2004 Senior Management Briefing10 September, 2004

Strategy and growth overview

Andrew LindbergManaging Director

3

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

4

Some “Landmark” achievements

• Network consolidation

• Re-branding of all branches

• Back office consolidation - relocation of critical staff to Melbourne

• Recruitment of finance and insurance specialists

• Incentive program implemented for all staff

• AFS license and transfer of IBD arrangements with 85% retention rate

• Phase 1 procurement completed with improved terms and conditions being obtained in all categories

• SA pilot program - $2/tonne merchandise voucher

• Launch of Fastrak Finance

• At least 95% of the way through the integration stage, and 15% of the way through the growth stage

5

Survey question: “Last year AWB took over the Landmark organisation to form Landmark – an AWB company. Generally speaking, how comfortable would you say you are with the two organisations now being joined?”

Most customers are comfortable with Landmark being an AWB company …

24

59

85 5

23

57

96

4

25

60

63

5

0

10

20

30

40

50

60

70

Very comfortable Quite comfortable Not very comfortable Not at all comfortable Don't know

% o

f res

pond

ents

Total (n=300)

AWB (n=150)

Landmark (n=150)

24

59

85 5

23

57

96

4

25

60

63

5

0

10

20

30

40

50

60

70

Very comfortable Quite comfortable Not very comfortable Not at all comfortable Don't know

% o

f res

pond

ents

Total (n=300)

AWB (n=150)

Landmark (n=150)

6

Targets will be achieved by implementing three dominant business strategies

AWB’s overarching goal is to implement an

Integrated Business Model...

Leading position in Australian rural

services

Leading rural financial

services and insurance

provider

Australia’s leading global grain trading

business

People and

Capability

7

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

our Vision … AustraliaAustralia’’s leading agribusinesss leading agribusiness

Chartering Risk Management

Financial Services

Insurance Merchandise& Fertiliser

Agronomy Wool Livestock Real Estate

Grain marketing

and handling

Primary producer

Business partner of

choice

End consumer

Seeds and R&D

Farm Inputs

Domestic Supply chain

Acquisition and

Trading

FreightOffshore Supply Chain

End use demand

Milling and Processing

delivered by a … comprehensive product / services offering

managed through an … integrated value chain

to ensure AWB is the …

8

Three growth areas

Leading position in Australian rural

services

Leading rural financial

services and insurance

provider

Australia’s leading global grain trading

business

• Fertiliser and merchandise are the main areas targeted for growth

• Cross selling• Leverage buying power in the network• Improve merchandise and supply chain effectiveness

• 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

• 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

9

Outlook

Australia’s agricultural outlook- Wheat crop: between 21 to 24 million tonnes for 2004-05

- Livestock

• Cattle numbers forecast at 27.6 million head for 2004-05

• Sheep numbers forecast at 99.5 million head for 2004-05

- Wool: shorn wool production estimated to be 440 million kilograms greasy for 2003-04. Wool prices are heavily dependent on foreign exchange rates

Integration of Landmark

- On track to meet EBIT enhancement opportunities indicated at the announcement of the acquisition in August 2003

- Primarily cost synergies and finance growth at $5-$10m in 2003-04 increasing to $30-$40m by 2005-06

Charles StottGM – Rural Services

Rural Services

11

A period of change

2001 & 2002

Merger Dalgety & IAMA

• Achievement synergies

• Maintain revenue in existing businesses

• Establish new brand identity

• Capture merchandise and logistics opportunities

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

OBJECTIVE 2004-05: Integrated Business Model

12

• 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

Merchandise

13

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 farmer’s decision making

process

• Operational improvement

opportunities

• Meet all price points

… a generic strategy will be important

14

• 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)

Fertiliser

15

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

16

• 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

Livestock

17

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

18

• 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

Wool

19

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

20

Landmark real estate has two main activities:

Real Estate

- Rural property sales

- Residential property sales

21

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

22

Extending and creating value and building the Integrated Business Model

Growth

Day 1 – August 29 2003

TransitionIntegration

Planning

Transaction

Integration Project Management

Integration

June 30 2004

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

Network, IT and HR Integration are on going

Integration

September 30 2004

Synergy Benefits

Completion and

Signing

Integration of Landmark

23

Outlook

• Opportunities exist to grow in most activities

• Commodity prices expected to remain strong

• Real Estate values expected to plateau

Network Operations

John MaherGM – Network Operations

25

Branches

Members

Franchises / Agents

Staff = 293

35 47 29

1946 1

Staff = 363

43 19 11

Staff = 239

281437

Staff = 350

31857

Staff = 455

Network structure and rural footprint

26

• Account Management

• Network Optimisation

• Integrated Business Model

as well as…….

