142 Independent  Auditor’s  Report Deloitte Touche Tohmatsu A.B.N. 74 490 121 060 Grosvenor Place 225 George Street Sydney NSW 2000 PO Box N250 Grosvenor Place Sydney NSW 1220 Australia DX 10307SSE Tel: +61 (0) 2 9322 7000 Fax: +61 (0) 2 9322 7001 www.deloitte.com.au to the Members of AGL Energy Limited Report on the Financial Report We have audited the accompanying financial report of AGL Energy Limited, which comprises the Consolidated Statement of Financial Position  as at 30 June 2012, the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Statement  of Cash Flows and the Consolidated Statement of Changes in Equity for the year ended on that date, notes comprising a summary of  significant accounting policies and other explanatory information, and the Directors’ Declaration of the consolidated entity, comprising the  company and the entities it controlled at the year’s end or from time to time during the financial year as set out on pages 64 to 141 of the  AGL Financial Report 2012. The directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with  Australian Accounting Standards and the  Corporations Act 2001  and for such internal control as the directors determine is necessary to  enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error. In Note 1, the directors  also state, in accordance with Accounting Standard AASB 101  Presentation of Financial Statements , that the consolidated financial  statements comply with International Financial Reporting Standards. Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian  Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and  perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures  selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether  due to fraud or error. In making those risk assessments, the auditor considers internal control, relevant to the entity’s preparation of the  financial report that gives a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the  purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of  accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation  of the financial report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. In conducting our audit, we have complied with the independence requirements of the  Corporations Act 2001 . We confirm that the  independence declaration required by the  Corporations Act 2001 , which has been given to the directors of AGL Energy Limited, would  be in the same terms if given to the directors as at the time of this auditor’s report. Auditor’s Responsibility Auditor’s Independence Declaration Report on the Remuneration Report Opinion We have audited the Remuneration Report included in pages 48 to 63 of the Directors’ Report for the year ended 30 June 2012. The  Directors of the company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A  of the  Corporations Act 2001 . Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in  accordance with Australian Auditing Standards. In our opinion the Remuneration Report of AGL Energy Limited for the year ended 30 June 2012, complies with section 300A of the  Corporations Act 2001 . BJ Pollock  Partner  Chartered Accountants  Sydney, 22 August 2012 DELOITTE TOUCHE TOHMATSU In our opinion, the financial report of AGL Energy Limited is in accordance with the  Corporations Act 2001 , including: Opinion (a) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2012 and of its performance for the year ended  on that date; and (b) complying with Australian Accounting Standards and the  Corporations Regulations 2001 . Directors’ Responsibility for the Financial Report Liability limited by a scheme approved under Professional Standards Legislation.  Member of  Deloitte Touche Tohmatsu