ASX ANNOUNCEMENT Thursday 15 September 2011 The Manager Company Announcements OfficeAustralian Securities Exchange Level 45, South Tower Rialto 525 Collins Street MELBOURNE VIC 3000 ELECTRONIC LODGEMENT

Dear Sir or Madam,

Asciano’s Investor Day Presentation Please find attached the presentation pack for Asciano’s Investor Day briefing which commences at 9.30am this morning. The briefing will be webcast and can be accessed through the Company’s website at Yours faithfully

Fiona Mead Company Secretary

ASX ANNOUNCEMENT

Company Announcements Office

Investor Day Presentation

Please find attached the presentation pack for Asciano’s Investor Day briefing which commences at 9.30am this morning. The briefing will be webcast and can be accessed through the Company’s website at www.asciano.com.au

Please find attached the presentation pack for Asciano’s Investor Day briefing which commences at 9.30am this morning. The briefing will be webcast and can be accessed

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ASCIANO GROUP

Investor Day Presentation

15 September 2011

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Disclaimer• This presentation includes “forward-looking statements.” These can be identified by words such as “may”, “should”, “anticipate”, “believe”,

“intend”, “estimate” and “expect”. Statements which are not based on historic or current facts may be forward-looking statements.

• Forward-looking statements are based on assumptions regarding Asciano’s financial position, business strategies, plans and objectives of management for future operations and development and the environment in which Asciano will operate.

• Forward-looking statements are based on current views, expectations and beliefs as at the date they are expressed and which are subject to various risks and uncertainties. Actual results, performance or achievements of Asciano could be materially different from those expressed in, or implied by, these forward-looking statements. The forward-looking statements contained in this presentation are not guarantees or assurances of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Asciano, which may cause the actual results, performance or achievements of Asciano to differ materially from those expressed or implied by the forward-looking statements. For example, the factors that are likely to affect the results of Asciano include general economic conditions in Australia and globally; interest and exchange rates; credit markets; competition in the markets in which Asciano does and will operate; industrial relations; weather and climate conditions; relationships with customers and suppliers; and the inherent regulatory risks in the businesses of Asciano. The forward-looking statements contained in this presentation should not be taken as implying that the assumptions on which the projections have been prepared are correct or exhaustive.

• Asciano disclaims any responsibility for the accuracy or completeness of any forward-looking statement. Asciano disclaims any responsibility to update or revise any forward-looking statement to reflect any change in Asciano’s financial condition, status or affairs or any change in the events, conditions or circumstances on which a statement is based, expect as required by law.

• The projections or forecasts included in this presentation have not been audited, examined or otherwise reviewed by the independent auditors of Asciano. Unless otherwise stated, all amounts are based on A-IFRS and are in Australian Dollars. Certain figures may be subject to rounding differences. Any market share information in this presentation is based on management estimates based on internally available information unless otherwise indicated.

• You must not place undue reliance on these forward-looking statements.

• This presentation is not an offer or invitation for subscription or purchase of, or a recommendation of securities. Any securities referred to in these materials have not been and will not be registered under the United States Securities Act of 1933 (as amended) and may not be offered or sold in the United States absent registration or an exemption from registration.

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Agenda

Time Presentation Sections Speaker Page

09.30-11.15

Overview and Strategic

Review Outcomes

• Company Overview

• Six Month Status Check

• Strategic Vision

• Shareholder Value

• Strategic Review Process

• Operational Performance

• Strategic Alternatives

• Portfolio Strategy

John Mullen

(MD & CEO)

Financial Outlook

(+Q&A)

• Financing Update

• Capex Outlook

• Business Improvement Program

Angus McKay

(CFO)

Michael Larkin

(Treasurer)

11.15-11.30 Coffee Break

11.30-12.30 Divisional Overviews

(+ Q&A)• Pacific National Coal

David Irwin

(Director PN Coal)

12.30-13.15 Lunch Break

13.15-14.00 Divisional Overviews

(+ Q&A)• Pacific National Rail

Chris Keast

(Director PN Rail)

14.00-14.45Divisional Overviews

(+ Q&A)• Patrick

Paul Garaty

(Director Patrick)

14.45-15.00 Wrap up Final Q&AJohn Mullen

(MD & CEO)

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Asciano at a Glance

Asciano is Australia’s leading transport infrastructure group, combining the rail operations of Pacific National and port related operations of Patrick

Asciano:

Hauls over 80% of New South Wales’ coal exports and 38% of Australian coal exports

Hauls 70% of rail freight on East-West & long haul North-South corridors

Handles approximately 50% of Australia’s container port throughput

Handles over 50% of new automobile imports

Hauls 95% of steel transported domesticallyby rail

Hauls 50% of New South Wales and Victoria bulk rail grain exports

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Asciano at a GlanceF

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PN CoalPN RailPatrick Ports

Terminals &Logistics

Ports & GeneralStevedoring

Autocare

FY11 Revenue - A$577.9m

FY11 EBITDA – A$259.3m

FY11 NTKs - 19,097m

At 30 June 2011 had 224 locomotives & 4,729 wagons: total insured value of A$1.7 bn.

1,010 employees

FY11 Revenue - A$1,155m

FY11 EBITDA – A$276m

FY11 NTKs - 26,117m

At 30 June 2011 had 317 locomotives & 6,813wagons: total insured value of A$1.8 bn.

2,204 employees

FY11 Revenue - A$1,172m

FY11 EBITDA - A$269m

FY11 TEUs (‘000) – 2,563

At June 30 2011 had 22 cranes, 112 straddle carriers, other equipment & facilities: total insured value of A$1.4 bn.

