AWB Limited - International Roadshow

1
Investor Presentation June 2005
2
AWB - a snapshot

• Australian Wheat Board created in World War I,
  privatised in 1999 and listed as AWB Limited
  (AWB) on Australian Stock Exchange in August 2001
• Market capitalisation of 1.5 billion revenues
  of 9 billion (including Pool revenue) and
  shareholder funds in excess of 1 billion
• Consistently out performed the SP / ASX 200
  since listing
• Markets wheat to more than 50 countries
• Australian footprint includes more than 430
  outlets across Australia with a spread of more
  than 2,700 staff reaching about 100,000 farmers

3
What we have achieved
B class shareholders
4
Our scorecard to date
Net Profit Production volume
Return on average equity
Earnings per share Dividend per share
Share price since listing
At least 27 cps, subject to normal seasonal
conditions on the east coast
Pre goodwill amortisation
5
What we have achieved

• Acquired Landmark in August 2003 for around 825
  million enterprise value
• Integration of Landmark 95 complete
• EBIT enhancements for 2003/04 of 13 million
  exceeded target of 5-10 million. On track to
  achieve 20 - 25 million this year.
• Established fertiliser joint venture ELF
• AWB constructed 21 grain centres with a total
  capacity of over 3 million tonnes
• Strategic focus on customer management,
  introduction of CMS system
• Successful development of international business
  Geneva, India
• Sold 2.5 million tonnes to China, the first
  significant sale since 1996
• Positioned to tap into growing Asian markets
• Progressive business expansion

6
What we are today
Merch 1.2b sales
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Business characteristics
Business Stream Drivers
Pool Management Services Manages the pooling and global marketing of Australian wheat Manages grain from point of delivery to point of consumption AWB National Pool receival tonnes AUD/USD exchange rate US wheat price per tonne
Rural Services (Landmark) Major supplier of agribusiness products and services including merchandise, fertiliser, livestock, wool marketing, real estate, finance and insurance Seasonal conditions Livestock prices and volume Wool prices and volume Crop production
Grain Acquisition Trading Responsible for domestic grain trading Exporting non-wheat grains such as canola and sorghum Tonnes sold wheat and other grains Other origin grains sold Margins per tonne
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Business characteristics (contd)
Business Stream Drivers
Finance Risk Management Provides harvest finance against majority of grain delivered to the AWB National Pool Range of price risk management products for growers, domestic and international customers through AWB RiskAssist AWB National Pool receival tonnes AWB National Pool Payment Options take-up Average wheat price Loan book interest rate
Supply Chain Other Investments Manages supply chain infrastructure to move grain from paddock to international customers AWB National Pool receival tonnes Receival volume through grain centres Price per storage
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AWB Strategy
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Targets will be achieved by implementing three
dominant business strategies
AWBs overarching goal is to implement an
Integrated Business Model...
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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 AWBs 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

Australias leading global grain trading business
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The way ahead
To be both the primary producers 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 gt20 in
  2004/05
• Landmark will diversify AWBs earnings base and
  reduce volatility of AWBs earnings
• AWB Group will achieve 15 ROE in the medium term
• Stable dividend policy

• 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

13
Outlook
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Outlook 2004/05

• Earnings
• AWBs 2005 earnings forecast is expected to be
  comparable to 2004 earnings, assuming improved
  seasonal conditions on the east coast to
  compliment the excellent start in the west
• Dividend
• Increase in interim dividend to 16 cents per
  share, fully franked
• Final dividend expected to be no less than 11
  cents per share, fully franked
• Full year dividend to increase from 25 cents per
  share in 2004, to at least 27 cents per share in
  2005

15
Outlook - global wheat market

• Production is slightly down and stocks remain
  tight
• New crop conditions around the world are good
• FSU rebound after poor 2003/04 crop has
  contributed to increasing major exporter carry
  out stocks
• Markets have retraced from highs of 367 cents per
  bushel set in mid March to around 310 cents per
  bushel
• 21-23 million tonnes is expected from 2005/06
  domestic harvest subject to improved seasonal
  conditions on the east coast
• Current conditions in WA are excellent
• Solid performance in international grain trading
  business

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Outlook other commodities

• Livestock
• Beef prices expected to tail off with increased
  export competition from North and South America
• Lamb prices set to remain positive with increased
  demand from export markets
• Real Estate
• Rural real estate market remains promising
• Financial Services
• Strong medium term growth is forecast for the
  financial services business
• Merchandise Fertiliser
• Merchandise Fertiliser sales dependent on rain
  on the east coast

