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Brendan Stewart. Chairman. Order of meetings. Meeting of A class shareholders to amend Articles of the AWB Limited Constitution Annual General Meeting of AWB Limited Meeting of A class shareholders (NSW/ACT region) to elect a director of AWB (International) Limited. Andrew Lindberg.

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Brendan Stewart

Chairman


Order of meetings
Order of meetings

  • Meeting of A class shareholders to amend Articles of the AWB Limited Constitution

  • Annual General Meeting of AWB Limited

  • Meeting of A class shareholders (NSW/ACT region) to elect a director of AWB (International) Limited


Andrew Lindberg

Managing Director


Financial performance was significantly impacted by severe drought across all business streams
Financial performance was significantly impacted by severe drought, across all business streams

  • Drought impacted wheat crop of 9.7 million tonnes in 2002/03 compared with 24.9 million tonnes in 2001/02

  • Export volumes in the Pool fell by 77% to 4.3 million tonnes

  • Net profit after tax of $43.9m, down 59%

  • Earnings per share of 15.9 cents, down 59%

  • Fully franked dividend of 25 cents per share paid during 2003

  • Cost control measures implemented successfully which resulted in a 12% reduction in total overheads (excluding depreciation)



The acquisition of landmark dramatically expands awb s foot print across rural australia
The acquisition of Landmark dramatically expands AWB’s foot print across rural Australia

  • 430 outlets, 1950 staff and approx. 100,000 customers

  • Businesses include wool, livestock, merchandise, finance, real estate, insurance and fertiliser

  • Better able to service customers and complement Single Desk marketing/ risk management activities

  • Platform to leverage growth for AWB financial services business

AWB office locations (49)

Landmark outlets (430)


Our focus is on the successful integration of landmark
Our focus is on the successful integration of Landmark foot print across rural Australia

  • Team dedicated to the integration of Landmark

  • Targeted EBIT enhancement opportunities of $5-$10 million in 2003/04, and $30-$40 million by 2005/06

  • On track to achieve year one targets and cost savings

  • Commenced training of Landmark Rural Financial Managers

  • AWB staff already selling a full suite of financial products

  • Consolidation of network and re-branding has commenced

  • Exploring opportunities to provide unique product offerings to farmers through “one-stop shop” model


Largest ever national pool finalised reporting a record gross pool value of 5 3 billion
Largest ever National Pool finalised reporting a record Gross Pool Value of $5.3 billion

  • Excellent result despite:

    - Volatile wheat market

    - War in Iraq

  • Strategic decision to extend pool (twice) resulted in Pool participants receiving an additional $14.60 per tonne

  • AWB is also on track to achieve significant Out-Performance for the 2002/03 National Pool


Ring fencing has achieved a higher short term credit rating for awb
Ring fencing has achieved a higher short term credit rating for AWB

  • Ring fencing has separated the activities of the National Pool from the commercial activities of the AWB group

  • Ratings post 1 October 2003

    • AWB Harvest Finance

      • S&P: A1+ (s/t) AA- (l/t) stable

      • Moodys: P-1

    • AWB Commercial Subsidiaries

      • S&P: BBB stable outlook


Improvements to the supply chain with a joint venture between awb wa cbh
Improvements to the supply chain with a joint venture between AWB & WA CBH

  • Co-operative joint venture “Grain Direct” signed in WA

  • Objective is to:

    • reduce supply chain costs for the National Pool participants; and

    • produce commercial investment returns for AWB

  • Anticipated net savings of $3.30 per tonne, per annum by 2008/09 harvest


Global trading operation, Geneva, enabled continued wheat supply to key customers during stock shortage

  • 1.5 million tonnes traded in its first full year of operation

  • Utilised successfully to manage customer demand during the drought, through other origin grain

  • Relationships with overseas customers retained


International marketing program
International marketing program supply to key customers during stock shortage

CHINA

Sale of 1 million tonnes of wheat to China - first sale since 1996

NEW MARKETS

Focus on developing new markets, such as Sudan and Kuwait

IRAQ

Will continue to supply Iraq – anticipating strong competition from the US

  • Independent review performed – strategic plan developed

  • Grower participation in the future direction of AWB (International) Limited and its management of the single desk


Price trends for wheat livestock wool
Price trends for wheat, livestock & wool supply to key customers during stock shortage

  • Estimated Pool Returns for the 2004/05 harvest of $190 - $200 per tonne for APW

  • Prices impacted by appreciating AUD

  • Hedging program is well underway for 2003/04 and 2004/05

  • Outlook for sheep and lamb prices is positive

  • Cattle industry remains buoyant

  • Wool market impacted by uncertain economic conditions in major markets


Awb is well positioned
AWB is well positioned supply to key customers during stock shortage

2003-04 NPAT forecast is $110-$120 million

(pre goodwill amortisation, including one off costs)

  • National wheat production forecast to be 25 million tonnes

  • High Pool receivals enables a greater amount of tonnage available for harvest finance products

  • In excess of 1.8 million tonnes through grain centres

  • Growth in chartering with approximately half total Pool tonnage to be sold with chartering component

