Investor Presentaiton

INFRASTRUCTURE 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

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