Investor Presentaiton

Summary Our vision is to become a leader in energy solutions, recognised locally and globally 1 Stable, regulated natural monopoly - no material COVID-19 impact 2 Nationally significant infrastructure 3 Experienced leadership Capital management and shareholder 4 support Long-life essential infrastructure with stable, inflation-protected cash flows Regulated revenues are insulated from volume exposure through the revenue cap regulatory regime providing revenue certainty The AER has made a final revenue determination for Ausgrid that allows for clear and predictable revenue over five years, from 1 July 2019 to 30 June 2024 95% of revenues are regulated ✓ The impact of COVID-19 on electricity consumption and Ausgrid's regulated revenues is temporary in nature, with the revenue cap regulatory regime allowing Ausgrid to recover any revenue under-recovery in future years Natural monopoly position in franchisee area within the State of NSW - no competition for transportation of electricity within Ausgrid's existing network ✓ Core infrastructure servicing Sydney and parts of NSW - the most populous state in Australia ✓ Australia is one of the few remaining AAA economies with 28 consecutive years of GDP growth (prior to COVID-19) Culture change and transition to new executive leadership with a significant safety focus Productivity improvements and operational savings from the Transformation Program driving a sustainable reduction in opex Credit ratings of Baa1 from Moody's and BBB from S&P (both stable outlook) and prudent approach to capital management (Ausgrid's Treasury Policy and Partnership Deed requires that Ausgrid use reasonable endeavours to maintain a bbb/baa2 baseline credit assessment) Shareholders, Board and management are committed to maintaining these credit ratings - shareholder support evidenced by Board decision to reinvest dividends to support the business Strong liquidity position of $614 million as at 30 June 2020. No debt maturities until December 2021 No covenant pressure with headroom against key thresholds ✓ $12.6 billion drawn debt with gearing of 76% net debt/RAB and $8.7 billion of acquisition equity value Better Ausgrid Together 28

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