#1IndiGrid INVESTOR PRESENTATION Q1 FY24 RESULTS#2Safe Harbor IndiGrid This presentation is prepared and issued by IndiGrid Investment Managers Limited (the "Investment Manager") on behalf of and in its capacity as the investment manager of India Grid Trust ("IndiGrid") for general information purposes only without regards to specific objectives, financial situations or needs of any particular person and should not be construed as legal, tax, investment or other advice. This presentation is not a prospectus, a statement in lieu of a prospectus, an offering circular, an offering memorandum, an advertisement, an offer or an offer document under the Companies Act, 2013, the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, as amended, or any other applicable law in India. This presentation does not constitute or form part of and should not be construed as, directly or indirectly, any offer or invitation or inducement to sell or issue or an offer, or any solicitation of any offer, to purchase or sell any securities. This presentation should not be considered as a recommendation that any person should subscribe for or purchase any securities of: (i) IndiGrid or its portfolio assets (being, IndiGrid Limited, IndiGrid 1 Limited, IndiGrid 2 Limited, Bhopal Dhule Transmission Company Limited, East-North Interconnection Company Limited, Jabalpur Transmission Company Limited, Maheshwaram Transmission Limited, RAPP Transmission Company Limited, Purulia Kharagpur Transmission Company Limited, Patran Transmission Company Limited, NRSS XXIX Transmission Limited, Odisha Generation Phase II Transmission Limited, Gurgaon Palwal Transmission Limited, Jhajjar KT Transco Private Limited, Parbati Koldam Transmission Company Limited, NER-II Transmission Project, Kallam Transmission Limited, IndiGrid Solar-I (AP) Private Limited, IndiGrid Solar-II (AP) Private Limited), Raichur Sholapur Transmission Company Private Limited (RSTCPL), Khargone Transmission Limited (KhTL) (collectively, the "IndiGrid Group"), or (ii) its Sponsor (being Esoteric II Pte. Ltd.) or subsidiaries of the Sponsor (collectively, the "Sponsor Entities"), and should not be used as a basis for any investment decision. Unless otherwise stated in this presentation, the information contained herein is based on management information and estimates. The information contained in this presentation is only current as of its date, unless specified otherwise, and has not been independently verified. Please note that, you will not be updated in the event the information in the presentation becomes stale. This presentation comprises information given in summary form and does not purport to be complete and it cannot be guaranteed that such information is true and accurate. You must make your own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as you may consider necessary or appropriate for such purpose. Moreover, no express or implied representation or warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. Further, past performance is not necessarily indicative of future results. Any opinions expressed in this presentation or the contents of this presentation are subject to change without notice. None of the IndiGrid Group or the Sponsor Entities or the Investment Manager or the Axis Trustee Company Limited or any of their respective affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the IndiGrid Group or the Sponsor Entities. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any persons in possession of this presentation should inform themselves about and observe any such restrictions. This presentation contains certain statements of future expectations and other forward-looking statements, including those relating to IndiGrid Group's general business plans and strategy, its future financial condition and growth prospects, and future developments in its sectors and its competitive and regulatory environment. In addition to statements which are forward looking by reason of context, the words 'may', 'will', 'should', 'expects', 'plans', 'intends', 'anticipates', 'believes', 'estimates', 'predicts', 'potential' or 'continue' and similar expressions identify forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance including those relating to general business plans and strategy, future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that any objectives specified herein will be achieved. All forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results, performances or events to differ materially from the results contemplated by the relevant forward-looking statement. The factors which may affect the results contemplated by the forward-looking statements could include, among others, future changes or developments in (i) the IndiGrid Group's business, (ii) the IndiGrid Group's regulatory and competitive environment, (iii) the power transmission sector, and (iv) political, economic, legal and social conditions. Given the risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. 2#3Vision Focused Business Model Value Accretive Growth . Long term contracts • • Low operating risks Stable cash flows DPU accretive acquisitions Y-o-Y Creating growth pipeline for future • • IndiGrid Predictable Distribution Optimal Capital Structure Quarterly distribution Minimum 90% of Net cash flow distributed Sustainable distributions Cap on leverage at 70% AAA rating; prudent liability management Well capitalized To become the most admired yield vehicle in Asia 3#4Portfolio Overview 229 Bn1,2 ASSETS UNDER MANAGEMENT 19 STATES & 1 UT 61 REVENUE GENERATING ELEMENTS 1,2 ~8,468 ckms 1,2 46 LINES 100 MW(AC) ~17,550 MVA 1,2 13 SUBSTATIONS ~27 YEARS SOLAR GENERATION AVERAGE RESIDUAL CONTRACT3,4 ~12,9701 TOWERS >5,35,000 MT5 STEEL AND ALUMINUM (1) Value of 100% stake of all projects as per independent valuation report as of Jun 30, 2023; (2) Including Kallam Project which is u/c; Kallam has ~66 ckms line and 1000MVA substation (3) ENICL has a TSA term of 25 years from the Licence Date (4) IndiGrid Solar Assets have a PPA term of 25 years from the effective date (5) Includes Steel used in both tower and conductors and Aluminium used in conductors RTCL BDTCL NTL Amargarh PrKTCL Samba Parbati Jalandhar Koldam JKTPL PTCL Ludhiana Patran Dipalpur GPTL Kabulpur Jharli Dhanonda Neemrana JTCL Sohna Kadarpur Prithala Aligarh IndiGrid IndiGrid ENICL Siliguri Bongaigaon Itanagar Biswanath Purnia Misa NER-II RAPP Biharsharif Silchar Bina Shujalpu Indore Bhopal Jabalpur Dharamjaigarh Ranchipurlia Chaibasa PK Bari Surajmaninagar- Vadodra Khandwal Kharagpur Khargone Dhule Jharsuguda Raipur OPGC PKTCL Aurangabad OGPTL Kallam Solapur Nizamabad Khargone Yeddumailaram Maheshwaram Kallam Raichur Mahboobnagar MTL RSTCL Ananthapuram Solar Park FRV A 2x315 MVA (400/220 kV GIS Substation) 765 kV DC 2x500 MVA (400/220 kV GIS Substation) 765 kV SC 2x315 MVA + 2x100 MVA (400/220/132 kV AIS Substation) 400 kV DC A 2x500 MVA (400/220 kV GIS Substation) 400 kV SC A 2x1500 MVA (765/400 kV AIS Substation) 400/132 kV MC A 2x315 MVA (400/132 kV AIS Substation) 2x50 MW (AC) 132 kV DC 