#131 DECEMBER 2020 FULL YEAR RESULTS TUESDAY, 23 FEBRUARY 2021 INFRASTRUCTURE sparkinfrastructure FOR THE FUTURE#2INFRASTRUCTURE FOR THE FUTURE SPARK INFRASTRUCTURE - AT A GLANCE ASX-listed owner of leading essential energy infrastructure $3.6bn $6.7bn MARKET CAPITALISATION(1) S&P/ASX 100 REGULATED AND CONTRACTED ASSET BASE (PROPORTIONAL) $18.7bn TOTAL ELECTRICITY NETWORK AND GENERATION ASSETS (2) SUPPLYING 5.0m+ HOMES AND BUSINESSES Distribution Victoria Power Networks and SA Power Networks 49% SPARK INFRASTRUCTURE OWNERSHIP $11.03bn REGULATED ASSET BASE (80% Transmission TransGrid (NSW) 15% SPARK INFRASTRUCTURE OWNERSHIP $7.52bn REGULATED AND CONTRACTED ASSET BASE 17% Renewables Bomen Solar Farm (NSW) 100% SPARK INFRASTRUCTURE OWNERSHIP $0.17bn CONTRACTED ASSET BASE 3% WAGGA WAGGA, NSW 808 5,400 EMPLOYEES SKI PROPORTIONAL ASSET BASE(3) SKI PROPORTIONAL ASSET BASE(3) SKI PROPORTIONAL ASSET BASE(3) (1) As at 19 February 2021. Balance sheet and other information as at 31 December 2020 (2) Spark Infrastructure has proportional interests in $18.7bn of total electricity network and contracted generation assets (3) Pro forma Spark Infrastructure I Investor Presentation | February 2021 2#3INFRASTRUCTURE FOR THE FUTURE FINANCIAL HIGHLIGHTS Solid earnings and growth delivered by high quality energy network businesses Underlying Look- through EBITDA (1) $862m Up 2.4% FY2020 Distribution 13.5cps +2.1cps franking FY2021 Distribution guidance (3) 12.5cps + ~25% franking Regulated asset base(1) $6.4bn Up 3.3% Growth capital expenditure(4) $231m Up 13.3% Contracted asset base (2) $294m Up 13.4% FFO/ Net debt(5) 12.4% Down -1.1% (1) On an aggregated proportional basis to Spark Infrastructure (2) Includes Bomen Solar Farm and TransGrid CAB on a proportional basis to Spark Infrastructure (3) Subject to business conditions (4) Represents increase in RCAB excluding Bomen Solar Farm acquisition and construction costs (5) Funds From Operations (FFO)/ Net debt on a look-through proportional basis including underlying Bomen Solar Farm cash flows and Spark Infrastructure corporate and interest costs Spark Infrastructure I Investor Presentation | February 2021 3#4INFRASTRUCTURE FOR THE FUTURE KEY ACHIEVEMENTS FOR FY2020 Highly defensive businesses investing in Australia's energy transition . COVID-19: - Minimal impact on operations, continued safe operation and reliability - No reliance on government support - Continuing to support consumers through network tariff relief . Distribution guidance for FY2020 maintained and delivered. Franking credits to be attached for the first time in 2020 • Regulatory determinations complete (SAPN) or close to completion (VPN) - lays foundation for next 5 years Regulatory forecast of inflation changed - to be applied in VPN final determination from 1 July 2021 3.7% growth in regulated and contracted asset base First renewable energy project delivered on time and significantly under budget. Commenced commercial operations late June 2020 • Success in ATO appeal; ~$45m refund expected in 2021 • Pipeline (c.1.5GW) of renewable project options established Uplift in ESG recognition: B rating from CDP Delivering Yield and Growth in difficult conditions, and continuing to invest in the energy transition Spark Infrastructure I Investor Presentation | February 2021 4#5INFRASTRUCTURE FOR THE FUTURE PERFORMANCE SUMMARY Proportional Results - VPN, SAPN & TGD ($m) (1) 2020 2019 Change Proportional Results 2020 Change ($m) Distribution and transmission revenue 1,022.8 998.1 2.5% EBITDA Other revenue 155.0 168.2 -7.8% VPN 442.5 6.4% Total Revenue Operating costs 1,177.8 1,166.3 1.0% SAPN 327.4 -3.3% (330.6) (326.4) 1.3% TransGrid 100.4 -1.7% Beon margin (VPN) 9.8 5.5 78.2% Proportional EBITDA 870.3 1.6% Enerven margin (SAPN) 13.3 11.2 18.8% EBITDA 870.3 856.6 1.6% Bomen Solar Farm 5.3 n/m Net external finance costs (181.4) (183.3) -1.0% Corporate Costs (13.2) 10.8% EBT DA 688.9 673.3 2.3% Underlying look-through 862.4 2.4% EBITDA Growth Capex(2) 230.7 203.6 13.3% RCAB (Spark share) (2) 6.533.1 6,302.3 3.7% Spark Infrastructure share of RCAB has increased by 3.7% (1) On an aggregated proportional basis to Spark Infrastructure (2) Excludes Bomen Solar Farm Spark Infrastructure | Investor Presentation | February 2021 5#6$bn INFRASTRUCTURE FOR THE FUTURE WHY INVEST IN SPARK INFRASTRUCTURE • Listed essential energy infrastructure portfolio • High quality Australian energy network businesses • Highly sought after regulated transmission and distribution assets Contracted unregulated businesses with strong reputations and long-dated contracts Utility scale renewable generation; operating asset + development pipeline Low risk business model • Essential infrastructure not impacted by pandemic, commodity or other economic shocks • Sustained value through long-dated and growing asset base • Investment grade credit ratings ensure continued access to low-cost capital Reliable and attractive yield Only company to be placed in the top 10 for distribution yield over each of the last 5 years in ASX100 Increased certainty over 5-year distributions outlook Franking now increases value of distribution Strong growth in asset base Investing in Australia's energy transition Long-standing, experienced and industry-based management team 10.00 Spark Infrastructure proportional RCAB CAGR 6.9% (2) 9.21 8.00 8.81 8.34 CAGR 7.1% (1) 7.70 7.09 6.00 6.70 6.46 5.73 5.88 6.08 4.00 4.22 4.42 4.64 3.96 3.61 2.00 FY11 FY12 (1) CAGR calculated over the 10-year period 2011-2020 (2) CAGR calculated over 15-year period 2011-2025 Spark Infrastructure | Investor Presentation | February 2021 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 6#7CPS INFRASTRUCTURE FOR THE FUTURE DISTRIBUTION OUTLOOK Outlook rebased to reflect VPN and SAPN' 5-year regulatory determinations and reflecting transition to tax payer 16.00 12.00 12.00 8.00 4.00 Reg. Period Distribution Profile Reg. Cash Distribution Outlook Period 16.00 15.25 15.00 2020 14.50 2.1 13.50 Full-year distribution of 13.5 cps -3.0 12.50 Franking Credits 2021 Full-year rebased distribution guidance of 12.5 cps ■Trust Distribution 0.00 FY15 FY16 FY17 FY18 FY19 FY20 FY21 2022-25 Rebased distribution + CPI Interest on Loan Notes Distribution Outlook Historic Distributions • Fully covered by operating cash flow Retained cumulative Standalone Operating Cash Flow of 6.5cps (c.$110m) over last 5 years Rebased 12.5cps for 2021 Estimated Franking of ~3.0 cps in 2021 Targeting growth in distribution ~CPI to 2025 • Estimated franking of 25% to 2025 Sustainability based on operating cash flow across the period ISP Major Project growth and Value Build growth to be funded by DRP and debt, not at expense of distributions Spark Infrastructure I Investor Presentation I February 2021 7#8INFRASTRUCTURE FOR THE FUTURE FINANCIAL RESULTS FULL YEAR 2020 Spark Infrastructure | Investor Presentation | February 2021 8#9INFRASTRUCTURE FOR THE FUTURE STANDALONE NET OPERATING CASH FLOW Net Operating Cash Flow ($m) 2020 2019 Change Investment Portfolio Distributions and Interest Victoria Power Networks - includes repayment of shareholder loans 171.5 159.5 7.5% SA Power Networks 106.6 116.2 -8.3% TransGrid 22.9 36.8 -37.8% Total Investment Portfolio Distributions and Interest 301.0 312.5 -3.7% Net operating cashflows - Bomen Solar Farm Net interest (paid)/received Corporate expenses Underlying Net Standalone OCF before tax Tax paid (1) 4.7 n/m (1.8) 1.2 -250.0% (13.2) (13.3) -0.8% 290.7 300.4 -3.2% (37.9) (16.9) 124.3% Underlying Net Standalone OCF after tax 252.8 283.5 -10.8% Underlying Standalone OCF per Security 14.7 cps 16.8 cps -11.8% Project and transaction bid costs (5.6) (5.3) 5.7% Other interest paid (3) (6.7) n/m Other tax paid (2) Standalone Net OCF - statutory Spark Infrastructure Distribution per Security Underlying Pay-out ratio Underlying Effective Tax Rate (48.0) (21.8) 120.2% 192.5 256.4 -24.9% 13.5 cps 92% 13.0% 15.0 cps -6.3% 90% 5.7% Cumulative underlying payout ratio for the last 5 years (2016-2020) is 93% (after tax payments) (1) Tax paid of $37.9m in 2020 represents the 2019 tax liability for the SIH1 and SIH2 tax groups. 2019 tax paid of $16.9m represents the 2019 tax liability for SIH2 tax group. (2) Other tax paid of $48.0m comprised of $34.4m tax paid in relation to a number of historical years, and $13.6m relating to instalments for the 31 December 2020 income tax year. 2019 other tax paid represents $21.8m of tax paid in relation to a number of historical tax years (2015- 2018). Refer to slide 45 for additional tax information (3) Other interest paid includes an interest charge of $6.7m on historical tax payments made (related to the ATO litigation) of which $5.0m is expected to be refunded in 2021. Spark Infrastructure | Investor Presentation | February 2021 9#10INFRASTRUCTURE FOR THE FUTURE UNDERLYING LOOK-THROUGH CASH FLOW SUMMARY Spark Infrastructure share ($m) Victoria Power Networks SA Power TransGrid Networks Spark Infrastructure 2020 2019 Change EBITDA from operations less corporate costs Look-through EBITDA 442.5 327.4 100.4 5.3 875.6 856.6 2.2% (13.2) (13.2) (14.8) -10.8% 442.5 327.4 100.4 (7.9) 862.4 841.8 2.4% less net finance charges (1) (79.6) (64.5) (32.2) (1.8) (178.1) (175.0) 1.8% less net reg/unreg depreciation/maint. capex (2) (148.1) (135.1) (29.2) (312.4) (276.3) 13.1% Working capital/non cash movements (28.6) 17.1 (1.7) (0.6) (13.7) 6.9 n/m Underlying net operating cash flows before tax 186.2 144.9 37.4 (10.3) 358.2 397.4 -9.9% less tax paid (3)(4) - - (37.9) (37.9) (18.1) n/m Underlying net operating cash flows after tax 186.2 144.9 37.4 (48.2) 320.3 379.3 -15.6% Underlying Standalone OCF per Security 18.6 cps 22.5 cps -17.3% (5) Distributions paid 233.5 253.6 Growth capex (6) (145.1) (27.0) (58.6) (230.7) (203.6) 13.3% Bomen Solar Farm acquisition and construction costs Other (9.8) (9.8) (164.2) -94.0% 5.2 (12.9) (10.5) (18.3) (34.4) -46.8% Investing cash flows (139.9) (39.9) (69.1) (9.8) (258.8) (402.2) -35.7% Look-through EBITDA for FY2020 increased by 2.4%; growth capex up 13.3% to $230.7m (1) Corporate finance charges excludes interest paid of $6.7m on historical tax payments made (under review) (2) Net reg/unreg depreciation is a proxy for maintenance capex. It is calculated as regulatory depreciation net of CPI uplift on RAB. Increase in net regulatory depreciation is primarily driven by decrease in CPI adjustment in comparison to 2019. (3) Spark Infrastructure corporate tax paid of $37.9m in 2020 represents the 2019 tax liability for the SIH1 and SIH2 tax groups. 