Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE TRANSGRID Financial ($m) (1) 2020 2019 Change CPI-X (2) $18.2m Regulated revenue - TUOS 773.6 754.5 2.5% STPIS (3) Unregulated revenue 124.2 120.1 3.4% $15.3m Other Revenue (8) (1.4) 5.4 n/m RAB (4) Total Revenue 896.4 880.0 1.9% 3.2% Growth Regulated operating costs. (165.1) (155.6) 6.1% CAB (4)(5) Unregulated operating and other costs (62.2) (43.4) 43.3% 28.8% Growth EBITDA 669.1 681.0 -1.7% FTE Other Change (4) -6.2% Net finance costs (2) (220.3) (222.2) -0.9% Net Debt/ Regulated capital expenditure (501.0) (254.7) 96.7% RCAB (5)(6) 80.7% Contracted capital expenditure (207.2) (238.6) -13.2% Distributions received by Spark Infrastructure 22.9 36.8 -37.8% FFO / Net Debt (7) 7.4% TransGrid EBITDA for FY2020 decreased by $11.9m or 1.7% (1) 100% basis (2) Relates to period 1 January 2020 to 31 December 2020 and includes an adjustment relating to the revocation and substitution of TransGrid's revenue determination for the 2014-2018 regulatory period (3) 2019 STPIS result recovered from 1 July 2020 and 2018 STPIS recovered from 1 July 2019 (4) Compared with December 2019 (5) CAB comprises of unregulated infrastructure and telecommunication assets and investment property (6) Net Debt is calculated using gross debt less cash and adjusted for prescribed revenue over/(under) collection and includes TransGrid Services (TGS) (7) Relates to TransGrid Obligor Group (i.e. excludes TGS) (8) FY2020 amount includes ($1.7m) negative revaluation of investment property Spark Infrastructure I Investor Presentation | February 2021 17

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