400 kV MC 2x500 MVA (400/220 kV AIS Substation) Note: Locations Indicative; Only a Pictoral Representation of India Location is Indicative, only a graphical representation of India 4#5Q1 FY24 QUARTERLY UPDATE 5#6Q1 FY24 Highlights Portfolio Update Completed 6 years of value accretive growth, sustainable distributions and best in class governance practices since listing Virescent Renewable Energy Trust (VRET) Transaction closure process underway; received SEBI approval; Targeting closure in last week of August Received SEBI approval for de-classification of Sterlite Power Transmission Limited (SPTL) as a Sponsor Augmentation works across Kallam, Patran, Prithla and Amargargh substation started on regulated tariff mechanism IndiGrid Superior Total Returns Financial Performance Q1 FY24 Revenue & EBITDA witnessed 12% and 11% YoY growth respectively Q1 FY24 collections at 86% - in line with usual quarterly trends FY24 DPU guidance at 13.80 for the year AUM at 229 billion; Net Debt/AUM at ~60.1% - well below the 70% cap as per SEBI regulations Operational Performance ☐ Average availability >99.50% Solar CUF at 28.05% Temporary impact on availability in NER-II due to insulator flashovers Sustainable Increase in DPU Stable Operations CO 6#7Q1 FY24 Industry Update Power Demand and Supply Trend Average quarterly peak power demand registered at 220.2 GW for Q1 FY24 Peak power demand witnessed YoY rise of 4.7% ☐ India has envisioned aggressive generation growth to meet growing consumption demand ☐ Installed capacity at 421.9 GW in Jun'23 vs 403.8 GW in Jun'22 Share of renewable has increased from 39.9% to 41.8% during the period IndiGrid + 4.7% + 15.5% 210.2-----►220.2 182.1 Q1FY22 Q1FY23 Peak Power Demand (GW) Q1FY24 Key Developments in Transmission / Solar □ CEA has notified the National Electricity Plan (NEP) (Vol-1 Generation) for the period of 2022-32 India estimated to surpass its installed RE capacity target (i.e. 50% from non-fossil resources) much before deadline The plan provides a short-term framework of five years while giving a 15-year perspective Includes demand forecasts, capacity additions, technologies and fuel choices, energy security, and environmental considerations Introduced measures to make RE available 24x7 through BESS* and Pump Storage Plant Fund requirement estimated for generation capacity addition from 2022-32: ₹ 34 Tn ☐ Transmission projects worth ~INR 1.4 Tn are likely to be awarded through competitive bidding in near future as per NCT Three High Voltage Direct Current (HVDC) corridors worth INR 49,500 Cr planned as part of RE integration Power Sector in India to witness investments over ₹ 35 Tn with focus on RE and its integration Source: 1) Press releases (2)CEA monthly reports (3) Ministry of Power releases *Battery Energy Storage Systems; RE: Renewable Energy 7#8VRET Transaction Update Update . • June '23: Received unitholders' approval for the VRET acquisition¹ July '23: Received SEBI approval for the acquisition; transaction closure process underway August '23: Targeting closure in last week of August Transaction IndiGrid IndiGrid has signed definitive agreements to acquire VRET along with its IM and PM, at a value of 40 billion, subject to closing adjustments 2 India's first and only renewable energy InvIT with an AUM of ~41 billion, comprising 16 operational solar projects through 14 SPVs Sponsored by KKR, AAA-rated and has a strong institutional framework comprising of marquee unitholders such as AIMCO, Utilico, L&T and others Assets have ~7 years of operational