2024 Corporate Report

Transurban's Corporate Report for the financial reporting period of FY24.

Corporate Report

for the year ended 30 June 2024

Introduction and overview

Our year in numbers

$1,916M gross distributions to security holders

3.72 road injury crash index, below threshold of 4.15

446,000 hours saved by customers every workday 1

$2,631M proportional EBITDA

6.7% increase in proportional toll revenue

$3.6M+ towards community investment

$2M+ worth of fuel saved on average every workday by taking our roads 2

70% reduction in absolute scope 1 and 2 GHG emissions compared to FY19 base line

3 major projects expected to open by 2026 3

56% men 44% women progressed gender balance across our workforce, in line with our target, 40% men, 40% women, 20% any gender/non-binary

#1 global and Australian company on gender equality performance in Equileap’s annual ranking program (2024) 4

1 Compared to the toll-free alternative route 2 A ustralian trips only, based on FY24 Australian average fuel price of $1.96/L. Average workday savings compared to the toll-free alternative route, see Transurban GHG Basis of Preparation for further details 3 On a calendar year basis 4 E quileap assesses around 4,000 companies worldwide on criteria including gender balance, equitable compensation, equality and flexibility policies and demonstrated commitment to progressing gender equality

Introduction and overview

Strategic objectives

Value for stakeholders Enhancing customer and community value Focus on government partnerships Value for security holders

Continued growth Existing market growth Potential new markets Emerging mobility trends

Operating efficiency Optimising the core Capital discipline Refreshed operating model

Sound Tube, CityLink, Melbourne

Introduction and overview

Contents

Introduction and overview Business performance Governance and risk Directors’ Report Financial statements Assurance statements Security holder information

19 71 87

113 220 229

Reporting suite FY24 Corporate Report (this report) 1 Transurban’s holistic performance for FY24, including our Financial Statements. FY24 Results Presentation Management presentation of financial and non-financial results, including non-statutory analysis. FY24 Sustainability Data Pack Data sets for sustainability metrics, including Global Reporting Initiative, Sustainability Accounting Standards Board, Taskforce on Climate-related Financial Disclosures Index, and our progress against the United Nations Sustainable Development Goals. Corporate Governance Statement Statement made in accordance with the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (4th Edition). Tax Transparency Report Overview of our corporate structure, approach to tax and tax position for FY23. Modern Slavery Statement Overview of how we identify, manage and mitigate the specific risks of modern slavery in our operations and supply chains – available late 2024. GHG Basis of Preparation Description of the key boundaries, methodologies, and references used in the preparation of Transurban’s reported greenhouse gas (GHG) emissions and associated climate change disclosures.

All available on our website transurban.com

1 O ur sustainability reporting is integrated in the FY24 Corporate Report, including our climate change disclosure

AirportlinkM7, Clem7, Inner City Bypass, Brisbane

In this section Contents

Letter from our Chair and CEO

About this report

Working with our stakeholders

About Transurban

Our roads and projects Our Executive Committee

Global trends

Introduction and overview

Letter from our Chair and CEO

We are pleased to present Transurban’s Corporate Report for FY24, our first together as Chair and CEO. This was a year of evolution, as we hit the ground running to meet changing stakeholder expectations and prepare for the significant growth potential that lies ahead. With populations increasing, we’re focused on helping cities grow and making people’s lives easier. This focus guides the opportunities we pursue, and the way we show up for our stakeholders. Underpinning this is our ability to deliver tangible value for our customers, which in turn sustains long-term value for investors. Throughout this report we illustrate the many ways we are delivering on the needs of our stakeholders, both on and off the road. Financial highlights The year has produced strong results right across the business. FY24 saw traffic grow in every market, with approximately 2.5 million average daily trips, up 1.7% on the prior year. Proportional toll revenue increased by more than 6.7% to $3,535 million and we saw a strong EBITDA result for the Group at $2,631 million, up 7.5%. Through FY24, we have continued to actively manage our balance sheet, with weighted average cost of debt up slightly at 4.5% while our disciplined and active approach to cost management saw cost growth of 3.6%, outperforming guidance of 4-6% growth. Our strong balance sheet offers us the support and flexibility we need to take advantage of future growth opportunities. Our full-year distribution of 62 cents per stapled security was up nearly 7% on FY23, and in total, we will pay $1,916 million in gross distributions to our investors. Customer highlights Underpinning these results is the value that our 10.8 million customers experience when choosing our roads, and this year has seen us provide even more value for drivers on and off the road. Time savings continues to be the key reason 1 people choose our roads, with customers collectively saving over 446,000 hours in travel time every workday. Our Linkt Rewards program has gone from strength to strength this year, with five major discount partners now on board and over one million members signed up to the program.