– Training & Development

– Profitability Improvements (financial services & merchandise / fertiliser)

– Operational Excellence

Network operations will focus on

27

The number of activities utilised by each customer of Landmark is low

Fert Ins L/Stock Merch Wool

Fert

Ins

L/Stock

Merch

Wool

Activity – Key Customers

Pen

etra

tion

acr

oss

othe

r ac

tiviti

es (

%)

High cross sell growth opportunities

Account management – cross sell opportunities

28

• Utilising data to segment Landmark & AWB’s customer base • Developing appropriate service level protocols & disciplines• Improving differentiation in service levels

Account management – customer relationship management (at branch level)

29

1. Institutionalise the customer knowledge historically maintained with individual employees.

2. Evolve the culture from an activity specialisation focus to a customer relationship focus, and build an account management philosophy.

3. Increase “share of wallet” from our existing customer bases.

Key strategies for account management

30

Improve profitability, capture growth and improve return on capital

Optimise current branch /franchise

options

Optimise network footprint

Optimise network format

• Branch categorisation • Outlet design and standards

• Identification and analysis of growth opportunities

Network optimisation (continued)

31

Mar

ket

Sh

are

Average size

Corporate Branch Market Share vs Market Size

Market Potential

Identified opportunities within each geographic segment and branch catchment area

Profit contribution by outlet is variable due to a number of factors

32

Branch

Franchise

Size of circle indicates value of channel partner’s revenue

• Three distinct channels to market• Leveraged properly, provides a competitive advantage

Principal’s share of channel partner’s product category sales

Cha

nnel

pa

rtn

er’s

infla

tion

ad

just

ed g

row

th r

ate

Network configuration

Member

33

• Strategies in place to optimise our foot-print and maximise profit pool opportunities

• High potential business managers matched to high potential locations

• Optimal store configurations

• Optimal catchment areas

• Efficient channels to market

What will the network look like in 3 years?

Update on IFRS

Paul InglebyChief Financial Officer

35

• Background

• Progress to date

• Project timeline

• First time adoption

• What’s next

Update on IFRS

36

• In July 2002, the AASB committed to full adoption of International Standards

– Global capital requires consistent reporting

– Consistency with Europe, fewer differences from US GAAP

• Applies for financial years on or after 1 January 2005

• First applies to AWB for the half year ended 31 March 2006 including comparatives

• Impact disclosure is qualitative at 30 September 2004, and quantitative at 30 September 2005

• AWB project kicked off January 2004 and Deloitte was enlisted as an expert consulting partner

IFRS background

37

• Major impacts identified

– No impact on pool reporting

– Impediments to hedge classification

– Goodwill impairment testing

– Performance rights and share plans to P&L

– Balance sheet method for deferred tax

• Documentation of first time adoption position

• Realistic project timelines with resources identified and committed

• Board and audit committee regularly briefed

Progress to end of August

38

Sep 04 Sept 05 Sept 06Mar 05 Mar 06

Project timeline

1 2 3 4 5 Sept 04• Comparative

opening balance sheet

• Exclusion of AASB 132 &139

• ASIC disclosure AASB 1047 qualitative impact analysis

• Systems implementation strategy

March 05• Half year

comparatives

• Exclusion of AASB 132 &139

• Inventory of instruments

• Accounting for trading transactions

• Valuation methodology

March 06• Half year

IFRS compliant report

Sept 05• Full year comparatives

excluding AASB 132 &139

• Transition entries identified for AASB 132 &139

• Full policies to include AASB 132 &139

• Systems in place for all IAS requirements including AASB 132 &139, where applicable: hedge, designations, effectiveness and testing