3,471 employees

South EastAustralia

North EastAustralia

Intermodal

Bulk Rail

Total Employees: 6,872

Total FY11 Revenue: $3,056.3 million

Asciano at a GlanceF

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26.2%

36.6%

37.2%

FY11 Revenue by Division

Coal

PN Rail

Patrick

32.2%

34.3%

33.5%

FY11 EBITDA by Division

Coal

PN Rail

Patrick

2,4532,685

2,815 2,810 2,862 3,093

0

1,000

2,000

3,000

4,000

FY06 FY07 FY08 FY09 FY10 FY11

Historical Revenue by Division ($M)

PN Coal PN Rail Patrick

484589

653 655 727817

0

250

500

750

1,000

FY06 FY07 FY08 FY09 FY10 FY11

Historical EBITDA by Division ($M)

PN Coal PN Rail Patrick

Asciano at a GlanceF

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9%

4%

4%

Other

Soft CommoditiesIncludes Grain and Woodchips

4%

Automotive6%

Import – Export (Containerised)

19%

General Cargo

25%

Hard CommoditiesIncludes Coal and Iron Ore

28%

Steel

Industrial

Asciano services a uniquely diverse customer mix with exposures to commodities, shipping, industrial, steel, automotive and general cargo sectors (based on FY11 revenue)

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Asciano at a Glance

PNR, Coal, Patrick

PNR

Others

PNR, PatrickCoal

CoalPatrick

Coal

PNR

Patrick

PNR

Coal

Patrick

Coal, PNR

Only one customer contributes more than 5% of the group’s total revenue illustrating a uniquely diversified customer base

Top 13 customers distribution by

FY11 revenue

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Balance Sheet

Financial Performance

Building Core Skills and Functions

Key Milestones

• Debt profile restructured

• Commencement of dividend payment

• Successful implementation of take-or-pay strategy in Coal division

• Winning of critical new business in all three divisions

• Regaining of lost market share in Ports

• Completion of full strategic review of operational and structural opportunities

• Presentation of company’s first net profit in 4 years

• 21.7% EPS growth despite extraordinary external headwinds

• Build-out of critically important core skills and functionso Human Resourceso Safetyo Government Affairs and Corporate Communicationso Information Technologyo Management of group brands

• Clearer strategic vision at a group level for medium and longer term

• Establishment of performance culture

Six Month Status Check

Significant achievements delivered in last six months

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Survive

ProsperGrow

2007- 2009 2010 - 2012 2013 -

o Over leveraged

o Recapitalisation

o Initial business improvement programs

o Foundation Qld coal customers

o Restructured stapled structure

o Debt refinancing via US bond market

o Organisational restructure from 4 to 3 operating units

o Transition to take-or-pay contracts for coal & grain

o Major new contract wins in all divisions

o Increased focus on BI programs

o Rapid expansion into Qld Coal

o Enhanced business stability and improved earnings

o Strong cashflows to finance new growth opportunities

o Leverage from cross-divisional strengths and synergies

o Implement strategic plans for medium and long term horizons

o Ongoing focus on BI programs

o Ongoing growth in Qld Coal contracts

The Asciano Journey

Asciano now has significant opportunity ahead

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Corporate structure

Holding co v integrated

company structure

Centralised v decentralised

management philosophy

Corporate functions gaps

Reporting lines

Strategic Vision

Asciano Strategic Vision Process

We needed to define our vision and objectives

What business are we in?

What are our unique skills?

What is our customer

focus?

What synergies exist in the

group today?

How can these be

leveraged in the future?

What segments do we

expand into in the future?

Vision &

ObjectivesStructure

Brand definition

Customer interfaces

Vision to shareholders

External Relations

Establishment of a clear strategic vision for the company

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Strategic Vision

Asciano will be Australia’s leading provider of critical logistics services within essential

infrastructure-based supply chains. We will deliver measurably superior outcomes for our customers, thereby generating consistently attractive returns for shareholders.

We will deliver on this vision through:

1. Living our values

2. Attracting, developing and inspiring talented and capable people

3. Targeting leadership positions in fast growing structurally attractive market sectors

4. Leveraging our strategic assets and deep expertise in operationally complex multi-user supply chains across freight types and modes

5. Innovating in partnership with customers to achieve differentiated performance withinistandalone and integrated supply chains

6. Collaborating with diverse stakeholders to create and deliver solutions for our customers

7. Developing, managing and operating integrated infrastructure-based supply chains by bringing together our Group capabilities

Asciano Strategic Vision

We now have a clear definition of Asciano’s strategic vision and objectives

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Shareholder Value

15-20% EBIT growth next 3 yrs

ROCE today

o Assets ex goodwill 17.7%

o Incl intangibles 9.6%

ROCE targets (incl Intangibles)

o Cost of Capital by 2015

o 3-5% premium by 2019

High teen % hurdle rates for all

new investment

Returns Growth Certainty

• EBIT

• ROCE

• Investment Hurdles

+ +

• Revenue Growth

• Capital Base Growth

• Beta

• Earnings Stability

• Transparency/Predictability

All 3 divisions GDP+ growth

o Rail 3% to 5%

o Ports 5% to 7%

o Coal 15%+

Coal and bulk minerals growth

o Unprecedented Australian

resources boom

Strong operating cashflows

o FCF positive from 2013¹

o New business development

o Acquisition capability

Long term contracts

o Rail up to 10 years

o Ports up to 5 years

o Coal 10 years or life of

mine

Take or pay contracts

Leading industry position

Diversified earnings across

core markets

Total Shareholder Return Growth

Achieving attractive TSR requires strong performance on three dimensions

1. Assumes no new contracts requiring significant upfront investment

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Refresh of 5 year operational plans & financial models

In-depth dive into each division

Benchmarking divisional performance

Establishing earnings and returns targets

Risks & opportunities, portfolio mix, synergies

Setting of performance metrics

Business improvement program of $150m over 5 years

Establishing central PMO to monitor program delivery

Evaluating new growth options for future

Focus on maximising shareholder returns

3 to 5 year time horizon

Scenarios comprehensively reviewed in conjunction

with external advisors:

~ Retaining all three divisions

~ Divesting part or all of each division

~ Division into two listed entities: Ports and Rail

Operational Structural

Strategic Review

Strategic Review

A comprehensive review of operational and structural alternatives was undertaken

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Operational Review

In-depth review of our Strategic Plans for next 5 years

Basic operating performance sound but headline returns on capital historically not strong due

to legacy of the past

Underlying Patrick performance is much better than external commentary would suggest.

Market share recaptured and business improvement actions underway

We now have ambitious but robust plans for the future for all three divisions

Identification of synergy benefits to be extracted in the future

Integration opportunities identified to enhance the company’s service offering along the

entire supply chain, especially in bulk commodities

Our plans will generate strong free cashflow from 2013 onwards – strong position to develop

new business opportunities or make substantive acquisitions

We undertook an in-depth review of all three divisions’ operational performance...

