Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE TAXATION UPDATE update Underlying Tax Franking Effective Tax Rate Litigation Federal Court confirmed earlier judgment on cash contributions but found in favour of VPN in respect of gifted assets. The effect of the decision is that: Receipt of Gifted Assets do not give rise to an amount of assessable income (after the offset of any rebate paid by VPN to the customer) - Receipt of Cash Contributions (where assets are built by VPN), treated as assessable income on receipt Cash impact to Spark Infrastructure re SAPN is that refund of approx. $45m ($40m primary tax and $5m interest) expected in 2021 VPN expected to receive $23m tax refund in 2021 Until full transition to monthly instalments, prior year liability used for current year underlying tax presentation • Taxable income expected to peak in respect of 31 December 2020; but will be offset by tax refund Taxable income expected to be lower in future years due to the tax profile of the underlying businesses Tax payable is impacted by franked/unfranked dividends received from VPN; VPN tax refund and Government's instant asset write off reduces VPN tax and franking in short term Spark Infrastructure's effective tax rate (excluding tax refund) for 2021-25 is expected to average -13% of pre-tax Stand alone Cash Flow Spark Infrastructure announced that 2.1c of franking would accompany the March 2021 distribution. Further franking of 2.8c remains to be distributed in respect of tax paid to date. Further franking credits to distribute will arise as tax continues to be paid as well as in respect of franked dividends received from VPN Distributions estimated to be franked to approximately 25% (of total distribution) through 2025 Underlying Tax Paid 2020 (re 2019) $m Underlying Tax Paid 2021 (re 2020) $m Total Tax Paid per Statutory Cash Flow 85.9 Less Historical Tax Paid (2015-18) (34.4) Gross tax liability in relation to 2020 Expected Tax Refund 55.6 (40.0) Less Tax Instalments Paid in Relation to 2020 (17.7) Underlying Tax Paid 2021 (re 2020) 15.6 Add 2019 Tax Liability Paid in 2019 4.2 Underlying Tax Paid 2020 (re 2019) 37.9 45

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