Investor Presentaiton

28 Customers (millions) Millions 27 Gas: multiple options to strengthen supply Portfolio development to respond to dynamic, volatile market > Expectation remains for at least $100m Underlying EBIT impact on gas margin in FY17 from reduced Queensland gas margin, supply curtailment and other issues > Progress in FY17 to date to further strengthen AGL's supply portfolio: Flexible transportation arrangements executed with Epic and APA during 1H17 enable bi-directional gas movement, supporting AGL to meet household and generation demand Binding heads of agreement with Cooper Energy's Sole project signed January 2017 expands supply by 12 PJ from CY19, pending project final investment decision Continued domestic engagement to source further competitive supply and leverage flexibility provided by strengthened storage position Feasibility study for LNG import terminal progressing; expected selection of final site mid CY17 AGL Energy in action Customer retention despite competitive market Sales and retentions 1.0 0.8 0.5 0.3 Consumer churn (AGL vs. rest of market) 22% 20% Dec-14 Dec-15 Dec-16 ■Total Sales Total Retentions 18% Loyalty and reward programs membership 1.8 1.5 1.3 1.0 0.8 0.5 0.3 Dec-14 Dec-15 Dec-16 16% 14% June Dec Jun Dec Jun FY14 FY15 FY16 Dec FY17 --AGL Rest of market Source: Retail Transfer Statistical Data, Australian Energy Market Operator AGL Energy in action?' 14 9/2/2017

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