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EBITDA & EBIT margins healthy & growing, but return on capital below Group WACC:

o Legacy goodwill, particularly in Patrick and Coal

o Significant work in progress commitments in Coal

Return on capital employed (ex goodwill) is already above 17%. Objective is to achieve full cost of

capital in 2015 and a premium of 3-5% by 2019 including all intangibles. Focus to be on:

o Continuous improvement of existing returns

o Ensuring all incremental capex hits agreed hurdles

o Provide transparency over intangibles and work-in-progress factor in coal

PN Rail and Coal tracking well to achieving overall goals in short to medium term. Patrick to take

longer due to legacy goodwill issue mentioned above

Any business not achieving clear steps towards these targets will be restructured or exited

Return on Capital Employed

Detailed analysis of ROCE performance indicates underlying returns are strong

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Patrick Terminals

Patrick’s strong fundamentals drive ROCE which is broadly in line with peers even including goodwill

Strong and robust long-term (5yr+) macroeconomic outlook for key end-markets –offering organic growth potential

Attractive industry structure

Operational performance in-line with industry benchmarks or gap capable of bridging

Ability to extract and capture further value through productivity improvements

Positive contribution to Group FCF – contribute to growth funding and shareholder returns

Value to be leveraged for 3PL supply chain integration and infrastructure solutionsF

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Strategic Alternatives

Structural alternatives available have been assessed in detail, having regard to the company’s current equity and debt capital position, as well as external market conditions

Scenarios comprehensively reviewed in conjunction with external advisors include:

1. Retaining all three divisions

2. Division into two listed entities via demerger (Ports and Rail)

3. Proactively seeking to divest part or all of each division

(1) and (2) are immediately in the Board’s control to act upon

(3), and its success, is dependent on third parties

After taking extensive external advice and considering all the benefits and risks of undertaking a structural alternative, the Board and leadership team have concluded that shareholder value will be maximised through maintaining the current business structure

Refreshed management team and corporate structure now in place providing a stable platform to maximise returns. Need to demonstrate consistent performance and win market confidence for a re-rate

All structural and strategic alternatives were evaluated in detail and with full rigour

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Rationale for Demergers

Applicability to Asciano

Expectation that separated entities will trade at a combined premium vs status quo

• Uncertainty exists over future trading levels• No clear comparable port company, peers trade in an

extremely wide range 5.5x – 13.6x FY12E EV/EBITDA)

Greatermanagement/Board focus on core activities and growth opportunities

• Simple structure and business model• Business stability for the first time since 2005, a separation

would result in additional distraction for an extended period of time

Independent capital structure and financing policies

• Recent refinancings highlight the financing benefits of size and diversification

• There is no conflict in allocating capital, the business is well placed to support future divisional growth objectives

Consideration of Demerger

After extensive analysis by both the company and external advisors, a demerger at this point in time is not in the best interests of the company and shareholders

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Rationale for Demergers

Applicability to Asciano

Increased probability of value realisation through M&A

• No real barriers exist to a divestment of a division in current structure

• Since 2008/09 there has been ample opportunity for parties to make credible offers for divisions and this has not occurred

Limited, or no, synergies between two businesses

• The strategic review has identified potential areas for alignment

Offers investors clearer choice

• Would offer the opportunity for shareholders to invest in a Ports business and a pure above-rail business

Consideration of Demerger

Additional issues:

One-off transaction costs and ongoing annual dis-synergies through separation

Treatment of existing long term debt

Demerger would heighten not lessen market concerns about future of ports

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Portfolio Strategy

Multiple layers of opportunity exist to extract synergies and leverage unique strengths of the group

Efficient organisational structure eg. Shared Services, IT etc

Group-wide business improvement initiatives covering asset management, maintenance, procurement and fuel

Research and Development of Technological Innovations

Integrated service offerings such as migration of port volumes from road to rail

Integrated supply chain infrastructure solutions, leveraging Port and Rail capabilities

Strong GDP outlook

Whole-of-supply chain presence

Cross business unit synergies

Strong thermal and met coal outlooks

New growth regions

Northern Missing Link

Long term contracts

Strong GDP outlook

Strong growth in mid-market iron ore, minerals and metals

Embedded in steel and grain sectors

PatrickPN

CoalPN

RailPN Rail

PN Coal

Patrick

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Integrated Supply Chain Opportunities

Maximisation of unique Asciano assets Growing with existing customers Asset light opportunities – sourcing and managing investors International expansion opportunities Service and supplier differentiation

Shorten supply chain time windows Reduce cost and complexity Support container terminal revenues Increased ties to BFO (beneficial freight owner) Inland Port opportunities and links to PN Rail

Container Terminals and Logistics Bulk Ports and Rail

Mine Stockpile PortStockpileAbove RailBelow Rail

Port Storage Transport BFO Transport Empty Park Transport Reload Transport Port

Integrated Supply Chain Solutions

Asciano occupies all major components of the import/export and domestic supply chain for a

diverse freight mix – Potential to expand along the supply chain with existing customers

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Portfolio Strategy

Initiative aligns with need to establish new pillars of growth

Future Sources of Growth

Coal

Rail

Patrick

Future Growth

+ 100%

+ 25-30%

+ 35-45%

Core Expansion Coal - Strong organic growth

Rail - Other Bulk commodities

Patrick - Stevedoring/Port management

New Business Activity Expansion Acquisitions in related industries Lateral expansion in existing supply chains Technology and systems expertise International – organic/acquisition

5 Yr Revenue Growth

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Agenda

Time Presentation Sections Speaker Page

09.30-11.15

Overview and Strategic

Review Outcomes

• Company Overview

• Six Month Status Check

• Strategic Vision

• Shareholder Value

• Strategic Review Process

• Operational Performance

• Strategic Alternatives

• Portfolio Strategy

John Mullen

(MD & CEO)

Financial Outlook

(+Q&A)

• Financing Update

• Capex Outlook

• Business Improvement Program

Angus McKay

(CFO)

Michael Larkin

(Treasurer)

11.15-11.30 Coffee Break

11.30-12.30 Divisional Overviews

(+ Q&A)• Pacific National Coal

David Irwin

(Director PN Coal)

12.30-13.15 Lunch Break

13.15-14.00 Divisional Overviews

(+ Q&A)• Pacific National Rail

Chris Keast

(Director PN Rail)

14.00-14.45Divisional Overviews

(+ Q&A)• Patrick

Paul Garaty

(Director Patrick)

14.45-15.00 Wrap up Final Q&AJohn Mullen

(MD & CEO)

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Earnings Trajectory 2011 - 2016

