Investor Presentaiton

Ownership overview In December 2016, AustralianSuper and IFM Investors acquired a combined 50.4% interest in Ausgrid from the NSW Government via a 99 year lease . Governance arrangements Ausgrid has been majority owned by AustralianSuper and IFM Investors for almost three years now • The NSW Government holds its 49.6% interest through a specially created entity and indirect subsidiaries which is independent from Government • Australian Super and IFM Investors have a right of first offer in relation to any further sell down by the NSW Government . Statutory independence, with state partner entities not subject to control or direction from the NSW Government Matters requiring unanimous decision are limited to matters such as constitutional amendments and dissolution/disposal of the business • . In general, Board decisions can be made by ordinary majority (and AustralianSuper/IFM Investors appointed directors comprise an ordinary majority) • The NSW Government cannot divest its holding without enacting further enabling legislation . Over AustralianSuper (25.2%) AustralianSuper $166 billion Assets under management managed on behalf of more than 2.3 million members • Australia's largest industry superannuation fund Large-scale, long-term infrastructure investor with an approved mandate to invest in meaningful core infrastructure assets Over $17 billion of infrastructure investments Experienced infrastructure investor with assets including: Utilities (Anglian Water in the UK) Ports (Port of Brisbane, NSW Ports, Mersin International Port in in Eastern Mediterranean, GCT Global Container Terminals in Canada) Roads (TQ, Westconnex, Indiana Toll Road in the US, M6toll in Europe, Aleatica in Europe and Latin America) • Over IFM Investors (25.2%) ifm $140 billion investors Assets under management across infrastructure, listed equities, private capital and debt investments One of the world's largest owners and managers of nationally critical infrastructure assets Manages over $58 billion of direct infrastructure investments globally Proven track record of transitioning infrastructure assets from government to private ownership Experienced infrastructure investor with assets including: Utilities (Wyuna Water, Colonial Pipeline in the US, Arqiva Limited in the UK, Anglian Water in the UK) Airports (Melbourne Airport, Brisbane Airport, Perth Airport, Adelaide Airport, NT Airports) Ports (Port of Brisbane, NSW Ports) 11 Ausgrid

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