2019 tax paid of $16.9m represents the 2018 tax liability for SIH2 tax group. Excludes other tax paid of $48.0m. Refer to slide 45 for additional tax information. (4) VPN and SAPN cash tax paid of $22.8m and $2.8m respectively has been excluded as a tax refund related to the ATO litigation is expected in 2021 and the benefit of franking credits will be distributed to Spark Infrastructure in future years (5) Total FY2020 and FY2019 distributions are based on weighted average number of Spark Infrastructure securities on issue throughout the year. (6) Represents net increase in RCAB Spark Infrastructure | Investor Presentation | February 2021 10#11INFRASTRUCTURE FOR THE FUTURE STRONG BALANCE SHEET & LOW REFINANCING RISKS All figures 100% at 31 Dec 2020 Rating (S&P/ Moody's) Total Debt Facilities Next Maturity Undrawn Debt Drawn Debt Average Interest Rate Amount VPN A- / n/a $475m $4,928m 3.4%(4) $5,403m Avg. Maturity 4.6 years Amount Date $425m August 2021 SAPN A- /n/a $275m $3,322m 4.1%(4) $3,597m 5.9 years $53m June 2022 TransGrid n/a / Baa2(1) $1,264m(2) $6,183m(2) 3.7%(4) $7,447m(2) 5.1 years $287m(3) June 2021 Corporate n/a / Baa1 $360m $40m 2.3% $400m 2.1 years $400m February 2023 Substantial undrawn and committed facilities . ⚫ Investment grade credit ratings; SKI corporate rating currently negative outlook; expect to be Baa2 in 2021 in anticipation of lower regulatory returns over next 5 years • Access to multiple sources of debt . Long-weighted average maturities • Minimal short-term refinancing requirements (1) Relates to the TransGrid Obligor Group (2) Relates to TransGrid Obligor Group and TransGrid Services (3) This amount excludes $313m undrawn debt at 31 December 2020 (4) Average interest rate is calculated based on finance charges (less non-cash credit valuation hedge adjustments) divided by average gross debt in the period Spark Infrastructure | Investor Presentation | February 2021 11#12INFRASTRUCTURE FOR THE FUTURE OUR INVESTMENTS' FINANCIAL RESULTS FULL YEAR 2020 Spark Infrastructure | Investor Presentation | February 2021 12#13INFRASTRUCTURE FOR THE FUTURE VICTORIA POWER NETWORKS Financial ($m) (1) 2020 2019 Change CPI-X $37.1m Regulated revenue - DUOS 1,001.1 956.9 4.6% STPIS (2) Prescribed metering ("AMI") 81.4 85.7 -5.0% $22.2m Semi-regulated revenue 62.4 60.8 2.6% Unregulated revenue. 42.0 47.0 -10.6% Customer Growth (3) 0.9% Total Revenue Operating costs Beon margin EBITDA Other 1,186.9 1.150.4 3.2% (303.9) (312.8) -2.8% (3) Consumption -5.1% 20.1 11.3 77.9% FTE 903.1 848.9 6.4% Change (3) 1.7% Net Debt / Net finance costs (4) Net capital expenditure Distributions received by Spark Infrastructure (165.6) (167.2) -1.0% 72.3% RAB (585.2) (507.6) 15.3% FFO / 13.8% 171.5 159.5 7.5% Net Debt Victoria Power Networks EBITDA for FY2020 increased by $54.2m or 6.4% (1) 100% basis (2) 2017 STPIS recovered in FY2020 (3) Compared with FY2019 (4) FY2020 includes a $1.9m (loss) in non-cash credit valuation hedge adjustments (FY2019: $0.4m gain) Spark Infrastructure | Investor Presentation | February 2021 13#14INFRASTRUCTURE FOR THE FUTURE VICTORIA POWER NETWORKS Key Financial Drivers Regulated Revenue Up by 4.6% • CPI of 1.59% from 1 January 2020 Regulated Asset Base Up by 4.7% (2) Other Revenue (excl. Beon) Down by 5.0% Operating Costs (excl. Beon) Down by 2.8% Beon Margin Up by 77.9% • • X-factors for Powercor: -2.40% and CitiPower: -1.88% representing a real increase in revenue before CPI $22.2m STPIS recovery • RAB increased to $6,635m . Increase driven by net capex of $606m, less regulatory depreciation of $402m, and CPI uplift of $100m - Semi-regulated revenue: up 2.6% – increased new connections revenue driven by residential growth in the Powercor Network AMI revenue: down 5.0% - depreciating RAB Unregulated revenue: down 10.6% - sale of properties in the previous year Revaluation of employee entitlement provisions and tight cost control in the business; partially offset by: . Higher lines maintenance, faults and insurance costs • Continued growth in new solar projects such as Jemalong and Melbourne Airport Solar Projects Net Capital Expenditure Up by 15.3% • • • Growth capex of $387.2m up 13.0% (network connections and augmentation) – continuation of REFCL(1) program Maintenance capex of $198.0m up 20.0% - zone substation replacement projects Highest ever capex program Victoria Power Networks RAB has increased 4.7% over the last 12 months (1) Rapid Earth Fault Current Limiter (2) From 31 December 2019 Spark Infrastructure | Investor Presentation | February 2021 14#15INFRASTRUCTURE FOR THE FUTURE SA POWER NETWORKS Financial ($m) (1) Regulated revenue – DUOS Semi-regulated revenue Unregulated revenue Total Revenue Operating costs Enerven margin EBITDA Other 2020 2019 Change CPI-X $10.7m 849.2 848.8 0.0% STPIS (3) 81.4 97.3 -16.3% $34.0m 11.6 14.0 -17.1% Customer 942.2 960.1 -1.9% Growth (4) 1.1% (301.2) (292.2) 3.1% (4) Consumption -3.6% 27.1 22.8 18.9% 668.1 690.7 -3.3% FTE Change (4) 0.4% (137.2) (138.7) -1.1% Net Debt / 73.9% RAB (368.7) (405.6) -9.1% 106.6 116.2 -8.3% FFO / Net Debt 15.9% Net finance costs (2) Net capital expenditure Distributions received by Spark Infrastructure SA Power Networks EBITDA for FY2020 decreased by $22.6m or 3.3% (1) 100% basis (2) FY2020 includes a $2.1m (loss) credit valuation hedge adjustment (FY2019: includes a $1.4m loss) (3) 2017/18 STPIS result to be recovered from 1 July 2019 and 2018/19 STPIS result to be recovered from 1 July 2020 (4) Compared to FY 2019 Spark Infrastructure | Investor Presentation | February 2021 15#16INFRASTRUCTURE FOR THE FUTURE SA POWER NETWORKS Key Financial Drivers Regulated Revenue Up by $0.4m Regulated Asset Base Up by 1.3% (2) Underlying Other Revenue Down by 6.5% (3) Underlying Operating Costs (Excl. Enerven) Up by 3.1% Enerven Margin Up by 18.9% Net Capital Expenditure Down by 9.1% CPI of 1.78% from 1 July 2019 (1 July 2018: CPI 1.91%) X-factor applicable from 1 July 2019 was -0.85% representing a real increase in revenue before CPI. No X-factor was applied for 2020/21 because the AER set the 2020/21 expected revenue in the Final Determination $34.0m STPIS recovery RAB increased to $4,395m Increase driven by net capex of $347m (1), less regulatory depreciation of $328m, and includes CPI uplift of $52m Semi-regulated revenue: down 4.8% (3) - declining activity across all areas of asset relocation, embedded generation and council funded replacement of public lighting Unregulated revenue down $2.4m due to sale of assets in 2019 Revised corporate overhead capitalisation policy; partially offset by: Reduced expenditure in connection with emergency response and lower labour costs • 2019 bushfire provisions adjusted Change in project mix, with projects for existing client base (including ElectraNet) complemented by new business activity including commercial solar and battery solutions Enerven was engaged in deploying solar and battery capability to a significant number of SA Water sites under a framework contract of up to $300 million, predominately over 2019 and 2020 Growth capex of $138.2m, in line with 2019 - network connections and augmentation Maintenance capex of $230.5m, down 13.7% SA Power Networks has seen RAB growth of 1.3% over the 12 months (1) Excludes corporate overheads (2) Includes public lighting RAB (3) Excludes public lighting provision write back of $6.5m in 2019 and 2020 provision of $5.0m. In 2019 a long running public lighting dispute was resolved and required amounts were settled with customers in January 2020. As a result of finalisation of the quantum of this matter, provisions of $6.5m were unwound in 2019. Spark Infrastructure | Investor Presentation | February 2021 16#17INFRASTRUCTURE FOR THE FUTURE TRANSGRID Financial ($m) (1) 2020 2019 Change CPI-X (2) $18.2m Regulated revenue - TUOS 773.6 754.5 2.5% STPIS (3) Unregulated revenue 124.2 120.1 3.4% $15.3m Other Revenue (8) (1.4) 5.4 n/m RAB (4) Total Revenue 896.4 880.0 1.9% 3.2% Growth Regulated operating costs. (165.1) (155.6) 6.1% CAB (4)(5) Unregulated operating and other costs (62.2) (43.4) 43.3% 28.8% Growth EBITDA 669.1 681.0 -1.7% FTE Other Change (4) -6.2% Net finance costs (2) (220.3) (222.2) -0.9% Net Debt/ Regulated capital expenditure (501.0) (254.7) 96.7% RCAB (5)(6) 80.7% Contracted capital expenditure (207.2) (238.6) -13.2% Distributions received by Spark Infrastructure 22.9 36.8 -37.8% FFO / Net Debt (7) 7.4% TransGrid EBITDA for FY2020 decreased by $11.9m or 1.7% (1) 100% basis (2) Relates to period 1 January 2020 to 31 December 2020 and includes an adjustment relating to the revocation and substitution of TransGrid's revenue determination for the 2014-2018 regulatory period (3) 2019 STPIS result recovered from 1 July 2020 and 2018 STPIS recovered from 1 July 2019 (4) Compared with December 2019 (5) CAB comprises of unregulated infrastructure and telecommunication assets and investment property (6) Net Debt is calculated using gross debt less cash and adjusted for prescribed revenue over/(under) collection and includes TransGrid Services (TGS) (7) Relates to TransGrid Obligor Group (i.e. excludes TGS) (8) FY2020 amount includes ($1.7m) negative revaluation of investment property Spark Infrastructure I Investor Presentation | February 2021 17#18INFRASTRUCTURE FOR THE FUTURE TRANSGRID Key Financial Drivers - Regulated Business Regulated Revenue Up by 2.5% Regulated Asset Base Up by 3.2% CPI of 1.80% from 1 July 2020 (1 July 2019: CPI of 1.80%) X-factor from 1 July 2020 was -0.17% and from 1 July 2019 was -0.97% representing a real increase in revenues before CPI $15.3m STPIS payment RAB increased to $6,697m Increase driven by capital expenditure of $433m, less regulatory depreciation of $282m, and includes CPI uplift of $62m Operating Costs • Lower labour costs, consulting and other operational costs as a result of operating efficiencies gained Down 2.1% (3) Capital Expenditure Up by 96.7% • Growth/Augmentation capex (1) of $291.9m (up 399.8%) Maintenance capex of $170.9m (up 6.4%) Non-network(2) capex of $38.2m (up 6.7%) Increase was mainly due to investment in augmentation projects including Powering Sydney's Future, Stockdill Switching Station and ISP projects, and higher maintenance capex TransGrid has seen RAB growth of 3.2% over the 12 months (1) Includes Integrated System Plan (ISP) projects (2) Includes Network Capability Incentive Project Action Plan (NCIPAP) capex (3) Excluding $12.8m bushfire costs incurred during FY2020 for remediation of damage sustained during the bushfires in November and December 2019, expected to be recovered through cost pass-through provisions. Spark Infrastructure I Investor Presentation | February 2021 18#19INFRASTRUCTURE FOR THE FUTURE TRANSGRID Key Financial Drivers - Unregulated Business Contracted Capital Expenditure Down by $31.4m Unregulated Revenue Up by $4.1m • • • Infrastructure capex includes renewable connections projects delivered in FY2020 (Darlington Point, Kiamal and Bomen Solar Farm) Increase in telco capex primarily driven by NBN POI rollout Infrastructure connection revenue continued to increase in 2020 to $80.9m (FY2019: $50.7m) as construction of a number of connection assets was completed Decrease in line modification revenue to $12.8m (FY2019: $39.3m) as a result of the completion of a number of one-off projects in 2019 Connections revenue is expected to continue to grow with a number of new connections projects currently under construction and in the pipeline Increase in telecommunications revenue as a result of growth in data services and co-location facilities Unregulated Operating Costs Up by $18.8m Contracted Asset Base Up by $183.2m(1) • • Increase in new infrastructure connections partially offset by a decrease to the number of line modification projects • Additional project development costs supporting the acceleration of TransGrid's rapidly expanding non prescribed connections pipeline, which is delivering increased contracted revenue growth (i.e. pre-contract / proposal costs) CAB increased to $820m • Increase driven by capex of $208.7m less depreciation of $24m and revaluation decrement on investment property $1.7m TransGrid has seen CAB growth of 28.8% over the 12 months (1) From 31 December 2019 Spark Infrastructure | Investor Presentation | February 2021 19#20INFRASTRUCTURE FOR THE FUTURE BOMEN SOLAR FARM 2020 Underlying Financial Results ($m) PPA fixed revenue Merchant electricity revenue Merchant LGC revenue Total Revenue Operating costs (6 months) 6.2 0.1 0.7 7.0 (1.7) Operating costs $1.7m • EBITDA 5.3 Working capital (0.6) Net operating cash flows 4.7 Generation 105,110 MWh Revenue $7.0m for the first 6 months of operations • The revenues were underpinned by the fixed revenues associated with the PPA agreements with Westpac and Flow Power. Strong pricing in the Large-scale Generation Certificate's (LGC) market delivered $0.7m of revenue during the period through the sale of merchant LGC's. Operating expenditure has been in line with expectations and has included additional vegetation management to address the increased growth in grass on site. The site generated 105, 110 MWh of renewable energy during the period, experienced minimal downtime and no material curtailment or outages in the period. 3 week outage in January 2021 due to substation fault under investigation. Other Generation (MWh) 105,110 CO2-e displaced (1) 85,139 tonnes • The renewable energy generated from Bomen Solar Farm represented the displacement of 85,139 tonnes of CO2-e. Bomen Solar Farm performed in line with expectations during the first 6 months of operations to 31 December 2020 (1) Australian Government, Department of Industry, Science, Energy and Resources - National Greenhouse Accounts Factors, October 2020. Spark Infrastructure | Investor Presentation | February 2021 20#21INFRASTRUCTURE FOR THE FUTURE EFFICIENCY AND REGULATION INDUSTRY AND BUSINESS CONSIDERATIONS Spark Infrastructure | Investor Presentation | February 2021 21#22INFRASTRUCTURE FOR THE FUTURE AER BENCHMARKING AER Benchmarking Report 2020 - Multilateral Total Factor Productivity (MTFP)1 Rankings Distribution Network Service Providers Transmission Network Service Providers DNSP 2019 A 2018 TNSP 2019 A 2018 SA Power Networks South Australia I 1 TasNetworks 1 I 1 CitiPower Victoria Powercor Victoria 23 2 ElectraNet 2 I 2 ↑ 4 TransGrid 3 4 United Energy Victoria ↑ 5 Powerlink 4 ↑ 5 Ergon Energy Queensland LO 5 ↓ 3 AusNet 5 3 Energex Queensland 6 ↑ 7 Endeavour Energy NSW 7 ↑ 8 . Essential Energy NSW 8 ↓ 6 00 TasNetworks Tasmania 9 ↑ 10 Jemena Victoria 10 ↓ AusNet Victoria 11 9 11 • Evo Energy ACT Ausgrid NSW 23 12 13 123 CitiPower, Powercor and SA Power Networks have remained in top 4 DNSPs since reporting began in 2006 TransGrid achieved the highest productivity gains across TNSPs in 2018 and improved its rank from 4th to 3rd in 2019 Powerlink ElectraNet TransGrid Transmission network Interconnector AusNet Services TasNetworks Continuing to deliver high productivity performances to provide benefits to customers and improve returns (1) The multilateral total factor productivity is a productivity index numbers (PIN) technique that measures the relationship between total output and total input. It allows both total productivity levels and growth rates to be compared between entities (networks). In the 2020 annual benchmarking report, the AER also apply the method to time-series TFP analysis at the industry level and for individual TNSP to better capture large Energy Not Supplied (ENS) changes. Spark Infrastructure | Investor Presentation | February 2021 22#23Regulatory proposal metric Capex $2,011m $1,596m ($2019-20) INFRASTRUCTURE FOR THE FUTURE SAPN 2020-25 FINAL REGULATORY DETERMINATION The AER Final Determination establishes revenue certainty until 30 June 2025 2015-20 Allowance (1) Draft Decision (2) 2020-25 2020-25 2020-25 Revised Final Decision (2) Proposal (2) $1,247m $1,693m The Final Determination is in line with expectations with improved capex and inflation outcomes Standard Control Services Revenue ($m) and RAB ($bn)(1)(2) $1,000 Opex $1,375m $1,473m(3) $1,470m $1,470m ($2019-20) $800 WACC 6.17% 4.95% 4.79% 4.75% $600 4.77 4.85 Risk-free 2.96% 1.32% 0.96% 0.90% 4.48 4.59 4.68 4.36 Rate 4.23 $400 4.09 3.88 3.93 Inflation 2.50% 2.45% 2.36% 2.27%(4) $200 Gamma Revenue (Nominal) 0.4 0.585 0.585 0.585 $- FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Revenue Allowance Draft Determination Revised Proposal Final Determination $3,769m $3,905m $3,933m $3,914m Regulated Asset Base The majority of SA Power Networks' Revised Proposal was accepted by the AER in the Final Determination released on 5 June 2020 (1) AER Final Decision 2015-2020, October 2015 updated to $2020 (2) AER Final Decision Overview, June 2020. (3) AER Draft Decision Overview, October 2019. (4) The reduction in the inflation forecast was due to the using of the trimmed mean CPI forecast as it was more appropriate in the COVID-19 circumstances. Spark Infrastructure | Investor Presentation | October November 2020 23#242016-20 Citi Power Allowance (1) 2021-26 CP Draft Decision (1) CP Revised Proposal (1) Allowance (2) 2021-26 PC Draft Decision (2) 2021-26 PC Revised Proposal (2) Capex $854m $570m $635m $2,060m $1,586m $1,849m ($2021) INFRASTRUCTURE FOR THE FUTURE VPN 2021-26 REGULATORY PROPOSAL Final Risk-free Rate and the estimate of inflation is to be updated for the final decision in April 2021 Regulatory proposal metric 2021-26 2016-20 Powercor VPN's revenue profiles submitted in their Revised Proposals closely align with the AER's Draft Determination Standard Control Services Revenue ($m)(1)(2)(5) and RAB ($bn) (4) Opex $800 $473m $463m $472m $1,317m $1,321m $1,388m ($2021) $600 WACC 6.11% 4.59% 4.59% 6.11% 4.59% 4.59% Risk-free $400 2.48% 0.93% 0.93% 2.48% 0.93% 0.93% 5.97 6.26 6.48 6.86 7.27 7.58 7.83 8.04 5.72 Rate 5.27 5.47 $200 Inflation 2.35% 2.37% 2.37% 2.35% 2.37% 2.37% Gamma 0.4 0.585 $- 0.585 0.4 0.585 0.585 DEC 16 DEC 17 DEC 18 DEC 19 DEC 20 Citi Power Revenue Allowance Revenue(3) (Nominal) $1,484m $1,426m $1,441m $3,205m $3,242m $3,345m Powercor Revenue Allowance JUN 21 CitiPower Draft Determination Powercor Draft Determination VPN Regulated Asset Base JUN 22 JUN 23 JUN JUN 24 25 CitiPower Revised Proposal JUN 26 Powercor Revised Proposal An expected inflation forecast of 2% (6) in the final decision will provide a positive uplift in revenue (1) Citi Power, Revised Proposal 2021-2026, 3 Dec 2020 (2) Powercor, Revised Proposal 2021-2026, 3 Dec 2020 (3) Standard Control Services Revenue - 'Smoothed' (4) RAB values from RAB roll-forward model (RFM) and post-tax revenue model (PTRM) submitted with CitiPower and Powercor revised proposals on 3 December 2020 (5) AER: Citi Power and Powercor - Final Decision 2016-2020 updated to $2021 (6) The forecast reflects the new AER inflation forecast methodology and the short term inflation forecasts in the RBA February Statement on Monetary Policy. Spark Infrastructure | Investor