ATLAS ARTERIA — Interim / Quarterly Report 2017

Oct 19, 2017

Macquarie Atlas Roads Limited ACN 141 075 201

Macquarie Atlas Roads International Limited EC43828

Level 7, 50 Martin Place Telephone 612 8232 3333 SYDNEY NSW 2000 Facsimile 612 8232 4713 GPO Box 4294 Internet www.macquarie.com/mqa SYDNEY NSW 1164 DX 10287 SSE AUSTRALIA

The Belvedere Building 69 Pitts Bay Road Pembroke HM08 BERMUDA

20 October 2017

ASX RELEASE

Macquarie Atlas Roads

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TOLL REVENUE AND TRAFFIC STATISTICS

3[rd] Quarter 2017

Macquarie Atlas Roads (MQA) today released its September 2017 quarter toll revenue and traffic statistics for each of its portfolio toll roads.

Weighted average toll revenue and traffic for the September 2017 quarter[1] increased by 4.0% and 2.5% respectively on the prior corresponding period (pcp) reflecting increased traffic levels and revised toll schedules implemented over the past 12 months.

For the nine months to 30 September 2017[1] , weighted average toll revenue grew 3.8% while traffic over the same period was 2.6% above pcp.

The table below provides a summary of the revenue and traffic performance against pcp.

Traffic Metric3	Toll Revenue2vspcp Traffic vspcp
	Qtr YTD Qtr YTD Jul-Sep 2017 Jan-Sep 2017 Jul-Sep 2017 Jan-Sep 2017
APRR Total VKT ADELAC ADT Dulles Greenway ADT Warnow Tunnel ADT	4.6% 3.9% 3.5% 3.0% 6.3% 6.5% 2.1% 2.7% (0.3%) 2.7% (3.2%) (0.3%) 0.6% 3.5% (2.3%) 0.9%

Note: Any arithmetic inconsistencies are due to rounding.

1 Weighted average based on portfolio revenue and reflects MQA’s economic interest in each asset for the period. For Dulles Greenway this is a 50% estimated economic interest up to and including 15 May 2017 and 100% estimated economic interest thereafter. For APRR and ADELAC, this is 20.14% and 20.16% respectively for the relevant periods up to 30 September 2017. All other figures in this release, including pcp, are presented on a 100% basis.

2 Measured as Total Toll Revenue for APRR and Average Daily Toll Revenue for ADELAC, Dulles Greenway and Warnow Tunnel.

3 Measured as Total Vehicle Kilometres Travelled (VKT) and Average Daily Traffic (ADT).

None of the entities noted in this document is an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities.

Macquarie Atlas Roads

1 APRR

During the September 2017 quarter, MQA owned a 20.14% interest in APRR , in France . In September 2017, MQA executed its pre-emptive right to acquire an additional 4.86% interest in APRR via Macquarie Autoroutes de France 2 SA (MAF2) which remains subject to financial completion, anticipated in October 2017. Following financial completion, MQA will hold a 25.00% interest in APRR.

Table 1: APRR

Table 1:APRR
Category Jul-Sep 2017 Jul-Sep 2016	Change vs Pcp
Toll Revenue Revenue (€m) 675.9 646.1 Vehicle Kilometres Travelled (m) Light Vehicles 6,286 6,106 Heavy Vehicles 897 837 Total 7,183 6,943	4.6% 2.9% 7.1% 3.5%
Workdays in Period 63 64 Non Workdays in Period 29 28	-1 +1

During the September 2017 quarter, total traffic (VKT) increased by 3.5% on pcp.

Light vehicle traffic increased by 2.9% on pcp, and heavy vehicles increased by 7.1% on pcp, during the quarter.

Performance during the September 2017 quarter continued to benefit from a favourable economic environment and, since 1 February 2017, from the inclusion of additional motorway sections (26km) as part of the stimulus plan agreed with the French State.

Toll revenue for the September 2017 quarter amounted to €675.9 million, up 4.6% on pcp. This reflected the combination of higher traffic levels, traffic mix and toll increases of 0.90% and 0.93% for APRR and AREA respectively which came into effect on 1 February 2017.

MQA ASX Traffic Release – September Quarter 2017

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Macquarie Atlas Roads

2 ADELAC

During the September 2017 quarter, MQA owned a 20.16% interest[4] in ADELAC , in France . In September 2017, MQA executed its pre-emptive right to acquire an additional 9.72% interest in MAF2 which remains subject to financial completion, anticipated in October 2017. Following financial completion, MQA will own a 25.03% interest in ADELAC[5] .

