#1IndiGrid INVESTOR PRESENTATION Q3 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), TN Solar Power Energy Private Limited (TNSEPL), Universal Mine Developers & Service Providers Private Limited (UMD), Terralight Kanji Solar Private Limited (TKSPL), Terralight Rajapalayam Solar Private Limited (TRSPL), Solar Edge Power and Energy Private Limited (Solar Edge), Terralight Solar Energy Charanka Private Limited (TSEC), PLG Photovoltaic Private Limited (PLG), Terralight Solar Energy Tinwari Private Limited (TSETPL), Universal Saur Urja Private Limited (USUPL), Globus Steel & Power Private Limited (Globus), Terralight Solar Energy Patlasi Private Limited (TL Patlasi), Terralight Solar Energy Nangla Private Limited (TL Nangla), Terralight Solar Energy Gadna Private Limited (TL Gadna), Godawari Green Energy Private Limited (GGEPL), Terralight Solar Energy Sitamauss Pvt Ltd (TSESPL), Kilokari BESS Pvt Ltd (KBPL) (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.#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 ~ 267 Bn1,2 ASSETS UNDER MANAGEMENT 20 STATES & 1 UT 80 REVENUE GENERATING ELEMENTS 1,2 ~8,468 ckms 1,2 46 LINES ~17,550 MVA 1,2 13 SUBSTATIONS Amargarh Samba Parbati Jalandhar Koldam Patran *Ludhiana Kabulpur Jharli Dhanonda Dipalpur Neemrana Sohna Kadarpur Prithala Aligarh RAPP Bin'a 555 MW(AC) SOLAR GENERATION TRANSMISSION - ~26.5 YEARS SOLAR - 18 YEARS AVERAGE RESIDUAL CONTRACT3,4 Shujalpur Indore Bhopal *Vadodra Khandwa Bhule Khargone ~12,9701 TOWERS ~5,30,000 MT5 STEEL AND ALUMINUM (1) Value of 100% stake of all projects as per independent valuation report as of Dec 31, 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) Solar assets have a PPA term of 25 years from the actual COD (5) Includes Steel used in both tower and conductors and Aluminium used in conductors IndiGrid Siliguri Bongaigaon Pumia Biharsharif Itanagar Biswanath Misa Silchar PK Bari Surajmaninagar Kharagpur Jabalpur Dharamjaigarh Ranchipurlia Chaibasa Jharsuguda Raipur OPGC Aurangabad Kallam Solapur + Nizamabad Yeddumailaram Maheshwaram Raichur Mahboobnagar A 2x315 MVA (400/220 kV GIS Substation) 2x500 MVA (400/220 kV GIS Substation) 2x315 MVA + 2x100 MVA (400/220/132 kV AIS Substation) 2x500 MVA (400/220 kV GIS Substation) 2x1500 MVA (765/400 kV AIS Substation) 765 kV DC 765 kV SC 400 kV DC 400 kV SC 400/132 kV MC Location is Indicative, only a graphical representation of India 2x315 MVA (400/132 kV AIS Substation) 2x500 MVA (400/220 kV AIS Substation) 555 MW(AC) Solar Generation Assets 132 kV DC 400 kV MC 4#5Q3 FY24 QUARTERLY UPDATE 5#6Q3 FY24 Highlights Portfolio Update Won two greenfield ISTS transmission projects with an expected total capex of ~INR 1,000 crore. Both projects won through TBCB mechanism and to be developed on BOOT basis for a period of 35 years. First utility scale BESPA* in India executed with BRPL on TBCB basis for a 20 MW / 40 MWh capacity. Signed SPA with ReNew Solar Power Pvt Ltd (RSPPL) to acquire their 300 MW (AC) solar asset at an enterprise valuation of INR 1,550 crores (excluding NWC and cash). Raised INR 670 crores through Institutional Placement. Total ~INR 1,070 crores raised in equity / unit capital in 9m FY2023-24. Internal restructuring process underway to reduce legal