Investor Presentaiton

CURRENT REGULATORY SETTINGS TO 2015 SA Power Networks and Victoria Power Networks (100% figures) REGULATORY PERIOD SA Power Networks1 Victoria Power Networks2 1 Jul 2010-30 Jun 2015 1 Jan 2011 31 Dec 2015 Beta Risk Free Rate Debt risk premium (DRP) Market risk premium (MRP) Nominal vanilla WACC 0.8 0.8 5.89% 5.08% 2.98% 3.89%³ 6.50% 6.50% 9.76% 9.49% Nominal post tax return on equity (2010 decision) 11.09% 10.28% Gamma (Imputation) Net capex over 5 years ($ 2010) Opex over 5 years ($ 2010)4,5 Revenue (Nominal) 4,6 0.25 0.25 (following successful appeal) (following successful appeal) $1,636m $2,115m $1,080m $997m $3,930m $3,845m 1. 2. Figures relate to DUOS incl. Alternative Control Services (ACS) revenue. Figures relate to DUOS only 3. Victoria Power Networks DRP 3.89% following appeal outcomes (3.74% per final 2010 determination) 4. Figures revised for all successful outcomes, including $39.8 million (nominal dollars) vegetation management costs for SA Power Networks awarded in July 2013 Operating expenditure numbers adjusted for efficiency carryover amounts and S-factor amounts per determinations 5. 56 6. Revenue numbers not updated for actual CPI SPARK INFRASTRUCTURE INVESTOR PRESENTATION - NOVEMBER 2013 9 spark infrastructure

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