• AASB 1047 quantitative impact analysis

Sept 06• First full

year IFRS compliant annual report

39

• Maintain Landmark acquisition accounts

• No financial instruments comparatives

• Retain Foreign Currency Translation Reserve

• No revaluation of fixed assets

AWB’s first time adoption

40

• Draft opening balance sheet

• Implement comparative data capture

– 2005 financial year

– Non financial instruments only

• Leverage tax consolidations software and Market Risk Control Framework

• Implement financial instruments detailed hedge assessment

What’s next for IFRS

Wheat prices, futures and global supply

Sarah ScalesGM, AWB (International) Limited

42

• World wheat production has increased 56 million tonnes to 608 million tonnes in 2004

• Significant production increases occurred in the

– EU-25 106 mmt to 129 mmt

– FSU 61 mmt to 84 mmt

– India 65 mmt to 72 mmt

– China 86 mmt to 90 mmt

• US crop declined from 64 mmt to 58 mmt

World wheat production

43

World wheat production & consumption

440

490

540

590

640

Ton

nes

(mill

ion)

World Production World Consumption

Source: USDA 2004

44

World wheat trade – 5% major exporters

80

85

90

95

100

105

110

115

Mill

ion

To

nn

es

50

55

60

65

70

75

80

85

90

95

100

%

World Trade 5 Major Exporter

* 2003/04 & 2004/05 – estimated Source: USDA

45

World stocks

• A larger world production was required as world stocks remain historically low

– From 202 mmt in 2002-03 to 167 million tonnes in 2003-04 to 132 million tonnes in 2004-05 and 142 million tonnes 2005

• Other major world crops are showing the same trend– Corn from 148 million tonnes in 2002-03 to 85 million tonnes in 2004-05

– Rice from 139 million tonnes in 2002-03 to 68 million tonnes in 2004-05

• This prevents a huge production swing into one crop

• Human consumption demand increasing at long term trend of 1%

• Feed demand will increase 7 million tonnes due to larger feed wheat availability in 2004-05

46

Kansas futures

47

Prices

• Production risk premium has been removed from the market and this has seen Kansas futures decline from in excess of US$4 bushel to US$3.40 bushel

• APW National Pool return has declined from $220 FOB to $197 FOB for 2004/05 pool

• Weaker currency is supportive to price

48

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

49

Outlook

• Risk premium has been taken out of current prices

• Strong competition from Northern Hemisphere export origins in the short term

• There is still a tight balance sheet that will react to any production issue in 2005

• China expected to continue strong import program in 2005

• AWB confident of retaining 50% of Iraq import demand

Financial Services

Marcus KennedyGM – Financial Services

51

Priority Outcome

AFSL licenceAFSL licence• Licence approved within timeframe• Enabled AWB to continue to offer

the IBD’s

IBD Prospectus & major customer migrationIBD Prospectus & major customer migration

• Prospectus launched• 85% conversion

Protect & shore-up Harvest Finance businessProtect & shore-up Harvest Finance business

On track to achieve$5m uplift

On track to achieve$5m uplift

• Over 70% market share

• Improved sales mgt & RFM’s recruited

• Segmentation of customers• Aligned targets and incentive plan

What we have achieved to date

52

• Term Loans

• Seasonal Finance

• Line of Credit

• Fastrak Finance

Lending

• $1b book

• Call Investment Account

• Rural Cheque Account

• Rural Card

• Term Deposit

Deposits

• $280m book

• General Insurance

• Crop Insurance

• Stud Livestock Insurance

• Transit Insurance

Insurance

• $120m book

• Landmark Finance Online Plus

• Transfer funds

• Views statements

• Pay bills

Net Access

• 2,800 clients

• Harvest Loan

• Flexible Drawdown Loan

• Advanced Payment

• Deferred Payment

Harvest Finance

• $1.5b book

• Financial Advice

• Master Trust Platform

• Investment Products

Wealth Management

• New business opportunity

What do we offer clients?

53

Lending

Deposits

Wealth Management

Insurance

Total Agri-business marketEarning potential of total market

Harvest Finance

$4b$4b $80m $80m

$760m$760m $140m $140m

$11b$11b $110m$110m

$2.1b$2.1b $42m$42m

$30-$35b$30-$35b $610m $610m

How big is the opportunity?

