#1TRANSURBAN OVERVIEW AS AT 30 JUNE 2021 Transurban#2DISCLAIMER AND BASIS OF PREPARATION Transurban This publication is prepared by the Transurban Group comprising Transurban Holdings Limited (ABN 86 098 143 429), Transurban Holding Trust (ABN 30 169 362 255) and Transurban International Limited (ABN 90 121 746 825). The responsible entity of Transurban Holding Trust is Transurban Infrastructure Management Limited (ABN 27 098 147 678) (AFSL 246 585). No representation or warranty is made as to the accuracy, completeness or correctness of the information contained in this publication. To the maximum extent permitted by law, none of the Transurban Group, its Directors, employees or agents or any other person, accept any liability for any loss arising from or in connection with this publication including, without limitation, any liability arising from fault or negligence, or make any representations or warranties regarding, and take no responsibility for, any part of this publication and make no representation or warranty, express or implied, as to the currency, accuracy, reliability, or completeness of information in this publication. The information in this publication does not take into account individual investment and financial circumstances and is not intended in any way to influence a person dealing with a financial product, nor provide financial advice. It does not constitute an offer to subscribe for securities in the Transurban Group. Any person intending to deal in Transurban Group securities is recommended to obtain professional advice. BASIS OF PREPARATION This document includes the presentation of results on a statutory as well as non-statutory basis. The non-statutory basis includes Proportional Results and Free Cash. Numbers in this presentation are prepared on a proportional basis unless specifically referred to as statutory or total. All financial results are presented in AUD unless otherwise stated. Financial years are designated by FY with all other references to calendar years. Data used for calculating percentage movements has been based on whole actual numbers. Refer to the Supplementary information for an explanation of terms used throughout the presentation. This document makes reference to certain non-International Financial Reporting Standards (IFRS) measures including EBITDA. These measures are not recognised measures under IFRS and do not have a standardised meaning prescribed by IFRS. They are therefore unlikely to be comparable to similar measures presented by other companies. Rather these measures are provided as additional information and provide further understanding of the Transurban Group's results of operations from management's perspective. UNITED STATES OF AMERICA These materials do not constitute an offer of securities for sale in the United States of America, and the securities referred to in these materials have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. © Copyright Transurban Limited ABN 96 098 143 410. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the written permission of the Transurban Group. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 FORWARD-LOOKING STATEMENTS This publication contains certain forward-looking statements. The words "anticipate", "expect", "forecast", "estimate", "potential", "intend", "will", "outlook", "may", "target", "plan", "schedule" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings, financial position, distributions, capex requirements and performance are also forward-looking statements as are statements regarding internal management estimates and assessments of traffic expectations and market outlook. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Transurban, its officers, employees, agents and advisors that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and their differences may be material. 2#3BUSINESS SUMMARY Transurban . • Transurban is Australia's largest privately owned toll road developer, owner, operator, and is one of the largest pure-play toll road businesses in the world, with a market capitalisation of ~$42 billion¹ • Listed on the ASX in 1996 as a single toll road entity, Transurban has since expanded into a further four markets across Australia and North America, with interests in 21 operational toll roads and a significant pipeline in development and delivery • Transurban's existing markets share core growth drivers, with Sydney, Melbourne, Brisbane, the Greater Washington Area and Montreal all demonstrating strong and resilient traffic volumes over time owing to attractive demographics and high levels of congestion Brisbane Australia Three markets . Sydney 17 operational assets Melbourne . Three projects in delivery • 93.3% of Toll Revenue in FY21 Montreal 1. Based on a closing share price of $13.71 as of 17 November 2021. Transurban issued new securities as part of the WestConnex acquisition (20 September 2021). TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 North America • Two markets • Greater Washington Area Four operational assets • Four projects in development or delivery 6.7% of Toll Revenue in FY21 3#4GROUP STRATEGY To provide sustainable transport solutions that offer choice, reliability, safety, transparency and value Transurban 目 888 >>> Stakeholder engagement Optimal networks Delivery and operations Disciplined investment TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 4#5TRANSURBAN INVESTMENT PROPOSITION Transurban Leading global toll road developer, owner and operator Recent market activity reinforces value of quality infrastructure assets 21 assets located in five markets with quality structural growth drivers Diversified portfolio increased resilience to impacts of COVID-19 Balancing growth in distributions and investment in new opportunities to increase long-term value Weighted average concession life of approximately 30 years¹ Long asset life allows Transurban to look through impacts of COVID-19 Seven projects currently in development or delivery Three assets delivered and one new project awarded during FY21 Long-term relationships with governments and strategic partners Further development of strategic relationships in FY21, in particular in the Greater Washington Area 1. Transurban's weighted average concession life of approximately 26 years as at 30 June 2021. Transurban's increased ownership in WestConnex following financial close on 29 October 2021 extends the weighted average concession life to approximately 30 years. See disclosure on WestConnex acquisition (20 September 2021) and WestConnex financial close (29 October 2021) for further information. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 5#6PORTFOLIO FUNDAMENTALS • Key characteristics underpinning the attractiveness of Transurban's portfolio include: - Assets are located in urbanised markets with large, growing populations and existing congestion issues requiring continued infrastructure investment - Long-term concession assets with a weighted average concession life of around 30 years¹ across the portfolio - Agreed toll escalation mechanisms for the term of concession agreements² - Diverse sources of trip generation including logistics, shopping, commuting, trade and recreation - Revenue supported by large vehicle traffic which pays tolls that are multiples of that of cars Population by market (millions)3 6.3 تليلا Montreal Brisbane Sydney Melbourne Reasons for toll road usage5 Travelling to or from work during the week Travelling to or from work on the weekend For work purposes, during the working day Travelling to or from study For personal or leisure during the week. For personal or leisure on the weekend 0% 10% 20% 30% 40% 50% 60% 70% Other 2018 2020 2021 Transurban 2020 TomTom Congestion Index4 26% 27% 28% 22% 23% 24% 20% Boston Houston Chicago 15% 16% 17% 17% Washington, D.C.. Montreal Brisbane Melbourne Beijing New York Singapore Agreed toll escalation mechanisms6 9% 4% CPI or greater No CPI floor ■Dynamic 1. Refer to footnote 1 on slide 5. 2. Excludes Express Lane assets which are dynamically priced. 