Transurban Group Strategy Overview

SHAREHOLDER 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

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