Slide 1: Tes
Tes | eee a nnn Vi UIUMUTT Tahir incest pee eae ee ca Oi ii TTT TN ag lemet yy Ocal PTCA IN lL We A yy, TTT TTT il 7 ee a ol Sti yp _ yy _ ‘yg . NNN NN L Vy Lo ee oe, ye, Vy Cc _ y . ye y _ Wy i D Ly 7 . Ay _ y ae ih Uy ye sf i j Z y | oo 7 2 7 la 2 We _ yy Ys, A ag ey — Lay Loy y 7 | im yy, Le y y
Slide 2: Group results summary
ty Wy 7 7 Coed 0 tea) ) 7,672.9 7,706.6 0.4 Operating Revenue* Net Profit (before goodwill) 623.9 958.6 53.6 Goodwill Amortisation (85.7) (85.5) (0.2) Net Profit (after goodwill excluding Girrah/Landmark) 150.7 174.2. 15.7 Earnings Per Share (before g/will ex. Girrah/Landmark) (cents) * Excludes rev
Slide 3: iii cocoon, a
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Slide 4: Divisional earnings and returns
VO i . LC We, ace Ue DD 7 _ yy & 2 iy cass ee 7 Ue Hardware 1.7 (0.1) | Rural Operations & Insurance 1.3 0.1 . Bee Chemicals & Fertilisers 1.7 0.2 ay 7 ee CC a Ly Co a oy a. AA) ag 2 ee@Q..L=_6s§e LL a ls )))))DL)LDLDLDLD)LhLlhLdLL”L”,tllULL 1 Excluding Girrah * Excluding Landmark iin: Dy
Slide 5: Divisional ROC
Divisional RO! _ a LLL LL LLL ) Ty yyy Ly hLhLDhLLDLCLCLFLULC oe vo ae Lo . _ ao Ly 2 Ly ie Ie i yy 7 Ly) LL Ws 7 y te dey A y We, y _ y a Ly y ig Ly LL lo yo . : yo 7 | a a ye | ao be by oc | uy wy A _. | a ) By ve y iy yy | ay toe ae L) y Lee i y 7 MA doy / oe _ _ | )lrrrC; 7 ee Vy os VG es y oo L
Slide 6: Earnings, cashflow and dividend per share
(earnings, cashflow and dividend per s 135 5 2000 2001 2002 * Excluding Girrah / Landmark 2004 Annual Results i TUCO
Slide 7: Return on equity (before goodwill amortisation)
(before goodwill amortisation) 20 i5 10 2000 2001 2002 2003* 2004** —— Target * Excluding Girrah ** Excluding Landmark 2004 Annual Results i | 7 TUCO
Slide 8: Net Debt/Equity
Net Debt/Equity (assuming no upstreaming of investme ) oe a yy sy 80 ceeseeggaecpeeneennnnnnneennnneeentnneneensnneeeneeennee 60 40 LC xe 20 2000 2001 2002 2003 2004
Slide 9: Interest Cover Ratio
7 Interest Cover Rati 2000 2001 2002 2003 2004 Annual Results i TUCO 2004
Slide 10: oo a
Lo 7 yO eC | 3 yy _ |, oo a _ 1 Ly y _ ) . ag yy Ly og DULL vy | Ge eg Ly La D ee ] . Ly 7. 7 a oC Vg a Le a a _ y Le LL Lo ie | Ly, Ye, 7 5 _ Te es . ee _ _.. yD a _ L Ly Ly Wy iy el TTY _ ay yy iy _ 7 oo Lay . yf iy 7. / _ _ La a 7 y iy a i a, Z 7 a ie a yy _ a D a ) a o a 7, vy Ly, _. Va ~ OS el
Slide 11: Fertilisers and Chemicals 2004 Performance Summary
Fertilisers and Chemical 2004 Performance Summary 2004 Vee Chemicals Sales volumes Revenue Fertilisers Sales volumes Revenue Company Safety EBITA EBITA / Capital (t’000) (t’000) (R12 LTIFR) eG
Slide 12: Fertilisers and Chemicals Sales Volumes Year Trend
Fertilisers and Che Sales Volumes — 5 Year Trend million tonnes 1.8 1.5 0.9 a a | . 0.6 Pie 0.3 0.0 2000 2001 2002 2003 2004 WA Fertilisers Non WA Fertilisers 4 Chemicals Results i : 12 TUCO
Slide 13: Fertilisers and Chemicals
a Fertilisiers and Chemicals i Luni 2004 Annual Results i TUCO
Slide 14: Ly iy
Ly iy ee OO iy 7 vy Ye, yy, Ly Uy yy) Uo LL - _ y ve CD a _ sree y, _ 7 7, l 1er My iy | i EN, ae Lg — yy Gs ee TTT TT ) yy o« MM NNN NNN NNN EE LE CA RCE HACC TRAIN | . yy y | een apts ae Wy Ly il Acco A a i i _ . He CL | _ | _ LD TTT a i, a i, G7, Me yy a We vy Lo Ly Lo. . Wn, 7 Ly Ly) LD y) | y D
