Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE SA POWER NETWORKS LOOK-THROUGH NOCF (100%) FY 2020 $m 700 650 600 (131.6) 550 500 450 400 (275.8) 350 668.1 300 250 200 150 100 50 0 EBITDA less: Net finance charges (cash) Note re maintenance capex: 690.7 (5.8) 34.9 289.8 FY 2019 ( 126.5) (246.3 ) 4.1 (2.6) 319.4 less: Net regulatory depreciation less CPI uplift Non cash/net working capital movements Tax paid Net operating c/flow FY 2020 EBITDA less: Net finance charges (cash) 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: less: Net regulatory depreciation less CPI uplift Non cash/net working capital movements Tax paid Net operating c/flow - FY 2019 In H1 2020: actual December 2019 CPI of 1.84% was applied, with 50% assumed to apply to H1 2020; In H2 2020: forecast December 2020 CPI of 0.5% was applied, 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 I Investor Presentation | February 2021 56

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