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Investor Presentaiton

Breakdown of FY17 opex saving target: $170m ($m) Group Operations Maintenance optimisation Procurement Labour and contractor Other Additional generation 1H17 actual FY16 and 1H17 actual FY17 target 7 55 77 3 23 29 1 19 29 2 15 13 1 4 6 Energy Markets Labour and contractor Campaign and channel costs Other Centrally Managed Expenses Labour and contractor IT contract costs Insurance Other Total operating cost savings achieved/targeted 43 16 (6) 26 68 8 23 7 15 11 30 1182 80 66 14 32 20 9 3178 51131 20944 37 27 13 10 70 170 60 38 160 AGL Capital expenditure targets update 395 Sustaining capex ($m) $100m reduction less CPI 390 FY17 growth capex forecast ($m) 44 915 315 2H17 target: 240 180 1H17 actual: 135 FY15 Normalised FY16 FY17 Actual Target FY17 Growth Capex Energy in action ■LNG Import Facility Natural Gas ■ PARF New Energy ■Metering ■Customer Experience Transformation and Other AGL Energy in action?' 9/2/2017 22 22

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