Andrew LindbergManaging Director and Chief Executive28th November 2001

Overview

• Highlights of the year

• Financial Performance

• Business Drivers

• Strategy

• Challenges & Opportunities

• Outlook

• Questions

Highlights of the year

Highlights of the year

• Successful listing on the ASX in August

• Profit after-tax up 32% to $83.7m and EPS up 30% to 34.1c

• Retained Single Desk as sole exporter of Australian bulk wheat

• New performance based payment agreement with AWBI

• Loan book for harvest season peaked at $1.5 billion

• Six new storage facilities ready for this harvest

• Rail freight agreement with FreightCorp

• Pool wheat price at near record high

Financial Performance

Profit and Loss

$million 2001 2000 % Change

Revenue from ordinary activities 1956.8 1758.7 11.3

Cost of sales (1608.1) (1474.6) (9.1)

Depreciation and Amortisation (8.0) (5.6) (42.9)

Borrowing costs (95.9) (89.9) (6.7)

Other (122.2) (90.1) (35.6)

Operating profit before tax 122.6 98.5 24.5

Income tax expense (38.4) (34.8) (10.3)

Operating profit after tax 84.2 63.7 32.2

Outside equity interest (0.5) (0.4) (25.0)

Net profit 83.7 63.3 32.2

Cashflow

$million 2001

Operating profit before tax 122.6

Tax paid (44.1)

Depreciation & amortisation 8.0

Working capital changes (164.3)

Capital expenditure (44.6)

Dividends paid (87.0)

Decrease in loan book 103.4

Net new equity 92.3

Increase in debt (13.7)

Balance Sheet

$million 2001 2000

AssetsCash 62.6 4.5Receivables 1,523.8 1,604.5

Investments 127.7 36.8

Inventories 122.1 77.7Property, plant and equipment 105.5 60.6

Other 41.4 34.71,983.1 1,818.8

LiabilitiesPayables 126.2 109.8

Interest bearing liabilities 1,031.8 959.9

Provisions 18.2 70.8

Other 55.9 49.41,232.1 1,189.9

Net Assets 751.0 628.9

Financial Results – capital expenditure

Capital expenditure ($million) 2001 2000

Grain centres construction 35.8 11.5

Melbourne Port Terminal 0.1 18.5

System development 9.7 4.1

Other plant and equipment 12.5 1.7

Total 58.1 35.8

Depreciation 8.0 5.6

Business Operations

EBIT $million 2001 2000 %change

Pool Management Services 9.3 10.1 (7.9)

Grain Acquisition & Trading 68.6 29.0 136.5

Grain Technology (6.0) (3.8) (57.9)

Supply Chain & Other Invest. 15.6 4.5 246.7

87.5 39.8 119.8

Interest expense (21.1) (15.7) (34.4)

EBT 66.4 24.1 175.5

Finance & Risk Management 84.8 94.5 (10.3)

Corporate (28.6) (20.1) (42.3)

Operating profit before tax 122.6 98.5 24.5

Operating profit after tax 83.7 63.3 32.2

Business Operations

0

15

30

45

60

75

90

105

120

2000 PoolMgt

Services

GrainAcquisition& Trading

GrainTech

SupplyChain

& OtherInvest.

Finance& Risk

Mgt

Other(interest,

tax & corporate)

2001

$million

63.3 (0.8)

+39.6 (2.2)+11.1 (9.7)

(17.6)

83.7

Dividends and Earnings

2001 2000 %Change

Earnings per share 34.1c 26.2c 30.2

Return on average equity 12.8% 10.1% 26.7

Dividends per share 22c 22c -

NTA Backing per share $2.75 $2.60 5.8

Capital Expenditure 58.1m 35.8m 62.3

Shareholder’s Equity 751.0m 628.9m 19.4

Business Drivers

Business Drivers

• Australian wheat production (and AWB receivals)

• Global wheat supply and demand fundamentals

• 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

Strategy

Strategy

• Secure end user demand

• Sustain trading out-performance

• Increased grains under management

• Diversify revenue streams by offering products and services to

other growers and customers

• Increased revenue from the supply chain and other

investments

• Grain technology – plant breeding and seed end-point royalties

Four engines of growth

Grains under managementCore wheat business

Processing & branded products

Financial & risk management

AWB

2001

AWB

Future

Challenges & Opportunities

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

• US / Afghanistan crisis – impact on Middle East markets

• Trade reform

Outlook

Outlook

• The company believes that the outlook is positive and that earnings growth for the 2001-2002 financial year will be positive.

