Investor Presentaiton

2021 INVESTOR DAY Our strategic aim Resilient Network and Coal business supporting Bulk growth and shareholder returns AURIZON. UNDER THE SCENARIOS TESTED, MODELLING INDICATES RESILIENT AVERAGE ANNUAL FREE CASH FLOW OVER 20 YEARS1 Resilient coal and network businesses Safety, cost, productivity and capital focus supports Bulk growth Growing bulk business with new markets Our aspiration to achieve 20-25% market share in 10 years within a ~$1.25bn market profit pool would imply ~$250- 300m EBIT2 Evolving mix reduces thermal coal exposure Targeted bulk growth would result in revenue from thermal coal falling to less than 20% of Above Rail portfolio by 2030 1. Modelled average annual Free Cash Flows of between $500m and $650m. Figures are in nominal Australian dollars for the period to FY40. Aurizon uses six Strategy in Uncertainty scenarios to inform planning processes. As noted on slide 2 these are scenarios (and associated cash flow modelling) not predictions or forecasts and do not constitute definitive outcomes for Aurizon. It is difficult to predict which, if any, of these scenarios might eventuate. Further details of the scenarios, assumptions and levers to model free cash flow are described in detail on slides 22-33 2. Market share opportunities assume Aurizon secures a portion of an available range of organic and inorganic growth. There are no guarantees that Aurizon will secure any or all growth opportunities 19

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