Investor Presentaiton

Reconciliation of EBITDA to cash flow 35 ($m) Underlying EBITDA Equity accounted income Onerous contracts 1H17 1H16 924 885 (12) (15) (20) (22) Gain on divestment (21) Working capital movements (172) 18 Underlying operating cash flow before interest and tax 699 866 Net finance costs paid (84) (91) Income tax paid (144) (96) Underlying operating cash flow 471 679 Cash flow relating to significant items (21) Statutory net cash provided by operating activities 471 658 Investing cash flow - 212 Financing cash flow 246 (1,023) Movement in cash and cash equivalents 717 (153) Cash conversion ratio 76% 98% AGL Energy in action Debt facilities at 31 December 2016 Debt facility ($m) Syndicated revolving facility Limit Usage Maturity 400 Jun-17 Syndicated term facility¹ 650 650 Feb-18 Revolving bilateral facility 150 Dec-19 Club facility term 410 410 Jun-21 A$600m medium-term notes 600 600 Nov-21 USPP US$165m 186 186 Sep-22 USPP US$135m 152 152 Sep-25 USPP A$50m 50 50 Dec-26 CPI bonds 164 164 May-27 USPP US$150m 198 198 Dec-28 USPP US$70m 93 93 Dec-29 ECA Macarthur amortising facility 161 161 Jun-31 USPP US$175m 231 231 Dec-31 Subordinated notes² 650 650 Jun-39 Total debt facilities 4,095 3,545 Less: cash¹ 969 Net debt 2,576 1. 36 On 8 February 2017, $500m of cash was utilised to repay a portion of the Syndicated term facility, reducing the balance of the facility to $150m. 2. The first call date on the Subordinated notes is 8 June 2019. AGL Energy in action?' 9/2/2017 18

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