#039;m $20.0m FY09 of delivered

Slide 5: Lane Cove Tunnel: Cost Savings in Place

LANE COVE TUNNEL COST SAVINGS IN PLACE For personal use only Actions taken to remove costs on day 1 of $’million Transurban ownership: 2009 operating costs – status quo 31.0  Reduction in salary costs ($1.6m Actions taken to date to remove costs annualised savings) Salary reductions (1.6)  Review

Slide 6: Lane Cove Tunnel: Performing Well

LANE COVE TUNNEL PERFORMING WELL For personal use only LCT Historical Average Annual Daily Traffic (AADT) LCT Monthly Growth in 2010 (AADT vs pcp) Military Road Tunnel TOTAL E-Ramp Jan 2.7% 13.7% 5.0% Feb 8.7% 16.3% 10.2% March 10.1% 14.1% 10.9% April 5.3% 14.5% 7.1% May 5.9% 10.5% 6.8% June 5.9% 10

Slide 7: Financial Results

For personal use only FINANCIAL RESULTS TOM HONAN – CHIEF FINANCIAL OFFICER 7

Slide 8: Statutory Reporting

STATUTORY REPORTING For personal use only  Toll revenue - $684.4 million (2009 : $678.3 million) -  0.9%  Fee and other road revenue - $66.7 million (2009 : $60.7 million) -  9.9%  EBITDA (statutory basis) - $527.5 million (2009 : $479.4 million) -  10.0%  Net profit/loss - $59.6 million prof

Slide 9: Proportional Result: Third Year of Double Digit EBITDA Growth

PROPORTIONAL RESULT THIRD YEAR OF DOUBLE DIGIT EBITDA GROWTH For personal use only Proportional results for year ended 30 June 2010 30 June 10 30 June 09 % Change $M $M Toll revenue 773.9 724.9 6.8  Fee revenue 51.8 46.7 10.9  Other revenue 16.7 16.1 3.7  Total revenue from continuing portfolio 8

Slide 10: Free Cash Flow: Growth on Expanded Capital Base

FREE CASH FLOW GROWTH ON EXPANDED CAPITAL BASE For personal use only 30 June 30 June % Underlying free cash growth (excluding Free cash flow 2010 2009 change contribution from M4) Underlying free cash 347.5 263.6 31.8 Free cash 356.1 281.3 26.6 Underlying free cash per security (cents) 26.7 20.8 28.

Slide 11: Cost Reductions Reflected in EBITDA Gains

COST REDUCTIONS REFLECTED IN EBITDA GAINS For personal use only Underlying proportional EBITDA movement (including M4) – FY08 FY10 1 Cost savings $18.7million Cost savings $26.6million  Total cost savings since FY08 of $45.3 million (excluding incremental volume related costs) 1. Refer slide 52 for

Slide 12: Cost Reductions: Transforming the Cost Base

COST REDUCTIONS TRANSFORMING THE COST BASE For personal use only Total direct 1 costs = $300.9m Total direct 1 costs = $280.1m Total direct 1 costs = $264.8  Further cost savings expected to offset inflationary increases $28.4m Business over the medium term Development $26.0m Business $17.0m Busine

Slide 13: Asset Snapshot: EBITDA Gains Strong Across Portfolio

ASSET SNAPSHOT EBITDA GAINS STRONG ACROSS PORTFOLIO For personal use only Year ended 30 June 2010 % of prop Traffic Toll Revenue EBITDA toll revenue Growth (%) Growth (%) Growth (%) 47.3 CityLink 4.0 9.1 10.9 16.0 Hills M2 1.8 13.3 19.9 7.6 M1 Eastern Distributor 3.9 4.4 6.2 1 6.9 M4 2.5 N/A N/A 10.