Presentation | February 2021 24#25INFRASTRUCTURE FOR THE FUTURE REGULATORY TIMELINES Determinations for SA Power Networks and Victoria Power Networks will incorporate lower returns from the AER's 2018 decisions on the Rate of Return Instrument (RORI) and tax, but revenue will be certain for the five-year regulatory periods VNI CPA & Final Decision Q1 HumeLink PACR Q3 HumeLink CPA Submission Q1 Draft Decision Sept Final Decision April Proposal due 31 Jan PEC CPA Final Decision Q2 Proposal due Revised 31 Jan proposal due Dec Period commences 1 July 2021 6 month transition period 1 Jan² Final Decision April 30 Period commences 1 July 2022 2023 TRANSGRID 2018 to 2023 (MAJOR PROJECTS 1,3) TRANSGRID 2023 to 2028 VICTORIA POWER NETWORKS 2021 to 2026 (2) VICTORIA POWER NETWORKS 2026 to 2031 SA POWER NETWORKS 2025 to 2030 2024 Revised Proposal Dec Final Decision April Draft Decision 30 Sep Period Commences 1 July Proposal due 31 Jan 2025 Draft Decision 30 Sep Revised Proposal Dec Regulatory processes to support delivery of Major Projects will continue in to 2021 (1) The Regulatory Investment Test Transmission (RIT-T) and contingent project application (CPA) processes are expected to continue throughout 2021 (2) 6 month transition period will occur between 1 January 2021 and 30 June 2021 as a result of the Victorian Government decision to change the regulatory period cycle to a 1 July commencement date. A 5 year regulatory period will commence from 1 July 2021 (3) Revenue will be adjusted in the current regulatory period to incorporate the AER's decisions on CPA's - Dates subject to change. Spark Infrastructure | Investor Presentation | February 2021 25#26INFRASTRUCTURE FOR THE FUTURE REGULATORY REVIEWS Engage and advocate for outcomes that support returns required while delivering outcomes in the best long-term interests of consumers Review Objective Implementation AER Inflation Review Assess performance of inflation forecasting methodology and impact on returns 1 July 2021 AEMC Rules to improve financeability of Actionable ISP projects AEMC Rules to integrate DER Better match the cash flow from regulated revenue with the financing costs of Actionable ISP projects Allow two-way energy flows and charging for export Q2 2021 Mid 2021 AEMC Integration of storage in to the NEM Efficient integration of storage in to the National Electricity Market (NEM) Mid 2021 AEMC Ring Fencing review Improve the efficiency and effectiveness of ring fencing arrangements for distribution and transmission network service providers Late 2021 AEMC Regulatory Framework for stand alone power systems Allow customers to benefit from new technology that lowers costs of providing regulated services Late 2021 ESB Renewable Energy Zones (REZ) framework AEMO Integrated System Plan (ISP) Develop arrangements to support Renewable Energy Zones and interim implementation Efficient development of the National Electricity Market Late 2021 July 2022 AER Rate of Return Instrument (RORI) Sets out approach to estimate rate of return: return on debt, return on equity and value of imputation credits Dec 2022 AEMC Prior to 2025 AEMC Rules to facilitate system stability Coordination of Generation and Transmission Investment (COGATI) Access and Charging (1) ESB Post 2025 NEM Design Create new markets for synchronous services, reserve markets and ahead markets Better co-ordinate generation and transmission investment to improve the efficiency of dispatch and location of generators; provide certainty to support new investment and improve planning information Develop long-term, fit-for-purpose market framework to enable provision of full range of services to customers necessary to deliver a secure, reliable and lower emissions electricity system at least-cost (1) Now incorporated in to the ESB's post 2025 NEM Design program as Grid Access Spark Infrastructure | Investor Presentation | February 2021 2025 2025 26#27INFRASTRUCTURE FOR THE FUTURE STRATEGY AND GROWTH DELIVERING GROWTH FOR THE FUTURE Spark Infrastructure | Investor Presentation | February 2021 27#28INFRASTRUCTURE FOR THE FUTURE STRATEGIC VISION AND PRIORITIES OBJECTIVE Delivering long-term sustainable value through yield plus growth from our portfolio of high- quality, long-life essential energy infrastructure businesses By building sustainable businesses and harnessing their evolving growth potential we will continue to create long-term value for Securityholders BUSINESS MODEL Value Enhance Managing our portfolio for performance and organic growth through efficient investment Value Build Develop, build, own and operate energy infrastructure ELECTRICITY NETWORKS RENEWABLE ENERGY Spark Infrastructure I Investor Presentation | February 2021 ELECTRICITY STORAGE GAS NETWORKS / GAS STORAGE WATER NETWORKS / WATER STORAGE Value Acquire Growing through disciplined acquisitions 28#29INFRASTRUCTURE FOR THE FUTURE TRANSGRID - GROWTH OPPORTUNITIES (I) From mid-2020 under the National Electricity Rules there is a requirement to progress the regulatory process and preparatory work for actionable ISP projects AEMO ISP 2020 Trans Grid Network Opportunities Modelled Cost Delivery Target (1) 2018-2023 capex allowance $1.2bn N/A Committed QNI Minor Actionable (2)$0.2bn 2021-22 CENTRAL-WEST ORANA ENERGY ZONE Narrabri voltage control I ARMIDALE New capacity to Gunnedah NEW ENGLAND ENERGY ZONE MEDIUM-LARGE QUEENSLAND-NSW INTERCONNECTOR QUEENSLAND-NSW INTERCONNECTOR UPGRADE VNI Minor (3)$0.1bn Backup supply to Broken Hill 2022-23 Busbar upgrades bat Broken Hill Project EnergyConnect (PEC) (4)$2.0bn 2024-25 DUBBO Voltage support in Greater Sydney HumeLink (3)$2.1bn 2025-26 New capacity 7 near Beryl Supply to Macarthur area Central-West Orana REZ Transmission Link $0.7bn 2024-25 Molong-Orange North capacity increase Supply to South-Western Sydney Growth areas VNI West (Kerang Route) (4) (3)$2.4bn 2027-28 Voltage control at Parkes BURONGA New capacity near Orange Total $7.3bn I Capacity increase at Darlington Point O Supply to North-Western Sydney growth area SYDNEY GANNASY POWERING SYDNEY'S FUTURE Preparatory Activities Required DARLINGTON POINT Wagga Wagga North capacity increase HUMELINK ENERGYCONNECT QNI Medium & Large $3.3bn New England REZ Network Expansion (5)$1.3bn 2032-33 to 2035-36 2030s DINAWAN WAGGA WAGGA CANBERRA Voltage support in the ACT Wagga-Yass transfer capacity increase SOUTH-WEST ENERGY ZONE TUMUT Upper Tumut-Yass transfer capacity increase North West NSW Network Expansion (6)$0.9bn 2030s Jindera-Wagga transfer capacity increase VICTORIA-NSW INTERCONNECTOR UPGRADE Total $5.4bn VICTORIA-NSW INTERCONNECTOR WEST Total ISP Modelled Projects $12.9bn NSW Map Source: Trans Grid, Transmission Annual Planning Report 2020 (1) AEMO 2020 ISP (2) Contingent Project Application (CPA) Approved 28 April 2020 (3) RIT-T process underway (6) Includes combined costs for Stage 1,2 & 3 Spark Infrastructure I Investor Presentation | February 2021 (4) CPA process commenced 9 October 2020. (5) Includes combined costs for Stage 1 & 2 29#30INFRASTRUCTURE FOR THE FUTURE TRANSGRID GROWTH OPPORTUNITIES (II) - - TransGrid shareholders continue to seek solutions to financeability issues raised with regulators 300 Trans Grid Indicative 5-Year Capex Profile (Proportionate) 282 Subject to Regulatory approvals Project EnergyConnect • (PEC) 250 200 E 150 EA 100 50 50 187 215 • EPC and other major commercial milestones complete Final CPA determination from AER expected Q2 2021 Disappointed in AEMC draft determination on financeability rule change, final due in Q2 2021 VNI West HumeLink . Ongoing landowner and community consultation QNI Medium □ CW REZ □ Humelink Central West REZ . 123 117 □PEC Non-Prescribed ■Prescribed • • Route being refined with proposed route to be published mid-2021 Regulatory process ongoing Community and landowner consultation has commenced The project is receiving funding from the Australian Renewable Energy Agency (ARENA) as part of ARENA's Advancing Renewables Program TransGrid is working closely with the NSW Government to plan new transmission infrastructure for the REZ Includes Snowy 2.0 connection Equity funding (1) 2021 $40m 2022 $100m 2023 $74m 2024 $40m 2025 $29m 1. Indicative Spark Infrastructure share of equity funding required for ISP projects (ISP funding assumed 40% equity/60% debt). Non-Prescribed and Prescribed growth capex to be funded at TGD level. Non- Prescribed connection pipeline ~12GW potential => $250m proportionate capex Further upside from NSW Energy Roadmap Demonstrated access to excellent financing terms Significant growth capital expenditure over the next 5 years on ISP major projects and non-prescribed connection assets Spark Infrastructure I Investor Presentation | February 2021 30#31INFRASTRUCTURE FOR THE FUTURE RENEWABLES - HIGH QUALITY PIPELINE ESTABLISHED Well positioned to continue disciplined investment $m Solar >15GW forecast installed capacity between 2022-2042 in the NEM(1) Core Investment Areas Wind >16GW forecast installed capacity between 2022-2042 in the NEM(1) Storage ~13GW installed capacity forecast between 2022-2042 in the NEM(1) Indicative Renewables Investment ~580MW(1)(2) 500 400 300 200 164 100 I I 10 2019 2020 I I 262 2021 Development Pipeline (~1.5GW) Solar Wind t Storage 00 382 300 210 +++ 2022 2023 2024 2025 Other Investment Areas under Consideration (3) Renewable Energy Zones (1) AEMO's 2020 ISP Central Scenario (DP1) Green Hydrogen Virtual Power Plants (2) Based on probability weighted and proportionate final ownership of 100% owned developments (3) Opportunities either through Investment Businesses or Spark Infrastructure directly Spark Infrastructure | Investor Presentation | February 2021 O 00 O 31#32INFRASTRUCTURE FOR THE FUTURE CAPITAL MANAGEMENT PRUDENT CAPITAL MANAGEMENT WILL DELIVER GROWTH IN ASSET BASE Spark Infrastructure | Investor Presentation | February 