Investor Presentaiton

Potential implications of the National Energy Guarantee AGL's positioning relative to a dispatchability mechanism reflects its generation footprint by state 2019 AGL - forecast extreme day capacity reserve Demand/generation (MW) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 NSW 2019 AGL 10 POE QLD SA VIC 2019 AGL dispatchable generation Source: AEMO, AGL; 10 PoE = 10% probability of demand exceeding this number Investor Day | 13 December 2017 agl 18

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