asx release

15 April 2021

MARCH QUARTER 2021 UPDATE1

Transurban today released its March quarter 2021 update. During the period, Average Daily Traffic (ADT) increased by 1.1% compared to 2020 and decreased by 3.8% compared to 20192. The first traffic impacts of COVID-19 were sustained during the March 2020 quarter. See Appendix 1 and 2 for full traffic information for the March quarter.

Traffic impacts across each of Transurban's markets continue to vary. Traffic recovered to pre-COVID- 19 levels in markets where restrictions have lifted, with ADT volumes in Sydney up 4.5% (excluding the contributions of new assets the M8/M5 East and NorthConnex), and ADT volumes in Brisbane up 3.3%. In Melbourne and Montreal, restrictions were variable across the quarter in response to the changing COVID-19 environment, with traffic improving throughout the period. In the Greater Washington Area, traffic continues to be impacted as a result of ongoing restrictions on movement.

During the period, Accelerate Maryland Partners LLC, led by Transurban and Macquarie, was selected as the developer to deliver the American Legion Bridge I-270 to I-70 Relief Plan (also known as Phase 1 of the Maryland Express Lanes project) in Maryland, USA. The project proposes to deliver Express Lanes to approximately 60 kilometres of highway connecting Northern Virginia with key business and residential centres in Maryland, with a final concession agreement and financial close expected in late 2022.

The Transurban Chesapeake partnership reached financial close at the end of the quarter, realising gross proceeds of USD2.1 billion3. Transurban is well-funded and positioned for the pipeline of opportunities which are currently materialising in core markets.

Specific detail for each market is provided below.

Sydney

  • For the quarter, Sydney ADT increased by 21.8% to 936,000 trips4
  • Average workday traffic increased by 20.1% and average weekend/public holiday traffic increased by 28.1% for the quarter
  • Of total ADT, car traffic increased by 21.4% and large vehicle traffic increased by 26.9% for the quarter

Strong traffic performance reflected the improved operating environment in Sydney, with the city largely free of restrictions during the period. Average daily traffic of 37,000 on NorthConnex continues to exceed expectations set prior to COVID-19. The M8 and M5 East assets also continue to ramp up.

  1. All ADT % changes shown throughout are in relation to the respective prior corresponding period unless otherwise noted.
  2. Excluding M8/M5 East (which opened/commenced tolling on 5 July 2020) and NorthConnex (which opened on 31 October 2020), Group ADT for the March 2021 quarter decreased by 5.3% compared to 2020 and by 9.9% compared to 2019.
  3. Gross sale proceeds of USD2.1 billion excludes Transurban's transaction costs, typical completion adjustments and estimated tax on sale of USD0.2 billion.
  4. Excluding M8/M5 East and NorthConnex, Sydney ADT increased by 4.5%.

Classification

Transurban Group

Transurban International Limited

ABN 90 121 746 825

Transurban Holdings Limited

ABN 86 098 143 429

Level 31

Transurban Holding Trust

Tower Five, Collins Square

ABN 30 169 362 255

727 Collins Street

ARSN 098 807 419

Docklands

Victoria 3008 Australia

corporate@transurban.com

Telephone +613 8656 8900

www.transurban.com

Facsimile +613 8656 8585

asx release

Work on the WestConnex M4-M5 Link continues, with tunnel excavation now 90% complete and all tunnelling on track to be finished during 2021. The road pavement is now being laid and is progressing well. Mechanical and electrical fit out activities are also underway across the tunnels.

Melbourne

  • For the quarter, Melbourne ADT decreased by 15.2% to 675,000 transactions
  • Average workday traffic decreased by 15.3% and average weekend/public holiday traffic decreased by 14.7% for the quarter
  • Of total ADT, car traffic decreased by 18.5% and large vehicle traffic decreased by 2.6% for the quarter

Traffic in Melbourne was again impacted by restrictions enforced during the quarter, including a period of lockdown and masks enforced indoors. Large vehicle traffic continued to prove more resilient to the conditions than cars. Since restrictions were lifted in mid-February, traffic volumes have improved.

On the West Gate Tunnel Project, an intensive summer works program was completed on the West Gate Freeway, delivering major interchange upgrades and rebuilding bridges that span the freeway to make way for the four new lanes. Potential spoil disposal sites are at various stages of approvals, with two sites receiving both environmental and planning approvals. Tunnelling commencement requires the D&C subcontractor to conclude its tender process, site(s) completing the necessary preparatory works in line with their approval conditions and commercial matters being advanced. Transurban remains committed to working with the D&C subcontractor and Victorian Government.