And with research showing that fuel is one of the biggest cost-of-living concerns for Australian households, we provided our more frequent customers with a 12 cents per litre bonus fuel discount this year, to help drive their dollar further. Project updates Alongside these achievements, it’s been a significant year for our projects. We have three major projects expected to open by 2026, 2 and potential opportunities being evaluated in all our markets. Our 95 Express Lanes Fredericksburg Extension opened to traffic in August 2023, creating the longest reversible road in the United States. With the 95 Express Lanes now spanning around 66 kilometres from Washington, DC to Fredericksburg, Virginia, the Extension helps relieve congestion in one of the region’s worst traffic hotspots. With over 3.8 million trips taken on the Extension since opening, drivers who make a round trip are saving an average of an hour a day in travel time. Nearby, works are continuing on our 495 Express Lanes Northern Extension project and new access points on our 95 Express Lanes, both of which are set to further enhance connectivity to commercial and retail hubs and reduce congestion in the region. In Melbourne, work on the West Gate Tunnel project is well advanced, with road deck construction in the tunnels now complete, and finished lanes on sections of the West Gate Freeway open to traffic. Construction of the project’s city connections continues to progress well, ahead of the project opening in 2025. And we’ve seen significant progress on the M7-M12 Integration project, with traffic changes and early construction works now underway to widen the M7 Motorway and connect it to the NSW Government’s new M12. This year also marked the full completion of the WestConnex project, with the final stage – Rozelle Interchange – opening to traffic in November 2023. Delivered by the NSW Government and now operated by Transurban, the Interchange has unlocked new journeys for Sydney motorists and resulted in faster journeys between the CBD and the west and south-west of Sydney. While some congestion was experienced in the surrounding areas of the Rozelle Interchange after opening, travel times on key surface routes have improved in recent months following the initial settling period post opening. In July 2024, we announced a partnership with the Queensland Government to develop plans

to widen almost 10kms of the western section of the Logan Motorway. The Logan West Upgrade project aims to provide congestion relief and reduce travel times while improving road safety in this growing region. ESG and Sustainability As well as making great progress on our projects, this year was also one of significant evolution for our Environmental, Social and Governance (ESG) and sustainability approach. We continued our focus on the transition to net zero 2050 and climate resilience, both in making progress against our SBTi validated near-term 2030 greenhouse gas targets, with a 70% reduction of absolute scope 1 and 2 emissions against our FY19 baseline, and preparing to respond to new sustainability disclosure requirements. The ESG landscape continues to evolve rapidly, and we have put considerable focus this year on preparing for these changes ahead. Listening to our stakeholders It’s important to us that we listen to our stakeholders to understand what we’re doing well and where we could improve. This year, we carried out a robust double materiality assessment to better understand what ESG topics matter most to our stakeholders, from both an impact and financial materiality perspective. Feedback is allowing us to focus our efforts on where we can make a positive difference, such as climate and customer emissions, road safety, and the welfare of our customers. Our annual stakeholder listening program also gave us a great opportunity to hear from our stakeholders about how we’re performing. More than 5,000 people across Australia took part in our Community Engagement Survey, providing feedback on what was important to them and where Transurban can make a meaningful impact. In addition, we sought feedback from our government partners at local, state and federal levels. This exercise is helping us to better understand governments’ evolving expectations of Transurban, our common goals and how we can support them to move people and goods around cities more efficiently. We also continued seeking the views of our customers through our Voice of Customer program, which allows us to gauge our customers’ experiences both on and off the road and shapes how we design and deliver services across our website, app and phone interactions.

Footnotes on following page

Introduction and overview

CEO, Michelle Jablko and Chair, Craig Drummond

NSW toll review This year, we also spent considerable time engaging with the NSW Government and the Independent Toll Review on toll reform. The review is giving us the opportunity to create better outcomes for Sydney motorists, while protecting the significant investment that we and our partners have made. The NSW Government and the Review have both recognised the importance of honouring contracts that are in place, and both have noted there are multiple options for achieving reform. Along with our partners, we have invested $36 billion into Sydney’s motorway network over the past two decades. This investment has provided enormous liveability and productivity benefits for Sydney drivers in the form of travel-time savings, reliability and road safety. We are committed to working with the NSW Government and the other investors in Sydney’s motorways on potential reform, by exploring solutions that utilise several aspects of the Review as a base, to enhance outcomes for Sydney. Looking ahead to growth With strong population growth in our markets and emerging technology that has continued potential to improve the safety and efficiency of our assets, we are confident our customers will continue to see value in our roads in the years to come.

Our 22 assets have an average concession life of over 28 years, so our focus is on building trust with all of our stakeholders, planning for the future and anticipating factors that will shape traffic on our roads for the decades to come. There is considerable population growth underway in all of our markets, with an additional 6.2 million people expected to live in the cities we operate in by 2042. 3 To support the needs of these growing cities, urban road freight volumes have been steadily increasing, historically keeping pace with – or outpacing – population growth. This trend is expected to continue in the coming decades with the need for more road infrastructure, and we know our assets provide crucial, efficient and safe connections for freight travelling between distribution centres, airports and ports. Additionally, evolving technology will support and enable new transport and mobility solutions. We are harnessing this technology to continue to improve the safety and efficiency of our roads through predictive analytics and automation and machine learning technology to predict congestion and identify and respond to incidents faster. We’ve also run connected and autonomous vehicle trials in most of our markets, and we are constantly exploring fresh advances that offer new opportunities.