• Our expectation is for a wheat crop this year of at least, if not better than last year’s crop of 21.2 million tonnes.

Questions

For more information contact:Michael ThomasHead of Investor RelationsPh: 9209 2064Email: mthomas@awb.com.au

Presentation Supplement

Contents

AWB

1. History of AWB

2. Ownership structure

3. Corporate structure

4. Involvement throughout the value chain

5. Risk allocation

6. Risk management process

7. Senior management

8. Offices throughout Australian wheat belt

Business Streams

9. Pool management services

10. Costs incurred by AWBI

11. Finance and risk management products

12. Finance and risk management products

13. Grain acquisition and trading

14. Grain technology

15. Supply chain and other investments

16. Major grain storage and handling providers

17. Major rail transport service providers

18. AWB new storage facilities

Contents

Global Wheat Industry19. Global grain trade

20. Global wheat consumption & production

21. Global wheat stocks and stock to use ratio

22. Global wheat production

23. Wheat production - major exporters

24. Top 5 wheat importing & exporting nations

25. Global wheat trade – 2000/01

26. Australian wheat production

27. AWB wheat exports

28. AWB wheat export destinations

29. Major Australian domestic wheat traders

30. AWB is one of the largest global wheat

managers

31. Pool price trend graph

Share Information32. Share Price v All Ords

33. Share Price v ASX / S&P 200

34. Share Price and Volume

35. Shareholder ranges

AWB

History of AWB

• 60 years experience in marketing Australian wheat

• In 1989, domestic market deregulated and Wheat Industry Fund established

• In 1998, AWB corporatised (formerly a statutory authority)

• In 1999, AWB privatised as a grower owned and controlled corporation

— Wheat Industry Fund converted to B class shares

— A class shares issued to wheat growers

— Government guarantee of AWB borrowings removed

• In 2001, AWB listed on the ASX

1

Ownership structure

A class shares

• Can only be owned by current wheat growers (currently 35,000)

• Non-transferrable

• Not entitled to receive any dividends

• Carry other rights including ability to control AWB through electing 7 Directors (a majority of the board)

B class shares

• Shares listed on the ASX

• Can be owned by any investor, subject to 10% ownership limit (currently 63,500)

• Entitled to receive dividends

• Entitled to elect 4 Directors over time

2

Corporate structure

AWB

Growers

Business services

Pool payments

Wheat deliveries

AWBIObjective to maximise net

pool returns to growers

Wheat Export Authority

Export markets

Wheat marketing

Monitor performance

of AWBI

3

Involvement throughout the value chain

Grain technology

Grain acquisition

Supply chain

Pool services

Chartering

Finance and risk mgt

Trading

Milling and Manufacturing

• Investment in R&D, plant breeding, seeds and technical services

• Commercial return on milling investments (15% IRR hurdle rate)

• Increase high margin contract acquisition products (cash, multi-varietal)

• Commercial return on investments in supply chain (15% IRR hurdle rate)

• Performance fee for pool management

• Performance fee from pool

• Harvest loans, RiskAssist and risk management products (Basis Pool)

• Provide strong trading margins

4

Risk allocation

National Pool Underwritten loans Principal trading

• Final net pool return

– final sale price

– foreign exchange

• Credit risk manage-ment outcomes

• Supply chain costs

Grower risk AWB risk

• Pool return falls below 80%

• Size of pool impacts revenue derived from products and services

• Incentive in pool management fee

• Margin on loans

• Underwriting fees

• Fees from basis contracts

• Principal positions

• Multi-varietal and fixed grade contracts

5

Risk management process

AWB Limited Board of Directors

Determine policy framework

Corporate Risk Board Committee

Oversees all strategies, their objectives and implementation on monthly or as need basis

Corporate Risk Review Committee

Executive Management review and approve risk management strategies on weekly basis

Corporate Risk Assessment

Independent group who quantify, analyse and report exposure

Operational Areas

Initiate individual hedging strategies

6

Senior management

Paul Ingleby (CFO)• Finance and Administration, Treasury, Trade Finance, Risk Management and

Compliance, Legal, Investor Relations and Financial Services• Former CFO of Elders Australia and experience in banking, merchant banking,

chartered accounting and government

Paul Ingleby (CFO)• Finance and Administration, Treasury, Trade Finance, Risk Management and

