Investor Presentaiton

Wholesale contracting AGL's Wholesale Markets Risk Management Policy (Policy) is approved by the Board and establishes the requirements for managing risks arising from wholesale energy markets. The Policy clearly defines permitted contracting activities, limits and counterparty credit management requirements. Limits for exposure to market price risk are in place to manage profit, cash flow and dividends. Activities to monitor exposure include: > Electricity: retail load, generation, contracts monitoring; earnings-at-risk simulation analyses, limits and stress testing of the portfolio. > Gas and oil: position monitoring of contract exposures, production risks and customer demand. The aspects of the gas portfolio exposed to oil price risk is managed using sensitivity and stress test analyses in conjunction with limits. > Environmental: position monitoring of contract exposures, production risks and customer demand. Electricity hedged positions (all regions) FY17 FY18 FY19 FY20 Average Cover (Net) -Forecast average customer demand (consumer plus contracted commercial and industrial) 47 Contact information James Hall General Manager, Capital Markets phone: +61 2 9921 2789 mobile: +61 401 524 645 email: [email protected] Nicole Rizgalla Investor Relations Manager phone: +61 2 9921 2691 mobile: +61 400 488 836 email: [email protected] AGL Energy in action agl.com.au 131 245 Download the app Blathnaid Byrne Group Treasurer phone: +61 2 9921 2255 mobile: +61 424 644 947 email: [email protected] Community f You Tube agl.com.au/community facebook.com/aglenergy twitter.com/@aglenergy youtube.com/aglenergy 48 AGL Energy in action 9/2/2017 24 224

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