AWB LIMITED’S INITIAL PUBLIC OFFER

Monday 9 July 2001

Trevor Flugge

Chairman, AWB

¨

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

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

AWB OVERVIEW

AWB activities account for:

• 3% of Australia’s total exports

• 12% of Australia’s 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)

GLOBAL WHEAT TRADE

1999/2000 total wheat trade -100 million tonnes

Canada19%Canada19%Other

8%Other8%

Argentina9%Argentina9%

Australia18%Australia18%

USA30%USA30%

EU16%EU16%

AWB STRENGTHS

Expertise in:

• Pool Management Services

• Financial & Risk Management for Wheat Growers

• Domestic Marketing of Wheat and other Grains

• Investments in Distribution Infrastructure

CORPORATE STRUCTURE

Dual class

• 35,000 A class shareholders

– 1 share each with weighted voting

• 64,500 B class shareholders

– 242 million shares issued

BENEFITS OF LISTING

• Fair value for existing shareholders

• Increased liquidity

• New equity to fund future development

• Increased commercial disciplines

AWB LIMITED’S INITIAL PUBLIC OFFER

Andrew LindbergChief Executive and Managing Director, AWB

AWB’S BUSINESS STREAMS

2001F EBIT$9.3m

Pool Management Services

2001F PBT$80.2m

Finance and Risk Management Products

2001F EBIT$70.3m

Grain Acquisition and Trading

2001F EBIT($3.0m)

Grain Technology

2001F EBIT$15.4m

Supply Chain and Other Investments

AWB’S 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)

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

AWB LIMITED’S INITIAL PUBLIC OFFER

Paul Ingleby

Chief Financial Officer, AWB

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

THE OFFER

• Offered to clients of the Lead

Manager and Retail Brokers and

institutional investors

• Underwritten by UBS Warburg

Existing Shareholder

Offer

• Open to existing A and B class

shareholders

• Top-up, cash-out and New A

class shareholder components

Employee Offer

• Open to all existing employees

of AWB

• Guaranteed minimum allocation

of 1,000 shares

Up to $20 million non-underwritten

$80 millionunderwritten

Public and Institutional

Offers

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

OFFER TIMETABLE

Offer Opens 23 July

Offer Closes 15

August

ASX Listing 22

August

AWB LIMITED’S INITIAL PUBLIC OFFER

Monday 9 July 2001