Slide 14: Financing and Capital Map

For personal use only FINANCING AND CAPITAL MAP TOM HONAN – CHIEF FINANCIAL OFFICER 14

Slide 15: Capital Profile: Growth Pipeline Equity Fully Funded

CAPITAL PROFILE GROWTH PIPELINE EQUITY FULLY FUNDED For personal use only Available funds $’million Funding requirements for growth projects $’million Undrawn corporate facilities 501.0 Lane Cove Tunnel acquisition - equity contribution 376.4 Cash on hand 681.3 M2 Upgrade – equity contribution (fore

Slide 16: Treasury Highlights: Funding Well Managed

TREASURY HIGHLIGHTS FUNDING WELL MANAGED For personal use only Debt facilities refinanced since May 2009 505 2009 2010  Well received domestic MTN issue of $250m in March 2010  TFC senior secured rating affirmed by all three credit rating agencies  Asset refinancings have increased diversity of f

Slide 17: Funding Snapshot: Corporate Debt Maturities

FUNDING SNAPSHOT REFINANCING ACTIVITIES For personal use only Corporate debt maturities – 8 year forward view At 30 June 2010 800 700 AUD $ million (or equivalent) 600 500 165 400 375 129 300 300 200 271 300 136 300 230 250 100 100 125 125 49 0 2011 2012 2013 2014 2015 2016 2017 2018 Financial Year

Slide 18: Funding Snapshot: Non-recourse Debt Maturities

FUNDING SNAPSHOT REFINANCING ACTIVITIES For personal use only Non-recourse debt maturities – 8-year forward view At 31 December 2008 At 30 June 2010 1,400 1,400 AUD $ million (equivalent if USD) AUD $ million (equivalent if USD) 1,200 1,200 1,000 1,000 500 800 800 600 600 7 1 523 400 400 691 691 470

Slide 19: Financial Results Conclusion

FINANCIAL RESULTS CONCLUSION For personal use only Third year of double digit % EBITDA growth 26.6% growth in free cash in FY10 700 13.1% 16.6% 600 21.1% 500 EBITDA #039;m 400 300 629.9 556.8 477.4 200 394.3 26.6% 100 0 FY09 FY10 FY07 FY08 FY09 FY10 Doubled FY08 cost savings target LCT integration – ma

Slide 20: Business Update

For personal use only BUSINESS UPDATE CHRIS LYNCH – CHIEF EXECUTIVE OFFICER 20

Slide 21: Strategic Focus

STRATEGIC FOCUS For personal use only Operational excellence Portfolio enhancements New project opportunities Maintain flat cost base Australia Focus on east coast of Australia and Virginia in US Focus on ‘value framework’ • LCT integration (current) • Monash-CityLink West Gate upgrade (current) • M

Slide 22: Operational Excellence

OPERATIONAL EXCELLENCE For personal use only Cost savings and revenue enhancements achieved through the ‘Value Framework’ The Value Framework • Increase in truck toll multiples on Hills M2 (from Actively Manage Concession 2.5x to 3.0x) Increase Optimise Improve Road Product • Conversion of NSW custo

Slide 23: CityLink Upgrade Benefits Evident

CITYLINK UPGRADE BENEFITS EVIDENT For personal use only Strongest traffic growth observed on CityLink since original ramp-up Quarterly AADT growth versus prior corresponding period MCW Business Case – uplift beginning to be observed Fourth outbound lane opened Monthly AADT growth  Monash-CityLink-W

Slide 24: CityLink Upgrade Benefits Evident

CITYLINK UPGRADE BENEFITS EVIDENT For personal use only Airport AADT growth – Qtr 3 & 4 – FY10 versus FY09 Western Link Western Link Q3 Q4 Western Link inbound 3.4% 3.1% Western Link outbound 3.0% 4.9% Domain and Burnley tunnels CBD AADT growth – Qtr 3 & 4 – FY10 versus FY09 Southern Link Port Q3 Q4

Slide 25: Sydney Network Opportunity

SYDNEY NETWORK OPPORTUNITY For personal use only FY10 traffic and revenue growth Toll Traffic revenue growth (%) growth (%) Hills M2 13.3% 1.8% M1 Eastern CBD 4.4% 3.9% Distributor 1 LCT 9.7% 8.3% Airport Port Westlink M7 9.5% 6.7% M5 3.6% 3.4% © 2010 Google, Map Data © 2010 Tele Atlas  Drivers of

Slide 26: Increasing Share of Sydney Traffic

INCREASING SHARE OF SYDNEY TRAFFIC For personal use only Traffic growth (AADT) – toll roads vs free alternative routes Compound annual growth rate – CY05 – CY08 M1 Eastern Distributor 3.1% O’Riordan Street 0.8% Hills M2 6.6% Epping Road (0.9%) M5 3.0% Newbridge Road (1.4%) M4 Motorway 2.2% Parramatt

