1/1 Origin Energy Limited ACN 000 051 696 • Level 45 Australia Square, 264-278 George Street, Sydney NSW 2000 GPO Box 5376, Sydney NSW 2001 • Telephone (02) 8345 5000 • Facsimile (02) 9252 1566 • www.originenergy.com.au

To Company Announcements Office Facsimile 1300 135 638

Company ASX Limited Date 26 March 2012

From Helen Hardy Pages 35

Subject PRESENTATIONS

Attached for your information is a presentation being made to overseas investors by Mr Grant King, Managing Director and Ms Karen Moses, Executive Director Finance & Strategy. A copy of the presentation can also be obtained from our website www.originenergy.com.au under the Investor Centre – Presentations section. Regards

Helen Hardy Company Secretary 02 8345 5023 – helen.hardy@originenergy.com.au

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Origin EnergyInternational Roadshow

Grant King, Managing Director

Karen Moses, Executive Director, Finance and Strategy

March, April 2012

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Important NoticeThis presentation does not constitute investment advice, or an inducement or recommendation to acquire or dispose of any

securities in Origin, in any jurisdiction (including the USA). This presentation is for information purposes only, is in a

summary form, and does not purport to be complete. This presentation does not take into account the investment

objectives, financial situation or particular needs of any investor, potential investor or any other person. No investment

decision should be made in reliance on this presentation. Independent financial and taxation advice should be sought before

making any investment decision.Certain statements in this presentation are in the nature of forward looking statements, including statements of current intention, statements

of opinion and predictions as to possible future events. Such statements are not statements of fact and there can be no certainty of outcome

in relation to the matters to which the statements relate. These forward looking statements involve known and unknown risks, uncertainties,

assumptions and other important factors that could cause the actual outcomes to be materially different from the events or results expressed

or implied by such statements. Those risks, uncertainties, assumptions and other important factors are not all within the control of Origin and

cannot be predicted by Origin and include changes in circumstances or events that may cause objectives to change as well as risks,

circumstances and events specific to the industry, countries and markets in which Origin and its related bodies corporate, joint ventures and

associated undertakings operate. They also include general economic conditions, exchange rates, interest rates, the regulatory environment,

competitive pressures, selling price, market demand and conditions in the financial markets which may cause objectives to change or may

cause outcomes not to be realised. None of Origin or any of its respective subsidiaries, affiliates and associated companies (or any of their

respective officers, employees or agents) (the "Relevant Persons") makes any representation, assurance or guarantee as to the accuracy or

likelihood of fulfilment of any forward looking statement or any outcomes expressed or implied in any forward looking statements. The forward

looking statements in this presentation reflect views held only at the date of this presentation. In addition, statements about past

performance are not necessarily indicative of future performance. Subject to any continuing obligations under law or the ASX Listing Rules,

Origin and the Relevant Persons disclaim any obligation or undertaking to disseminate after the date of this presentation any updates or

revisions to any forward looking statements to reflect any change in expectations in relation to any forward looking statements or any change

in events, conditions or circumstances on which such statements are based.

No representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information in this

presentation and no responsibility or liability is or will be accepted by Origin or any of the Relevant Persons in relation to it. In particular,

Origin does not endorse, and is not responsible for, the accuracy or reliability of any information in this presentation relating to a third party.

All references to "$" are references to Australian dollars unless otherwise specified.

All references to debt refer to interest-bearing debt.

A reference to Contact is a reference to Contact Energy of New Zealand, currently a 52.8% subsidiary of Origin.

A reference to Australia Pacific LNG or APLNG is a reference to Australia Pacific LNG Pty Limited, an incorporated joint venture in which Origin

currently holds a 42.5% interest.

A reference to the “NSW energy assets” or “NSW acquisition” is a reference to the Integral Energy and Country Energy retail businesses and the

Eraring GenTrader arrangements.

A reference to FID 1 is a reference to the Final Investment Decision on the first phase of APLNG’s two train CSG to LNG project taken on 28

July 2011. A reference to FID 2 is a reference to a Final Investment Decision on the second phase of APLNG’s two train CSG to LNG project.

