 3. Network operations Slide 41 4. Wheat prices, futures & global supply Slide 52 5. Financial services Slide 61 6. Trading Slide 69

14. APPENDIX 1:Financial Results as at 31 March 2004

15. Statement of financial performance

16. Change in debt position * Net of proceeds

17. Capital expenditure 1Includes Landmark

18. Statement of financial position

19. Business operations

20. Pool Management Services

21. Grain Acquisition & Trading • Trading activity increased with improved seasonal conditions • Domestic wheat trading volumes of 2.8 million tonnes, representing an increase of 64% compared to the previous half year • Trading volumes in other grain (sorghum, barley, canola) increased by 39% • AWB Geneva executed around 1.0 million tonnes of grain sales • Chartering business successfully traded a long position in the rising freight market

22. Grain Technology • Reduced loss in comparison to the previous half year due to improved seasonal conditions • Net expenditure of $2.1 million on R&D ($1.9 million spend last half year) • R&D will continue to be a major expenditure element in protecting future revenue streams • With the acquisition of Landmark, AWB is reviewing its technology and R&D operations across the Group with the view to consolidating the businesses and achieving scale benefits

23. Supply Chain & Other Investments • Receivals through the Grain Centres were 1.8 million tonnes • Grain throughput at Melbourne Port Terminal increase by 63% • Chartering made a strong contribution due to: • Successful deployment of a long trading strategy whilst ocean freight market rallied • Contribution by offshore investments (Five Star Flour Mills in Egypt and AWB Zennoh in Japan)

24. Finance & Risk Management • Impacted by reduced contribution from Group funding due to surplus capital utilised for the acquisition of Landmark • Contribution by Financial Services increased 50% to an EBIT of $14.8 million mainly due to seasonal conditions • The level of underwriting revenue and take up of products increased significantly

25. Rural Services (Landmark) • Merchandise volumes influenced by weather conditions and increased competition • Fertiliser sales have been strong in Queensland, Western Australian and South Australia • The continuing high average price per head for both cattle and sheep is a reflection of supply and demand and there have been a number of vendors in the market with quality cattle for sale • Real Estate strong due to improving turnover achieved in rural property

26. Corporate • Combination of head office costs offset by miscellaneous revenue items • Dividends from Futuris of $3.7 million

27. APPENDIX 2:Rural Services

28. A period of change • 2003 • Growth phase • Nationalised structure • Merchandise sales recovery • East Coast fertiliser expansion • Drive wool and livestock growth and productivity • National finance and insurance expansion • 2004 • Integration and growth • Capture cost and revenue synergy benefits • Centralise head office function • Expansion of financial services and growth • Drive wool, livestock and merchandise growth and productivity • Network optimisation • Account management • 2001 & 2002 • Merger Dalgety & IAMA • Achievement synergies • Maintain revenue in existing businesses • Establish new brand identity • Capture merchandise and logistics opportunities OBJECTIVE 2004-05: Integrated Business Model

29. Merchandise • Merger of Wesfarmers Dalgety and IAMA in 2001 resulted in Landmark becoming Australia’s largest rural merchandise distributor • Stores across Australia stock a range of animal health, cropping, fencing, fertiliser and farm hardware product • Merchandise products are distributed via 230 company owned branches, 47 franchises and 120 members and agents, and supported by over 200 agronomists Australia wide

30. Merchandise overview … a generic strategy will be important

31. Fertiliser • Significant supplier of fertiliser distributing over 1 million tonnes per annum, as well as retailing liquid, trace element and specialist fertilisers • The major fertiliser products are globally traded commodities, resulting in: • Limited scope for differentiation between retail outlets; and • Importer traders ensuring world price movements rapidly flow through to domestic price (i.e. volatility)

32. Fertiliser overview … growing market share and volume is important

33. Livestock • One of Australia’s largest marketers of livestock • Operating in all States and Territories throughout Australia • Handles 20% of livestock trading in Australia • Core business is sale of livestock through saleyards - 70% sold via auction • Livestock trading is also a part of the business • Landmark supplies processors, supermarket processors, lot feeders and live export markets

34. Livestock overview … prices are expected to remain strong

35. Wool • Handle approximately 25% of the National Wool Clip (500,000 bales) • Provide traditional broking / auction selling services as well as a comprehensive range of Risk Management products • 50% interest in Australian Wool Handlers ‘AWH’ (with Elders) –wool handling • Not involved in any downstream processing

36. Wool overview … increased throughput is the key

37. Landmark real estate has two main activities: Real Estate - Rural property sales - Residential property sales

38. Real Estate overview … good platform to grow residential market share

39. Integration of Landmark June 30 2004 September 30 2004 Day 1 – August 29 2003 Completion and Signing Transaction Integration Project Management Network, IT and HR Integration are on going Integration Planning Transition Integration Integration Full completion/transition has now occurred of all Landmark accounting, finance, treasury, business development, HR, risk, corporate insurance, IT, marketing services, stakeholder relations and legal functions within AWB functions Growth Extending and creating value and building the Integrated Business Model Synergy Benefits

40. Outlook • Opportunities exist to grow in most activities • Commodity prices expected to remain strong • Real Estate values expected to plateau

41. APPENDIX 3:Network Operations

42. 19 Network structure and rural footprint Staff = 363 46 1 Staff = 293 Branches Staff = 239 29 35 47 43 11 19 Franchises / Agents Staff = 350 14 28 37 Members Staff = 455 31 57 8

43. Network operations will focus on • Account Management • Network Optimisation • Integrated Business Model as well as……. • Training & Development • Profitability Improvements (financial services & merchandise / fertiliser) • Operational Excellence

44. Account management – cross sell opportunities The number of activities utilised by each customer of Landmark is low Activity – Key Customers Penetration across other activities (%) High cross sell growth opportunities

45. Account management – customer relationship management (at branch level) • Utilising data to segment Landmark & AWB’s customer base • Developing appropriate service level protocols & disciplines • Improving differentiation in service levels

46. Key strategies for account management • Institutionalise the customer knowledge historically maintained with individual employees. • Evolve the culture from an activity specialisation focus to a customer relationship focus, and build an account management philosophy. • Increase “share of wallet” from our existing customer bases.

47. Network optimisation “right store, right presence, right stock, right time, right price!”

48. Network optimisation (continued) Improve profitability, capture growth and improve return on capital Optimise current branch /franchise options Optimise network footprint Optimise network format • Branch categorisation • Identification and analysis of growth opportunities • Outlet design and standards

49. Identified opportunities within each geographic segment and branch catchment area Corporate Branch Market Share vs Market Size Average size Profit contribution by outlet is variable due to a number of factors Market Share Market Potential

50. Network configuration • Three distinct channels to market • Leveraged properly, provides a competitive advantage Branch Franchise Member Channel partner’s inflation adjusted growth rate Principal’s share of channel partner’s product category sales Size of circle indicates value of channel partner’s revenue