3. Sources: Sydney, Melbourne and Brisbane as at 30 June 2020-abs.gov.au; Montreal as at 1 July 2020-statcan.gc.ca; GWA as at 1 July 2020 (represented by the Washington-Arlington-Alexandria Metropolitan Statistical Area)-census.gov 4. Source: TomTom, www.tomtom.com/en_gb/traffic-index/ (accessed November 2021). 5. Source: 3,000 drivers surveyed each year across Melbourne, Sydney and Brisbane on the reasons that they use toll TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 roads. Surveys allowed respondents to select multiple answers. Survey not undertaken in North America. 6. Based on FY21 proportional toll revenues by asset. Refer to slide 40 for a summary of toll escalation mechanisms. 87% 30% 31% Sydney Hong Kong London 6#7TRANSURBAN HISTORY . • • • Transurban formed in 1995 as a special- purpose-vehicle to develop, own and operate CityLink in Melbourne Since listing on the ASX in 1996, Transurban has grown from a single asset entity to one which spans five markets across two continents with 21 operational toll roads Expansion has been the result of strategic acquisitions as well as the development and delivery of new toll roads In addition to expanding through acquisition and new developments, Transurban has grown through partnering with governments to enhance existing portfolio assets in return for value drivers such as concession extensions and heavy vehicle toll multipliers The portfolio expansion has resulted in average daily traffic increase from 0.2 million in FY00 to 2.2 million in FY191 CityLink M1-CityLink Upgrade CityLink Tulla Widening Hills M2 Hills M2 Upgrade Westlink M7 Eastern Distributor & M5 West² M5 Widening Lane Cove Tunnel Cross City Tunnel Gateway, Logan, Clem7 & Go Between Bridge³ Logan Enhancement Project Legacy Way³ AirportlinkM7 495 Express Lanes 95 Express Lanes 95 Express Lanes Southern Extension 395 Express Lanes4 A25 New M45 M8/M5 East5 NorthConnex 1. FY20 and FY21 impacted by COVID-19. 2. Acquired as part of takeover bid of Sydney Roads Group. 3. Acquisition of Queensland Motorways. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 Transurban 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Transurban development projects-shown from opening Acquired Upgrade projects-construction period shown 4. Forms part of 95 Express Lanes concession. 5. Acquisition of WestConnex. 7#8PROJECT DELIVERY • Significant portfolio of projects • underway across three markets Proven track record in development and delivery of infrastructure in complex technical and commercial environments • Under a standard PPP risk • management framework, project risks are allocated to the parties best able to manage them Strong internal capability underpinned by individuals with diverse backgrounds spanning government, construction and consulting • Safety-first culture embedded across Transurban and its D&C partners Project pipeline FY20 + FY21 FY22 FY23 NorthConnex M8 and M5 East (WCX Stage 2) 395 Express Lanes Logan Enhancement Project New M4 tunnels (WCX Stage 1B) FY24 Transurban Maryland Express Lanes Project - Phase 1. M4-M5 Link (WCX Stage 3A) Capital Beltway Accord Rozelle Interchange (WCX Stage 3B)¹ O 495 Express Lanes Northern Extension² O Fredericksburg Extension³ West Gate Tunnel4 Schedule Under Review Open Expected project completion5 1. Rozelle Interchange is 100% funded and delivered by Transport for New South Wales. 2. Development framework agreed with Virginia Department of Transportation (VDOT), project scope and timing still subject to change. 3. Development work is continuing on the Fredericksburg Extension Project. However, the project is currently tracking behind forecast 2022 opening with the schedule currently under review. 4. Project completion in 2023 is no longer considered achievable. See prior disclosure from the FY21 Results (9 August 2021) and WestConnex acquisition (20 September 2021) for further information. 5. Project completion dates shown are approximations and are subject to final schedules. The government completion estimate in any given jurisdiction is still the most appropriate estimate for media reporting and commentary. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 80#9SUBSTANTIAL OPPORTUNITY AHEAD Beyond organic traffic and revenue growth across Transurban's existing portfolio, substantial growth opportunities exist in the majority of regions where Transurban operates Generally, these fall into three categories: - Asset enhancement projects where Transurban negotiates enhancement or expansion of existing assets. Transurban has a series of asset enhancement projects which it is looking to progress New development activity where Transurban partners with government to deliver a greenfield asset. Transurban is involved in a number of public processes - M&A activity where Transurban acquires an existing brownfield asset or increases its equity interest in an asset REGION POTENTIAL OPPORTUNITIES¹ Sydney M7 staged widening and M7/M12 interchange Western Harbour Tunnel and Sydney Harbour Tunnel potential monetisation M6 potential monetisation (formerly known as F6 extension) Beaches Link potential monetisation Melbourne Brisbane North East Link potential monetisation North America Gateway Motorway widening Logan Motorway widening Broader network enhancements including in relation to Brisbane 20322 Express Lanes enhancements and/or extensions Future traditional toll road and Express Lanes acquisition opportunities Maryland Express Lanes Project future phases Transurban NEXT 5 YEARS 5+ YEARS → → > > ○ Ο Ο 1. No assurance can be given that these potential opportunities will eventuate on the timetable outlined or at all, or that Transurban will be able to participate in them. Transurban's ability to participate in any future projects or acquisitions will be subject to, among other things, applicable government processes and the receipt of relevant regulatory approvals. 2. Transurban is not a sponsor of the Olympic Games, any Olympic Committees or teams. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 9#10TRANSURBAN OPERATES IN A REGULATED ENVIRONMENT Example industries Pricing freedoms Transurban CONCESSION DEEDS Toll roads Australian tolls fixed from date of concession with defined escalation. Other charges are set out in concession deeds, legislation or agreed with client (cost recovery) INDEPENDENT REGULATION Utilities including electricity, water, gas Prices reset periodically (around every five years) to allow agreed return hurdles to be met based upon a regulated asset base LIGHT-HANDED MONITORING Airports, railway and some ports Price monitoring by the ACCC. Commercial arrangements with users renegotiated periodically Customer choice Volume risk Road users have alternatives including non-tolled roads and other modes of transport Demand risk borne by toll road owner, including shortfalls in revenue or higher than anticipated costs Choice at retailer level but monopolies around distribution infrastructure Prices can be adjusted annually to allow costs to be covered and margin earned even if volumes fall Limited alternatives for consumers and users (airlines, shipping lines) Price reset is a commercial negotiation which covers cost recovery, volumes and returns TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 10#11CUSTOMER AND TECHNOLOGY • Transurban has 8.9 million customers and road users across Australia and North America • In Australia, over 95% of trips are made with a valid account or pass --80% of trips are made by consumers or SMEs and -20% are made by commercial customers - Transurban has a single national retail tolling brand, Linkt - More than 90% of Australian customers spent less than $20 a week on tolls¹ Customer satisfaction rating of 4.4 out of 5 for Linkt call centre -$10.1 million in toll credits to frontline workers and customers impacted by COVID-19 in 2020 - Majority of customers surveyed feel positively about their experience on Transurban roads with the Net Promoter Score trending higher since 2018² In North America, the majority of Transurban road users are E-ZPass account holders³ Transurban continues to stay on top of mobility trends, including: - Connected and automated vehicles - Zero emission vehicles - Road-user charging - Smart mobility Transurban 5.7M 3.2M >90% Australian customers North American road users On-road experience: Net Promoter Score² Customer interactions are digital 35 25 15 5 -5 -15 VIC QLD NSW -25 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 1. Based on consumer customers spends between 1 July 2020 and 30 June 2021 excluding accounts with zero spend during the period. 