Transurban : 1H22 Investor Presentation

onlyuse1H22

17 February 2022 nal

Results

Disclaimer and basis of preparation

Disclaimer

This publication is prepared by the Transurban Group comprising Transurban Holdings Limited (ACN 098 143 429), Transurban Holding Trust (ARSN 098 807 419) and Transurban International Limited (ACN 121 746 825). The responsible entity of Transurban Holding Trust is Transurban Infrastructure Management Limited (ACN 098 147 678) (AFSL 246 585).

To the maximum extent permitted by law, none of the Transurban Group, its officers, employees or agents or any other person: (1) accept any liability for any loss arising from or in connection with this publication or the information in it, including, without limitation, any liability arising from fault or negligence; (2) make any representation or warranty regarding, and take no responsibility for, any part of this publication or the information in it; and (3) make any representation or warranty, express or implied, as to the currency, accuracy, reliability, or completeness of the information in this publication.

onlyThe information in this publication does not take into account individual investment and financial circumstances and is not intended in any way to influence a person dealing with a financial product, nor provide financial advice. It does not constitute an offer to subscribe for securities in the Transurban Group. Any person intending to deal in Transurban Group securities is recommended to obtain professional advice.

This publication contains certain forward-looking statements. The words "continue", "expect", "forecast", "potential", "estimated", "projected", "likely", "anticipate" and other similar expressions are intended to ide tify forward-looking statements. Indications of, and guidance on, future earnings, financial position, distributions, capex requirements and performance and interest rate and CPI sensitivity are also forward-looking statements as are statements regarding internal management estimates and assessments of traffic expectations and market outlook. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Transurban, its officers, employees, agents and advisors, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and their differences may be material.

Investors should not place undue reliance on forward-looking statements, particularly in light of the current economic climate and the uncertainty and disruption caused by the COVID-19 pandemic. None of the Transurban Group, its officers, employees or agents or any other person: (1) gives any representation, warranty or assurance that the occurrence of the events expressed or implied in any forward- looking statement will occur; and (2) have any responsibility to update or revise any forward-looking statement to reflect any change in the Transurban Group's financial condition, status or affairs or any

usechange in the events, conditions or circumstances on which a statement is based, except as required by Australian law.

Basis of preparation

This document includes the presentation of results on a statutory as well as non-statutory basis. The non-statutory basis includes Proportional Results and Free Cash. Numbers in this presentation are prepared on a proportional basis unless specifically referred to as statutory or total. All financial results are presented in AUD unless otherwise stated. Data used for calculating percentage movements has been based on whole actual numbers. Percentage changes are based on prior comparative period unless otherwise stated. Financial years are designated by FY and half years are designated by HY with all other references to calendar years. Refer to the Supplementary Information for an explanation of terms used throughout the presentation.

nal

Contents
only
4	18	28	38	40
Section 1	Section 2	Section 3	Section 4	Section 5
use1H22	Market	Financial	Outlook	Supplementary
highlights	updates	results		information
nal

Section 1:

1H22 highlights onlyuse

nal

1H22 highlights

Traffic continued to be impacted by government-mandated restrictions related to COVID-19, however in most markets traffic recovered in the second quarter, in line with the easing of restrictions. Proportional revenue broadly flat compared to the prior comparable period

only	Increased Transurban's proportional ownership of WestConnex to 50% alongside
	strategically aligned partners, extending Transurban's weighted average
	concession life to approximately 30 years
	Agreement reached to resolve long standing disputes on the West Gate Tunnel
	Project. Revised terms include a new estimated completion date of late 2025 and
	additional contributions from all parties1
seu	Continued focus on core operations with a reduction in injury rates across all
safety metrics for the half year period and progress on project delivery, including
the M4-M5 Link tunnelling excavation now complete, Project NEXT reached
commercial close, and pre-development work in progress for Maryland Express
Lanes Project Phase 1
Balance sheet flexibility to support distributions to security holders while funding
growth. Debt hedging profile, and inflation-linked toll escalations across 68% of
the portfolio, would likely provide a net benefit in a rising interest rate
environment over the near term
nal

1. The parties will now finalise binding detailed documentation, expected to be completed early 2022.

(4.8%)

decrease in average daily traffic across portfolio

(0.2%)

change in proportional revenue

(1.6%)

change in Free Cash

$5.6B

Transurban's equity contribution to fund the acquisition of the remaining 49% share in WestConnex

15cps

distributions for 1H22 100% covered by 1H22 Free Cash (with no Capital Releases in 1H22)