  • On track to achieve targets through the integration of Landmark


Hamish Gidley-Baird supply to key customers during stock shortage

Returning Officer


1 st meeting
1 supply to key customers during stock shortagest Meeting

Special meeting of A class shareholders to amend Articles of the AWB Limited Constitution

  • Amendment of Articles considered are entrenched provisions

  • Requires a majority of at least 75% of votes being cast by A class shareholders in order for these amendment to be passed


1 st meeting1
1 supply to key customers during stock shortagest Meeting

2.1 A class share redemption

2.2 Maintain “Grower” status

2.3 Retiring directors of AWB (International) Limited seeking re-election


1 st meeting2
1 supply to key customers during stock shortagest Meeting

Proxy position for special resolutions 2.1, 2.2 and 2.3 for A class shareholders only – as at 5pm (Melbourne time) 9th March 2004:


Voting procedures supply to key customers during stock shortage


1 st meeting3
1 supply to key customers during stock shortagest Meeting


1 st meeting4
1 supply to key customers during stock shortagest Meeting


1 st meeting5
1 supply to key customers during stock shortagest Meeting


1 st meeting6
1 supply to key customers during stock shortagest Meeting


1 st meeting7
1 supply to key customers during stock shortagest Meeting


1 st meeting8
1 supply to key customers during stock shortagest Meeting


2 nd meeting
2 supply to key customers during stock shortagend Meeting

Annual General Meeting of AWB Limited

  • Financial Report, Directors’ Reports & Auditor’s Report

  • Election of directors

  • Ordinary resolution

  • Special resolutions


2 nd meeting1
2 supply to key customers during stock shortagend Meeting

Election of director of AWB Limited - WA


2 nd meeting2
2 supply to key customers during stock shortagend Meeting

Election of director of AWB Limited - WA

Laurie Marshall

Winston Crane

Hendy Cowen

Steve Chamarette


2 nd meeting3
2 supply to key customers during stock shortagend Meeting

Proxy position for election of director of AWB Limited – WA as at 5pm (Melbourne time) 9th March 2004:


Voting procedures supply to key customers during stock shortage


2 nd meeting4
2 supply to key customers during stock shortagend Meeting


2 nd meeting5
2 supply to key customers during stock shortagend Meeting


2 nd meeting6
2 supply to key customers during stock shortagend Meeting


2 nd meeting7
2 supply to key customers during stock shortagend Meeting


2 nd meeting8
2 supply to key customers during stock shortagend Meeting


2 nd meeting9
2 supply to key customers during stock shortagend Meeting

Election of Director of AWB Limited – B class


2 nd meeting10
2 supply to key customers during stock shortagend Meeting

Election of Director of AWB Limited – B class

Robert Barry

Frank O’Connor

Brett Cowell


2 nd meeting11
2 supply to key customers during stock shortagend Meeting

Ordinary resolution:

Increase in non-executive directors’ remuneration


2 nd meeting12
2 supply to key customers during stock shortagend Meeting

Special resolutions:


2 nd meeting13
2 supply to key customers during stock shortagend Meeting

Proxy position for election of director of AWB Limited – B class - as at 5pm (Melbourne time) 9th March 2004:


2 nd meeting14
2 supply to key customers during stock shortagend Meeting

Proxy position for ordinary resolution to increase non-executive directors’ remuneration - as at 5pm (Melbourne time) 9th March 2004:


2 nd meeting15
2 supply to key customers during stock shortagend Meeting

Proxy position for four special resolutions for A & B class shareholders – as at 5pm (Melbourne time) 9th March 2004:


Voting procedures supply to key customers during stock shortage


2 nd meeting16
2 supply to key customers during stock shortagend Meeting


2 nd meeting17
2 supply to key customers during stock shortagend Meeting


2 nd meeting18
2 supply to key customers during stock shortagend Meeting


2 nd meeting19
2 supply to key customers during stock shortagend Meeting


2 nd meeting20
2 supply to key customers during stock shortagend Meeting


2 nd meeting21
2 supply to key customers during stock shortagend Meeting


2 nd meeting22
2 supply to key customers during stock shortagend Meeting


2 nd meeting23
2 supply to key customers during stock shortagend Meeting

Financial Report, Directors’ Reports & Auditor’s Report


3 rd meeting
3 supply to key customers during stock shortagerd Meeting

Meeting of A class shareholders (NSW/ACT region) to elect a director of AWB (International) Limited


3 rd meeting1
3 supply to key customers during stock shortagerd Meeting

Election of Director of AWB (International) Limited – NSW/ACT region

Ian Donges


3 rd meeting2
3 supply to key customers during stock shortagerd Meeting

Proxy position for election of director of AWB (International) Limited – NSW/ACT region – as at 5pm (Melbourne time) 9th March 2004:


Voting procedures supply to key customers during stock shortage


3 rd meeting3
3 supply to key customers during stock shortagerd Meeting


3 rd meeting4
3 supply to key customers during stock shortagerd Meeting


3 rd meeting5
3 supply to key customers during stock shortagerd Meeting


3 rd meeting6
3 supply to key customers during stock shortagerd Meeting


3 rd meeting7
3 supply to key customers during stock shortagerd Meeting


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