Transurban Group Ltd. · ASX:TCL
Transurban — Investor Presentation (September 2021)
87 slides from Transurban's investor presentation, Sep 20, 2021
Slide 1: 20 September 2021
20 SEPTEMBER 2021 NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Slide 2: Disclaimer
DISCLAIMER This investor presentation (“Presentation”) has been prepared by Transurban Holdings Limited (ACN 098 143 429), Transurban International Limited (ACN 121 746 825) and Transurban Infrastructure Management Limited (ACN 098 147 678; AFSL 246585) as the responsible entity of Transurban Holdin
Slide 3: Disclaimer
DISCLAIMER Investors should be aware that certain financial measures included in this Presentation are “non-IFRS financial information” under ASIC Regulatory Guide 230: “Disclosing non-IFRS financial information” published by the Australian Securities and Investments Commission (“ASIC”) and also “No
Slide 4: Disclaimer
DISCLAIMER DETERMINATION OF ELIGIBILITY Investors acknowledge and agree that determination of eligibility of investors for the purposes of the Institutional Entitlement Offer or the Retail Entitlement Offer is determined by reference to a number of matters, including legal and regulatory requirement
Slide 5: Disclaimer
DISCLAIMER The underwriters and/or their affiliates are acting as joint lead managers and underwriters of both the Institutional Entitlement Offer and Retail Entitlement Offer. The underwriters are acting for and providing services to Transurban in relation to the Entitlement Offer and will not be a
Slide 6: Contents
CONTENTS 7 16 26 28 35 40 44 TRANSACTION WESTCONNEX WEST GATE TUNNEL CAPITAL FUNDING, STP SUMMARY SUPPLEMENTARY OVERVIEW OVERVIEW PROJECT UPDATE MANAGEMENT STRUCTURE AND OFFER SCOTT CHARLTON, CEO INFORMATION SCOTT CHARLTON, CEO SCOTT CHARLTON, CEO SCOTT CHARLTON, CEO MICHELLE JABLKO, CFO MICHELLE JA
Slide 7: Transaction Overview
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Slide 8: Overview
OVERVIEW Acquisition Funding • Sydney Transport Partners (STP) to acquire the remaining 49% equity stake in WestConnex from the • Transurban’s contribution to the Acquisition to be funded through a combination of new equity and NSW Government for $11.1 billion1 (Acquisition) existing corporate liqui
Slide 9: WestConnex is one of the largest road infrastructure projects in the world
WESTCONNEX IS ONE OF THE LARGEST ROAD INFRASTRUCTURE PROJECTS IN THE WORLD1 Multi-decade concession life Construction nearing completion Close to 40-year concession life remaining2. Additional ownership Reduced construction risks with the M4 and M8 now fully in WestConnex, including M5 West concessi
Slide 10: Key highlights and achievements
KEY HIGHLIGHTS AND ACHIEVEMENTS Customers Integration & Operations Construction Transurban has brought operational Shared services model implemented, with Construction has largely been completed, expertise to improve road safety and operations and maintenance managed by significantly reducing delive
Slide 11: Sydney market fundamentals
SYDNEY MARKET FUNDAMENTALS Population • Sydney is Australia’s largest city with greater Sydney currently home to more than 5.3 million residents 1 • Prior to COVID-19, the population growth rate had been steadily increasing for a decade. Key population growth areas over the period 2011 to 2020 were
Slide 12: 40% of Sydney population expected to live within 5km of WestConnex
40% OF SYDNEY POPULATION EXPECTED TO LIVE WITHIN 5KM OF WESTCONNEX1 Vehicle trips expected to use WestConnex • WestConnex benefits from the structural growth drivers of Sydney by providing a critical connection linking the population and employment centres in Sydney’s west and south- west to key eco
Slide 13: Around 80% of the Greater Sydney freight task is undertaken by road
AROUND 80% OF THE GREATER SYDNEY FREIGHT TASK IS UNDERTAKEN BY ROAD1 • WestConnex is a beneficiary of the resilience and growth in commercial traffic2 • Location facilitates connectivity between key centres of commercial and industrial activity, with: – Freight activity precincts clustered around th
Slide 14: Future road infrastructure investment across Sydney
FUTURE ROAD INFRASTRUCTURE INVESTMENT ACROSS SYDNEY • Ongoing road infrastructure investment across Sydney is expected to be required to meet future demand. New government projects are expected to be required to support expected future population growth and demand for roads, with WestConnex well pos
Slide 15: Value comparators