In setting ourselves up to achieve growth, the past year has marked a period of organisational change. Our new operating model provides a strong foundation for us to participate in the significant opportunities ahead. In turn, this will create sustainable growth in value and distributions for our security holders, and lasting benefits for our customers, government partners and other stakeholders. We would like to thank all employees for their hard work and dedication in achieving many milestones during the year. We also thank our customers for continuing to choose our roads, and our security holders for their ongoing support of Transurban.

Michelle Jablko Chief Executive Officer

Craig Drummond Chair and Independent Non-executive Director

1 Transurban Insights: Urban Mobility Trends (August 2024) 2 On a calendar year basis 3 Transurban Insights: Liveable and Productive Cities (February 2024)

Introduction and overview

About this report

Feedback We welcome feedback on our

This report provides an overview of our operations and performance during the FY24 financial year (1 July 2023 to 30 June 2024).

Corporate Report, including on what worked well, and what we could do better. Share your thoughts here: corporate@transurban.com impact materiality (Transurban’s impact on people, planet, and the economy) and the financial materiality (Transurban’s ability to create or lose value) of the material ESG topics. This provides a more comprehensive view on the complex interconnections between the forms of impact and value creation. For our double materiality assessment, we engaged with members of all six of our stakeholder groups (Customers, Government and Industry, Investors, Communities, Our People and Business Partners and Suppliers). This process was also supported by a third-party consultant. The results were reviewed and the revised materiality results are included in Figure 1: Double Materiality Matrix. Our double materiality assessment process and findings are informing the development of our new Sustainability Strategy. We will continue to review our material ESG topics annually to ensure they appropriately reflect what matters most to our stakeholders. The current context Throughout our double materiality assessment, our stakeholders consistently expressed increased interest in a range of ESG topics. These included cybersecurity and data privacy, customer safety and welfare, customer emissions, sustainable driving and mobility, climate change and nature. We will

People – make life better Planet – use resources wisely Places – build better transport Partnerships – lead and unite

In writing this report we have been guided by best-practice reporting standards, frameworks and guidelines including: • International Integrated Reporting Framework, which provides a clear, concise and comparable format for integrated reporting across strategy, governance, risk, performance and targets. • Global Reporting Initiative (GRI) which establishes standardised sustainability impact reporting across industries and sectors. • Taskforce on Climate-related Financial Disclosures (TCFD). • Sustainability Accounting Standards Board (SASB), Infrastructure – engineering and construction services sector. • United Nations Sustainable Development Goals (UN SDGs). We recognise the importance of best-practice sustainability reporting, and continue to engage with the broader industry to contribute to evolving standards. For example in FY24 we provided feedback on the GRI Topic Standard Project for Climate Change – Climate Change Exposure draft. Our approach to sustainability In FY24 we continued to be guided by our Sustainability Strategy, which is aligned with the UN SDGs most relevant to our business. Our Sustainability Strategy includes commitments to:

Our Sustainability Strategy guides how we identify, understand and respond to social and environmental issues and to create real and long-term benefits for all our stakeholders. Responsibility for this strategy and its associated work program is embedded across our business. Our specialist Environmental, Social and Governance (ESG) and Sustainability team drives this process, including by providing strategic advice and reporting on progress, trends and emerging themes to the Board and Executive Committee, who have oversight of these key issues. Reporting what matters Every year, for more than a decade, we have evaluated the ESG topics that we believe are material to our business. In FY24, in response to emerging best practice and the new IFRS ISSB S1 (General Sustainability Disclosures) standard, our Finance and ESG and Sustainability teams co-led a project to review our material ESG topics. Transurban has considered ISSB S1, along with GRI guidance on materiality, and followed a double materiality approach to align with emerging best practice. Using a double materiality approach, we assessed both

Figure 1: Double materiality matrix

Scope 3 emissions and materials Government and industry relationships Sustainable driving and mobility Nature, biodiversity and ecological impact Customer emissions

Customer safety and welfare Cyber security and data privacy

3 10 1 12

Community investment and partnerships ESG regulatory compliance and reporting Physical impacts of climate change Stakeholder engagement Scope 1 and 2 emissions Customer experience and satisfaction Sustainable supply chain First Nations engagement, partnerships and participation

8 9

Increasing financial/non-financial consequences

Introduction and overview

continue to evaluate our impact in these areas and look for ways to mitigate potential negative consequences across our wider value chain, and ways to create additional value for our environment and communities. We recognise our stakeholders’ sustainability reporting expectations are increasing and we are building capacity to enhance our disclosures to align with these new and emerging frameworks. Our review also includes work to integrate our double materiality assessment results into our Enterprise Risk Management Framework. Our double materiality assessment has also led to significant changes to our material topics structure for FY24 (see Figure 2).

Compliance statement Our FY24 Corporate Report includes key disclosures under Australian legislation. Our Directors’ Report (page 87) and financial statements (page 113) have been prepared in accordance with the Corporations Act 2001 (Cth). Our financial statements have also been prepared in accordance with Australian Accounting Standards. The basis of preparation of our financial statements is provided on page 121. PricewaterhouseCoopers has conducted an independent audit of the financial statements and remuneration report. The Auditor’s Independence is available on page 112. Detailed information on the audit is available on pages 220–225.

