Mr Trevor Flügge AO will retire as appointed Chairman of the Company at the 2002 Annual General Meeting in accordance with the Constitution of the Company.

After taking independent expert advice, the Board has concluded that it is in the best interests of the Company at the present time that Mr Flügge continues as Chairman.

The Board has therefore decided to encourage Mr Flügge to offer himself as a candidate for election as an A Class Director at the 2002 Annual General Meeting so as to be eligible for re-election by the Board as Chairman.

If Mr Flügge is not a successful candidate, the Board will elect one of the seven A Class Directors as Chairman after the 2002 Annual General Meeting.

For more information please contact Peter McBride, AWB Limited, on (03) 9209 2174 or 0417 662 451.