Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE VICTORIA POWER NETWORKS Key Financial Drivers Regulated Revenue Up by 4.6% • CPI of 1.59% from 1 January 2020 Regulated Asset Base Up by 4.7% (2) Other Revenue (excl. Beon) Down by 5.0% Operating Costs (excl. Beon) Down by 2.8% Beon Margin Up by 77.9% • • X-factors for Powercor: -2.40% and CitiPower: -1.88% representing a real increase in revenue before CPI $22.2m STPIS recovery • RAB increased to $6,635m . Increase driven by net capex of $606m, less regulatory depreciation of $402m, and CPI uplift of $100m - Semi-regulated revenue: up 2.6% – increased new connections revenue driven by residential growth in the Powercor Network AMI revenue: down 5.0% - depreciating RAB Unregulated revenue: down 10.6% - sale of properties in the previous year Revaluation of employee entitlement provisions and tight cost control in the business; partially offset by: . Higher lines maintenance, faults and insurance costs • Continued growth in new solar projects such as Jemalong and Melbourne Airport Solar Projects Net Capital Expenditure Up by 15.3% • • • Growth capex of $387.2m up 13.0% (network connections and augmentation) – continuation of REFCL(1) program Maintenance capex of $198.0m up 20.0% - zone substation replacement projects Highest ever capex program Victoria Power Networks RAB has increased 4.7% over the last 12 months (1) Rapid Earth Fault Current Limiter (2) From 31 December 2019 Spark Infrastructure | Investor Presentation | February 2021 14

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