KPMG has provided reasonable assurance over scope 1 and 2 GHG emissions, and limited assurance over broader environmental data. The assurance statement can be found on pages 226–228. The sustainability data methodology used in this report can be found in our FY24 Sustainability Data Pack and in our Transurban GHG Basis of Preparation. The remaining information in this report has been reviewed internally. This report contains certain forward-looking statements. See page 234 for a notice regarding these statements.

Figure 2: Material topics

TCFD/ASRS 1 relevance UN SDG 2

FY24 material topic

FY24 material sub-topic Physical impacts of climate change

GRI

SASB sector

Climate

check

Scope 1 and 2 emissions

check

Scope 3 emissions and materials

check

Customer emissions

check

Sustainable driving and mobility

check

Social value and performance Community investment and partnerships

check

Stakeholder engagement

check

First Nations engagement, partnerships and participation

check

Customer value

Customer safety and welfare

check

Customer experience and satisfaction

check

Government and industry relationships

check

Sustainable supply chain

check

Cybersecurity and data privacy

check

Nature, biodiversity and ecological impact

check

ESG regulatory compliance and reporting

check

1 Australian Sustainability Reporting Standards 2 Sustainable Development Goals (SDGs) are a series of 17 goals fixed by the United Nations

Introduction and overview

Working with our stakeholders

Customers

Government and industry

Investors

• Institutional and retail investor engagement; one-on-one meetings; twice-yearly surveys. • Results briefings (half and full year); Investor Day and AGM; quarterly traffic releases; Investor centre website. • Proxy adviser and ESG engagement.

• Official and regulator meetings; federal and state government and agency submissions. • Industry partnerships; memberships; and events. • Partnering on shared issues (for example, road safety). • Member of Parliament engagement on initiatives and grants; asset milestones; and events.

• Customer listening program; customer research; and customer panel. • Customer channels: apps; website; phone; social media; retail outlets. • Customer engagement campaigns; advertising; newsletters; social media.

• Government and industry relationships. • Climate including scope 3 and materials, customer emissions and sustainable driving and mobility. • Nature, biodiversity and ecological impact. • Customer safety and welfare. • Customer experience and satisfaction. • Community investment and partnerships.

• Relationships and positive partnerships. • Nature, biodiversity and ecological impacts. • Climate including: scope 3 and materials; customer emissions; and sustainable driving and mobility. • Customer experience and satisfaction.

• Customer experience and satisfaction. • Customer safety and welfare. • Cybersecurity and data privacy.

• Customer safety and welfare. • Giving back to the community.

• Relationships: continued participation in ESG benchmarks, industry forums and policy development on key topics. • Climate and nature, customer value and community investment: inclusion in investor updates throughout the year, and responses to ESG surveys.

• Relationships: progressed major infrastructure projects using innovation and operational excellence, while minimising disruption; engaged with governments and industry on future transport initiatives. • Climate resilience: renewable electricity; energy efficiency initiatives; sustainable construction initiatives. • Customer value: shared research insights on mobility trends and community sentiment. • Community investment portfolio including grants, partnerships and donations.

• Customer value: education on travel time savings and on avoiding fees and charges; and new asset technology to reduce congestion. • Cybersecurity and data privacy; ongoing scam education information. • Rewards and support: expanded Linkt Rewards; support for customers experiencing hardship.

Introduction and overview

Communities

Our people

Business partners and suppliers

• Annual supplier survey. • Shared-objective setting; pipeline and future works’ scope engagement. • Supplier relationship management. • Engagement on disadvantaged groups’ employment barriers. • Decarbonisation and climate-change mitigation actions.

• All-employee listening program and pulse-check surveys. • Internal communications; all-employee meetings; leadership forums; digital channels. • Recognition program. • Inclusion and wellbeing campaigns, events and education. • Team health and safety shares and observations. • Workforce engagement: regular two- way communication; connection to purpose and strategy. • Growth and development: empowerment and resources to learn and grow through colleagues and experiences. • Belonging, wellbeing and safety; team connection and collaboration. • Workforce engagement: increased communications cadence and enhanced content; introduced CEO ‘Ask Me Anything’ sessions and new two-way communications channels in business areas. • Growth and development: investment in leadership capability; targeted capability-uplift campaigns (for example, data and digital skills); promoted internal movement opportunities; delivered multiple learning talks. • Belonging, wellbeing and safety: mandatory health, safety and environment action plans; counselling and wellbeing benefits; delivered programs and education to foster respect, belonging and wellbeing within teams and across group.

