Appendix 3Y MAF

Change of Director's Interest Notice

Information or documents not available now must be -given to ASX as soon as available. -Information and -documents given to ASX become ASX's property and may be made public.-

Introduced 30/9/2001.


Name of entity- AGL ENERGY LIMITED
ABN- 74 115 061 375


We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the-director for the purposes of section 205G of the Corporations Act. --

Name of Director MICHAEL ANTHONY FRASER
Date of last notice- 01 SEPTEMBER 2011


Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust-
Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be-disclosed in this part.

Direct or indirect interest- DIRECT-
Nature of indirect interest- (including registered holder)
Note: Provide details of the circumstances giving rise to the relevant-interest.-
-
Date of change- 1-SEPTEMBER 2011
No. of securities held prior to change- DIRECT - 519 865
Class ORDINARY SHARES-
Number acquired- 20,020
Number disposed- NIL
Value/Consideration- NIL
No. of securities held after change- DIRECT - 539885
Nature of change-
Example: on-market trade, off-market trade, exercise of options, issue of-securities under dividend reinvestment plan, participation in buy-back
Entitlements under AGL's Long Term Incentive plan.


Part 2 - Change of director's interests in contracts-
Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be-
disclosed in this part.

Detail of contract- - - - - - - - - - - - - - - - - - - - - - - - - - --
Nature of interest- -
Name of registered holder- (if issued securities)- -
Date of change- -
No. and class of securities to-which interest related prior to- change-
Note: Details are only required for a contract in relation- to which the interest has changed-
-
Interest acquired- -
Interest disposed-
Value/Consideration-
Note: If consideration is non-cash, provide details and- an estimated valuation -
-
Interest after change -


Part 3 -+ Closed Period-

-Were the ineterests in the securities or the contracts traded above were detailed under a + closed period where prior written clearances are required ? -No
-If so, was prior written clearance was provided to allow the trade to proceed during this period ? -
-If prior written clearance was provided, on what date was it provided ? -

About AGL

AGL is one of Australia's leading integrated renewable energy companies and is taking action toward creating a sustainable energy future for our investors, communities and customers. Drawing on 175 years of experience, AGL operates retail and merchant energy businesses, power generation assets and an upstream gas portfolio. AGL has one of Australia's largest retail energy and dual fuel customer bases. AGL has a diverse power generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, landfill gas and biomass. AGL is Australia's largest private owner and operator of renewable energy assets and is looking to further expand this position by exploring a suite of low emission and renewable energy generation development opportunities.