Investor Presentaiton

Working capital impact on cash flow > Movement in futures margin calls to be offset by future benefit of rising wholesale prices > Receivables impacts largely timing related including early collections in 2H16 reducing 1H17 > Objective for $200m reduction in underlying working capital remains on track (see slide 45) ($m) Receivables Creditors Inventories Net derivative premiums Futures margin calls Net movement in green assets and liabilities Other Total working capital movements 21 1H17 105 1H16 226 (205) (196) 87 31 (25) (35) (112) (24) 9 8 (31) 8 (172) 18 Sustainable cash position remains strong AGL Energy in action ($m) 1H17 1H16 Commentary Operating expenditure (706) (721) Significant reduction in 1H17; on track to achieve $170m real reduction target in FY17 Underlying EBITDA 924 885 Consistent with Underlying Profit growth EBITDA/cash conversion Underlying cash flow from operations 699 76% 98% Short-term impacts from negative movements in working capital Interest paid (84) Tax paid (144) Sustaining capital expenditure* (135) Dividends paid (243) Cash available 93 Disposals* 260 Acquisitions/investments Growth capital expenditure* Share buy-back (18) (93) (51) * Shown on accruals basis 22 (96) Reduction driven by short-term working capital impact Reduction due to lower average net debt Higher tax payment due to asset sales (204) Significant reduction in 1H17, on track to achieve $315m target in FY17 ༔ ༔ ཆེ ® ༔ 8 བྷུ ལྷ ༤ གླུ ་ (230) 245 532 (89) FY16 final dividend of 36 cents per share paid in September 2016 Reduction driven by short-term working capital impact Sale of Solar assets in November 2016 Investments in PARF and Energy Impact Fund FY17 forecast: $240m driven by metering and Customer Experience Transformation On-market share buy-back of 0.4% of issued share capital to date AGL Energy in action?' 9/2/2017 11

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