Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE SA POWER NETWORKS Key Financial Drivers Regulated Revenue Up by 4.2% CPI of 1.78% from 1 July 2019 (1 July 2018: CPI 1.91%) • X-factor applicable from 1 July 2019 was -0.85% representing a real increase in revenue before CPI $17.7m STPIS recovery Regulated Asset Base Up by 1.3% (2) Underlying Other Revenue Down by 6.8% (4) Underlying Operating Costs (Excl. Enerven) Down by 6.1% (3) Enerven Margin Up by 83.9% Net Capital Expenditure Down by 20.5% • Network relief package ($1.0m) RAB increased to $4,372m Increase driven by net capex of $306m(¹), less regulatory depreciation of $328m, and includes CPI uplift of $79m Semi-regulated revenue: down 6.0% (4) - declining activity across all areas of asset relocation, embedded generation and council funded replacement of public lighting Lower staff and consultancy costs Reduced expenditure in connection with emergency response and timing of vegetation management costs November and December bushfire event provisions write back Change in project mix, with projects for existing client base (including ElectraNet) complemented by new business activity including commercial solar and battery solutions Enerven is engaged in deploying solar and battery capability to a significant number of SA Water sites under a framework contract of up to $300 million, predominately over 2019 and 2020 Growth capex of $62.4m, down 19.6% - network connections and augmentation Maintenance capex of $114.7m, down 21.1% SA Power Networks has seen RAB growth of 1.3% over the 12 months (1) Excludes corporate overheads (2) Includes public lighting RAB (3) Excludes 2020 revaluation adjustments to employee entitlements of $0.4m positive (2019: $3.5m positive) (4) Excludes public lighting provision write back. In 2019 a long running public lighting dispute was resolved and required amounts were settled with customers in January 2020. As a result of finalisation of the quantum of this matter, provisions of $3.5m were unwound in 1H2019. Spark Infrastructure | Investor Presentation 1 August 2020 14

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