entities (at present 38) for simplification of corporate structure and efficient operations Financial Performance Q3 FY24 Revenue & EBITDA witnessed 28% and 27% YoY growth respectively; Q3 FY24 EBITDA includes full quarter revenue from the VRET assets Q3 FY24 collections at 94% for transmission assets and 111% for Solar assets Quarterly DPU continued at 3.55; performance on track to meet the FY24 DPU guidance of 14.10 AUM at 267 billion; Net Debt/AUM at ~61.6% - well below the 70% cap as per SEBI regulations Operational Performance ☐ Average availability -99.68% Solar CUF maintained at 18.9% (including VRET SPVs) Won the 'Information Technology Project of the Year – India' award at Asian Power Awards for DigiGrid. *Battery Energy Storage Purchase Agreement ^ BSES Rajdhani Power Ltd IndiGrid Superior Total Returns Sustainable Increase in DPU Stable Operations 6#7Q3 FY24 Industry Update Power Demand and Supply Trend Average quarterly peak power demand registered at 213.5 GW for Q3 FY24 177.1 + 9.5% IndiGrid 194.0 +10.1% 213.5 Peak power demand witnessed a YoY increase of 10%, however the QoQ consumption came off by 7% India has envisioned aggressive generation growth to meet growing consumption demand ☐ Installed capacity at 428.3 GW in Dec'23 vs 410.3 GW in Dec'22 Q3FY22 Q3FY23 Peak Power Demand (GW) Q3FY24 Key Developments in Transmission / Solar / InvITs ☐ Transmission sector investment: NIP estimated a capex of ~INR 3,040 billion for the power transmission segment between 2020 and 2025 Based on the upcoming and under construction ISTS, a total investment of ~INR 2,215 billion is expected in the power transmission segment. □ MoP has released the National Framework on ESS* to encourage adoption and create ecosystem for development of ESS - ESS requirement as envisaged by National Electricity Plan - 2023 by the year 2031-32 is 74 GW (BESS-47 GW & PHP - 27) with storage capacity of ~400 GWh 2 Estimated fund requirement for above ESS requirement till 2031-32 is estimated at 4,800 billion Union Cabinet approved VGF# of 3.7 billion for development of 4 GWh of BESS by 2030-31; BESS developers for VGF grant to be selected through transparent competitive bidding process Source: 1) CEA Website (2) CEA monthly reports (3) Ministry of Power releases * Energy Storage Systems; #-Viability Gap Funding +Net Distributable Cash Flow 7#8Q3 FY24 Operational Performance ☐ Zero Harm on HSE Zero (Minor) ☐ Performance Fatality, Zero LTI, Zero FAC, 1 MTC - Recordable Power Transmission: Q3 Average availability ~ 99.68%. 2 Solar Generation (555 MW AC): 229 MU generated at 18.9% CUF Reliability ☐ ☐ Q3 Trips/Line at 0.11; Substation Trips/Element at 0.01 Prudent defect management with reliability centered approach enabling lower trips. ☐ Initiatives ☐ Honoured with Asian Power Awards for our asset management platform - DigiGrid. Won in the 'Information Technology Project of the Year India' category. ☐ Cybersecurity ISO 27001 surveillance audit completed with no major non- conformities IndiGrid Q3 FY24 availability(%) 99.92 100.00 100.00 100.00 99.03 99.16 99.84 99.61 99.46 99.79 99.87 99.84 99.50 99.44 99.79 BDTCL . JTCL RTCL PKTCL MTL PTCL NRSS-XXIX OGPTL ENICL GPTL ■Normative Availability PrKTCL JKTPL NER-II RSTCPL Availability