A reference to NEM is a reference to Australia’s National Electricity Market.

All comparative data is in relation to the prior corresponding period, 1 July 2010 to 31 December 2010, unless otherwise stated. Certain

comparative amounts have been reclassified to conform with the current year’s presentation.

2 |

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An investment in Origin today provides a stake in a company with…

3 |

The largest fuel integrated generation retail business in Australia and New Zealand

• Large and diversified portfolio of physical and contracted fuel supply

• Largest and most diversified generation portfolio

• Largest retail energy customer base

A substantial investment in Australia’s premier coal seam gas resource

• Strong and well aligned joint venture with unrivalled expertise

• Largest 2P reserves to cover domestic and export contracts

• FID taken on first LNG train, FID on second LNG train pending

• Binding sales contracts signed for 8.6 mtpa of LNG

Growing resource opportunities domestically and overseas

• Domestic and international gas exploration opportunities

• Clean energy development opportunities including geothermal, hydro and solar

…a proven track record of delivering value through investment in

development projects and acquisitions

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0

10

20

30

40

50

60

70

80

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Cents

per

Share

Origin Earnings per Share

0

200

400

600

800

1,000

1,200

1,400

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$ m

illion

Free Cash Flow

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$ m

illion

Productive Capital

Origin has added value by successfully investing capital that has

delivered commensurate growth in cash flows and earnings

4 |

CAGR 18%1

CAGR 22%1

CAGR 26%1

CAGR 17%1

(1) From listing, until 30 June 2011.

0

200

400

600

800

1,000

1,200

1,400

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$ m

illion

Free Cash Flow

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5

Origin will continue to invest in growing its business and

expects to double productive capital over the next five years …

…with cash flows and earnings to follow a similar trend

Full benefit from NSW acquisition

Legacy fuel uplift

Te Mihi geothermal project

Start of gas sales to QCLNG

Potential gas sales to other LNG projects

APLNG Train 1

APLNG Train 2

Mortlake Power Station

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• Mortlake Power Station to be fully operational by mid-2012

• Unwind of NSW provisions, which are suppressing cash flows in FY 2012 by around

$230 million

• Transition Services Agreement (TSA) provisions - approximately $100 million

• Onerous contracts – over $130 million

• Costs linked to these provisions expire almost entirely by the end of FY2015

• Origin’s legacy gas and coal contracts and gas reserves exposed to strong increases

in wholesale energy prices

• Access to around 3,000 PJe of contract rights and uncontracted 3P equity gas reserves

• Over 2,000 PJe of legacy coal contracts

• In addition, Origin has tenure over significant conventional and unconventional

exploration opportunities in existing acreage

• Completion of Te Mihi marks the end of Contact’s substantial investment program

in New Zealand

• Around 400 MW of low cost, flexible, thermal and geothermal generation capacity added

• The current Te Mihi development is expected to be on line in 2013

• Completion of this program will add significantly to Contact’s cash flows

6 |

Growth in cash flows and earnings will come from Origin’s

underlying businesses…

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-

100

200

300

400

500

600

700

2012 2017

An

nu

al P

rod

uct

ion

-p

eta

jou

les

Australia Pacific LNG Gas Production (100%)

LNG (oil price linked)Domestic

• US$20 billion(1) capital cost estimate

for full 2 train development (does not

include capital for domestic operations

and non-APLNG project costs)

• Domestic sales ongoing (~2,000 PJ at

legacy prices)

• Sales to QCLNG to commence on

project start up (expected 2014)

• up to 640 PJ linked to LNG

exports

• Potential for additional gas sales to

other projects as they start up

• Contracts with Sinopec(2) and Kansai

for the sale of 8.6 mtpa of LNG for 20

years

• APLNG Train 1 - 2015

• APLNG Train 2 - 2016

7 |

…and from commencement of production from the Australia

Pacific LNG’s CSG to LNG Project

(1) Based on foreign exchange rates assumed at the time of FID 1

(2) 3.3 mtpa subject to government approvals and a FID on the second LNG train.