FY15FY11

+10%

FY16FY12 FY13 FY14

FY16

+15%

FY15FY11 FY14FY13FY12

FY11 FY15FY14FY13FY12

+8%

FY16

Revenue growth and margin improvement expected to deliver +15% EBIT CAGR to FY16

Revenue Operating Cost

EBIT

CAGR CAGR

CAGR

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Business Improvement – 5yr $150m Plan

By Year

82

40

15

13 150$m

150

100

50

0PlanCorporatePN CoalPN RailPatrick

41

25

32

25

27 150$m

150

100

50

0PlanFY16FY15FY14FY13FY12

By Division

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Capex Forecast – 2yr Growth and

Sustaining Plan

FY12f FY13f

Gro

wth

Cap

exSu

stai

nin

g C

apex

12%

9%

79% PN Coal

PN Rail

Patrick

~ $700 – $900m ~ $500 – $700m

~ 70% of FY12f Capex is Growth

~ 30% of FY12f Capex is Sustaining

47%

38%

15%PN Coal

PN Rail

Patrick

~ 55% of FY13f Capex is Growth

~ 45% of FY13f Capex is Sustaining

17%

9%

74% PN Coal

PN Rail

Patrick

27%

48%

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PN Rail

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PN Rail ROCE already exceeds Group WACCPN Coal to reach WACC by FY14Patrick to reach WACC by FY16

29

Group ExcludingGoodwill

PN Rail

PN Coal

Patrick

Group

FY16FY15FY14FY13FY12

Return On Capital Employed

Group ROCE is expected to exceed Group WACC by FY15

Return On Capital Employed (RoCE) Trajectory2012 to 2016 Outlook

Group WACC

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Policies consistent with solid investment grade

Description As at June 2011

Target stable Baa2 / BBB long term ratings Baa2 (Stable) / BBB- (Positive)

Maximum Net Debt / EBITDA of 3.25 – 3.5 times 2.8 times

Minimum EBITDA / Net Interest of 3 – 3.5 times 3.7 times

Minimum $300m committed available liquidity

(where facilities have at least 12mths remaining)

$946m

(incl., $547m of facilities due in 2.5 years)

Target 20% - 30% payout of NPAT

(before significant items)30%

Financial Profile

30

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Baa2 / BBB positioning delivers financial flexibility & market access

Asciano key ratings strengths Objectives for S&P Upgrade

• Strong market positions

• Network of assets & facilities embedded in the

national supply chain

• Moderate-to-high barriers to entry

• Scale of operations

• Earnings stability

• Long term, take-or-pay contracts

• Significant revenue diversity

• Growth of PN Coal expected to increase stability

of operational & financial profile

• Long term customer relationships

• Sustain & enhance market positions across all

businesses

• Successfully expand coal haulage operations on

favourable terms

• Adjusted EBITDA interest cover in excess of 3

times

• Adjusted FFO / Debt at or above mid point

of 15% - 20% range

• Lengthen debt profile & address refinancing risk

• Improved free cash generation

Credit Ratings

31

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Available liquidity at June 2011 comfortably exceeded capital commitments

Substantial available debt capacity within policy targets after forecast capex and dividends

Growth funded by available liquidity & strong cash generation

946

701

0

250

500

750

1,000

Committedavailableliquidity

Capitalcommitments

Available LiquidityA$m as at 30 June 2011

250

700

500

950

0

250

500

750

1,000

FY12 FY13

Available Debt CapacityA$m, after forecast capex & dividends

Funding Capacity

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Bank refinancing expected to reduce FY12 overall weighted average debt cost by around 30bps

Proportion of fixed rate debt expected to gradually decline from over 70% to approximately 60%

Marginally improving funding costs expected, subject to market rates

(1) A$ floating to fixed rate coupon swaps (2) US$ fixed rate bonds swapped to A$ fixed rates (3) US$ fixed rate bonds swapped to A$ floating rates.

36%25%

0%6%

38%37%

26% 32%

0%

25%

50%

75%

100%

FY12 FY13

Interest Rate ProfileApproximate financial year averages

Interest Rate Swaps Floating Rate Bank Debt

Fixed Rate Bonds Floating Rate Bonds

1

2 3

5.0%

8.5%

1.2%

2.4%

0.0%

2.5%

5.0%

7.5%

10.0%

Base

rate

Swap

cost

Margin WACD

FY11 Weighted Average Cost of DebtBefore interest income, fees, amort'n & other

Funding Costs

33

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Marginally improving funding costs expected, subject to market rates

* Average rates exclude bank guarantee fees, commitment fees, amortisation of capitalised borrowing costs and other non-interest financing costs.

Avg % Avg $m Y/E $m % tot. Avg % Avg $m % tot.

Bank debt 7.3% 538 0

Bonds swapped to A$ floating 7.7% 166 720

Total floating rate 7.4% 704 720 25% 7.7% * 750 26%

Bank debt swapped to fixed 9.5% 1,266 800

Bonds swapped to A$ fixed 8.0% 880 1,322

Total fixed rate 8.9% 2,146 2,122 75% 8.3% * 2,100 74%

Gross debt 8.5% 2,850 2,842 100% 8.2% * 2,850 100%

Less: Discount (7)

Capitalised borrowing costs (28)

Unrealised FX gain on US bonds (176)

Cash and cash equivalents (398)

Add: Unrealised fair value loss on US bonds 27

Reported Net Debt as at 30 June 2011 2,260

FY11 Actual FY12 indicative

Funding Costs

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Questions

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Agenda

Time Presentation Sections Speaker Page

09.30-11.15

Overview and Strategic

Review Outcomes

• Company Overview

• Six Month Status Check

• Strategic Vision

• Shareholder Value

• Strategic Review Process

• Operational Performance

• Strategic Alternatives

• Portfolio Strategy

John Mullen

(MD & CEO)

Financial Outlook

(+Q&A)

• Financing Update

• Capex Outlook

• Business Improvement Program

Angus McKay

(CFO)

Michael Larkin

(Treasurer)

11.15-11.30 Coffee Break

11.30-12.30 Divisional Overviews

(+ Q&A)• Pacific National Coal

David Irwin

(Director PN Coal)

12.30-13.15 Lunch Break

13.15-14.00 Divisional Overviews

(+ Q&A)• Pacific National Rail

Chris Keast

(Director PN Rail)

14.00-14.45Divisional Overviews

(+ Q&A)• Patrick

Paul Garaty

(Director Patrick)

14.45-15.00 Wrap up Final Q&AJohn Mullen

(MD & CEO)

