Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE KEY METRICS Distributions, RAB, credit metrics and gearing SECURITY METRICS Market price at 21 August 2020 Market capitalisation DISTRIBUTIONS HY 2020 actual Comprising: - Loan Note interest - Tax deferred amount 2020 Guidance CREDIT RATINGS Investment portfolio credit ratings Spark Infrastructure level credit rating SPARK INFRASTRUCTURE Total RAB and CAB (Spark Infrastructure share) Gross debt at Spark Infrastructure level SA POWER NETWORKS $m $2.18 RAB (1) 4,372 $3.8 billion Net debt 3,225 Net debt/RAB 73.8% 7.00cps VICTORIA POWER NETWORKS $m RAB (including AMI) 6,520 3.50cps Net debt 4,666 3.50cps Net debt/RAB 71.6% 13.50cps TRANSGRID $m SA Power Networks: A- Victoria Power Networks: A- TransGrid: Baa2 (4) Baa1 RAB (1) CAB(1)(2) 6,589 728 RCAB (1) (2) 7,317 Net debt (3) 5,836 Net debt/RAB (4) 87.4% $m Net debt/RCAB (3) 79.8% 6,601 180 (1) June 2020 estimate (2) Includes WIP/partially completed assets and investment property (3) Net Debt is calculated using gross debt less cash and adjusted for prescribed revenue over/(under) collection and includes TransGrid Services (4) Relates to TransGrid Obligor Group Spark Infrastructure I Investor Presentation I August 2020 44

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