Debt Investor Update Arlette Griffiths–Smith – Acting Group Treasurer Pam Bains – VP Network Finance

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Debt Investor Update Arlette Griffiths–Smith – Acting Group Treasurer Pam Bains – VP Network Finance Debt Investor Update Arlette Griffiths–Smith – Acting Group Treasurer Pam Bains – VP Network Finance Further information can be found on the Aurizon Debt Investor Website : August 2015 http://www.aurizon.com.au/Investors-site/Pages/Debt-Investors.aspx Important notice No Reliance on this document This document was prepared by Aurizon Holdings Limited (ACN 146 335 622) (referred to as “Aurizon” which includes its related bodies corporate). Whilst Aurizon has endeavoured to ensure the accuracy of the information contained in this document at the date of publication, it may contain information that has not been independently verified. Aurizon makes no representation or warranty as to the accuracy, completeness or reliability of any of the information contained in this document. Document is a summary only This document contains information in a summary form only and does not purport to be complete and is qualified in its entirety by, and should be read in conjunction with, all of the information which Aurizon files with the Australian Securities Exchange. Any information or opinions expressed in this document are subject to change without notice. Aurizon is not under any obligation to update or keep current the information contained within this document. Information contained in this document may have changed since its date of publication. No investment advice This document is not intended to be, and should not be considered to be, investment advice by Aurizon nor a recommendation to invest in Aurizon. The information provided in this document has been prepared for general informational purposes only without taking into account the recipient’s investment objectives, financial circumstances, taxation position or particular needs. Each recipient to whom this document is made available must make its own independent assessment of Aurizon after making such investigations and taking such advice as it deems necessary. If the recipient is in any doubts about any of the information contained in this document, the recipient should obtain independent professional advice. No offer of securities Nothing in this presentation should be construed as a recommendation of or an offer to sell or a solicitation of an offer to buy or sell securities in Aurizon in any jurisdiction (including in the United States). This document is not a prospectus and it has not been reviewed or authorised by any regulatory authority in any jurisdiction. This document does not constitute an advertisement, invitation or document which contains an invitation to the public in any jurisdiction to enter into or offer to enter into an agreement to acquire, dispose of, subscribe for or underwrite securities in Aurizon. Forward-looking statements This document may include forward-looking statements which are not historical facts. Forward-looking statements are based on the current beliefs, assumptions, expectations, estimates and projections of Aurizon. These statements are not guarantees or predictions of future performance, and involve both known and unknown risks, uncertainties and other factors, many of which are beyond Aurizon’s control. As a result, actual results or developments may differ materially from those expressed in the forward-looking statements contained in this document. Aurizon is not under any obligation to update these forward-looking statements to reflect events or circumstances that arise after publication. Past performance is not an indication of future performance. No liability To the maximum extent permitted by law in each relevant jurisdiction, Aurizon and its directors, officers, employees, agents, contractors, advisers and any other person associated with the preparation of this document, each expressly disclaims any liability, including without limitation any liability arising from fault or negligence, for any errors or misstatements in, or omissions from, this document or any direct, indirect or consequential loss howsoever arising from the use or reliance upon the whole or any part of this document or otherwise arising in connection with it. 2 Agenda 1 Aurizon FY15 in review 4 2 Aurizon Network 7 3 Capital management 10 4 Regulatory Update 12 5 Financial performance and capital projects 15 6 Appendix - Experienced Board and Management 23 7 Appendix - Aurizon Holdings FY15 results analysis 26 3 3 1. Aurizon FY15 in review 4 Key headlines – FY2015 Safety › 43% improvement in LTIFR, 14% improvement in TRIFR Results › Revenue flat at $3.78bn › Underlying EBIT up 14% to $970m › Statutory NPAT up 139% to $604m (impact of VRP and impairment of $386m in FY2014) › ROIC up 0.9ppt to 9.7%, statutory EPS up 141% at 28.4cps Operating Ratio › 