history and ~18 years of average remaining tenure Capacity 17,550 MVA ~5x 17,550 MVA AUM² % Share of Solar 3% 17% 676 MWP ~269 Bn ~229 Bn 8,468 ckms 138 MWp 8,468 ckms IndiGrid pre-VRET acquisition IndiGrid post-VRET acquisition pre-VRET acquisition post-VRET acquisition Projects 17 Projects 33 Projects pre-VRET acquisition post-VRET acquisition 1) KKR representatives refrained from voting for the acquisition approval 2) Indicative AUM post-VRET acquisition Employees ~285 ~385 pre-VRET acquisition post-VRET acquisition *IM: Investment Manager; PM: Project Manager 8#9Q1 FY24 Operational Performance Zero Harm on HSE ■ - Fatality, 1 LTI - Reportable 1 FAC ' Recordable, 1 MTC- Zero Recordable. Performance ■ ◉ Power Transmission: Q1 FY24 Average availability > 99.50%. Solar Generation (100MW): 61.26 MU are generated at 28.05% CUF ☐ Insulator flashovers led to impact on availability performance. Reliability ☐ Q1- Trips/Line at 0.24. Substation Trips/Element: 0.10 ☐ Technological Initiatives Invested in RAS (Remote Access Server) & AFAS (Automatic Fault Analysis System) project, which enables swift analysis of fault data and enhances decision-making capabilities. Solarization ☐ Solar Generation - Ground mounted solar plants at Bhopal (205 kWp) and Dhule (248 kWp) 169,286 units. Additional Solarization projects are scheduled for implementation in 4 more assets in line with our green initiatives ☐ Cybersecurity No severe threats identified via security operation center. IndiGrid Q1 FY24 availability(%) 99.68 99.89 99.52 99.57 99.98 100.00 99.93 100.00 99.56 100.00 99.96 99.84 BDTCL JTCL RTCL PKTCL MTL PTCL NRSS-XXIX OGPTL ENICL • ■Availability Over Normative GPTL PrKTCL JKTPL ■Normative Availability Notes: All Assets performed above the Normative Availability except NER-II, which faced a temporary impact on its performance due to insulator flashovers. No. of Trips / Line NER-II 100.00 99.36 95.73 RSTCPL KhTL (Khargone) Key Indicators Training Man hours (Hours) Q1 FY24 0.24 ~13,370 Q1 FY23 0.36 ~11,734 Loss Time Incident - Recordable (Nos) Unsafe conditions reporting (Nos) Near Miss Reporting (Nos) 0 0 1,898 1,975 84 15 Rooftop (SS) Solar Generation (kWh) Utility Solar (100 MW) 11,904 12,134 Generation (MU) 61.26 57.52 CUF/Plant Availability (%) 28.05%/99.68% 26.34%/99.87% Consistent track record of maintaining superior availability *LTI: Loss Time Incident; FAC: First Aid Cases; MTC: First Aid Cases 9#10Q1 FY24 Financial Performance Earnings Revenue (Mn) IndiGrid EBITDA (Mn) Mn Q1 FY24 Q1 FY23 % change 6,292 5,669 5,542 5,609 5,039 5,122 Revenue 6,292 5,609 12% EBITDA 5,669 5,122 11% NDCF Generated 1,734 1,153 50% DPU (per unit) 3.45 3.30 5% Q1 FY22 Q1 FY23 Q1 FY24 Q1 FY22 Q1 FY23 Q1 FY24 Collections Collections at 86% in Q1 FY24 vs 79% YoY ☐ DSO days1 at 66 as of Jun'23 vs 65 days as of Jun'22 Collection Efficiency % 95% 95% 79% 83% 86% 76% 79% 65% April May June Q1 ■FY23 ■FY24 Consistent growth in Revenue, EBITDA, NDCF on a YoY basis DSO- Days Sales Outstanding, (1) DSO days does not include unbilled revenue 10#11Q1 FY24 Distribution Update Particulars Q1 FY24 Q1 FY23 Distribution per unit (DPU) (₹) 3.45 3.30 - Interest 3.1759 3.06 - Dividend 0.0611 1 NIL - Capital Repayment/Others 0.2130 0.24 Outstanding Units (Mn) 700.2 700.2 Gross Distribution (* Mn) ~2,416 ~2,313 Record Date August 3, 2023 August 1, 2022 Tentative Distribution Date (on or before) August 12, 2023 August 10, 2022 NAV per Unit (*) ~130.5 ~132.2 ~75.31/unit amounting to ~41.30 Billion distributed to investors since listing (including