Table 2: ADELAC

Table 2:ADELAC
Category Jul-Sep 2017 Jul-Sep 2016	Change vs pcp
Average Daily Toll Revenue Revenue (€) 160,450 151,012 Average Daily Traffic All Days 31,224 30,594	6.3% 2.1%
Workdays in Period 63 64 Non Workdays in Period 29 28	-1 +1

Average daily traffic during the September 2017 quarter increased by 2.1% on pcp.

Average daily toll revenue for the quarter increased by 6.3% on pcp, due to a combination of traffic growth during the quarter and higher tolls.

4 In the September 2017 quarter, MQA held a 20.16% indirect interest in ADELAC, 10.05% through APRR and the remaining 10.11% through Macquarie Autoroutes de France 2 SA (MAF2).

5 Following financial completion, MQA will own a 25.03% interest in ADELAC, 12.48% through APRR and the remaining 12.55% through Macquarie Autoroutes de France 2 SA (MAF2).

MQA ASX Traffic Release – September Quarter 2017

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Macquarie Atlas Roads

3 DULLES GREENWAY

MQA owns an estimated 100% economic interest[6] in TRIP II LP, the owner of the concession for the Dulles Greenway in Virginia, United States .

Table 3: TRIP II – Dulles Greenway

Table 3:TRIP II – Dulles Greenway
Category Jul-Sep 2017 Jul-Sep 2016	Change vs pcp
Average Daily Toll Revenue Revenue (US$) 255,124 255,805 Average Daily Traffic Workdays 61,370 63,369 Weekends/Public Holidays 33,640 33,793 All Days 52,629 54,368	(0.3%) (3.2%) (0.4%) (3.2%)
Workdays in Period 63 64 Non Workdays in Period 29 28	-1 +1

Average daily traffic during the September 2017 quarter decreased by 3.2% on pcp. This performance is broadly in line with the update provided to the market on 14 September 2017[7] .

Average workday traffic decreased by 3.2% while non-workday traffic decreased by 0.4%. Traffic during the quarter was negatively impacted by:

• Completion of widening works on Route 28 in stages between December 2016 and May 2017, providing further congestion relief on alternative routes;

• Continuing Metrorail extension construction activity along Dulles Greenway and Dulles Toll Road which entails narrowed lane operations and occasional lane closures; and

• Completion of the Gloucester Parkway extension in August 2016, providing relief to Waxpool Road and improving traffic conditions on surrounding competing routes.

Dulles Greenway traffic performance will continue to reflect the impacts of various competing network improvements and construction activities over the next 24-36 months.

Average daily toll revenue for the quarter decreased by 0.3% on pcp. On 1 March 2017, offpeak mainline car tolls increased from US$4.40 to US$4.55 and peak mainline car tolls rose from US$5.35 to US$5.50.

6 In February 2017, MQA exercised its pre-emptive right to acquire the remaining 50% estimated economic interest to take MQA's total interest to 100%. Financial close occurred on 16 May 2017.

7 Refer to MQA ASX announcement dated 14 September 2017 which provided an update of Dulles Greenway’s traffic performance for the period to 11 September 2017.

MQA ASX Traffic Release – September Quarter 2017

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Macquarie Atlas Roads

4 WARNOW TUNNEL

MQA owns a 70% interest in Warnowquerung GmbH & Co. KG, the owner of the concession for the Warnow Tunnel in Rostock, Germany .

Table 4: Warnowquerung GmbH & Co. – Warnow Tunnel

Table 4:Warnowquerung GmbH & Co. – Warnow Tunnel
Category Jul-Sep 2017 Jul-Sep 2016	Change vs Pcp
Average Daily Toll Revenue Revenue (€) 34,401 34,199 Average Daily Traffic Workdays 14,070 14,173 Weekends/Public Holidays 9,391 9,991 All Days 12,697 12,991	0.6% (0.7%) (6.0%) (2.3%)
Workdays in Period 65 66 Non Workdays in Period 27 26	-1 +1

Average daily traffic during the September 2017 quarter decreased by 2.3% on pcp.

Traffic during the quarter was negatively impacted by less favourable weather conditions during the summer season compared to last year and a lower level of maintenance activity on the alternative routes.

Average daily toll revenue for the quarter increased by 0.6% on pcp, reflecting the introduction of higher tariffs over the last twelve months.

For further information, please contact:

Investor Enquiries: Victoria Hunt Head of Investor Relations Tel: +61 2 8232 5007 Email: Victoria.Hunt@macquarie.com

Media Enquiries: Navleen Prasad Public Affairs Manager Tel: +61 2 8232 6472 Email: Navleen.Prasad@macquarie.com

MQA ASX Traffic Release – September Quarter 2017

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