Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE TRANSGRID LOOK-THROUGH NOCF (100%) Notes: $m 350 300 (106.1) 250 200 326.6 150 100 50 HY 2020 (78.0) 12.9 129.6 352.0 EBITDA less: Net finance charges (cash) less: Net regulatory depreciation Non cash/net working capital movements Operating c/flow - HY 2020 EBITDA (109.2) less: Net finance charges (cash) HY 2019 (71.2) (6.8) 164.8 less: Net regulatory depreciation Non cash/net working capital movements Operating c/flow - HY 2019 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 H1 2019: Actual December 2018 CPI of 1.78% on opening RAB (1 July 2018), with 50% assumed to apply to H1 2019 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 | August 2020 60

View entire presentation