Investor Presentaiton

3 Ausgrid investment highlights Our vision is to become a leader in energy solutions, recognised locally and globally 1 2 Stable, regulated natural monopoly Nationally significant infrastructure ✓ ✓ ✓ Long-life essential infrastructure with stable, inflation-protected cash flows Regulated revenues are insulated from volume exposure through revenue cap regime 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 94% of revenues are regulated 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 positive GDP growth NSW is rated AAA by the two major credit rating agencies: S&P and Moody's ✓ Culture change and transition to new executive leadership with a significant safety focus Experienced leadership ✓ Productivity improvements and operational savings from Transformation Program that bring positive influence on opex High quality network with significant capacity Capital management and shareholder support Strong ownership base Baa1 by Moody's and BBB by S&P credit rating and prudent capital management (baa2/bbb standalone credit profile is an Ausgrid policy and a requirement under the Partnership Deed with the NSW Government) Shareholders and management are committed to maintaining these credit ratings $12.4 billion drawn debt with gearing of 79% net debt / RAB and $8.7 billion of acquisition equity value 7 Ausgrid

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