2. Net Promoter Score (NPS) measures customer advocacy for a company. NPS is measured with a single survey question and reported with a number from -100 to +100; a higher score is desirable. 3. The E-ZPass Group comprises of member agencies and toll entities across 18 U.S. states that operate an interoperable electronic toll collection program. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 11#12ESG AND CLIMATE Transurban#13ESG INVESTMENT PROPOSITION Transurban Transurban is committed to strengthening communities through transport. Providing leadership and taking action on environmental, social and governance factors is fundamental to upholding the values of the Group and to ensuring the ongoing success and sustainability of the business Environmental • Action against climate change - Reducing greenhouse gas emissions Understanding and managing climate related risks and opportunities Using resources wisely Transitioning to renewable energy - Increasing penetration of low carbon and recycled materials - Minimising use of potable water Responsible and balanced management of ecosystems Social Safe and accessible transport - Supporting activities promoting safe driving - Advocating for financial inclusion and addressing customer hardship • Supporting local communities Partnering with local community sector organisations Creating a culture where diversity, equity and inclusion are embraced - Committed to gender-equality including maintaining no significant gender pay gap - Actively creating opportunities for people from diverse backgrounds • . • • Governance Board and senior management oversight and engagement on sustainability and ESG Transparency and accountability - Comprehensive reporting program aligned with best practice frameworks - Sustainability strategy aligned with the UN Sustainable Development Goals (SDGs) Committed to ethical conduct and responsible decision making Robust risk management and accountability frameworks in place at all levels of the organisation Transurban's Sustainability Strategy is aligned to the nine United Nations Sustainable Development Goals (SDGs) most relevant to our business 7 AFFORDABLE AND CLEAN ENERGY RESPONSIBLE 12 CONSUMPTION AND PRODUCTION QO 13 CLIMATE ACTION 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE 11 SUSTAINABLE CITIES AND COMMUNITIES 3 GOODIELASTING GOODHEALTH 5 GENDER EQUALITY 8 DECENT WORK AND ECONOMIC GROWTH 17 FOR THE GOALS PARTNERSHIPS 1. Global Reporting Index (GRI), Task Force on Climate-Related Financial Disclosures (TCFD), Sustainability Accounting Standards Board (SASB). TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 W 13#14CLIMATE CHANGE PROGRAM Current and future climate-related risk management priorities Our Climate Change Framework priority areas Towards Net Zero Transurban Scope 1 and 2 emissions: 50% reduction by 2030 • Transition to zero-emission fleet . ⚫ Contractor targets for fuel efficiency, and ensure contractor vehicles are zero-emissions vehicles by 2030 Ongoing lighting upgrades and delivery of ventilation optimisation program . Install more onsite renewables • Investigate PPA for remaining NSW assets, and for Victoria and North American markets Scope 3 emissions: 55% reduction in emissions intensity for major projects, 22% reduction in emissions intensity for purchased goods and services ⚫ Supplier commitments to renewable energy, Science Based Targets initiative or carbon neutrality Low carbon and circular materials strategy • Enhanced major project specifications Climate resilience training and capacity building Financial physical climate risk and adaptation assessment ⚫ Measure and quantify the identified long-term impacts of both the climate- related risks and adaptation measures Business-wide Climate Risk Adaptation Guideline • Develop standardised approach across our markets • Develop compulsory training module Scope 3 does not include customer emissions; however additional opportunities are being investigated to understand and address customer emissions Scope 1 and 2 emissions: net zero emissions Transition to 100% renewables, eliminate fuel from vehicle operations > wherever possible, implement supply chain requirements Scope 3 emissions: net zero emissions Electricity grid transition to renewables, reduce travel-related emissions across the supply chain, influencing our investment partners to undertake similar programs, carbon offset where residual emissions cannot be avoided Continued integration into business operations Development of climate-related metrics across our asset lifecycle models and traffic models to continuously improve business resilience and future climate- related projections Resilient infrastructure and operations Asset Specific Climate Risk and Adaptation Management Plans • Management plans will include an aligned risk and adaptation approach and include a risk assessment, adaptation measures required, broad financial implications and triggers and thresholds • Ongoing risk and adaptation assessment reviews and workshops FY22 Time horizons not to scale TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 FY23 FY24 ⚫ Continued reporting, governance, and use of scenario analysis FY25 FY30* FY50* 14#15FY21 ESG HIGHLIGHTS Transurban ESG considerations integrated across all elements of strategy, planning and operations. Initiatives aimed at addressing climate change risks and impacts were a key focus for the year Net zero commitment by 2050 • • During FY21 Transurban launched a detailed plan to achieve net zero GHG emissions by 20501 Renewable energy supply has now commenced through first Power Purchase Agreement (PPA) with Sapphire Windfarm in NSW From early 2022, additional PPAs will come online in NSW and Queensland, with renewable energy to provide the majority of power for Transurban roads in these states Resilient infrastructure and operations Progress on climate risk assessment and mitigation in FY21 included - Developing a climate change risk and adaptation plan to serve as a template for individual asset plans - Researching the effects of extreme weather on customer driving behaviour Other key ESG initiatives FY21 Transurban is committed to strengthening communities through transport, with comprehensive programs in place to address the needs of key stakeholders1 Focus areas for FY21 included • Customer hardship • • Respect@Work Cyber security Transurban provides detailed information on ESG initiatives through a suite of integrated reporting documents, available via the investor centre of the website Transurban ransurban 2021 STATEMENT CORPORATE G Transurban 2021 SUSTAINABILITY SUPPLEMENT 1. Includes 2030 science-based reduction targets against 2019 baseline. For more details on Net Zero targets and initiatives see Net zero emissions | Transurban Group. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 15#16MARKET OVERVIEWS Transurban#17SYDNEY • Portfolio of ten operational assets with concession lives ranging from 14 to 40 years M7 widening NorthConnex Transurban . Sydney market represented 51.4% of the Group's proportional Toll Revenue in FY21 • • Transurban has a 50% share in WestConnex following the Sydney Transport Partners consortium's successful acquisition of the remaining interest in WestConnex¹ Two projects in delivery including M4-M5 Link and Rozelle Interchange² Embedded toll price escalation floor of 4% per annum or 1% per quarter for M2, NorthConnex, LCT, ED and WestConnex assets³ Remaining assets have embedded CPI-linked toll price escalation³ 100% owned assets include: M2, M5 West, LCT and CCT4 • Non-100% assets include: ED, NorthConnex, Westlink M7 and WestConnex assets4 M12 Motorway M4 Motorway Westlink M7 New M4 Proposed Western Sydney Airport Sydney NSW | Australia Transurban road Transurban project. Potential future road/project Freeway/motorway Tunnel Arterial Toll road (other operator) Hills M2 Lane Cove Tunnel Western Harbour Tuonel Beaches Link Military Rd. -E-ramp Rozelle Interchange M4-M5 Link WestConnex SYDNEY CBD Cross City Tunnel Eastern Distributor Sydney Gateway M5 East M5 West M8 Sydney Airport Moorebank Intermodal M6 Extension Terminal BOTANY BAY Port Botany M5 Motorway Upgrade M6 Extension Kogarah hun westbound-Moorebank Avenue to pume Highway 5 10 Kilometres HISTORICAL DATA Average Daily Traffic ('000) FY19 814 FY20 FY21 KEY STATISTICS 761 931 Sydney population (2020) 5.4M Proportional Toll Revenue (M) $1,042 $1,072 EBITDA (excluding Significant Items) (M) $856 $879 EBITDA margin 82.0% 82.0% 1,278 NSW population growth (10yr CAGR) $1,033 NSW Gross State Product growth (10yr CAGR) 80.9% Number of registered vehicles in NSW (2021)5 1.6% 2.2% 5.9M 1. See WestConnex acquisition (20 September 2021) for more information. 2. Rozelle Interchange is 100% funded and delivered by Transport for New South Wales. 3. See slide 40 for further detail. 4. See slides 36, 37 and 39 for further detail. 5. As at 31 January 2021. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 17#18MELBOURNE • One operational asset in CityLink, representing 24.8% of Group's Toll Revenue in FY21 CityLink was completed in 2000 and has a concession which runs through to 2045 • West Gate Tunnel Project currently in delivery with construction having started in early 20181 ° • Embedded toll price escalation of 4.25% per annum through to 2029 and CPI thereafter on CityLink² CityLink is 100% owned by Transurban with no direct external asset-level debt Melbourne Calder Freeway Tullamarine Freeway M79 Western Freeway MB Deer Park Bypass MB Western Ring Road Western Ring Road Princes Freeway M1 Essendon Airport Hume Freeway M31 Western Ring Road MBO Transurban Melbourne VIC | Australia Transurban road Transurban project Potential future road/project Freeway/motorway Tunnel Arterial Toll road (other operator) Government project CityLink Western Link North East Link M2 West Gate Tunnel M3 O MELBOURNE CBD Eastern Freeway CityLink NEYTUNNEL Southern Link West Gate Freeway WESTGATE BRIDG Webb Dock M1 EastLink M3 Monash Freeway MI 0 10 Monash Freeway Upgrade Kilometres Stage 2 HISTORICAL DATA FY19 FY20 FY21 KEY STATISTICS Average Daily Traffic ('000) 851 750 Proportional Toll Revenue (M) $813 $747 EBITDA (excluding Significant Items) (M) $716 $634 EBITDA margin 88.0% 84.8% 566 Melbourne population (2020) $616 VIC population growth (10yr CAGR) $502 VIC Gross State Product growth (10yr CAGR) 81.6% Number of registered vehicles in VIC (2021)³ 1. Refer to footnote 4 on slide 8. 2. See slide 40 for further detail. 3. As at 31 January 2021. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 5.2M 1.9% 2.4% 5.2M 18#19BRISBANE . . Brisbane market represented 17.1% of the Group's proportional Toll Revenue in FY21 Portfolio of six operational assets with concession lives ranging from 30 to 44 years All of Transurban's Brisbane assets have embedded CPI-linked toll price escalation through to the end of concession¹ • Transurban Queensland is 62.5% owned by Transurban with equity partners, AustralianSuper and Tawreed Investments Limited, owning the remaining interests² Warrego Highway Bruce Highway Gympie Arterial Road M3- North West Corridor AirportlinkM7- Inner City Bypass Legacy Way Western Freeway Centenary/Western Motorway Upgrade Ceterary Mon M3 Between Bridge Ipswich Motorway Cunningham Highway Logan Motorway 5 10 Kilometres wich Motorway Southern Cross Way Clem7 Cateway Upgrade ferm Port of Bishan Gateway Motorway M1 Gateway Motorway widening M1 Upgrade Logan Enhancement Project Pacific Motorway Coomera Connector M2 Logan Motorway widening Mt. Lindsay Highway Park Ridge Connector Transurban Brisbane QLD | Australia Transurban road Transurban operated Potential future road/project Freeway/motorway Tunnel Arterial HISTORICAL DATA FY19 FY20 FY21 KEY STATISTICS Average Daily Traffic ('000) 405 383 407 Brisbane population (2020) 2.6M Proportional Toll Revenue (M) $402 $394 $425 QLD population growth (10yr CAGR) 1.6% EBITDA (excluding Significant Items) (M) $293 $286 EBITDA margin 73.1% 72.6% $314 73.9% QLD Gross State Product growth (10yr CAGR) 2.1% Number of registered vehicles in QLD (2021)³ 4.3M 1. See slide 40 for further detail. 2. See slide 38 for further detail. 3. As at 31 January 2021. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 19#20NORTH AMERICA Transurban • . • • • © Portfolio of four operational assets with concession lives ranging from 21 to 66 years North America market represented 6.7% of the Group's proportional Toll Revenue in FY21 Three assets in the Greater Washington Area that are 50% owned by Transurban with equity partners, AustralianSuper, CPP Investments and UniSuper, owning the remaining interests One asset in Montreal, 100% owned by Transurban Transurban reached financial close on the sale of a 50% interest in its Chesapeake assets on 31 March 2021 Greater Washington Area assets are dynamically-tolled express lanes¹ HISTORICAL DATA FY19 FY20 FY21 GWA Average Daily Traffic ('000) 96 83 66 Montreal Average Daily Traffic ('000) 51 49 49 Average Daily Traffic ('000) 147 132 115 Proportional Toll Revenue (M) $324 $279 $167 EBITDA (excluding Significant Items) (M) EBITDA margin $210 $154 $72 65.0% 55.3% 42.7% GREATER WASHINGTON AREA KEY STATISTICS Washington Metro Area population (2020) Virginia population growth (10yr CAGR) Virginia Gross State Product growth (10yr CAGR) Number of registered vehicles in Virginia (2019) 6.3M 0.8% 2.6% 8.4M 1. See slide 22 for introduction to express lanes. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 MONTREAL KEY STATISTICS Montreal population (2020) Quebec population growth (10yr CAGR) Quebec Gross State Product growth (10yr CAGR) Number of registered vehicles in Quebec (2019) 4.4M 0.7% 1.2% 8.9M 20#21NORTH AMERICA BLAINVILLE ONSUCHE JA E Pierre Elliott Trudeau International Airport LAC IT-LOUIS Les Moulins D A25 Olivier Charbonneau Bridge DOWNTOWN 25 Termont Montreal Port of Mont Montreal Gateway Leppinan Partnership Port of Montréal Containe fannel Montréal Saint Hubert Longueuil Airport A30 Toll Road Montreal QC | Canada Transurban road Freeway/motorway Tunnel Arterial Toll road (other operator) Phase 1 North Maryland Express Lanes county Connector Toll Road Dulles Greenway Phase 1 South Maryland Express Lanes Capital Beltway Accord 495 Express Lanes Northern Extension 0 10 Kilometres Dulles Toll Road Dulles Access Road -WPkwy jobe Hamion Highway Transurban To Washington DC 95 Express Lanes Fredericksburg Extension Fredericksburg Region, Virginia Maryland Express Lanes 1-95/1-495 Start Parkway 166 Toll Road Beside the way Pennsylvania 495 Express Lanes 95 Express Lanes 395 Express Lanes 495 Express Lanes Southern Extension michmond s To Fredericksburg • • Entered Montreal market in June 2018 with the acquisition of the A25 A25 is a 7.2km toll road and bridge connecting Northern Montreal across the Rivière des Prairies to commercial and residential areas • . Three operational assets in Greater Washington Area - 95 Express Lanes - 495 Express Lanes 395 Express Lanes Four projects in development and delivery TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 Greater Washington Area | USA Transurban road Transurban project Potential future road/project Freeway/motorway Tunnel Arterial Toll road (private operator) Toll road (government operator) Transurban participating in competitive process 21#22EXPRESS LANES INTRODUCTION Transurban has an obligation to maintain a minimum speed on its Express Lanes which are located alongside general purpose lanes with no minimum speed requirement Customers have the choice when approaching to choose to pay a toll or use the free adjacent general purpose lanes • Tolls increase and decrease based on an algorithm in order to manage demand for the Express Lanes, which is related to the congestion level in the adjacent general