Investor Presentaiton

DELIVERING SUSTAINABLE RETURNS VIA IBR MECHANISM SINCE 2014 Regulated entities under Incentive Based Regulation (IBR) Ring-fenced entities 4. 7. 무 Regulated business made up more than 70% of the overall Group earnings. 費 Single Buyer Single Buyer Generation Actual Operations Grid System Operator Transmission Distribution Network Customer Services/Retail ☐ Regulated Revenue Price cost cap cap The IBR mechanism provides: Clear and transparent regulatory framework Consistent and clear returns Shield against uncontrollable swings Incentives for operational efficiencies (Please refer appendix section for further details) entities' earnings are guaranteed based on approved electricity demand growth as stipulated by the IBR guidelines. ☐ Risks such as fuel price and forex volatility has been taken up through the Imbalance Cost Pass-Through (ICPT) mechanism which is being reviewed every six months. Note: i. Revenue cap: Allowed annual revenue based on approved demand growth. Any excess/shortfall is adjusted through revenue adjustment mechanism. ii. Price cap: Any excess/shortfall of revenue made due to higher/lower average selling price compared to base tariff is adjusted through revenue adjustment mechanism. 7

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