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Our Value Proposition

The Pacific National Coal portfolio comprises rail haulage services for miners concentrated in New South Wales and Queensland, with smaller interests elsewhere

Leading operator in NSW with near 78% market share

Good access to growth capital

Strong investment returns driven by commitment to hurdle rates

Strong customer partnerships demonstrated by our entry and subsequent rapid growth

in the Queensland market along with significant NSW renewals and Gunnedah basin

growth

Lower cost new rolling stock through diversified locomotive and wagon procurement

Significant capital investment in supporting infrastructure

Greater than 95% of customers and volumes transitioned over to performance-based

contracts

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Key Macro And Microeconomic Drivers

PN Coal is underpinned by a clear set of macro-economic indicators with strong outlooks. Infrastructure investment remains a key micro-economic enabler

Pacific National Coal Pacific National Rail Patrick

Global Steel Production –Metallurgical

Gross Domestic Product (GDP) Gross Domestic Product (GDP)

Demographics, Incomes and Construction in China, India, Japan and Korea

Domestic Construction Demand –Steel (Commercial and Residential)

Domestic Construction Demand –Steel (Commercial and Residential)

Global Power Generation – Thermal Carbon Tax – BlueScope Carbon Tax – BlueScope

Population, Incomes and Domestic Supply in China and India

Population Population

Weather Weather – Grain Weather – Grain

Skills Shortage Skills Shortage Skills Shortage

Hunter Valley Throughput Capacity Modal Competition Modal Competition

Queensland and NSW Port Capacity Customer Contracts Customer Contracts

Below Rail Investment Below Rail Investment

Macro-economic

Micro-economic

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Business Unit Descriptions

North East AustraliaNorthern SEA Southern SEA South Australia

Pacific National Coal

• One of two haulage

operators in the

Queensland Coal

Fields

• Operates from mines

in Central

Queenslands Bowen

Basin to Ports in

Mackay and Gladstone

• Commencing

operations to Abbot

Point (Bowen) from

Jan 2012

• Single Route haulage

from Leigh Creek Coal

Mine to Port Augusta

Power Station

• Providing coal for

power generation into

the SA Grid

• One of three haulage

operators serving the

mines of the NSW

Hunter Valley and

Gunnedah regions

• Majority of Coal hauled

to the Port of

Newcastle for export.

Coal also hauled for

domestic power

generation

• Provider of haulage

operations, serving the

mines of the Illawarra

and Lithgow

• Primarily for Export

through Port Kembla

Coal Terminal

South East Australia (SEA)

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Coal Historical Volume Trends

Historical growth in PN Coal’s haulage volumes have outpaced growth of the total Australian export market, and are expected to continue in this fashion over the coming years

98 105 101

169

939192959184

288299

274261

252244

231231218

2003

+3%

+10%

200

150

100

50

0

+39%

+4%

+5%

20142011

122

2004

250

300

MT

20

2010

120

14

2009

991

2008200720062005

SEA Total Australian ExportNEA

* Contracted Volumes Only

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Details Of Future Capex and Business

Improvement

8%

Base Sustaining(~60% mntce)

Rolling Stock

59%

Infrastructure

33%

FY 1

2f

FY 1

3f

Future Capex Spend Future Business Improvement Plan $m

8%Base Sustaining

(~60% mntce)

19%

73%

Rolling Stock

Infrastructure

15114

Total TargetPN Coal NEAPN Coal SEA

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PN Coal SEA Footprint

SEA

Description PN Coal is leading haulage provider in South

Eastern Australia with ~ 80% market share of

the NSW coal market, hauling from Hunter

Valley and Southern and Western coalfields to

the ports of Newcastle and Port Kembla, as

well as domestic coal to power stations and

steelworks located in NSW. Additionally coal

is hauled in South Australia from Leigh Creek

to the power station in Port Augusta.

Volumes

Handled¹

Tonnes of Coal: 101.2 million

NTKs : 13.877 billion

Key

Customers

Coal & Allied (Rio Tinto), Centennial Coal,

Whitehaven Coal, Xstrata, Idemitsu

Key Assets² 160 Locomotives

3,561 Wagons

Greta Train Support Facility (under

development)

FTEs² 800

1. 12 mths ended June 30 2011 2.As at 30 June 2011

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Greta Maintenance Facility – Under

Construction

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Current Site Works• Bulk earthworks• Site drainage• Grouting mine voids• Preparation for blasting • Preparation for service trenches

Greta Construction

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PN Coal NEA Footprint

NEA

Description PN Coal entered Queensland coal haulage market in

2010 through landmark Cyclone contract with Rio and

Xstrata. Currently hauls coal from mines in Central

Queenslands Bowen Basin to Ports in Mackay and

Gladstone, with operations to Abbot Point (Bowen)

expected to commence in Jan 2012.

Volumes

Handled¹

Tonnes of Coal: 20.5 million

NTKs : 5.220 billion

Key Customers Xstrata, Rio Tinto, Anglo Coal, Macarthur Coal,

Aquila/Vale

Key Assets² 36 Locomotives

1,163 Wagons

Nebo Train Support Facility (under development)

FTEs² 187

1. 12 mths ended June 30 2011

2. 2. As at 30 June 2011

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Nebo construction well under way due for completion mid-2012

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Nebo Maintenance FacilityF

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Nebo Maintenance FacilityF

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Investment in rolling stock on track for

commencement of new contracts

NHGH Wagons and 83Cl locomotive undergoing dynamictesting at Mt Mclaren, QLD

NHGH Wagons moving through the unloader at Barney Point, Gladstone

Anglo trains for 1 January 2012 start up being commissioned with our first narrow gauge wagons from China

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Our Management Team

A refreshed and strengthened team to lead PN Coal into the next phase

Operations Leadership Head-Office Leadership

David IrwinDivisional Director – PN Coal

GM Ops NSW

Dave Mayo

Senior Counsel

Paul Tobin

GM Commercial

Dwayne Freeman

GM Strategy

Leigh Bracken

Information Systems Director

Jenny FrancisGM Procurement

Peter Hands

GM Ops Qld

Geoff Featherstone GM Finance

Stephen Kelly

GM Business Development

Paul Griffin

GM HR

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Time Presentation Sections Speaker Page

09.30-11.15

Overview and Strategic

Review Outcomes

• Company Overview

• Six Month Status Check

• Strategic Vision

• Shareholder Value

• Strategic Review Process

• Operational Performance

• Strategic Alternatives

• Portfolio Strategy

John Mullen

(MD & CEO)

