Asciano : Appendix 3B

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

ASCIANO LIMITED

ABN

ABN 26 123 652 862

We (the entity) give ASX the following information.

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of +securities issued or to be issued

Rights over fully paid shares ("Rights")

2 Number of +securities issued or to be issued (if known) or maximum number which may be issued

8,701

3 Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid

+securities, the amount outstanding and due dates for payment; if

+convertible securities, the conversion price and dates for conversion)

Each Right entitles the holder to receive one fully paid share of Asciano Limited.

The Rights to shares may vest between 30

June 2016 and 30 June 2017 subject to the satisfaction of time and performance based vesting conditions.

+ See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 1

4 Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted

+securities?

If the additional securities do not rank equally, please state:
the date from which they do
the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

No

Shares delivered upon exercise of the Rights will rank equally in all respects with existing fully paid shares from the date of delivery

5 Issue price or consideration Nil
6 Purpose of the issue
(If issued as consideration for the
acquisition of assets, clearly identify those assets)

Rights issued to members of senior management as part of their remuneration in accordance with the terms of Asciano's Executive Incentive Plan.

7 Dates of entering +securities into uncertificated holdings or despatch of certificates

13 March, 2014

8 Number and +class of all
+securities quoted on ASX (including the securities in clause
2 if applicable)

+ See chapter 19 for defined terms.

Appendix 3B Page 2 24/10/2005

9 Number and +class of all
+securities not quoted on ASX (including the securities in clause
2 if applicable)

Number +Class

2,650,400 options expiring 30 June 2014 (Exercise Price ($4.56), options expiring 30 June 2015 (Exercise Price (5.01), options expiring 30 June 2015 (Exercise Price ($5.01) and options expiring 30 June 2015 (Exercise price $5.04)

802,738 Rights to shares vesting between 30 June 2014 and 30

June 2015 subject to the satisfaction of time and performance conditions.

166,944 Rights to shares vesting on 1

September 2014 subject to the satisfaction of time based vesting conditions.

1,132,995 Rights to shares vesting between 30 June 2015 and 30

June 2016 subject to the

satisfaction of time and performance based vesting conditions.

482,922 Rights to shares vesting between 2 September 2014 and 2 September 2015 subject to the satisfaction of time and performance based vesting conditions

1,088,350 Rights to shares vesting between 30 June 2016 and 30

June 2017 subject to the satisfaction of time and performance based vesting

10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

Shares delivered on exercise of Options and Rights will rank equally with all other fully paid shares. Existing shares are allocated to satisfy options/rights when exercised. Dividends are not payable until exercise of options/rights.

+ See chapter 19 for defined terms.

1/1/2003 Appendix 3B Page 3

11 Is security holder approval required?

12 Is the issue renounceable or non- renounceable?

13 Ratio in which the +securities will be offered

14 +Class of +securities to which the offer relates

15 +Record date to determine entitlements

16 Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?

17 Policy for deciding entitlements in relation to fractions

18 Names of countries in which the entity has +security holders who will not be sent new issue documents

Note: Security holders must be told how their entitlements are to be dealt with.

Cross reference: rule 7.7.

19 Closing date for receipt of acceptances or renunciations

+ See chapter 19 for defined terms.

Appendix 3B Page 4 24/10/2005

20 Names of any underwriters

21 Amount of any underwriting fee or commission

22 Names of any brokers to the issue

23 Fee or commission payable to the broker to the issue

24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of +security holders

25 If the issue is contingent on

+security holders' approval, the date

of the meeting

26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled

27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders

28 Date rights trading will begin (if applicable)

29 Date rights trading will end (if applicable)

30 How do +security holders sell their entitlements in full through a broker?

31 How do +security holders sell part of their entitlements through a broker and accept for the balance?

+ See chapter 19 for defined terms.

1/1/2003 Appendix 3B Page 5

32 How do +security holders dispose of their entitlements (except by sale through a broker)?
33 +Despatch date

You need only complete this section if you are applying for quotation of securities

34 Type of securities
(tick one)
(a) Securities described in Part 1
(b) All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee

incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Tick to indicate you are providing the information or documents

35 If the +securities are +equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by
those holders
36 If the +securities are +equity securities, a distribution schedule of the additional

+securities setting out the number of holders in the categories

1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
37 A copy of any trust deed for the additional +securities

+ See chapter 19 for defined terms.

Appendix 3B Page 6 1/1/2003

38 Number of securities for which

+quotation is sought

39 Class of +securities for which quotation is sought

40 Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted

+securities?

If the additional securities do not rank equally, please state:
the date from which they do
the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

41 Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another security, clearly identify that other security)
42 Number and +class of all +securities quoted on ASX (including the securities in clause 38)

+ See chapter 19 for defined terms.

1/1/2003 Appendix 3B Page 7

1 +Quotation of our additional +securities is in ASX's absolute discretion. ASX may

quote the +securities on any conditions it decides.

2 We warrant the following to ASX.

The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.

There is no reason why those +securities should not be granted +quotation.

An offer of the +securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.

If we are a trust, we warrant that no person has the right to return the

+securities to be quoted under section 1019B of the Corporations Act at the

time that we request that the +securities be quoted.

3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: .. Date: ..21 March, 2014 (Company secretary)

Print name: FIONA McCALLUM MEAD......................................................................

== == == == ==

+ See chapter 19 for defined terms.

Appendix 3B Page 8 1/1/2003

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