July 2010 is a defining moment in the 145-year history of the iconic business of QR.

It marks the creation of two new businesses – QR National and Queensland Rail.

QR National comprises the national coal and freight operations of QR, as well as the Central Queensland coal network. It also includes the supporting workshops, track construction and maintenance functions for this business.

The Queensland Government has announced its intention to offer for sale QR National by way of public float by the end of 2010.

Queensland Rail will be a government owned corporation and includes Queensland’s passenger networks and operations, the state’s freight (non coal) networks and supporting infrastructure and maintenance services for this business.

Important Notice

This document does not constitute an offer of securities for sale in the United States. The securities described herein have not been and will not registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.