Financial Outlook

(+Q&A)

• Financing Update

• Capex Outlook

• Business Improvement Program

Angus McKay

(CFO)

Michael Larkin

(Treasurer)

11.15-11.30 Coffee Break

11.30-12.30 Divisional Overviews

(+ Q&A)• Pacific National Coal

David Irwin

(Director PN Coal)

12.30-13.15 Lunch Break

13.15-14.00 Divisional Overviews

(+ Q&A)• Pacific National Rail

Chris Keast

(Director PN Rail)

14.00-14.45Divisional Overviews

(+ Q&A)• Patrick

Paul Garaty

(Director Patrick)

14.45-15.00 Wrap up Final Q&AJohn Mullen

(MD & CEO)

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Our Value Proposition

The Pacific National Rail portfolio comprises rail haulage services for domestic containerised freight, for non-coal bulk including industrial products, minerals, steel and grain, and hook and pull for passenger services between the east and west coast

Clear national market leader in intermodal freight transport

Good scale in installed rolling stock

Strategic intermodal freight terminals in Sydney, Melbourne, Adelaide and Perth

Long term contracts with major Freight Forwarders and key Bulk Customers

Strong relationship and operationally embedded into the Steel industry supply chain

Bulk services largely underpinned by ‘take or pay’ contracts

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Key Macro And Microeconomic Drivers

PN Rail is underpinned by a clear set of macro-economic indicators with robust outlooks. Infrastructure investment supporting rail competitiveness remains a key micro-economic enabler

Pacific National Coal Pacific National Rail Patrick

Gross Domestic Product (GDP) Gross Domestic Product (GDP) Gross Domestic Product (GDP)

Average Income per CapitaDomestic Construction Demand –Steel (Commercial and Residential)

Domestic Construction Demand –Steel (Commercial and Residential)

Domestic Consumption Population Population

Weather Weather – Grain Weather – Grain

Port Capacity, Land and Tenure Modal Competition Modal Competition

Customer Contracts Customer Contracts Customer Contracts

Potential 3rd Market Entrant Below Rail Investment Below Rail Investment

Macro-economic

Micro-economic

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Business Unit Descriptions

Intermodal Bulk Rail

Pacific National Rail

• Forwarders - provides long distance interstate rail

freight services of containerised freight for Australia’s

largest forwarders and logistics providers

• Express- Fast transit intermodal rail freight services

offering ancillary container hire and pick up and

delivery (PUD)

• SteelLink - break bulk linehaul to steel manufacturers

using specialised wagons

• PortLink - linehaul service to Patrick Port Logistics

servicing Melbourne Port from Adelaide and Griffith

and regional VIC

• Passenger - Hook and Pull services to GSR (interstate

tourist passenger services)

• Intermodal Intrastate services - linehaul services

under long term contract to Toll QRX between Brisbane

and Cairns

Provides intrastate rail services primarily focused on Bulk

commodities across a number of segments in NSW, VIC and

QLD including:

• Domestic and export grain - from regional NSW and VIC

to mills and export ports

• Magnetite - Bulk linehaul services for Xstrata hauling from

Cloncurry to Townsville

• Construction materials - limestone, aggregates and

cement to processing plants and end users in NSW and VIC

• Specialised products - movement of export containers to

ports at Melbourne and Sydney, mineral sands and

domestic waste to landfills in NSW

• Rail infrastructure projects – hook and pull services

and/or rollingstock for rail infrastructure projects

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PN Intermodal Footprint

Intermodal

Description The largest carrier of interstate rail freight in Australia

providing the only national network of daily services to

major mainland cities, Intermodal has leading market

positions on key long haul corridors.

Volumes

Handled

TEUs ‘000: 677

Steel Tonnes ‘000: 2,639

NTKs : 19.703 billion

Key Customers Toll, Linfox, Bluescope, Onesteel, Sadleirs, K&S

Freighters, Rand Transport, Great Southern Railway

Key Assets 165 Locomotives

3,500 Wagons

Strategic Intermodal sites at Adelaide, Perth (Kewdale),

Sydney (Chullora) and Melbourne

FTEs 1,368KEYMP = Melbourne to PerthPM = Perth to MelbourneSP = Sydney to PerthPS = Perth to Sydney

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PN Bulk Rail Footprint

Bulk Rail

Description Bulk Rail provides bulk rail haulage services and

logistics solutions for various commodities including

grain (domestic and export), construction materials

(limestone, clinker, cement, aggregate) minerals

(concentrates, mineral sands), waste, logs and paper

both in bulk and containerised. In addition to this, Bulk

Rail also provides hook and pull services, primarily for

track owners, hauling ballast and sleepers for track

upgrade works

Volumes

¹Handled

Bulk Tonnes ‘000: 13,663

NTKs : 6.413 billion

Key Customers Graincorp, Manildra, Boral, Veolia, Cargill, Xstrata,

Perilya, George Weston Foods

Key Assets² 153 Locomotives

3,313 Wagons

FTEs² 836

Commenced haulage of Magnetite concentrate from Xstrata Ernest Henry mine in Cloncurry to Townsville in April 2011

1. 12 mths ended June 30 2011

2. Active fleet as at 30 June 2011

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Intermodal Historical Market Share and

Volumes

Despite increased rail and cross-modal competition coupled with weak domestic container volumes the PN Intermodal business has sustained margin and earnings growth

677683705765759754775

0

200

400

600

800

1,000

1,200

‘000 TEU Volumes

0

200

400

600

800

2006 2007 2008 2009 2010 2011

$M

2006 2007 2008 2009 2010 2011

%

EBIT Margin

Revenue

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Export Grain

Two additional export grain services for

Cargill’s and GrainCorp to commence from

Jan-12

Minerals

MMG Dugald River – haulage of 460K

tonnes of lead and zinc concentrate from

Cloncurry to Townsville.

Aggregate

Boral – haulage of 2.2M tonnes of

aggregate from the Peppertree quarry.

