Investor Presentaiton

2021 INVESTOR DAY Coal volume scenarios Aurizon's first two scenarios are based on current and upside Asian demand trends 1 Commodity Strong 2020 2030 2040 Higher seaborne coal demand from Asia & accelerated GDP growth No new climate change policies implemented No Australian mine / port constraints 2 Current Economics 2020 2030 AURIZON. 2040 Blast Furnace-Basic Oxygen Furnace (BOF-BF) share of crude steel production retained as dominant method of steel production in Asia Coal-fired power plants maintain typical economic life and new capacity limited to South East Asia and those currently under construction (globally) No Australian mine / port constraints Key assumptions 2020 2040f Key assumptions 2020 2040f GDP growth, Asia (CAGR to 2040) ~4.0%¹ Steel production, India BOF-BF share, Asia 100mt² 81%3 Coal-fired power generation, China Coal share of electricity mix, Asia Australian share of seaborne market 4,859TWh4 59%4 30%5 ~280mt -75%1 ~3,300TWh -20%1 -40% GDP Growth, Asia (CAGR to 2040) Steel production, India ~3.5%¹ BOF-BF share, Asia 100mt² 81%3 ~250mt -75%1 Coal-fired power generation, China Coal share of electricity mix, Asia Australian share of seaborne market 4,859TWh4 ~3,200TWh 59%4 -20%1 30%6 ~40% 1. Selected nations: China, India, Japan, South Korea, Taiwan, South East Asia (including Indonesia); 2. World Steel Association; 3. World Steel Association (2019 data); 4. International Energy Agency, Electricity Information 2020 (South East Asia; 2018, all other nations: 2019); 5. International Energy Agency, Coal 2020 (2019 data) 62

View entire presentation