Q1 FY24 distribution) (1) Exempt Dividend IndiGrid Quarterly Distribution Trend 3-4% YoY growth 3.00 3.00 3.00 3.30 3.19 3.45 FY19 FY20 FY21 FY22 FY23 FY24 (P) DPU guidance for FY24 at ₹ 3.45/unit per quarter and ₹ 13.80/unit for the year 11#12Q1 FY24 Consolidated EBITDA to NDCF Waterfall IndiGrid (In Mn) 164 5,730 4,788 -1,056 -31 -20 -151 1,734 -2,897 -5 Reserve worth 681 Mn used during the quarter; reserve balance at 2,543 Mn 681 2,416 EBITDA at SPV Finance cost WC Movement Capex Tax at SPV NDCF at SPV Expenses at IGT Finance cost at Tax at IGT IGT NDCF Generated Reserve at IGT & SPV Distribution Healthy NDCF reserves ensuring stable and sustainable DPU 12#13Robust Balance Sheet IndiGrid Gross Borrowing ~ * 146 Bn 64 AAA Rated By CRISIL, ICRA & India Ratings -83% Fixed Rate Borrowings -7.58% Average Cost of * 10.41 Bn NCDs 47% Debt Bank Loans 53% 15 ~60.1% Net Debt/AUM Cash Balance1 2.08x EBITDA/Interest ☐ Weighted average cost of borrowing for incremental debt at -7.70% in Q1 FY24 (i.e., IFC drawn down) Repayment/Refinancing Schedule (* Bn) 8.3 5.3 15.8 15.2 13.9 14.4 11.5 9.3 15.6 0 18 68 26 ■ NCD-MFs ■NCD-Insurance Co. ■Loan-Private Banks ■Loan-PSU Banks ■NCD-Retail/HNI 5.1 5.1 4.2 4.2 12.2 ■NCD-Banks & Fl ■ NCD-Corporate & PF 3.4 1.1 0.7 0.7 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41 Well-diversified and termed-out borrowing profile (1) Includes 2.4 Bn held for distribution, 3.7 Bn for DSRA/lien mark 13#14Superior Risk-Adjusted Total Returns to Investors Annualised Return Total Returns¹ Source: Bloomberg IndiGrid 5% 6% 13% 13% 11% 10% 12% 16%2 38% 46% 109% 107% 91% 80% 103% 37% 2% | | 37% 67% 59% 15% 78% 96% 40% -2% 44% GSEC Bond (10 year) GSEC Bond (30 year) 72% IndiGrid 11% 13% 21% 36% 23% NSE 500 NSE INFRA BSE Utilities PGCIL PGCIL InvIT Beta³ vs NSE 500 10Y GSec Bond4 30Y GSec Bond4 IndiGrid NSE 500 NSE INFRA BSE Utilities PGCIL PGCIL InvIT 0.01 0.03 0.08 1.00 0.95 0.91 0.54 0.18 (1) Total return is sum of all distributions since listing (Jun '17) and change in price till Jun 30, 2023 (2) PGCIL InvIT listed in May 2021 (3) Beta refers to Historical Beta calculated on a weekly basis since listing of IndiGrid to Jun 30, 2023 (4) 10Y GSec Bond refers to IGB 6.79 15/05/2027; 30Y to IGB 7.06 10/10/46 Corp Consistently outperforming on a risk-adjusted basis Price Change ■Distribution 14#15IndiGrid Business Outlook Portfolio Strategy ☐ Focus on maintaining stable operations for predictable and sustainable distribution while looking for value accretive acquisitions Consummation of pipeline deals - VRET acquisition, framework asset with GR Infra upon its COD ☐ Proactively participate in synergistic greenfield bidding opportunities across power transmission and BESS1 ☐ Deliver on increased DPU guidance of 13.80 for FY24 along with a 2%-3% increase post VRET acquisition closure Improving Balance Sheet Strength ☐ Focus on optimizing interest cost and elongate tenures for upcoming acquisitions over next few quarters Maintain adequate liquidity to mitigate any uncertainties or unpredictable scenario ☐ Approvals in place for further capital raise up to 15 Bn to maintain adequate headroom for growth Resilient Asset Management ☐ Focus on maintaining 99.5% availability across portfolio and maximizing incentives ☐ Improve self-reliant O&M practices across the portfolio Utilize digital tools to assist analytics and proactive decision making ☐ Ensure world class EHS and ESG practices across the portfolio Industry Stewardship - Maximize private sector participation in electricity sector