Holcim – Marulan (NSW) quarry

Short term 1-3 Years Medium term 4-5 Years Longer term 5+ years

Minerals

Xstrata - Mount Isa operations

New haulage operations on Mount Isa

line to complement existing

operations – Perilya Mount Oxide,

Cerro Resources, Altona Mining

Coal (WA)

Lanco Infratech expansion for export

coal via Bunbury

Minerals

Mineral opportunities in SA

Midwest and Yilgarn (WA) Iron Ore

expansions

Potential bulk haulage opportunities

via Port Kembla

Bulk Rail – growth and / or pipeline

opportunities

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Business Improvement - Achievements

Achievements to date

Sweat the assets

- Improvement in Intermodal slot utilisation (wagon slots

used on each service) of 6.6% since FY09

- Improvement in locomotive utilisation (locomotive HP

capacity used) of 1.4% since FY09.

Cost reductions

- Improved fuel consumption with a 4.5% reduction in

litres per GTK (gross tonne kilometre) since FY09

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Business Improvement - Six Sigma

Resources dedicated and basis of focus Six Sigma projects completed

Six Sigma targeted to address key areas of

customer service, break through in cost reductions

and focus on significant business process re-design

Significant change management process employed

Dedicated resources assigned to Six Sigma with

five people currently in the program with another

six scheduled to start in Jan-12

Deliver superior customer service

– Improvement in truck turn around time at the Melbourne

Freight Terminal

– Improvement in freight availability at the Brisbane Freight

Terminal

Cost reductions

– Purchasing fuel at the most cost effective locations across

the Melbourne to Perth corridor

Sweating the assets

– Improvement in Terminal slot utilisation at Sydney,

Melbourne and Adelaide with the national slot utilisation

project currently well under way

– Improvement in utilisation of containers in the Express

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Use of visual information centres at all levels of the

organisation to deploy goals:

Enabled us to expedite the deployment of values and

dramatically improve workforce alignment to delivery of

the strategic plan:

Built momentum through a broader base of action

Enabled us to have the workforce (at all Levels):

Involved on the right things at the right level for the

biggest impact

Working towards meeting the goals of the business

Understanding the role that they play towards

achieving these on a daily basis.

Enabled workforce alignment per shift to:

Core values and Operating style

Key accountabilities at the “correct level”

Performance measurement/status, and

Immediate objectives/near-term goals

Use of visual information centres

Goal deployment – Visual Information

Centres

61

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Business Improvement – Future Plan

406

34

PN Intermodal Total TargetPN Bulk Rail

The future business improvement plan includes key costfocus areas such as:

Train crew - improved train crew efficiency

Fuel - reduced fuel consumption

Locomotive and wagon utilisation - improved asset

utilisation including slot, path, locomotive and Steel

wagon loading improvements

Capital investment – future capital investment into

Terminals and infrastructure and Steel rolling stock.

Procurement – improved fuel and maintenance

contracts

Future Business Improvement Plan $m (5 years from FY11 base)

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Details Of Future Capex

5%Other

75%Rolling Stock

Infrastructure

20%

FY 1

2f

FY 1

3f

Future Capex Spend

Infrastructure

Rolling Stock

4%

20%

Other

76%

On-going investment into rolling stock

maintenance to preserve the integrity of the

fleet

Investment in growth opportunities in Bulk

Rail, Intermodal east-west and Coal

Cascading of locomotives within Asciano

Generating free cash flows for Asciano

Cashflows

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Melbourne (South Dynon) Freight

Terminal

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Melbourne Rail and Port TerminalsF

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Adelaide Freight TerminalF

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67

Sydney (Chullora) Freight TerminalF

or p

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nal u

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68

Perth (Kewdale) Freight TerminalF

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69

Our Management Team

A refreshed and strengthened team to lead PN Rail into the next phase

Operations Leadership Head-Office Leadership

Chris KeastDivisional Director – PN Rail

GM Intermodal Operations

Mathew Tamplin

GM Strategy, Sales and Marketing

Greg Baker

GM Safety Access Regulatory

Tim Kuypers

GM HR Manager

Rob Hooke

GM Asset Management

Nicolas Fertin

GM Bulk & Intrastate Ops

Andrew Simpson

GM Commercial

Trevor Baldock

GM Finance

Wayne Hicks

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Time Presentation Sections Speaker Page

09.30-11.15

Overview and Strategic

Review Outcomes

• Company Overview

• Six Month Status Check

• Strategic Vision

• Shareholder Value

• Strategic Review Process

• Operational Performance

• Strategic Alternatives

• Portfolio Strategy

John Mullen

(MD & CEO)

Financial Outlook

(+Q&A)

• Financing Update

• Capex Outlook

• Business Improvement Program

Angus McKay

(CFO)

Michael Larkin

(Treasurer)

11.15-11.30 Coffee Break

11.30-12.30 Divisional Overviews

(+ Q&A)• Pacific National Coal

David Irwin

(Director PN Coal)

12.30-13.15 Lunch Break

13.15-14.00 Divisional Overviews

(+ Q&A)• Pacific National Rail

Chris Keast

(Director PN Rail)

14.00-14.45Divisional Overviews

(+ Q&A)• Patrick

Paul Garaty

(Director Patrick)

14.45-15.00 Wrap up Final Q&AJohn Mullen

(MD & CEO)

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Our Value Proposition

Strong respected brand and recognised longevity in the business

Unique asset base

Privileged container terminal assets in each key port location

Only provider with both national container terminal and landside logistics capability

Attractive market positions and customer relationships

Diverse customer base; major FMCG businesses, global shipping companies, automotive manufacturers and exposure to resources sector

Weighted average length of service for top 5 container terminal customers is 17 years

Exposure to growth in resources and oil & gas sectors via bulk ports and stevedoring

Track record of delivering operational performance

World class container yard automation technology already successfully in Brisbane and opportunities for global commercialisation

Patrick is the only provider of end to end services within the crucial ship to DC link of the import/export supply chain. Ownership of terminals, port operations and landside logistics gives Patrick a unique and defensible position in the market

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Key Macro And Microeconomic Drivers

Patrick is underpinned by a clear set of macro-economic indicators with strong outlooks.

