Dividend Reinvestment Plan 

Highlights

You may elect to have the dividends paid on some or all of your shares in AGL
Energy Limited (AGL) automatically reinvested in new AGL shares. More information is detailed in the Terms and Conditions.

Participation is entirely optional

You may join the Plan for some or all of your shareholding, vary your
participation or withdraw from the Plan at any time.

Discount on market price

Shares are allotted under the Plan at a discount of up to 5% of a weighted
average market price, free of transaction costs. The actual rate of discount, if
any, will be determined by the Directors at the time each dividend is declared. 

Rounding

Where the allotment formula results in a number that is not a whole share,
then your entitlement will be rounded up to a whole share.

Shares rank equally

Shares allotted under the Plan are fully paid and rank equally with existing
shares.

Statement

An advice will be sent to you following each payment of a dividend which
will set out your participation in the Plan. Also, at the end of the month you
will receive either a CHESS or Issuer Sponsored Holding Statement if there is
a movement against your holding.

Listing on Australian Securities Exchange Limited

The Directors will apply for quotation on Australian Securities Exchange
Limited of any shares issued under the Plan.

Limitations

Participation may be restricted if in the opinion of Directors participation
would not be in the best interests of AGL, e.g. an overseas Shareholder's
address is in a place where the issue may be unlawful or impracticable.

View the full Terms and Conditions of the Dividend Reinvestment Plan.