2021 32#33INFRASTRUCTURE FOR THE FUTURE CONSISTENTLY PAYING ATTRACTIVE DISTRIBUTIONS The only consistently Top 10 yield performer in ASX 100 2016 2017 2018 2019 2020 Dividend # Company Yield (%) Company Dividend Yield (%) Company Dividend Yield (%) Dividend Dividend Company Yield (%) Company Yield (%) 1 Crown Resorts Ltd (ASX:CWN) 6.82 Fortescue Group Ltd (ASX:FMG) 10.20 Alumina Ltd (ASX:AWC) 11.00 Alumina Ltd (ASX:AWC) 11.40 Fortescue Group Ltd (ASX:FMG) 8.54 2 NAB Ltd (ASX:NAB) 6.46 Telstra Ltd (ASX:TLS) 8.54 AMP Ltd (ASX:AMP) 10.00 Yancoal Australia Ltd (ASX:YAL) 11.00 AGL Energy Ltd (ASX:AGL) 8.20 3 Spark Infrastructure (ASX:SKI) 6.09 NAB Ltd (ASX:NAB) 6.70 Whitehaven Coal Ltd (ASX:WHC) 9.49 BOQ Ltd (ASX:BOQ) 8.55 Aurizon Holdings Ltd (ASX:AZJ) 7.03 4 Platinum (ASX:PTM) 6.06 Vicinity Centres (ASX:VCX) 6.36 NAB Ltd (ASX:NAB) 8.23 Harvey Norman Ltd (ASX:HVN) 8.11 BEN Ltd 6.65 5 IOOF Holdings Ltd (ASX:IFL) 5.92 Harvey Norman Ltd (ASX:HVN) 6.24 BOQ Ltd (ASX:BOQ) 7.84 Spark Infrastructure (ASX:SKI) 7.66 Spark Infrastructure (ASX:SKI) 6.16 6 CSR Ltd (ASX:CSR) 5.63 Spark Infrastructure (ASX:SKI) 6.08 Stockland (ASX:SGP) 7.67 BEN Ltd 7.16 AusNet Services Ltd (ASX:AST) 5.81 7 AMP Ltd (ASX:AMP) 5.56 Westpac Banking (ASX:WBC) 6.00 Westpac Banking (ASX:WBC) 7.51 NAB Ltd (ASX:NAB) 6.74 Dexus (ASX:DXS) 5.54 8 BEN Ltd (ASX:BEN) 5.35 BOQ Ltd (ASX:BOQ) 5.97 Spark Infrastructure (ASX:SKI) 7.24 Westpac Banking (ASX:WBC) 6.60 Telstra Ltd (ASX:TLS) 5.37 9 ANZ Ltd (ASX:ANZ) 5.26 BEN Ltd 5.83 Wesfarmers Ltd (ASX:WES) 6.92 ANZ Ltd (ASX:ANZ) 6.50 APA Group (ASX:APA) 5.28 10 ADBRI Ltd (ASX:ABC) 5.06 Stockland (ASX:SGP) 5.76 Platinum (ASX:PTM) 6.58 Vicinity Centres (ASX:VCX) 6.18 Origin Energy Ltd (ASX:ORG) 5.25 8% 7% 6% 5% 4% 3% 2% 1% 0% 2016 Source: Capital IQ Dividend yield trend past 5 years - SKI vs ASX100 vs RFR 2017 2018 2019 2020 - Spark Yield ASX 100 average yield - RFR 33#34INFRASTRUCTURE FOR THE FUTURE GROWTH PIPELINE - FULLY FUNDED Indicative Growth Capex (Proportionate p.a. $m) 199 153 121 368 378 241 2016 2017 2018 2019 Indicative Funding (Proportionate p.a. $m) 2020 2021 671 637 504 6,703 433 I Indicative RCAB (Proportionate $m) 9,214 CAGR 6.6% with Renewables Growth CAGR 3.8% BAU + ISP Growth 2022 2023 2024 2025 2020 2025 ■ VPN ■ SAPN ■TGD (RAB) ■TGD (CAB) Renewables VPN SAPN ■TGD ■Renewables I RAB growth supported by AEMO's 2020 ISP + SAPN regulatory outcome and VPN draft regulatory determination 294 391 • Contracted growth supported by AEMO ISP 80 70 273 70 173 70 84 70 80 70 773 308 272 199 204 211 121 153 161 161 190 Renewable development pipeline established Growth fully funded through DRP and debt capacity • 2016 2017 2018 2019 ■Asset Level Financing 2020 ■DRP 2021 2022 2023 2024 2025 Spark Infrastructure committed to investment grade ratings ■SKI Corporate Debt/Retained cash (2) (1) SAPN values derived from SA Power Networks Final Determination - differential of annual opening RAB value vs closing RAB value, adjusted for SKI Financial Year VPN values based on CitiPower and Powercor Regulatory Proposals submitted 31 January 2020 - differential of annual opening RAB value vs closing RAB value, adjusted for SKI Financial Year Renewables growth equivalent to capex investment of -580MW (-$1.1bn) in 2021-2025 (3) (4) TransGrid includes investments presented on slide 30 Spark Infrastructure I Investor Presentation | February 2021 34#35INFRASTRUCTURE FOR THE FUTURE SUSTAINABILITY ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE Spark Infrastructure | Investor Presentation | February 2021 35#36INFRASTRUCTURE FOR THE FUTURE ESSENTIAL ENERGY INFRASTRUCTURE WHAT WE DO We invest for the long term in essential energy infrastructure PURPOSE To build a sustainable energy future VISION Clean, reliable and affordable energy for every Australian Spark Infrastructure | Investor Presentation | February 2021 Value Enhance Value Build Value Acquire VALUES OUR STRATEGY Safety First Manage our portfolio of businesses for performance and organic growth through efficient investment Develop, build, own and operate energy infrastructure Grow through disciplined acquisitions বা Acting with integrity Thinking innovatively Working as a team OUTCOMES Securityholders Delivering long-term sustainable value through yield plus growth Customers and community Delivering safe, reliable and affordable energy services through well managed operations and efficient investment Our people, health and safety Providing safe and rewarding workplaces for our people Innovation and technology Delivering a sustainable energy future capturing opportunities from innovation and technology Environment Protecting the environment in which we operate, and investing in the transition to a low carbon emissions future 36#37INFRASTRUCTURE FOR THE FUTURE ESG AND SUSTAINABILITY GOALS KEY ISSUES PRIORITY METRICS OUTCOMES UN Sustainable Development Goals 13 ACTION 7 AFFORDABLE AND CLEAN ENERGY Environment Climate Change Resource Management Environmental Protection Health, Safety and Wellbeing People Social Customers and Community Embedding policies and strategies that drive tangible changes through asset management, network design and procurement Growing and innovating business solutions to support and enable energy transition while reducing waste Minimising negative impacts on the environment by ensuring the highest standard of management practices are embedded and compliance standards are maintained Fostering a safety culture across all investment companies and integrating systems that support both employees and contractors Committed to delivering a strong inclusive values- based culture that promotes diversity and enables all employees to thrive and be successful Enabling safe, reliable and affordable electricity supply to our customers and contributing to the development of our communities by investing in initiatives that make a lasting positive impact Renewable energy generated (from Bomen Solar Farm) Renewable energy transported across our networks Emissions reduction metric Environmental incidents Community engagement and investment Diversity Gender pay ratio Health and safety Innovation and technology Investing in the low carbon transition Capturing opportunities from innovation and technology Environment Addressing our own operational impact to ensure clean reliable and affordable energy for every Australian Transparently disclosing and addressing environmental incidents as part of managing our climate risk Customers and community Investing for the long-term in sustainable energy infrastructure and the communities where we operate Our people, health and safety Providing the right workplace Promoting women in leadership Championing health and safety AFFORDABLE AN CLEAN ENERGY WOUSTRY INNOVATION INFRASTRUCTURE STRATION AND PERASTRUCTURE Financial Management Corporate Governance Governance Risk Management Maintaining a balanced portfolio where earnings will be supported by growth in the underlying assets of the businesses and through sustainable investment in high value unregulated opportunities Maintaining an effective governance and decision making structure through representation on the Board and Committees of the portfolio businesses Ensuring effective identification of material risks and putting in place an adequate and effective risk management and internal control system No fraud or material breach or non- compliance with Board policies No antitrust or corruption Security holders Managing our portfolio for performance and growth through efficient investment for reliable returns Embedding responsible business practices and acting with integrity to protect shareholder interests Spark Infrastructure I Investor Presentation | February 2021 9 13 INDUSTRY, INNOVATION AND INFRASTRUCTURE CLIMATE ACTION 37#38INFRASTRUCTURE FOR THE FUTURE ESG: SKI GROUP PERFORMANCE (PROPORTIONATE) 2020 2019 0 0 Health & Safety X Work related fatalities Lost Time Injury Frequency Rate (LTIFR) 2.3 2.1 Renewable energy capacity CO2-e displaced through renewable generation Environment Renewable energy transported / support by Networks (1) 100MWa 0 ac 85,160 tonnes 21 tonnes 33% 28% ESG Ratings CDP Carbon Disclosure Project Spark Infrastructure received a score of B in 2020 (up from D in 2019), demonstrating the business is taking coordinated action on climate issues Reportable environmental incident(2) 2 2 Investment in community programs and engagement $1.4m(3) $1.7m Anti-competitive, anti-trust or monopoly breaches 0 0 Social & Governance Fraud, material breaches or non-compliances with Board policies 0 0 21% 20% Diversity: Women to Men ratio employed across all levels Gender pay gap(4) 1. Based on the weighted average annual energy consumption x the State-based renewable energy (including residential solar) 2. Incidents attributed to SA Power Networks - relating to transformer oil spills that exceed state based regulatory thresholds requiring notification 3. Excludes $550,000 of committed funding in 2020 via the Bomen Solar Farm Community Partnership program (in partnership with Westpac Banking Group) that will be sequentially spent from 2021 4. Based on average female:male pay difference on comparable pay grades (excludes Executives) Spark Infrastructure | Investor Presentation | February 2021 1% N/A GRES B *****2020 Global Real Estate Sustainability Benchmark TransGrid scored 92 out of 100 points in 2020 and received a 5-star rating. Ranking them 21 out of 406 infrastructure assets around the globe 38#39INFRASTRUCTURE FOR THE FUTURE CLOSING REMARKS DELIVERING GROWTH IN SUSTAINABLE ASSET BASE WITH ATTRACTIVE YIELD Spark Infrastructure | Investor Presentation | February 2021 39#40INFRASTRUCTURE FOR THE FUTURE OUTLOOK AND DISTRIBUTIONS Delivering attractive total return from strong growth and sustainable yield into the future Outlook · SAPN and VPN regulatory determinations