Investor Presentaiton

Liddell replacement is AGL's preferred option compared with the proposal to extend the life of Liddell Liddell replacement Preferred option Liddell Power Station closed in 2022 and repurposed with series of investments in new, low emissions generation and upgrades to existing generation Staged approach to bring new investment online ahead of Liddell retirement Each phase will track timing, deliverables and completion dates of each new investment Newcastle gas peaker 250MW or other NSW sites Liddell extension agl Work undertaken at Liddell Power Station to enable AGL to operate the station beyond 2022 - Extending Liddell's life by five years to deliver 1000MW of peak capacity at reduced availability Analysis has been done to examine the costs and other risks associated with extending Liddell 1600MW NSW gas peaker 500MW Demand response up to 150MW Liddell battery Renewables B Bayswater upgrade DOO 250MW NSW pumped hydro 100MW Feasibility Liddell synchronous condenser Inertia and reactive power Total capital investment: -$1,360m (-$490m in stage 1 projects) Levelised cost of energy: $83/MWh Asset life: 15 to 30 years Investor Day | 13 December 2017 اليم Total capital investment: -$920m Levelised cost of energy: $106/MWh Asset life: five years 9

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