Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE TRANSGRID LOOK-THROUGH NOCF (100%) $m 700 FY 2020 FY 2019 650 600 (215.2) 550 ( 214.3) 500 450 400 350 (194.5) (177.6) 681.0 669.1 300 (11.1) 250 200 150 249.1 100 50 0 EBITDA less: Net finance charges (cash) less: Net regulatory depreciation less CPI uplift Non cash/net Net operating working capital c/flow - FY 2020 movements EBITDA less: Net finance charges (cash) less: Net regulatory depreciation less CPI uplift Notes: ( 68.6) 219.6 Net operating Non cash/net working capital c/flow FY 2019 movements Maintenance capex - Net regulatory depreciation is a proxy for maintenance capex. It is calculated as regulatory depreciation net of actual CPI uplift on RAB CPI uplift on RAB was estimated by: In H1 2020: Actual December 2019 CPI of 1.84% on opening RAB (1 July 2019), with 50% assumed to apply to H1 2020; In H2 2020: estimated forecast December 2020 CPI of 0.86% on opening RAB (1 July 2020), with 50% assumed to apply to H2 2020 CPI is based on 'All groups CPI' for weighted average of 8 capital cities, not seasonally adjusted (Source: ABS). December on December (released January) for the regulatory period commencing 1 July Spark Infrastructure | Investor Presentation | February 2021 57

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