for both green field and national monetization pipeline Focus on increasing awareness about IndiGrid and InvITs BESS Battery Energy Storage Systems 15#16||| ANNEXURES 16#17Asset BDTCL JTCL Madhya Pradesh, Maharashtra, Gujarat RTCL PKTCL MTL PTCL Asset Portfolio 13 Inter State TBCB Transmission Projects States Madhya Pradesh, Chhattisgarh Madhya Pradesh, Rajasthan West Bengal, Jharkhand Telangana Punjab 1 Intra State TBCB Transmission Project Elements 6 Lines - 945 ckms 2 Lines - 995 ckms 1 Line 405 ckms - 1 Regulated Tariff Transmission Project Contract 1 Solar Generation Asset COD Availability AUM² (%)¹ (Million) IndiGrid 1 Under Construction TBCB Transmission Project FY24 Tariff Contribution³ Metal ('000 Metric Ton) Fixed Tariff/ Centre Jun-2015 99.7 19,351 1,912 Steel -51.3;Al - 22.3 2 Substations - 6,000 MVA Fixed Tariff/ Centre Sep-2015 99.7 16,282 1,516 Steel 69.3, Al - 21.9 Fixed Tariff/ Centre Mar-2016 99.8 4,347 455 2 Lines - 545 ckms 2 Lines 475 ckms 1 Substation - 1000 MVA Fixed Tariff/ Centre Fixed Tariff/ Centre Fixed Tariff/ Centre Jan-2017 99.9 6,752 749 Dec-2017 99.9 5,912 579 Steel - 8.2, Al - 3.5 Steel 12.2, Al - 4.8 Steel Nov-2016 99.8 2,587 318 11.0; AI - 4.2 NA 3 Lines 830 ckms NRSS Punjab, Jammu & Kashmir Fixed Tariff/ Centre Sep-2018 99.4 44,194 5,190 Steel 30.5; Al - 7.3 1 Substation - 630 MVA OGPTL ENICL GPTL 2 Lines 710 ckms Fixed Tariff/ Centre Fixed Tariff/ Centre Fixed Tariff/ Centre 3 Substations -3000 MVA JKTPL PrKTCL NER-II I & II Fixed Tariff/Centre KhTL 16 Fixed Tariff/ Centre 59 revenue generating Operational Projects elements Kallam4 17 Projects Maharashtra Fixed Tariff/ Centre 19 States, 1 UT Solar Assets - RSTCPL Odisha, Chhattisgarh Assam, Bihar, West Bengal Haryana, Rajasthan, Uttar Pradesh Haryana Himachal Pradesh, Punjab Tripura, Assam, Arunachal Pradesh Andhra Pradesh Karnataka, Maharashtra Madhya Pradesh, Maharashtra, Chhattisgarh, Goa 19 States, 1 UT - 2 Lines - 895 ckms 5 Lines 275 ckms - 3 Lines 205 ckms 2 Substations - 1660 MVA 6 Lines 458 ckms 6 Lines- 832 ckms 2 Substations- 630 MVA 100 MW (AC) 1 line 208 ckms 4 Lines 626 ckms 1 Substation - 3,000 MVA ~8,402 ckms, 16,550 MVA and 100 MW 1 Line 66 ckms _ 1 Substation - 1000MVA ~8,468 ckms, 17,550 MVA and 100 MW Fixed Tariff/State Regulated/Centre Fixed Tariff/ Centre Fixed Tariff PPA (4.43/kWh) 61 revenue generating elements 2,28,535 (1) From COD to Jun 23, (2) As per independent valuation report for Jun 23, (3) As per independent valuation report for Jun 30, 2023, (4) Valuation of Kallam is based on Net Asset Value (NAV) since it is under-construction Steel 4,01,344 MT Aluminium 1,33,677 MT 17 Apr-2019 99.9 14,480 1,565 Nov-2014 99.5 11,560 1,499 Steel 48.7; Al - 14.4 Steel 37.7; AI - 15.6 Apr-2020 99.5 12,006 1,427 - Steel 8.4, Al - 3.1 Mar-2012 99.2 3,100 499 Steel 10.0, AI -3.6 Jun-2015 99.9 7,182 1,288 - Steel 20.9, AI - 6.7 Mar-2021 99.0 53,242 4,966 Steel 30.8, Al - 8.5 Jul' 18/Jan'19 N.A. 6,722 N.A. Steel 4.14, AI - 1.04 Jul-2014 98.7 2,698 361 Steel 12.3, AI - 4.5 Dec-2021 99.7 16,579 1,834 Steel 48.1, AI - 13.0 >99.6 2,26,994 24,158 Steel 4,01,344 MT Aluminium 1,33,677 MT FY24 N.A. 1,541 N.A. N.A. >99.6 24,158#18Corporate Structure 100% BDTCL KKR Sponsor* -24% KKR 100%^ Investment Manager (IIML) 100% IGL JTCL RTCL 100% IGL 1 GIC -20% Other Unitholders -56% IndiGrid AXIS TRUSTEE Trustee 100% 100% IGL 2 100% 100% 100% 100% 70% 30% 100% 100% 100% PKTCL MTL NTL Kallam OGPTL PTCL ENICL Solar Assets 100% 100% 74% GPTL JKTPL PrKTCL# NER-II IndiGrid 100% 100% 100% Solar- I & II RSTCPL Initial