17
Going forward

• Despite a difficult outlook, we are confident
  that Australian agriculture can be globally
  competitive
• We have comparative advantage
• Freight advantage to Asian region
• Progress on trade reform will improve market
  access
• AWB and Landmark can continue to capitalise on
  opportunities with our business model

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APPENDICES

• 1. 2005 Half Year Results
• 2. Wheat prices, futures global supply
• 3. Rural services
• 4. Financial services
• 5. IFRS update

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APPENDIX 1 2005 Half Year Results
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Solid result in a tough environment
Financial Result - half year ended 31st March
2005

Outside Equity Interests
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Half year highlights

• Net profit after tax of 91.3 million, up 69,
  underlying net profit after tax of 66.6 million,
  down 3
• Earnings per share of 26.6 cents, with an interim
  dividend of 16 cents per share (fully franked)
• Profit on sale of investment in Futuris of 55.2m
  (41.8m after tax)
• Landmark integration on track to deliver year two
  synergy targets
• Pool performed well given tough global
  environment
• Expansion of international trading with a new
  office in New Delhi, India
• Harvest loan book peaked at 1.1 billion
• Landmark lending book was nearly 1.3 billion
• Increased merchandise and fertiliser sales by 6
  nationally
• Establishment of strategic partnership in
  fertiliser with Elders WMC Resources

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demonstrating strength through diversification
Despite a 17 decrease in wheat production over
2003/04 harvest, earnings have dropped by only 3
NPAT pre significant items
23
Strong yield for shareholders
Shareholder Summary
AWB continues to be a strong yield stock
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Statement of financial performance
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Statement of financial position
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Cashflow
million 6 months to 31 March 2005
Profit before tax Depreciation amortisation Profit on sale of n/c assets Other non-cash items Increase in working capital balances Finance options for growers Tax paid Payments for ppe (net) Proceeds on sale of investments (net) Proceeds from issue of shares Net increase in interest bearing liabilities Dividends paid 117.7 41.2 (58.4) (5.7) (300.0) (184.8) (42.9) (1.5) 151.7 8.3 300.0 (38.0)
Net decrease in cash held (12.4)
property, plant equipment
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Capital expenditure
million For the 6 months ended 31-Mar-05 For the 6 months ended 31-Mar-04 Change
Grain centres construction 5.0 3.8 32
System Development Other Plant Equipment 19.0 10.7 78
New building costs - 7.2 -100
Total 24.0 21.7 11
Depreciation 22.6 22.7 -
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Pool Management Services
million (EBIT) For the half year ended 31-Mar-05 For the half year ended 31-Mar-04 Change
Pool Management Services 11.4 11.8 (3)

• 2004 Wheat Marketing Review findings showed that
  the Single Desk is being well managed by AWB
• Following recommendations from the review, the
  performance based remuneration model has been
  refined
• As out-performance is reported, Pool Management
  Services expects improved earnings in the second
  half of 2005
• Strong sales performance

challenging environment strong performance
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Trading
million (EBIT) For the half year ended 31-Mar-05 For the half year ended 31-Mar-04 Change
Grain Acquisition Trading 32.7 59.5 (45)

• Trading operates on a fund of funds basis
• There has been a return to more normal freight
  market conditions
• AWB Geneva continues to be a strong revenue
  platform for the group
• New office opened in New Delhi, India
• Australia grain trading reduced its EBIT
  contribution on lower volumes and margins (mainly
  due to seasonal conditions)
• Livestock trading (previously managed in the
  Landmark business) contributed strong revenue
  growth to the Group

presence in both domestic and international
grain markets
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Supply Chain Other Investments
million (EBIT) For the half year ended 31-Mar-05 For the half year ended 31-Mar-04 Change
Supply Chain Other Investments (2.5) 0.1 -

• Receivals through the Grain Centres were down 0.5
  million tonnes to 1.3 million tonnes due to
  adverse seasonal conditions coupled increased
  competitive pressures
• Melbourne Port Terminal and overseas investments
  (Five Star Flour Mills in Egypt and AWB Zennoh in
  Japan) maintained their EBIT contributions at a
  similar level to the prior year
• Efficiencies within the supply chain positively
  impacts the Pool Services management fee

adverse seasonal conditions impact results
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Finance Risk Management
million (EBIT) For the half year ended 31-Mar-05 For the half year ended 31-Mar-04 Change
Finance Risk Management 21.8 21.8 -

