Investor Presentaiton

2019-24 Final Determination - detailed components 12 1. 2. Rate of Return (% nominal) FY20 FY21 FY22 FY23 FY24 Average Capex and opex ($m, real FY19)1 1,085 Return on equity (nominal post-tax) 5.70% 5.70% 5.70% 5.70% 5.70% 5.70% 1,015 986 952 937 Return on debt (nominal pre-tax) Gearing 5.74% 5.55% 5.36% 5.17% 4.98% 5.36% 455 455 457 458 460 60% 60% 60% 60% 60% 60% 631 560 529 493 477 Nominal vanilla WACC 5.72% 5.61% 5.49% 5.38% 5.27% 5.49% FY20 FY21 FY22 FY23 FY24 ■Capex Opex FY20 rates confirmed, outer years return on debt will be updated based on prevailing market data Return on equity components FY20-24 Imputation Credits FY20-24 Nominal risk free rate 2.04% Distribution Rate 90% Market Risk Premium 6.10% Utilisation Rate 0.65 Equity Beta 0.6 Return on Equity 5.70% Gamma² 0.585 Capex excludes capital contributions, opex excludes debt raising costs Gamma represents the value of imputation tax credits received by shareholders with dividends which offset tax liabilities Ausgrid 34

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