Brisbane

  • For the quarter, Brisbane ADT increased by 3.3% to 403,000 trips
  • Average workday traffic increased by 2.8% and average weekend/public holiday traffic increased by 6.3% for the quarter
  • Of total ADT, car traffic increased by 3.5% and large vehicle traffic increased by 2.8% for the quarter

Strong traffic performance was also recorded in Brisbane despite two short lockdowns occurring in January and at the end of March, with the city largely free of restrictions outside of these periods. The Logan Motorway continues to be the network's best performing asset, benefiting from the additional capacity provided as a result of the Logan Enhancement Project which completed in 2019.

Classification

Transurban Group

Transurban International Limited

ABN 90 121 746 825

Transurban Holdings Limited

ABN 86 098 143 429

Level 31

Transurban Holding Trust

Tower Five, Collins Square

ABN 30 169 362 255

727 Collins Street

ARSN 098 807 419

Docklands

Victoria 3008 Australia

corporate@transurban.com

Telephone +613 8656 8900

www.transurban.com

Facsimile +613 8656 8585

asx release

North America

  • For the quarter, North America ADT decreased by 26.9% to 101,000 trips
  • The average dynamic toll price for the quarter decreased by 15.9% to US$6.95 on the 95 Express Lanes
  • The average dynamic toll price for the quarter decreased by 33.4% to US$3.49 on the 495 Express Lanes
  • For the 12 months to 31 March 2021, peak traffic in the peak direction on the A25 was 2,592 vehicles per hour

Restrictions in movement in the Greater Washington Area continue to impact traffic and pricing on the Express Lanes assets which are still down on pre-COVID-19 levels, although volumes did improve throughout the quarter. A Safer at Home Order remains in place in Virginia, however the vaccine rollout is progressing quickly and approximately one in three adults were vaccinated with at least one dose at the end of the period5. ADT on the A25 in Montreal was down 4.8% for the quarter, during which time some restrictions were in place for much of the period, including a curfew.

Work is continuing on drainage, earthworks, and bridge structures for flyover ramps on the Fredericksburg Extension project, and infrastructure for the tolling and communications system has been progressed. On the 495 Northern Extension project, the process to select a design-build contractor continues and the environmental assessment for the project is nearing conclusion.

Full traffic information for the March quarter is attached.

Transurban will hold its annual Investor Day on Monday, 3 May 2021 in a virtual format. Visit the Transurban Investor Day Hubto pre-register for the event.

Investor enquiries

Media enquiries

Tess Palmer

Josie Brophy

Head of Investor Relations

Manager, Media and Communications

+61 458 231 983

+61 447 445 546

Sarah Chapman

Manager, Media, Government and Industry

+61 447 445 546

This announcement is authorised by Transurban CEO, Scott Charlton.

5Source: Office of the Governor of Virginia press release dated April 1, 2021.

Classification

Transurban Group

Transurban International Limited

ABN 90 121 746 825

Transurban Holdings Limited

ABN 86 098 143 429

Level 31

Transurban Holding Trust

Tower Five, Collins Square

ABN 30 169 362 255

727 Collins Street

ARSN 098 807 419

Docklands

Victoria 3008 Australia

corporate@transurban.com

Telephone +613 8656 8900

www.transurban.com

Facsimile +613 8656 8585

asx release

Appendix 1:

Traffic performance

ADT6('000)

March 21 quarter

YTD FY21

Sydney7

936

917

Melbourne

675

529

Brisbane

403

400

North America

101

107

Group

2,115

1,953

ADT % change

March quarter

YTD

vs March 20

Sydney8

21.8%

12.8%

Melbourne

(15.2%)

(37.2%)

Brisbane

3.3%

(2.9%)

North America

(26.9%)

(28.7%)

Group

1.1%

(11.9%)

ADT % change

March quarter

YTD

vs March 19

Sydney9

15.5%

12.5%

Melbourne

(20.9%)

(38.1%)

Brisbane

1.1%

(1.3%)

North America

(25.3%)

(25.2%)

Group

(3.8%)

(11.9%)

  1. Individual asset ADT figures may not add to regional ADT totals due to rounding.
  2. Excluding NorthConnex and M8/M5 East, Sydney March 2021 quarter ADT was 803,000 and Sydney FY21 YTD ADT was 785,000.
  3. Excluding NorthConnex and M8/M5 East, Sydney FY21 YTD ADT decreased by 3.5% compared to FY20 YTD.
  4. Excluding NorthConnex and M8/M5 East, Sydney FY21 YTD ADT decreased by 3.7% compared to FY19 YTD.