• Contribution by Financial Services decreased
  while Risk Management increased
• Market share and margins were maintained in a
  highly competitive environment, although wheat
  production and export prices declined
• AWBs risk management businesses (AWB Riskassist,
  Basis Pool and the over-the-counter options desk
  in AWBs Portland, USA office) provided increased
  contribution to the result mainly due to
  increased activity in Portland, USA office

highly competitive environment but still the
market leader
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Rural Services (Landmark)
million (EBIT) For the half year ended 31-Mar-05 For the half year ended 31-Mar-04 Change
Rural Services (Landmark) 35.3 32.9 7

• Higher earnings across all activities (other than
  wool) plus the recognition of profit on the sale
  of assets was partially offset by higher
  overhead costs (predominantly incentive payments,
  training and motor vehicle costs)
• Merchandise and fertiliser sales increased by 6
• Livestock profitability remained comparable due
  to higher cattle prices offset by reduced
  volumes and lower sheep prices offset by
  increased volumes
• Real Estate sales increased through increased
  prices driven by increased demand for prime
  rural properties
• Finance profitability increased 4 due to growth
  in the loan book
• Insurance profitability increased 3 due to 1
  growth in gross written premium

lowest cost full service distribution network
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Corporate
million (EBIT) For the half year ended 31-Mar-05 For the half year ended 31-Mar-04 Change
Corporate (3.4) (13.3) 74

• Combination of head office costs offset by
  miscellaneous revenue items
• Corporate overheads decreased mainly due to
  non-recurring integration and restructuring costs
  associated with the Landmark acquisition incurred
  in the prior year
• Dividends from Futuris of 4 million

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EBIT summary of business operations
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Integration update
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On track to deliver year two synergy targets
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-Landmarks
combined distribution network
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APPENDIX 2 Wheat prices, futures global
supply
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World wheat production

• World wheat production increased by 71 million
  tonnes to record 625 million tonnes in 2004 after
  consecutive problematic years in 2002 and 2003.
• Initial USDA forecast for 2005 historically large
  at 615 million tonnes
• Second consecutive year of large crops forecast
  across
• EU-25 136 mmt in 04 followed by 128m forecast
  this year
• FSU 86m and 87m resp
• Major Exp 200m and 190m
• China 91m and 93m
• US crop forecast unchanged at 59 mmt

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World wheat production consumption
Source USDA 2005
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World wheat trade 5 major exporters
2004/05 2005/06 estimated Source USDA
41
World stocks

• World wheat ending stocks have rebounded since
  the 2003/04 historical low in 2004/05 and are
  forecast unchanged in 2005/06 around 147-150mmt.
• However of these stocks 35-40mmt are in China of
  which forecasts have proved historically
  unreliable. The trend erosion in world wheat
  ending stocks is primarily due to forecast
  declining Chinese stocks with major exporter
  stocks building.
• World stocks an unreliable indicator of price due
  to Chinese stock uncertainty, reduced global
  number of government controlled balance sheets
  and importers and increased number of smaller
  private sector importers using least cost
  inventory management.
• 5 Major exporter stocks continuing to build and
  becoming burdensome forecast at 57mmt in 05/06
  versus 55mmt in 04/05 and 38mmt in 03/04.
• World feed demand increasing primarily in Europe
  due to oversupply of wheat versus competing
  feed-grains.

42
Chicago futures
43
Prices

• US wheat futures complex continues to price in a
  modest risk premium versus historical fundamental
  price models due to row crop weather market
  uncertainty, long-only index fund participation
  and weaker USD regime
• USDA forecast 2005/06 major exporter and US wheat
  fundamentals would suggest downside price risk
  through Sep subject to US corn supply
• APW National Pool 2004/05 EPR remains at 199 FOB
  versus forecast 186 FOB for 2005/06 Pool
  primarily due to stronger AUD

44
The future

• Increased production and export supply from the
  Russia and Ukraine likely over time
• Exports from the Black Sea work initially into
  the Mediterranean, then Africa and the Middle
  East
• This is one of the major drivers for AWB to focus
  on increasing exports into Asian markets over the
  next five years
• AWB exports into Asia in 2004 will be greater
  than 10 million tonnes for the first time

45
Outlook

• Downside price risk remains
• Strong competition from Northern Hemisphere
  export origins to continue
• World wheat balance sheet much more comfortable
  than 2003/04 able to withstand a medium scale
  supply shock going forward
• Demand surprise risk increasing over time in both
  China and Sub-Continent
• AWB confident of retaining 50 of Iraq import
  demand

46
APPENDIX 3 Rural Services
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Merchandise

• Merger of Wesfarmers Dalgety and IAMA in 2001
  resulted in Landmark becoming Australias 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

