Dividends

The Board normally expects Aurizon to pay dividends in arrears for the six month periods ended 31 December (interim Dividend) and 30 June (final Dividend). The Board has set Aurizon’s dividend payout ratio range at 70-100% of underlying NPAT, subject to forecast future capital requirements. There is currently no dividend re-investment program. The Payout ratio and a dividend re-investment program will continue to be assessed by the Board in light of investment and growth opportunities available to Aurizon, the capital markets

environment at the time as well as Aurizon’s focus on maintaining an investment grade credit rating and enhancing long-term shareholder value.
Where possible, the Board intends to maximise franking of dividends.  No guarantee can be given about future dividends, the level of franking of such dividends (if any) or the payout ratios for any future period, as these matters will depend upon future events.