VALUE COMPARATORS Relevant comparable transactions—concession period1 and EV / EBITDA multiples2 • Transurban’s 50% stake in WestConnex has been WestConnex 100% (Aug–18 / Sep–21) 25.6x acquired for a total of $9.7 billion 39 years WestConnex (Sep-21) 26.7x • Implied enterprise value for 100% of West
Slide 16: WestConnex Overview
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Slide 17: WestConnex overview
WESTCONNEX OVERVIEW • Once completed, WestConnex will comprise six assets, owned across three separate concession agreements with each expiring in 2060 • Four of those six assets are operational with two construction projects ongoing • Collectively, the WestConnex assets will form a ~70km network li
Slide 18: Concessions overview
CONCESSIONS OVERVIEW M4 M8, M5 East & M5 West M4-M5 Link & Rozelle Interchange (WestConnex Stage 1) (WestConnex Stage 2) (WestConnex Stage 3) • M4: comprising the widened M4 (opened July • M8: a new 11km motorway opened in July 2020, • M4-M5 Link Tunnels: new 7.5km twin tunnels of 2017) and the M4 T
Slide 19: Data-driven analysis to enhance the network
DATA-DRIVEN ANALYSIS TO ENHANCE THE NETWORK Origins of trips using WestConnex1 M4 traffic flow analysis2 • Transurban uses internal toll and publicly M4 corridor between the Great Western Highway and available data sources to analyse the M4 corridor betweenParramatta Church Street Roadand Parramatta
Slide 20: Operational performance
OPERATIONAL PERFORMANCE WestConnex M4 • COVID-19 has continued to impact traffic since mid-FY20 following • When STP acquired its initial 51% interest in WestConnex in 2018, only the government-mandated movement restrictions and poses ongoing widened M4 section of the M4 was open, with the M4 Tunnel
Slide 21: Operational performance
OPERATIONAL PERFORMANCE M8 / M5 East M5 West • M8 opened on 5 July 2020, coinciding with tolling commencement on the • The M5 West becomes part of the WestConnex portfolio from December existing M5 East 2026, however, it also serves as a key feeder route for the M8 / M5 East • Travel-time savings of
Slide 22: Integrated tolling across WestConnex
INTEGRATED TOLLING ACROSS WESTCONNEX Tolling integrated across the WestConnex network1 • Revenue is distributed to the WestConnex concession entities on a pro-rata basis based on the distance travelled on each segment • The M5 West will continue to operate under a separate tolling policy to the rema
Slide 23: Project delivery
PROJECT DELIVERY FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 M4-M5 Link Tunnels (Stage 3A) M4 widening Construction commenced in March 2015 • Tunneling excavation is on track to be complete by and opened to traffic in July 2017 the end of 2021, with one mainline tunnel M4 Tunnels Tunnelli
Slide 24: Customer highlights
CUSTOMER HIGHLIGHTS Close to 150 million trips across the WestConnex assets in the twelve-month period from 1 July 2020 to 30 June 2021. WestConnex offers customers faster, safer, more efficient routes around Sydney minutes travel-time savings Empowering customers through data Reasons people use Syd
Slide 25: Partnering with communities
PARTNERING WITH COMMUNITIES Increased engagement and Investing in community grants Celebrating the delivery of community support and partnerships open space and cycleways • Canal to Creek artwork portal. WestConnex and • Community grants. Over the past five years, almost • Revitalising open space. W
Slide 26: West Gate Tunnel Project Update
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Slide 27: West Gate Tunnel Project – dispute update
WEST GATE TUNNEL PROJECT – DISPUTE UPDATE • Detailed disclosures on West Gate Tunnel Project were provided in the Transurban FY21 Investor Presentation on 9 August 2021 • Subsequently, the project parties have continued a mediation process to seek a commercial resolution. Negotiations remain challen
Slide 28: Capital Management
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Slide 29: Transurban capital management approach
TRANSURBAN CAPITAL MANAGEMENT APPROACH Robust balance sheet provides optionality for investment in new opportunities Following equity raise, capacity remains for general corporate purposes including new opportunities Balancing growth in Resilient cash flows underpinned by essential infrastructure di
Slide 30: WestConnex capital strategy and management
WESTCONNEX CAPITAL STRATEGY AND MANAGEMENT • WestConnex’s capital strategy is aligned with Transurban’s approach and Debt maturity profile and key metrics ($m)1,2 will support the delivery of the Group’s objectives 956 • WestConnex optimises its financing structure by reducing refinancing risk 2,784
