Investor Presentaiton

Potential implications of the National Energy Guarantee Emissions mechanism will support development of new renewables projects Estimated AGL emissions intensity for consumer market customers 14,000 12,000 10,000 8,000 Mass-market demand/generation (GWh) 6,000 4,000 2,000 0 New South Wales AGL renewable generation energy Source: AEMO, AGL; includes Silverton and Coopers Gap wind farms currently under construction Investor Day | 13 December 2017 Queensland South Australia Non-renewable energy Victoria Total Effective mass-market carbon intensity 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 19 agl Carbon intensity (tonnes CO2-e/MWh)

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