deliver revenue certainty for next 5 years Distribution guidance • Expecting good customer and regulatory support for opex and capex allowances for VPN final determination; based on SAPN recent outcomes. Small uptick in risk-free rate and improved regulatory inflation forecasting methodology Growth agenda for regulated and contracted assets at TransGrid is substantial • Supported by AEMO's 2020 ISP Financeability challenge of current regulatory settings for PEC remain Renewable development pipeline established; disciplined approach to ensure high quality accretive growth • Will retain strongly defensive qualities, e.g. regulated assets to continue to exceed 85% of total assets ⚫ DRP sufficient to fund equity capital requirements for growth pipeline, whilst maintaining investment grade ratings • Guidance for FY21 of 12.5cps, subject to business conditions. Distribution estimated to be franked to -25% (~3.0cps) Target to grow distributions by at or around CPI over next 5-years to 2025 (i.e. the end of new SAPN/VPN regulatory periods) Distributions sustainability based on operating cash flows across the period ⚫ DRP to remain in operation, to fund equity commitments for growth pipeline Yield and Growth will continue to deliver sustainable value to Securityholders Spark Infrastructure | Investor Presentation | February 2021 40#41INFRASTRUCTURE FOR THE FUTURE APPENDIX Spark Infrastructure | Investor Presentation | February 2021 41#42INFRASTRUCTURE FOR THE FUTURE KEY METRICS Distributions, RAB, credit metrics and gearing SECURITY METRICS Market price at 19 February 2021 Market capitalisation DISTRIBUTIONS 2020 actual Comprising: - Loan Note interest - Trust Distributions - Franking credits 2021 Guidance - Franking credits CREDIT RATINGS Investment portfolio credit ratings VICTORIA POWER NETWORKS $m $2.08 RAB(1) (including AMI) 6,635 $3.6 billion Net debt 4,799 Net debt/RAB 72.3% 13.50cps SA POWER NETWORKS $m 7.05cps RAB (1) 4,395 6.45cps Net debt 3,247 2.10cps Net debt/RAB 73.9% 12.50cps -25% TRANSGRID $m RAB(1) 6,697 CAB(1)(2) 820 SA Power Networks: A- Victoria Power Networks: A- RCAB(1)(2) 7,517 TransGrid: Baa2 Net debt (3) 6,064 Spark Infrastructure level credit rating SPARK INFRASTRUCTURE Baa1 Net debt/RAB (4) 89.5% Net debt/RCAB 80.7% $m Total RAB and CAB (Spark Infrastructure share) 6,704 Gross debt at Spark Infrastructure level 40 (1) December 2020 estimate (2) Includes WIP/partially completed assets and investment property (3) Net Debt is calculated using gross debt less cash and adjusted for prescribed revenue over/(under) collection and includes TransGrid Services (4) Relates to TransGrid Obligor Group Spark Infrastructure I Investor Presentation | February 2021 42#43INFRASTRUCTURE FOR THE FUTURE UNREGULATED REVENUES (100% BASIS) Victoria Power Networks ($m) Beon Energy Solutions Service Level Agreement Revenue Telecommunications 2020 2019 Variance 233.8 239.5 (5.7) 23.3 22.7 0.6 1.2 1.1 0.1 Joint Use of Poles Other TOTAL 5.5 4.1 1.4 11.9 19.1 (7.2) 275.7 286.4 (10.7) SA Power Networks ($m) 2020 2019 Variance Energy Infrastructure and Solutions 296.2 268.2 28.0 Facilities Access / Dark Fibre 2.1 1.9 0.2 Asset Rentals 4.0 3.8 0.2 Sale of Salvage 1.0 1.7 (0.7) Other TOTAL TransGrid ($m) Infrastructure Services Property Services Telecommunication Services TOTAL 4.5 6.6 (2.1) 307.8 282.2 25.6 2020 2019 Variance 106.2 104.0 2.2 4.9 5.0 (0.1) 13.1 11.0 2.1 124.2 120.0 4.2 Spark Infrastructure | Investor Presentation | February 2021 43#44INFRASTRUCTURE FOR THE FUTURE SEMI REGULATED REVENUES (100% BASIS) Victoria Power Networks ($m) Public Lighting New Connections Special Reader Activities Service Truck Activities Recoverable Works Specification and Design Other TOTAL 2020 2019 Variance 7.9 11.9 (4.0) 16.6 15.1 1.5 4.4 4.6 (0.2) 6.4 5.9 0.5 0.8 2.2 (1.4) 13.5 13.3 0.2 12.8 7.8 5.0 62.4 60.8 1.6 SA Power Networks ($m) Public Lighting Metering Services Pole/Duct Rental Other Negotiated Services (1) TOTAL (2) (1) Includes Asset Relocation and Embedded Generation (2) Does not include Alternative Control Services (ACS) revenue, which is reported as part of DUOS revenue Spark Infrastructure | Investor Presentation | February 2021 2020 2019 Variance 11.1 23.5 (12.4) 15.8 15.7 0.1 4.8 3.9 0.9 49.7 54.2 (4.5) 81.4 97.3 (15.9) 44#45INFRASTRUCTURE FOR THE FUTURE TAXATION UPDATE update Underlying Tax Franking Effective Tax Rate Litigation Federal Court confirmed earlier judgment on cash contributions but found in favour of VPN in respect of gifted assets. The effect of the decision is that: Receipt of Gifted Assets do not give rise to an amount of assessable income (after the offset of any rebate paid by VPN to the customer) - Receipt of Cash Contributions (where assets are built by VPN), treated as assessable income on receipt Cash impact to Spark Infrastructure re SAPN is that refund of approx. $45m ($40m primary tax and $5m interest) expected in 2021 VPN expected to receive $23m tax refund in 2021 Until full transition to monthly instalments, prior year liability used for current year underlying tax presentation • Taxable income expected to peak in respect of 31 December 2020; but will be offset by tax refund Taxable income expected to be lower in future years due to the tax profile of the underlying businesses Tax payable is impacted by franked/unfranked dividends received from VPN; VPN tax refund and Government's instant asset write off reduces VPN tax and franking in short term Spark Infrastructure's effective tax rate (excluding tax refund) for 2021-25 is expected to average -13% of pre-tax Stand alone Cash Flow Spark Infrastructure announced that 2.1c of franking would accompany the March 2021 distribution. Further franking of 2.8c remains to be distributed in respect of tax paid to date. Further franking credits to distribute will arise as tax continues to be paid as well as in respect of franked dividends received from VPN Distributions estimated to be franked to approximately 25% (of total distribution) through 2025 Underlying Tax Paid 2020 (re 2019) $m Underlying Tax Paid 2021 (re 2020) $m Total Tax Paid per Statutory Cash Flow 85.9 Less Historical Tax Paid (2015-18) (34.4) Gross tax liability in relation to 2020 Expected Tax Refund 55.6 (40.0) Less Tax Instalments Paid in Relation to 2020 (17.7) Underlying Tax Paid 2021 (re 2020) 15.6 Add 2019 Tax Liability Paid in 2019 4.2 Underlying Tax Paid 2020 (re 2019) 37.9 45#46INFRASTRUCTURE FOR THE FUTURE CONSISTENT SERVICE OUTPERFORMANCE Victoria Power Networks (1 2017 regulatory year 2018 regulatory year 2019 regulatory year 2020 regulatory year(2) SA Power Networks (1 2016/17 regulatory year 2017/18 regulatory year 2018/19 regulatory year 2019/20 regulatory year(2) Trans Grid (1) 2017 calendar year 2018 calendar year 2019 calendar year 2020 calendar year(2) STPIS $m 36 20 26 Being recovered in 2019 and 2020 regulatory years To be recovered in 2021 regulatory year 22 To be recovered in 2022 regulatory year To be recovered in 2023 regulatory year STPIS $m 23 36 30 39 STPIS $m Recovered in 2018/19 regulatory year Recovered in 2019/20 regulatory year Being recovered in 2020/21 regulatory year To be recovered in 2021/22 regulatory year Recovered in 2018/19 regulatory year Recovered in 2019/20 regulatory year 16 17 14 6 To be recovered in 2021/22 regulatory year Being recovered in 2020/21 regulatory year Our investment businesses are delivering high reliability to customers (1) Service Target Performance Incentive Scheme (STPIS) 100% basis (2) Preliminary estimate Spark Infrastructure I Investor Presentation | February 2021 46#47INFRASTRUCTURE FOR THE FUTURE REGULATED PRICE PATH CPI minus X (1) CPI (%) Actual Citi Power X-Factor Expected movement in revenue (3) % (Forecast) Powercor CPI (%) Actual (Forecast) X-Factor Expected movement in revenue (3) % Year 1 (2) 2.50 Year 1 (2) 2.50 (1 Jan 16) (2.50) (1 Jan 16) (2.50) Year 2 1.02 Year 2 1.02 0.40 0.62 4.68 -3.71 (1 Jan 17) (2.35) (1 Jan 17) (2.35) Year 3 1.93 Year 3 1.93 -0.05 1.99 -0.81 3.08 (1 Jan 18) (2.35) (1 Jan 18) (2.35) Year 4 2.08 Year 4 2.08 -0.12 2.20 -3.02 5.16 (1 Jan 19) (2.35) (1 Jan 19) (2.35) Year 5 (1 Jan 20) 1.59 (2.35) Year 5 1.59 -1.88 3.50 -2.40 4.03 (1 Jan 20) (2.35) . Regulated electricity network revenues are determined by a price path set according to the CPI-X(1) formula. A negative X-factor means a real increase in distribution tariffs • The regulatory pricing period currently commences from 1 January for Victoria Power Networks (CitiPower and Powercor) but will be adjusted to a 1 July from 2021, SA Power Networks and TransGrid are from 1 July each year Whilst CPI-X is the key underlying driver for year on year revenue movements, the revenue movements in reported results include adjustments for other factors (1) Whilst referred to as "CPI-X", the actual tariff increase formula used by the regulator is: (1+CPI)*(1-x)-1. Source: AER (2) No CPI-X was applied in 2016. The AER calculated the revenue cap as a dollar amount (3) Excludes over or under recovery and S factor revenue Spark Infrastructure | Investor Presentation | February 2021 47#48INFRASTRUCTURE FOR THE FUTURE REGULATED PRICE PATH CPI minus X (1) CPI (%) Expected CPI (%) Expected CPI (%) Expected movement movement movement SA Power Networks Actual SA Power Actual X-Factor in X-Factor in Trans Grid (3)(4) Actual X-Factor in Networks (2) revenue revenue (2) (2) revenue (Forecast) (Forecast) (Forecast) % % % Year 1 1.72 n/a -26.80 Year 1(5) Year 1 n/a n/a n/a -7.30 n/a (1 Jul 15) (2.50) (1 Jul 20) (2.27) (1 Jul 18) n/a n/a Year 2 1.69 Year 2 Year 2 1.80 -0.97 -7.13 8.90 1.79 0.44 2.79 (1 Jul 16) (2.50) (1 Jul 21) (2.27) (1 Jul 19) (2.45) (-1.98) Year 3 1.48 Year 3 Year 3 1.80 -0.17 -0.94 2.40 1.79 0.44 1.97 (1 Jul 17) (2.50) (1 Jul 22) (2.27) (1 Jul 20) (2.45) (-1.98) Year 4 1.91 Year 4 Year 4 -0.74 2.66 1.79 0.44 (1 Jul 18) (2.50) (1 