Over Normative Notes: All Assets performed above the Normative Availability No. of Trips / Line KhTL (Khargone) Key Indicators Training Man hours (Hours) Q3 FY24 0.11 ~18,448 Q3 FY23 0.08 ~12,229 Loss Time Incident (Nos) 0 0 Unsafe conditions reporting (Nos) 1933 2030 Near Miss Reporting (Nos) 148 78 Rooftop (SS) Solar Generation (kWh) 10,697 11,503 229 18.9%/98.7% 237 19.5%/99.1% Utility Solar (555 MW AC) Generation (MU) CUF/Plant Availability (%) Consistent track record of maintaining superior availability ∞#9Q3 FY24 Financial Performance Earnings Revenue (Mn) IndiGrid EBITDA (Mn) Mn Revenue Q3 FY24 Q3 FY23 % change 7,542 7,542 5,910 28% 5,706 5,910 6,807 5,179 5,361 EBITDA 6,807 5,361 27% NDCF Generated 3,119 2,944 6% DPU (per unit) 3.55 3.30 7.5% Q3 FY22 Q3 FY23 Q3 FY24 Q3 FY22 Q3 FY23 Q3 FY24 Collections and Receivable Days Transmission Assets 102% 114% 114% 86% 99 63 66 54 99 54 67 94% I 105% 128% 82% Solar Assets 127% 111% Collections at 94% in Q3 FY24 vs 102% YoY 83 107 63 DSO days at 63 as of Dec'23 87 88 81 73 vs similar profile in Dec'22 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 DSO I % Collection Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Consistent growth in Revenue, EBITDA, NDCF on a YoY basis DSO-Days Sales Outstanding, (1) DSO days does not include unbilled revenue Collections at 111% in Q3 FY24 vs 105% YoY DSO days1 at 88 as of Dec'23 vs 107 days as of Dec'22 DSO % Collection#10Q3 FY24 Distribution Update Particulars Q3 FY24 Q3 FY23 IndiGrid Quarterly Distribution Trend Distribution per unit (DPU) (₹) 3.55 3.30 - Interest 3.55 2.9510 2.8042 - Dividend ~4% YoY growth NIL NIL - Capital Repayment 0.5621 0.5635 3.30 3.19 - Other income 0.0369 Outstanding Units (Mn) 783.7 700.2 3.00 3.00 3.00 Gross Distribution (* Mn) ~2,782 ~2,311 Record Date January 31, 2024 Tentative Distribution Date (on or before) NAV per Unit (*) February 09, 2024 January 31, 2023 February 09, 2023 FY19 FY20 FY21 FY22 FY23 FY24 (P) ~130.1 ~133.3 ~ * 82.41/unit amounting to ~ 46.67 Billion distributed to investors since listing (including Q3 FY24 distribution) Maintained quarterly DPU at ₹ 3.55; DPU guidance for FY2023-24 at ₹14.1* 10 DPU of 3.45 for Q1 FY 24 and DPU of 3.55 for the remaining quarters of the fiscal#11Q3 FY24 Consolidated EBITDA to NDCF Waterfall IndiGrid (In Mn) 6,807 285 308 6,675 77 33 94 94 3,503 63 22 2,782 3,119 EBITDA at SPV Finance Income WC Movement Capex Tax at SPV NDCF at SPV Expenses at Finance cost MTM Tax at IGT IGT at IGT NDCF Generated Distribution Maintained healthy NDCF reserves ensuring stable and sustainable DPU Reserve worth 336 Mn added during the quarter; reserve balance at 3,374 Mn 336 11#12Robust Balance Sheet AAA Rated By CRISIL, ICRA & India Ratings -79% Fixed Rate Borrowings ~7.60% Average Cost of * 13.82 Bn Cash Debt -61.6% Net Debt/AUM Balance1 1.94x EBITDA/Interest ☐ Debt amounting to INR 1,050 crores repaid during Q3 FY24 through equity raise Repayment/Refinancing Schedule (* Bn) 20.0 15.0 10.0 4.5 5.0 11.0 18.5 18.1 16.3 16.5 16.7 16.8 14.5 IndiGrid Gross Borrowing ~ ₹ 177 Bn (52% NCDs, 48% Bank Loans) 8 All numbers in INR Bn 24 16 75 40 ■ NCD-MFs ■Loan-Private Banks ■NCD-Insurance Co. ■Loan-PSU Banks ■NCD-Banks & Fl ■NCD-Corporate & PF ■NCD-Retail/HNI 6.3 6.2 5.4 5.4 13.4 3.4 2.3 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 2.8 Bn held for distribution, 4.3 Bn for DSRA/lien mark 12#13Superior Risk-Adjusted Total Returns to Investors Annualised Return Total Returns¹ IndiGrid 5% 6% 12% 14% 14% 16% 15% 4%² 42% 46% 112% 142% 141% 170% 150% 32% | | 30% 107% 146% 126% 44% -2% 47% -1% 82% 130% 12% 15% 24% 42% GSEC Bond (10 year) GSEC Bond (30 year) IndiGrid NSE 500 NSE INFRA BSE Utilities PGCIL 29% PGCB%nvIT Beta³ vs NSE 500 10Y GSec Bond4 30Y GSec Bond4 IndiGrid NSE 500 NSE INFRA BSE Utilities PGCIL PGCIL InvIT 0.01 0.02 0.07 1.00 0.96 0.93 0.55 0.13 Price Change ■Distribution Source: Bloomberg (1) Total return is sum of all distributions since listing (Jun '17) and change in price till Dec 31, 2023 (2) PGCIL InvIT listed in May 2021 (3) Beta refers to Historical Beta calculated on a weekly basis since listing of IndiGrid to Dec 31, 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 13#14IndiGrid Business Outlook Portfolio Strategy ☐ Focus on maintaining stable operations for predictable and sustainable distribution while looking for value accretive acquisitions Consummation of pipeline deals - Renew solar asset ☐ Greenfield Development - Commissioning of Kallam Project by Q4 FY24 ✓ Execution of augmentation work in existing transmission projects as well as the 2 new transmission projects won ✓ Execution of BESS project in Delhi ☐ Proactively participate in synergistic greenfield bidding opportunities across power transmission and BESS1 ☐ Deliver on increased DPU guidance of 14.10 for FY24 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 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 14 14#15DPU Accretive Acquisitions IPA assets Acquistions III (JKTPL +GPTL +PrKTCL +NER +FRV) ■Acquistions I (MTL +RTCL +PKTCL +PTCL) Acquistions IV (RSTCPL +KTL +Kallam) Acquistions II (ENICL +OGPTL +NRSS) Acquisition V (VRET + Expansions2) 14.0 14.10 13.35 13.0 12.75 12.20 12.0 12.00 12.00 11.0 11.001 15.0 10.0 9.0 DPU (*) 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 FY2018 FY2019 FY2020 FY2021 FY2022 (1) DPU on annualized basis in FY2018 (2) Expansions include augmentation work orders received on cost plus basis in IndiGrid's existing portfolio FY2023 FY2024 I I IndiGrid I I I I I I I I I I I I I I I FY2025 FY2027 FY2028 15 FY2026 *Indicative DPU profile from FY25 onwards (not guidance)#16||| ANNEXURES 16#17Asset Portfolio - Transmission Assets 13 Inter State TBCB Transmission Projects Asset BDTCL JTCL RTCL PKTCL MTL PTCL NRSS OGPTL ENICL GPTL JKTPL PrKTCL NER-II RSTCPL KhTL TL SitamauSS6 16 Operational Projects Kallam4 Kilokari BESS5 18 Projects States Madhya Pradesh, Maharashtra, Gujarat Madhya Pradesh, Chhattisgarh Madhya Pradesh, Rajasthan West Bengal, Jharkhand Telangana Punjab Punjab, Jammu & Kashmir Odisha, Chhattisgarh Assam, Bihar, West Bengal Haryana, Rajasthan, Uttar Pradesh Haryana Himachal Pradesh, Punjab Tripura, Assam, Arunachal Pradesh Karnataka, Maharashtra Madhya Pradesh, Maharashtra, Chhattisgarh Madhya Pradesh 19 States, 1 UT Maharashtra Delhi 19 States, 1 UT 1 Intra State TBCB Transmission Project Elements 6 Lines - 945 ckms _ 5 Lines 275 ckms - 3 Substations -3000 MVA 3 Lines 205 ckms - 2 Substations - 1660 