Investor Presentaiton

Credit metrics Leverage Net debt¹ / RAB Net debt / EBITDA² 7.6x 7.4x 7.1x <90.0% Cashflows CFCR³ EBITDA / Interest 3.8x 3.6x 3.4x 1.95 1.72 1.73 78.8% 79.1% 77.6% <1.4 <1.2 FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19 Bank covenant Lock-up Default ° Credit rating Ausgrid is committed to maintain its baseline credit rating assessment of baa2 / bbb Consistent with its Treasury Policy and Partnership Deeds The credit ratings are a core part of Ausgrid's capital management strategy Refer to Appendix A for details on Ausgrid's credit rating and distribution policies 123 1. Net debt presented at face value FY17 based on pro-forma EBITDA; FY19 EBITDA normalised by adding back goodwill impairment Cashflows normalised by adding back reform costs Ausgrid 25

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