2022 Corporate Report

Corporate Report for the year ended 30 June 2022

Introduction and overview

Business performance

Governance and risk

Directors’ report

Remuneration report

Financial statements

Sustainability supplement

Security holder information

Sydney Project update

Future project

M7–M12 integration and delivery

WestConnex westconnex.com.au

WestConnex is one of the world’s largest road infrastructure projects and, once complete, will connect Sydney’s west and southwest suburbs with the city centre, airport and Port Botany via a 33-kilometre traffic-light-free motorway. We are nearing completion for the next critical stage of the project, the M4–M5 Link which is being delivered by Transurban. The project is currently finalising its IS ‘As Built’ rating. The M4–M5 Link civil works were completed in FY22, and the project is on track to open to traffic in Q3 2023. When opened, these 7.5-kilometre tunnels are expected to reduce travel times and improve travel reliability by allowing motorists to bypass up to 52 sets of traffic lights between western Sydney and the city centre. The tunnels have the capacity to carry up to 100,000 vehicles a day, significantly reducing traffic and heavy vehicles on congested surface streets. Moving traffic underground also helps improve liveability in local communities: the first stage of the project, the M4 Tunnels corridor, has delivered air quality improvements of 10 to 15% since opening in 2019 2 . Safety improvements have also been significant. Since WestConnex’s M8 tunnels opened, smoother traffic flow has reduced serious crashes on the neighbouring M5 East by 40%. Rozelle Interchange (delivered by the NSW Government) connects to the M4–M5 Link and is scheduled to open in late 2023. In 2018 Transurban and its co-investors in Sydney Transport Partners (STP) acquired a 51% stake in WestConnex from the NSW Government. In October 2021, STP acquired the remaining 49% equity stake from the NSW Government for $11.1 billion, taking STP’s total ownership interest to 100%. Transurban owns 50% of STP. Transurban, alongside its strategically aligned partners, has operational control of WestConnex. We opened the M4 in 2019 and the M8 in 2020.

The M7–M12 integration and delivery project will cater for Sydney’s growing western suburbs and planned second international airport, which is expected to begin operations in 2026. With our Westlink M7 partners, we submitted an Unsolicited Proposal to the NSW Government for the project. The proposal, to widen the M7 and connect it with the planned M12 motorway, progressed to the third stage of the NSW Government’s Unsolicited Proposals Process in FY22. Subject to Government approval and final documentation, construction is anticipated to start in early 2023, with the project anticipated to take around three years. Sections of the M7 are already operating at capacity and will likely face further pressure when the government-delivered M12, which provides direct access to the Western Sydney International Airport, opens in late 2025. Our M7 widening proposal includes: funding and construction of an additional 26-kilometre lane in each direction; building the M7–M12 Interchange; and building connecting roads between Elizabeth Drive and the new M12. These enhancements are expected to save road users more than four million hours of travel time per year, 3 as well as reducing stop-start traffic. Our delivery approach includes local community partnerships designed to boost both jobs and the economy during construction and beyond.

90% project completion

26km motorway, adding +one lane in each direction

~40,000 workers

1,600 jobs at the peak of construction

>10,000 workers involved in M4–M5 Link, with more than 40% from Western Sydney Up to 40 mins total travel-time savings Parramatta to Sydney Airport 1

4M hours in travel time to be saved per year 3 2023 proposed construction commencement

52 traffic lights bypassed

23km new and upgraded cycle and shared paths

18ha open space

300+ WestConnex Community Grants awarded, benefitting ~155,000 people

1 Parramatta to Sydney Airport once project is completed. WestConnex Updated Strategic Business Case, November 2015 2 National Institute of Water and Atmospheric Research 2021 3 Transurban economic analysis

 See how this project fits into our portfolio (pages 16 to 17 )


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