Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE SA POWER NETWORKS Key Financial Drivers Regulated Revenue Up by $0.4m Regulated Asset Base Up by 1.3% (2) Underlying Other Revenue Down by 6.5% (3) Underlying Operating Costs (Excl. Enerven) Up by 3.1% Enerven Margin Up by 18.9% Net Capital Expenditure Down by 9.1% CPI of 1.78% from 1 July 2019 (1 July 2018: CPI 1.91%) X-factor applicable from 1 July 2019 was -0.85% representing a real increase in revenue before CPI. No X-factor was applied for 2020/21 because the AER set the 2020/21 expected revenue in the Final Determination $34.0m STPIS recovery RAB increased to $4,395m Increase driven by net capex of $347m (1), less regulatory depreciation of $328m, and includes CPI uplift of $52m Semi-regulated revenue: down 4.8% (3) - declining activity across all areas of asset relocation, embedded generation and council funded replacement of public lighting Unregulated revenue down $2.4m due to sale of assets in 2019 Revised corporate overhead capitalisation policy; partially offset by: Reduced expenditure in connection with emergency response and lower labour costs • 2019 bushfire provisions adjusted Change in project mix, with projects for existing client base (including ElectraNet) complemented by new business activity including commercial solar and battery solutions Enerven was engaged in deploying solar and battery capability to a significant number of SA Water sites under a framework contract of up to $300 million, predominately over 2019 and 2020 Growth capex of $138.2m, in line with 2019 - network connections and augmentation Maintenance capex of $230.5m, down 13.7% SA Power Networks has seen RAB growth of 1.3% over the 12 months (1) Excludes corporate overheads (2) Includes public lighting RAB (3) Excludes public lighting provision write back of $6.5m in 2019 and 2020 provision of $5.0m. In 2019 a long running public lighting dispute was resolved and required amounts were settled with customers in January 2020. As a result of finalisation of the quantum of this matter, provisions of $6.5m were unwound in 2019. Spark Infrastructure | Investor Presentation | February 2021 16

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