Retail Entitlement Offer - Documents Mailed to ... - AWB Limited

Landmark business improvement• >$100m reduction in working capital by 30September 2009• Accelerating transformation– “Hard-wired” fixed cost reduction– 6 work streams and 18 individual project plans– >$25m reduction in fixed costs over 2009 base-linein Landmark• New management structure– Five states to three divisions– Removal of management duplication– Non-customer centric activities consolidated• SAP implementation on scheduleNot for distribution or release in the United States or to U.S. persons16 23 September 2009Commodities Management repositioned• Australian business reshaped for newenvironment– Reduced cost base– Full year of rail capability– Increased logistics and storage offering• Strong performance in deregulated market– Acquired >25% of Australian wheat crop in firstyear of market deregulation– Export accredited by WEA through to 2011/12season– Enhanced pooling products have attracted inexcess of 1M tonnes in pre-commitments for2009/10 pools• Geneva– Building origination capability in Black Sea– Strong integration with Australian business– Upgrading trading systemsNot for distribution or release in the United States or to U.S. persons17 23 September 200933