Slide 31: Progressively building cash flows support growth and distributions
PROGRESSIVELY BUILDING CASH FLOWS SUPPORT GROWTH AND DISTRIBUTIONS Cash flows Capital Releases provide further funds for Long-term growth in Free Cash to support Capital Releases capital management optionality • WestConnex’s long-term Free Cash generation • WestConnex’s traffic volumes and cash flow
Slide 32: Balance sheet capacity for future optionality
BALANCE SHEET CAPACITY FOR FUTURE OPTIONALITY REGION POTENTIAL OPPORTUNITIES2 NEXT 5 YEARS 5+ YEARS Sydney M7 staged widening and M7/M12 interchange • At 30 June 2021 the Group had $6.0 billion in Western Harbour Tunnel and Sydney Harbour Tunnel potential monetisation corporate liquidity1, comprisin
Slide 33: Balancing distributions with future growth
BALANCING DISTRIBUTIONS WITH FUTURE GROWTH ¢ per security 70 COVID-19 impacts • Track record of delivering distributions to securityholders 60 even during the peak of COVID-19 in 2020 50 • Prudently managed balance sheet provides sufficient headroom to withstand sustained impact to traffic volumes 4
Slide 34: Traffic update
TRAFFIC UPDATE1 Sydney weekly traffic 2021 vs 2019 (%) Melbourne weekly traffic 2021 vs 2019 (%) • Portfolio performance will remain sensitive to WEEK COMMENCING WEEK COMMENCING future government responses to COVID-19 3-Jan 24-Jan 14-Feb 7-Mar 28-Mar 18-Apr 9-May 30-May 20-Jun 11-Jul 1-Aug 22-Aug 3-
Slide 35: Funding Structure and Offer
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Slide 36: Funding sources and uses
FUNDING SOURCES AND USES Sydney Transport Partners funding sources and uses—upfront WestConnex purchase price1 Sources ($b) Uses ($b) Transurban equity 5.56 Acquisition price – 49% Sell down by NSW Government2 11.11 Other STP consortium members equity 5.56 Additional debt 0.0 Total sources of funds
Slide 37: STP ownership structure in WestConnex
STP OWNERSHIP STRUCTURE IN WESTCONNEX Ownership structure post-acquisition in Ownership structure post-financial close in 2018 2021 STP consortium introduces a new investment partner • Caisse de dépôt et placement du Québec (CDPQ) is a 25.5% 50.0% global investment group managing funds for public re
Slide 38: Entitlement Offer and Placement key details
ENTITLEMENT OFFER AND PLACEMENT KEY DETAILS1 Equity raise • Transurban to raise $4.22 billion through the Entitlement Offer and a Placement to STP consortium member AustralianSuper • New Securities issued under the Entitlement Offer and Placement will rank equally with existing ordinary securities a
Slide 39: Indicative offer timetable
INDICATIVE OFFER TIMETABLE Dates and times are subject to change without notice Timing Announcement of WestConnex Acquisition and Entitlement Offer, trading halt commences, and institutional Entitlement Offer opens 20 September 2021 Announcement of completion of institutional Entitlement Offer 23 Se
Slide 40: Summary
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Slide 41: WestConnex to deliver long-term value
WESTCONNEX TO DELIVER LONG-TERM VALUE Multi-decade concession life Construction nearing completion Traffic resilience Capital Releases for future growth Defined pricing escalation mechanism Free Cash generation supports distribution growth WESTCONNEX ACQUISITION AND TRANSURBAN EQUITY RAISING | 20 SE
Slide 42: Supplementary Information
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Slide 43: Supplementary Information
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Slide 44: WestConnex Additional Information
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Slide 45: Tolling regime
TOLLING REGIME WestConnex (excl. M5West) 2021 dollars • Tolling on the WestConnex network is fully electronic, multi-lane free flow using tag and video. The tolling regime includes: Toll FlagFall $1.42 – Flag fall plus distance-based tolls TollPrice $0.53 per km – Higher tolls for large vehicles (3x
Slide 46: WestConnex financing structure over time
WESTCONNEX FINANCING STRUCTURE OVER TIME STP post-acquisition capital Capital structure at 100% STP Refinance WestConnex M5/M8 and 1 structure (December 2018) 2 ownership 3 WestConnex M4-M5 Link debt (timing to be determined) STP RRIPL STP STP 51% 49% 100% 100% WestConnex WestConnex WestConnex Group
Slide 47: WestConnex governance and tax considerations
WESTCONNEX GOVERNANCE AND TAX CONSIDERATIONS Governance considerations • No material changes to Transurban’s governance rights • Transurban continues to provide WestConnex with management services under the Master Services Tawreed Agreement STP Investor STP ownership: 50.0% WestConnex ownership: 50.