Petajoule equivalent (PJe) conversions

1 million tonnes of LNG = 55 PJe

1 million barrels of oil equivalent = 5.83 PJe

1 million mmbtu = 1.05 PJe

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-

5.0x

10.0x

15.0x

20.0x

25.0x

International Integrated

ASX200 ASX200 Util ASX200 Engy

P/E M

ult

iple

0.00

5.00

10.00

15.00

$/sh

are

ORG excl APLNG APLNG

The 2nd Sinopec investment in Australia Pacific LNG values

Origin’s stake in APLNG at $5.50 to $6.00 per Origin share …

8 |

Recent share

price (1)

Sinopec

valuation of

APLNG implies

ORG ex APLNG

P/E multiple of

around 8.5x

12.2x 12.5x

15.9x

21.3x

… implying a P/E multiple for Origin’s other businesses well below

appropriate benchmarks

(1) $13.05 per share as at 19 March 2012

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9 |

(1) As at 30 June 2010; excludes Contact

(2) As at 31 December 2011; excludes Contact

Jun 20101 ($5.6b) Dec 20112 ($9.5b)

26%

55%

4% 15%

Funding Diversity at 30

June 2010

26%

45%

7%

10%

5%7%

Funding Diversity at 31 December 2011

Bank Facilities - Domestic Bank Facilities - International

European Hybrid Issue Australian Retail Notes

Senior Unsecured Notes - US Issue Medium Term Notes

US Private Placement

26%

45%

7%

10%

5%7%

Funding Diversity at 31 December 2011

Bank Facilities - Domestic Bank Facilities - International

European Hybrid Issue Australian Retail Notes

Senior Unsecured Notes - US Issue Medium Term Notes

US Private Placement

• Given facilities Origin has in place, there

is no intention to raise additional equity

for APLNG Train 1 and other committed

projects

• Origin’s funding choices for APLNG Train

2, including additional equity, will be

dependent on:

• Timing of APLNG Train 2 decision

• Final equity share in APLNG

• The quantum and cost of project

finance for APLNG

• Consideration of credit metrics

To support the growth in investment Origin has raised additional

capital to further strengthen its balance sheet, improve liquidity

and diversify its funding sources

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Material opportunities for growth in the longer term

• Margin growth through Origin’s legacy gas, coal and renewables positions due to

imminent tightening of market supply/demand balances

• Gas supply to third party CSG to LNG projects at export prices

• Commencement of APLNG’s project, offering exposure to rapidly growing Asian

energy markets

Growth in the medium term from existing resources and committed projects

• Gas development options on Australian east coast such as Ironbark and Halladale/Blackwatch

• Exploration for gas in New Zealand, Otway/Bass basins, South East Asia, Botswana and Kenya

• Unconventional reserves growth in Australia (Cooper, Surat/Bowen, Perth basins)

• Exploration and development of geothermal resources in Chile and Indonesia

• Assessment and development of hydro resources in PNG

Origin continues to build value through a business with strong and

predictable cash flows and earnings…

• Extensive fuel position in physical and contracted resources

• Large, flexible and diverse generation portfolio

• Leading energy retail market share

• Integration of fuel, generation and retail positions

Strong and predictable earnings from existing business

…which will grow substantially in the years ahead

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Segment Review

11 |

Origin reports its results in the following segments:

• Energy Markets

• Exploration & Production

• Contact Energy

• Australia Pacific LNG

• Corporate (including development opportunities)

Financial information for these segments is reported in the Company’s financial statements

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Operating segments have been revised in line with management’s

view of the operational performance of the business

12 |

• Final Investment Decision on the first phase of APLNG’s CSG to LNG project

• Deepening integration within Origin’s Energy Markets business

• Increased development opportunities outside of existing operations

Segment Business Description

Energy MarketsAustralian energy retailing, associated products and services; power generation in Australia; and LPG operations in Australia, the Pacific, Papua New Guinea and Vietnam

Exploration & Production

Gas and oil exploration and production in Australia, New Zealand and international areas of interest

Contact Energy Origin’s investment in its 52.8% owned New Zealand subsidiary Contact Energy Ltd

Australia Pacific LNGOrigin’s investment in Australia Pacific LNG including current domestic operations and the Australia Pacific LNG CSG to LNG project