Jul 23) (2.27) (1 Jul 21) (2.45) (-1.98) Year 5 1.78 Year 5 Year 5 -0.85 2.65 1.79 0.44 (1 Jul 19) (2.50) (1 Jul 24) (2.27) (1 Jul 22) (2.45) (-1.98) (1) Whilst referred to as CPI-X, the actual tariff increase formula used by the regulator is: (1+CPI)*(1-x)-1. Source: AER (2) Excludes over or under recovery and S factor revenue (3) The forecast X-Factor and forecast CPI for the periods from 1 July 2018 to 30 June 2023 are based on TransGrid's 2019-23 Transmission Revenue Determination issued by the AER on 18 May 2018. Actual X-factors are updated using actual cost of debt. (4) On 16 May 2018, the AER advised by letter a revocation and substitution of TransGrid's transmission determination for the 2014-18 regulatory period. The AER also advised by email on 23 April 2018 that adjustments ($10.8m) to the 2017-18 MAR are to be included in the price calculations for 2019-20. (5) SA Power Networks is not required to apply an X factor for 2020/21 because the AER set the 2020/21 expected revenue in its Final Determination. The expected revenue for 2020/21 is around 9.4% lower than the approved total annual revenue for 2019/20 in real terms, or 7.3 % lower in nominal terms. Spark Infrastructure | Investor Presentation | February 2021 48#49INFRASTRUCTURE FOR THE FUTURE CAPITAL EXPENDITURE (100% BASIS) Victoria Power $m SA Power Networks Trans Grid Totals Networks 2020 2019 2020 2019 2020 2019 2020 2019 Growth capex 387.2 342.6 138.2 138.4 291.9 58.4 817.3 539.4 Growth capex-non prescribed 207.2 238.6 207.2 238.6 Non-network capex (1) 38.2 35.8 38.2 35.8 Maintenance capex 198.0 165.0 230.5 267.2 170.9 160.6 599.4 592.8 Total 585.2 507.6 368.7 405.6 708.2 493.4 1,662.1 1,406.6 Spark Infrastructure share 286.8 248.7 180.7 198.7 106.3 74.1 573.7 521.5 Change vs pcp (%) 15.3% -9.1% 43.5% 10.0% Maintenance capex Regulatory Less inflation uplift Net regulatory $m spend depreciation on RAB depreciation 2020 2019 2020 2019 2020 2019 2020 2019 Victoria Power Networks SA Power Networks TransGrid Total Spark Infrastructure share 198.0 165.0 402.1 389.5 (100.0) (126.4) 302.2 263.1 230.5 267.2 328.0 321.0 (52.2) (74.7) 275.8 246.3 170.9 160.6 282.1 265.3 (62.2) (126.5) 219.9 138.8 599.4 592.8 1012.2 975.8 (214.4) (327.6) 797.9 648.2 235.6 235.9 400.1 388.0 (83.9) (117.5) 316.2 270.5 (1) Non-network capex includes NCIPAP Spark Infrastructure I Investor Presentation | February 2021 49#50INFRASTRUCTURE FOR THE FUTURE INVESTMENT GRADE FUNDING Issuer Credit Rating (S&P / Moody's) Weighted Average Maturity (31 December 2019) (1) Net Debt at 31 December 2020 (31 December 2019) Net Debt/ RAB at 31 December 2020 (31 December 2019) Net Debt/ RAB + CAB at 31 December 2020 (31 December 2019) FFO / Net Debt at 31 December 2020 (31 December 2019) Gross Debt at 31 December 2020 (31 December 2019) Victoria Power Networks A- / n/a 4.6 yrs (5.4 yrs) $4.799bn ($4.494bn) 72.3% (70.9%) SA Power Networks A-/n/a 5.9 yrs (6.9 yrs) $3.247bn ($3.232bn) 73.9% (74.5%) Trans Grid n/a / Baa2 (2) (on AMTN and USPP notes) 5.1 yrs (2) (5.1 yrs) $6.064bn (3) ($5.718bn) 89.5% (2) (88.9%) 80.7% (3) (80.2%) 7.4% (2) (8.1%) N/A N/A 13.8% 15.9% (15.2%) (16.7%) $4.928bn ($4.555bn) $3.322bn ($3.262bn) $6.183bn (4) ($5.846bn) Spark Infrastructure has increased corporate facilities to $400m; rated Baa1 by Moody's (1) Weighted average maturity calculation is based on drawn debt at 31 December 2020 (2) Relates to the Obligor Group (i.e. excludes TGS) (3) Net Debt is calculated using gross debt less cash and adjusted for prescribed revenue over/(under) collection and includes TransGrid Services (4) Includes TransGrid Services Spark Infrastructure | Investor Presentation I February 2021 50#51INFRASTRUCTURE FOR THE FUTURE VICTORIA POWER NETWORKS DEBT AND HEDGING . . In May 2020, Victoria Power Networks replaced $353m in USPP and debt facilities maturing in June/July 2020 with $425m of debt facilities maturing in May/June 2022, completing all 2020 refinancing requirements In September 2020, Victoria Power Networks raised HKD744 million of 5- year fixed rate notes. Cross currency swaps were executed at the time of the note placement resulting in total proceeds of approximately A$131 million Interest Rate Swaps Notional Principal Average Contracted Fixed Interest Rate Amount < 1 year $800m 1.3% 1-2 years $400m 2.5% In November 2020, Victoria Power Networks raised A$200 million of 10 year fixed rate notes at 2.065% 2-5 years $1,200m 2.6% 5+ years $1,495m 2.0% • Next debt maturity is $425m in August 2021 Total $3,895m 2.1% Drawn Debt Maturity Profile at 31 December 2020 ($m 100%) ■Capital Markets Debt 630 ■Bank Debt 425 300 250 200 200 142 131 86 392 398 198 448 L 225 150 165 107 91 200 100 53 38 Aug-21 Sep-21 Jan-22 May-22 Sep-22 Sep-23 Nov-24 Mar-25 Sep-25 Oct-26 Nov-26 Feb-27 Jun-27 Aug-27 Mar-28 Apr-28 Oct-28 Sep-29 Mar-30 Apr-30 Nov-30 Oct-31 Spark Infrastructure | Investor Presentation | February 2021 51#52INFRASTRUCTURE FOR THE FUTURE SA POWER NETWORKS DEBT AND HEDGING . ⚫ In February 2020, SAPN placed A$60 million of 8-year fixed rate Australian Medium-Term Notes (AMTNs) maturing in February 2028 • Next debt maturity is $53m in June 2022 Drawn Debt Maturity Profile at 31 December 2020 ($m 100%) ■Capital Markets Debt Drawn Bank Debt Interest Rate Swaps Notional Principal Amount Average Contracted Fixed Interest Rate < 1 year $336m 2.7% 1-2 years $311m 2.9% 2-5 years $1,034m 3.0% 5+ years $1,282m 2.8% Total $2,963m 2.9% 375 350 175 145 309 200 199 136 323 324 286 286 100 53 60 Jun-22 Aug-22 Sep-22 Oct-23 Dec-23 Aug-24 Jun-25 Aug-26 Sep-26 Jun-27 Feb-28 Aug-28 Aug-29 Aug-30 Aug-31 52 Spark Infrastructure I Investor Presentation | February 2021#53INFRASTRUCTURE FOR THE FUTURE TRANSGRID DEBT AND HEDGING • In August 2020, TransGrid established A$800m in new syndicated bank debt facilities comprising a $600 million 3-year capex facility and $200 million 7-year term debt facility ⚫ In September, TransGrid placed A$600 million of 10 year secured Australian Medium-Term Notes (AMTNs) maturing in September 2030 Interest Rate Swaps (1) Notional Principal Amount Average Contracted Fixed Interest Rate < 1 year $303m 2.8% • In November 2020, TransGrid Services entered into a $125 million corporate debt facility with the Clean Energy Finance Corporation 1-2 years $303m 2.9% . In December 2020, TransGrid established a $300m seven year bank debt facility with Export Development Canada (EDC) 2-5 years $2,893m 2.5% 5+ years $1,688m 1.9% . In February 2021, TransGrid Services successfully raised A$600m via new 5- year syndicated bank debt facilities Total $5,186m 2.3% • Next debt maturity is $287m in June 2021 Drawn Debt Maturity Profile at 31 December 2020 ($m 100%) ■Capital Markets Debt Bank Debt 900 635 635 600 490 491 287 269 300 336 336 256 176 200 3 169 25 Jun-21 Jun-22 Jun-23 Jun-24 Nov-24 Jun-25 Sep-26 Aug-27 Oct-27 Nov-27 Dec-27 Mar-29 Oct-29 75 Sep-30 Sep-31 Oct-32 Sep-33 Oct-34 Note: Information above relates to TransGrid Obligor Group and TransGrid Services Spark Infrastructure I Investor Presentation | February 2021 53#54INFRASTRUCTURE FOR THE FUTURE UNDERLYING LOOK-THROUGH NET OPERATING CASH FLOW (NOCF) FY 2020 FY 2019 870.3 ( 176.3) (312.4) ( 13.1) ( 10.3 ) (37.9) 368.5 EBITDA less: Net finance charges (cash) less: Net regulatory depreciation less CPI uplift Non cash/net working capital movements Investment portfolio operating cash flow Bomen Solar Farm and other Spark net costs Tax paid 379.3 320.3 233.5 253.6 SKI look-through net operating cash flow Distributions are fully covered by underlying look-through net operating cash flow by 1.4X (1) EBITDA excludes customer contributions and gifted assets and includes 'true-up' of DUOS/TUOS to revenue cap (2) Net regulatory depreciation less CPI uplift is calculated based on actual/estimated inflation (refer to slides 55-57) Spark Infrastructure I Investor Presentation | February 2021 SKI distributions to Securityholders SKI look-through net operating cash flow SKI distributions to Securityholders 54#55INFRASTRUCTURE FOR THE FUTURE VPN LOOK-THROUGH NOCF (100%) $m 900 850 ( 162.5) 800 750 700 650 600 550 500 450 903.1 400 350 300 250 200 150 100 50 0 EBITDA less: Net finance charges (cash) FY 2020 (302.2) (58.3) ( 46.5) 333.7 848.9 Note re maintenance capex: less: Net regulatory depreciation less CPI uplift Non cash/net working capital Tax paid Net operating c/flow - FY 2020 EBITDA movements Net regulatory depreciation is a proxy for maintenance capex. It is calculated as regulatory depreciation net of actual CPI uplift on RAB CPI uplift on RAB was estimated by: CPI uplift on RAB for 2020 is 1.59%; CPI uplift on RAB for 2019 was 2.08% CPI is based on 'All groups CPI' for weighted average of 8 capital cities, not seasonally adjusted (Source: ABS). June on June (released July) Spark Infrastructure I Investor Presentation | February 2021 (167.3) FY 2019 (263.1) 31.2 449.6 less: Net finance charges (cash) less: Net regulatory depreciation less CPI uplift Non cash/net Net operating working capital c/flow - FY 2019 movements 55#56INFRASTRUCTURE FOR THE FUTURE SA POWER NETWORKS LOOK-THROUGH NOCF (100%) FY 2020 $m 700 650 600 (131.6) 550 500 450 400 (275.8) 350 668.1 300 250 200 150 100 50 0 EBITDA less: Net finance charges (cash) Note re maintenance capex: 690.7 (5.8) 34.9 289.8 FY 2019 ( 126.5) (246.3 ) 4.1 (2.6) 319.4 less: Net regulatory depreciation less CPI uplift Non cash/net working capital movements Tax paid Net operating c/flow FY 2020 EBITDA less: Net finance charges (cash) Net regulatory depreciation is a proxy for maintenance capex. It is calculated as regulatory depreciation net of actual CPI uplift on RAB CPI uplift on RAB was estimated by: less: Net regulatory depreciation less CPI uplift Non cash/net working capital movements Tax paid Net operating c/flow - FY 2019 In H1 2020: actual December 2019 CPI of 1.84% was