Slide 27: Asset Utilisation: Long Term Growth Capacity

ASSET UTILISATION LONG TERM GROWTH CAPACITY For personal use only Historical workday traffic at M5 Main Toll Plaza - Eastbound  Peak spreading generates greater utilisation of asset  Growth in inter peak travel will continue to occur  Upgrade projects allow greater capture of network demand 27

Slide 28: Asset Utilisation: Long Term Growth Capacity

ASSET UTILISATION LONG TERM GROWTH CAPACITY For personal use only Historical workday traffic at LCT Main Toll Plaza- Eastbound  LCT at early stages of asset life  Peak spreading starting to be observed 28

Slide 29: Asset Utilisation: Long Term Growth Capacity

ASSET UTILISATION LONG TERM GROWTH CAPACITY For personal use only Historical workday traffic at M5 Main Toll Plaza - Eastbound Historical workday traffic at LCT Main Toll Plaza- Eastbound 29

Slide 30: Growth Outlook

For personal use only GROWTH OUTLOOK CHRIS LYNCH – CHIEF EXECUTIVE OFFICER 30

Slide 31: Growth Pipeline: A Critical Mass of Projects

GROWTH PIPELINE A CRITICAL MASS OF PROJECTS For personal use only  Growth projects to deliver in near, medium and longer term  Substantial portfolio enhancements to be delivered by 2013 – A key driver of cash flow growth over the medium term • Capital Beltway first tolls in 2013 • M5 widening – ex

Slide 32: MCW Upgrade - Delivering

2011 MCW UPGRADE - DELIVERING For personal use only Actual traffic growth  Monash-CityLink-West Gate Upgrade benefits delivering as expected  AADT in June 2010 was the highest monthly growth year on year since February 2002  July traffic growth of 9.4%  Full benefits still to come with completio

Slide 33: Lane Cove Tunnel Integration

2011 LANE COVE TUNNEL INTEGRATION For personal use only  EBITDA margin of LCT is substantially lower than Transurban’s other Australian toll roads  Actions to date expected to reduce LCT operating costs by $8.5 million in FY11 compared to 2009 Change in Lane Cove Tunnel EBITDA margin – Reduction i

Slide 34: Sydney Network Enhancements – M2

2012 SYDNEY NETWORK ENHANCEMENTS – M2 For personal use only  Final agreement expected in 2010 Components driving project return  Full project benefit in 2012 Concession Extension Traffic Uplift Status update: Environmental Assessment – Public exhibition complete – EA approval imminent New Ramps To

Slide 35: Sydney Network Enhancements – M5

2013 SYDNEY NETWORK ENHANCEMENTS – M5 For personal use only  Full project benefit in 2013 Status update RTA negotiations – Detailed agreement targeted late 2010 Environmental assessment – RTA currently preparing EA (different to M2) – EA approval targeted early 2011 Financing – Financial close to f

Slide 36: Capital Beltway Comes On Line

2013 CAPITAL BELTWAY COMES ON LINE For personal use only  Construction 40% complete  Beltway demographics largely unaffected by US recession – Fairfax County unemployment rate 4.6% (53% below national average at December 2009) – Fairfax County has second highest median household income in the US F

Slide 37: Conclusion

For personal use only CONCLUSION 37

Slide 38: Value Drivers: $4.9 billion capex at work

VALUE DRIVERS For personal use only $4.9 billion capex at work Capital $1.9billion Beltway M5 widening $400mill M2 Upgrade $550mill Lane Cove $630.5mill Tunnel MCW $1.4billion Upgrade FY10 FY11 FY12 FY13 FY14 FY15 FY16 Total project capex including government contribution for MCW upgrade and Capital

Slide 39: Delivering Value

DELIVERING VALUE For personal use only  Outstanding operational performance continues – Direct cost savings $45.3m since FY08 – FY10 Underlying EBITDA growth of 13.0% – FY10 Underlying free cash growth 26.6%  Distributions expected to be at least 26 cents in FY11  Fully funded pipeline of growth

