Investor Presentaiton

2021 INVESTOR DAY AURIZON. Shareholder returns Stable cash flows have historically provided certainty on distributions with strong balance sheet providing optionality for capital management or growth AVERAGE PER YEAR¹ OPERATING CASH FLOWS $1.1b Д DEMONSTRATED DISCIPLINE TO RETURN CAPITAL WHEN APPROPRIATE Cumulative Shareholder returns since FY2016 ($b)² $5.0b > $1.3bn share buy-backs completed since 2016 > Additional debt funding capacity of ~$900m available under current BBB+/Baa1 credit rating thresholds SUSTAINING & GROWTH CAPEX ($0.5b) $4.0b > Outcome of ongoing ATO declaratory relief proceedings does not affect ability to execute future on-market buybacks but may impact short-term dividend franking levels $3.0b DIVIDENDS (100% PAYOUT) SURPLUS FREE CASH FLOW ($0.5b) ↓ $0.1b (FOR GROWTH OR CAPITAL MANAGEMENT) 1. Average of FY2016-FY2020 2. Dividends paid is shown during the period where the cash dividend was paid (rather than reporting period that the dividend was based on) $2.0b $1.0b $0.0b 1H16 2H16 1H17 2H17 1H18 2H18 1H19 2H19 1H20 2H20 1H21 2H21 Buy-back Dividends Paid 34

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