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

Project updates Greater Washington Area

Fredericksburg Extension

495 Northern Extension



A ground-breaking ceremony in March 2022 marked the official start of construction on the 495 Northern Extension project —known as Project NEXT. This project will extend our 495 Express Lanes from Virginia towards the Maryland border with new connections at the Dulles Toll Road and George Washington Memorial Parkway. The four-kilometre extension is expected to reduce peak travel times by up to 25 minutes 3 and improve connectivity to key economic hubs including Tysons and Dulles Corridor. This project is also preparing the lanes for the Capital Beltway Accord—the rebuild of the ageing American Legion Bridge and extension of the Express Lanes north across the Potomac River into Maryland. The project will facilitate a new bus service connecting Virginia and Maryland, supported by a commitment of $2.2 million in annual public transit investment from toll revenues. New bicycle and pedestrian connections will be built along the project’s corridor. The project also includes commitments for major stream restoration works. The project is working towards its Silver Envision rating. The project is a public-private partnership between the Commonwealth of Virginia and Transurban and is expected to open to traffic in 2025.

The Fredericksburg Extension project— known as FredEx—continues to progress with major milestones, including the rebuild of a second overpass and a series of steel beam lifts for fly-over ramps completed. The project involves extending the 95 Express Lanes by 16 kilometres and, when complete, will create the longest reversible Express Lanes system in North America, spanning approximately 80 kilometres from Washington DC to Fredericksburg, Virginia. The project is working towards its Silver Envision rating. FredEx is expected to deliver 66% more capacity during peak travel times, 1 relieving congestion in one of the worst traffic hotspots in the US, and more reliable and faster travel times for the many workers in the region, including 28,000 Quantico Marine Base employees. Buses and carpools will travel for free. Working collaboratively, Transurban, the Commonwealth of Virginia and the D&C subcontractor reached an agreement on a new targeted completion date of late 2023. This allows for the mitigation of construction challenges posed by the presence of highly plastic clay in the corridor soil.

16km extension of 95 Express Lanes

~6,300 jobs during construction 2

1M+ project work hours completed

USD880M economic boost— estimated through construction and project delivery 3 20% reduction expected in accidents along the I-495 4 50% time saving during peak commuting times 4,5 6.4km cycle and pedestrian connections 3 V irginia Department of Transport 4 I-495 Express Lanes Northern Extension, Location and Design Public Hearing. Virginia Department of Transport. 5 October 2020 5 For those who choose the Express Lanes

+955,000 m 3 earth moved

66% more capacity during peak times 1

~9,000 jobs 2

USD1B economic boost— estimated through construction and project delivery 1 FredEx Level 2 Study. Virginia Department of Transport 2 Estimated number of jobs expected from the economic development of the project

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

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


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