Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE REGULATED PRICE PATH CPI minus X (1) CPI (%) Actual Citi Power X-Factor Expected movement in revenue (3) % (Forecast) Powercor CPI (%) Actual (Forecast) X-Factor Expected movement in revenue (3) % Year 1 (2) 2.50 Year 1 (2) 2.50 (1 Jan 16) (2.50) (1 Jan 16) (2.50) Year 2 1.02 Year 2 1.02 0.40 0.62 4.68 -3.71 (1 Jan 17) (2.35) (1 Jan 17) (2.35) Year 3 1.93 Year 3 1.93 -0.05 1.99 -0.81 3.08 (1 Jan 18) (2.35) (1 Jan 18) (2.35) Year 4 2.08 Year 4 2.08 -0.12 2.20 -3.02 5.16 (1 Jan 19) (2.35) (1 Jan 19) (2.35) Year 5 (1 Jan 20) 1.59 (2.35) Year 5 1.59 -1.88 3.50 -2.40 4.03 (1 Jan 20) (2.35) . Regulated electricity network revenues are determined by a price path set according to the CPI-X(1) formula. A negative X-factor means a real increase in distribution tariffs • The regulatory pricing period currently commences from 1 January for Victoria Power Networks (CitiPower and Powercor) but will be adjusted to a 1 July from 2021, SA Power Networks and TransGrid are from 1 July each year Whilst CPI-X is the key underlying driver for year on year revenue movements, the revenue movements in reported results include adjustments for other factors (1) Whilst referred to as "CPI-X", the actual tariff increase formula used by the regulator is: (1+CPI)*(1-x)-1. Source: AER (2) No CPI-X was applied in 2016. The AER calculated the revenue cap as a dollar amount (3) Excludes over or under recovery and S factor revenue Spark Infrastructure | Investor Presentation | February 2021 47

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