purpose lanes Tolls are updated as often as every 10 minutes and are displayed to drivers before they reach the Express Lanes entry points • The 95 and 395 Express Lanes are reversible to accommodate morning and evening peaks $0.55 $1.20 $2.85 Total toll price $4.60 TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 65 E-ZPass EXPRESS SOUTH Westpark $0.50 1-66W I-395-95 $1.80 $4.70 1 MILE Transurban Express Lanes General purpose lanes 22 22#23BUSINESS INFORMATION Transurban#24INTEGRATED TOLL ROAD BUSINESS Transurban • • • . Develop Opportunity for development identified or government initiates a tender process for a particular project Proposal developed-considering geography, feasibility, community engagement, technical issues, cost and potential funding sources Proposal submitted to government and details negotiated If accepted, Transurban appoints a D&C contractor to construct the asset Upon completion, Transurban takes delivery of the road and commences operations Operate • Road operations: • - Traffic management and control - Incident response Roadside services-data capture: - Identifies the vehicle/tag - Records characteristics of the trip - Transfers trip data for processing Tolling back-office system: -Trip construction, pricing and licence plate detection - Toll collection and enforcement processing - Customer account, tag and payment management Maintain Concession deeds state that Transurban must maintain the asset Maintenance is recurring and non- recurring, generally cyclical, depending on wear and tear • Annual recurring maintenance includes line marking and road sweeping etc. and is expensed directly to P&L Non-recurring (major) maintenance includes surface re-sheeting and structural works etc. and is provisioned through an expense to P&L Provision raised to reflect the level of wear and tear on the road at a given point in time TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 24#25PROJECT FUNDING SOURCES Transurban has negotiated with government partners to fund projects through a number of value sources Transurban Toll price escalation floors¹ EXPLANATION Increasing tolls at the maximum of CPI and a predetermined annual growth rate APPLICATION EXAMPLE A minimum escalation of 1% per annum for heavy vehicle tolls was implemented on the Lane Cove Tunnel to help fund the M2 Integration Project Pricing Large vehicle multipliers² Large vehicles are tolled at a multiple of cars- increasing this multiple assists in paying for the travel time benefits received HCV tolls on Gateway and Logan motorways are progressively increasing to a maximum of 3.44 times cars to fund the Logan Enhancement Project Concession extensions on existing assets The net present value of the additional years' cash flow in exchange for funding upgrades, developments and acquisitions The CityLink concession was extended for ten years to partly fund the West Gate Tunnel Project 1. See slide 40 for further detail on toll escalation. 2. See slides 36 to 39 for further detail on large vehicle multipliers. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 25#26SHAREHOLDER LOAN NOTES Transurban Shareholder loan notes (SLN) are used as a form of investor funding by Transurban for projects The Group has shareholder loan notes in relation to NorthWestern Roads Group (NWRG), Transurban Queensland (TQ) and WestConnex (through Sydney Transport Partners Joint Venture) • NWRG SLNs NWRG issued SLNs to Transurban and other consortium partners to facilitate funding of the North Connex project The SLNs include an interest-bearing facility and two interest free facilities The SLNs are classified as a non-current financial asset at amortised cost on the Transurban Group balance sheet NWRG is an equity accounted investment TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 TQ SLNS • To facilitate the Transurban Queensland and AirportlinkM7 acquisitions, in addition to its equity contribution, Transurban and its consortium partners subscribed to SLNs The SLNs include an interest-bearing facility and an interest free facility The SLNs issued to Transurban are eliminated upon consolidation of the Transurban Group balance sheet since the Group consolidates its 62.5% ownership of Transurban Queensland, however the amount owing to consortium partners is disclosed as a liability STP JV SLNS To facilitate the WestConnex acquisition, in addition to its equity contribution, Transurban and its consortium partners subscribed to SLNs The SLNs earn interest at a rate equivalent to the weighted average of the interest rate applicable to WestConnex's senior secured debt, plus a margin The SLNs are classified as a non-current financial asset at amortised cost on the Transurban Group balance sheet WestConnex is an equity accounted investment 26#27MAINTENANCE Transurban • Maintenance provision represents the future cost of maintaining and repairing the concession assets • The provision is increased periodically based on budgeted replacement cost for one full cycle of each asset Concession deeds state that the roads are to be maintained to an acceptable standard and must be in the condition set out in the deed on handback Estimated cost is recorded at present value, based on engineer's assessment of required future works • Maintenance of the assets operates in cycles, with the maintenance provision only representative of the current cycle • Recurring (regular) maintenance costs expensed to the P&L during the year including O&M management and costs such as land care management, wall washing and inspections • Unwinding of discount relates to net present value calculation. Shown as a finance cost in the P&L Total statutory maintenance provision of $1,078 million at 30 June 2021 ($144 million current and $934 million non-current) Additional provision recognised Amounts paid/utilised Movement in maintenance provision¹ CURRENT ($M) NON-CURRENT ($M) Carrying value at 1 July 2020 104 1,102 117 (90) Unwinding of discount 35 Transfer 138 (138) Disposals through loss of control of subsidiary² (6) (166) (2) (16) 144 934 Foreign exchange movements Carrying value at 30 June 2021 Maintenance provision theory Cycle 1 Provision build-up Cash outflow Cycle 2 Provision build-up Annual P&L Expense Cash outflow Year 0 1. Extract from 30 June 2021 financial statements-note B19. 2. Relates to the deconsolidation of the Group's ownership interest in Transurban Chesapeake upon divestment of a 50% ownership interest. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 Year 5 Year 10 27#28CONSTRUCTION REVENUE AND COSTS • Definition Revenue for/costs relating to the construction of service concession assets ⚫ The construction of service concession assets is managed by Transurban, however the Group does not own the assets (as they must be handed over to the Government in future) • Instead, Transurban receives the right to collect revenue from the operation of the asset. This is why the motorways are recognised as intangible assets and not property, plant and equipment • • Recognition Revenue is recognised in line with the progress of construction services provided over time and by reference to costs incurred to date •The amount recognised each year is dependent on the number of development projects being undertaken and the level of construction activity Construction revenue and costs recognised at $0 margin (offset in P&L) TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 Transurban 28#29INTANGIBLE ASSETS Transurban Transurban's operating assets are primarily long-life intangible assets (concession assets), as well as assets under construction and goodwill resulting from business combinations Concession assets • • . Represent the Group's right to operate roads under Concession agreements Valued at: - Construction value - Purchase price (concessions purchased as an asset acquisition) - Fair value (concessions purchased as part of a business combination, such as Transurban Queensland) Amortised on a straight line basis over the term of the concession agreement Assets under construction The costs of construction or upgrade works that are not yet complete Excludes construction of WestConnex which is accounted for in equity accounted investments Other intangible assets¹ 2021 ($M) CONCESSION ASSETS ASSETS UNDER OTHER TOTAL CONSTRUCTION² INTANGIBLES Cost 25,093 3,924 130 29,147 Accumulated amortisation (7,666) (250) (54) (7,970) Net carrying amount 17,427 3,674 76 21,177 1. Extract from 30 June 2021 financial statements-note B17. 