Creating Stakeholder Value

Fuel prices Fuel price movements have limited near-term influence on traffic volumes Traffic volumes across Transurban's assets have historically had limited correlation with rising or declining retail fuel prices over the near-term Traffic volumes primarily influenced by broader macroeconomic fundamentals such as population growth, employment rate, and wage growth and tourism levels, which contribute to overall congestion Longer-term, higher fuel prices may have flow-on effects to broader economic growth1 ADT 350 300 250 CityLink ADT and weekly Melbourne retail fuel price² 260 220 180 140 100 2-Aug 2-Oct 2-Dec 2-Feb 2-Apr CityLink ADT Melbourne average weekly fuel price 200 150 100 Sydney average hourly congestion by month³ 40% 20% 0% 12 AM 6 AM 12 PM 6 PM Feb-22 Mar-22 Cents per litre Average toll spend remains a small proportion of typical household expenditure • . • Transurban recognises that cost of living pressure is a growing concern across customers and the community, particularly those who are economically vulnerable Targeted customer support available through the Linkt Assist program, which helps those experiencing hardship manage their toll payments Retail customers use toll roads for diverse reasons with most using Transurban's roads infrequently, mainly for travel to social/leisure activities or holiday destinations Only -16% of survey respondents nominated commuting as the main reason they take toll roads4 Funding future road infrastructure • -80% of Transurban's Australian retail customers spend on average less than $10 per week on tolls Net fuel excise in Australia has steadily declined due to the uptake in Low and Zero Emission Vehicles and efficiency improvements in internal combustion engines Government responses to rising retail fuel prices and costs of living have included changes to fuel excise, with the Australian Government halving the fuel excise for six months5, while Maryland suspended its gas tax for one month Reliance on fuel excise as the primary funding source for transport infrastructure creates longer-term funding pressure, potentially accelerated by short-term changes to the fuel tax regime. Opportunities exist to rethink sustainable road funding solutions 1. Reserve Bank of Australia, Recent Economic Developments speech (9 March 2022). 2. Australian Institute of Petroleum 3. Presented on a workday only basis for the month of February and March. 4. Transurban commissioned research across general population of greater metropolitan Melbourne, Sydney and Brisbane, December 2016. Respondents were asked for specific reasons why they travelled on toll roads. 5. Australian Government's Federal Budget 2022-23. 6. https://governor.maryland.gov/2022/03/18/video-release-governor-hogan-signs-emergency-legislation-to-immediately-suspend-states-gas- tax-for-30-days/ (Accessed 30 March 2022). Transurban 16

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