• Community surveys; corporate trust and mobility trends research. • Events; community liaison groups and consultative committees; information sessions; site tours. • Advertising; newsletters; social media; letter drops, door knocking; media coverage. • Partnerships; grant programs; school and grassroots activities. • Nature, biodiversity and ecological impact. • Customer safety and welfare. • Community investment and partnerships. • Climate change. • Sustainable supply chain. • Minimising construction disruption and fatigue. • Facilitating timely two-way communications and opportunities for genuine engagement and input. • Nature and minimising construction disruption and fatigue: fulfilled environmental management obligations; engaged communities on project development and works’ impacts including scheduling and timely notifications; delivered community thank-you gestures and giveaways. • Climate: progress against GHG near-term targets. • Community investment and partnerships and sustainable supply chain: renewed major community partnerships; supported shared-value partnerships to create employment opportunities; delivered community grants; campaigns and education; continuing shared value partnerships. • Customer safety and welfare: road safety campaigns; NeuRA and Kidsafe partnerships; provided immersive and educational road safety experiences.

• Sustainability: supply chain engagement; decarbonisation

performance; social procurement. • Industry leadership: major project learnings; supply chain risks. • Partner engagement: long-term pipeline visibility; supplier confidence; relationship quality.

• Sustainability: sustainable procurement program and supplier engagement activities; social and economic value measurement. • Industry leadership: worked with suppliers and multi-stakeholder organisations to advance our Modern Slavery Act 2018 (Cth) response and reporting. • Partner engagement: implemented shared-value initiatives with key suppliers; worked with suppliers to deliver on expected work pipeline; maintained safe work environment.

Introduction and overview

About Transurban As one of the world’s leading road operators, everything we do works to get people where they want to go, as quickly and safely as possible – from designing and building new roads to researching new vehicle and road safety technology.

Recognitions and ratings • CDP (2023) Climate Change ‘Management’ A- score, leadership band • CDP (2023) Supplier Engagement Rating, A- score • Global Real Estate Sustainability Benchmark for Infrastructure (2023) 86/100, 3-star rating, a rating of A for Public Disclosure • Dow Jones Sustainability Index Top 10% rating in DJSI World Index, CSA score 66/100 • Infrastructure Sustainability (IS) and Envision major project ratings 9 rated projects to date and 4 project ratings underway • MSCI AAA ESG rating since 2019 • FTSE4Good Member of Index series, June 2024 • Workplace Gender Equality Agency (Australia) Employer of Choice Citation for Gender Equality since 2013 • Equileap Ranked the No.1 performing company for gender equality globally with a score of 80% • Sustainalytics 6.5 negligible ESG risk rating April 2024 3 • Support the Goals 5-star-rated company for action on the UN SDGs Reporting frameworks and memberships • GRI reporting since 2006 • United Nations Global Compact joined 2009 • DJSI reporting since 2010 • CDP reporting since 2019 • TCFD reporting since 2019 • SASB reporting since 2020 • Science Based Targets initiative (SBTi) since 2020. First ASX20 company to have near-term 2030 scope 1, 2 and 3 targets validated • Business for Societal Impact (B4SI) joined 2022

We design and build our roads in ways that help minimise their environmental impact and we operate our roads using leading technology solutions that increase safety and improve travel efficiency. We’re also a member of our local communities. We build parks and bike paths, create new community facilities, and plant trees for wildlife habitats – helping people connect with each other and their neighbourhoods. Every road we build and operate is a long- term investment in a city’s future. The benefits our roads create go beyond travel-time savings, improved city connectivity and safer and more sustainable journeys. 2

We’re an Australian-headquartered company and we operate 22 roads in Melbourne, Sydney and Brisbane, as well as in Greater Washington, United States and Montreal, Canada. We also have three major projects expected to open by 2026 1 – projects designed to improve connections within our cities and help people get where they need to be. We design our roads for the long term, ensuring they’ll deliver real and lasting benefits to cities and their communities. While our customers are thinking about getting home on time today, we’re thinking about how populations will get home on time 10 or 20 years in the future. We’re also a technology company – we research and develop innovative tolling and transport technology that makes travel easier for everyone.

Sir Leo Hielscher Bridges, Gateway Motorway, Brisbane

1 On a calendar year basis 2 O n average Transurban customers saved 29% GHG emissions by using Transurban roads in FY24 compared to the toll-free alternative route

3 In April 2024, Transurban received an ESG Risk Rating of 6.5 and was assessed by Morningstar Sustainalytics to be at Negligible risk of experiencing material financial impacts from ESG factors. Copyright ©2024 Sustainalytics, a Morningstar company. All rights reserved. This Corporate Report includes information and data provided by Sustainalytics and/or its content providers. Information provided by Sustainalytics is not directed to or intended for use or distribution to India-based clients or users and its distribution to Indian resident individuals or entities is not permitted. Morningstar/Sustainalytics accepts no responsibility or liability whatsoever for the actions of third parties in this respect. Use of such data is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers/

Introduction and overview

Opportunity and delivery pipeline Transurban’s portfolio is expanding in key markets with the opportunity pipeline to support long-term growth. Sydney

Projects in delivery and potential opportunities 1

Expected delivery 4

Next 5 years

5+ years

Sydney Gateway 2

2024 2026

M7-M12 Integration Project

Potential toll reform opportunities Potential opportunities around Western Harbour Tunnel Potential opportunities around Sydney Harbour Tunnel Potential opportunities around M6

l l

M4 Motorway, Sydney

M4 and M5 widening

Melbourne

Projects in delivery and potential opportunities 1 West Gate Tunnel Project EastLink potential sale Potential opportunities around North East Link