Portfolio Asset Transmission Assets % Represents Economic Ownership IGL= IndiGrid Limited,, IGL1 = IndiGrid 1 Limited, IGL2 = IndiGrid 2 Limited, BDTCL = Bhopal Dhule Transmission Company Limited, JTCL = Jabalpur Transmission Company Limited, RTCL = RAPP Transmission Company Limited, PKTCL = Purulia & Kharagpur Transmission Company Limited, MTL = Maheshwaram Transmission Limited, PTCL = Patran Transmission Company Limited, NTL = NRSS XXIX Transmission Limited, Kallam = Kallam Transmission Limited, OGPTL = Odisha Generation Phase II Transmission Limited, ENICL = East-North Interconnection Company Limited, GPTL = Gurgaon Palwal Transmission Limited, JKTPL = Jhajjar KT Transco Private Limited, PrKTCL = Parbati Koldam Transmission Company Limited, NER-II = NER II Transmission Limited, Solar I & II = IndiGrid Solar-I (AP) Private Limited and IndiGrid Solar-II (AP) Private Limited, RSTCPL = Raichur Sholapur Transmission Company Private Limited, KhTL = Khargone Transmission Limited *Sterlite Power Transmission Ltd. has been de-classified as a Sponsor of IndiGrid "KKR acquired 26% stake in IIML held earlier by Sterlite Power Transmission Ltd. in Jan 2022 #PrKTCL held in a Joint Venture with Power Grid holding 26% stake 100% KhTL 18#19Diversified Investor Base Supported by marquee long term investor base As on Jun 30, 2023 Retail 25% ~23% owned by Dlls including insurance companies, mutual funds, pension fund and corporates Other Fils 9% Retail Holding at ~25%; quadrupled in value since IPO Insurance companies hold -6% stake FIl holding (incl. KKR and GIC) at ~53% GIC 20% IndiGrid Corporates & Trusts 15% Insurance 6% Others 1% KKR (Sponsor 24% KKR GIC Birla Sun Life Insurance Schroders Edelweiss lick RELIANCE *Star Union Dai-ichi Life Insurance Ajo Union Bank O NIPPON LIFE INSURANCE Canara HSBC OBC Life Insurance Tokio sslife surance se badhkar hai aapki zaroorat ΤΑΤΑ AIG INSURANCE WITH YOU ALWAYS TATA MOTORS MAX LIFE INSURANCE DSP pnb MetLife Milkar life aage hadharin 19#20Experienced Board of Directors IndiGrid Tarun Kataria Independent Director • Over 30 years of rich experience, currently independent non-executive director of Mapletree Logistics Trust Ltd. He is an independent director of Westlife Development Ltd., Jubilant Pharma Ltd. and Global Moats Fund (Mauritius) • Ex-CEO Religare Capital Markets Limited, MD and Head of Global banking and markets at HSBC India and Vice Chairman of HSBC Securities and Capital Markets • MBA in Finance from Wharton School, University of Pennsylvania and is a Chartered Accountant Hardik Shah Non-Executive Director • Member of the Asia-Pacific Infrastructure team of KKR since 2018 responsible for Infrastructure investments in India. • 10+ years at Macquarie Group across their Sydney and Mumbai offices and was involved in building their India Infrastructure business. More recently, led Brookfield's India business • Post graduate degree from S.P. Jain Institute of Management & Research (Mumbai) and he is also a CFA Charter holder. Ashok Sethi Independent Director Over 3 decades of experience in power sector with significant knowledge in project execution, operations, commercial, regulatory, advocacy & policymaking • Currently serves as Non-Executive Chairman of Tata Consulting Engineers Limited. Previously, served as the Chief Operating Officer and Executive Director of Tata Power Advance Management at Ashridge, UK and Bachelor's degree from IIT Kharagpur Ami Momaya Non-Executive Director • • 17+ years of experience, currently at KKR in Asia-Pacific Infrastructure