applied, with 50% assumed to apply to H1 2020; In H2 2020: forecast December 2020 CPI of 0.5% was applied, with 50% assumed to apply to H2 2020 CPI is based on 'All groups CPI' for weighted average of 8 capital cities, not seasonally adjusted (Source: ABS). December on December (released January) for the regulatory period commencing 1 July Spark Infrastructure I Investor Presentation | February 2021 56#57INFRASTRUCTURE FOR THE FUTURE TRANSGRID LOOK-THROUGH NOCF (100%) $m 700 FY 2020 FY 2019 650 600 (215.2) 550 ( 214.3) 500 450 400 350 (194.5) (177.6) 681.0 669.1 300 (11.1) 250 200 150 249.1 100 50 0 EBITDA less: Net finance charges (cash) less: Net regulatory depreciation less CPI uplift Non cash/net Net operating working capital c/flow - FY 2020 movements EBITDA less: Net finance charges (cash) less: Net regulatory depreciation less CPI uplift Notes: ( 68.6) 219.6 Net operating Non cash/net working capital c/flow FY 2019 movements Maintenance capex - Net regulatory depreciation is a proxy for maintenance capex. It is calculated as regulatory depreciation net of actual CPI uplift on RAB CPI uplift on RAB was estimated by: In H1 2020: Actual December 2019 CPI of 1.84% on opening RAB (1 July 2019), with 50% assumed to apply to H1 2020; In H2 2020: estimated forecast December 2020 CPI of 0.86% on opening RAB (1 July 2020), with 50% assumed to apply to H2 2020 CPI is based on 'All groups CPI' for weighted average of 8 capital cities, not seasonally adjusted (Source: ABS). December on December (released January) for the regulatory period commencing 1 July Spark Infrastructure | Investor Presentation | February 2021 57#58INFRASTRUCTURE FOR THE FUTURE SHARE OF EQUITY PROFITS TO NPAT Spark 100% Basis $m Victoria Power Networks SA Power Networks TransGrid Infrastructure Share Regulated revenue Other revenue Total Income Operating costs EBITDA Depreciation and amortisation 981.1 849.2 751.1 1,009.6 419.5 389.2 122.9 414.7 1,400.6 1,238.4 873.9 1,424.3 (517.7) (570.3) (227.3) (567.2) 882.9 668.1 646.7 857.1 (325.0) (325.6) (348.4) (371.1) Net interest expense (excl subordinated debt) Subordinated debt interest expense (165.6) (137.2) (220.3) (181.5) (102.3) (72.7) (62.0) (95.0) Net Profit before Tax Tax expense 290.1 132.6 16.0 209.5 (91.0) (3.5) (46.3) Net Profit after Tax 199.1 129.1 16.0 163.2 Less: additional share of profit from preferred partnership capital (PPC) (1) (69.8) (34.2) Net Profit for Equity Accounting 199.1 59.2 16.0 129.0 Spark Infrastructure Share 97.6 29.0 2.4 129.0 Add: additional share of profit from PPC (1) 69.8 69.8 Less: additional adjustments made to share of equity accounted profits (2) 4.0 1.5 1.3 6.9 Share of Equity Accounted Profits 101.6 100.4 3.7 205.7 Add: interest income from associates 50.1 9.3 59.4 Total Income from Associates Interest income - other Interest expense - Loan Notes Revenue from sale of Electricity and LGCs Unrealised gains from derivative instruments General and administrative expenses Profit before Income Tax Income tax expense 151.7 100.4 13.0 265.1 0.7 Interest expense (including borrowing costs) (3.9) (120.5) 7.0 35.7 (24.4) 159.8 (54.8) Net Profit after Income Tax Attributable to Securityholders (1) Under the partnership agreement, Spark Infrastructure is entitled to an additional share of profit in SA Power Networks (2) Includes adjustments made to distribution/transmission revenues to defer/accrue for amounts in excess of/under the regulated revenue cap to reflect that these amounts will be returned to/recovered from electricity consumers in future periods via adjustments to tariffs Spark Infrastructure I Investor Presentation | February 2021 105.0 58#59INFRASTRUCTURE FOR THE FUTURE SPARK INFRASTRUCTURE GROUP DIAGRAM Simplified corporate structure I I I BOMEN SOLAR FARM I Dividends/interest/ loan repayments SECURITYHOLDERS Trust distributions Loan note interest payments SPARK INFRASTRUCTURE TRUST Dividends/interest/ loan repayments Trust distributions Dividends SPARK INFRASTRUCTURE HOLDINGS 1 SPARK INFRASTRUCTURE HOLDINGS 2 SPARK INFRASTRUCTURE ELECTRICITY ASSETS TRUST SPARK INFRASTRUCTURE HOLDINGS 3 SPARK INFRASTRUCTURE VICTORIA SPARK INFRASTRUCTURE SOUTH AUSTRALIA TAX CONSOLIDATED GROUP I Spark Infrastructure | Investor Presentation | February 2021 SPARK SA PARTNERS Partnership distributions Trust distributions SPARK INFRASTRUCTURE ELECTRICITY OPERATIONS TRUST ↑ Trust distributions Dividends/interest/ loan repayments VICTORIA POWER NETWORKS SA POWER NETWORKS TRANSGRID ASSET GROUP TRANSGRID OPERATING GROUP Interest payments 59#60INFRASTRUCTURE FOR THE FUTURE DISCLAIMER AND SECURITIES WARNING Investment company financial reporting - Adjustments are made to distribution and transmission revenues to defer/accrue for amounts in excess of/under the regulated revenue cap to reflect that these amounts will be returned to/recovered from electricity consumers in future periods via adjustments to tariffs. The financial reporting is based on TransGrid's special purpose financial statements for the year ended 30 June 2020 and half year ended 31 December 2020. Results have been adjusted by Spark Infrastructure to reflect the 12-month period to 31 December 2020. No offer or invitation. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation to, purchase securities or any financial product. No financial product advice. This presentation contains general information only and does not take into account the investment objectives, financial situation or particular needs of individual investors. It is not financial product advice. Investors should obtain their own independent advice from a qualified financial advisor having regard to their objectives, financial situation and needs. Summary information. The information in this presentation does not purport to be complete. It should be read in conjunction with Spark Infrastructure's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au. U.S. ownership restrictions. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or to any "U.S. person". The Stapled Securities have not been registered under the U.S. Securities Act or the securities laws of any state of the United States. In addition, none of the Spark Infrastructure entities have been registered under the U.S. Investment Company Act of 1940, as amended, in reliance on the exemption provided by Section 3(c)(7) thereof. Accordingly, the Stapled Securities cannot be held at any time by, or for the account or benefit of, any U.S. person who is not both a QIB and a QP. Any U.S. person who is not both a QIB and a QP (or any investor who holds Stapled Securities for the account or benefit of any US person who is not both a QIB and a QP) is an "Excluded US Person" (A "U.S. person", a QIB or "Qualified Institutional Buyer" and a QP or "Qualified Purchaser" have the meanings given under U.S. law). Spark Infrastructure may require an investor to complete a statutory declaration as to whether they (or any person on whose account or benefit it holds Stapled Securities) are an Excluded U.S. Person. Spark Infrastructure may treat any investor who does not comply with such a request as an Excluded U.S. Person. Spark Infrastructure has the right to: (i) refuse to register a transfer of Stapled Securities to any Excluded U.S. Person; or (ii) require any Excluded U.S. Person to dispose of their Stapled Securities; or (iii) if the Excluded U.S. Person does not do so within 30 business days, require the Stapled Securities be sold by a nominee appointed by Spark Infrastructure. To monitor compliance with these foreign ownership restrictions, the ASX's settlement facility operator (ASX Settlement Pty Limited) has classified the Stapled Securities as Foreign Ownership Restricted financial products and put in place certain additional monitoring procedures. Foreign jurisdictions. No action has been taken to register or qualify the Stapled Securities in any jurisdiction outside Australia. It is the responsibility of any investor to ensure compliance with the laws of any country (outside Australia) relevant to their securityholding in Spark Infrastructure. No liability. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the information, opinions and conclusions expressed in this presentation. To the maximum extent permitted by law, each of Spark Infrastructure, all of its related bodies corporate and their representatives, officers, employees, agents and advisors do not accept any responsibility or liability (including without limitation any liability arising from negligence on the part of any person) for any direct, indirect or consequential loss or damage suffered by any person, as a result of or in connection with this presentation or any action taken by you on the basis of the information, opinions or conclusions expressed in the course of this presentation. You must make your own independent assessment of the information and in respect of any action taken on the basis of the information and seek your own independent professional advice where appropriate. Forward looking statements. No representation or warranty is given as to the accuracy, completeness, likelihood of achievement or reasonableness of any forecasts, projections, prospects, returns, forward-looking statements or statements in relation to future matters contained in the information provided in this presentation. Such forecasts, projections, prospects, returns and statements are by their nature subject to significant unknown risks, uncertainties and contingencies, many of which are outside the control of Spark Infrastructure, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Rounding. Amounts have been rounded to one or two decimal places (as the case may be). As a result, totals as correctly stated in this presentation may differ from individual calculations. Spark Infrastructure | Investor Presentation | February 2021 60