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 22 August 2013

From Helen Hardy Pages 58

Subject PRESENTATION TO ANALYSTS AND FINANCIAL MARKETS

Please find attached a release on the above subject. Regards

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

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2013 Full Year Results Announcement Financial Year Ended 30 June 2013

Grant King, Managing Director Karen Moses, Executive Director, Finance and Strategy

22 August 2013

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Important Notice

Forward looking statements

This report contains 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 Energy Limited 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 report reflect views held only at the date of this report.

Statements about past performance are not necessarily indicative of future performance.

Except as required by applicable law or the ASX Listing Rules, the Relevant Persons disclaim any obligation or undertaking to publicly update any forward looking statements, whether as a result of new information or future events.

No offer of securities

This presentation does not constitute investment advice, or an inducement or recommendation to acquire or dispose of any securities in Origin, in any jurisdiction.

2 |

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Outline

1. Performance Highlights Grant King

2. Financial Review Karen Moses

3. Operational Review Grant King

4. Prospects Grant King

5. Glossary

3 |

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1. Performance Highlights

Grant King, Managing Director

4 |

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Results

Statutory Profit* $378 m down 61%

Statutory EPS* 34.6 cps down 62%

Net items excluded from Underlying Profit1 ($382) m down from $87m

Underlying Profit* $760 m down 15%

Underlying EPS* 69.5 cps down 16%

Underlying EBITDA* $2,181 m down 3%

Final Dividend Unfranked 25.0 cps - -

Group OCAT*2 $1,142 m down 36%

Free cash flow* $1,188 m down 16%

Growth Capital Expenditure3 $905 m down 42%

Origin’s Cash Contribution to APLNG4 $561 m down 52%

Total Recordable Injury Frequency Rate 6.7 down from 7.95

5 |

* Refer to Glossary in Section 5. (1) A breakdown of Items excluded from Underlying Profit is provided on slide 20. (2) Refer to slide 22 for detail. (3) Based on cash flow amounts rather than accrual accounting amounts; includes capitalised interest and acquisition expenditure (4) Origin’s cash contributions to APLNG made via loan repayments. (5) Revised from the previously reported 8.0 due to retrospective data updates.

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Improving the Performance of the Existing Businesses Removal of controls on retail pricing reduces risk and improves earnings potential

Stabilising competitive environment reduces churn and improves longer term outlook for margin

Implementation of retail systems and completion of NSW customer migration improves operating effectiveness and competitive capability

Completion of investment to improve availability and capacity of upstream assets and additional gas contracting will provide benefits from increased demand for gas as LNG production commences

Completion of Contact’s investment in lower cost and flexible generation and commissioning of HVDC interconnector reduces exposure to hydrology and improves reliability of earnings

Reduction in employee numbers, business restructuring and asset sales reduce cost base and improve cash flow

Origin is focusing on four key priorities

6 |

Delivering the APLNG Project Project on track with first LNG targeted in mid 2015 Calendar Year

Managing the Funding of Origin’s Investment in APLNG Cash flow from the existing business together with $5.3 billion of undrawn committed facilities and cash at 30

June 2013 to fund $4.1 billion of remaining funding requirement for APLNG

Creating Growth Opportunities for the Future Existing opportunities being progressed to be FID-ready to provide medium term growth following completion

of APLNG

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In FY2013 price controls reduced earnings and increased risk

Retail price controls must be removed:

• Regulation of wholesale cost of energy discourages competition around ownership of generation and energy procurement, and encourages shadow bidding of regulators

• As prices are set in advance, changes in wholesale cost of energy cannot be recovered through changes in tariffs

Deregulation Timeline

VIC NSW QLD SA

Gas 1 Jan 2009 Review expected in FY2014

1 July 2007 1 Feb 2013

Electricity 1 Jan 2009 1 July 2015 1 Feb 2013

FY2014 pricing decisions and progress on deregulation mean the earnings potential of the business should not be limited by price controls in the future 7 |

In FY2013 • QCA determination reduced wholesale

energy cost allowance $110m impact to Gross Profit (net of retail allowance and before mitigation)

• Higher than expected wholesale energy costs unable to be recovered in previously set tariffs $100m impact to Gross Profit

In FY2014 • QCA determination had an increased

allowance for wholesale energy and retail cost of approximately $80m

• IPART determination broadly consistent with FY2013

• ESCOSA deregulated retail pricing from January 2013

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-112

-48

-23 7

-120

-100

-80

-60

-40

-20

-

20

H1 FY2012

H2 FY2012

H1 FY2013

H2 FY2013

Cust

omer

Acc

ount

s ('0

00)