Corporate Corporate activities that are not allocated to other operating segments and business development activities outside of Origin’s existing operations

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Energy Markets

13 |

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Origin is Australia’s leading fuel-integrated generator/retailer

• Portfolio over 5,800 MW1

• Gas-fired, coal-fired, and

wind power stations

• Peaking, intermediate and

baseload operation

• Located in all major regions

of the National Electricity

Market

• 4.4 million electricity, gas and

LPG customer accounts

• Operates in all major regions

of the NEM

• Other energy solutions

including solar PV, solar hot

water, electric vehicle charging

and trigeneration

• Over 5,000 PJe of gas and coal

reserves and contracts at

legacy prices

• Equity gas portfolio diversified

across Australian east coast

energy markets

• Large contracted coal position

(1) Includes Mortlake Power Station

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-

2.00

4.00

6.00

8.00

10.00

12.00

VIC NSW SA USD 65/bbl

USD 85/bbl

USD 105/bbl

CurrentDomestic Spot Prices

EnergyQuest ForecastLNG Netback Prices

$/G

J

15 |

PJ/aOrigin Sources and Uses of Fuel

Legacy F

uel Posi

tion

NSW domestic coal prices

expected to increase

towards export parity

Australian domestic gas

prices expected to increase

towards export parity

Australian Domestic Gas Prices

1 2

3

(1) Average market spot price since market commencement (1 Feb 2007 for Vic, 1 Sep 2010 for NSW and SA)

(2) EnergyQuest report “Australian Coal Seam Gas 2011: From Well to Wharf”

(3) Woodmac Coal Supply Service, June 2011

Eraring Coal

Contracts

Origin

Equity Gas

APLNG

Purchases

Origin JV

Partners -

Contracted

Coal-fired

Generation

Third Party

Contracts

Gas-fired

Generation

Retail &

Wholesale

Gas Demand

0

50

100

150

200

250

300

Fuel Sources Fuel Uses

PJOrigin 2011 Fuel Supply/Demand

Legacy fuel contracts set at previously low domestic prices will

drive growth in earnings as wholesale energy prices rise

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Origin

TRUenergy

Mac. Gen.

Snowy Hydro

Stanwell

CS Energy

IP/GDF Suez

AGL

Delta West

LYMMCo

0% 2% 4% 6% 8% 10% 12% 14%

The wholesale energy portfolio supports a unique and strategic

generation portfolio….

16 |

Origin Generation Capacity2

by fuel:

by region:

Largest Generation

Portfolio in Australia1• Fast-ramp generation portfolio

- Ramp from 20% to 98% capacity

factor in less than 90 minutes

• Fuel-switching capability

- Switch between coal and gas

depending on market conditions

• Flexible gas transmission

arrangements

- Ability to easily move gas around

east coast market

• Energy procurement

optimisation

- Flexibility to run generation, or

purchase from contract or spot

markets

~ 5,800 MW

(1) Includes the AEMO NEM registered capacity of scheduled and non-scheduled market generation as at March 2012 (Mortlake included for Origin)

(2) Includes Mortlake Power Station, currently under construction, and 2,800 MW from Eraring Power Station

QLD NSW

VIC SA

QLD NSW

VIC SA

QLD NSW

VIC SA

Black Coal Gas

Peaking Liquids Hydro

Wind

Black Coal Gas

Peaking Liquids Hydro

Wind

Black Coal Gas

Peaking Liquids Hydro

Wind

….that results in a competitive cost of energy for Origin’s retail business

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Origin’s retail business provides a stable and growing channel

to market that monetises Origin’s investments in fuel and

generation…

Top 3 Electricity and Natural Gas retailers1

QLD NSW VIC SA NEM

1. Origin 1. Origin 1. Origin 1. AGL 1. Origin

2. AGL 2. TRU 2. TRU 2. Origin 2. AGL

3. TRU 3. AGL 3. AGL 3. TRU 3. TRU

Origin customer accounts

3,075,000 electricity customer accounts

950,000 gas customer accounts

355,000 LPG customer accounts

NEM Market Share of Electricity and

Gas retail customers accounts1

Origin

33%

Electricity and Natural Gas Market share in the NEM regions

Sources and Uses of Fuel

0

100

200

300

400

Fuel Generation Retail

Fuel/Generation - GasFuel/Generation - CoalRetail - GasRetail - Electricity

(1) Based on number of Origin customer accounts as at 30 June 2011 and estimated and reported market customer accounts as at 30 June 2011

