Investor Presentaiton

Implications of introduction of five-minute pricing rule Ability to run for high prices critical to selling insurance products Start-up times by energy source Capturing high prices: South Australian example 120 100 Generator output (MW) agl 100% T 90% I 80% × % of spike captured 70% 60% 50% 40% 30% 05 10 15 20 25 Time elapsed (minutes) 30 35 55 40 40 20% 10% 0% Coal generation Battery -Open-cycle gas turbine Reciprocating engine Reciprocating Engine Coal OCGT Battery 86220 Source: AEMO for South Australian market data; all other data illustrative Investor Day | 13 December 2017 20 20

View entire presentation