Changing competitive environment sees reduced churn and improved margin outlook …

… however higher levels of discounting from published tariffs are locked in with an increased number of customers well into FY2014

8 |

• Increased competition following the NSW acquisition at a time when Origin’s marketing capacity was constrained resulted in reduced average electricity customers of 160,000 and $80 million impact to Gross Profit in FY2013

• Despite market churn increasing in all states but QLD in FY2013, Origin’s overall churn reduced

• Customer losses arrested by year end with a net loss of 16,000 customer accounts in FY2013 and second half net gain of 7,000 due to increased acquisition and retention activities, locking in discounts with more customers

• Origin estimates discounts in FY2013 reduced revenue and margin by approximately $150 million compared to regulated and published tariffs

• Changes to competitive environment through Q4 FY2013:

• Large retailers announcing exit from D2D

• Discounts beginning to reduce where margins have been under pressure

• AGL has announced a takeover offer for APG For

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Implementation of retail systems and completion of NSW customer migration improves operating effectiveness

• Following the NSW acquisition in Q3 FY2011 Origin had approximately 2.6m customers being serviced on Origin’s legacy systems and 1.6m NSW customers serviced on government legacy systems

• On acquisition, Origin was required to migrate NSW customers onto Origin systems over a 4 year period at a planned cost of $277m and make TSA payments to the NSW government of $422m. A provision of $303m was established to provide for that part of the cost Origin considered onerous

• This migration required Origin to complete its Retail Transformation (RT) project to establish new SAP based customer systems which was completed in FY2012 for a capital cost of $260m

• Early implementation of RT has enabled the migration of NSW customers to be accelerated and it is expected to complete in October 2013, one year ahead of plan, approximately $60m below planned cost and saving $100m of TSA payments

• Implementation of RT has been challenging

• Stabilisation spend continued in FY2013 at $34m compared to $33m in FY2012 (post-tax)

• Disruption of collection activity during implementation of RT in FY2012 contributed to an ageing of debt which has proved difficult to collect in FY2013. Bad and doubtful debt expense increased by $43m (post-tax) and has been excluded from Underlying Profit

• In Q2 FY2013 late bills peaked at 180,000. Late bills have returned to normal levels of 24,000 at year end

• Program RISE will be implemented in FY2014 to close the gap in operational performance

• The new SAP system has provided new capabilities in channel management and products and services to customers including online self-serve and e-billing capability

All customers will be serviced on the new SAP system by October 2013, driving scale benefits and significantly improving competitive capability

9 |

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50

100

150

200

Sources Uses

PJ/a

0

20

40

60

80

100

120

140

Kupe Otway Bass Gas

TJe/

d

Completion of investments in Upstream assets improves reliability and increases production capacity …

• Investment in Upstream assets and planned shutdowns constrained performance in FY2013 • Otway – production from Geographe 2 commenced • BassGas – installed accommodation, successful well

work overs at Yolla 3 & 4

• With completion of these investments and higher plant uptime, Origin expects to benefit from increased contribution from Upstream assets

10 |

… and combined with a flexible gas portfolio will enable Origin to increase supply into a growing east coast gas market

Additional volumes that can be sold into the gas market if none used in generation

• Origin’s gas portfolio includes equity gas and contracts, some of which are set at legacy prices

• Origin has lengthened its contracted position through a gas purchase agreement signed with Beach Energy for up to 173 PJ of gas over 10 years from FY2015

• Origin has around 3,000 PJe2 of 2P equity reserves (3P for Ironbark) and contracted gas

(1) Subject to nominations and plant and well performance (2) Excluding APLNG

Maximum Production Potential

FY2013 Production ex outages

FY2013 Production1

Max Production Potential

Mass Market / C&IMax Production PotentialAbove ToP3rd party contractsJV Partners - ContractedAPLNG PurchasesEquity gas

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Completion of Contact’s investment in lower cost and flexible generation and commissioning of HVDC interconnector reduces exposure to hydrology and improves reliability of earnings

• Contact expects to benefit from resolution of two issues that have previously impacted earnings:

• Reduction in gas take-or-pay commitments and investment in gas storage and generation will increase flexibility and reduce the marginal cost of generation

• Completion of the HVDC Inter-Island link will improve connectivity of generation and markets in the North and South Islands and reduce earnings sensitivity to hydro events

• Completion of Te Mihi geothermal power station will provide additional lower cost generation

11 |

Pole 1 Decommissioned Pole 3 Commissioned

Inter-Island link constrained resulting in

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H1 FY2013 H2 FY2013

Num

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f Em

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Reduction in employee numbers, plant closures and asset sales achieved as part of restructuring program will improve cash flow and reduce the cost base