Expected delivery 4

Next 5 years

5+ years

2025

West Gate Tunnel Project, Melbourne

Brisbane

Projects in delivery and potential opportunities 1 Gateway Motorway widening Logan Motorway widening

Expected delivery 4

Next 5 years

5+ years

l l

Broader road enhancements including in relation to the Brisbane 2032 Olympic and Paralympic Games 3

Logan Motorway, Greater Brisbane

North America

Projects in delivery and potential opportunities 1

Expected delivery 4

Next 5 years

5+ years

495 Northern Extension

2025

95 Express Lanes – conversion of a segment to bi-directional Express Lanes enhancements and extensions Potential traditional toll road and Express Lanes acquisition in current or new markets

Potential opportunities in Quebec

495 Express Lanes, Greater Washington Area

1 N o assurance can be given that these potential opportunities will eventuate on the timetable outlined or at all, or that Transurban will be able to participate in them. Transurban’s ability to participate in any future projects or acquisitions will be subject to, among other things, applicable sales processes, applicable government processes and the receipt of relevant regulatory approvals 2 100% funded and owned by NSW Government; will connect with WestConnex on opening 3 Transurban is not a sponsor of the Olympic/Paralympic Games, any Olympic/Paralympic Committees or any national Olympic/Paralympic teams 4 On a calendar year basis

Introduction and overview

Our roads and projects

Frederick MD

Olivier-Charbonneau Bridge

A25

Montréal Gateway Terminals Partnership (Port of Montréal)

Louis-Hippolyte La Fontaine Tunnel

Termont Montréal (Port of Montréal)

Montréal Metropolitan Airport

Jacques-Cartier Bridge

MARYLAND

Ville-Marie Tunnel

Victoria Bridge

DOWNTOWN

Champlain Bridge

495 Express Lanes Northern Extension Project

MONTREAL, QUEBEC

WASHINGTON DC

Ronald Reagan Washington National Airport

495 Express Lanes

395 Express Lanes

VIRGINIA

95 Express Lanes

CANADA

95 Express Lanes/Opitz Boulevard Ramp Project

Montreal

USA

Virginia

Fredericksburg Extension

Fredericksburg

VIRGINIA, GREATER WASHINGTON

Virginia, Greater Washington 95 Express Lanes

50% 50 km 2087 50% 22 km 2087 50% 13 km 2087

495 Express Lanes 395 Express Lanes

Projects Fredericksburg Extension

50% 16 km 2087 50% 3.2 km 2087 50% N/A 2087

Ownership (as at 30 June 2024)

Transurban road

495 Express Lanes Northern Extension

Transurban project

Length in kilometres

95 Express Lanes/Opitz Boulevard Ramp Project

Concession end

Montreal, Quebec A25

1 D etailed planning underway for project, details to be confirmed at a later date 2 D oes not include the concession extension in connection with the M7-M12 Integration Project

50% 7.2 km 2042

Introduction and overview

Melbourne Airport

Port of Brisbane

Brisbane Airport

Essendon Airport

Australia Trade Coast

AirportlinkM7

Inner City Bypass

Sir Leo Hielscher Bridges

Clem7

CityLink Western Link M2

Legacy Way

BRISBANE CBD

Go Between Bridge

Swanson Dock

MELBOURNE CBD

West Gate Tunnel Project

Bolte Bridge

Burnley Tunnel

Gateway Motorway

West Gate Bridge

Domain Tunnel

CityLink Southern Link M1

Webb Dock

MELBOURNE, VICTORIA

Logan Motorway

BRISBANE, QUEENSLAND

NorthConnex

Lane Cove Tunnel

Military Road E-ramp

Sydney Harbour Tunnel

Sydney Harbour Bridge

Rozelle Interchange

AUSTRALIA

SYDNEY CBD

Brisbane

Cross City Tunnel

M7-M12 Integration Project

M4–M8 link

Sydney

Eastern Distributor

M12

M5 East

Melbourne

Sydney Airport

M5 West

Moorebank Intermodal Terminal

Port Botany

SYDNEY, NEW SOUTH WALES

Melbourne, Victoria CityLink Projects West Gate Tunnel Project

Sydney, New South Wales M5 West

100% 22 km 2045

100% 22 km 2026 100% 21 km 2048 100% 3.8 km 2048 100% 2.1 km 2035 75.1% 6 km 2048 50% 40 km 2048 2 50% 14 km 2060 50% 7.5 km 2060 50% 5 km 2060 50% 11 km 2060 50% 10 km 2060

Lane Cove Tunnel Cross City Tunnel Eastern Distributor

100% 17 km 2045

Brisbane, Queensland Logan Motorway

M7 M4

62.5% 39.5 km 2051 62.5% 23.1 km 2051 62.5% 6.8 km 2051 62.5% 6.7 km 2053 62.5% 5.7 km 2065 62.5% 0.3 km 2063

