AWB LIMITED

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AWB LIMITEDS INITIAL PUBLIC OFFER

• Monday 9 July 2001

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Trevor FluggeChairman, AWB

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HISTORY OF AWB

• 60 years experience in marketing Australian wheat
• 1989 Domestic market deregulated and Wheat
  Industry Fund established
• 1998 AWB corporatised
• 1999 AWB privatised as grower owned and
  controlled corporation

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AUSTRALIAN WHEAT INDUSTRY
Australia exports 80 of its total average wheat
production Wheat production is about 20 - 21
million tonnes per year
WHEAT GROWING AREAS
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AWB OVERVIEW

• AWB activities account for
• 3 of Australias total exports
• 12 of Australias total farm exports
• Average 17 million tonnes of bulk wheat exported
  per year
• Markets to 50 countries
• Total revenues of approx 5.5 billion (of which
  3.5 - 4 billion related National Pool sales)

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GLOBAL WHEAT TRADE
1999/2000 total wheat trade -100 million tonnes
Canada19
EU16
Other8
Argentina9
USA30
Australia18
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AWB STRENGTHS

• Expertise in
• Pool Management Services
• Financial Risk Management for Wheat Growers
• Domestic Marketing of Wheat and other Grains
• Investments in Distribution Infrastructure

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CORPORATE STRUCTURE

• Dual class
• 35,000 A class shareholders
• 1 share each with weighted voting
• 64,500 B class shareholders
• 242 million shares issued

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BENEFITS OF LISTING

• Fair value for existing shareholders
• Increased liquidity
• New equity to fund future development
• Increased commercial disciplines

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AWB LIMITEDS INITIAL PUBLIC OFFER
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Andrew Lindberg
Chief Executive and Managing Director, AWB
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AWBS BUSINESS STREAMS
2001F EBIT9.3m
Pool Management Services
2001F PBT80.2m
Finance and Risk Management Products
2001F EBIT70.3m
Grain Acquisition and Trading
2001F EBIT(3.0m)
Grain Technology
2001F EBIT15.4m
Supply Chain and Other Investments
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AWBS FINANCIAL RESULTS

• Full Year 1999/2000 - 63.3 million
• Net Assets at 31 March 2001 of 648 million
• Half Year 2000/2001 - 52.4 million (increase of
  25)
• Half Year Dividend - 14 cents (Fully Franked)

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AWB INVESTMENT HIGHLIGHTS

• Significant expertise and scale in global wheat
  marketing
• One of the largest integrated global wheat
  managers
• Large existing customer base
• Manager of Single Desk
• Potential to broaden range of products, services
  and customers in Australia overseas
• Strong balance sheet and dividend paying capacity

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AWB LIMITEDS INITIAL PUBLIC OFFER
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Paul InglebyChief Financial Officer, AWB
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AWB FINANCIAL FORECASTS

• Full Year 2000/2001 Forecast - 79.4 million
  (increase of 25)
• Full Year Dividend 22 cents (Fully Franked)
• Pro-forma Net Assets at March 2001 of 743 million

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THE OFFER

• Offered to clients of the Lead Manager and Retail
  Brokers and institutional investors
• Underwritten by UBS Warburg

80 million underwritten
Public and Institutional Offers
Existing Shareholder Offer

• Open to existing A and B class shareholders
• Top-up, cash-out and New A class shareholder
  components

Up to 20 million non-underwritten
Employee Offer

• Open to all existing employees of AWB
• Guaranteed minimum allocation of 1,000 shares

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OFFER HIGHLIGHTS

• Application Price 3.15
• Share Issue up to 31.8 million
• Amount raised up to 100 million
• Market Capitalisation Post Offer 860 million
• Dividend Yield (Fully Franked) 7.0
• Price to Earnings Multiple 9.7 times

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OFFER TIMETABLE

• Offer Opens 23 July
• Offer Closes 15 August
• ASX Listing 22 August

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AWB LIMITEDS INITIAL PUBLIC OFFER

• Monday 9 July 2001