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FY2014 Results PresentationLance Hockridge Managing Director & CEOKeith Neate EVP & CFOMike Franczak EVP Operations18 August 2014

FY2014 Results PresentationLance Hockridge Managing Director & CEOKeith Neate EVP & CFOMike Franczak EVP Operations18 August 2014

FY2014 Results PresentationLance Hockridge Managing Director & CEOKeith Neate EVP & CFOMike Franczak EVP Operations18 August 2014

FY2014 Results PresentationLance Hockridge Managing Director & CEOKeith Neate EVP & CFOMike Franczak EVP Operations18 August 2014FY2014 Results PresentationLance Hockridge Managing Director & CEOKeith Neate EVP & CFOMike Franczak EVP Operations18 August 2014

FY2014 Results PresentationLance Hockridge Managing Director & CEOKeith Neate EVP & CFOMike Franczak EVP Operations18 August 2014FY2014 Results PresentationLance Hockridge Managing Director & CEOKeith Neate EVP & CFOMike Franczak EVP Operations18 August 2014FY2014 Results PresentationLance Hockridge Managing Director & CEO

Keith Neate EVP & CFOMike Franczak EVP Operations18 August 2014

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FY2014 Results PresentationLance Hockridge Managing Director & CEOKeith Neate EVP & CFOMike Franczak EVP Operations18 August 2014FY2014 Results Presentation

Lance Hockridge Managing Director & CEOKeith Neate EVP & CFOMike Franczak EVP Operations18 August 2014

FY2014 Results PresentationLance Hockridge Managing Director & CEOKeith Neate EVP & CFOMike Franczak EVP Operations18 August 2014FY2014 Results PresentationLance Hockridge Managing Director & CEO

Keith Neate EVP & CFOMike Franczak EVP Operations18 August 2014sdadads42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%

- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013

FY14 vs.FY132H 1H Variance

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Revenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt

Depreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefits

principally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)

Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY13

2H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)

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- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%

Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42

FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%

EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%

- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -

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Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132m

driven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying

$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt

Depreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)

Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%

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EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and the

corresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014

FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%

Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%

EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%

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EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting the

lower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.

FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132m

driven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt

Depreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt

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Above rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers paying

Access Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H Variance

Revenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and the

corresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%

Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumes

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Below rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefits

principally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)

- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting the

lower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132m

driven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)

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decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42

FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -

Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers paying

Access Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and the

corresponding operating cost)decreased $127m reflecting thelower transitional tariffs, and

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increases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying

$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%

EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefits

principally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting the

lower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network

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$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014

FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%

EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42

FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers paying

Access Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuel

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efficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.

FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying

$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefits

principally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLY

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Coal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H Variance

Revenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014

FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42

FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014

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FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)

- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)

decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.

FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying

$m FY2014FY2014FY2013

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FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -

Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, and

increases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H Variance

Revenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014

FY2013FY14 vs.FY13

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2H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%

EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)

- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.

FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%

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- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%

EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuel

efficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -

Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H Variance

Revenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)

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Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt

Above rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLY

Coal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%

EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)

- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%

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EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumes

Below rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014

FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%

EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -

Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2ppt

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Depreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)

decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013

FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt

Above rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%

EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%

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Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, and

increases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY13

2H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumes

Below rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%

EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132m

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driven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network

$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%

- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)

decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3ppt

Above rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and the

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corresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuel

efficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)

Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, and

increases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLYCoal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumes

Below rail access revenue (and thecorresponding operating cost)decreased $127m reflecting the

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lower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs42FOR PERSONAL USE ONLY

Coal profit & loss - Underlying$m FY2014FY2014FY2013FY14 vs.FY132H 1H VarianceRevenue - Above Rail 1,211 614 597 1,079 12%- Below Rail 649 289 360 776 (16%)- Other 4 3 1 8 (50%)Total Revenue 1,864 906 958 1,863 -Operating costs (1,291) (608) (683) (1,369) 6%

EBITDA 573 298 275 494 16%EBITDA margin 30.7% 32.9% 28.7% 26.5% 4.2pptDepreciation and amortisation (173) (85) (88) (174) 1%EBIT 400 213 187 320 25%Operating Ratio - underlying 78.5% 76.5% 80.5% 82.8% 4.3pptAbove rail revenue increased $132mdriven by the strong volumesBelow rail access revenue (and thecorresponding operating cost)decreased $127m reflecting thelower transitional tariffs, andincreases in customers payingAccess Tariffs direct to Network

$41m in transformation benefitsprincipally lower labour, fuelefficiency and maintenance costs