Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE AUSTRALIA'S ENERGY MARKET IS IN TRANSITION The Australian Energy Market Operator's (AEMO) 2020 Integrated System Plan (ISP) was released in July 2020 and identifies nationally significant and essential investments in the electricity system and outlines the forecast installed capacity requirements for generation Networks are critical enablers of the market's transition Key market requirements in the 2020 ISP(1) Around 18 transmission projects including 10 in NSW, representing direct opportunities for TransGrid with a combined estimated capital cost of approximately $13bn (2) Solar Wind PV Distribution Behind-the-meter (Distributed energy resource, DER) Battery storage EV Hydrogen . . . Targeted grid investment needed to balance resources across States and unlock Renewable Energy Zones (REZS) Over 26 GW of new grid-scale renewables is needed to replace approximately 15 GW or 63% of Australia's coal-fired generation by 2040 6-19 GW of new dispatchable resources are needed in support to firm up the inherently variable nature of distributed and large- scale renewable generation Rooftop solar expected to more than double (to ~25 GW), supplying up to 22% of total energy by 2040 (1) Optimal development path (2) AEMO's modelled cost estimates in the 2020 ISP Spark Infrastructure I Investor Presentation I August 2020 000 Pumped ↑ Hydro Grid-scale battery Transmission Hydro Large industrial Commercial and loads domestic loads Thermal generation ttt Transmission Source: AEMO, 2020 Integrated System Plan Distribution 27

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