Compliance, Legal, Investor Relations and Financial Services• Former CFO of Elders Australia and experience in banking, merchant banking,

chartered accounting and government

Tim Goodacre (Group GM, Sales and Marketing)• Grain Acquisition, Grain Technology and International Sales and Marketing• Former executive in the Department of Agriculture Fisheries and Forestry

Tim Goodacre (Group GM, Sales and Marketing)• Grain Acquisition, Grain Technology and International Sales and Marketing• Former executive in the Department of Agriculture Fisheries and Forestry

Peter Geary (Group GM, Trading)• Domestic and Global Trading and Risk Management Products• 15 years previous experience in National Pool, Policy and Export Sales

Peter Geary (Group GM, Trading)• Domestic and Global Trading and Risk Management Products• 15 years previous experience in National Pool, Policy and Export Sales

Jill Gillingham (Chief Information Officer)• Information Systems and Supply Chain Management• Broad range of general management experience

Jill Gillingham (Chief Information Officer)• Information Systems and Supply Chain Management• Broad range of general management experience

Sarah Scales (GM, National Pool)• Management of National Pool• 8 years previous experience in pricing and risk management strategies

Sarah Scales (GM, National Pool)• Management of National Pool• 8 years previous experience in pricing and risk management strategies

7

Charles Stott (Group GM, Investments, Mergers & Acquisitions)• Responsible for Investments, Mergers and Acquisitions• Former positions with BHP and extensive international experience

Charles Stott (Group GM, Investments, Mergers & Acquisitions)• Responsible for Investments, Mergers and Acquisitions• Former positions with BHP and extensive international experience

About 500 employees with 30 offices

in Australia and overseas

Offices throughout Australian wheat belt8

Business Streams

Pool management services

• Primary role is to aggregate and internationally market pooled wheat on behalf of growers

• The national pool is operated by AWB International. AWB provides services to enable AWBI to operate the pool and in return receives payments for these services

• Approximately 15m tonnes of wheat managed representing 70% of total wheat production in Australia

• New performance-based fee model, which will reward (or penalise) AWB on a commercial basis:

aligns both the mandate of AWBI to maximise net National Pool Returns with the mandate of AWB, by creating incentive for investment and improvement in performance

consistent with that adopted by asset managers

designed to provide the appropriate incentives to AWB to achieve superior pool return out-performance while sharing the risks and costs associated with the National Pool

9

Costs incurred by AWBI

• Costs of approximately $58 million to operate the National Pool

• AWBI has no employees and therefore in order for it to carry

out its functions, it contracts various services from AWB.

Some of these key services are:

— Risk management services

— Grain acquisition services

— Logistics services

— Trading support

— Export credit advice and insurance

— Treasury services

— Marketing services

— Accounting and administrative services

10

Finance and risk management products

• Growers are exposed to a number of interrelated risks requiring co-ordinated working capital management and marketing / price risk management

• AWB provides limited recourse finance secured against a grower’s wheat delivery to an AWB managed pool

• The provision of risk management products (effectively derivatives that manage pool risk exposures and cash flows) that allow growers to tailor their risk exposure

11

Finance and risk management products

• AWB has a strong market position in the provision of price risk management and lending products to wheat growers

• AWB has a significant market share in agricultural lending, specifically in crop advances

In the $2.0bn Crop Loan segment, AWB is the largest participant with approximately 60% share of all outstanding crop loans

AWB’s share of all grain farm working capital is approximately 35%

Within the crop loan segment, AWB’s share is substantially higher than the next largest competitor

Crop Loan 61%

Overdraft/Business

Card

18%

Seasonal Loan*21%

Wheat and Grain Farms Only Working Capital Market by product type

Total Working Capital Debt = A$3.2bn (1999/2000)

* Loan against inputs or crop pre-harvest

$2.0bn

12

Grain acquisition and trading

• Provides growers with cash sales options before and during harvest

• Australian domestic trading – trading in deregulated domestic grain and non-wheat export markets

• Contract acquisition products – providing a range of pre-harvest contract products that provide growers with greater flexibility

