Investor Presentaiton

Regulatory proposal metric Capex $2,011m $1,596m ($2019-20) INFRASTRUCTURE FOR THE FUTURE SAPN 2020-25 FINAL REGULATORY DETERMINATION The AER Final Determination establishes revenue certainty until 30 June 2025 2015-20 Allowance (1) Draft Decision (2) 2020-25 2020-25 2020-25 Revised Final Decision (2) Proposal (2) $1,247m $1,693m The Final Determination is in line with expectations with improved capex and inflation outcomes Standard Control Services Revenue ($m) and RAB ($bn)(1)(2) $1,000 Opex $1,375m $1,473m(3) $1,470m $1,470m ($2019-20) $800 WACC 6.17% 4.95% 4.79% 4.75% $600 4.77 4.85 Risk-free 2.96% 1.32% 0.96% 0.90% 4.48 4.59 4.68 4.36 Rate 4.23 $400 4.09 3.88 3.93 Inflation 2.50% 2.45% 2.36% 2.27%(4) $200 Gamma Revenue (Nominal) 0.4 0.585 0.585 0.585 $- FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Revenue Allowance Draft Determination Revised Proposal Final Determination $3,769m $3,905m $3,933m $3,914m Regulated Asset Base The majority of SA Power Networks' Revised Proposal was accepted by the AER in the Final Determination released on 5 June 2020 (1) AER Final Decision 2015-2020, October 2015 updated to $2020 (2) AER Final Decision Overview, June 2020. (3) AER Draft Decision Overview, October 2019. (4) The reduction in the inflation forecast was due to the using of the trimmed mean CPI forecast as it was more appropriate in the COVID-19 circumstances. Spark Infrastructure | Investor Presentation | October November 2020 23

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