Slide 40: For personal use only

For personal use only 40

Slide 41: Appendix – Detailed Financials August 2010

For personal use only APPENDIX 1 – DETAILED FINANCIALS 12 AUGUST 2010 41

Slide 42: Free Cash

FREE CASH For personal use only 30 June 10 30 June 09 % Change $M $M Cashflows from operating activities (Refer Group Statutory Accounts) 355.8 320.0 Cashflows from operating activities – M1 Eastern Distributor and M4 (72.7) (126.5) Controlled cash 283.1 193.5 46.3 M1 Eastern Distributor 43.6 45.4 M

Slide 43: One-offs

ONE-OFFS For personal use only EBITDA Free cash 30 June 10 30 June 09 30 June 10 30 June 09 $M $M $M $M Corporate advisory costs (5.4) - (4.4) - Loss on CEU Investment - (22.4) - - Onerous lease provision - (4.2) - - Restructuring costs - - - (10.6) DRIVe and CBE financial close - - - (8.8) M5 share

Slide 44: Key Financial Highlights: Statutory

KEY FINANCIAL HIGHLIGHTS STATUTORY For personal use only 30 June 10 30 June 09 % Change $M $M Toll revenue 684.4 678.3 0.9 Fee and other revenue 65.4 59.8 9.4 Total revenue 749.8 738.1 1.6 Operating costs (184.8) (187.8) (1.6) Corporate costs (44.8) (43.8) 2.3 Net CEU Investment loss - (22.4) - Busi

Slide 45: Reconciliation of Statutory P&L to EBITDA June 2010

RECONCILIATION OF STATUTORY P&L TO EBITDA 30 JUNE 2010 For personal use only Offset construction Statutory Other revenue Net business Reallocation of $M accounting disclosure Total P&L reallocation development capitalised costs under AASB I 12 Toll revenue 684.4 - - - - 684.4 Fee & other road revenu

Slide 46: Reconciliation of Statutory P&L to EBITDA June 2009

RECONCILIATION OF STATUTORY P&L TO EBITDA 30 JUNE 2009 For personal use only Offset construction Reallocation of Statutory Other revenue Net business accounting $M capitalised CEU loss Total P&L reallocation development disclosure under costs AASB I 12 Toll revenue 678.3 - - - - - 678.3 Fee & other

Slide 47: Reconciliation to Proportional EBITDA

RECONCILIATION TO PROPORTIONAL EBITDA For personal use only 30 June 10 30 June 09 $M $M Statutory EBITDA 527.5 479.5 Less: M1 Eastern Distributor EBITDA attributable to Minority Interest (14.5) (13.7) Less: M4 EBITDA attributable to Minority Interest (27.8) (45.3) Add: M5 Proportional EBITDA 74.7 71

Slide 48: Result by Asset (Consolidated) June 2010

RESULT BY ASSET (CONSOLIDATED) 30 JUNE 2010 For personal use only 1 Corporate/ $M CityLink Hills M2 Tollaust M1 ED M4 Roam Total Other Revenue Toll revenue 389.9 141.5 - 82.2 70.8 - - 684.4 Fee and other revenue 38.5 0.5 8.3 0.2 4.1 15.2 (1.4) 65.4 Total revenue 428.4 142.0 8.3 82.4 74.9 15.2 (1.4)

Slide 49: Result by Asset (Equity) June 2010

RESULT BY ASSET (EQUITY) 30 JUNE 2010 For personal use only M5 Westlink Pocahontas DRIVe $M Total Motorway M7 895 Operations Revenue Toll revenue 162.5 175.5 15.6 - 353.6 Fee and other revenue 12.3 2.2 0.1 - 14.6 Total revenue 174.8 177.7 15.7 - 368.2 Total cost (25.3) (38.7) (9.2) (5.8) (79.0) EBIT

Slide 50: Result by Asset (Consolidated) June 2009

RESULT BY ASSET (CONSOLIDATED) 30 JUNE 2009 For personal use only 1 Corporate/ $M CityLink Hills M2 Tollaust M1 ED M4 Roam Total Other Revenue Toll revenue 368.4 124.9 - 78.8 106.2 - - 678.3 Fee and other revenue 33.8 0.5 7.9 0.2 4.3 14.1 (1.0) 59.8 Total revenue 402.2 125.4 7.9 79.0 110.5 14.1 (1.0