74.3% - ahead of 75% target › 70% OR target by FY2018 Transformation › $252m in benefits delivered since 1 July 2013, $123m in FY2015 › Continuous improvement to drive future benefits across all functions Capital Management › Dividend payout ratio range lifted to 70-100% › Final FY2015 dividend 13.9 cents (30% franked) – based on 100% payout ratio, up 64% › Opportunistic on-market buyback continues Growth › WPIOP – initial tariff delivered, work has identified ~25% reduction in estimated capital construction costs › Moorebank – agreement with Government reached, negotiations with Qube ongoing Enterprise › Significant achievement in restructuring Queensland EAs covering ~5,000 employees Agreements (EA) › Staff EA approved and implemented effective 28 January 2015, positive ballot outcome on two remaining EAs, Fair Work Commission approval expected in the coming weeks 5 Key financial and operational highlights $m FY2015 FY2014 Variance Continued profit growth despite flat volumes Revenue 3,780 3,822 (1%) › Flat above rail volumes, lower pass through fuel revenue › Strong Network performance with uncapped revenue and record EBIT (underlying) 970 851 14% tonnage meeting customer demand › $123m in transformation and productivity improvement EPS1 (cps) (underlying) 28.4 24.5 16% › No underlying adjustments in FY2015, statutory EPS up 141% Final dividend (cps) 13.9 8.5 64% › Payout ratio of 100% Operating Ratio 74.3% 77.7% 3.4ppt (underlying)2,3 ROIC4 9.7% 8.8% 0.9ppt Revenue / NTK ($/000 NTK) 52.2 51.7 1% › Increases in Coal and Iron Ore partly offset by Freight Labour Costs / Revenue5 25.7% 27.1% 1.4ppt › Improvement in core metrics with 9% reduction in FTE NTK / Employee (FTE) 10.5 9.8 7% (MNTK) Tonnes (m) 282.8 286.6 (1%) 1. EPS calculated on weighted average number of shares on issue 2,129m in FY2015 and 2,137m in FY2014 2. OR for remuneration purposes (Including diesel fuel rebate as revenue) was 75.0% 3. Profit/loss on sale of assets included in OR is consistent with prior years 4. ROIC for remuneration purposes (adjusted to exclude major projects under construction with a value greater than $250m) was 10.4% 5. Excludes $36m of Voluntary Redundancy Program (VRP) costs in FY2015 – same calculation basis as FY2014 6 2. Aurizon Network 7 About Aurizon Network . Aurizon Network controls, manages, operates and maintains the •Aurizon Holdings legal structure fixed rail infrastructure "below rail" assets of the Central Queensland Coal Network (CQCN) – Regulated Asset Base (RAB) of A$4.5 billion(1) Aurizon Market cap of A$11bn(3) – Rated Baa1 / BBB+ (stable / stable) Holdings Limited Baa1 / BBB+ (stable / stable) . Aurizon Network services a diversified group of coal miners, predominantly large, global, investment grade(2) companies . The CQCN is Australia’s largest export coal rail network and is Aurizon Operations Aurizon Finance Pty the vital rail link between Queensland’s coal mines and the various ports used to export coal Limited Ltd . The CQCN is a natural monopoly infrastructure asset regulated by the Queensland Competition Authority (QCA) . The regulatory framework is designed to provide open access to accredited rail operators and allow a reasonable return on Other members of Aurizon capital to the owner over the life of the asset Aurizon Holdings Group Network Pty Ltd . Aurizon Holdings is the ultimate parent of Aurizon Network . “Above-rail” freight haulage . “Below-rail” operations – Australia's largest rail freight company . Construction, engineering . RAB of A$4.5bn(1) (by tonnes hauled) and project management . Baa1 / BBB+ (stable / – Listed on ASX and included in the S&P / ASX 50 index . Specialised track stable) – Rated Baa1 / BBB+ (stable / stable) maintenance 1) FY13 approved roll-forward RAB excluding Access Facilitation Deed Assets as at 30 June 2013, the QCA has deferred approval of subsequent RAB rollovers until the finalisation of UT4. 2) Refers also to mines that are owned by parents with investment grade credit ratings 3) As at June 2015 Issuer under the A$ MTN Debt Issuance Programme dated October 4, 2013 and the EMTN 8 Issuance Programme dated September 2, 2014 About the CQCN . The CQCN comprises 4 major coal systems and 1 connecting system link serving Queensland’s Bowen Basin coal region: CQCN system overview Newlands, Goonyella, Blackwater and Moura with GAPE the connecting system link – 2,670 kilometres network length – Over 40 operating coal mines serviced(1) . Aurizon Network's operations are governed by 99 year lease arrangements with the State of Queensland . Approximately 72 services per day delivering to six export coal terminals at three ports . Open access network with 3 above rail coal operators – Aurizon Operations, Pacific National and BMA Rail Key statistics(1) Contracted annual tonnages (FY14) 255.4Mt Coal mines serviced (2014) >40 Coal export terminals 6 Coal domestic terminals
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