Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE UNDERLYING LOOK-THROUGH NET OPERATING CASH FLOW (NOCF) HY 2020 HY 2019 440.1 EBITDA ( 88.8) less: Net finance charges (cash) (138.0) (17.5) 195.9 ( 26.1) 169.8 158.7 120.5 126.2 less: Net regulatory depreciation Non cash/net working capital movements Investment portfolio operating cash flow Other Spark net costs SKI look-through operating cash flow SKI distributions to Securityholders Distributions are fully covered by underlying look-through net operating cash flow by 1.4X (1) EBITDA excludes customer contributions and gifted assets and includes 'true-up' of DUOS/TUOS to revenue cap (2) Net regulatory and unregulatory depreciation is calculated based on actual inflation (3) Underlying HY2020 pay-out ratio 71% (HY2019 pay-out: 80%) / 4.5 year underlying pay-out ratio (2016- HY2020): 73% Spark Infrastructure I Investor Presentation | August 2020 SKI look-through operating cash flow SKI distributions to Securityholders 57

View entire presentation