AWB Limited - 2005 AGM Presentation Slides

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Annual General Meeting Thursday 10 March 2005
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Brendan Stewart

• Chairman

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Order of meetings

• Annual General Meeting of AWB Limited
• Meeting of A class shareholders to amend Articles
  of the AWB Limited Constitution
• Meeting of A class shareholders
  (QLD/VIC/SA/NT/TAS) to elect a Director of AWB
  (International) Limited

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Incoming AWB Limited Directors
Tony Howarth
John Schmoll
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Andrew Lindberg

• Managing Director

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AWBs strategy has been demonstrated through its
financial performance

• Substantial increase in net profit after tax -
  96.9 million, up 120 on the previous year
• Earnings per share of 28.8 cents, up 81
• Largest ever national wheat crop of 25.2 million
  tonnes (mt), up from 9.7 mt in 2002/03
• Second largest ever export program, with 19.9 mt
  received by the Pool
• Fully franked dividend of 25 cents per share paid
  during 2004
• Landmark integration targets exceeded, with cost
  synergies and finance growth of 13 million

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Growing HorizonsAWBs vision is to be
Australias leading agribusiness

• Three strategic areas of focus
• Grains Commodities
• Strategy in place to enhance the differentiated
  quality position of Australian wheat
• Continue in driving supply chain efficiencies
• Rural Services
• Continuous improvement of procurement and supply
  processes
• Expand Landmarks presence targeting new areas
  of growth
• Financial Services
• Retain leading position in Harvest Finance Market
• Target growth within broader agribusiness market

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Solid results from Landmark business

• Delivered a 64 PBT uplift over the previous year
• Increased the Rural Finance book by 34, to more
  than 1 billion with a balance today of
  approximately 1.2 billion
• 85 of Landmark deposits converted to an AWB
  backed prospectus deposits now stand at close
  to 600 million
• Strengthened insurance supplier arrangements with
  a 20 increase in Gross Written Premium
• Record real estate sales of more than 1 billion,
  up by 31
• Record prices for beef and lamb resulted in the
  Livestock business seeing a 17 growth in
  profitability
• 13 increase in Merchandise and Fertiliser sales

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Excellent results from the second largest ever
Pool program

• Second largest export program ever 19.1mt for
  year ended November 2004
• Sales of 2.5mt to China first significant
  business to that market for 8 years
• Record sales to Indonesia of more than 3mt
• Continual trade with Iraq- more than 1.5mt in
  sales
• Reduction for the sixth consecutive year of grain
  supply chain costs
• Above benchmark performance in our foreign
  exchange management for the National Pool

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Performance from other grain related business
streams

• Trading
• Excellent result from Chartering division almost
  50 of Pool volumes sold with a freight component
• Geneva based International Trading business
  nearly doubled trading volumes to two million
  tonnes during 2003/04
• International Trading business has been extended
  with a new office in New Delhi

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Performance from other grain related business
streams cont

• Financial Services
• AWB retained over 70 market share in the highly
  competitive Harvest Finance market
• AWB Harvest Finance achieved the highest possible
  short term credit ratings through the companys
  new ring-fenced structure
• Supply Chain
• AWB GrainFlow significantly increased receival
  volumes, with 1.8mt during 2003/04
• Increased supply of Australian wheat by 50 to
  Five Star Flour Mills in Egypt over the past year

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Supply Chain Developments

• Joint venture with GrainCorp aimed at reducing
  supply chain costs for export grain
• CBH Western Australia
• Supply chain and infrastructure issues remain a
  challenge immediate and ongoing investment by
  Government and industry required

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Outlook

• 2005/06
• Assuming normal seasonal conditions, wheat
  production expected to average levels around
  22-23mt
• Estimated Pool Returns for 2005/06 of 170-180
  per tonne for APW price direction largely
  dependent on Northern Hemisphere crop
• Lamb prices set to remain positive with increased
  demand from export markets
• Beef prices tipped to tail off with increased
  export competition from North and South America
• Promising rural Real Estate market
• Strong medium term growth for Financial Services
  business
• Reduced commodity prices expected to impact Rural
  Services business

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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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Hamish Gidley-Baird

• Returning Officer

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1st Meeting Annual General Meeting of AWB Limited

• Annual General Meeting of AWB Limited
• Financial Report, Directors Reports Auditors
  Report
• Election of directors
• Special resolutions