A review of investment activities and assets has resulted in: • Discontinued investment in Transform Solar

and Geodynamics

• Suspension of operations at Kincora gas plant in the Surat Basin and Jingemia oil field in the Perth Basin

• Sale of future non-core oil and condensate production

• Pending sale of TAWN assets in NZ

• Controlled spend on international projects

• Contact: Sale of gas metering business and non-core land assets. Write-down of wind assets. The current oversupply of capacity and lack of demand indicate little likelihood of development in the foreseeable future

(1) Includes Contact; excludes employees from the upstream operations of APLNG

OPERATIONAL EFFECTIVENESS ASSET CONSOLIDATION

12 |

Around 900 achieved by June 2013;

higher and earlier

than target of 850 by Dec 2013

• One-off redundancy costs for headcount reduction program of $24m (post-tax) excluded from Underlying Profit

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Downstream Project 45% Complete

APLNG is on track to deliver first LNG by mid-2015, creating a step change in Origin’s earnings and cash flows

13 |

Downstream Project 45% Complete

Milestones Timing (FY)

Origin and ConocoPhillips form APLNG incorporated JV Q2 2009

Environmental approvals Q3 2011

Sinopec – 4.3 mtpa foundation customer Q4 2011

FID1 announced Q1 2012

Kansai – 1.0 mtpa LNG off-take heads of agreement Q2 2012

Sinopec – 3.3 mtpa LNG off-take - marketing completed Q3 2012

FID2 announced Q1 2013

First gas and water production from Condabri Central (eastern area) Q1 2014

First gas and water production from Reedy Creek (western area) Q3 2014

Main pipelines complete Q3 2014

Last Train 1 Module set Q3 2014

First LNG, Train 1 mid-2015

First LNG, Train 2 late-2015

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1,000

1,500

2,000

2,500

3,000

3,500

FY2013 Actuals

FY2014 FY2015

$ m

illio

n

Energy Markets E&P Contact Corporate APLNG

14 |

Origin has entered into a new $7.4 billion bank loan facility, extending maturities

$5.3 billion1 of committed undrawn debt facilities and cash, along with free cash flow from the business, provide sufficient liquidity to fund Origin’s investment in APLNG

(1) Excludes Contact and bank guarantees. As at 30 June 2013. (2) FY2013 Actuals include capitalised interest of $65 million. Forward looking numbers are based on management’s estimates of expenditure,

and exclude capitalised interest and new opportunities. (3) Forward looking APLNG numbers represent Origin’s expected cash contributions, post the Sinopec injection and project finance, rather than

Origin’s share of total APLNG capital expenditure; based on Origin’s shareholding in APLNG of 37.5%; made partially via loan repayments

0

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FY20

14

FY20

15

FY20

16

FY20

17

FY20

18

FY20

19

FY20

20

FY20

21

FY20

22

FY20

23

FY20

24

FY20

25+

A$ m

illio

n

Loans & Bank Guarantees - Undrawn

Loans & Bank Guarantees - Drawn

USPP, Retail Notes, Euro Hybrid & Euro MTN

• Reduced spend as existing business matures

• Origin’s APLNG funding requirement $4.1 billion3 from 1 July 2013

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15 |

Existing development opportunities

Origin continues to prepare existing gas and renewable energy development opportunities for FID to be taken in the medium term:

• Gas opportunities such as Ironbark in Queensland and Halladale/Black Watch in the Otway Basin

• Stockyard Hill, a large scale wind project in western Victoria

Exploration activities

• Origin will continue exploration activities to increase its gas resource position, including by participation in projects such as the planned well to be drilled in Canterbury Basin, New Zealand

Future renewable opportunities

• Controlled spend will continue to grow Origin’s position in hydro and geothermal resources

Progressing existing development opportunities to provide medium term growth following completion of APLNG …

… and preserving offshore renewable opportunities for longer term growth

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Whilst there are many improving trends in Energy Markets, the lagged effect of FY2013 discounts will delay earnings recovery in FY2014 …

… with earnings growth evident from FY2015, driven by Origin’s legacy gas position and APLNG

16 |

• Revenues from APLNG LNG sales

• Revenue from GLNG gas sales

• Price deregulation in QLD retail market

• Revenue from QCLNG gas sales

• Improved contribution from Energy Markets

• Revenue from two full APLNG trains

POTENTIAL DEVELOPMENTS: • Halladale Black Watch • Ironbark • Stockyard Hill

• QLD tariffs have increased the allowance for wholesale energy and retail cost

• Maintaining customer numbers

• Operational improvements and systems stabilisation

• Improved availability and capacity of upstream assets

• Impact of discounting in FY2013 expected to delay margin recovery in FY2014

Improving operational

performance of existing business

Industry begins LNG production

APLNG and GLNG start up

Deregulation in QLD

Full production from APLNG

FY2014 FY2015 FY2016 FY2017 +

Benefits of legacy gas position

Price deregulation, competitive stability and improving wholesale market dynamics expected to result in a move to more sustainable long term retail margins