Pacific National Coal Pacific National Rail Patrick

Global Steel Production –Metallurgical

Gross Domestic Product (GDP) Gross Domestic Product (GDP)

Demographics, Incomes and Construction in China, India, Japan and Korea

Domestic Construction Demand –Steel (Commercial and Residential)

Average Income per Capita

Global Power Generation – Thermal Carbon Tax – BlueScope Domestic Consumption

Population, Incomes and Domestic Supply in China and India

Population Weather

Weather Weather – Grain Port Capacity, Land and Tenure

Skills Shortage Skills Shortage Customer Contracts

Hunter Valley Throughput Capacity Modal Competition Potential 3rd Market Entrant

Queensland and NSW Port Capacity Customer Contracts

Below Rail Investment

Macro-economic

Micro-economicF

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Patrick operates in 3 key supply chains

Container Supply Chain:

Automotive Supply Chain:

Bulk and General Supply Chain:

Transportation Processing Storage

Terminals and Stevedoring StoragePort Side Logistics Transportation

Port Management Bulk StorageBulk Stevedoring

Container Terminals Business Port Logistics Business

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Strong underlying business fundamentals

Historic stability: Recent market share increases

Citi Investment

Research

Feb 2011

Access Economics

Mar 2011

Business Monitor

International

Q4 2010

Attractive underlying market forecasts

Container Terminals Market Share

5046

5254555452

0

20

40

60

80

100

2009200820072006

%

2012F20112010

2,5632,6832,6852,7902,517

2,162

0

1,000

2,000

3,000

4,000

,000 TEU

3.5%

201120102009200820072006

Container Terminals Volume (TEUs)

60

$’000

0

FY12 FY13 FY14

63

FY15

626265

60

FY11

58

AUS per capita real final demand

Container Trade Forecasts

Automotive Trade Forecasts

7.87.46.96.56.0

0

5

10

Million TEU

FY15FY14FY13FY12FY11

6.8%

219198175156142

1,0761,0471,015991928

0

500

1,000

1,500

FY11 FY12 FY13

‘000 Vehicles

FY15FY14

3.8%

11.4%

Exports Imports 75

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Improved safety focus and performance

Delivered operational improvements

Improved customer service delivery

Signed significant long term customer contracts

Integrated multiple businesses into Patrick and reduced overheads

Exited underperforming businesses and divested non-core assets

Track record of delivering business improvement

Future Business Improvement Plan $m

27

7

82

45

3

AutocarePorts & Stevedoring

Total Target

Port Logistics

Terminals

A track record of business improvementF

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Unique partnership position with critical industry

customers

Increase revenue by ensuring freight and containers are in the right place at the right time

Reduce total supply chain costs by removing steps from supply chain

Improve decision making by improving information visibility and transparency

Improve supply chain effectivenessPartner with key players in supply chain

Beneficial Freight Owners

Shipping Lines

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Significant opportunities to optimise the

supply chain

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Only industry participant with footprint

and capability to deliver

Business Unit Locations

Container Terminals 4

Port Logistics 12

General Stevedoring 27

Port Management

and Bulk Handling

7

Autocare Locations 8

C3 Joint Venture 11

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Brisbane Autostrad Terminal

Brisbane

Automated terminal

Integrated site with significant land

bank

Well positioned for future growth

Foundation location for entry into

the oil and gas market

Full service port logistics footprint

with warehousing capability

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Sydney Port Botany Terminal Sydney

Additional capacity through Port

Botany expansion project

Potential for better leverage of

Asciano sites with inland terminal

Significant logistics footprint

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Melbourne East Swanson Dock Terminal

Melbourne• Combination of Geelong,

East Swanson Dock and Webb Dock East footprints offers unique ability to create optimal capacity position.

• Very strong logistics capability providing integrated rail services.

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Fremantle North Quay Terminal

Fremantle•Significant Growth market

•Capacity expansion plans

•Opportunities to link with interstate rail

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Key strategic investments

9%

B&GSPort Logistics

5%

Autocare5%

Terminals82%

FY 1

2f

FY 1

3f

Future Capex Spend

6%AutocarePort Logistics B&GS

1%

Terminals

12%

80%

Technology Innovation•Supply chain software

Capacity investments•Port Botany•Fremantle•Victoria

Re-invigorating asset base•Ports – straddles and cranes•Logistics and Autocare – mobile equipment

Strategic investment areas

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85

Our Management Team

A refreshed and strengthened team to lead Patrick into the next phase

Paul GaratyDivisional Director – Patrick

GM Terminals

Alistair Field

GM Safety

Mick Cassar

GM HR

Robyn Porcheron

GM Finance

Colin PetrieGM Contracts and

Marketing

John Horan

GM Ports and Stevedoring

Philip Tonks

GM Port Logistics

Alan Mitchell

GM Autocare

Alex Milan Senior Legal Counsel

Lyndall Stoyles

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Agenda

Time Presentation Sections Speaker Page

09.30-11.15

Overview and Strategic

Review Outcomes

• Company Overview

• Six Month Status Check

• Strategic Vision

• Shareholder Value

• Strategic Review Process

• Operational Performance

• Strategic Alternatives

• Portfolio Strategy

John Mullen

(MD & CEO)

Financial Outlook

(+Q&A)

• Financing Update

• Capex Outlook

• Business Improvement Program

Angus McKay

(CFO)

Michael Larkin

(Treasurer)

11.15-11.30 Coffee Break

11.30-12.30 Divisional Overviews

(+ Q&A)• Pacific National Coal

David Irwin

(Director PN Coal)

12.30-13.15 Lunch Break

13.15-14.00 Divisional Overviews

(+ Q&A)• Pacific National Rail

Chris Keast

(Director PN Rail)

14.00-14.45Divisional Overviews

(+ Q&A)• Patrick

Paul Garaty

(Director Patrick)

14.45-15.00 Wrap up Final Q&AJohn Mullen

(MD & CEO)

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Wrap-Up

Leading positions in each industry segment

Privileged assets with experienced teams driving development

Organic growth and improved earnings paramount

Critical role in Australia’s economic transformation

Exposure to the fastest growing region of the world

Balance Sheet strength and improved earnings now demonstrated

Build-out of core skills and functions to take company to next level

Management very focused on improving performance but with a clear vision for

the future

Asciano is now ready to capture its growth opportunities

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Final Questions

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Appendix

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$(’m) 12 months ended 30 June 2010

6 months ended 31 December 2010

12 months ended 30 June 2011

Revenue net of access 474.8 287.9

577.9

Access (charged through to the customer)

197.8 110 248.1

The structure of contracts in the Coal division allow for access charges to be passed directly throughto the customer. The newly ratified ARTC Hunter Valley Access Undertaking allows for coal producersto contract for rail access directly with ARTC. We have therefore separated out access charges in therevenue line as we expect these charges to PN Coal will decline over time as direct billing to the coalproducers is phased in.

In preparation for the release of Asciano’s FY12 interim result we have provided the access chargesfor the 6 months ended 31 December 2010.

PN Coal – Revenue Net of AccessF

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