Investor Presentaiton

Liddell replacement delivers a more affordable solution for customers LCOE ($/MWh real $2017) 150 100 50 Levelised Cost of Energy and portfolio contribution (by technology)1 Liddell Replacement Portfolio, $83/MWh Liddell Life Extension, $106/MWh Weighted levelised cost of energy (LCOE) for an equivalent level of energy production is lower for replacement than for lifetime extension Liddell replacement portfolio contains equivalent amount of energy and dispatchable power to extension, to deliver a similar level of reliability - Energy is sourced predominantly from renewable technologies and upgrades to Bayswater efficiency - Firming is provided through high-efficiency gas peakers, the Bayswater efficiency upgrade, storage (battery or pumped hydro) and demand response agl 0 Liddell Replacement Portfolio Dispatchable Energy Renewable Energy Investor Day | 13 December 2017 Liddell Life Extension Bayswater Efficiency Upgrade Liddell Life Extension 1. Levelised Cost of Energy based on information sourced by AGL including: the capital cost of the Liddell life extension works as advised by WorleyParsons (Advisian). AGL's discount rate in line with commercial target returns. Westpac Banking Corporation's forecast of the Newcastle coal price discounted based on the lower calorific value required for power station coal. A carbon emissions cost has been included as per AEMO's "Moderate" 2015 scenario. 2. Removal of the cost of carbon from the LCOE has the effect of reducing the Liddell Replacement portfolio to $82/MWh and the Liddell lifetime extension portfolio to $92/MWh. 12

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