13

Grain technology

• Primary role is the development of a proprietary position for

AWB in plant genetics and new cereal varieties

• 5 main areas: agrifood technology, AWB Seeds, Grain

Development, Quality Assurance, and AWB Research

• Provides technical services supporting AWB’s core business

activities

• Generates revenue through the provision of analytical testing

services and the development and sale of new seed varieties

14

Supply chain and other investments

• AWB has made a number of other investments in activities across the grain value chain that assist it in delivering its core product, including:

• Dimboola Grain Centre $11m (100% owned) completed for the 1999/00 harvest

• Melbourne Port Terminal $40m (50% owned joint venture with Melbourne Terminal Operations) operations officially commenced in Aug 2000

• Investment of $46m in new storage and handling sites in NSW and VIC. New storage facilities are aimed at reducing supply chain costs and delivering improved services and greater efficiencies to growers. Sites completed

• Investments in flour and feed milling $14m include: Five Star Flour Mills (Egypt) 30% shareholding, Vietnam flour mills (Vietnam) 17.5% shareholding and Shenzen Southseas Grain Industries (China) 8% shareholding

• Small investment in grain importing through AWB Zennoh, a joint venture commodity trading company established between AWB and Zennoh (Japans largest agricultural cooperative)

• Chartering business manages all aspects of AWB’s chartering operations in-house

15

Major grain storage & handling providers16

QLD: GrainCo

Established in 1991

Formed from a number of State owned grower co-operates and statutory authorities

Corporatised entity

NSW & VIC: GrainCorp

Privatised in 1992

Listed on the stock exchange in 1998

Merged with Vicgrain in 2000

Opening new sites in QLD, NSW & VIC

AWB Grain Centers

4 in Vic

3 in NSW

Total capacity = 1.3m tonnes

SA: Ausbulk

Incorporated in 1955

Owned by SA grain growers

Corporatised in 2000

WA: CBH

Established in 1933

Formed by WA Government

Cooperative structure

Owned by WA grain growers

NSW & VIC: ABA

Established in 1999

Joint venture company owned by GrainCo and Ausbulk

NSW & VIC: ATN Access

Major shareholder: Wisconsin Central Transportation Company.

Operates a 40 wagon contract train for AWB from NSW and Victorian sites into Port Kembla and Appleton Dock, Melbourne

Expected early 2002

Major rail transport service providers

QLD: QR

100% owned by the Queensland Government.

Hauls all AWB export task over 120 kms from port

NSW: FreightCorp

100% owned by the NSW Government.

The NSW Government has announced it will sell FreightCorp. The sale is expected to be finalised in Dec 2002.

Victoria: Freight Australia

Privatised in May 1999.

Owned by Rail America

Also operates a contract train for AWB from NSW silos into Port Kembla

17

WA / SA: ARG

Privatised late 2000

50% owned by Wesfarmers; and 50% owned by Genesee & Wyoming Inc

AWR (Aust. Western Railway)

ASR (Aust. Southern Railway)

AWB new storage facilities

4

65

3

21

4

65

3

21

1. Birchip

2. Charlton

3. Sea Lake

4. Bogan Gate

5. Stockinbingal

6. West Wyalong

7. Dimboola

18

7

VIC

NSW

Global Wheat Industry

Global grain trade

• Global grain trade is dominated by wheat

• Approximately 270 million tonnes traded

• Australia’s share of global grain trade:

— wheat 17%

— barley 21%

— pulses 26%

• Global grain trade has grown at an average of 1.4% pa over the last 20 years

• Oilseeds have been the fastest growing global traded grains over the last 20 years. Oilseed production has grown at an average of 20.3% pa over the last 20 years

• Most of the large grain importers are located in Asia, the Middle East or North Africa, which are AWB’s natural markets

• The management of grains is shifting from a commodity to an information intensive business driven by changes in grain acquisition, logistics and end use markets