Slide 15: Energy 2003/04 Saudi Contract Price
Energy 2003/04 E Saudi Contract Price UuS$/t 400 350 300 250 200 150 | 1 jul Sep Dec Mar Jun —— Propane 2002/2003 -<—Propane 2003/2004 EAU TUCO Results 15
Slide 16: Hard Coking Coal Prices
Sg Hard Coking Coal Prices) ae JRP US$/Tonne FOB nominal 60 55 5 50 | 45 4 40 | 35 | 30 T T T T T T T T T T 83 85 87 89 91 93 95 97 99 01 03 04 EAU TUCO 16 2004 Annual Results
Slide 17: Thermal Coal Prices
Energy 2003/04 En Thermal Coal Prices USS$/Tonne FOB nominal 70 60 | 50 | 40 7 30 | 20 | 10 | ol I I I | | I I I I | I I I | I I Apr- 96 Apr-97 Apr-98 Apr-99 Apr-00 Apr-O01 Apr-02 Apr-03 = Apr-04 —_ Spot Price Source: Barlow Jonker 17
Slide 18: Energy Production 1999 to 2004
Energy — Production 1999 to 2004 Sco WLPG Kt 400 03 2004 o- lll 1999 2000 2001 2002 2003 2004 18
Slide 19: Energy Coal 2004 versus 2003
_. 7 y Energy — Coal 2004 versus 2003 y a U7 Ue Ly _ ee ey Le ay y We Ve rype a ( Ly ve i) why we Le Co. jal Uh, we i Woe e 8 iy Ly oy, Le _ yi at yy) 5 ye ] G yoy y oy t a ae 3 LD LOSLUG vy ~@2~=—holg a Vy Ly Le oo Wy, 7 iy Vy a | a yy oy 7 We . Ly Ee ae AG Le na * 3 y “y Le bd fv) 7: i, | Premier
Slide 20: Energy Sales Volumes 2004 versus 2003
Energy - Sales V 2004 versus 2003 olu Kleenheat Gas » Wesfarmers LPG Premier Curragh Bengalla 2004 Annual Results +2% ) 20
Slide 21: Energy Financial Performance
Energy - Profitable F inancial Performance $m 250 200 150 100 0 2004 Annual EBITA* ullll 1999 2000 2001 2002 2003 2004 1999 * Excludes Girrah $80.5m in 2003 2000 2001 2002 2003 2004 21
Slide 22: Energy Logistics Curragh and Bengalla
Energy - Logi Curragh and Bengalla Lo ig ee yy a Ly hl bor e | <<. [ a +), Lo i Lo yD, y, yy y i) ge 7 _. Le . ay | Aa o 7 Jun-0 Lgl AE Lo - , LM Le | #§3&= iiiiié8.88€é€@é.8-=stsCtCOCU CN a MCC i. Lo L Gladstone 1.5 5 Newcastle (40% 1. ; y y 22 Lo a 7 Le | gy Lo
Slide 23: Energy Curragh Hedging Prices at June 2004
Energy - Curragh Hedging Pri at 30 June 2004 “ yy ormaopiyes Aine ce | A i y —r—“—OSS EEA a Cr". 2004/05 2005/06 2006/07 2007/08 2008/09 Ly i: Ve ee Diy >. a verac Te eo gi) Ly I: i ne Lo LD a DOr ye oe D ve oven Ly, “ y aD i te ai ve es ie “l) Ce ie LL Coe ia sO i ay ey ee 7, Wp un... ie 7 ee oe ~D
Slide 24: oo NINN NITINIII
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Slide 25: Hardware Full Year Segment Result
Hardware - Full Yeat Segment Result ($m) 2003 Revenue* 3,474.5 EBITA* 349.0 392.1 12.3% Amortisation 50.1 50.1 0.0% EBIT 299.0 342.0 14.4% EBITA/Sales Ratio 10.0% 10.2% 0.2% wis *Includes Revenue and EBITA from property and other 25
Slide 26: Hardware Full Year Trading Result
Hardware - Full Yea Trading Result ($m) 2003 Revenue* 3,375.3 EBITA* 332.3 374.6 12.7% Amortisation 50.0 50.0 0.0% EBIT 282.3 324.6 15.0% EBITA/Sales Ratio 9.8% 9.9% 0.1% *Excludes Revenue and EBITA from property and other 26 2004 Annual Results
Slide 27: Hardware Store Network
Hardware - Store Netwc Traditional Stores WA Salvage Stores As At 30 June 2004 Excludes Frame & Truss Operations 2004 Annual Results i : ; 27 TUCO
Slide 28: SA oo
SA oo TT | | Ih Mh: AEE MT SN all ee il a 7 a a a gy Le is y ee os Vy - - 7 Laie _ hay a y _ i , oO Ws 7 7 Poe L Lo ey L Me . 7 Yi We a y _ i TT a Eee Ae yy PAI NE yy yy a . Ly, ug ustrial . Ly ay, Ly Ue Wy Zo ie _ a a 7) yy | Gee _. Le yy fo 7 7 7 oe A oo L 7 _ oi 7 ee Le y _ yyy . ae Ly TT oD Bee
