8 December 2020 • The material in this presentation is general information about AGL’s Statutory Profit and Underlying Profit: activities as at the date of this presentation. It is provided in summary form and does not purport to be complete. It should be read in • Statutory Profit is prepared in accordance with the Corporations Act conjunction with AGL’s periodic reporting and other announcements 2001 and Australian Accounting Standards, which comply with lodged with the Australian Securities Exchange. International Financial Reporting Standards.

• This presentation is not an offer or recommendation to purchase or • Underlying Profit is Statutory Profit adjusted for significant items and subscribe for securities in AGL Limited or to retain any changes in fair value of financial instruments. securities currently held. It does not take into account the potential and current individual investment objectives or the financial situation of • Underlying Profit is presented with reference to the Australian investors. Securities & Investments Commission’s Regulatory Guide 230 “Disclosing non-IFRS financial information” issued in December 2011. • Before making or varying any investment in securities in AGL Energy AGL’s policy for reporting Underlying Profit is consistent with this Limited, all investors should consider the appropriateness of that guidance. The Directors have had the consistency of the application of investment in light of their individual investment objectives and the policy reviewed by the external auditor of AGL Energy Limited. financial situation and should seek their own independent professional advice. • Amounts presented as Statutory Profit and Underlying Profit are those amounts attributable to owners of AGL Energy Limited. • This presentation includes certain forward-looking statements that are based on information and assumptions known to date and are subject to various risks and uncertainties. Actual results may materially vary from any forecasts in this presentation. Future major expenditure remains subject to standard Board approval processes.

ASX CEO Connect | 8 December 2020 2 Leading integrated essential services provider

Over 120,000 individual shareholders – mainly everyday Australians

4.2 million customer services and growing • Now serving almost 30% of Australian households • Gas, and mobile and broadband service offerings

Diverse portfolio, with an operated capacity > 11,000 MW • Thermal generation, and renewables • Includes > 2,500 MW of renewable generation capacity, comprising large- scale solar, wind and ’s largest privately owned hydropower fleet • Strong investment pipeline to drive Australia’s energy transition

ASX CEO Connect | 8 December 2020 Growth Transformation Social Licence Accelerate growth to meet Reposition, refresh Meet and exceed rising community evolving customer needs and reinvigorate AGL expectations

Energy, data and Distributed energy Large-scale storage Baseload capacity mobility for customers and storage and flexible capacity and renewables

ASX CEO Connect | 8 December 2020 4 Offer customers option of carbon Be transparent neutral prices across our products • Inclusion of climate metrics in LTIP 1 • Certified carbon neutral electricity product launched 5 • TCFD analysis and engagement • Carbon neutral option across all products by end of FY21

Support evolution of Australia’s voluntary carbon markets AGL’s 2 • Australia carbon credit unit trading Responsibly transition • Voluntary emission reduction trading our energy portfolio five climate • Onboarding of new carbon 4 • Long-term notice provided for counterparties closure of thermal assets commitments • Partnering with the communities in which we operate Continue investing in new sources of electricity supply 3 • Firmed renewable generation development • Investment in batteries and other energy storage technologies

ASX CEO Connect | 8 December 2020 5 Total customer services by state (millions)*

Leading Australian essential services provider

• 4.2 million • Retail, commercial and • Gas, electricity and now customer services industrial and mobile and broadband and growing wholesale customers service offerings

• Value accretive acquisitions • Strong focus on delivering completed – moving beyond core simpler, more digitised energy into multi-product retailing experience for customers

*AGL added over 215,000 customer services through the acquisition of in September 2020 ASX CEO Connect | 8 December 2020 6 AGL’s generation portfolio

Efficient, flexible and balanced supply portfolio

• > 40 TWh of • Generated from coal, • Investment pipeline annual energy gas and large-scale includes grid scale generation renewables batteries and solar PPA’s

• Well positioned for • Committed to transition in a carbon achieving net zero constrained world emissions by 2050

Coal-fired Gas-fired Wind Solar Hydro Battery Gas Gas Storage production

ASX CEO Connect | 8 December 2020 7 Today Future

Leader in Leader in multiple essential electricity and gas services (multi-product retailing)

m

Leading Australian essential services provider

High carbon-intensity Towards carbon-neutral

Electricity Gas Electricity Gas Data Carbon

Efficient, flexible and balanced supply Large Small Contracts Orchestration portfolio Large assets Contracts assets assets

ASX CEO Connect | 8 December 2020 8 Cash conversion

$ million

Statutory profit after tax $1,015m 12% 2,500 120%

100% 2,000 Underlying EBITDA $2,070m 9%

80% 1,500 Underlying profit after tax $816m 22% 60%

Net cash provided by 1,000 $2,156m 35% operating activities 40%

500 20% Total dividend declared 98 cps 18%

0 0% FY16 FY17 FY18 FY19 FY20 Return on Equity 10.0% 2.5ppts

Underlying NPAT Underlying EBITDA Cash conversion rate (excl. margin calls)

ASX CEO Connect | 8 December 2020 9 AGL generation output and sales (to NEM)

First new gas-fired in the NEM since 2012 at Barker Inlet GWh 640 MW of grid scale renewables AGL has benefited from long generation position in Requirement for new firmed renewables capacity constructed at Silverton, and Coopers recent years but portfolio moving to a more balanced supports AGL’s development pipeline: 50,000 Gap via Powering Australian position post Liddell closure Renewables Fund • New battery projects signed – Torrens Island power station, Loy Yang, , Wandoan and Maoneng – targeting 850 MW of grid scale storage by FY24 40,000 • Renewable 100 MW off-take agreement with Sunraysia solar plant commences in FY23 – targeting 30,000 34% of electricity capacity from renewables and clean storage by FY24 • Decentralised energy and demand response growth – 20,000 targeting 350 MW in decentralised assets under orchestration by FY24

10,000

- FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30

Existing renewables Existing gas generation Brown coal Black coal Potential new firmed renewables to meet customer demand Actual customer sales Potential customer demand

Note: FY18-FY20 – AGL historical generation and sales data; FY21-FY30 – Generation based on historical average, expected generation for new plant and scheduled closures

ASX CEO Connect | 8 December 2020 10 Capital returned to shareholders

Share buybacks undertaken in 1,400 FY17 and FY20 1,200

Run existing business for 1,000 optimal performance and value 800

600

Maintain strong balance sheet Capital returnedshareholders to ($m) 400

and dividend policy 200

- FY16 FY17 FY18 FY19 FY20 Invest in to growth pathways Total dividends declared Buyback deliver future value and prosperity Recurring dividend stream • > $4bn capital returned to shareholders through dividends and Return excess liquidity buybacks since FY16 to shareholders • Special dividend program for FY21 and FY22 – anticipated to augment ordinary dividends and deliver effective payout ratio Underlying NPAT of 100%, whilst franking is temporary removed ASX CEO Connect | 8 December 2020 11 ASX CEO Connect - 8 December 2020