sgl to shareholders

ANNOUNCEMENT
SYDNEY GAS URGES SHAREHOLDERS TAKE NO
ACTION IN RESPONSE TO BID FROM QUEENSLAND GAS
14 February 2006
Sydney Gas Ltd (SGL) notes the bidder’s statement lodged with the company this evening
from Queensland Gas Company (QGC).
SGL will consider the lengthy statement and issue a response in due course. In the
meantime, SGL shareholders should take no action in relation to the proposed offer.
SGL makes the following observations:
·
-The consideration offered by QGC consists of shares in QGC, and the implied value
of the offer is accordingly uncertain and subject to change;
·
-The offer is opportunistic and highly conditional;
·
-QGC has made no secret of SGL’s high strategic value to QGC’s growth strategy.

SGL has appointed Macquarie Bank as its financial adviser and Deacons as its legal
adviser.
Contact:
Mark Westfield
Cosway Australia
Ph: 0417 411 105