54

Lending Harvest Finance Deposits Wealth Insurance

• Larger clients• Larger deals

• More professional operators

• Cashflow out of sector

• Equity in Farms unlocked

• Lower premiums

• Scope to differentiate

• Market share erosion

• Increased choice and competition

• Increased choice and competition

• Greater competition for customer ownership

• Pressure on smaller operators

• Increased need for seasonal funding

• E-solution • Barriers to entry

• Focus on choice and independence

• Shake-out of Intermediaries

• E-solutions

• Clients approached by brokers on fee for success basis

• Maintain strength

• Greater focus on lifetime value

• Greater competition for customer ownership

• Role of intermediary is key

• Lending opportunities

• Leverage client base

• Increased investment

• High advice need

• Increased complexity

Competitive market

Technology, scale, increased regulation

Increasing role of intermediaries

Farm succession issues

Farm consolidation

Market trends and impacts

55

Distribution footprint in rural Distribution footprint in rural

• 430 outlets across all regional areas

• Local representation and service

• 70 Finance specialists

• Often on farm & close to clients business

Deeper customer relationships than other Financial Service providersDeeper customer relationships than

other Financial Service providers

• Insight into the financials and operations of a clients total business

• More individualised business/product transactions per client

Rural focusRural focus

• Specialist focus on agri means no distractions

• Deeper understanding of agri needs e.g. we want the physical, we see the fund flow (e.g. livestock, grain, wool etc)

Supplier relationshipsSupplier relationships

• Strong suppliers in all categories

– Lending: Rabo

– Deposits: NAB, WBC

– Insurance: WFI, CGU

Why we can win

56

Lending Harvest Finance Deposits Wealth Mgt Insurance

Product Relationship pricing and bundling

Cross sell and bundling programs

Tap into commodity cashflows

Create agri specific offering

Fill product gaps

People Recruit and develop high calibre RFM’s

Specialist grain expertise

FSRA skill accreditation

Recruit/ acquire

advisory business

Recruit and develop specialist staff

Process Enhanced loan platform

Web enabled

Improve client statements

Full online proposition

Establish new platform

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 with primary producers

Build FS brand across rural, regional and metro

…to be a broad-based rural and regional financial services distributor with niche manufacturing capability where we have a natural competitive advantage

What are our major initiatives

57

• Rural customers traditionally under serviced

• Service based proposition

• Leverage customer insights across all business streams

• Business partnership

Outlook

Trading

Peter GearyGM – Trading

59

Trading group

Sales & marketing

(Services function – deal making)

Australia Trading

International Trading

Derivatives Trading

60

“To strengthen core trading capability and be a world class global niche agricultural commodity trader on a light asset base

model”

Trading will build on existing capabilities, domestically and internationally

- Utilising a “fund-of-funds” approach to achieve:

• Tighter and faster decision making

• Dynamic capital and resource allocation

• Global trading focus

• Trading and marketing synergies

Objective of the Trading group

61

Capturing Trading & Marketing synergies

Pool Marketing (IS&M) complements Trading activities through its:

•

Trading adds value to the Pool Marketing (IS&M) activities through its:

• Market position

• AWB brand

• Wheat market information

• Customer relationships

• Risk management skills

• Wheat acquisition skills and marketing information

• Customer solutions / product bundling offerings

• Competing product information

• Customer relationships

62

Sth Amer Other

26% 18% 11% 1% 11% 15% 1% 17%

Sth Amer Other

1% 28% 1% 1% 2% 47% 19% 1%

Sth Amer Other

5% 10% 1% 1% 5% 35% 9% 34%

Wheat

Oilseeds

Corn

World trade based on 2003-04

World total AWB Share

107 mt

75 mt

74 mt

16%

1.3%

1.4%

Importers

AWB’s global reach

Source: USDA & AWB trade data 2004

AWB wheat exports 26% 3% 18% 4% 24% 21% 1% 3%

63

Hea

vy

Trading risk profile

Ass

ets

Low

Lig

ht

High

Grains industry used to look like this

TRADIGRAIN

CONTINENTALANDREBUNGE

GLENCORE

TRADIGRAIN

CONTINENTALANDREBUNGELOUIS DREYFUS

TRADIGRAIN

CONTINENTALANDREBUNGE

NIDERANIDERANIDERA

CARGILL

ADM

CONAGRA

CARGILL

ADM

CONAGRA

CARGILL

ADM

CONAGRA

CWBCWBCWB AWB

64

But has changed dramatically over the past five years …

Hea

vy

Trading risk profile

Ass

ets

Low

Lig

ht

High

GLENCORE

LOUIS DREYFUS

BUNGEWILMAR

CARGILL

ADM

CONAGRA

CWBCWBCWB

AWB

opening space for a global ‘niche market’ positioning

65

Australia Trading (formerly Domestic Trading)

Environment Priorities & initiatives Outlook

• Large crop, margins continue to be pressured

• Drought

• Consolidating customer base

• Strengthening competitor base – consolidation of trading houses

• Conservative selling by growers following drought

• Opportunity to develop “deeper” relationships with key customers

• Strengthen sales links to intensive domestic livestock industries

• Expand commodity base

• Develop business in non-regulated export grains

• Develop livestock value-add activity

• Improve efficiency of risk capital utilisation (use fund-of-funds approach)

• Bullish domestic crop production outlook

• Weakening international and domestic commodity prices

• Market price curve keeping grain away from market

…Outcome = diversification of Trading earnings

66

Chartering

Environment Priorities & initiatives Outlook

• Volatility in freight rates driven by commodity boom

• Counterparty/market default driven by price extremities

• Pool chartering dependent on size of export crop

• Opportunity to expand primary grain export business into 3rd party freight opportunities

• Opportunities to increase global presence through single operational strategy of all AWB freight books

• Opportunity to develop back freight businesses (e.g. fertiliser)

• Develop additional skills in freight market intelligence

• Increase operations of vessels in global freight market

• Increase CNF sales of Pool and Non-Pool tonnage

• Continue to develop a presence as a 3rd party freight supplier

• Freight rates weakening globally through 2005

• Increased vessel supply

• Economic growth rates from China

…Outcome = 24 hour global market coverage in conjunction with Geneva Chartering

67

Freight market

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

18-Apr-01

18-Sep-01

18-Feb-02

18-Jul-02

18-Dec-02

18-May-03

18-Oct-03

18-Mar-04

18-Aug-04

$

68

International Trading (formerly Global Operations)

Environment Priorities & initiatives Outlook

• 2004-05 larger world crops, lesser price volatility prospects (lower execution risk, but fewer trading opportunities)

• Inability to attract capabilities to develop niche strategy of business

• Increased competitive pressures from global multi-national trading entities

• Merchants’ industry international consolidation

• Improve quality and origin of earnings and build deeper tailored relationships with a range of highly valued customers

• Secure regular supply and/or origination agreements in key markets

• Diversify revenue by covering more markets and products

• Leverage marketing and trade finance capacity

• Expand and strengthen trading skill set & capability

• Align IT to origination and marketing strategies

• Larger global crop production; declining market volatility

• Increase penetration of AWB IT into new markets and customers

…Outcome = better market coverage and increased other origin grain volume traded

69

Derivatives Trading

Environment Priorities & initiatives Outlook

• Drought impacting physical volume

• Grower willingness to forward contract

• Market price environment and its impact on product attractiveness

• Customer buying in at lower price environment

• Build deeper tailored relationships with a range of highly valued customers

• Leverage Landmark business to provide an expanded product & service offering to our suppliers and customers

• Continue to build on business through existing AWB customer base and physical flows

• Expand business to external financial clients and other commodities

• Broaden the grower product range to increase volumes and marketability of products

• Improve sales effort through regional networks

• Good uptake of scale with overseas buyers

• Opportunity to bundle with physical wheat price

…Outcome = Improved quality and origin of earnings

70

• Strong growth across all activities

• Only domestic trading with national presence – reliable trading partner

• Fewer players through industry consolidation and exit of medium sized trackers

• Strong uptake by international customers on product range

• Well recognised expertise in chartering environment

Outlook

Questions

72

www.awb.com.au

For further information contact:

Delphine Cassidy

Head of Investor Relations

T: +61 3 9209 2404

E: dcassidy@awb.com.au