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PRESS RELEASE

December 05, 2014: Moorebank Intermodal Company (MIC) CEO, Ian Hunt, today announced that after a six-month negotiation, MIC and the Sydney Intermodal Terminal Alliance (SIMTA) – comprising Qube Holdings and Aurizon Holdings – have reached an agreement to develop the Moorebank project on a whole of precinct basis. This agreement, which contains a number of conditions precedent, is subject to approval by the Boards of Qube and Aurizon and the Commonwealth Government.

If the agreement is approved, SIMTA would develop and operate a Moorebank freight precinct on a site comprising land owned by SIMTA and the Commonwealth. The precinct will include an open access import- export (IMEX) freight terminal with an ultimate capacity of 1.05 million containers a year, and an open access interstate freight terminal with an ultimate capacity of 500,000 containers a year. The facility is expected to significantly increase competition in the Sydney intermodal freight market. Further details will be released if the agreement receives the relevant Board and Government approvals. This process is expected to be finalised in early 2015.

An Environmental Impact Statement seeking concept approval to develop a terminal on MIC's site is on public exhibition until 8 December 2014. SIMTA has already received approval to develop an IMEX terminal on its site. Further planning and environmental approvals will be sought for the combined precinct if the agreement between MIC and SIMTA receives the required Government and Board approvals.

Development of an intermodal terminal at Moorebank is a significant opportunity to define the future of container freight logistics in Sydney and across Australia. The terminal will be able to handle a large share of the import‐export (IMEX) and interstate freight moving through Sydney, allowing more freight to make part of its journey by rail.

The IMEX terminal at Moorebank will be capable of transferring around 1.2 million containers a year between road and rail. This capability, combined with a direct rail link from Moorebank to Port Botany, will allow more IMEX containers to move to and from the Port by rail.

Port Botany currently receives around a third of Australia's IMEX container freight. Most of these containers move to and from the port by truck. However, Sydney's roads are congested and with container trade through Port Botany forecast to more than double by 2030, it will not be practical to move all these extra containers to and from the port on Sydney's road network.

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