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Merchandise overview
Competitive environment Key opportunities
Intense price competition Commoditisation of products Rationalisation of suppliers, particularly in the chemical sector Channel proliferation leading to increased competition in distribution Low demand for cotton inputs due to lower production, irrigation cuts and biotechnology Livestock carrying numbers reduced following drought with expected impact on Animal Health and management sales Cotton prospects improved with increased water availability Commoditisation of products 75 of chemical products expected to be off -patent by 2005 Generic products are becoming a bigger part of the farmers decision making process Operational improvement opportunities Meet all price points
a generic strategy will be important
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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)

50
Fertiliser overview
Competitive environment Key opportunities
Limited product differentiation Large number of agents and dealers competing locally Requirement for logistics services in some markets Ongoing rationalisation of industry players Market volumes increasing Nitrogen use increasing Local prices driven by world prices Increased market share through acquisition of independents Cross sell bundled product offering
growing market share and volume is important
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Livestock

• One of Australias 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

52
Livestock overview
Competitive environment Key opportunities
Pressure on core agency business from increased direct selling to processors Major competitors involved in vertical integration Private agents cutting commission rates to gain share Rationalisation of saleyards Increase business into grain fed markets Strong meat and live export markets Productivity improvements, saleyard rationalisation
prices are expected to remain strong
53
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

54
Wool overview
Competitive environment Key opportunities
Strong competition for a record low volume of wool (sheep numbers at 96 million in 2003-04) Small, low cost regional brokers have increased market share Ongoing price discounting Rationalisation amongst brokers to occur Move from wool to meat likely to continue Fall in wool production has created an opportunity for industry rationalisation and consolidation Good prospects for sheep meat will assist building flock numbers Low levels of supply will provide support to wool prices
increased throughput is the key
55
Real Estate

• Landmark real estate has two main activities

- Rural property sales - Residential property
sales
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Real Estate overview
Competitive environment Key opportunities
Metro and town real estate agents moving into small farm areas causing margin pressure Sophisticated players with marketing and sales representatives Low market share in residential real estate Limited capital Variable pay structure Outlook is for steady growth
good platform to grow residential market share
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Outlook

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

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APPENDIX 4 Financial Services
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Point of difference for Landmark Financial
Services
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What are our major initiatives
to be a broad-based rural and regional financial
services distributor with niche manufacturing
capability where we have a natural competitive
advantage
Lending Harvest Finance Deposits Insurance
Product Relationship pricing and bundling Cross sell and bundling programs Tap into commodity cashflows Fill product gaps
People Recruit and develop high calibre RFMs Specialist grain expertise FSRA skill accreditation Recruit and develop specialist staff
Process Enhanced loan platform Web enabled Improve client statements Full online proposition Supplier sales conversions Web enabled
Positioning Build FS brand with primary producers Reinforce strong brand with grain clients Build FS brand across rural, regional and metro Build FS brand across rural, regional and metro
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A broad product range
Lending
Deposits
Insurance
Net Access
Harvest Finance

• Term Loans
• Seasonal Finance
• Line of Credit
• Fastrak Finance

• Cheque Account
• Debit Card
• Blue Ribbon Online
• Call Inv.
• Term Deposit

• General Insurance
• Crop Insurance
• Stud Livestock Insurance
• Transit Insurance

• Landmark Finance Online Plus
• Transfer funds
• Views statements
• Pay bills

• Harvest Loan
• Flexible Drawdown Loan
• Advanced Payment
• Deferred Payment

• 1.3b book

• 0.6b book

• 120m book

• 3,500 clients

• 0.9b book

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Target a growing market
Harvest Finance Finance 2.1B GP 56m
Lending 37.2B GP 960m
Deposits 16.1B GP 64m
Insurance 0.8B GWP GP 91m

• Moderate growth outlook
• Lower credit risk, volatility and fewer losses
  (relative to commercial lending)

• AWB-Landmark has 70 market share
• Competition continues to intensify

• Dominated by banks but Landmark has 600M

• Moderate growth outlook
• Increasingly complex covers required
• Highly concentrated market

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Strong opportunity to grow
Strengths Weaknesses
Distribution Network extensive branch network provides broad geographical representation in key rural regions and a platform for business origination, relationship management and local knowledge and presence Broad client base AWB and Landmark businesses provide large and diverse client contact points and relationship defining opportunities Deep Agribusiness Understanding The AWB-Landmark group of businesses collectively has at its disposal market leading knowledge of agribusiness Harvest Finance clear market leadership (70 market share), and strong influence over fund flows Agency agreement with Rabobank restricts lending effectiveness and pricing flexibility and causes channel conflict Moderate brand association market perception that the Landmark brand is not as highly associated with FS expertise as against other market players Product gaps exist in all product groups - particularly insurance and wealth

