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STRENGTH GROWTH DISCIPLINE March 2007. Disclaimer The Transurban Group is a triple stapled security listed on the Australian Stock Exchange comprising.

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Presentation on theme: "STRENGTH GROWTH DISCIPLINE March 2007. Disclaimer The Transurban Group is a triple stapled security listed on the Australian Stock Exchange comprising."— Presentation transcript:


2 Disclaimer The Transurban Group is a triple stapled security listed on the Australian Stock Exchange comprising Transurban Holdings Limited (ACN 098 143 429), Transurban Holdings Trust (ARSN 098 807 419) and Transurban International Limited (ARBN 121 746 825). The responsible entity of the Transurban Holdings Trust is Transurban Infrastructure Management Limited (ACN 098 147 678) which is the holder of Australian Financial Services Licence Number 246 585. Transurban Infrastructure Management Limited is a wholly owned subsidiary of Transurban Limited. This publication has been prepared by the Transurban Group based on the information available. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this publication. To the maximum extent permitted by law, neither any member of the Transurban Group, their directors, employees or agents, nor any other persons accepts any liability for any loss arising from the use of this publication or its contents or otherwise arising in connection with it, including without limitation, any liability arising from fault or negligence on the part of any member of the Transurban Group, their directors, employees or agents. The information contained in this publication does not take into account the investment objectives, financial situation and particular needs of any investor. Further, the information is not intended in any way to influence a person into the varying, acquisition or disposal of a financial product nor provide financial advice nor constitutes an offer to subscribe for securities in the Transurban Group. Any person intending to acquire an interest in the Transurban Group is strongly recommended to seek professional advice. The Transurban Group does not warrant or guarantee the performance, repayment of capital or a particular return of the Transurban Group. United States These materials do not constitute an offer of securities for sale in the United States, and the securities referred to in these materials have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. © Copyright Transurban Limited ABN 96 098 143 410. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the written permission of The Transurban Group.

3 Introduction The strength of the Transurban brand is based on the owner / operator model The model has delivered for investors and positioned the Group for continued disciplined growth

4 Transurban today Top ten road investor globally Premier assets generating strong cash flow Well positioned for US growth Group market cap ~ A$6.9B FY07 forecast yield ~ 7% (1) Asset Mix % CityLink 100% Ownership and Operations Hills M2 100% Ownership and Operations Westlink M7 47.5% Ownership 100% Tolling Pocahontas USA 100% Ownership and Operations Pocahontas Hills M2 31 CityLink 54 4 WM7 11 1.Based on $7.69 security price

5 Balance sheet strength Strong cash flows and EBITDA growth Low gearing - 0.38* A- senior debt rating ICR currently 2.03 88% of long term debt hedged at 6.5% Debt maturity - weighted average 8.81 years *Debt to enterprise value (CARS as equity & 47.5% of M7 debt )

6 Another successful half year EBITDA  19.4% Revenue  15.9% Operational costs  8.8% Corporate costs  5.2% Paid FY07 half year distribution of 26.5 cents – full year guidance of 54 cents FY08 distribution guidance of 57 cents

7 Growing distributions FY07: Substantially tax deferred Forecast yield ~ 7% (1) Cents Per Security 5.3 20 25.5 35 50 54 1.Based on $7.69 security price 57 FORECAST

8 Select View/Master/Slide Master to type classification here QUALITY ASSETS

9 CityLink – Melbourne’s economic spine 1 st Half FY 2007 Traffic  3.3 % Revenue  8.7 % Enhancements Tulla - Calder interchange – Forecast traffic uplift of 1% West Gate – CityLink – Monash upgrade – Forecast traffic uplift of 7%

10 Sydney growth corridor Westlink M7 Dec Quarter 2006 Traffic  5.9 %* Revenue  8.5 %* Future drivers – Continued land use growth – Local road congestion *Percentage change over prior quarter

11 Sydney growth corridor Hills M2 1 st half FY 2007 Traffic  12.6 % Revenue  17.4 % M2 enhancements Widening 100% electronic tolling

12 “Natural owner” of SRG* assets Only Transurban can unlock the value of an integrated network through: Full ETC to deliver higher traffic Improved customer service Lower costs Asset optimisation Network enhancements *Sydney Roads Group * * *

13 The merged group $8.2B* group market cap Geographically diversified Synergies and savings of $8m p.a. Higher operating cash Improved ICRs Asset integration opportunities Pocahontas 3% CityLink 46% Hills M2 25% SRG 15% M7 11% * Based on $7.69 Security Price

14 Select View/Master/Slide Master to type classification here NORTH AMERICA

15 Virginia, USA projects Acquired Pocahontas Parkway Preferred status I-95 HOT Lanes Exclusive Capital Beltway HOT Lanes

16 Project pipeline AssetLocationStatus I-495 (Capital Beltway)VirginiaExclusive I-95/395VirginiaExclusive Dulles Toll RoadVirginiaShort listed (on hold) SH 161TexasShort listed I-635 (LBJ Fwy)TexasShort listed I-285 Managed LanesGeorgiaBidding Gateway ProjectBritish ColumbiaAwaiting RFQ Total estimated costUS$11B

17 DRIVe – Direct Road Investment Vehicle Initial commitment US$2.86B, US$2B from co-investors

18 Conclusion Brand recognition Strong financial performance Balance sheet strength Continue to extract value from existing assets Global growth platform


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