team • and is responsible for infrastructure investments in India Ex-Morgan Stanley New York and India office where she was instrumental in building their India infrastructure business • Bachelor's degree in Commerce from Mumbai University and PGDM from the Narsee Monjee Institute of Management Studies (Mumbai) Jayashree Vaidhyanathan Independent Director • Decades of experience in driving product strategy in Digital Transformation space, product innovation, risk management, M&A, technology delivery and execution • CEO of BCT Digital and Independent Director on Board of UTI Asset Management Company as the Chairwoman of the Digital Transformation Committee • MBA from Cornell University and a Bachelor's degree in Computer Science from Madras University. She is also a CFA Charter Holder Harsh Shah CEO and Executive Director • Extensive experience in Private Equity financing. M&A, infrastructure financing, regulatory and macro economic policy • Previously worked with Azure Power, Sterlite Power Transmission Limited, L&T, L&T Infrastructure Finance, P&G • MBA from the National University of Singapore 20 20#2121 21 Glossary AC Alternate Current KKR AUM Assets Under Management Mn Availability Percentage amount of time for which the asset is available for power flow MT BDTCL Bhopal Dhule Transmission Company Limited MTL Bn Billion MVA CAGR Compounded Annual Growth Return MW CKMS Circuit Kilometres NAV COD/SCOD Commercial Operation Date/Scheduled Commercial Operation date NCD CTU Central Transmission Utility NDCF KKR & Co. Inc. (including its affiliates and subsidiaries) Million Metric Tonne Maheshwaram Transmission Limited Mega Volt Ampere Megawatt Net Asset Value per unit Non-Convertible Debentures IndiGrid Net cash flow at trust's disposal for distribution to IndiGrid in a particular year in accordance with the formula defined in Offer Document DII Domestic Institutional Investor O&M Operations & Maintenance DPU Cash paid to the Unitholders in the form of interest/ capital repayment / dividend PKTCL Purulia Kharagpur Transmission Company Limited DSO Days Sales Outstanding - average number of days it takes to obtain receivables from billing PPA Power Purchase Agreement EBITDA Earnings before interest, taxes, depreciation, and amortization PrKTCL Parbati Koldam Transmission Company Limited EHS Environment, health and safety PTCL ENICL East North Interconnection Limited QoQ ESG FII Environment Social and Governance Foreign Institutional Investor RSTCPL RTCL FY GPTL IGT IIML InvIT IPO Financial Year Gurgaon Palwal Transmission Limited India Grid Trust IndiGrid Investment Managers Limited Infrastructure Investment Trust Initial Public Offering Solar I & II SPV Tariff TBCB ISTS Inter State Transmission System Tn JKTPL Jhajjar KT Transco Private Limited TSA JTCL Kallam KhTL Jabalpur Transmission Company Limited UT Kallam Transmission Limited YOY Patran Transmission Company Limited Quarter-on-Quarter Raichur Sholapur Transmission Company Private Limited RAPP Transmission Company Limited Two SPVs namely IndiGrid Solar-I (AP) Private Limited and IndiGrid Solar-II (AP) Private Limited Special Purpose Vehicle Composed of Non-Escalable, Escalable and Incentive component. The incentive component is based on the availability of the asset = 2*(Annual Availability - 98%)*(Escalable + Non-escalable); incentive is maximum 3.5% of (Escalable+Non- escalable tariff) Tariff Based Competitive Bidding Trillion Transmission Service Agreement Union Territory Year-on-Year Khargone Transmission Limited#22IndiGrid THANK YOU