Investor Presentaiton

2021 INVESTOR DAY Free Cash Flow assumptions Assumptions have been applied based on Aurizon's business model and current view of our scenarios1 FCF DRIVER AURIZON. ASSUMPTION APPLIED > Volume Mines at intersection of supply-demand equilibrium removed immediately from tonnage profile > > Revenue > No active market share adjustments Reduction in haulage tariffs, particularly downside scenarios Network regulatory model remains, WACC increases from FY27 based on forward curve POTENTIAL UPSIDE • Mines continue to operate at <100% with ramp- down over subsequent year(s) • Competitors withdraw or fail to make commensurate investments in capacity • Increased WACC from higher risk free rates or other inputs POTENTIAL DOWNSIDE • Weaker system economics place further downward pressure on volumes • More competition drives over-capacity and further pressure on margins • Risk free rates remain low maintaining low WACC • Regulatory model does not hold › Operating ratio held flat OPEX > > CAPEX Growth Productivity savings limited by growing diseconomies of scale (as volumes decline) Above Rail Capex elasticity with volumes < 0.8 in all scenarios (i.e., % reduction in Capex always less than % reduction in volume) > Small incremental market share capture of Bulk Rail market (aided by fleet cascade from coal) • Cost structures move towards North American Class 1 operators (~65%) Future automation benefits • Capex elasticity closer to 1:1 Capture higher share of redefined Bulk Rail and Non-Rail markets > Gearing held flat with no step-change in credit margin Other Reduce credit margin based on potential for new sources of financing • Further diseconomies of scale limit cost- savings • • Higher cost of doing business (e.g., compliance, procurement) in Rapid Decarbonisation Capex elasticity less than 0.5:1 Lack of Bulk Rail opportunities to absorb re- deployable coal fleet Bulk BU materially underperforms on growth and margins over FY22-40 • Reduce credit rating and apply ESG related debt risk premium 1. 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. Additional scenario commentary provided in the appendix 31

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