Investor Presentaiton

INFRASTRUCTURE FOR THE FUTURE VICTORIA POWER NETWORKS Financial ($m) (1) Regulated revenue - DUOS Prescribed metering ("AMI") Semi-regulated revenue Unregulated revenue. Total Revenue Operating costs (4) Beon margin EBITDA Other HY 2020 HY 2019 Change CPI-X $18.4m 494.7 474.8 STPIS (2) 40.4 42.5 $11.1m 30.1 29.1 19.7 27.3 Customer Growth (3) 1.2% 584.9 573.7 2.0% (156.2) (166.1) (3) Consumption -4.8% 7.9 6.0 FTE 4.5% 436.6 413.6 5.6% Change(3) Net Debt/ Net finance costs (5) 71.6% (85.7) (84.4) RAB Net capital expenditure 311.5 221.0 FFO/ 14.4% Distributions received by Spark Infrastructure 78.4 75.9 3.3% Net Debt On an adjusted EBITDA (4) basis the HY2020 result increased by $11.7m or 2.8% (1) 100% basis (2) 2017 STPIS recovered in HY2020 (3) Compared with HY2019 (4) HY2020 includes $1.9m positive (non-cash) revaluation adjustments to employee entitlements provisions (HY2019: includes $9.4m loss) (5) HY2020 includes a $3.1 (loss) in non-cash credit valuation hedge adjustments (HY2019: $0.6m gain) Spark Infrastructure | Investor Presentation | August 2020 11

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