Investor Presentaiton

Electricity: lower generation and sales volumes Lower sales volumes driven by mild winter weather Comparison of volumes (TWh) 1H16 Generation Sales 1H17 Generation Sales Generation volumes down 0.4 TWh Greater planned outage days at Bayswater Partly offset by reduction in forced outages at Liddell 15 7.6 7.0 5.8 6.4 22.6 22.2 Consumer customer sales volumes down 0.6 TWh Mild July/August weather - Lower average customer numbers Business customer sales volumes down 0.6 TWh Strategic customer acquisition and retention within competitive market 5.9 5.0 Wholesale customer volumes sales up 0.9 TWh - Higher commercial load 3.6 3.5 Spot pool sales and generation losses broadly flat AGL Energy in action Electricity: margin driven by wholesale price Strong physical portfolio delivering broadly flat generation costs 16 Comparison of gross margin ($m) 1H16: $630m 1H17: $730m 244 244 17- 29 18 60 772 714 Consumer customers electricity margin flat Lower volume offset by disciplined and effective price management -Increase in wholesale prices passed through Business customers electricity margin up $1m - Tight discipline to pass through rising wholesale prices Eco Markets electricity margin up $31m Higher wholesale market prices for LGCs Wholesale electricity margin up $58m - Fuel costs steady benefitting from long-term position Phased pass-through of higher wholesale market prices to Consumer and Business customers (374) (364) Group Operations (Thermal & Renewables) electricity margin up $10m Generation running costs flat reflecting cost discipline AGL Energy in action?' 9/2/2017 8

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