Investor Presentaiton

REGULATED PRICE PATH CPI minus X1 Regulated electricity sales revenues are determined by a price path set according to the CPI-X¹ formula. A negative X-Factor means a real increase in distribution tariffs Regulatory pricing period commences on 1 July each year for SA Power Networks and 1 January each year for Victoria Power Networks (Citi Power and Powercor) ► X-Factors below include all regulatory appeal outcomes ▸ Whilst CPI-X is the key underlying driver for tariff increases, the tariff increases implied by reported results includes adjustments for other factors CPI (%) SA Power Networks Actual X-Factor² Tariff increase (%) Actual/forecast CPI (%) 02 CITIPOWER Actual X-Factor² Tariff increase (%) Actual/forecast Tariff increase CPI (%) Powercor Actual X-Factor² (%) Actual/forecast 3 AUSTRALIA (Forecast) (Forecast) (Forecast) Year 1 2.89 Year 1 2.79 Year 1 2.79 -12.14 15.38 6.41 -3.80 -0.11 2.90 (1 Jul 10) -2.52 (1 Jan 11) -2.57 (1 Jan 11) -2.57 Year 2 3.33 Year 2 3.52 Year 2 3.52 -18.10 22.03 -4.00 7.66 -3.00 6.63 (1 Jul 11) -2.52 (1 Jan 12) -2.57 (1 Jan 12) -2.57 Year 3 1.58 Year 3 2.00 Year 3 2.00 -4.97 6.63 -6.78 8.92 -7.76 9.92 (1 Jul 12) -2.52 (1 Jan 13) -2.57 (1 Jan 13) -2.57 Year 4 2.50 Year 4 Year 4 -7.00 9.67 -7.80 10.57 -6.90 9.65 (1 Jul 13) -2.52 (1 Jan 14) -2.57 (1 Jan 14) -2.57 Year 5 Year 5 Year 5 -0.89 3.43 -7.80 10.57 -7.40 10.16 (1 Jul 14) -2.52 (1 Jan 15) -2.57 (1 Jan 15) -2.57 1. Whilst referred to as "CPI-X", the actual tariff increase formula used by regulator is: (1+CPI)x(1-x)-1. Source: AER 2. 3. Figures updated for regulatory appeals announced, excluding $39.8 million (nominal dollars) vegetation management costs for SA Power Networks awarded in July 2013 Figures for SA Power Networks exclude adjustments for STPIS, PV and Q-factor actual and forecast adjustments. Figures for Victoria Power Networks exclude STPIS and any other adjustments. SPARK INFRASTRUCTURE INVESTOR PRESENTATION - NOVEMBER 2013 14 spark infrastructure

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