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Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE REGULATORY TIMELINES Determinations for SA Power Networks and Victoria Power Networks will incorporate lower returns from the AER's 2018 decisions on the Rate of Return Instrument (RORI) and tax, but revenue will be certain for the five-year regulatory periods 2019 QNI CPA PEC Final Decision CPA (final) QNI CPA 17 Jan 28 April VNI PACR (1) PEC CPA (initial) HumeLink PADR(1) 10 Jan 14 Feb 29 June 2020 Q3 PEC CPA Final Decision Q4 VNI CPA & Final Decision Q3-Q4 HumeLink PACR Q1 2021 HumeLink CPA & Final Decision Q3-Q4 Proposal due Draft Decision Sept Final Jan Revised proposal due Dec Decision April Period commences 1 July 2022 2023 Period commences SA POWER NETWORKS 2020 to 2025 VICTORIA POWER NETWORKS 2021 to 2026(2) Proposal submitted 31 Jan Revised Proposal Draft Decision 10 Dec Proposal submitted Final Decision Draft Decision 5 June Sept Period commences Revised proposal 1 Jan² 6 month transition period 1 July Final Decision 8 Oct 31 Jan 1 July Dec April TRANSGRID 2018 to 2023 (MAJOR PROJECTS³) TRANSGRID 2023 to 2028 Regulatory processes to support delivery of Major Projects are underway in 2020 (1) The Regulatory Investment Test Transmission (RIT-T) and contingent project application (CPA) processes are expected to occur throughout 2020 and 2021 (2) 6 month transition period will occur between 1 January 2021 and 30 June 2021 as a result of the Victorian Government decision to change the regulatory period cycle to a 1 July commencement date. A 5 year regulatory period will commence from 1 July 2021 (3) Revenue will be adjusted in the current regulatory period to incorporate the AER's decisions on CPA's - Dates subject to change. Spark Infrastructure | Investor Presentation I August 2020 23
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