Slide 29: Industrial and Safety 2004 Performance Summary
Lye a | Yj) ) Industrial and Safety —s_— fe 2004 Performance Summary : DD . y yy Ly A LE LE LD. ae | LE 7 i ae oy a La i . 03 yy Ve i 1 a 7 oo ee Le O Operating Revenue EBITA / Operating Revenue EBITA / Capital j Le TT WD eee cl 29 Ly HHA AGC Ws iH S LE ee 2004 Annual Results
Slide 30: Industrial and Safety Performance by Region
Industrial and Safety Performance by Region QOLD/WA NSW/VIC Protector Aisate Increased activity in the m Increased sales in construction Subdued growth in manufacturing sector Revenue and profit below expectations Business now stabilised and showing signs of improvement Strong growth 30
Slide 31: all
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Slide 32: Insurance
Insurance Net loss ratio Expense ratio % 17.1 18.8 Net commission ratio % 5.8 9.7 (3.9) COR % 83.6 85.1 (1.5) Insurance margin % 19.7 18.5 (1.2) 32 EAU AT
Slide 33: Insurance LGNZ KPIs
Insurance LGNZ - KPIs (for the 12 month period ending 303 2003 Net loss ratio % 62.9 Expense ratio % 22.9 20.2 2.7 Net commission ratio % 3.2 8.5 (5.3) COR % 89.0 87.1 1.9 Insurance Margin % 12.7 14.8 2.1 33
Slide 34: Insurance WFI KPIs
Insurance WFI - KPIs (for the 12 month period end 2003 Net loss ratio % 62.4 Expense ratio % 19.0 18.6 0.4 Net commission ratio % 9.4 9.3 0.1 COR % 90.8 88.1 2.7 Insurance margin % 13.3 16.0 2.7 34
Slide 35: Insurance Division KPIs
Insurance Divisio KPIs (for the 12 month period ending 30 June) YTD June 2003 Net loss ratio % 61.6 Expense ratio % 19.7 19.8 (0.1) Net commission ratio % 6.6 9.3 (2.7) COR % 87.9 87.2 0.7 Insurance margin % 15.4 16.2 0.8 35
Slide 36: Insurance Division Financials
Division — Financia (LGA and LGNZ included from 14 October.2003 wh June YTD $m GEP 795.8) NEP 508.1 Net claims (295.8) Net commission (47.8) Expenses (95.9) U/W result 68.6 Investment income on TR 16.6 Insurance margin 85.2 Investment income on SHF 10.4 Non - insurance activities 0.2 EBITA 95.8 36
Slide 37: ay _ Ly _
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Slide 38: Other Businesses
Other Businesses — Holding Yr end 30 June 2003. % ($000) ARG 50 15,261 GPEF1 49 (1,413) 74,100 Sotico 100 6,835 4,545 Wespine 50 8,310 9,199 EAU AT 38
Slide 39: Gresham Private Equity Remaining Investments
Gresham Private Remaining Investments » EROC » WNorcros » Riviera » Mirgin Active » Raywood UK — based building materials, coatings cruisers health clubs in Europe and South Africa vehicle control systems 39
Slide 40: WM eee ne,
_ ay 7 WM eee ne, vd | ) a Uy all yy, ee o oi) jig Mh: a CCE Eee a 7 iy ns _ Hs i iy cm: lo Gy ey yy i y | Wy) 7 oO a Lay We, .. ) yo y ny g 7 yy) ; iy Lo yy _. _ a 1G 7 ; 7 ug 7 iy, . Le i a yy _ L D _ Ge y a 7 Ay iy 7 is, yi -) | Ue, i LD Lo LS a _ . 7 yy yy, L Gay WG, Lo 7 _ y a vy 7) _ Lo yo UE
Slide 41: Capital Expenditure 2005 Budget
Capital Expenditure P 2005 Budget Total: $450.9m a Chemicals & Fertilise $40.0m Hardware $124.1m Industrial & Safety $19.2m Insurance $17.9m Other ¢3.1m 2004 Annual eee | : Ai
Slide 42: inc AAC yy ee yy zy y yy
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