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2. Financial Review

Karen Moses, Executive Director, Finance and Strategy

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2013 Financial Highlights

($ million) June 13 June 12 Change

Statutory Profit 378 980 (61%)

Statutory EPS 34.6 cps 90.6 cps (62%)

Revenue 14,619 12,935 13%

Underlying EBITDA* 2,181 2,257 (3%)

Underlying EBIT* 1,438 1,598 (10%)

Underlying Profit 760 893 (15%)

Underlying EPS 69.5 cps 82.6 cps (16%)

Group OCAT 1,142 1,781 (36%)

Free cash flow 1,188 1,415 (16%)

Free cash flow per share* 108.2 cps 129.9 cps (17%)

Capital Expenditure 1 1,172 1,680 (30%)

Origin’s cash contributions to APLNG2 561 1,167 (52%)

Origin Undrawn Committed Debt Facilities and cash3 5,251 4,191 25%

* Refer to Glossary in Section 5. (1) Capital expenditure is based on cash flow amounts rather than accrual accounting amounts; includes growth and stay-in-business capital

expenditure, capitalised interest, acquisition expenditure (2) Origin’s cash contributions to APLNG made partially via loan repayments. (3) Excluding Contact and bank guarantees. 18 |

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2,257 2,181

1,438

-

500

1,000

1,500

2,000

2,500

FY2012Underlying

EBITDA

Energy Markets

E&P LNG Contact Corporate FY2013Underlying

EBITDA

UnderlyingD&A

and ITDA

FY2013Underlying

EBIT

$ m

illio

n

145

Underlying EBITDA down 3% to $2,181 million Underlying EBIT down 10% to $1,438 million

The decline in performance in Energy Markets due to: • lower electricity

volumes • reduced margins

due to under recovery of higher cost of energy due to regulatory constraints

($ million) Underlying EBITDA Underlying EBIT

Jun 13 Jun 12 change Jun 13 Jun 12 change

Energy Markets 1,333 1,562 (15%) 1,038 1,317 (21%)

Exploration & Production 395 3221 23% 162 105 54%

LNG 60 541 11% 5 14 (64%)

Contact Energy 435 400 9% 279 248 13%

Corporate (42) (81) (48%) (46) (86) (47%)

Total 2,181 2,257 (3%) 1,438 1,598 (10%)

19 | (1) Restated due to internal restructure of the LNG segment

(229) 73 6 35 39 (743)

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Reconciliation of Statutory Profit to Underlying Profit

($ million) Jun 13 Jun 12 Change

Statutory Profit 378 980 (602)

Items Excluded from Underlying Profit

APLNG related items 96 452 (356)

(Decrease) / increase in fair value of financial instruments (243) 97 (340)

Impairment of assets (33) (407) 374

Other (202) (55) (147)

Total Items Excluded from Underlying Profit (382) 87 (469)

Underlying Profit 760 893 (133)

• APLNG related items: primarily the gain on dilution of Origin’s interest in APLNG (+$358m) offset by financing costs related to APLNG funding (-$141m) and foreign currency impacts (-$116m)

• Fair value of financial instruments: decrease primarily related to structured electricity caps (-$243m)

• Other primarily includes:

Retail Transformation – stabilisation of systems (-$35m), increased bad & doubtful debt costs (-$43m) and data centre migration (-$26m)

NSW energy assets transition costs (-$65m)

Restructuring and redundancy costs (-$24m)

20 |

Unfavourable foreign exchange movement (-$187m), higher financing costs not able to be capitalised (-$91m), lower gain on dilution (-$79m)

Retail Transformation and NSW energy assets transition costs (-$91m), restructure costs (-$24m)

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980 893

760

378

-

200

400

600

800

1,000

1,200

FY2012Statutory

Profit

Net Itemsexcluded

fromUnderlying

Profit

FY2012Underlying

Profit

Underlying EBITDA

Underlying D&A

and ITDA

UnderlyingNet

financingcosts

UnderlyingTax

Expense

UnderlyingNon-

controllinginterests

FY2013Underlying

Profit

Net itemsexcluded

fromUnderlying

Profit

FY2013Statutory

Profit

$ m

illio

n193

1*

Statutory Profit down 61%, from $980 million to $378 million

21 |

Underlying Profit declined 15% reflecting a 3% decline in Underlying EBITDA (down $76m to $2,181m) and: • Underlying D&A (up $81m to $695m) – 10 months of Mortlake Power Station, increased amortisation from

the Otway and Bass basins • Underlying net financing costs (up $38m to $255m) – reduced capitalised interest for Mortlake partially

offset by lower average interest rates • Underlying income tax expense (down $76m to $339m) in line with a decrease in Underlying Profit

Underlying Profit down 15%, from $893 million to $760 million * Refer to Glossary in Section 5. (1) Share of interest, tax, depreciation and amortisation of equity accounted investees.

