Slide 1: Half-Year Results Briefing
Slide 2: Wesfarmers Energy
Wesfarmers Energ' AIR LIQUIDE. . —_ STATEWEST POWER Premier Coal
Slide 3: Profitable Growth Over Time
Wesfarmers Energ' PGT Profitable Growth Over Time
Slide 4: Profitable Growth
Profitable Growth Financial Performance EBIT % 250 35 30 200 25 150 20 | 100 15 10 5 50 5 4 oO T T T T (1) , ; , ; 1999 2000 2001 2002 1H03 1999 2000 2001 2002 YTD & First Half Full Year R12
Slide 5: PGT Challenges
PGT Challenges » Asset & People Productivity » Aligning Stakeholders » Acquiring New Competencies » Changing the Business Model >» A Sense of Urgency
Slide 6: Asset and People Productivity
Asset and People Cost/Price Time
Slide 7: Price vs Cost
Price vs Cost Price Received Cost to Service
Slide 8: Acquiring New Competencies
Acquiring New Curragh
Slide 9: Coal Market Development
Coal Market Deve 1H 2002/2003 1998/1999 98/99 02/03 Steaming Domestic Steaming Export Coking Export @ Premier @ Curragh Export @ Curragh Domestic @ Bengalla Export @ Bengalla Domestic
Slide 10: Acquiring New Competencies: StateWest Power
Acquiring New ¢ StateWest Power » WA power company » Over 20 yrs of experience in remote power » Constructed 29 power stations » Total capacity 130MW ge? : ie
Slide 11: LNG
Acquiring New LNG
Slide 12: Changing the Business Model: Eastern States Autogas
Changing the Busines Eastern States Autogas Unigas 21% > Elgas / BOC 11% Kleenheat 10% Vitalgas 23%
Slide 13: Strategy Summary
Strategy Summa » KHG » WLPG » ALWA » StateWest » Premier » Curragh » Bengalla “focus on fundament. supply post 2005 securing major projects off-grid, BOO, national new markets and unit costs volume growth, Curragh as “hub” sales mix, volume security
Slide 14: Performance Drivers
Performance D PERFORMANCE ver Costs TIME
Slide 15: Growth Platform: Gas
Growth Platform Gas = oe j Offshore 2005 cc’
Slide 16: Growth Platform: Power
Growth Platfor Power
Slide 17: Coal
Coal
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Slide 19: Curragh Plan
Curragh Plan
Slide 20: Curragh Production
Slide 21: Curragh Production
Curragh Product so RRR
Slide 22: Curragh Business
Curragh Busines: Coal mining —, Central processing Thermai ; 3 mt Modified Contract to 2025 5 mt ae | Metallurgical
Slide 23: Energy 1H03 Environment
Energy 1HO3 Envir Gas » International Prices 17% higher than pep ~ » Autogas volume/margin pressure » Industrial gases stable Coal » Increased WPC deliveries » Coking coal demand firm » Weak thermal markets
Slide 24: LTIFR — Premier
LTIFR — Prem 307 25 20; 155 0+ 1 1 Jan-01 Apr-01 = Jul-01 = Oct-01. Jan-02 = Apr-02 = Jul-02 = Oct-02 MS Month —R12
Slide 25: Production
Production WLPG t (000) 400 1999 2000 2001 2002 1HO03 1999 2000 2001 2002 1HO3 Premier OBengalla (40%) Curragh
Slide 26: Sales Volumes — 1H03 versus 1H02
Sales Volumes — 1HO3 versus 1HO2 » Kleenheat Gas © 13% > Wesfarmers LPG 2% > Air Liquide @ Ti2% >» Premier 416% >» Curragh 117% >» Bengalla 22% (1) Adjusted for Unigas (2) Pipeline Sales
Slide 27: Energy Developments: Gas & Power
Energy Develo Gas & Power >» LNG Market development » HIsmelt gas supply agreement >» MidWest power project underway » WA electricity market reform
Slide 28: Energy Developments: Coal
Energy Develop Coal >» Premier / WPC progress » Curragh Wash Plant upgrade » Curragh North secured » Girrah divested
Slide 29: Propane and Butane Prices
JAN JAN JAN JAN JAN JAN JAN JAN JAN JAN JAN 93 94 95 96 97 98 99 00 oO 02 03 —®-PROPANE BUTANE
Slide 30: Hard Coking Coal
Hard Coking Coal Japan Benchmark 60 JRP US$/Tonne FOB nomi 56 +. 45 + ‘ AQ + 35 + 30 ++ +++ + +$ + + H+ HH HH Ht HH HH 4
Slide 31: Thermal Coal
Thermal Coal $45.00 $40.00 a $35.00 ia =~ $30.00 crrsnsnan $25.00 $20.00 $15.00 $10.00 $5.00 FP KEP EP PP PPP PPE ESE ~u« JPU Reference Price (US $/t) — Spot Price (US $/t) Source: Barlow Jonker ary 2003
Slide 32: Days of Stocks
Days of Stocks 50 w > oO ao) - °o ° 2 10 5 nd & oO J oO ci i=] i} ad . i nN Nn $ S$ @ SF @¢ $ $ 8 § 8 $ 8 §& i= Ss c | c | c Ss c — i= — dl s EJ 3 Ee] = Ss a & 8 8 s s s s 4 sg 5 s 3 s 5 s 3 $s > a
