Investor Presentaiton

Capital allocation framework Capital used to build balance sheet strength and provide returns to shareholders Operating cash flows 1 • 2 Maintain & optimise operations Sustaining capex Lease repayments Extend existing operations Investments in HSE, innovation and new technologies Retain cash / maintain balance sheet strength Retain cash on balance sheet for flexibility and optionality, and adequate liquidity through cycle Maintain funding diversity Target BB+ grade credit rating 4 Use surplus capital for best use 3 Return to shareholders Dividends Buy-backs Ordinary dividends - maximise franking • On-market and off-market share buy-backs, if value creating Currently targeting ~20%-50% NPAT payout ratio for distributions dividends and buy-backs combined 35 35 Growth investments - M&A Consider increasing equity positions or other M&A opportunities eg. grow met coal, if compelling opportunities arise Growth investments - Development projects Progress development projects to 'shovel ready' and invest if returns are compelling Additional returns to shareholders Use surplus capital to buy back additional shares if returns are more attractive than growth investments NPAT payout ratio for distributions may exceed 50% if additional distributions are best use of surplus

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