MVA Contract Fixed Tariff/State 1 Regulated Tariff Transmission Project IndiGrid 1 Under Construction TBCB Transmission Project Metal ('000 Metric Ton) Availability COD (%) 1 AUM² (* Million) FY24 Tariff Contribution³ Fixed Tariff/ Centre Jun-2015 99.7 19,284 1,912 - Steel 51.3;Al - 22.3 2 Substations - 6,000 MVA 2 Lines - 995 ckms Fixed Tariff/ Centre Sep-2015 99.7 16,223 1,516 Steel 69.3, AI - 21.9 1 Line - 405 ckms 2 Lines 545 ckms 2 Lines - 475 ckms 1 Substation 1000 MVA Fixed Tariff/ Centre Fixed Tariff/ Centre Fixed Tariff/ Centre Fixed Tariff/ Centre Mar-2016 99.8 4,306 455 Steel 8.2, Al - 3.5 Jan-2017 99.9 6,695 749 Steel 12.2, Al - 4.8 Dec-2017 99.9 5,913 579 Steel 11.0; Al - 4.2 Nov-2016 99.8 2,563 318 NA 3 Lines 830 ckms Fixed Tariff/ Centre Sep-2018 99.4 43,895 5,190 Steel -30.5; Al - 7.3 1 Substation - 630 MVA - 2 Lines 710 ckms 2 Lines 895 ckms Fixed Tariff/ Centre Fixed Tariff/ Centre Fixed Tariff/ Centre Apr-2019 99.9 14,427 1,565 Steel 48.7; Al - 14.4 Nov-2014 99.5 11,443 1,499 Steel 37.7; AI - 15.6 Apr-2020 99.5 11,831 1,427 Steel -8.4, Al - 3.1 Mar-2012 99.2 3,062 499 Steel 10.0, AI -3.6 Jun-2015 99.9 7,046 1,288 Steel 20.9, Al - 6.7 Mar-2021 99.1 52,754 4,966 2 Substations- 630 MVA 1 line _ 208 ckms Fixed Tariff/Centre Jul-2014 98.7 2,665 361 Fixed Tariff/ Centre Dec-2021 99.7 16,338 1,834 3,000 MVA N.A. N.A. N.A. 94 N.A. Steel 30.8, AI - 8.5 Steel 12.3, Al - 4.5 Steel - 48.1, Al - 13.0 N.A. 59 revenue generating >99.5 2,18,5415 24,158 elements Steel 3,97,204 MT Aluminium 1,32,637 MT Fixed Tariff/ Centre Fixed Tariff / State 62 revenue generating FY24 N.A. 2,596 N.A. N.A. FY 25 N.A. N.A. N.A. N.A. >99.6 2,21,1375 24,158 elements 6 Lines 458 ckms 6 Lines- 832 ckms 4 Lines - 626 ckms 1 Substation TL - Captive ~8,402 ckms, 16,550 MVA and 100 MW 1 Line 66 ckms 1 Substation 1000MVA 20 MW/40 MWh ~8,468 ckms, 17,550 MVA and 100 MW Regulated/Centre Fixed Tariff/ Centre Steel 3,97,204 MT Aluminium 1,32,637 MT 17 (1) From COD to Dec 23, (2) As per independent valuation report for Sep 23, (3) As per independent valuation report for Dec 31, 2023, (4) Valuation of Kallam is based on Net Asset Value (NAV) since it is under-construction (5) Includes TSESPL, which transmission asset for captive consumption (5) Kilokari BESS project is under construction and only LOA/LOI received, hence not included in the total AUM (6) used for captive purposes#18Asset Portfolio — Solar Assets IndiGrid PPA Tenure at CoD Asset DC Capacity AC Capacity States COD Offtaker (years) AUM¹ (* Million) Solar - I 68 50 Andhra Pradesh Jul-18 SECI 25 3,176 Solar - II 70 50 Andhra Pradesh Jan-19 SECI 25 3,384 SolarEdge 169 130 Maharashtra Apr-18 SECI 25 9,364 TL Patlasi 22 20 Madhya Pradesh Jun-15 SECI 25 1,409 TSEC 15 13 Gujarat Mar-12 GUVNL 25 896 PLG 20 20 Gujarat Jan-12 GUVNL 25 1,202 TL Gadna 6 5 Rajasthan Mar-13 NVVN 25 554 GGEL 50 50 Rajasthan Jun-13 NVVN 25 8,008 TSETPL 6 5 Rajasthan Oct-11 NVVN 25 901 26 20 Rajasthan Feb-13 NVVN 25 USUPL 4,278 37 30 Uttar Pradesh Sep-16 UPPCL 25 12 10 Uttar Pradesh Mar-15 TKSPL 36 30 Tamil Nadu Mar-16 UPPCL TANGEDCO 1213 (extendable) 3,671 25 TNSEPL 28 23 Tamil Nadu Nov-15 UMD 30 25 Tamil Nadu Jan-16 TANGEDCO TANGEDCO 25 2,215 25 2,412 TRSPL 54 50 Tamil Nadu Sep-18 TANGEDCO 25 2,169 