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Annexure II – Investor Presentation (continued)Key risks (continued)Commodity price movements• The nature of AWB’s operations mean its earnings are exposed to fluctuations in the prices of agricultural commodities• AWB manages its exposure to adverse fluctuations in commodity prices by entering into hedging instruments, however the impact of price movements may benegative depending on their direction, timing and magnitudeCommodity production• A decrease or lack of increase in the volume or quality of production of the Australian agricultural sector may have an adverse effect on AWB’s future earningsImpact of foreign exchange movements• Through its international trading activity and ownership of foreign assets, AWB is exposed to movements in the value of foreign currencies• The impact of exchange rate movements will vary from time to time and is dependent on any hedging entered into, the levels at which hedging contracts arearranged and the duration of hedging contracts. The impact of movements in exchange rates may be negative depending on their direction, timing and magnitudeFinancial guidance• There is a risk that assumptions involved in the financial information provided in this presentation may not hold true, such that future earnings and distributionsmay differ, potentially significantly, from guidance provided in this presentationOperational risks• Due to the nature of its operations, AWB is exposed to health, safety and environmental risks as well as the risk of execution failure in relation to bulk exportsHi-Fert• Hi-Fert is currently held for sale. AWB may be required to contribute additional capital to Hi-Fert, depending on market conditions.Not for distribution or release in the United States or to U.S. persons39 23 September 200946