Slide 33: Energy 2H Uncertainties
Energy 2H Uncerta » Gas » CP (Middle East uncertainties) » CP/Weather impact on demand » Export shipment timing » Coal » Coal price outcomes » Rail / port performance » Export shipment timing » Premier restructuring
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Slide 35: Lopihay
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Slide 36: CSBP Background
CSBP Background . Vv VW WV WV W Established 1910 Member of Wesfarmers Group since 1980 Only major fertiliser supplier in WA until ~ 1990 Diversification into chemicals from 1987 Major chemicals investments post 1996 Post 1999, around 60% of EBIT generated from chemicals activities WA’s leading ferti
Slide 37: CSBP Background
CSBP Background >» Manufacturer of mining & processing cher >» ammonia, ammonium nitrate, sodium cyanide, « > Manufacturer and importer of fertilisers » phosphate, nitrogen, potassium and compounds >» Manufacturing operations at: > Kwinana, Western Australia > Albany, Western Australia > Moura, Quee
Slide 38: Sales History
5 Year History 1.5 1.2 0.9 0.6 0.3 0.0 million tonnes 1998 1999 2000 2001 2002 {3 Chemicals @ Fertilisers ee Be ar
Slide 39: Revenue History
Revenue 5 Year History 500 400 - 300 + 200 - See 100 ; a: A 1998 1999 2000 2001 2002 Chemicals @ Fertilisers os wy
Slide 40: Ly : bi
100 80 60 40 Ly : bi 20 1998 1999 2000 2001 2002
Slide 41: Performance Summary
Performance Summ: Year To Date ONTO Chemicals Total sales (000 t) 216 413 196, -10 Revenue ($m) 88 i71 84 -4 Fertilisers Total sales (000 t) 206, 1039 241, +35 Revenue ($m) 69 292 74 +5 Company EBIT ($m) 9.8 73.3 15.5) +5.7 Safety (R1i2LTIFR) 6.9 8.8 6.9) 0.0
Slide 42: Key Influences
Key Influences Year To Date > Solid demand from resources sector > Good performances from chemicals plants > Improved contributions from chemicals activities > ammonium nitrate lower due to planned shutdown > Higher contribution from fertilisers » Ongoing operational efficiencies
Slide 43: — = Ly ii I yy Hs ig Ay iy i iy Wy SN
— = Ly ii I yy Hs ig 7 7 Ay iy i iy Wy SN SSS = —S SNS i = = — ~ SSE SSSR SSS SS 2 = SS SSS SG SSN : SS SSS SASS SAAS — oo SS ve mn _ NN Hn lana se
Slide 44: Ammonia / Ammonium Nitrate
Ammonia/ Ammonium Nitrate Natural Gas Ammonia sales > to nickel Air +> industry etc. AN Solution sales to Dyno for explosives AN Prill sales to Dyno for explosives Rite
Slide 45: Ammonia
> Sole WA manufacturer and supplier : > Plant capacity 650 tpd / 225,000 tpa > new plant commissioned 2000 > Debottlenecked to 240,000 tpa > External and internal customers > > > > > 40,000 tonnes storage —- import / export capability nickel industry ammonium nitrate sodium cyanide fertilisers
Slide 46: Ammonium Nitrate
Ammonium aia I > Sole WA manufacturer > 160,000 tpa nitric acid plant / 200,000 tpa A\\ ‘pla rt commissioned 1997 So > AN plant debottlenecked to 230,000 tpa >» distribution for explosives via Dyno Nobel > Flexi-N liquid fertiliser consumes balance of production > Queensland Nitrates plant at Moura
Slide 47: Sodium Cyanide
Sodium Cyanide Ammonia Caustic Soda ~~ > Solution sales to WA gold mines » Solid sales to Australian and overseas gold mines
Slide 48: Sodium Cyanide Background
Sodium Cyanide Backg Vv Sole WA manufacturer Vv 75 : 25 joint venture with Coogee Chemicals | > plant operation and marketing by CSBP First solution plant commissioned in 1988 Progressively expanded to ~ 48,000 tpa Plant underutilised due to reduced WA gold activity VV WV W Investment in solid sodiu
Slide 49: Chlor Alkali
Chlor Alkali / Salt Electricity/— » Hydrochloric Acid © sales to industry - > Chlorine sales for water treatment » Hypo sales for water treatment » Caustic Soda sales to industr
Slide 50: Industrial Chemicals
Industrial Chemicals > 5,000 tpa chlorine plant commissioned > baseload production for WA Water Corporation. > co-production of caustic soda, hydrochloric acid, sodium | hypochlorite, hydrogen Sulphuric acid Industrial urea Fluorosilicic acid Sulphur Vv VV WV W Ammonium sulphate
