Investor Presentaiton

Projects to replace Liddell have been staged to adapt to an evolving market Stage Description Projects Approved Projects Projects are under construction having already achieved Final Investment Decisions Wind Coopers Gap| 453MW Silverton 200MW agl Cumulative capex¹ Cumulative LCOE² Committed $62/MWh Stage 1 Feasibility 2019 or earlier4 Stage 1 comprises projects required to balance AGL's committed customer needs consistent with the Government's proposed National Energy Guarantee Stage 2 Feasibility 20204 Stage 3 Feasibility 20214 Stage 1 and 2 comprise projects required to meet AGL's potential uncontracted customer demand (C&I) assuming that other market participants respond to market signals Stage 1, 2 and 3 comprise projects required to completely replace Liddell assuming no other market participants respond to the signal for investment Approved in NSW Generation Plan - - Bayswater upgrade | 100MW Solar offtake (NSW) | 300MW Synchronous condenser Liddell Demand response | up to 20MW Feasibility Newcastle gas peaker³ | 250MW NSW gas peaker | 500MW Renewables 500MW Demand response | up to 50MW Liddell battery| 250MW Renewables| 250MW Demand response | up to 30MW $490m $76/MWh Stages 1 and 2 $1,100m $83/MWh $1,360m Stages 1, 2 and 3 $83/MWh 1. Dollars are cumulative on the bundle of assets (Real $2017, pre-tax), Solar offtake is based on a 300MW, 15 year power purchase agreement, Renewables assets are modelled using wind assets using an off-balance sheet structure like PARF with AGL contributing capital equivalent to a 20% equity share 2. Levelised cost of energy (LCOE) is the average cost per MWh of production of the cumulative bundle of assets contained within each stage of the NSW generation plan. LCOES are based on information sourced by AGL. Dollars have been presented in real $2017, pre-tax. 3. Newcastle gas peaker to be located at Newcastle gas storage facility or another suitable location in NSW. 4. Feasibility will be subject to financial feasibility, planning approval, EPC contract and connection agreement. Investor Day | 13 December 2017 10

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