19

400

450

500

550

600

650

1981

/82

1982

/83

1983

/84

1984

/85

1985

/86

1986

/87

1987

/88

1988

/89

1989

/90

1990

/91

1991

/92

1992

/93

1993

/94

1994

/95

1995

/96

1996

/97

1997

/98

1998

/99

1999

/00

2000

/01

Source: Economic Research Service, USDA March 2001

Global wheat consumption & production

mt

20

Consumption Production

Global wheat stocks and stocks to use ratio

Source: USDA Nov 2001

21

Global Stocks Global STU

020406080

100120140160180200

1993

/94

1994

/95

1995

/96

1996

/97

1997

/98

1998

/99

1999

/00

2000

/01

2001

/02

0

5

10

15

20

25

30

35mt %

Global wheat production – 2000/01

Country / Region Tonnage (mt)Far East Asia 201.7

EU 104.0

CIS & Baltic States 62.3

USA 60.5

Middle East 32.5

Non – EU Europe 28.7

Canada 26.8

Australia 20.9

Argentina 16.4

North Africa 10.5

South America 7.5

Sub Sahara Africa 5.1

Total 576.9

Source: Nov forecast USDA

22

Wheat production – major exporters

Australia22.0

20.9

EU-1591.8

104.0

Argentina17.016.4

Canada20.726.8

Production 01/02Production 00/01(million tonnes)

United States53.360.5

USDANovember 2001

23

Top five wheat importing / exporting nations

01/0

2

Top importers Top exporters

RankCountry Volume

(mt)

Country Volume

(mt)

1 Iran 7.0 USA 28.0

2 Brazil 6.6 Australia 17.0

3 Egypt 6.3 Canada 15.3

4 Japan 5.8 Argentina 12.9

5 Algeria 5.0 EU 8.2

Source: USDA Nov 2001 Forecast

24

Global wheat trade - 2000/01

Argentina12%

USA26%

Other19%

Australia17%

Canada15%

EU11%

25

Source: USDA

0

5

10

15

20

25

30

1981

/82

1982

/83

1983

/84

1984

/85

1985

/86

1986

/87

1987

/88

1988

/89

1989

/90

1990

/91

1991

/92

1992

/93

1993

/94

1994

/95

1995

/96

1996

/97

1997

/98

1998

/99

1999

/00

2000

/01

2001

/02(

e)0

0.5

1

1.5

2

2.5

Source: ABS and ABARE

Australian wheat production

Australian wheat production and yield over the last 20 years(wheat yield growth rate average of 2.3% pa)mt

26

Production Yield

%

AWB wheat exports

AWB exports around 75 - 80% of its total average wheat production

Annual wheat production is around 20 - 22 million tonnes

93%

88%

73%

55%

78%

27

AWB wheat export destinations

Region Tonnage (mt)Asia 7.0

Middle East 6.2

North Africa 1.4

Sub Sahara Africa 1.2

Pacific Markets 0.5

Europe 0.4

Other 0.3

Total 17.0

Source: USDA July – June 2001/02 forecast

28

Major Australian domestic wheat traders

Estimated market share

Source: USDA, company reports, AWB, interviews

29

Ausbulk12%

AWB 50%

OtherAustralianTraders

2%

GrainCo12%

OtherGlobal

Traders9%

Graincorp15%

AWB is one of the largest global wheat managers

Wheat management Traded Share

AWB 18mt 18%

Cargill / Continental 18mt 18%

Canadian Wheat Board 11mt 11%

ADM 8mt 8%

Louis Dreyfus 7mt 7%

Congara 5mt 5%

Bunge 2mt 2%

Xcan 1mt 1%

Others 30mt 30%

Total 100mt 100%

Estimates of wheat tonnes under management - 2000

Source: USDA, company reports, company interviews

30

200

210

220

230

240

250

260

270

280

290

300

310

Mar

92

Sep 92

Mar

93

Sep 93

Mar

94

Sep 94

Mar

95

Sep 95

Mar

96

Sep 96

Mar

97

Sep 97

Mar

98

Sep 98

Mar

99

Sep 99

Mar

00

Sep 00

Mar

01

Sep 01

Source: AWB

Pre and post harvest pool prices for Australian prime hard wheat (APH#1) over the last 10 years

$

Pool price trend graph31

Share Information

Share Price v All Ords32

2.502.702.903.103.303.503.703.904.104.30

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AWB Close All Ordinaries

Share Price v ASX / S&P 20033

2.502.702.903.103.303.503.703.904.104.30

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AWB Close S&P/ASX 200

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Share Price and volume34

0.000.501.001.502.002.503.003.504.004.5003

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Volum

e (m)

Volume AWB Close

Shareholder ranges35

Range Holders Shares %

1 – 1000 30,245 10.8 4

1,001 – 5,000 19,821 48.8 18

5,001-10,000 6,776 48.3 18

10,001 – 100,000 6,473 132.0 48

100,001 - over 63 33.4 12

Total 63,378 273.3 100

Fully paid B class shares held at 31/10/01