Investor Presentaiton

Summary borrowing structure Security structure All senior secured creditors (including noteholders) benefit from a security package comprising: Security over the present and after acquired property of the Ausgrid Asset Partnership, Ausgrid Operating Partnership and PLUS ES Partnership Security over the present and after acquired property of Ausgrid Finance Pty Limited, Ausgrid Management Pty Limited, PLUS ES Management 1 Pty Limited and PLUS ES Management 2 Pty Limited Security over the shares and units of the AAP partners and AOP partners and the PLUS ES Partners held by each of the holding entities Mortgage over Ausgrid's interest in the Main Lease from the NSW Government Tripartite Deed Senior creditors have additional protection through a Tripartite Deed entered into by Ausgrid, the Ausgrid Asset Partnership, the Ausgrid Operator Partnership, the Security Trustee and the NSW Government, which provides: the Lessor¹ consents to the creation and existence of the Security (including the mortgage of the Network Lease granted by the Ausgrid Asset Partnership) the Lessor agrees that neither the creation of the Security nor the exercise of any powers under it is of itself a breach of, or constitutes a 'Lessor Termination Event' under, the Network Lease or entitles the Lessor to exercise any termination right under the Network Lease the Lessor agrees that an Enforcing Party2 may, in the exercise of its powers under any Security, assign and transfer the Network Lease in accordance with its terms, provided that the Enforcing Party does so in compliance with the requirements in the Network Lease the Lessor grants certain cure rights to the Security Trustee in respect of 'Lessor Termination Events' under and as defined in the Network Lease 1. 12 ADMHC (ABN 67 505 337 385), under the Network Lease 2. Such as the Security Trustee or a receiver 38 Ausgrid

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