Transurban Group Strategy Overview

CAPITAL 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

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