2. The amortisation charge recorded in assets under construction relates to the component of the West Gate Tunnel Project funded by CityLink, for which funding sources began to be received from 1 July 2019. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 29#30Equity accounted Consolidated 100% owned Not consolidated SUMMARISED GROUP STRUCTURE Transurban TRANSURBAN HOLDINGS LIMITED TRANSURBAN HOLDING TRUST CORPORATE ENTITIES ROAD/OPERATING ENTITIES OTHER ENTITIES Including: Companies operating and maintaining roads Trusts holding asset and financing Corporate financing entity Employing entity Companies operating and maintaining roads Financing entity TRANSURBAN INTERNATIONAL LIMITED ROAD/OPERATING ENTITIES CORPORATE ENTITIES Including: Holding company US employing entity Trustee entities CityLink Trust Transurban Finance Trust Concession A25 LP 75.1% 62.5% CityLink Melbourne Limited Transurban WGT Co Pty Limited The Hills Motorway Limited (M2) LCT-MRE Pty Limited (LCT) Transurban CCT Pty Limited (CCT) Interlink Roads Pty Limited (M5 West) Airport Motorway Limited (ED) Transurban Queensland Holdings 1 Pty Ltd Transurban Queensland Holdings 2 Pty Ltd Hills Motorway Trust (M2) LCT-MRE Trust (LCT) Transurban CCT Trust (CCT) Airport Motorway Trust (ED) Transurban Queensland Invest Trust NorthWestern Roads Group Pty Limited (M7, NCX) NorthWestern Roads Group Trust (M7, NCX) 50% 50%² STP Project Trust (WCX) Builds, operates and maintains road, and has own non-recourse borrowings. STP Asset Trust (WCX) 1. During the period, the Group divested a 50% interest in Transurban Chesapeake, of which this entity is part of. 2. Ownership percentages reflect Sydney Transport Partners' acquisition of the remaining 49% of WestConnex which achieved financial close on 29 October 2021. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 Capital Beltway Express LLC (495)1 95 Express Lanes LLC¹ 30#31DEBT FUNDING SUMMARY 30 JUN 21 June 2021 maturity profile TRANSURBAN GROUP CORPORATE NON- RECOURSE 10,000 Weighted average maturity (years)1,2 Weighted average cost of AUD debt¹ 7.7 years 7.1 years 8.2 years³ 9,000 4.1% 4.4% 3.9% 8,000 Weighted average cost of USD debt¹ 4.5% 4.6% 4.5% 7,000 Weighted average cost of CAD debt¹ 5.0% 4.6% 5.5% Hedged 1,2,4 99.8% 100.0% 99.7% Gearing (proportional debt to $ MILLION 7,8 6,000 5,000 4,000 → 3,000 34.3% enterprise value)1.2,5 2,000 FFO/Debtб 8.9% 1,000 Corporate senior interest cover ratio 2.8x (historical ratio for 12 months) Corporate debt rating (S&P/Moody's/Fitch) BBB+/Baa1/A- FY21 FY22 FY23 FY24 FY25 New debt raised during FY21 FY26 Transurban FY27 FY28-30 FY31-35 FY36+ 1. Calculated using proportional drawn debt exclusive of letters of credit. Calculated in effective currency after hedging. CAD, CHF, EUR, NOK and USD debt converted at the hedged rate where cross currency swaps are in place. 2. USD debt is converted at the spot exchange rate (0.7522 at 30 June 2021) where no cross-currency swaps are in place. CAD debt is converted at the spot exchange rate (0.9317 at 30 June 2021) where no cross-currency swaps are in place. 3. The weighted average maturity of Australian non-recourse debt is 7.0 years at 30 June 2021. 4. Hedged percentage comprises fixed rate debt and floating rate debt that has been hedged and is a weighted average of total proportional drawn debt, exclusive of issued letters of credit. 5. Calculated using proportional debt to enterprise value, exclusive of issued letters of credit. Security price was $14.23 at 30 June 2021 with 2,738 million securities on issue at 30 June 2021. 6. Based on S&P methodology (see Glossary for definition). 7. The full value of available debt facilities is shown. Debt is shown in the financial year in which it matures. 8. Debt values are shown in AUD as at the reported date. CAD, CHF, EUR, NOK and USD debt converted at the hedged rate where cross currency swaps are in place. USD debt is converted at the spot exchange rate (0.7522 at 30 June 2021) where no cross currency swaps are in place. CAD debt is converted at the spot exchange rate (0.9317 at 30 June 2021) where no cross currency swaps are in place. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 31#32TAX The majority of Transurban's Australian concessions are held via a company and a trust Transurban Transurban Holdings Limited (THL) • • • THL is liable to pay income tax Significant upfront capital expenditure is required to construct or acquire assets. Concession assets are amortised for tax purposes on a straight line basis over 40 years - The amortisation of this capital expenditure can create initial tax losses, offsetting profits derived from more mature projects - Income tax is paid after all eligible tax losses have been utilised to offset accumulated tax profits - Losses prevent the payment of dividends in the early years of a project's life Tolling income is generated by the companies which hold the concession assets Transurban continues to invest significant amounts of capital into the road networks in which it operates Transurban Holdings Trust (THT) • THT operates as a flow-through trust and does not pay income tax itself - Sub-trusts pay distributions to THT which it then distributes to investors - Investors pay tax on distributions from THT based on their respective tax rates - Trusts allow distributions to be made at the beginning of a project's life • Transurban's trust entities earn passive income (e.g. rental income from leasing land to the company generating tolling income) Transurban International Limited (TIL) TIL is liable to pay tax in Australia - TIL is an Australian entity which holds Transurban's US and Canadian businesses - Interest income is treated as assessable income. It is reduced by available Australian debt deductions - Dividends received from US Groups are generally tax exempt in Australia TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 32#33TRANSURBAN TAX GROUPS-ESTIMATED TIMING Tax group FY21 EBITDA (excluding significant items) as proportion of Transurban Group proportional EBITDA WestConnex 5.5% A25 3.1% NorthWestern 12.0% Roads Group Airport Motorway 4.2% Group (ED) Transurban Holdings 57.3% Limited Group Transurban International 0.8% Limited (North America) Transurban Queensland 17.1% FY24 FY21 FY22 FY23 FY25 FY26-FY27 FY28 FY29+- Timing is indicative only and not shown by month. Transurban Currently paying tax: Each stage becomes taxable on completion as partial flow-through vehicle Currently paying tax: Subject to corporate tax in Canada Currently paying tax: Taxed as a partial flow-through vehicle Currently paying tax: Taxed as a partial flow-through vehicle 1. Transurban International Limited (USA) will incur a one-off tax payment due to the gain on sale in FY22 as a result of the divestment of its 50% interest in Transurban Chesapeake LLC. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 Subject to corporate tax until end of concession Late-2020s¹ Mid-2030s 33#34CAPITAL RELEASES Transurban • Transurban's business model provides scope for balance sheet optimisation as assets mature, given upfront equity funding of major developments As traffic ramps up, credit metrics improve due to increasing cash flow against fixed debt balances Theoretical application Revenue ($m) Growth from Revenue uplift as development projects progressively mature assets-reach completion and ramp-up driven by traffic increases and price growth • Capital releases pre-agreed with governments and undertaken within credit metric parameters Over $2 billion of potential Capital Releases expected to be achieved across Transurban's portfolio between FY21-25 • More than $600 million of potential further Capital Releases until FY25 resulting from the increased stake in WestConnex¹ 1. See WestConnex acquisition (20 September 2021) for more information. