Segmental Earnings Reclassification 

18 January 2010

AGL Energy Limited (AGL), Australia’s leading integrated renewable energy company, has made several changes to the way it will report the segmental analysis in its 2010 interim results to be released on 26 February 2010. Accounting standard AASB8 requires companies to report segmental information on a similar basis as management reviews the information internally.

There is no change to the reported profit in any previous periods, only a movement between business units.

To facilitate comparisons with performance in prior periods, AGL has provided the historical segment data below.

The two changes are:

• Inclusion of Loy Yang A equity accounted profits in Investments;
  previously reported in Merchant Energy: and
• Inclusion of Yabulu power station in Merchant Energy; previously reported
  in Upstream Gas.

Further inquiries:

John Hobson, Head of Investor Relations
Direct: + 61 2 9921 2789
Mobile: + 61 (0) 488 002 460
e-mail: john.hobson@agl.com.au

Nathan Vass, Head of Media
Direct: +61 2 9921 2264
Mobile: +61 (0) 405 040 133
e-mail: nvass@agl.com.au

About AGL
AGL is one of Australia's leading integrated energy companies and is taking action toward creating a sustainable energy future for our investors, communities and customers. Drawing on over 170 years of experience, AGL operates retail and merchant energy businesses, power generation assets and an upstream gas portfolio. AGL has Australia's largest retail energy and dual fuel customer base. AGL has a diverse power generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, landfill gas and biomass. AGL is Australia's largest private owner and operator of renewable energy assets and is looking to further expand this position by exploring a suite of low emission and renewable energy generation development opportunities.