Investor Presentaiton

DEBT POSITION (AT 30 JUNE 2013) SA Power Networks $m RAB 3,578 SPARK INFRASTRUCTURE $m Net Debt Net Debt/RAB 2,795 Total RAB (49% share) 4,081 78.1% Net Debt at Spark Level³ 5 Percentage Hedged (gross) 102.4% Rolling 12 Month ICR1 (x net interest) 3.4 x Net Debt at Asset Level (49% Share) 3,244 Victoria Power Networks RAB (Including AMI²) $m Total Proportionate Net Debt 3,249 4,751 Net Debt/RAB - Asset Level 79.5% Net Debt Net Debt/RAB Percentage Hedged (gross) Rolling 12 Month ICR (x net interest) 3,825 Book Gearing Net (Look through)4 56.8% 80.5% 97.1% Spark Look Through Proportion of Hedging (gross) 99.4% 2.8 x 1 Calculated as: EBITDA ex customer contributions and gifted assets / net interest expense 2 Advanced Metering Infrastructure (AMI) 234 Excludes $5.0 million cash, held for Australian Financial Services Licence (AFSL) purposes Excludes reserves SPARK INFRASTRUCTURE INVESTOR PRESENTATION - NOVEMBER 2013 37 sparkinfrastructure

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