Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE VPN 2021-26 REGULATORY PROPOSAL Final Risk-free Rate to be updated prior to the final decision in April 2021 VPN's Regulatory Proposal maintains revenue and continued RAB growth Standard Control and Metering Revenue ($m) (1) (2) (5) and RAB ($bn) (4) 2016-20 2021-26 Regulatory proposal metric Proposal (1) 2021-26 CitiPower (CP) CP Regulatory Powercor (PC) PC Regulatory Allowance (1) 2016-20 Allowance (2) Proposal (2) Capex $852m $852m $1,624m $2,140m ($2021) $1,000 Opex $472m $569m $1,181m $1,537m ($2021) $800 WACC 6.11% 4.52% 6.11% 4.52% $600 8.01 8.37 7.61 5.72 $400 5.27 5.47 6.00 6.29 6.59 7.11 Risk-free Rate 2.48% 1.32% 2.48% 1.32% $200 Gamma 0.4 0.585 0.4 0.585 $- FY17 FY18 FY19 FY20 FY21 FY22 Revenue (3) $1,681m ($2021) $1,599m $3,694m $3,695m CitiPower Revenue Allowance CitiPower Proposal (Revenue) FY23 FY24 FY25 FY26 Powercor Revenue Allowance Powercor Proposal (Revenue) VPN Regulated Asset Base A transition period will apply between 1 January 2021 and 30 June 2021 to give effect to the Victorian Government's intent to delay the 5 year regulatory period (1) Citi Power, Regulatory Proposal 2021-2026, 31 January 2020 (2) Powercor, Regulatory Proposal 2021-2026, 31 January 2020 (3) Includes metering revenue (4) RAB values from RAB roll-forward model (RFM) and post- tax revenue model (PTRM) submitted with CitiPower and Powercor regulatory proposals on 31 January 2020 (5) AER: CitiPower - Final Decision 2016-2020 updated to $2021 and AER: Powercor - Final Decision 2016-2020 updated to $2021 Spark Infrastructure I Investor Presentation I August 2020 22

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