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Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE TRANSGRID - CHANGE OF SECURITYHOLDERS Market valuations still do not reflect Spark Infrastructure's 15.01% Wren House Infrastructure (WHI) stake sold to Ontario Municipal Employees Retirement System (OMERS) Spark Infrastructure notes the completion of the sale process for the 19.99% stake in TransGrid held by Wren House to OMERS of Canada The process to sell WHI stake in TransGrid commenced in early 2020 and was offered to Spark Infrastructure and other securityholders in accordance with the pre-emptive process under the Securityholders Deed Spark Infrastructure declined to participate and notes that its 15.01% equity investment in TransGrid was purchased for $734.3 million in December 2015 The implied equity value on a proportional basis represents an approximate compound annual increase of 4.0% p.a. in addition to an approximate average distribution yield of 4.6% p.a. reflecting the improved business performance, growth in regulated and contracted assets (RCAB) as well as the anticipated significant and attractive growth pipeline The valuation acknowledges TransGrid's high quality business and once in a generation RAB and contracted growth pipeline Valuation reflects RAB and CAB growth emanating from ISP • • Regulated asset transactions have averaged an EV / RAB of 1.40x since 2007 Pipeline of growth opportunities is expected to double TransGrid's RAB in the current decade, assuming all ISP projects receive regulatory approval and proceed CAB is a material component of the EV; CAB is currently $728m (growth of 43.2% in last 12 months); continued growth in CAB expected to be driven by connections of new large-scale renewable projects Including CAB and valuing growth in RAB and CAB substantially adds to the headline RAB premium Spark Infrastructure | Investor Presentation | August 2020 30
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