Investor Presentaiton

TAXATION UPDATE Victoria Power Networks – ATO Matters Background - Details of current ATO audits of Victoria Power Networks disclosed previously. Refer to Note 4 of Spark's HY 2013 financial statements for details Developments during 2013 In March the ATO issued an amended Assessment Notice in respect of the 2007 tax year VPN elected to utilise carried forward losses to reduce the ATO's adjustments, resulting in a tax payable balance of $18m Subsequently, the ATO also issued a Shortfall Penalty Assessment Notice for $0.1m and a Shortfall Interest Charge Notice for $7m for the 2007 tax year. Under a part payment arrangement, $3m of tax payable was subsequently remitted to the ATO, along with $1.5m of shortfall interest In November the ATO issued further amended Assessment Notices for the 2008, 2009 and 2010 tax years. Given the ongoing discussions between VPN and the ATO, the ATO has currently only made adjustments for the interest denial on shareholder loans for the 2008 tax year. The ATO has not yet formalised a view on penalties or shortfall interest for these tax years VPN elected to utilise carried forward losses to reduce the ATO's adjustments, resulting in tax payable balances of $44m for 2008, $5m for 2009 and $20m for 2010, totalling $69m. Under a part payment arrangement a total of $34.5m is expected to be remitted to the ATO, being half of the tax payable balances VPN has lodged objections with the ATO for all matters in each relevant tax year Status VPN is currently engaged in discussions with the ATO in relation to the interest denial on shareholder loans VPN continues to disagree with the ATO's positions under audit, has sought legal advice and will vigorously defend its position The $3m part payment amount remitted to the ATO for the 2007 tax year, along with the $34.5 million to be remitted to the ATO shortly for the 2008-2010 tax years are recorded as a current receivable by VPN SPARK INFRASTRUCTURE INVESTOR PRESENTATION - NOVEMBER 2013 30 sparkinfrastructure

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