Slide 51: Chemicals: Key Influences
Chemicals —__ | Key Influences Year To Date > Solid resource sector conditions > Good plant performance > Kwinana ammonia plant on-line time high and producing above nameplate > Queensland Nitrates operating at capacity > Growth in new AN fertiliser product > Improving sodium cyanide conditions
Slide 52: Chemicals: Outcomes
Chemicals Outcomes Year To Date > Ammonia contribution 35% higher > AN contribution 14% lower > due to planned shutdown in October > Sodium cyanide contribution 12% higher > Overall contribution increased by 15% > New solid sodium cyanide plant commissioned
Slide 53: Chemicals Outlook
Chemicals Outlook > > > Firm demand for ammonia Solid demand for AN for explosives and fertilisers Improving sodium cyanide conditions WA Water Corporation chlorine contract renewed Evaluating growth opportunities
Slide 54: SS ek
—\ | = SS ek SS ae aS Ca <= SS — SS | S < = SSS SSNS = 2 === . = : — == ENS = — aX SS ~ ESN = 225] = <= SS SSS = SS = WSR = NWSE \ SS SS < SESS = . SSS = SSS ELSES = = — = << = — < = SS SS SEA S = = = = se = < = = = ss SS = “SS . = SS : = = OS SS = 2 = ~ 2 = = < < = SS = = SS ~ Sa = = SS \ rs NN ==
Slide 55: Fertilisers: Facilities Map
ger Ma ea Mana Ar a + Are n Centre ring + I i stribution Centre istribut 1 Vy ih Manufactu ove et C inana Geraldton Kw Mar Fertilisers
Slide 56: Fertilisers Background
Fertilisers Backgrou > Manufacturing facilities > Kwinana, Albany > Import and distribution facilities >» Geraldton, Kwinana, Bunbury, Albany, Esperance > Inland distribution facilities > Merredin, Wagin >» Service Facilities >» soil and plant testing >» remote sensing > agronomic advice
Slide 57: Fertilisers: Key Influences
Fertilisers 3 _ Key Influences Year To Date > Poor 2002 harvest > Solid sales programme for 2002/2003 season > > > > distributor support competitive domestic pricing improved range of products expanding agronomic services > Interest in new cropping range > Cost base improvements
Slide 58: Fertilisers: Outcomes
Fertilisers Outcomes Year To Date > 17% increase in overall sales volumes > Increased liquid fertiliser demand > Improved overall contribution > Note: More than 70% of fertiliser sales occur in the second half of the year
Slide 59: Fertilisers Outlook
Fertilisers Outlook > Generally favourable commodity pricing outlook > Expected strong plantings > Ongoing product range development to meet farmer requirements > Further cost base improvements > No interstate sales expected in the short term > Seeking new markets for proprietary fertilisers
Slide 60: nT TTA
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Slide 61: Overall Outlook
Overall Outlook > Chemicals > firm demand for ammonia and AN > improving sodium cyanide conditions > Fertilisers >» higher fertiliser volumes and contribution > Evaluating growth opportunities
Slide 62: Dee
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Slide 63: wie
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Slide 64: Overview, Performance YTD, 2003 Outlook
iy ay > a) © =| a. ry) yy Yi YU Ve e Overview e Performance YTD December 2002 e 2003 Outlook and Initiatives LIANE? Le i
Slide 65: ee a
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Slide 66: Overview - Wesfarmers Industrial & Safety
Overview - Wesfarmer: & Safety (WIS) ee e Largest MRO & Safety supplier in Australasia e 256 outlets (Australia & NZ) e 3,250 employees e 5 Business units e 70,000+ customers e 12,000 suppliers e 300,000+ products
Slide 67: Distribution
Distribution @ ATKINS 3 @ ALSAFE 36° @ PSS AUST 28 @NZSAFETY = 23 @ JBS NZ 6 @ PSS NZ 23 @PKG/HOUSE 10 @ TOTAL 256 @ BRANCHES @ NSW 43 @ VIC 32 @ QLD 44 @ WA 48 @SA 12 omer @ TAS 11 __e @NT 4 @ NZ 62 @ TOTAL 256
Slide 68: Mullings Fasteners
Mullings Fasteners “THE FASTENER SPECIALISTS”
Slide 69: Ve mii inn i
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Slide 70: Financial Performance
Financial Performanc e Operating Revenue: $578m, up 19%, 6 months v 5 mont 5 months ending Dec 02, up 3% (excluding Metals) e EBITA: $55.5m, up 42% 5 months ending Dec 02, up 15% (excluding Metals)