Slide 51: Result by Asset (Equity) June 2009

RESULT BY ASSET (EQUITY) 30 JUNE 2009 For personal use only M5 Westlink Pocahontas DRIVe $M Total Motorway M7 895 Operations Revenue Toll revenue 157.0 160.2 18.5 - 335.7 Fee and other revenue 12.5 2.2 - - 14.7 Total revenue 169.5 162.4 18.5 - 350.4 Total cost (26.6) (35.1) (8.8) (8.2) (78.7) EBITDA

Slide 52: Proportional Result Including Contribution from M4

PROPORTIONAL RESULT INCLUDING CONTRIBUTION FROM M4 For personal use only 30 June 10 30 June 09 % Change $M $M Toll revenue 809.7 778.7 4.0 Fee revenue 51.8 46.7 10.9 Other revenue 18.8 18.3 2.7 Total revenue 880.3 843.7 4.3 Operating costs (208.4) (209.9) (0.7) Business development costs (17.0) (26.

Slide 53: Proportional Finance Costs

PROPORTIONAL FINANCE COSTS For personal use only 30 June 10 30 June 09 $M $M Statutory finance costs (excluding foreign exchange gains) (176.4) (161.4) Less: M1 Eastern Distributor net finance (revenue)/costs attributable to Minority 2.1 (1.6) Interest Less: M4 net finance costs attributable to the

Slide 54: Cash Based Interest Finance Costs

CASH BASED INTEREST FINANCE COSTS For personal use only Proportional Statutory 30 June 10 30 June 09 Change 30 June 10 30 June 09 Change $M $M % $M $M % Debt interest expense – cash (408.6) (382.4) 6.9 (268.6) (240.3) 11.8 Debt interest expense – accretion (32.7) (32.7) - (32.7) (32.7) - Net RIBS an

Slide 55: Infrastructure Bonds: Post-tax Cash Flow Impact

INFRASTRUCTURE BONDS POST-TAX CASH FLOW IMPACT For personal use only 30 June 10 30 June 09 M1 Eastern Distributor $M $M Interest received (including placement fee) 139.9 132.6 Interest paid (96.1) (88.3) Net interest revenue 43.8 44.3 Tax payable (39.8) (35.7) Net interest after tax 4.0 8.6 30 June

Slide 56: Analysis of Taxation

ANALYSIS OF TAXATION STATUTORY AND PROPORTIONAL For personal use only 30 June 10 30 June 09 Statutory tax paid includes $M $M Corporate 0.3 0.5 M1 Eastern Distributor (33.5) (8.9) Hills M2 - 1.4 M4 (25.9) (25.7) Transurban US 1.8 (3.3) Westlink holding companies (3.7) (0.8) Total (61.0) (36.8) 30 Ju

Slide 57: Maintenance Expense Included in Operating Costs

MAINTENANCE EXPENSE INCLUDED IN OPERATING COSTS For personal use only 30 June 10 30 June 09 Asset $M $M CityLink 11.1 11.5 Hills M2 3.1 3.9 M1 – Eastern Distributor 3.5 3.2 M5 – Interlink (0.5) 2.3 M7 – Westlink 8.2 5.6 Pocahontas 895 4.4 2.6 1. The above information has been calculated in accordanc

Slide 58: Appendix – Detailed Treasury and Funding August 2010

For personal use only APPENDIX 2 – DETAILED TREASURY AND FUNDING 12 AUGUST 2010 58

Slide 59: Group Drawn Debt Facilities at June 2010

GROUP DRAWN DEBT FACILITIES AT 30 JUNE 2010 For personal use only Transurban corporate debt AUD ($M) USD ($M) Working capital lines1 - 30 Term bank debt 600 - US Private Placements 1,294 149 Domestic unwrapped bonds 550 - Domestic wrapped bonds 600 - Total 3,044 179 Non recourse (AUD $ million) Asse

Slide 60: Total Group Drawn Debt

TOTAL GROUP For personal use only DRAWN DEBT Group 30 June 2010 30 June 2009 Movement Explanation3 Debt AUD1 Corporate 3,044 3,003 + 41 $100m increase in MTN program, $80m repayment of drawn working capital facilities, $21m 2006 accreting USPP Non recourse (Proportional) 1,732 1,727 + 5 Proportional

