RBC Australian Coal Volume Tracker

Research evidence excerpt

RBC Australian Coal Volume Tracker

The Speculative risk rating reflects a security's lower level of financial or operating predictability, illiquid share trading volumes,

high balance sheet leverage, or limited operating history that result in a higher expectation of financial and/or stock price volatility.

Distribution of ratings

For the purpose of ratings distributions, regulatory rules require member firms to assign ratings to one of three rating categories -

Buy, Hold/Neutral, or Sell - regardless of a firm's own rating categories. Although RBC Capital Markets' ratings of Outperform (O),

Sector Perform (SP), and Underperform (U) most closely correspond to Buy, Hold/Neutral and Sell, respectively, the meanings are

not the same because our ratings are determined on a relative basis.

RBC Capital Markets, Equity Research

As of 31-Mar-2026

Investment Banking

Serv./Past 12 Mos.

Rating Count Percent Count Percent

BUY [Outperform] 899 57.52 286 31.81

HOLD [Sector Perform] 612 39.16 153 25.00

SELL [Underperform] 52 3.33 5 9.62

Rating and price target history for: Aurizon Holdings Limited, AZJ AU as of 26-Jun-2026 (in AUD)

03-Jul-2023 12-Feb-2024 12-Aug-2024 25-Nov-2024 06-May-2025 22-Dec-2025 27-Jan-2026 16-Feb-2026 06-May-2026

Rtg:U Rtg:U Rtg:SP Rtg:SP Rtg:SP Rtg:SP Rtg:SP Rtg:SP Rtg:SP

Target: 3.70 Target: 3.80 Target: 3.50 Target: 3.60 Target: 3.20 Target: 3.30 Target: 3.40 Target: 3.70 Target: 3.90

4.50

4.00

3.50

3.00

2.50

Q1 Q2 Q3 2024 Q1 Q2 Q3 2025 Q1 Q2 Q3 2026 Q1 Q2

Legend:

O: Outperform; SP: Sector Perform; U: Underperform; R: Restricted; I: Initiation of Research Coverage; D: Discontinuation of Research Coverage;

NR: Not Rated; NA: Not Available; RL: Recommended List - RL: On: Refers to date a security was placed on a recommended list, while RL Off: Refers to date