Investor Presentaiton

Australian electricity market regulatory environment Established national regulatory regime governing the operational framework and revenue determination Ausgrid's electricity distribution and transmission network is economically regulated by the AER - an independent statutory body that is required to follow a process set out in the NER The NER is set by a separate independent body (the AEMC), and any changes to the Rules governing the regime can only be made if the change is in line with an explicit Rule-making test, and follows a public consultation process A key component of the regulatory environment is the assessment of a revenue requirement for a network operator through a regulatory determination process The AER is a mature regulator that has established a highly collaborative process for making regulatory determinations, which creates transparency for market participants AER determinations are administrative decisions under Australian law and may therefore be subject to judicial review overseen by the Federal Court ER AUSTRALIAN ENERGY REGULATOR AEMC 30 Ausgrid

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