Investor Presentaiton

Cost of gas-fired generation continues to set wholesale electricity price agl Victoria Queensland 50% 50% $100 $100 40% 40% $80 $80 30% 30% $60 $60 20% $40 20% $40 10% $20 10% $20 0% $0 0% $0 1-Jan-10 1-Jul-11 1-Jan-13 1-Jul-14 1-Jan-16 1-Jul-17 1-Jan-10 1-Jul-11 1-Jan-13 1-Jul-14 1-Jan-16 1-Jul-17 New South Wales South Australia 50% 50% $100 $100 40% 40% $80 $80 30% 30% $60 $60 20% $40 20% $40 10% $20 10% $20 0% $0 0% $0 1-Jan-10 1-Jul-11 1-Jan-13 1-Jul-14 1-Jan-16 1-Jul-17 1-Jan-10 1-Jul-11 1-Jan-13 1-Jul-14 1-Jan-16 1-Jul-17 Gas price setter (%) Average pool price ($/MWh) Gas setter spot price ($/MWh) Source: AGL, AEMO Investor Day | 13 December 2017 222 22

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