falling knife, page-4

2008 Earnings Guidance Revision
AGL Energy Limited (AGL) announced today a revision to its 2008 earnings outlook. AGL’s previous
guidance to the market anticipated underlying net profit after tax for 2008 in the region of $380 to
$400 million. Recent market conditions, including reduced retail energy margins, the strengthening
of the Australian dollar against the US dollar and increased wholesale gas costs mean that AGL now
anticipates its earnings outlook will be in the region of $330 to $360 million.