Melbourne , Australia
July 7, 2003

AWB Limited today announced the second distribution from the No. 1, 2002 AWB National Pool, in which it
will distribute more than $185 million to Australian wheat growers.

General Manager AWB National Pools, Sarah Scales, said the second distribution, which was paid
late last week, reflected good progress of the sales and shipping program in what was a significantly
smaller pool for 2002.

Ms Scales said on top of the base rate payments, growers will be receiving significantly higher Golden
Rewards payments than in previous seasons as a result of the quality profile of the crop.

"The generally higher protein and low moisture content of receivals in the 2002 Pool means growers
will be receiving about $15 per tonne more in Golden Rewards payments by the time the pool is
finalized, compared to the 2001 pool," Ms Scales said.

With this distribution, AWB is paying 19.5% of the Golden Rewards quality payments for protein,
screenings and moisture, taking the total amount paid to date to 32%.

Ms Scales said AWB‘s 2002 Estimated Pool Returns (EPRs) had remained well protected and stable
during the past three months, having only been adjusted $2 per tonne, while US wheat futures have
traded in a range of A$25 per tonne, and the Australian currency had strengthened considerably.

The distribution for benchmark APW is $29.12/t (FOB, GST exclusive), taking the total paid to date to
$57.96/t, or 23% of the current EPR. For ADR1, the distribution will be $84.80/t, with the total paid to
date of $186.79/t representing 59% of the current EPR.

Ms Scales said AWB was in a position to make a distribution of $78.73/t for ASWN, having made no
payment in April when the first distribution for other pay grades were made.

"Given the management and nature ASWN noodle market, we had not receipted any sales at the time
of the distribution in April. However, we are now in a position to make a healthy distribution for that
grade," Ms Scales said.

AWB has also made its first distribution from the No. 2, 2002 AWB National Pool, which was opened
in February immediately following the closure of the No. 1 Pool. As a result, the No. 2 Pool is far more
exposed to the market and currency pressure, and this is reflected in the current EPRs for that Pool.

For the No. 2 Pool, the first distribution for APW is $37.67/t, 18% of the current EPR.

The third distribution for the No. 1 2002 National Pool will be made early in October.