Slide 71: Performance by Business: Industrial Products
Performance by Bus Industrial Products Division: Blackwoods - geographic regions including Motion Industries e Strong sales result in Northern and Southern regions, solid EBITA increases in all e Gross margins stable and expenses down on last year e Impact of the drought in Q2 e General softening of
Slide 72: Performance by Business: Safety and NZ
Performance by Busi Australian Safety: e Combined Protector & Alsafe e Sales down 2% like for like but very strong EBITA growth e Expense savings from successful P&A integration New Zealand: e NZ Safety, Protector NZ, Packaging House and Blackwoods NZ e Double digit sales growth e All businesses str
Slide 73: Key Factors Impacting Performance
Key Factors I Performance e Strong mining sector e Completion of Protector Alsafe integration e Sale of Metals business August 2002 e Drought impact in eastern states
Slide 74: Key Factors Impacting Performance
Key Factors Impac Performance on» ° Continuation of supply chain initiatives e Ongoing rollout of E-business solutions e Efficiency benefits from consolidation to two ERP platforms & support centres (Australia & New Zealand).
Slide 75: Te y :
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Slide 76: 2003 Outlook & Initiatives
2003 Outlook & Initiz e Positive outlook for mining and trans, sectors ee e WIS IT infrastructure implementation: e Financials / HR / Data Warehouse / Portal e Trading style — shop front rollout e Facilities rationalisation: e P&A branches and warehouses e Indent
Slide 77: Major Infrastructure Projects
Major Infrastructure Projects NSW * Parramatta Rail Link ¢ Cross City Tunnel Development ¢ Spit Bridge Upgrade ¢ F3 Branxton Connection ¢ F3 Widening ¢ Lane Cove Tunnel e M4 East ¢ Bulahdelah Bypass ¢ Karuah Bypass eWestern Sydney Orbital VIC/TAS * Airport Transit link ¢ Box Hill Tramline extension
Slide 78: Major Infrastructure Projects — QLD, NT
Major Infrastructure Projects — QLD NT * 2 x Gladstone Comalco * Newfield — Crude oil Alumina Plants ¢ Phillps — Natural Gas * Townsville Zinc Refinery ¢ Woodside — Laminaria Field — ¢ Millmerran Power Station Crude Oil ¢ WMC Fertilisers project — Mt ¢ Woodside - Greater Sunrise Field Isa - Natural
Slide 79: Major Infrastructure Projects — WA
Major Infrastructure Projects WA ¢ Lionore mining nickel/sulphide ¢Adelaide to Darwin Railway mine eOlympic Dam upgrade SC ¢ Dampier to Bunbury gas pipeline Woodside train 4 and train 5 Syntroleum plant CSIRO radio telescope Fertiliser Plant Port Hedland Port Development Hopewell Down Iron Ore Mine
Slide 80: Catalogue
Catalogue eNew Blackwoods catalogue April 03 eProtector Alsafe catalogue July 03
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Slide 83: Wesfarmers Rural Division
Slide 84: Agenda
Slide 85: Wesfarmers Rural Division
Slide 86: Wesfarmers Landmark: Statement of Purpose
Slide 87: Performance Indicators
Slide 88: Segmentation
Slide 89: By Geography
Slide 90: By Major Activities
Slide 91: By Market Segment
Slide 92: National Store Network
Slide 93: Strategic Direction
Slide 94: Strategic Direction - Phase 1 & 2
Slide 95: Strategic Direction - Phase 3
Slide 96: Enabling Technology
Slide 97: Half-Year financial results
Slide 98: Wesfarmers Landmark: Half-Year Performance
Slide 99: Wesfarmers Landmark: Half-Year Performance
Slide 100: Drought areas of Australia
Slide 101: Rural Inputs
Slide 102: Cattle Prices
Slide 103: Wool Prices
Slide 104: Rural Services
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Slide 106: Wesfarmers Federation Insurance
Slide 107: Outlook for Rain
Slide 108: Expenditure Cut-Backs
Slide 109: Wesfarmers Landmark Outlook
Slide 110: Wesfarmers Federation Insurance Outlook
Slide 111: www.wesfarmerslandmark.com.au
Slide 112: Bunnings Warehouse
Slide 113: Half Year Results
Slide 114: Welcome
Slide 115: Agenda
Slide 116: Business Overview
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