…and provides strong and predictable earnings in the energy

markets business

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Exploration & Production

18 |

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19 |

Approximately 80% of Origin’s conventional 2P reserves are gas

supplying domestic markets in Australia and New Zealand…

233 -

803

990

0

200

400

600

800

1,000

1,200

Conventional 2P CSG 3P

Origin Reserves (PJe)

Liquids Gas CSG30 June 2011

Petajoule equivalent (PJe) conversion

1 million barrels of oil equivalent = 5.83 PJe

1 million mmbtu = 1.05 PJe

…and Origin has substantial undeveloped 3P reserves of CSG

outside the APLNG project

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20 |(1) LNG assumptions (source: EnergyQuest): gas production estimates for LNG projects that have reached FID. Based on company announcements

for contracted offtake from two trains, with start-up staggered over two years for each project. Fuel gas assumed to be 10%.

Gas demand in eastern Australia is expected to triple over the

next 5 years…

…and Origin continues to invest in domestic exploration and

development in anticipation of this growth

0

500

1,000

1,500

2,000

2,500 East coast gas production 2000-2017 (PJ)

LNGRamp GasEast Coast

Calendar Years

Source: EnergyQuest February 2012LNG assumptions: gas production estimates for LNG projects that have reached FID. Based on company

announcements for contracted offtake from two trains, with start-up staggered over two years for each

project. Fuel gas assumed to be 10%.

PJ

Source: EnergyQuest Feb 20121

Gas demand

expected to triple

• Origin currently supplies around 15% of eastern

Australia’s gas

• Maintenance & enhancement of offshore assets

creates flexibility to address opportunities as LNG

projects ramp-up gas production through to 2017

• In addition, upside potential exists in all major

regions in which Origin is involved

• Otway Basin - Geographe development,

Halladale & Black Watch fields, material

exploration opportunities

• Surat / Bowen – Ironbark CSG, deep gas

potential in Surat and Bowen

• Cooper Basin – contingent resources, deep

gas and shale gas

• Bass Basin – BassGas MLE and upside in

Trefoil, Rockhopper and further exploration

• In the Otway Basin the Thistle-1 exploration well is

planned to be drilled Q2 FY2012 targeting ~500 bcf

gas in place

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21 |

New Zealand: Canterbury Basin: Origin 50%, Operator Anadarko

Targeting the Carrack/Caravell prospect with potential

recoverable resources in excess of 500 million barrels of

oil equivalent

Drilling is expected to commence in 2013

Kenya: Lamu Basin: Origin 20%, Operator Apache

Targeting the Mbawa-1 prospect with a potential un-

risked mean recoverable resource of more than 230

million barrels of oil equivalent

Drilling is expected to commence in late 2012

Vietnam: Hong Song Basin: Origin 100% and operator

Whale prospect offshore Vietnam targeting potential

mean recoverable resources of greater than 140 million

barrels of oil (un-risked)

Drilling is expected to occur in late 2012

Botswana: Karoo Basin: Kubu Energy Resources, a 50:50 JV with

Sasol, established to explore for CSG in Botswana

Exploration operations expected to commence in the

Karoo Basin later in 2012

… and prospects that have the potential to make a

material difference to Origin

Origin is undertaking a staged exploration program in regions

that offer high prospectivity and access to growing markets …

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Contact Energy

22 |

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Origin owns a 52.8% interest in Contact Energy, one of New

Zealand’s leading fuel-integrated generator/retailers …

23 |

Energy Retailer

• 443,000 electricity customers

• 60,000 gas customers

• 60,200 LPG customers1

Generation Portfolio

• 290 MW geothermal generation

• 752 MW hydro generation

• 1,176 MW gas generation

• Over 2,000 MW in generation

development opportunities

(1) Including franchises

… supplying gas, electricity and LPG products across the country

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Recent investments have added significant flexibility to

