Investor Presentaiton

AURIZON. 2021 INVESTOR DAY Aurizon's Strategy in Uncertainty (SiU) framework SiU uses scenarios to test market drivers and evaluate capital, fleet and haulage opportunities OUR APPROACH › Assess fundamental drivers of seaborne demand for metallurgical and thermal coal > We also consider more subjective factors, such as government policy and trade considerations › Assess Australian supply considering current and future production > Scenarios also include Bulk commodity outlook to provide an integrated Group view STRATEGY IN UNCERTAINTY: KEY DRIVERS Metallurgical coal demand Thermal coal demand GDP GDP Climate policy Crude steel production Scrap availability Steel production method Domestic coal supply / import reliance Climate policy Energy intensity Energy generation and capacity mix Coal-generation fleet pipeline Domestic coal supply / import reliance Australia coal supply Operating coal mine production Australia Bulk demand Trade flows Export infrastructure Global competitiveness Domestic coal requirements Climate policy Coal mine project pipeline Infrastructure development Food consumption Energy transition Australia mine projects pipeline Australia mine life Convertible road volumes (to rail) FOCUS OF FOLLOWING PAGES 24 24

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