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 Statement of Financial Position as at 30 June  2011 and the Income Statement, the Statement of Comprehensive Income, the Statement of Cash Flows and the 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 60 to 133.  Independent  Auditor’s  Report 134 Directors’ Responsibility for the Financial Report Auditor’s Responsibility Auditor’s Independence Declaration Opinion 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 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 review report.  In our opinion:  (a) the financial report of AGL Energy Limited is in accordance with the Corporations Act 2001,including: (i) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2011 and of its performance for the year  ended on that date; and (ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the  Corporations Regulations 2001; and (b) the financial report also complies with International Financial Reporting Standards as disclosed in Note 1. Report on the Remuneration Report  We have audited the Remuneration Report included in pages 48 to 59 of the Directors’ Report for the year ended 30 June 2011. 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. Opinion In our opinion the Remuneration Report of AGL Energy Limited for the year ended 30 June 2011, complies with section 300A of the  Corporations Act 2001.  J A Leotta  Partner  Chartered Accountants  Sydney, 25 August 2011 Member of  Deloitte Touche Tohmatsu Liability limited by a scheme approved under Professional Standards Legislation.  DELOITTE TOUCHE TOHMATSU