Investor Presentaiton

$m 450 OPERATING CASH FLOW MODEL - HY 2013 Asset Companies producing 9.0 cps Operating Cash Lookthrough Operating Cashflow (Spark 49% Share) 400 28.8cps -2.8cps ($37.0m) 26.0cps -8.0cps 350 300 250 ($106.6m) -6.8cps $73.0m Distributions to securityholders 200 $382.3m ($89.8m) 8.3cps $345.3m -2.1cps 150 ($28.2m) -0.1cps 9.0cps ($1.5m) 100 $30.0m Debt repayments $119.2m 50 EBITDA Customer Contributions EBITDA excl CC and GA (incl. Gifted less: Net Finance charges (cash) less: Net regulatory depreciation +/- Net Working Capital Mvmts Less VPN disputed tax payments* Assets) * $3.1 million paid to the ATO by VPN with respect to the disputed 2007 income tax year amended assessment. 1. Including senior debt interest, swap cancellation and re-finance transaction costs SPARK INFRASTRUCTURE INVESTOR PRESENTATION - NOVEMBER 2013 22 Operating C/Flow Other costs $4.0m Surplus cash $7.7m Senior debt interest and swap cancellation costs 1 $4.5m sparkinfrastructure

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