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1st Meeting Annual General Meeting of AWB Limited

• Item 1.2(a)
• Election of a director of AWB Limited - WA

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1st Meeting Annual General Meeting of AWB Limited

• Item 1.2(a)
• Election of a director of AWB Limited WA
• Candidate
• Mr Christopher Moffet

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1st Meeting Annual General Meeting of AWB Limited

• Item 1.2(b)
• Election of a director of AWB Limited VIC/TAS

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1st Meeting Annual General Meeting of AWB Limited

• Item 1.2(b)
• Election of a director of AWB Limited VIC/TAS
• Candidates
• Mr Christopher Hewitt
• Mr Warrick McClelland

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1st Meeting Annual General Meeting of AWB Limited

• Item 1.2(c)
• Election of a director of AWB Limited NSW/ACT

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1st Meeting Annual General Meeting of AWB Limited

• Item 1.2(c)
• Election of a director of AWB Limited NSW/ACT
• Candidates
• Mr John Simpson
• Mr Geoffrey Brennan

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1st Meeting Annual General Meeting of AWB Limited

• Item 1.2(d)
• Election of a director of AWB Limited B class

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1st Meeting Annual General Meeting of AWB Limited

• Item 1.2(d)
• Election of a director of AWB Limited B class
• Candidate
• Mr Peter Polson

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1st Meeting Annual General Meeting of AWB Limited

• Proxy position for director elections as at 5pm
  (Melbourne time) 8th March 2005

Item Direction Total
Item 1.2(a) Election of director of AWB Limited WA
Mr Christopher Moffet FOR 4,757
Mr Christopher Moffet AGAINST 103
Mr Christopher Moffet OPEN CHAIRMAN 196
Mr Christopher Moffet OPEN OTHER 30
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1st Meeting Annual General Meeting of AWB Limited
Proxy position for director elections as at 5pm
(Melbourne time) 8th March 2005
Item Direction Total
Item 1.2(b) Election of a director of AWB Limited VIC/TAS OPEN CHAIRMAN 181
Item 1.2(b) Election of a director of AWB Limited VIC/TAS OPEN OTHER 635
Item 1.2(c) Election of a director of AWB Limited NSW/ACT OPEN CHAIRMAN 287
Item 1.2(c) Election of a director of AWB Limited NSW/ACT OPEN OTHER 26
Item Direction Total
Item 1.2(d) Election of director of AWB Limited B Class
Mr Peter Polson FOR 71,009,165
Mr Peter Polson AGAINST 2,281,937
Mr Peter Polson OPEN CHAIRMAN 9,490,180
Mr Peter Polson OPEN OTHER 3,192,685
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Voting Procedures
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1st Meeting Annual General Meeting of AWB Limited
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1st Meeting Annual General Meeting of AWB Limited
Proxyholder Ref CHM Proxyholder CHAIRMAN OF
THE MEETING AWB LIMITED ABN 99 081 890
459 ANNUAL GENERAL MEETING 10th March 2005
Item For Against Open
01 ELECT A B CLASS DIRECTOR MR PETER POLSON
02 COMPOSITION OF AWB (INTL) LTD ADDITIONAL DIRECTORS
03 TENURE OF DIRECTORS OF AWB LIMITED
THIS FORM SUMMARISES THE VOTES GIVEN TO YOU AS
PROXYHOLDER FOR THE ABOVE MEETING. PLEASE NOTE
THAT IF THE DONOR OF A PROXY PERSONALLY ATTENDS A
MEETING AND VOTES, YOUR VOTING ENTITLEMENT WILL
BE APPROPRIATELY REDUCED.
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1st Meeting Annual General Meeting of AWB Limited
Proxyholder Ref CHM Proxyholder CHAIRMAN OF
THE MEETING AWB LIMITED ABN 99 081 890
459 ANNUAL GENERAL MEETING 10th March 2005
Item For Against Open
01 ELECT A B CLASS DIRECTOR MR PETER POLSON
02 COMPOSITION OF AWB (INTL) LTD ADDITIONAL DIRECTORS
03 TENURE OF DIRECTORS OF AWB LIMITED
THIS FORM SUMMARISES THE VOTES GIVEN TO YOU AS
PROXYHOLDER FOR THE ABOVE MEETING. PLEASE NOTE
THAT IF THE DONOR OF A PROXY PERSONALLY ATTENDS A
MEETING AND VOTES, YOUR VOTING ENTITLEMENT WILL
BE APPROPRIATELY REDUCED.
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1st Meeting
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1st Meeting
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1st Meeting Annual General Meeting of AWB Limited
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1st Meeting Annual General Meeting of AWB Limited
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1st Meeting
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1st Meeting
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1st Meeting Annual General Meeting of AWB Limited
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1st Meeting Annual General Meeting of AWB Limited

