Aurizon : Full report

Disclaimers

No reliance on this document

This document was prepared

by Aurizon Holdings Limited (ACN

146 335 622) (referred to as "Aurizon" which includes its related bodies corporate (including Aurizon Operations Limited)). Whilst Aurizon has endeavoured to ensure

the accuracy of the information contained in this document at the date of publication, it may contain information (including third party information) that has not been independently verified. Aurizon makes no representation or warranty or undertaking, express or implied in relation to, and accepts no responsibility or liability (whether for negligence, under statute or otherwise) as to the accuracy, completeness or reasonableness of the information, statements, opinions or matters (express or implied), arising out of, contained in or derived from this document or reliability of any of the information contained in this document. Aurizon owes you no duty, whether in contract or tort or under statute or otherwise, with respect to or

in connection with this document, or any part thereof, including any implied representations or otherwise that may arise from this document. Any reliance is entirely at your own risk.

Document is a summary only

This document contains information in a summary form only and does not purport to be complete and is qualified in its entirety by, and should be read in conjunction with, all of the information which Aurizon files with the Australian Securities Exchange. Any information or opinions expressed in this document are subject to change without notice. Aurizon is not under any obligation to update or keep current the information contained within this document. Information contained in this document may have changed since its date of publication.

No investment advice

This document is not intended to be, and should not be considered to be, investment advice by Aurizon nor a recommendation to invest in Aurizon. The information provided in this document has been prepared for general informational purposes only without taking into account the recipient's investment objectives, financial circumstances, taxation position or particular needs. Each recipient to whom this document is made available must make its own independent assessment of Aurizon after making such investigations and taking such advice as it deems necessary. If the recipient is in any doubts about any of the information contained in this document, the recipient should obtain independent professional advice.

Scenario analysis

This document also describes Aurizon's approach to scenario analysis of long-term coal scenarios, bulk scenarios, containerised freight scenarios and ESG targets. The scenario analysis that informs this document was undertaken by Aurizon, supported by expert third party review and analysis. The scenario analysis is based on the information available at the date of this document and/or the date of Aurizon's planning processes or scenario analysis processes. There are inherent limitations with scenario analysis and it is difficult to predict which, if any, of the scenarios might eventuate. Scenarios are neither predictions nor forecasts and do not constitute definitive outcomes for Aurizon. We do not assign probabilities and future performance may be outside of the ranges presented. Scenario analysis and the outcomes of those scenarios rely on assumptions that may or may not be correct or eventuate, or be impacted by additional factors to the assumptions disclosed.

Statements about the future

This document contains "forward-looking statements". The words "expect", "anticipate", "likely", "intend", "should", "could", "may",

"predict",

"plan", "propose", "will", "believe", "forecast", "estimate", "goals", "aims", "target", "may imply" and other similar expressions are intended

to identify forward-looking statements. Indications of, and guidance or outlook on, future states of affairs are also forward-looking statements. The forward-looking statements are not based on historical facts, but rather on current beliefs, assumptions, expectations, estimates and projections of Aurizon. Accordingly, these statements are subject to significant business, economic and competitive risks, uncertainties and contingencies associated with the business of Aurizon (both known and unknown) which may be beyond the control of Aurizon, which could cause actual results, developments or trends to differ materially, including but not limited to competition, industry downturns, inability to enforce contractual and other arrangements, legislative and regulatory changes, sovereign and political risks, ability to meet funding requirements, dependence on key personnel and other market and economic factors. Neither these statements nor past performance are guarantees, predictions or indications of future performance. Except as required by applicable regulations or by law, Aurizon is not under any obligation to update these forward-looking statements (or scenario analysis) to reflect events or circumstances that arise after publication. Aurizon makes no representations as to the accuracy or completeness of any such statement or that any scenarios discussed will be achieved. Aurizon cautions against reliance on any forward- looking statements or guidance.

No liability

Aurizon has prepared this document based on information available to it at the time of preparation, including from sources believed to be reliable, and subject to the qualifications in this document. The recipient acknowledges and agrees to the maximum extent permitted by law in each relevant jurisdiction, Aurizon and its directors, officers, employees, agents, contractors, advisers and any other person associated with the preparation of this document, are not liable to the recipient of this document, including without limitation for any liability arising from fault or negligence, for any errors or misstatements in, or omissions from, this document or any direct, indirect or consequential loss howsoever arising from the use or reliance upon the whole or any part of this document or otherwise arising in connection with it.

Aurizon 2023 Sustainability Report

Acknowledgement
of Country	01
Delivering for a
sustainable future	02
Managing Director
and CEO message	05
What we do	06
How we operate	14
Governance
and risk	22
Safety and health	34
What we haul	40
Climate change	52
Environment	58
People	64
Community	70
Tax at Aurizon	74
Sustainability
metrics	78
Statement of
limited assurance	82
Glossary	86

Acknowledgement of Country

We acknowledge the Traditional Custodians of this land and pay our respects to the Elders past, present and future, for they hold the memories, the traditions, the culture and hopes of Aboriginal Australia. We must always remember that under the ballast, sleepers, rail systems and office buildings where Aurizon does business, the land was and always will be traditional Aboriginal land.

Delivering a sustainable future

1

Delivering for a sustainable future

The first freight locomotive, built in Australia,

powered by batteries

The zero-emissions capable prototype is a core initiative as Aurizon moves to decarbonise its business; see page 53.

Net

Zero

operational emissions target

Aurizon is committed to a target of net-zero operational emissions (scope 1 and 2) by 20501.

For more about our investment in innovative solutions and the progress we have made towards our commitments and emission targets, see our Climate change and Environment chapters, starting on page 52.

150

equivalent semi-trailer trucks per single freight train

For more on our continued advocacy for rail in the transition to a low-carbon economy, see page 19.

=

2	Aurizon 2023 Sustainability Report

Planting more than

50,000

trees

on a 118 hectare site has the potential to generate ~1,300 Australian Carbon Credit Units per annum.

Over

570

charities

have been supported by the Aurizon Community Giving Fund, since its inception in 2011.

More than

86%

of employees

live and work in regional Australia.

0.6%

decrease

in Aurizon's operational emissions intensity compared to the prior year.

For more about our emissions, see our Climate change and Environment chapters, starting on page 52.

$1.7

billion

spent with suppliers across Australia.

1 ESG-related aspirations and targets described in this document are discussed in detail in the risk section of the Directors' Report, as well as prior Aurizon Sustainability Reports and Aurizon's Climate Strategy and Action Plan, available at www.aurizon.com.au/sustainability. These documents describe the important assumptions which underpin these aspirations and targets, as well as applicable risks to their achievement (which are further described on page 27 of this document).

Delivering a sustainable future

3