Transurban is undertaking an accelerated renounceable pro-rata entitlement offer (with retail entitlements trading) to raise approximately A$4.2 billion (the “Entitlement Offer”).

The proceeds raised under the Entitlement Offer will be used to fund Transurban’s equity contribution for the WestConnex acquisition and for general corporate purposes. Further information is set out in relation to the eligibility of security holders and the additional information that will be provided to Eligible Retail Security Holders  in connection with the retail component of the Entitlement Offer. If you are an Eligible Retail Security Holder, you will be able to subscribe for 10 new Transurban stapled securities ("New Securities") for every 57 existing Transurban stapled securities you hold on the Record Date of 7.00pm (AEST) on 5 September 2018 ("Entitlement"). The offer price is $10.80 per New Security ("Offer Price"). Fractional entitlements will be rounded up to the nearest whole number of New Securities. New Securities issued under the Entitlement Offer will rank equally with existing Transurban stapled securities from issue.

The Entitlement Offer comprises an offer to eligible institutional security holders ("Institutional Entitlement Offer") and an offer to Eligible Retail Security Holders to participate at the same Offer Price and offer ratio ("Retail Entitlement Offer"). The Entitlement Offer is being made in accordance with sections 708AA and 1012DAA of the Corporations Act 2001 (Cth) (“Act”) (as modified by ASIC Corporations (Non-Traditional Rights Issues) Instrument 2016/84), meaning that no prospectus needs to be prepared. Eligible Retail Security Holders Eligible Retail Security Holders are those persons who are registered as a holder of existing Transurban stapled securities as at 7.00pm (AEST) on 5 September 2018 and who:

1. have a registered address in Australia or New Zealand recorded on the Transurban security register;

2. are not in the United States and are not acting for the account or benefit of persons in the United States (to the extent such persons hold Transurban stapled securities and are acting for the account or benefit of a person in the United States);

3. have not already received an offer to participate (other than as nominee) or were otherwise ineligible to participate in the Institutional Entitlement Offer; and

4. are eligible under all applicable securities laws to receive an offer under the Retail Entitlement Offer.

If you are a retail investor and are registered as a holder of existing Transurban stapled securities as at 7.00pm (AEST) on 5 September 2018 but do not meet the requirements above, you will be an “Ineligible Retail Security Holder”.

For more information see  www.transurban.com/offer