Contact’s portfolio …

24 |

60

80

100

120

140

160

180

Ge

oth

erm

al R

an

ge

CC

GT

@ $

7.7

5/G

J

Ga

s B

ase

Lo

ad

ed

Hyd

ro R

an

ge

OC

GT

@ $

7.7

5/G

J

Ga

s

Win

d R

an

ge

Co

al @

$5

.30

/GJ

CC

GT

@ $

15

/GJ

Ga

s B

ase

Lo

ad

ed

$ /

MW

h

Long-run costs

Range $25/t Carbon $50/t Carbon

Generation long-run costs1

• 166 MW Te mihi geothermal power station currently

under development, expected to be completed in 2013

• Contact has substantial additional geothermal

resources to be developed as required

(1) Dollars are NZD

Ahuroa Gas Storage

• First natural gas storage facility

constructed in New Zealand

• Enables Contact to inject and

extract gas as required

Stratford Peakers

• 200 MW gas-fired peaking power

station

• Provides flexibility to be able to

meet peaks in demand

… while the Te Mihi development will replace high-cost thermal

generation with low-cost geothermal generation

Low-cost generation

Increased Portfolio Flexibility Low cost geothermal generation

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Completion of the Te Mihi geothermal development will mark the

end of Contact’s significant investment program …

25 |

… resulting in increased free cash flow from FY2014

0

100

200

300

400

500

600

700

2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16

Co

st $

'm

Capital Expenditure - Committed

Whirinaki purchase Other Gas flexibility Geothermal Stay in business

Contact capital expenditure – committed1

(1) Dollars are NZD

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Australia Pacific LNG

26 |

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Origin, with its strong joint venture partners ConocoPhillips and

Sinopec, is developing one of Australia’s largest CSG to LNG

projects

• Australia’s largest integrated

energy company

• Listed in S&P/ASX 20 index

• Integrated energy company with

global operations

• One of world’s largest CSG operators

with over 25 years’ experience

• Integrated energy and chemical company

• One of China’s largest petroleum products

suppliers and crude oil and natural gas

producers

• 7.6 mtpa LNG off-take

agreement for 20 years

• 1 mtpa LNG off-take

agreement for 20 years

Developer of CSG to LNG

project based on Australia’s

largest CSG 2P Reserves base

• Operated by Origin

• Long history of CSG production in Australia,

complemented by ConocoPhillips’ 25 years

of CSG experience

• Operated by ConocoPhillips

• 40 years’ LNG experience

• Owner of Optimised Cascade® Process LNG

technology

• Using ConocoPhillips technology licence,

Bechtel has delivered 8 LNG trains globally

UPSTREAM DOWNSTREAM

• Domestic

contracts

42.5%(1) 42.5%(1)15%(1)

(1) Ownership to become 37.5%/37.5%/25%, subject to Australian and Chinese Government approvals and a Final Investment Decision on Train 227 |

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28 |

APLNG is underpinned by a large, high quality reserves base with

strong, experienced operators in CSG and LNG developments

Quality of the CSG resource

• APLNG holds acreage in both of the region’s

“sweet spots” – Spring Gully/Fairview and the

Undulla Nose

Australia’s largest 2P reserves base

• Large CSG reserves position

• Prime acreage in both Qld CSG “sweet spots”

• Well developed resource base

-

5,000

10,000

15,000

20,000

25,000

30,000

Ramp and Tail Gas Train 2 Train 1

QCLNG GSA Domestic Gas Origin Contract

3C 2C

3P 2P

0

20

40

60

80

100

120

PJ

Jan-Jun

Jul-Dec

Origin Share

-

5,000

10,000

15,000

20,000

25,000

30,000

Ramp and Tail Gas Train 2 Train 1 QCLNG GSA Domestic Gas Origin Contract 3C 2C 3P 2P

-

5,000

10,000

15,000

20,000

25,000

30,000

Ramp and Tail Gas Train 2 Train 1 QCLNG GSA Domestic Gas Origin Contract 3C 2C 3P 2P