• Special Resolutions
• Composition of the AWB (International) Limited
  Board Additional directors
• Tenure of directors of AWB Limited

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1st Meeting Annual General Meeting of AWB Limited

• Item 1.3(a)
• Composition of the AWB (International) Limited
  Board Additional Directors

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1st Meeting Annual General Meeting of AWB Limited

• Item 1.3(b)
• Tenure of Directors of AWB Limited

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1st Meeting Annual General Meeting of AWB Limited

• Proxy position for two special resolutions for A
  B class shareholders - as at 5pm (Melbourne
  time) 8th March 2005

Item Direction Total
1.3(a) Composition of the AWB (International) Limited Board Additional Directors FOR 62,008,630
1.3(a) Composition of the AWB (International) Limited Board Additional Directors AGAINST 11,986,764
1.3(a) Composition of the AWB (International) Limited Board Additional Directors OPEN CHAIRMAN 9,658,839
1.3(a) Composition of the AWB (International) Limited Board Additional Directors OPEN OTHER 3,014,192
1.3(b) Tenure of Directors of AWB Limited FOR 65,459,145
1.3(b) Tenure of Directors of AWB Limited AGAINST 8,010,453
1.3(b) Tenure of Directors of AWB Limited OPEN CHAIRMAN 9,709,784
1.3(b) Tenure of Directors of AWB Limited OPEN OTHER 3,106,008
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1st Meeting Annual General Meeting of AWB
Limited
Annual General Meeting
A Class Shareholders Meeting
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1st Meeting Annual General Meeting of AWB
Limited
Annual General Meeting
A Class Shareholders Meeting
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1st Meeting Annual General Meeting of AWB Limited

• Item 1.1
• Financial Report, Directors Report and
  Auditors Report

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2nd Meeting Meeting of A class shareholders

• Meeting of A class shareholders to consider
  amendments to particular Articles of the AWB
  Limited Constitution
• Composition of the AWB (International) Limited
  Board Additional Directors

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2nd Meeting Meeting of A class shareholders

• Item 2.1
• Composition of the AWB (International) Limited
  Board Additional Directors

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2nd Meeting Meeting of A class shareholders

• Proxy position for a special resolution for A
  class shareholders - as at 5pm (Melbourne time)
  8th March 2005

Item Direction Total
2.1 - Composition of the AWB (International) Limited Board Additional Directors FOR 4,553
2.1 - Composition of the AWB (International) Limited Board Additional Directors AGAINST 4,075
2.1 - Composition of the AWB (International) Limited Board Additional Directors OPEN CHAIRMAN 1,405
2.1 - Composition of the AWB (International) Limited Board Additional Directors OPEN OTHER 842
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2nd Meeting
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2nd Meeting
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3rd Meeting Meeting of A class shareholders
(QLD/VIC/SA/NT/TAS region)

• Meeting of A class shareholders
  (QLD/VIC/SA/NT/TAS region)
• Election of a director of AWB (International)
  Limited

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3rd Meeting Meeting of A class shareholders
(QLD/VIC/SA/NT/TAS region)

• Item 3
• Election of a director of AWB (International)
  Limited
• Candidate
• Mr Clinton Starr

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3rd Meeting Meeting of A class shareholders
(QLD/VIC/SA/NT/TAS region)

• Proxy position for director election as at 5pm
  (Melbourne time) 8th March 2005

Item Direction Total
Item 3 Election of a director of AWB (International) Limited - QLD/VIC/SA/NT/TAS) Item 3 Election of a director of AWB (International) Limited - QLD/VIC/SA/NT/TAS) Item 3 Election of a director of AWB (International) Limited - QLD/VIC/SA/NT/TAS)
Mr Clinton Starr FOR 2,580
Mr Clinton Starr AGAINST 174
Mr Clinton Starr OPEN CHAIRMAN 704
Mr Clinton Starr OPEN OTHER 672
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3rd Meeting
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3rd Meeting
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