Slide 61: Key Debt Metrics

KEY DEBT METRICS For personal use only 30 June 2010 30 June 2009 Transurban Non Transurban Non Corporate Corporate Group recourse Group recourse Weighted average maturity (years)1 10.2 yrs 6.1 yrs 13.4 yrs 10.1 yrs 6.9 yrs 13.9 yrs Weighted average cost of AUD debt 6.9% 6.6% 7.4% 6.4% 6.5% 6.4% Weig

Slide 62: Refinancing Activities

REFINANCING ACTIVITIES For personal use only Refinancing – Transactions closed and the next 6 months Refinance New debt Total Timing Asset Class of facility $M $M $M Transactions closed May 2009 M2 Bank 459 6 465 M1 Eastern July 2009 Bank 515 - 515 Distributor December 2009 M5 Bank 513 10 523 March

Slide 63: Corporate Debt Maturities

CORPORATE DEBT For personal use only MATURITIES Full profile – at 30 June 2010 800 700 AUD $ million (or equivalent) 600 500 165 400 375 129 300 300 200 271 300 136 300 230 250 229 219 100 206 174 100 125 125 85 49 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 202

Slide 64: Non-recourse Debt Maturities (100%)

NON-RECOURSE DEBT MATURITIES (100%) For personal use only Full non-recourse debt maturity profile – at 30 June 2010 1,400 AUD $ million (equivalent if USD) 1,200 481 1,000 500 800 600 691 523 902 400 500 200 359 291 260 250 195 175 27 133 60 35 0 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 203

Slide 65: Appendix – Asset Snapshot August 2010

For personal use only APPENDIX 3 – ASSET SNAPSHOT 12 AUGUST 2010 65

Slide 66: CityLink

CITYLINK For personal use only  Construction milestones in FY10: % growth EBITDA – October 2009 – West Gate Freeway Traffic Toll revenue EBITDA Margin eastbound and westbound completed 4.0% 9.1% 10.9% 84.2% (including opening of new entry and exit ramps). – December 2009 - Monash section completed.

Slide 67: Hills M2

HILLS M2 For personal use only  Strong revenue growth driven by 12.5% car toll % growth EBITDA price increase in July 2009 and multiple truck Traffic Toll revenue EBITDA Margin toll price increases 1.8% 13.3% 19.9% 79.6%  Traffic comprised 93.6% cars and 6.4% trucks – Positive growth of 1.7% in ca

Slide 68: M1 Eastern Distributor

M1 EASTERN For personal use only DISTRIBUTOR  Traffic comprised 97.6% cars and 2.4% trucks % growth EBITDA – Positive growth of 4.1% in car traffic and Traffic Toll revenue EBITDA Margin negative growth of 2.8% in truck traffic 3.9% 4.4% 6.2% 71.0%  The closure of the cash booth at Plaza A led to

Slide 69: Westlink M7

WESTLINK M7 For personal use only  Traffic comprised 85.1% cars and 14.9% trucks % growth EBITDA – Positive growth of 6.7% in car traffic and Traffic Toll revenue EBITDA Margin 5.8% in truck traffic 6.7% 9.5% 9.1% 79.2% – M7 has the highest truck to car ratio from all the TU assets Section growth o

Slide 70: M5

M5 For personal use only  Traffic comprised 93.4% cars and 6.6% % growth EBITDA trucks Traffic Toll revenue EBITDA Margin – Positive growth of 3.4% in car traffic 3.7% 3.4% 3.6% 4.6% 92.0% in truck traffic  A slight increase in the truck share of traffic in FY10 had a positive influence on revenue

Slide 71: Pocahontas

POCAHONTAS For personal use only  Richmond Airport Connector construction is % growth EBITDA progressing well and is ~65% complete Traffic Toll revenue EBITDA Margin  The installation of a new Electronic Tolling (5.9%) (0.7%) (33.0%) 41.7% System commenced in June and was completed in July 2010 

Slide 72: For personal use only

For personal use only 72

Transurban Group — FY2010 Earnings Presentation on 6ix

6ix — News, calls and decks from 54,000 public companies

News releases, calls, decks and charts for 54,000 public companies in one place, with 6ix AI and an email when your companies put out news. Free for investors.

Please enable JavaScript to use all features of 6ix.com.