Investor Presentaiton

Gas: higher sales volumes Higher AGL Torrens generation and business customer acquisitions Comparison of gas volumes (PJ) 17 1H16: 122.2 PJ 33.8 1H17: 130.7 PJ 33.4 39.1 36.8 58.2 51.6 Consumer customers down 0.4 PJ - Warmer winter weather in July and August Business customers up 2.3 PJ - New customer acquisitions Wholesale Markets & Generation up 6.6 PJ -Increased generation from AGL Torrens AGL Energy in action Gas: lower margin in line with guidance Driven by Queensland wholesale sales, supply curtailment impact 18 Comparison of gross margin ($m) 1H16: $439m 1H17: $355m Consumer customers gas margin down $21m Increased commodity costs and increased discounting 171 Business customers gas margin up $7m 150 Rates benefited from supply-constrained market 31 1 38 3 236 164 49 Eco Markets gas margin up $2m Victorian Energy Efficiency Target compliance liability Wholesale gas margin down $72m $1/GJ lower Queensland gas sales margin - Higher commodity costs driven by supply curtailments and increased AGL Torrens demand AGL Energy in action?' 9/2/2017 6

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