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 FFO/Debt (%) Project C Project B Project A Existing assets Maintain efficient balance sheet within credit metric parameters, inclusive of capital releases S&P/Moody's credit rating A-/A3 BBB+/Baa1 Credit metrics increase BBB/Baa2 if no action is taken Time (years) 34#35ASSET DETAILS Transurban#36ASSET PORTFOLIO AT 30 JUNE 2021 OVERVIEW Opening date Remaining concession period¹ Concession end date PHYSICAL DETAILS Length―total Length-surface Length-tunnel Lanes OWNERSHIP TOLLING Large vehicle multiplier 1. As at 30 June 2021. Rounded to nearest year. Transurban SYDNEY M5 WEST² M2 M43 M83,4 M5 EAST 3,6 LCT Aug 1992 May 1997 May 1992 5 years² 27 years 40 years Dec 2026 Jun 2048 Dec 2060 Jul 2020 40 years Dec 2060 Dec 2001 40 years Dec 2060 Mar 2007 27 years Jun 2048 CCT Aug 2005 14 years Dec 2035 22 km 22 km 21 km 14 km 11 km 10 km 3.8 km 2.1 km 20.5 km 8.5 km 2 km 5.5 km 0.3 km 0.5 km 5.5 km 9 km 4.5 km 3.5 km 2.1 km 2x3 2x3 2x4-West 2x3-East 2x2 2x25 2x2 2x3 some sections 2x2 2x3 some ramp sections 100%² 100% 3x 3x 50.0% Transurban 20.5% AustralianSuper 10.5% CPP Investments 10.0% Caisse de dépôt et placement du Québec (CDPQ) 9.0% Tawreed Investments Limited (Tawreed) 50.0% Transurban 20.5% Australian Super 10.5% CPP Investments 10.0% - CDPQ 9.0% Tawreed 50.0% Transurban 20.5% AustralianSuper 10.5% CPP Investments 10.0% - CDPQ 9.0% Tawreed 100% 100% 3x 3x 3x Minimum 3x 2x 2. M5 West will form part of the WestConnex M5 concession once the current concession expires in December 2026, through to December 2060. 3. Ownership percentages reflect Sydney Transport Partners' acquisition of the remaining 49% of WestConnex which achieved financial close on 29 October 2021. 4. Opened on 5 July 2020. Formerly referred to as New M5. 5. Marked for two lanes in each direction but built to accommodate three lanes in each direction from Kingsgrove to Arncliffe and five lanes in each direction from Arncliffe to St Peters. 6. Tolling commenced on 5 July 2020, coinciding with the opening of M8. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 36#37ASSET PORTFOLIO AT 30 JUNE 2021 Transurban SYDNEY OVERVIEW ED M7 NORTHCONNEX CITYLINK Opening date Dec 1999 Dec 2005 Oct 2020 Dec 2000 Remaining concession period¹ 27 years 27 years Concession end date Jul 2048 Jun 2048 27 years Jun 2048 24 years³ Nov 2012 66 years MELBOURNE 495 EXPRESS LANES4,5 NORTH AMERICA 95 EXPRESS LANES 5,6 A25 May 2011 21 years Dec 2014 66 years Jan 20453 Dec 2087 Dec 2087 Sep 2042 PHYSICAL DETAILS Length―total Length-surface Length-tunnel Lanes OWNERSHIP TOLLING Large vehicle multiplier 6 km 4.3 km 40 km 40 km 9 km 1.7 km 9 km 22 km in 2 sections 16.8 km 5.2 km 22 km 22 km 63 km 7.2 km 63 km 7.2 km 2x3 2x2 some sections 75.1% Transurban 14.4% IFM Investors 10.5% UniSuper 2x2 50% Transurban 25% CPP Investments 25% QIC Limited 2 and 3 reversible 2x22 2x4 in most sections 2x2 HOT lanes HOT lanes 50% Transurban 25% CPP Investments 25% QIC Limited 100% 2x 3x 3x LCV: 1.6x HCV: 3x (day) 2x (night) 50% Transurban 25% AustralianSuper 15% - CPP Investments 10% - UniSuper 50% Transurban 25% AustralianSuper 15%-CPP Investments 10% UniSuper No multiplier (trucks >2 axles not permitted) No multiplier (trucks >2 axles not permitted) 2x3 on bridge 2x2 on remaining sections 1. As at 30 June 2021. Rounded to nearest year. 2. Marked for two lanes in each direction but built to accommodate three lanes in each direction. 3. Includes 10-year extension to CityLink concession in connection with the West Gate Tunnel Project. 4. 495 Express Lanes concession includes the 495 Express Lanes Northern Extension project, for which a binding proposal with the Virginia government has been accepted. Data relates to operational lanes only. 5. During the period, the Group entered into an agreement to divest a 50% interest in Transurban Chesapeake, which includes 495 Express Lanes and 95 Express Lanes. The transaction reached financial close on 31 March 2021. 6. 95 Express Lanes concession includes the 395 Express Lanes (opened 17 November 2019) and the Fredericksburg Extension (currently under construction). Data relates to operational lanes only. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 100% 2x per axle 37#38ASSET PORTFOLIO AT 30 JUNE 2021 OVERVIEW Opening date Remaining concession period¹ Concession end date PHYSICAL DETAILS Length-total Length-surface Length-tunnel Lanes OWNERSHIP TOLLING Large vehicle multiplier Transurban GATEWAY MOTORWAY Dec 1986 31 years LOGAN MOTORWAY Dec 1988 31 years CLEM7 BRISBANE GO BETWEEN BRIDGE LEGACY Mar 2010 30 years Jul 2010 42 years WAY Jun 2015 44 years AIRPORTLINK M7 Jul 2012 32 years Dec 2051 Dec 2051 Aug 2051 Dec 2063 Jun 2065 Jul 2053 23.1 km 39.5 km² 6.8 km 0.3 km 5.7 km 6.7 km 23.1 km 39.5 km² 2.0 km 0.3 km 1.1 km 1.0 km 4.8 km 4.6 km 5.7 km 6,8 and 10 (various) 12 Gateway Bridge 62.5% Transurban 25% AustralianSuper 12.5% Tawreed LCV-1.5x HCV-3.15x3 2x2 2x3 some sections 62.5% - Transurban 25% AustralianSuper 12.5% Tawreed LCV-1.5x HCV-3.15x3 2x2 62.5% - Transurban 25% AustralianSuper 12.5% Tawreed 2x2 2x2 2x3 62.5%-Transurban 25% AustralianSuper 12.5% Tawreed 62.5% - Transurban 25% AustralianSuper 12.5% Tawreed 62.5% Transurban 25% AustralianSuper 12.5% Tawreed LCV-1.5x HCV-3x (day) 2.65x (night) LCV-1.5x HCV-3x (day) 2.65x (night) LCV-1.5x HCV-3x (day)4 2.65x (night) LCV-1.5x HCV-2.65x 1. As at 30 June 2021. Rounded to nearest year. 2. Includes Gateway Extension Motorway. 3. Gateway and Logan HCV tolls progressively increasing to a maximum of 3.44x car tolls post Logan Enhancement Project completion. 4. HCV multiplier changed to 3x cars during peak periods from 1 July 2020. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 38#39FUTURE CONCESSION ASSETS1 OVERVIEW Concession end date PHYSICAL DETAILS Length-total Length-surface Length-tunnel Lanes OWNERSHIP TOLLING Large vehicle multiplier SYDNEY M4-M5 LINK² Dec 2060 ROZELLE INTERCHANGE² Dec 2060 MELBOURNE WEST GATE TUNNEL Jan 2045 7.5 km 5 km³ 17 km 7.5 km 5 km³ 2x4 n/a 50.0% Transurban 20.5% AustralianSuper 10.5% CPP Investments 10.0% - CDPQ 9.0% Tawreed 50.0% Transurban 20.5% AustralianSuper 10.5% CPP Investments 10.0% - CDPQ 9.0% - Tawreed 3x 10.2 km 6.8 km 2x6 on WGF 2x3 on remaining sections 100% 3x LCV-1.6x HCV4 HPFV4 Transurban 1. As at 30 June 2021. 2. Ownership percentages reflect Sydney Transport Partners' acquisition of the remaining 49% of WestConnex which achieved financial close on 29 October 2021. 3. Rozelle Interchange is being delivered and funded by TfNSW. Rozelle Interchange is a complex design consisting predominantly of ramps, with the length of lane kilometres approximately equivalent to a 5 kilometre motorway with two lanes in each direction. 4. HCV and HPFV tolls are not based on a multiplier of a car toll. Further detail can be found at westgatetunnelproject.vic.gov.au. