Investor Presentaiton

REGULATORY ENVIRONMENT Draft Rate of Return Guideline – issued 30 August 2013. Overview of the rate of return guideline Rate of return (the 'nominal vanilla WACC') Return on equity (40%) Funds raised from the market/investors Return on debt (60%) Funds raised from borrowing Imputation credits ('gamma) Affects a business' revenue through adjustments to its tax liability. Foundation model Sharpe-Lintner Capital Asset Pricing (CAPM) Parameters - - Market risk premium (range and point estimate) Equity beta (range and point estimate) Risk free rate (point estimate) Ten year term A range of models, methods, and information Set the range of inputs into the foundation model or assist in determining a point estimate within a range of estimates Trailing average approach For a debt portfolio with a proposed benchmark term of debt of seven years Estimation procedure Independent third party data provider (benchmark debt term of seven years and credit rating of BBB+ or equivalent) Conceptual framework and point estimate of 0.5 AER Draft position Sharp-Lintner CAPM remains central Other methodologies to add flexibility 7 year trailing average for debt costs Indicative gamma of 0.5 Beta of 0.7 Spark and Industry position Multi-model approach is more robust Other methodologies should carry more weight 10 year trailing average is preferable Gamma was set at 0.25 on appeal and should remain there AER data set is too limited and methodology is flawed - Beta 0.8+ Final Guideline expected mid December 2013 SPARK INFRASTRUCTURE INVESTOR PRESENTATION - NOVEMBER 2013 11 spark infrastructure

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