Estimated

Requirements

-

5,000

10,000

15,000

20,000

25,000

30,000

Ramp and Tail Gas Train 2 Train 1 QCLNG GSA Domestic Gas Origin Contract 3C 2C 3P 2P

Bowen Basin

Undulla Nose

Eastern

Walloons

Spring Gully /

Fairview

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Description: • CSG to LNG project based on Australia’s largest 2P CSG reserves base

Size: • Two trains, each with a nominal production capacity of 4.5 mtpa

• Initial commitment to one train and infrastructure to support a second train

LNG Project

Costs (FID 1

announcement):

• US$20 billion* for two trains, from FID until Train 2 start-up; includes $2.5 billion

contingency

• Split between upstream and downstream costs approximately 50%/50%

• Two-thirds of costs denominated in AUD with balance predominantly USD

• Over 60% of capital costs at fixed/lump sum or unit rate costs

FID 1 • FID on first LNG train on 28 July 2011

• Initial commitment of US$14 billion* for one train and infrastructure to support second train

FID 2 • FID on second LNG train on track to occur by mid-2012

• Incremental commitment of US$6 billion*

Key

Contractors:

• Bechtel: EPC contract LNG facility

• McConnell Dowell and Consolidated Contracting (MCJV): pipeline construction

Timing: • First gas: Train 1 expected mid-2015, Train 2 expected early-2016

29 |

… with FID on the second train pending and expected by mid-2012

The joint venture has taken a Final Investment Decision (FID)

on the first phase of its project …

PROJECT OVERVIEW

* Based on foreign exchange rates assumed at the time of FID 1

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Binding sales contracts have been signed for 8.6 mpta of LNG

Sinopec

• 7.6* mpta LNG supply for 20 years

• Represents the largest LNG supply

agreement in Australian history by annual

volume

• Commencing 2015 for 4.3 mtpa and

3.3* mtpa in 2016

Kansai

• 1.0 mtpa LNG supply for 20 years

• Commencing 2016

30 |* 3.3 mtpa subject to government approvals and a FID on the second LNG train.

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Elements of valuation

• The headline net consideration for the second Sinopec agreement

was US$1.1 billion for a 10% equity interest

A$11 billion(1)

• Further to this, the consideration is adjusted to include

shareholder cash contributions to the project between 1 January

2011 and completion. This includes the cash injection from the

first Sinopec agreement and cash calls made on shareholders.

A$3 billion – A$4.3 billion (depending on date of completion)

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APLNG is valued at $5.50 to $6.00 per Origin share using a

Sinopec look-through valuation

(1) Assumes exchange rate parity for AUD/USD

(2) Based on shares on issue as at 19 March 2012 – 1.086 billion

(3) $13.05/share as at 19 March 2012

A$ Range of Valuation

Total APLNG Value 14.0 billion 15.3 billion

Per % of APLNG 140 million 153 million

Origin’s Share (42.5%) 6.0 billion 6.5 billion

Per Origin share(2) 5.50 6.00

0.00

5.00

10.00

15.00

$/sh

are

ORG excl APLNG

APLNG

Recent share

price (3)

Assuming the mid point of this

APLNG valuation, and based on

current share price levels(3),

the remainder of Origin’s

business has an implied FY12

P/E multiple of around 8.5xFor

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Corporate

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33 |

Building on its domestic success, Origin is exploring for

resources in markets that offer high prospectivity and access to

growing demand…

• Low cost resources

• Fuel source of the future

• Leverage existing experience

• Low cost market entry

• Growing demand for energy

• Low regulatory environment

• Feasibility studies for PNG hydro have begun; FID expected by 2015

• Exploration continued in Chile; JV acquired additional geothermal concessions

• Exploration activities continue in Indonesia in second half FY2012

• Habanero 4 exploration well commenced drilling in March 2012

• Transform Solar completed commissioning 20 MW p.a. production line

• Exploring range of alternative pathways to scale SLIVER technology

…that will provide long term growth for Origin

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Thank you

Further Information

Angus Guthrie

Group Manager, Investor Relations

Email: angus.guthrie@originenergy.com.au

Office: +61 2 8345 5558

Mobile: + 61 417 864 255

Website

www.originenergy.com.au

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