Creating Stakeholder Value

Reconciliation of proportional EBITDA to Free Cash 1H21 ($M) 1H22 ($M) 1H22 COMMENTS Proportional EBITDA Transaction and integration costs 840 805 4 4 Transaction and integration costs associated with STP JV acquisition of the remaining 49% share in WestConnex Proportional net finance costs paid (cash) (445) (371) Add back proportional maintenance expense (non-100% owned assets) Less proportional maintenance cash spend (non-100% owned assets) 22 36 (14) (18) Debt amortisation (11) (24) ED and A25 debt amortisation Working capital 24 (50) Working capital movements and non-cash items Tax paid (8) (20) Tax paid by ED, WCX and NWRG Non-100% owned assets distribution timing 13 107 Timing of WCX, TQ and NWRG distributions, offset by timing of ED and TC distributions Other 42 (10) Debt fees Free Cash 467 459 Transurban 39

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