Slide 48: STP shareholder overview
STP SHAREHOLDER OVERVIEW1 Tawreed A$39bn A$233bn C$520bn C$390bn Tawreed Investments Limited is a wholly owned market capitalisation2 of retirement savings of assets under of net assets under subsidiary of ADIA under management3 management4 management5 Transurban is a leading manager, As Australia’s
Slide 49: Entitlement Offer key details
ENTITLEMENT OFFER KEY DETAILS Structure and size Fully underwritten 1 for 9 accelerated pro rata renounceable Entitlement Offer with retail entitlements trading to raise gross proceeds of approximately $3.97 billion Ranking New Securities will rank equally with all other ordinary securities on issue
Slide 50: Placement key details
PLACEMENT KEY DETAILS Structure and size 19.1 million securities placed to AustralianSuper Ranking Securities issued under the placement will rank equally with all other ordinary securities on issue Issue price Issue price of $13.07 per security, a 0.5% premium to the Entitlement Offer price WESTCON
Slide 51: Pro Forma Financials
Pro Forma FInancials NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Slide 52: Basis of preparation pro forma financial information
BASIS OF PREPARATION PRO FORMA FINANCIAL INFORMATION Source of information The pro forma financial information on slides 55 to 58 is derived from: • Financial information extracted from Transurban’s FY21 audited statutory financial statements; and • Financial information extracted from STP’s FY21 au
Slide 53: Basis of preparation pro forma financial information
BASIS OF PREPARATION PRO FORMA FINANCIAL INFORMATION Pro forma balance sheet The pro forma balance sheet on slide 58 has been prepared as if the transaction had occurred on 30 June 2021. Transurban’s contribution to STP to fund the purchase price for the transaction consists of equity contributions
Slide 54: Basis of preparation pro forma financial information
BASIS OF PREPARATION PRO FORMA FINANCIAL INFORMATION Assumptions for distribution guidance The statement on slides 8 and 33 include information relating to Transurban’s distribution guidance for 1H22. In determining distribution guidance certain assumptions have been made about future performance an
Slide 55: Statutory results—pro forma
STATUTORY RESULTS—PRO FORMA FY21 ($M) WESTCONNEX TRANSURBAN PRO FORMA ACQUISITION Continuing operations Toll revenue 2,266 - 2,266 Construction revenue 480 - 480 Other revenue 140 - 140 Total revenue 2,886 - 2,886 Employee benefits expense (280) - (280) Road operating costs (328) - (328) Constructio
Slide 56: Proportional EBITDA results—pro forma
PROPORTIONAL EBITDA RESULTS—PRO FORMA FY21 ($M) WESTCONNEX TRANSURBAN PRO FORMA ACQUISITION Toll revenue 2,486 130 2,616 Other revenue 127 (7) 120 Total revenue 2,613 123 2,736 Direct costs (777) (30) (807) Underlying proportional EBITDA 1,836 93 1,929 Significant items (24) - (24) Proportional EBIT
Slide 57: Free cash flow—pro forma
FREE CASH FLOW—PRO FORMA FY21 WESTCONNEX EQUITY TRANSURBAN ACQUISITION FUNDING PRO FORMA Free cash ($M) – including capital release 1,278 329 - 1,607 Free cash ($M) – excluding capital release 1,000 62 - 1,062 Free cash per security (cents) – weighted average securities on issue during period 46.7 1
Slide 58: Consolidated balance sheet—pro forma
CONSOLIDATED BALANCE SHEET—PRO FORMA As at 30 June 2021 ($M) WESTCONNEX TRANSURBAN ACQUISITION EQUITY FUNDING PRO FORMA ASSETS Cash and cash equivalents 4,285 (5,556) 4,150 2,879 Intangible assets 21,643 - - 21,643 Property, plant and equipment 567 - - 567 Equity accounted investments 5,751 4,857 -
Slide 59: Value comparators notes
VALUE COMPARATORS NOTES 1. EV/EBITDA multiples WestConnex EV/EBITDA multiples are based on the enterprise value and the present value of the projected FY28 EBITDA (being the first full year of operation of the M5 West concession). The enterprise value includes net debt and excludes transaction costs
Slide 60: Key Risks
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Slide 61: Business risk
