AusNet Services : 2022 Scheme Meeting - Chair's Address

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CHAIR'S ADDRESS

28 January 2022

1. SLIDE 1: Scheme Meeting Cover Slide
2. SLIDE 2: Disclaimer
3. SLIDE 3: Chair's Address
   Welcome ladies and gentlemen to the Scheme Meeting of AusNet Services Ltd. My name is Peter Mason and I have the pleasure of being the Chairman of your company and will be chairing today's Scheme Meeting.
   As the COVID-19 pandemic still poses ongoing health risks, our Scheme Meeting is being held online and live via Computershare's Virtual Meeting platform.
   Our Company Secretary has informed me that a quorum is present and therefore I declare the AusNet Scheme Meeting open.
   I wish to begin by acknowledging the Wurundjeri ('were-un-juri') people of the Kulin nation as the Traditional Custodians of the land on which AusNet's corporate office is situated. I pay respect to their Elders, past, present and emerging and extend this respect to other Aboriginal and Torres Islander people from other communities who are joining us today.
   On behalf of the AusNet Board of Directors, I'd like to welcome our Shareholders, or their proxies, attorneys or representatives present - thank you for attending today.
   I propose to take the Notice of Meeting as read.
   I'd like to welcome my fellow Board members joining us on the webcast today:
4. • Alan Chan Heng Loon - who joined the Board in 2018;
   • Ralph Craven - who joined the Board in 2014;
   • Sally Farrier - who joined the Board in 2014;
   • Robert Milliner - who joined the Board in 2015;

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I'd now like to briefly reflect on the journey that AusNet has been on over the past few years.

I was appointed Chairman of AusNet in May 2016. Since then, the Board's focus has been to oversee the operation of an economically, environmentally and socially sustainable business, with our key objectives of delivering safe and reliable energy to customers. AusNet has a strong mix of diverse regulated core networks, complemented by a growing contracted infrastructure portfolio which is leveraged to the energy transition. Facilitating a low carbon future and working closely with government, communities, and customers has been a key part of our strategy to deliver growth. Our growth aspirations have been supported by a disciplined approach to capital allocation underpinned by prudent financial metrics generating solid returns to shareholders.

I'd like to extend my sincere thanks to my colleagues on the Board, to the executive team and to every employee at AusNet for their efforts and contribution during this time. Their commitment to the Company, particularly during a global pandemic and recently some of the largest storm events ever experienced, is significant and much appreciated.

I'll now take a moment to explain our virtual meeting platform. All attendees participating live are able to ask questions and submit votes through the platform.

4 SLIDE 4: How to Ask a Question

Questions can be submitted at any time by using the online platform or via telephone. Instructions for how to ask a question are available on the screen. To ask a written question via the online platform, click on the Q&A 'speech bubble' icon. Once you have completed typing your question, please select the send button to submit your question.

To ask a question verbally, please click on the link at the bottom left of the screen underneath the webcast, as indicated on the slide. You'll need to register and will then be sent a unique access code and phone number to dial. Dial the number and enter the unique access code to speak to the operator. You will then need to remain on hold until you are informed by the operator that you may ask your question.

While you can submit questions online or click on the link to initiate the process to ask a question verbally from now on, I will address questions at the relevant time in the meeting. Questions must

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be relevant to the business of today's meeting, being the approval of the Scheme. Please note, I will not address questions that are unrelated to the Scheme. If we receive multiple questions on one topic they may be amalgamated. But we will be very conscious to try to answer all relevant questions throughout the course of today's meeting.

1. SLIDE 5: How to Vote
   Voting today will be conducted by way of a poll. I appoint Christopher Dedrick from our Registry, Computershare Investor Services, to be the Returning Officer in regard to the poll.
   In order to provide you with enough time to vote, I will shortly open voting. Instructions for how to vote are available on the screen.
   If you are eligible to vote, once voting opens, press the vote icon and the resolution will be activated with voting options. To cast your vote simply select one of the options. There is no need to hit a 'submit' or 'enter' button, as the vote is automatically recorded. You will receive a vote confirmation notification on your screen.
   I now declare voting open. Please submit your votes at any time. I will give you a warning before I move to close voting.
   With that explanation, I will now move on to provide an overview of the Scheme.
2. SLIDE 6: Overview of the Scheme
   The business of today's meeting is to consider, and if thought fit, approve a scheme of arrangement under which Australian Energy Holdings No 4 Pty Ltd, the Bidder, will acquire all of the Shares in AusNet. The cash amount payable by the Bidder for each AusNet Share under the Scheme is $2.6025. When this amount is added to AusNet's interim unfranked dividend for the half year ended 30 September 2021 of $0.0475 per AusNet Share which was paid on 16 December 2021 to the AusNet Shareholders who held their AusNet Shares as at the interim dividend record date of 17 November 2021, it represents a Total Cash Amount of $2.65 per AusNet Share.