Opportunities Threats
New funding arrangements access to market leading products Develop cross business relationship pricing model Market leading risk pricing leverage deep agribusiness understanding to better price risk and selectively manufacture niche products Address key product gaps to allow for more attractive packaging proposition Increasingly competitive market declining number of clients and increasing number of competitors Competitors increasingly view Landmark as a threat and move to leverage core client base away from Landmark
64
Cross sell benefits identified
Lending Cross Sell across AWB Proportion of each
client base also purchasing Lending
Financial Services Internal Cross Sell
Cross Sell Proportion of Client Base Purchasing Other FS Products Cross Sell Proportion of Client Base Purchasing Other FS Products Cross Sell Proportion of Client Base Purchasing Other FS Products Cross Sell Proportion of Client Base Purchasing Other FS Products
Product No. Clients Lending Deposits Harvest Finance Insurance
Lending 4,400 N/A 95 13 30
Deposits 11,000 40 N/A 8 20
Harvest Finance 19,000 3 5 N/A 16
Insurance 29,000 5 8 11 N/A
15 of Wool customers also hold a lending product
11 of financial services customers hold both
Insurance and Harvest Finance
65
Outlook for the business
Drivers of Near Term Success
Current Situation

• New supplier agreement (lending)
• People development productivity
• Influence and control of client purchasing
  behaviours including cross sell (customer
  solutions) opportunities

• Information and understanding of client is core
  competitive strength
• People development and enabling systems and
  processes have room for improvement
• Challenge is to grow business revenues while
  protecting base and enhance position during Rabo
  migration

Distribution Platform
Staged Approach
Build/Source Capability - Transitional

• Build client interface (single view of client and
  intuitive support tools for servicing clients
  needs)

Today

• Product breadth
• Sales service capability people and systems
• Leads referral management
• Performance management systems

Next 3 years
66
Outlook

• Rural customers traditionally under serviced
• Service based proposition
• Leverage customer insights across all business
  streams
• Business partnership

67
APPENDIX 5 IFRS update
68
A-IFRS impact

• First A-IFRS compliant reporting will be 31 March
  2006
• Project is managed in accordance with a
  documented governance and monitoring structure
• Project is on schedule and AWB expects to fully
  comply
• Major impacts
• Goodwill impairment test
• Expense share based payments
• No hedge accounting for derivatives
• Grain trading inventory at fair value

69
A-IFRS Analysis - High Impact
AASB Ref Description Impact
AASB 1 First Time adoption elections available No AASB 139 comparatives. No AASB 3 re-opening of business combinations No AASB 121 transfer of cumulative translation differences to opening retained earnings.
AASB 2 Expensing share based payments Black Scholes modelling of executive performance rights with 4 year amortisation period used for current AASB 1046 compliance. Other schemes expensed as incurred. Loan schemes currently a UIG proposed issue.
AASB 136 Goodwill impairment testing 30 September 2004 carrying value supported by impairment testing at 31 March 2005.
AASB 136 Other asset impairment testing Finalising cash generating unit assessment and impairment indicator identification.
AASB 102 Inventories Not applicable to commodity traders where fair value less costs to sell permitted. Landmark inventory remains lower of cost or net realisable value.
AASB 139 Derivative Hedges No hedge accounting sought. Full PL given onerous documentation and transaction matching requirements combined with complimentary treatment of inventory and forwards
70
A-IFRS Analysis - Low Impact

• Addresses areas where widespread external
  publicity has created uncertainty, but assessment
  has confirmed as low impact at AWB
• Embedded derivatives (AASB 139)
• Comprehensive high level review by contract type
• Detailed review of high risk contracts
• No embedded derivatives identified
• Income Tax (AASB 112)
• Dependency on first consolidated tax return
  balance sheet
• Comprehensive review indicates no material impact
• FCTR (AASB 121, AASB 1)
• No transfer of cumulative translation differences
  to opening retained earnings as AWB has no intent
  to divest
• Landmark acquisition accounting (AASB 3, AASB 1)
• No value in reopening acquisition
• Pool Accounting
• Not consolidated remains a special purpose
  reporting entity with ASIC exemption from annual
  and interim financial reporting
• UIG Action Alert 05-02, Commodity Pooling
  Arrangements, The UIG received a presentation
  from representatives of AWB given the now
  consistent presentation of financial reports of
  pool managers in relation to commodity pools,
  members agreed that the UIG need not address
  these issues further at this time.

71
A-IFRS financial impact
72
www.awb.com.au
For more information contact Delphine
Cassidy Head of Investor Relations Ph 61 3 9209
2404 Email dcassidy_at_awb.com.au