BUSINESS RISK KEY RISKS Investors should be aware that there are risks associated with an investment in Transurban. Some of the key risks that may, either individually or in combination, affect the future operating and financial performance of Transurban and the value of Transurban securities (befor
Slide 62: Business risk
BUSINESS RISK The extent to which COVID-19 will impact Transurban’s business and its financial results will depend on future developments, which are highly uncertain and cannot be predicted. Such developments may include the geographic spread of the virus; the severity of the disease; the duration o
Slide 63: Business risk
BUSINESS RISK g) changing travel patterns and habits of private and commercial users of Transurban’s toll roads; h) demographic and social conditions including population growth, migration, land development programs, social instability, changes in residential and commercial land use and general deve
Slide 64: Business risk
BUSINESS RISK If these enforcement actions are not taken or are unsuccessful, or if the legislative framework governing the enforcement proceedings is deficient or changes adversely, Transurban may be unable to recover the relevant tolls from road users which may adversely affect Transurban’s cash f
Slide 65: Business risk
BUSINESS RISK Governments could enact legislation which compels Transurban to take a particular action, imposes new obligations on Transurban or amends Transurban's rights and obligations under its concession agreements, deems that a default termination event has occurred which could lead to the imp
Slide 66: Business risk
BUSINESS RISK 1.10 RELATIONSHIP WITH GOVERNMENT Transurban’s relationships with government entities are key to ensuring the continuity of its existing concession agreements and future opportunities for new projects and improvements or growth of its toll roads. Governments could seek to terminate Tra
Slide 67: Business risk
BUSINESS RISK Transurban is rated by external credit rating agencies. Its access to, and cost of, financing is also affected by its credit ratings, in particular its senior secured debt credit ratings. Any downgrade or adverse change in outlook (including in relation to global credit markets) could
Slide 68: Business risk
BUSINESS RISK Under the terms of its concession agreements and the documents related to those agreements, Transurban can also be required to perform upgrades on the toll roads and other road projects. The upgrades are generally governed by process deeds. Under those deeds, a failure to carry out an
Slide 69: Business risk
BUSINESS RISK 1.17 ACQUISITIONS AND DEVELOPMENTS Transurban has in the past expanded its portfolio through acquisitions or bids for new projects. In the future, Transurban may seek to acquire or develop additional toll roads, assets or businesses. There can be no assurance that such acquisitions or
Slide 70: Business risk
BUSINESS RISK 1.19 RISKS OF ACCIDENTS OR OTHER INCIDENTS RELATING TO TOLL ROADS Transurban is subject to the risk of accidents and incidents on its toll roads and adjacent and feeder roads and sites, as well as to weather conditions, natural phenomena, natural disasters, vandalism, and acts of terro
Slide 71: Business risk
BUSINESS RISK 1.22 RELEASE OF CONFIDENTIAL INFORMATION Transurban’s tolling arrangements and systems lead it to obtain personal and confidential information from its customers, including bank account and credit card details. The handling and retention of such information is regulated by various priv
Slide 72: Business risk
BUSINESS RISK To the extent that Transurban has unhedged investments in assets outside of Australia, movements in currency exchange rates have the potential to reduce the capital value of its investments and cash returns from investments. 1.28 FRAUDULENT BEHAVIOUR OF EMPLOYEES Transurban is exposed
Slide 73: Business risk
BUSINESS RISK 1.31 KEY AUTHORISATIONS AND LICENCES Transurban holds a number of key authorisations and licenses that it needs to conduct its business in the way it is currently conducted. For example, Transurban holds two Australian Financial Services Licences that enable it to both operate the Tran