Gateway Motorway

M4–M8 Link

Clem7

Rozelle Interchange

AirportlinkM7

Legacy Way

M5 East

Go Between Bridge

NorthConnex

50%

9 km 2048

Projects Logan West Upgrade Project 1

Projects M7–M12 Integration Project

TBC TBC TBC

50% 26 km 2048 2

Introduction and overview

Executive Committee

Michelle Jablko LLB, BEc Chief Executive Officer

Suzette Corr BCom, MBA Group Executive, People and Culture

Henry Byrne BCom, LLB Chief Financial Officer

Nicole Green BCom, LLB Group Executive, Australian Markets

Beau Memory BA President, North America

Simon Moorfield BSc Group Executive, Customer and Technology

Hugh Wehby BEc Chief Commercial Officer

Sarah Hack (commencing in FY25) LLM, LLB, BA

Nicole Stoddart (commencing in FY25) BEng Group Executive, Delivery & Risk

Read more about our Executive Committee here

Group Executive, Corporate Affairs

Introduction and overview

Global trends The macroeconomic environment and advances in the transport and infrastructure sector present opportunities as well as potential disruptions for our business.

economies during and since the pandemic, and increasing their investment in large-scale infrastructure projects. Total gross state debt in Australia has doubled relative to pre-pandemic levels. 8 And with debt of more than USD34 trillion 9 and higher interest rates, the US spends more to service debt than it does on transport, housing or higher education. 10 Infrastructure needs and funding Private investment through Public Private Partnerships (PPPs) is a funding mechanism that can relieve governments from the burden of up-front infrastructure spending. In NSW alone, Transurban and our partners have invested more than $36 billion into Sydney’s motorway network to support the city’s increasing population and connect economic and residential growth areas. Think tank Infrastructure Partnerships Australia highlights the historic importance of PPPs as a funding tool, stating that Sydney’s most significant and valuable road corridors could not have been built, or their delivery would have been delayed by decades, without PPPs. 11 A further pressure on government finances is declining revenue from fuel excise as vehicles become more fuel efficient and the uptake of low and zero emission vehicles, such as electric vehicles, increases. Governments around the globe have been grappling with how to create a funding model that stabilises public revenue collection for road infrastructure projects and is a fairer system for all motorists. 1 A ustralian Bureau of Statistics, 26 March 2024, Capital city growth the highest on record, accessed June 2024 2 U BS Global Research and Evidence Lab, 15 March 2024 3 R ACQ Annual Average Speed and Travel Time on Brisbane and Gold Coast (State/TMR) Roads, Annual Report 2023 4 R ACQ Annual Average Speed and Travel Time on Brisbane and Gold Coast (State/TMR) Roads, Annual Report 2023 5 2023 Population Statement, Australian Government, Centre for Population, accessed June 2024 6 A BC News, 15 April 2024, Australia’s biggest city has a car problem. What should Melbourne do to fix it? – ABC News accessed June 2024 7 TomTom Traffic Index, Washington traffic report 2023, accessed June 2024 8 Financial Review, June 19 2024, World-leading deficits: Australia’s state debts could hit $800b accessed July 2024 9 T he Department of Treasury and the Bureau of Fiscal Service, Fiscal Data. What is the national debt? accessed June 2024 10 C NN Business,17 April 2024, America’s debt problem could spell higher interest rates in the rest of the world accessed June 2024 11 Infrastructure Partnerships Australia, Submission in response to the NSW Government’s Independent Toll Review Interim Report 13 May 2024

Population growth in Australia’s capital cities has reached record levels, 1 driving demand for greater infrastructure investment to avoid traffic congestion undermining productivity and liveability. Independent data has shown congestion levels rose almost 10% in Sydney and 7% in Melbourne in the March quarter of 2024 compared to the previous year. 2 Similarly, research by Queensland motoring body RACQ found that more than half the roads in Brisbane were more congested in 2023 than pre-pandemic, in 2019. 3 Speeds on some sections of Brisbane motorways were at least 30 km/h slower than average free-flowing speeds. 4 In Melbourne, which is projected to be Australia’s largest city within a decade, 5 the rate of vehicle ownership has outpaced population growth since 2021, with more people opting to drive rather than taking public transport. 6

In the US, congestion in major cities continues to build with traffic in Washington, DC ranked the second-worst in the country. In 2023, commuters spent an extra 86 hours in the car during rush hour due to congestion. 7 To meet the needs of growing populations and retain liveability standards and prosperous economies, governments face competing demands, not only for more transport infrastructure, but also for affordable housing and essential services such as electricity, schools and hospitals. These public-spending demands also come at a time when governments are under pressure to deliver initiatives to relieve the rising cost of living and sustained high inflation. They also face increasing expectations to hasten and help fund the transition to lower carbon sources of energy. At the same time, many governments face burgeoning deficits after supporting their

