Creating Stakeholder Value

Free Cash Reconciliation of statutory cash flow from operating activities to Free Cash 1H21 ($M) 1H22 ($M) 1H21 1H22 % CHANGE Cash flows from operating activities 411 366 Free Cash $467M $459M (1.6%) Add back transaction and integration costs related to acquisitions 4 4 Weighted average securities eligible for distribution4 2,737M 3,070M Add back payments for maintenance of intangible assets 44 44 Free Cash per security 17.1 cps 15.0 cps 12.2% (12.3%) Less allowance for maintenance of intangible assets for 100% owned assets¹ (44) (28) Add Capital Releases from 100% owned assets Less debt amortisation of 100% owned assets² Less cash flow from operating activities related to non-100% owned entities³ (4) (7) (165) (174) Adjust for distributions and interest received from non-100% owned entities ED distribution 36 TQ distribution and SLN payments 86 70 NWRG distribution and SLN payments 49 72 STP (WCX) distribution and SLN payments 50 77 TC distribution 35 FREE CASH 467 459 1. The prior comparative period includes allowance for maintenance of intangible assets classified within discontinued operations 2. From the date of the initial WestConnex acquisition, debt amortisation from M5 West is added back due to the M5 West concession arrangement being transferred to the WestConnex ownership consortium at the end of the current M5 West concession in 2026. Debt amortisation of 100% owned assets has been adjusted by $44 million (2020: $42 million). 3. Consolidated cash flows from non-100% owned entities includes ED and TQ.. 4. Weighted average calculation based on entitlement to distribution. Transurban 40

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