Globus 24 20 Madhya Pradesh Jan-16 MPPMCL 25 1,834 TL Nangla 4 4 Punjab Mar-15 PSPCL 25 366 18 Projects / 16 SPVs 676 MWdc 555 MWac 8 States 45,840 (1) As per independent valuation report for Dec 23 18#19Diversified Investor Base Supported by marquee long term investor base As on Dec 31, 2023 Retail, 24% -28% owned by Dlls including insurance companies, mutual funds, pension fund and corporates Other Fils, 7% Retail Holding at -24%; quadrupled in value since IPO IndiGrid Corporates & Trusts, 19% Insurance, 7% Others, 2% GIC, 18% KKR (Sponsor), 21% Insurance companies and Mutual funds hold -9% stake FII holding (incl. KKR and GIC) at ~47% KKR Schroders RELIANCE NIPPON LIFE INSURANCE Canara HSBC C OBC *Star Union Dai-ichi Life Insurance A மு. Life Insurance GIC Edelweiss life Tokio surance se badhkar hai aapki zaroorat ΤΑΤΑ AIG INSURANCE WITH YOU ALWAYS Birla Sun Life Insurance SERUM INSTITUTE OF INDIA PVT. LTD. Cyrus Poonawalla Group MAX LIFE TATA MOTORS INSURANCE pnb MetLife Milkar life aage hadharin 19#20Corporate Structure KKR 100% BDTCL Sponsor -21% KKR 100% Investment Manager (IIML) IGL* 100% 100% 100% 100% JTCL RTCL PKTCL 100% 100% IGL 1 + GIC -18% IndiGrid Other Unitholders -61% Initial Portfolio Asset Transmission Assets Solar Assets BESS % Represents Economic Ownership IndiGrid AXIS TRUSTEE Trustee 100% IGL 2 100% 70% 30% 100% MTL NTL Kallam 100% 100% 100% OGPTL PTCL ENICL GPTL 100% 100% 100% 100% 100% UMD Globus SolarEdge TSEC GGEL 100% JKTPL 100% 100% 100% 100% 100% 95% TLNangla TKSPL TNSEPL TLGadna TRSPL KBPL^ 74% PrKTCL# 100% NER-II 100% 100% RSTCPL 100% 100% 100% TLPatlasi Solar- I & II TSETPL 100% 2.6% 66.06% 97.4% USUPL PLG TSESPL+ KhTL IGL= IndiGrid Ltd, IGL1 = IndiGrid 1 Ltd, IGL2 = IndiGrid 2 Ltd, BDTCL = Bhopal Dhule Transmission Company Ltd, JTCL = Jabalpur Transmission Company Ltd, RTCL = RAPP Transmission Company Ltd, PKTCL = Purulia & Kharagpur Transmission Company Ltd, MTL = Maheshwaram Transmission Ltd, PTCL = Patran Transmission Company Ltd, NTL = NRSS XXIX Transmission Ltd, Kallam = Kallam Transmission Ltd, OGPTL = Odisha Generation Phase II Transmission Ltd, ENICL = East-North Interconnection Company Ltd, GPTL = Gurgaon Palwal Transmission Ltd, JKTPL = Jhajjar KT Transco Pvt Ltd, PrKTCL = Parbati Koldam Transmission Company Ltd, NER-II = NER II Transmission Ltd, RSTCPL = Raichur Sholapur Transmission Company Pvt Ltd, KhTL = Khargone Transmission Ltd, Solar I & II = IndiGrid Solar-I (AP) Pvt Ltd and IndiGrid Solar-II (AP) Pvt Ltd, TNSEPL = TN Solar Power Energy Pvt Ltd, UMD = Universal Mine Developers & Service Providers Pvt Ltd, TKSPL = Terralight Kanji Solar Pvt Ltd, TRSPL = Terralight Rajapalayam Solar Pvt Ltd, Solar Edge = Solar Edge Power and Energy Pvt Ltd, TSEC = Terralight Solar Energy Charanka Pvt Ltd, PLG = PLG Photovoltaic Pvt Ltd, TSETPL = Terralight Solar Energy Tinwari Pvt Ltd, USUPL = Universal Saur Urja Pvt Ltd, Globus = Globus Steel & Power Pvt Ltd, TLPatlasi = Terralight Solar Energy Patlasi Pvt Ltd, TLNangla = Terralight Solar Energy Nangla Pvt Ltd, TLGadna = Terralight Solar Energy Gadna Pvt Ltd, GGEL = Godawari Green Energy Ltd, KBPL = Kilokari BESS Pvt Ltd, TSESPL = Terralight Solar Energy Sitamauss Pvt Ltd *IGL also holds 100% of Virescent Infrastructure Investment Manager Pvt Ltd (VIIMPL), along with its wholly owned subsidiary Virescent Renewable Energy Project Manager Pvt Ltd (VREPMPL), which will be merged with IGL #PrKTCL held in a Joint Venture with Power Grid holding 26% stake +Balance ownership of Terralight Solar Energy Sitamauss Pvt Ltd, held by Brookfield entities ^5% of KBPL is owned by the technical project partner AmpereHour Solar Technology Pvt. Ltd.