CityLink, Melbourne

Introduction and overview

Decarbonising road transport through sustainable driving While EV uptake is generating fiscal challenges around fuel excise, it also presents a significant opportunity to lower global GHG emissions and improve air quality. Road transport generates around 12% 2 of global GHG emissions. In Australia, EV sales grew by 120% in 2023. 3 In May 2024, almost 20% of new cars bought in Australia were low-emission vehicles such as hybrids, plug-in hybrids or EVs. 4 Globally, EV sales are projected to reach 17 million in 2024, equating to one in five cars sold worldwide being electric. 5 Our latest research has found that 38% of Australians and 37% of people in North America would like their next car to be an EV. 6 While increasing competition in the global EV market could see prices decline, affordability remains the biggest barrier to more widespread adoption. Transurban is supporting the Parliamentary Friends of Electric Vehicles and Future Fuels Transport Group, a bipartisan group of Federal MPs focused on resolving challenges to the transition to an EV Australian vehicle fleet. Read more on page 33. Changing stakeholder expectations Consumers, security holders, investors, employees and broader stakeholder groups continue to raise the bar for ESG performance. These heightened expectations, particularly among investors, are driving enhanced ESG reporting obligations mandated by global jurisdictions. In June 2023, the ISSB issued its first two standards, related to sustainability-related financial information and climate-related disclosures. These standards are set to transform how companies consider sustainability risks and opportunities in their businesses. The application of ISSB across jurisdictions is gaining momentum. In Australia, Transurban is expected to be captured as part of Group 1 under new climate-first ASRS reporting, from 1 July 2025.

The Victorian Government lost a legal challenge to its road-user charge that charged low and zero-emission vehicles a per-kilometre rate for travel. The charge was designed to recoup some of the lost revenue from EV drivers who use the roads but are not subject to fuel excise. Multiple states in the US have been trialling a pay-per-mile road-user charging system as an opportunity to address inequities and create a more sustainable road funding model. As a long-term advocate for a fairer system, Transurban has partnered with the Eastern Transportation Coalition, a partnership of 19 states in the US, Washington, DC and District of Columbia, to assess the feasibility of transitioning to a distance-based road user funding approach. Transurban is also serving as the technology partner for the California Department of Transportation’s Road Charge Collection Pilot, the first such program in California that processes real-money transactions for road usage within the state. Climate change and nature Extreme weather events and the repercussions of climate change continue to be felt around the globe. Our roads are major transport corridors so it is vital we ensure they can withstand major weather events such as storms, flooding and high temperatures. As an industry leader we are working to transition our business to net-zero emissions by 2050. We will continue to work with our stakeholders to help drive standards and innovations that will reduce the environmental impacts of road operations and construction projects. This includes increasing our use of lower carbon materials, 1 switching to renewable energy and educating drivers about ways they can reduce emissions. We have also seen heightened recognition of the accelerating loss of nature around the globe and its importance to the economy. Reporting on impacts on nature, biodiversity and ecological systems is the next focus area for the International Sustainability Standards Board (ISSB).

Consumers, investors, employees and regulators are also becoming ever more alert to false or exaggerated ESG claims. Combatting ‘greenwashing’ claims is also a regulatory priority for the Australian Securities and Investments Commission (ASIC). AI and new technologies Evolving transport technologies – particularly connected and automated vehicles – have been on the horizon for some time. Connected and autonomous vehicle (CAV) technology may offer major safety benefits with human error a factor in almost 95% of crashes. 7 This technology is also expected to reduce congestion, with CAVs programmed to maintain a safe and consistent distance apart. While the timeline has slipped for general adoption, a McKinsey Center for Future Mobility survey (2023) found that robo-taxis were expected to become commercially available at a large scale by 2030, and fully autonomous trucking expected to be viable between 2028 and 2031. 8 Transurban has partnered with a Silicon Valley-based autonomous driving software company, Plus, to further explore connected and autonomous driving technology. With road freight in Australia expected to increase by around 77% 9 in the next 25 years, this partnership will help Transurban, industry and governments understand what the future of road freight transport could look like, particularly for safety and congestion, as vehicle and autonomous driving technologies progress over the coming decades. We have also run CAV trials in most of our markets to understand how these vehicles’ driving systems would interact with our roadside technology. AI is another area that we are harnessing to improve the safety and efficiency of our roads. For example, in our Transurban Queensland Network Operations Centre, predictive analytics, automation and machine-learning technology is used to predict congestion, and identify and respond to incidents faster.

1 S ee page 47 for examples of recent materials used 2 O ur World in Data, 18 September, Sector by sector: where do global greenhouse gas emissions come from? Accessed June 2024 3 E lectric Vehicle Council, July 2023, State of Electric Vehicles 4 T he Guardian, 6 June 2024, One in four cars sold in May in Australia was an EV or hybrid vehicle, data shows 5 F orbes, 19 May 2024, The vibes lie: electric vehicles accelerate toward 50% of global sales, accessed June 2024 6 Transurban Insights: Electric Vehicles, February 2024 7 A lliance for Automotive Innovation, Benefits of Automated Vehicles, accessed June, 2024 8 M cKinsey & Company, Autonomous vehicles moving forward, Perspectives from industry leaders, 5 January 2024 9 BITRE, 2022, Australian aggregate freight forecasts – 2022 update

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