2024 Corporate Report

Business performance

Investment partners

Our global road operator expertise and our project delivery capability attract quality investment partners.

We have seven investment partners across 17 assets (Figure 8). Our investment partners operate or own infrastructure assets in more than 35 countries and have more than

$1.9 trillion in collective funds under management or net assets. Our partners include leading global pension funds and infrastructure investors.

The direct asset funding our investment partners provide enables us to access new markets and assets, with less reliance on the Transurban balance sheet.

Figure 8: Investment partners

Investment partnership Sydney Transport Partners

Partners

Assets

Transurban, AustralianSuper, CPP Investments, Platinum Tawreed Investments and CDPQ

WestConnex

Airport Motorway

Transurban, IFM Investors and UniSuper

Eastern Distributor

NorthWestern Roads Group Transurban Chesapeake

Transurban, CPP Investments and QIC

Westlink M7, NorthConnex

495 Express Lanes, 1 95 Express Lanes, 2 395 Express Lanes

Transurban, AustralianSuper, CPP Investments and UniSuper

Skawanoti

Transurban and CDPQ

A25

Transurban Queensland

Transurban, AustralianSuper, Platinum Tawreed Investments

AirportlinkM7, Clem7, Gateway Motorway, Go Between Bridge, Legacy Way, Logan Motorway

Our investment proposition

Supportive long term trends Population and mobility trends supporting long-term traffic growth in all markets

High quality asset portfolio Customer base of +10M across five diverse regions, containing 22 high quality assets, delivering underlying Free Cash to support distributions Investment in capability Targeted investment in early-stage development projects, technology, customer platforms and people

Inflation linked toll escalations Embedded fixed and CPI escalations across +90% of FY24 toll revenue support EBITDA and Free Cash over the life of each concession

Project pipeline supports long term Free Cash growth Projects aligned with government infrastructure priorities, including the West Gate Tunnel Project, M7-M12 Integration and Logan West Upgrade project, are expected to support long term Free Cash growth

Balance sheet management provides near-term interest rate protection

Well managed weighted average cost of debt through active balance sheet management and hedging

Balancing growth in distributions and investment to support long-term value

1 4 95 Express Lanes concession includes the 495 Express Lanes Northern Extension Project (currently under construction) 2 9 5 Express Lanes concession includes the Fredericksburg Extension

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