Ann: 2022 Annual General Meeting Address and Presentation, page-2

At the AGM, CEO Mr David Moult confirmed that there is a very good chance of coal prices 'remaining elevated'.

All the more reason why the bid received last Wednesday 25 May 2022 even more audacious!

Great that YAL has A$1.5 billion in cash.

The audio for the questions was extremely poor, even when repeated in Mandarin.

The first question was about the dividend. The Chairman said the Board meeting would be held in August: in the past, the majority shareholder has been keen to maximise the dividend, but the Board also needs to consider the proposed transaction and YAL's debt levels.

The MD said coal prices reflected the shortage of good quality coal, due to COVID-19 disruptions but also wet weather, plus of the Ukraine conflict that is upsetting the balance of energy around the world. Looking forward to 2023, there is no new capacity coming on stream, nor is there latent capacity. No easy solution to the shortage of coal. Market demand continues to stay strong.

YAL has three different qualities of coal: met plus high or low ash thermal coal.

The MD said that all YAL's coal is exported so even if the new Labor government brought in restrictions locally, it would have no effect for YAL.

There remains a continuing need for coal across Australia, and YAL believes pricing will remain strong. It depends on what occurs globally in 2023 as to how the price will eventually react.