ENERGY ONE LIMITED — M&A Activity 2008

Apr 28, 2008

Energy One Limited Level 2, 122 Pitt Street Sydney NSW 2000 GPO Box 3968, Sydney NSW 2001 Telephone: +61 2 8252 9898 Facsimile: +61 2 8252 9888

Date: 29 April 2008

ASX and Media Release

EOL signs Heads of Agreement to acquire UtiliSolutions

Energy One today entered into a Heads of Agreement to acquire UtiliSolutions Pty Ltd.

UtiliSolutions provides Energy Trading and Risk Management (ETRM) software solutions pertaining to the energy industry. UtiliSolutions currently provides risk management and trading solutions to electricity retailers, hedge funds and financial institutions.

The software, specifically designed for the Australian market is one of the most feature rich trading systems currently being offered in Australia. With the advent of emissions trading in Australia by 2010 EOL will look to further develop the module associated with trading of existing environmental products to cater for this new market.

The acquisition will be paid for using a combination of cash and EOL shares and the acquisition will be earnings accretive.

In line with the company’s strategic focus on providing specialist software solutions to the energy market the potential acquisition of UtiliSolutions will add to the portfolio of products being offered by EOL to the energy sector.

New business

Energy One is also pleased to announce it has successfully obtained its first Australian customer for its proprietary enterprise software for energy retailers - Symphony.

Amongst EOL’s other product offerings, Symphony’s unique central architecture resolves a number of problems inherent with other best-of-breed non-integrated systems. In this instance the software has been specifically installed to help deliver operational efficiencies within an electricity retail business and ultimately reduce the cost to serve.

EOL has also further expanded its service portfolio by signing two strategic partnerships with a managed hosting provider and an offshore development house.

Contact: Richard Brys, Chief Operating Officer 02-8252-9807