Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE OUTLOOK AND DISTRIBUTIONS Delivering attractive total return from strong growth and sustainable yield into the future Outlook · SAPN and VPN regulatory determinations deliver revenue certainty for next 5 years Distribution guidance • Expecting good customer and regulatory support for opex and capex allowances for VPN final determination; based on SAPN recent outcomes. Small uptick in risk-free rate and improved regulatory inflation forecasting methodology Growth agenda for regulated and contracted assets at TransGrid is substantial • Supported by AEMO's 2020 ISP Financeability challenge of current regulatory settings for PEC remain Renewable development pipeline established; disciplined approach to ensure high quality accretive growth • Will retain strongly defensive qualities, e.g. regulated assets to continue to exceed 85% of total assets ⚫ DRP sufficient to fund equity capital requirements for growth pipeline, whilst maintaining investment grade ratings • Guidance for FY21 of 12.5cps, subject to business conditions. Distribution estimated to be franked to -25% (~3.0cps) Target to grow distributions by at or around CPI over next 5-years to 2025 (i.e. the end of new SAPN/VPN regulatory periods) Distributions sustainability based on operating cash flows across the period ⚫ DRP to remain in operation, to fund equity commitments for growth pipeline Yield and Growth will continue to deliver sustainable value to Securityholders Spark Infrastructure | Investor Presentation | February 2021 40

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