Classification

Transurban Group

Transurban International Limited

ABN 90 121 746 825

Transurban Holdings Limited

ABN 86 098 143 429

Level 31

Transurban Holding Trust

Tower Five, Collins Square

ABN 30 169 362 255

727 Collins Street

ARSN 098 807 419

Docklands

Victoria 3008 Australia

corporate@transurban.com

Telephone +613 8656 8900

www.transurban.com

Facsimile +613 8656 8585

asx release

Appendix 2:

Traffic data - March quarter average daily trips ('000)10

%

%

% large

Mar 19

Mar 20

Mar 21

change

change

Asset

Ownership

vehicle

quarter

quarter

quarter

vs Mar

vs Mar

traffic11

19

20

Hills M2

100%

135

119

130

(3.4%)

9.3%

7.8%

M5 West Motorway

100%

158

153

160

1.6%

4.6%

7.4%

Lane Cove Tunnel/MRE

100%

94

81

83

(11.1%)

3.0%

4.1%

Cross City Tunnel

100%

40

38

39

(2.8%)

2.0%

2.0%

M1 Eastern Distributor

75.1%

59

54

51

(14.3%)

(5.9%)

3.5%

Westlink M712

50%

189

176

188

(0.6%)

6.4%

13.4%

NorthConnex

50%

n/a

n/a

37

n/a

n/a

16.9%

M413

25.5%

137

148

152

11.1%

3.2%

8.1%

M8/M5 East14

25.5%

n/a

n/a

96

n/a

n/a

8.5%

CityLink15

100%

854

796

675

(20.9%)

(15.2%)

24.1%

Gateway Motorway

62.5%

116

114

110

(5.4%)

(3.5%)

23.9%

Logan Motorway

62.5%

162

167

185

14.4%

10.9%

28.3%

AirportlinkM7

62.5%

61

56

52

(15.6%)

(7.0%)

19.3%

Clem7

62.5%

28

24

26

(7.2%)

6.2%

19.5%

Legacy Way

62.5%

20

19

20

(0.5%)

4.8%

21.2%

Go Between Bridge

62.5%

11

10

10

(9.9%)

2.3%

14.3%

95 Express Lanes16

100%

46

55

35

(25.3%)

(37.2%)

n/a17

495 Express Lanes

100%

43

39

24

(42.8%)

(37.5%)

n/a17

A25

100%

47

45

42

(9.6%)

(4.8%)

11.9%

  1. Transurban improved the calculation of ADT during the June 2020 quarter. Traffic measurement involves the correlation of images and tags from detected vehicles. Reporting improvements enabled faster removal of duplicate trips, for example, where multiple tags are detected in a vehicle. The change to the calculation resulted in reported ADT reducing for some assets, by a maximum of 1%. ADT for prior corresponding periods was restated for comparative purposes. This ADT reporting change had no impact on revenue.
  2. % large vehicle traffic based on March 2021 quarter.
  3. Average tolled trip length was 12.8 kilometres for the March 2021 quarter on Westlink M7.
  4. Average tolled trip length was 7.7 kilometres for the March 2021 quarter on M4. The New M4 Tunnels opened in July 2019.
  5. Average tolled trip length was 9.1 kilometres for the March 2021 quarter on M8/M5 East. Disclosed average tolled trip length is adjusted to reflect the adoption of equalisation factors from the concession agreement which are designed to make tolls consistent across the M8 and M5 East motorways despite having slightly different asset lengths.
  6. CityLink traffic reported as average daily transactions ('000).
  7. 95 Express Lanes concession includes the 395 Express Lanes which opened in November 2019.
  8. Vehicles with more than two axles, excluding buses and emergency vehicles, are not allowed to access the Express Lanes.

Classification

Transurban Group

Transurban International Limited

ABN 90 121 746 825

Transurban Holdings Limited

ABN 86 098 143 429

Level 31

Transurban Holding Trust

Tower Five, Collins Square

ABN 30 169 362 255

727 Collins Street

ARSN 098 807 419

Docklands

Victoria 3008 Australia

corporate@transurban.com

Telephone +613 8656 8900

www.transurban.com

Facsimile +613 8656 8585

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Disclaimer

Transurban Group Ltd. published this content on 15 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2021 08:34:08 UTC.