#21Experienced 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 21#22Glossary IndiGrid AC Alternate Current NAV Net Asset Value per unit AUM Assets Under Management NCD Availability Percentage amount of time for which the asset is available for power flow NDCF BDTCL Bhopal Dhule Transmission Company Limited Non-Convertible Debentures Net cash flow at trust's disposal for distribution to IndiGrid in a particular year in accordance with the formula defined in Offer Document Bn Billion O&M Operations & Maintenance CAGR Compounded Annual Growth Return CKMS Circuit Kilometres PKTCL PPA Purulia Kharagpur Transmission Company Limited Power Purchase Agreement COD/SCO PrKTCL Parbati Koldam Transmission Company Limited Commercial Operation Date/Scheduled Commercial Operation date D PTCL CTU Central Transmission Utility PLG DII Domestic Institutional Investor QoQ DPU DSO Cash paid to the Unitholders in the form of interest/ capital repayment / dividend RSTCPL Days Sales Outstanding - average number of days it takes to obtain receivables from billing RTCL EBITDA Earnings before interest, taxes, depreciation, and amortization EHS Environment, health and safety ENICL ESG FII FY GPTL GGEL Globus IGT IIML InvIT IPO East North Interconnection Limited Environment Social and Governance Foreign Institutional Investor Financial Year Gurgaon Palwal Transmission Limited Godawari Green Energy Private Limited Globus Steel & Power Private Limited India Grid Trust IndiGrid Investment Managers Limited Infrastructure Investment Trust Initial Public Offering Solar I & II SPV SolarEdge Tariff TBCB Tn TSA TNSEPL TKSPL TRSPL ISTS Inter State Transmission System TSEC JKTPL Jhajjar KT Transco Private Limited JTCL Jabalpur Transmission Company Limited Kallam Kallam Transmission Limited KhTL Khargone Transmission Limited TSETPL TLNangla TLGadna TLPatlasi KKR KKR & Co. Inc. (including its affiliates and subsidiaries) TSESPL Mn Million UMD MT Metric Tonne USUPL MTL Maheshwaram Transmission Limited KBPL Patran Transmission Company Limited PLG Photovoltaic Private 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 Solar Edge Power and Energy Private Limited 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 TN Solar Power Energy Private Limited Terralight Kanji Solar Private Limited Terralight Rajapalayam Solar Private Limited Terralight Solar Energy Charanka Private Limited Terralight Solar Energy Tinwari Private Limited Terralight Solar Energy Nangla Private Limited Terralight Solar Energy Gadna Private Limited Terralight Solar Energy Patlasi Private Limited Terralight Solar Energy Sitamauss Pvt Ltd Universal Mine Developers & Service Providers Private Limited Universal Saur Urja Private Limited Kilokari BESS Pvt Ltd MVA Mega Volt Ampere UT Union Territory MW Megawatt YoY Year-on-Year 22 22#23IndiGrid THANK YOU