$12, page-4

 More broadly investment in the technology space to drive opportunity for:  Driverless cars. A key part of the discussion was on facilitating the transition towards automated vehicles on our roads. Moreover, TCL sees itself at the forefront of this given the attraction of its roads as testing sites given less obstruction and clear traffic flow. Given the long dated concession length of TCL’s assets the implications for driverless cars in terms of capacity growth, driver demographics and safety are not necessarily out of context, albeit given the ~10-15 year horizon until implementation the impacts from a valuation standpoint are minimal. Thus, this will likely see increasing focus in new road investments. Moreover, whilst in a broader context the implication for driverless cars is positive, we believe that over medium term the impact is less prominent in the hot lane model.  Ongoing discussion with government and policy environment. TCL continues to flag issues around the inequity in the road user funding model in the past. TCL is pushing for a user based road model, currently undertaking a Road Usage study, the results of which will be the beginning of discussion with government around reform. Given TCL’s network in NSW and QLD with multiple roads under ownership, this discussion is increasingly attractive as it can also continue to drive further discussion around network type pricing models.  At last year’s investor day TCL highlighted a desire to have a large scale investment opportunity in each of the regions it operates. 12 months on, this appears to be coming to fruition. TCL gave updates of some specific projects in each of the networks