SA Power Networks

The Company acquired a 50% interest in ETSA Utilities, Australia in January 2000. In September 2012, ETSA Utilities changed its name to SA Power Networks. Currently, Power Assets holds a 27.93% interest in SA Power Networks.

SA Power Networks is the sole electricity distributor in the State of South Australia, Australia and serves about 877,000 customers. The principal business activities of SA Power Networks are the operation, management and administration of the electricity distribution network. The network supplies electricity to the major populated areas of South Australia except those located in remote areas which have their own generation and distribution capability. The majority of SA Power Networks' revenue is regulated by government regulations.

Website: http://www.sapowernetworks.com.au

Powercor Australia

The Company acquired a 50% interest in Powercor Australia in September 2000. Currently, Power Assets holds a 27.93% interest.

Powercor Australia is the largest electricity distribution company in Victoria, Australia and serves more than 810,000 customers. Powercor Australia's distribution network is the largest in Victoria which covers more than half of the State, including major industrial and growth areas in Western Melbourne and several of Victoria's largest provincial centres. The area where the distribution network is serving takes approximately one third of Victoria's population and manufacturing output. It also accounts for more than one quarter of Victoria's gross domestic product. The majority of Powercor Australia's electricity distribution revenues is regulated by government regulations.

Website: http://www.powercor.com.au

CitiPower

The Company acquired a 50% interest in CitiPower in July 2002. Currently, Power Assets holds a 27.93% interest.

CitiPower is one of the five electricity distributors in the State of Victoria, Australia. CitiPower's distribution network covers the Central Business District in Melbourne and its densely populated inner suburbs. Therefore, it has the highest load density in Victoria, Australia with approximately 330,000 customers. It also has a diverse customer mix, including residential, commercial, manufacturing and industrial. The majority of CitiPower's electricity distribution revenues is regulated by government regulations.

Website: http://www.citipower.com.au

Australian Energy Operations Pty Ltd.

A Power Assets and CK Infrastructure 50/50 joint venture company, Transmission General Holdings (Australia) Pty Ltd (TGHA) was established in July 2012 for developing transmission assets in Australia. TGHA’s business includes the design, build and operation of transmission lines and associate terminal stations to transport the renewable energy generated from the Mt. Mercer Wind Farm and the Ararat Wind Farm in Victoria to the main power grid.

In March 2017, TGHA was renamed Australian Energy Operations Pty Ltd. (AEO) to reflect its expanded scope of business in exploring energy - related investment opportunities.

In 2019, AEO completed the design and construction of the transmission network for the Moorabool Wind Farm and the Elaine Wind Farm, both through AEO's Elaine Terminal Station with the total capacity of renewable energy generation connected to the grid increased to 777 MW.

Website: https://www.aeoperations.com.au

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Australian Gas Networks Limited

In October 2014, the Company, together with CK Hutchison Holdings Limited (CKHH) and CK Infrastructure Holdings Limited (CKI), acquired Envestra Limited. Envestra changed its name to Australian Gas Networks Limited. Currently, Power Assets holds a 27.5% stake of Australian Gas Networks.

Australian Gas Networks is one of Australia's largest natural gas distribution companies which owns strategic gas distribution networks and transmission pipelines that operate in key population growth centres in South Australia, Victoria and Queensland, as well as in smaller centres in New South Wales and the Northern Territory. Australian Gas Networks has about 25,000km of natural gas distribution networks and 1,100km of transmission pipelines, serving over 1.3 million consumers.

Website: http://www.australiangasnetworks.com.au

DUET Group

In May 2017, the Company together with CK Infrastructure Holdings Limited (CKI), CK Asset Holdings Limited (CK Asset), acquired DUET Group. Currently Power Assets holds 20% of the shareholdings.

DUET Group is a diversified energy infrastructure investor headquartered in Sydney with majority interest in four major assets:

• United Energy (66%): Melbourne electricity distribution network
• Multinet Gas (100%): Victorian gas distribution network
• Dampier to Bunbury Pipeline (100%): The natural gas transmission pipeline connecting the Carnarvon/Browse Basins with Perth
• Energy Developments (100%): Owns and operates power generation facilities with more than 1,075MW of installed capacity across Australia, Europe and North America

Website: http://www.duet.net.au

United Energy

The Company acquired United Energy together with CK Infrastructure Holdings Limited (CKI) and CK Asset Holdings Limited (CK Asset). Power Assets holds 13.2% of the shareholdings.

United Energy is one of the five electricity distributors operating in Victoria. Its 13,400km electricity distribution network covers the south‐east Melbourne and the Mornington Peninsula and serves approximately 697,000 customers. The network delivers to approximately 25% of Victoria's population, largely in urban areas.

Website: http://www.unitedenergy.com.au

Multinet Gas

The Company acquired Multinet Gas jointly with CK Infrastructure Holdings Limited (CKI) and CK Asset Holdings Limited (CK Asset). Power Assets holds 20% of the shareholdings.

Multinet Gas is the largest natural gas distribution company in Victoria which owns and operates a network of approximately 10,200km covering the eastern and south‐eastern suburbs of Melbourne. The Company serves more than 711,000 residential, commercial & industrial customers.

Website: http://www.multinetgas.com.au

Dampier to Bunbury Pipeline

The Company acquired Dampier to Bunbury Pipeline (DBP) together with CK Infrastructure Holdings Limited (CKI) and CK Asset Holdings Limited (CK Asset). Power Assets holds 20% of the shareholdings.

DBP is a Western Australia's key gas transmission pipeline stretching almost 1600km-long and linking the gas fields located in the Carnarvon (North West Shelf) and Browse Basins with population centres and industrial areas in the south‐west of the State. The total length of this pipeline is 2,719km and has been in operation since 1984, and is expected to be in service for at least the next 50 years.

Website: http://www.dbp.net.au

Energy Developments Pty Limited

The Company acquired Energy Developments PTY Limited (EDL) jointly with CK Infrastructure Holdings Limited (CKI) and CK Asset Holdings Limited (CK Asset). Power Assets holds a 20% stake, while CKI and CK Asset each holds 40%.

EDL is an international provider of safe, clean, low emissions energy, remote energy solutions and renewables.

EDL owns and manages an international portfolio of about 80 projects comprising over 1,075MW of power generation facilities in Australia, North America and Europe, utilising a range of fuel sources operating in five main areas: remote energy, natural gas (NG, CNG, LNG & RNG) and diesel, landfill gas, waste coal mine gas, solar and wind.

In Karratha, Western Australia, Energy Developments has built and operates a 200 tonnes per day LNG production facility as part of the West Kimberley Power Project (WKPP).

Website: https://www.edlenergy.com