Investor Presentaiton

Treasury policies Category Credit rating Ausgrid will use reasonable endeavours to maintain a bbb/baa2 baseline credit assessment and not less than bbb-/baa3 Interest rate risk • Liquidity risk Funding Refinancing risk Foreign exchange risk Counterparty credit risk at inception • Minimum of regulatory debt allowance (60% of RAB) to be hedged on trailing 10-year basis, with up to 100% of any residual floating interest rate exposure to be hedged consistent with the five year regulatory reset framework Cash and committed undrawn credit facilities to cover 1.2x its rolling three months look-forward financial obligations, defined as working capital, finance costs and capital expenditure Capex will be funded by drawdowns from committed, undrawn facilities, to a maximum of 75% of total capex in that period If there is a planned concentration of capex spending within a 12 month period, the Board will consider whether to fund a capex reserve prior to such period Following the refinancing of the debt facilities put in place at the time of acquisition, no more than 20% of debt facilities to mature in any 12 month period The refinancing process for borrowing facilities to be commenced no later than 12 months prior to maturity date and a firm commitment be in place no later than three months prior to maturity Hedge all foreign exchange exposures in excess of A$5 million (equivalent) at inception of exposure Hedge and deposit counterparties must be rated a minimum of A-/A3 Better Ausgrid Together 51

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