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 39#40TOLLING ESCALATION Transurban MOTORWAY M2 LCT CCT ED M5 West M7 NorthConnex M4 M8 and M5 East ESCALATION Tolls escalate quarterly by the greater of quarterly CPI or 1% Class A tolls escalate quarterly by quarterly CPI. Class A tolls cannot be lowered as a result of deflation. Class B tolls escalate quarterly by the greater of quarterly CPI or 1%. Tolls escalate quarterly by quarterly CPI. The toll cannot be lowered as a result of deflation Tolls escalate quarterly by the greater of a weighted sum of quarterly AWE and quarterly CPI or 1% Tolls escalate quarterly by quarterly Sydney CPI. The toll cannot be lowered as a result of deflation Tolls escalate or de-escalate quarterly by quarterly CPI Tolls escalate quarterly by the greater of quarterly CPI or 1% Tolls escalate annually by the greater of CPI or 4% to December 2040; the greater of CPI or 0% per annum to concession end Tolls escalate annually by the greater of CPI or 4% to December 2040; the greater of CPI or 0% per annum to concession end MOTORWAY West Gate Tunnel¹ Logan Motorway Gateway Motorway Clem7 Go Between Bridge Legacy Way AirportlinkM7 95 Express Lanes² ESCALATION Tolls escalate quarterly by an equivalent of 4.25% per annum from construction completion to 30 June 2029 and quarterly CPI thereafter Tolls escalate annually by Brisbane CPI. The toll cannot be lowered as a result of deflation Tolls escalate annually by Brisbane CPI. The toll cannot be lowered as a result of deflation Tolls escalate annually by Brisbane CPI. The toll cannot be lowered as a result of deflation Tolls escalate annually by Brisbane CPI. The toll cannot be lowered as a result of deflation Tolls escalate annually by Brisbane CPI. The toll cannot be lowered as a result of deflation. Tolls escalate annually by Brisbane CPI. The toll cannot be lowered as a result of deflation Dynamic, uncapped 495 Express Lanes³ Dynamic, uncapped M4-M5 Link and Rozelle Interchange¹ Tolls escalate annually by the greater of CPI or 4% to December 2040; the greater of CPI or 0% per annum to concession end CityLink Tolls escalate quarterly by an equivalent of 4.25% per annum to 30 June 2029 and quarterly CPI thereafter A25 Tolls escalate annually at Canadian CPI. Additional toll escalation applies when peak traffic volumes (for peak tolls) or total daily traffic volumes (for off-peak tolls) reach pre-determined thresholds 1. Assets currently under construction. 2. 95 Express Lanes concession includes the 395 Express Lanes and the Fredericksburg Extension (currently under construction). 3. 495 Express Lanes concession includes the 495 Express Lanes Northern Extension project, for which a binding proposal with the Virginia government has been accepted. TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 40 40#41GLOSSARY Transurban#42GLOSSARY Transurban TERM 95 395 DEFINITION 95 Express Lanes 395 Express Lanes TERM FFO 495 495 Express Lanes 1H/2H First or second half of a financial year A25 A25 toll road ABN Australian Business Number ACN ADT AFSL AMTN ARSN ASX ATO Australian Company Number Average Daily Traffic. ADT is calculated by dividing the total number of trips on each asset (transactions on CityLink) by the number of days in the period Australian Financial Services Licence Australian Medium Term Note Australian Registered Scheme Number Australian Securities Exchange Australian Taxation Office FREDEX FREE CASH/FCF AUD Australian Dollars AWE Average Weekly Earnings BAU Business as usual CAD Canadian Dollars CAPITAL RELEASES Capital Releases refer to the injection of debt into Transurban assets as assets mature, optimising balance sheets FX CCT Cross City Tunnel FY CDPQ Caisse de dépôt et placement du Québec GDP CHF Swiss Franc GROUP COVID-19 Coronavirus GWA CPI CPPI CPS D&C Cents per security Consumer Price Index. Refers to Australian CPI unless otherwise stated Canada Pension Plan Investments HCV FFO/DEBT DEFINITION Funds From Operations Based on S&P methodology. FFO is calculated as statutory EBITDA (where EBITDA equals revenue minus operating expenses net of maintenance provision) plus dividends from investments; minus net interest expense, tax paid, and stock compensation expense. Debt is calculated as statutory drawn debt net of cash, foreign currency hedging and other liquid investments. Based on Moody's methodology. FFO is calculated as the sum of: statutory Cashflow from Operations plus movements in net working capital, interest paid on shareholder loan to minorities, transaction and integration costs; and proportional FFO of equity-accounted assets (with FFO calculated as EBITDA adding back maintenance expenditure, less cash maintenance paid, interest paid, and tax paid). Debt is calculated as proportionately consolidated debt, with assets owned greater than 50% grossed up to 100% weighting. FFO/Debt calculation methodology may be subject to adjustments in future periods Fredericksburg Extension project Free Cash is the primary measure used to assess the cash performance of the Group. It represents the cash available for distribution to security holders. Free Cash is calculated as cash flows from operating activities from 100% owned entities (adjusted to include the allowance for maintenance of intangible assets, exclude cash payments for maintenance of intangible assets and exclude transaction and integration costs related to acquisitions), plus Capital Releases from 100% owned entities, less debt amortisation of 100% owned entities, plus returns from non-100% owned entities Foreign Exchange Financial year 1 July to 30 June Gross Domestic Product Transurban Group Greater Washington Area meaning northern Virginia, Washington D.C., areas of Maryland and the surrounding metropolitan area Heavy Commercial Vehicle HOT High Occupancy Toll Design and Construct HOV High Occupancy Vehicle EBITDA Earnings Before Interest, Tax, Depreciation and Amortisation HPFV ED Eastern Distributor HSE EMTN ESG EUR Euro Medium Term Note LCT Environmental, Social and Governance Euros LEP LINKT High Productivity Freight Vehicle Health, Safety and Environment Lane Cove Tunnel Logan Enhancement Project Transurban's retail tolling brand TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 42#43GLOSSARY TERM M2 M4 M4-M5 M5 WEST M7 M8 MDOT NCX NOK NSW NWRG O&M OTHER REVENUE DEFINITION Hills M2 New M4 M4-M5 Link M5 West motorway Westlink M7 M8 (previously the New M5) Maryland Department of Transportation NorthConnex Norwegian Krone New South Wales, Australia NorthWestern Roads Group Operations and Maintenance Other revenue includes interoperability charges, development and construction performance fees PAB PP PPP PROP/PROPORTIONAL RESULTS Private Activity Bond Private Placement Transurban TERM SLN SME STATE WORKS CONTRIBUTION STP/STP JV TAWREED TfNSW THL TIFIA TOLL REVENUE TOLLAUST TQ UNDERLYING EBITDA DEFINITION Shareholder Loan Note. An interest bearing shareholder loan. Small and medium-sized enterprises The capital contribution for WestConnex Stage 3A to be provided by Transport for New South Wales. Sydney Transport Partners Joint Venture Tawreed Investments Limited. A wholly owned subsidiary of Abu Dhabi Investment Authority Transport for New South Wales is the government agency responsible for transport infrastructure and transport services in New South Wales. Roads and Maritime Services (RMS) was dissolved in December 2019 with all functions transferring to TfNSW Transurban Holdings Limited Transportation Infrastructure Finance and Innovation Act Toll revenue includes revenue from customers, specifically tolls, service and fee revenue Service provider including O&M and retail services to NSW assets Transurban Queensland. Name change post acquisition of Queensland Motorways (QM). Transurban has a 62.5% interest in TQ United Nations Sustainable Development Goals EBITDA excluding significant items United States of America Public-Private Partnership UN SDGs USD The proportional results are the aggregation of the results from each asset multiplied by Transurban's percentage ownership as well as the contribution from central Group functions. Proportional EBITDA is one of the primary measures used to assess the operating US/USA performance of Transurban, with an aim to maintain a focus on operating results and associated cash generation. The EBITDA calculation from the statutory accounts does not include the EBITDA contribution of M5 West (until 18 September 2018), M7 and WCX and includes the non-controlling interests in TQ, M5 West (from 18 September 2018) and ED Quebec, Canada USPP QC VA VDOT QLD Queensland, Australia VIC RICI RIFR Road Injury Crash Index. Serious road injury (an individual transported from, or receives medical treatment, at scene) crashes per 100 million vehicle km travelled Recordable Injury Frequency Rate WCX WGF WGT/WGTP S&P SBTI Standard and Poor's Science Based Target Initiative WHT SERVICE AND FEE REVENUE Service and fee revenue includes customer administration charges and enforcement recoveries TRANSURBAN OVERVIEW | AS AT 30 JUNE 2021 US Dollars US Private Placement Virginia, United States of America Virginia Department of Transportation Victoria, Australia WestConnex West Gate Freeway West Gate Tunnel/West Gate Tunnel Project Western Harbour Tunnel 43