Slide 74: Offer and general risks
OFFER AND GENERAL RISKS 2.1 UNDERWRITING RISK Transurban has entered into an underwriting agreement under which four underwriters have agreed to fully underwrite the Entitlement Offer, subject to the terms and conditions of the underwriting agreement between the parties. The underwriters’ obligation
Slide 75: Offer and general risks
OFFER AND GENERAL RISKS To the maximum extent permitted by law, Transurban, the underwriters and the respective related bodies corporate, affiliates or the directors, officers, employees or advisors of any of them, will not be liable, including for negligence, for any failure to procure applications
Slide 76: Offer and general risks
OFFER AND GENERAL RISKS 2.5 ASSET IMPAIRMENT Asset impairment charges may result from actual performance failing to meet Transurban’s forecasts or the occurrence of unexpected adverse events that impact Transurban’s expected performance. The Transurban Board regularly monitors impairment risk and go
Slide 77: WestConnex acquisition risks
WESTCONNEX ACQUISITION RISKS 3.1 COMPLETION RISKS Completion of the Acquisition of WestConnex is conditional on certain matters including payment of the purchase price. If any of the conditions are not met, completion of the Acquisition may be deferred or cancelled. If completion of the Acquisition
Slide 78: International Offer Restrictions
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Slide 79: International offer restrictions
INTERNATIONAL OFFER RESTRICTIONS This document does not constitute an offer of entitlements or new Transurban stapled securities ("New Securities") in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the entitlements and New Secur
Slide 80: International offer restrictions
INTERNATIONAL OFFER RESTRICTIONS The entitlements and the New Securities may not be offered or sold to legal or natural persons in the PRC other than to: (i) "qualified domestic institutional investors" as approved by a relevant PRC regulatory authority to invest in overseas capital markets; (ii) so
Slide 81: International offer restrictions
INTERNATIONAL OFFER RESTRICTIONS KOREA Transurban is not making any representation with respect to the eligibility of any recipients of this document to acquire the entitlements or the New Securities under the laws of Korea, including, without limitation, the Foreign Exchange Transaction Act and reg
Slide 82: International offer restrictions
INTERNATIONAL OFFER RESTRICTIONS This document has been given to you on the basis that you are (i) an "institutional investor" (as defined in the SFA) or (ii) an "accredited investor" (as defined in the SFA). If you are not an investor falling within one of these categories, please return this docum
Slide 83: International offer restrictions
INTERNATIONAL OFFER RESTRICTIONS UNITED KINGDOM Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 20
Slide 84: Glossary
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Slide 85: Glossary
GLOSSARY TERM DEFINITION TERM DEFINITION 95 95 Express Lanes EV Enterprise value 395 395 Express Lanes FFO Funds From Operations 495 495 Express Lanes FIRB Foreign Investment Review Board 1H/2H First or second half of a financial year (unless specified otherwise) FREE CASH/FCF Free Cash is the prima
Slide 86: Glossary
GLOSSARY TERM DEFINITION SERVICE AND FEE Service and fee revenue includes customer administration charges and enforcement REVENUE recoveries SLN Shareholder Loan Note. An interest bearing shareholder loan STATE WORKS The capital contribution for WestConnex Stage 3A to be provided by Transport for Ne
Slide 87: WestConnex acquisition and Transurban equity raising
WESTCONNEX ACQUISITION AND TRANSURBAN EQUITY RAISING | 20 SEPTEMBER 2021 NOT FOR RELEASE OR DISTRIBUTION NOT IN FORTHE UNITED RELEASE ORSTATES DISTRIBUTION IN THE UNITED STATES
Transurban Group — Investor Presentation (September 2021) on 6ix