Disclaimer and important noticeThis Presentation has been prepared by <strong>AWB</strong> <strong>Limited</strong> (ABN 99 081 890 459) (<strong>AWB</strong>)Summary informationThis Presentation contains summary information about <strong>AWB</strong> and its subsidiaries (<strong>AWB</strong> Group) and their activities current as at 23 September 2009. The information in this Presentation isof general background and does not purport <strong>to</strong> be complete. It should be read in conjunction with <strong>AWB</strong> Group’s other periodic and continuous disclosure announcements lodged with theAustralian Securities Exchange, which are available at www.asx.com.au.Not financial product adviceThis presentation is for information purposes only and is not financial product or investment advice or a recommendation <strong>to</strong> acquire <strong>AWB</strong> shares and has been prepared without taking in<strong>to</strong>account the objectives, financial situation or needs of individuals. Before making an investment decision prospective inves<strong>to</strong>rs should consider the appropriateness of the informationhaving regard <strong>to</strong> their own objectives, financial situation and needs and seek legal and taxation advice appropriate <strong>to</strong> their jurisdiction. <strong>AWB</strong> is not licensed <strong>to</strong> provide financial productadvice in respect of <strong>AWB</strong> shares. Cooling off rights do not apply <strong>to</strong> the acquisition of <strong>AWB</strong> shares.Financial dataAll dollar values are in Australian dollars (A$) unless stated otherwise and financial data is presented within the financial year end of 30 September unless stated otherwise. The pro formahis<strong>to</strong>rical financial information included in this Presentation does not purport <strong>to</strong> be in compliance with Article 11 of Regulation S-X of the rules and regulations of the U.S. Securities andExchange Commission. You should also be aware that certain financial data included in this presentation are “non-GAAP financial measures” under Regulation G under the United StatesSecurities Exchange Act of 1934, as amended, including “EBITDA,” “Adjusted EBITDA”, “PBT” and “NPAT”. The disclosure of such non-GAAP financial measures in the manner includedin this presentation would not be permissible in a registration statement under the Securities Act. These non-GAAP financial measures do not have a standardised meaning prescribed byAIFRS and, therefore, may not be comparable <strong>to</strong> similarly titled measures presented by other entities, nor should they be construed as an alternative <strong>to</strong> other financial measuresdetermined in accordance with AIFRS. Although <strong>AWB</strong> believes these non-GAAP financial measures provide useful information <strong>to</strong> users in measuring the financial performance andcondition of our business for the reasons set out below, you are cautioned not <strong>to</strong> place undue reliance on any non-GAAP financial measures and ratios included in this presentation.Past performancePast performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.Future performanceThis Presentation contains certain “forward-looking statements”. Forward looking statements can generally be identified by the use of forward looking words such as, “expect”, “should”,“could”, “may”, “predict”, “plan”, “will”, “believe”, “forecast”, “estimate”, “target” and other similar expressions and are intended <strong>to</strong> identify forward-looking statements within the meaningof securities laws of applicable jurisdictions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-lookingstatements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject <strong>to</strong> change without notice, as are statements about marketand industry trends, which are based on interpretations of current market conditions.Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication orguarantee of future performance. This presentation contains forward looking statements that are subject <strong>to</strong> risk fac<strong>to</strong>rs associated with the agriculture industry. It is believed that theexpectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends <strong>to</strong> differ materially, including but notlimited <strong>to</strong>: weather patterns; price fluctuations; actual demand; currency fluctuations; industry competition; environmental risks; physical risks; legislative, fiscal and regula<strong>to</strong>rydevelopments; economic and financial markets conditions in various countries; approvals; and cost estimates.Not for distribution or release in the United States or <strong>to</strong> U.S. persons2 23 September 200925
Annexure II – Inves<strong>to</strong>r Presentation (continued)Disclaimer and important notice (continued)Investment RiskAn investment in <strong>AWB</strong> shares is subject <strong>to</strong> investment and other known and unknown risks, some of which are beyond the control of <strong>AWB</strong> Group. <strong>AWB</strong> does not guarantee any particularrate of return or the performance of <strong>AWB</strong> Group. Persons should have regard <strong>to</strong> the risks outlined in this Presentation.Not an offerThis presentation does not constitute an offer, invitation or recommendation <strong>to</strong> subscribe for or purchase any security and neither this presentation nor anything contained in it shall formthe basis of any contract or commitment. In particular, this presentation does not constitute an offer <strong>to</strong> sell, or a solicitation of an offer <strong>to</strong> buy, securities in the United States or <strong>to</strong> anyperson that is, or is acting for the account or benefit of any "U.S. person" (as defined in Regulation S under the Securities Act of 1933, as amended (the "U.S. Securities Act") (“USPerson”)). This document may not be distributed or released in the United States or <strong>to</strong>, or for the account or benefit of, any U.S. Person. The securities in the proposed offering have notbeen and will not be registered under the U.S. Securities Act, or under the securities laws of any state or other jurisdiction of the United States. Accordingly, the securities in the proposedoffering may not be offered, or sold, directly or indirectly, within the United States or <strong>to</strong>, or for the account or benefit of, U.S. Persons, except in a transaction exempt from, or not subject<strong>to</strong>, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.Underwriters and AdvisorsThe underwriters and advisors have not authorised, permitted or caused the issue, lodgement, submission, dispatch or provision of this Presentation and do not make or purport <strong>to</strong> makeany statement in this Presentation and there is no statement in this Presentation which is based on any statement by the underwriters and advisors. The underwriters and advisors andtheir affiliates, officers and employees, <strong>to</strong> the maximum extent permitted by law, expressly disclaim all liabilities in respect of, make no representations regarding, and take noresponsibility for, any part of this document and make no representation or warranty as <strong>to</strong> the currency, accuracy, reliability or completeness of information.Not for distribution or release in the United States or <strong>to</strong> U.S. persons3 23 September 200926