Investor Presentaiton

Funding Ausgrid has a $12.4 billion debt portfolio, is committed to prudent capital management and seeks to minimise its cost of funding within defined risk parameters Summary • • • Ausgrid is rated Baa1 by Moody's (implied baa2 on a standalone basis) and BBB (bbb standalone) by S&P (both stable). Shareholders and management are committed to maintaining this credit profile Management's key focus to date has been to establish a global capital markets presence in order to achieve diversity of funding sources and tenors, with a view to managing refinancing risk in a prudent manner All foreign currency debt is hedged to Australian dollar at the time of issue Ausgrid interest rate hedging program mimics the AER's approach to setting regulatory cost of debt and cost of equity allowances, thereby aligning Ausgrid's financing base rates with the equivalent base rates used in the revenue calculation Debt funding sources (as at 31 July 2019) 11% 8% 10% Drawn debt $12.4 bn 19% 52% ■Bank facility USPP ■AMTN ■ EMTN US144A Debt maturity profile 1,2 I 397 2,886 600 1,400 1,400 250 1,200 1,037 995 659 659 643 728 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 USPP AMTN ■EMTN ■US144A ■Bank facility (drawn) Bank facility (undrawn) 1. 2. Foreign currency debt is hedged for its term via cross currency swaps to AUD; debt amount shown at relevant hedged exchange rate Weighted average debt maturity of the drawn debt portfolio as at 31 July 2019 equals 6.0 years Ausgrid 24 24

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