* *

(87)

(76)

(84) (38) 76

(11) (382)

*

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Group OCAT reduced due to lower Underlying EBITDA, higher working capital, SIB capex and tax paid

($ million) Jun 13 Jun 12 Change

Underlying EBITDA 2,181 2,257 (76)

Change in working capital (298) (120) (178)

Stay-in-business capex (267) (194) (73)

Share of APLNG OCAT net of EBITDA (34) 7 (41)

Exploration expense 18 49 (31)

NSW acquisition related liabilities (185) (235) 50

Other1 2 56 (54)

Tax paid (275) (39) (236)

Group OCAT * 1,142 1,781 (639)

Net interest paid (436) (366) (70)

Oil Sale Agreement 482 - 482

Free cash flow 1,188 1,415 (227)

Productive Capital* 15,783 14,523 1,260

Group OCAT Ratio* 6.4% 11.5% (5.1%)

* Refer to Glossary in Section 5. (1) The add-back of non–cash equity accounted profits excluding APLNG and movements in other provision balances are included within the

“Other” line item.

Decrease in utilisation of non-cash provisions for TSA and onerous hedge contracts

Increased Energy Markets and E&P receivables

10 months from Mortlake coming online, Retail Transformation, and increased working capital

Higher average net debt balances relating to funding capital investments, principally APLNG

22 |

Proceeds from agreements for the future sale of oil and condensate production from FY2016 to FY2021

Higher expenditure at Eraring and Cooper Basin

Timing differences on higher instalment payments

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Segment Cash Flow Returns

23 |

Operating Cash Flow*1 Productive Capital1 OCFR*1 (%)

Jun 13 ($m)

Jun 12 ($m)

% Change

Jun 13 ($m)

Jun 12 ($m)

% Change

Jun 13 ($m)

Jun 12 ($m)

Energy Markets 812 1,141 (29%) 9,845 8,651 14% 8.2% 13.2%

Exploration & Production 233 371 (37%) 2,063 1,796 15% 11.3% 20.6%

Contact Energy 373 297 26% 4,205 3,997 5% 8.9% 7.4%

• Energy Markets: Lower OCFR through lower EBITDA, higher SIB capex, principally on Eraring, and higher working capital requirements. Higher Productive Capital due to the commissioning of Mortlake Power Station in August 2012

• E&P: Lower OCFR due to higher SIB capex during the year and higher working capital requirements. Higher Productive Capital from expenditure on Geographe and capitalisation of BassGas

• Contact: Higher OCFR due to lower SIB capex during the year and lower working capital requirements. Higher Productive Capital due to the appreciation of the NZ$ and capital program spend

* Refer to Glossary in Section 5. (1) Operating Cash Flow, Productive Capital and OCFR are pre-tax balances.

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19

FY20

20

FY20

21

FY20

22

FY20

23

FY20

24

FY20

25+

A$ m

illio

n

Loans & Bank Guarantees - Undrawn

Loans & Bank Guarantees - Drawn

USPP, Retail Notes, Euro Hybrid & Euro MTN

24 |

Origin has entered into a new $7.4 billion bank loan facility to refinance all existing bank debt on new terms and pricing

The new bank loan has an interest cost consistent with Origin’s existing bank debt and will provide financing flexibility for the long term

• Strong debt market support

• Origin has also replaced its standard banking terms, which date back to 2004, with terms that reflect the current scope, size and maturity of its business, providing Origin with financing flexibility for the long term

• Intention to refinance a portion of FY2018 debt via capital markets at a future time, further diversifying financing sources

• Origin is fully funded for APLNG

0

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2,000

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15

FY20

16

FY20

17

FY20

18

FY20

19

FY20

20

FY20

21

FY20

22

FY20

23

FY20

24

FY20

25+

A$ m

illio

n

Loans & Bank Guarantees - Undrawn

Loans & Bank Guarantees - Drawn

USPP, Retail Notes, Euro Hybrid & Euro MTN

(1) Excludes Contact. (2) Excludes Contact and includes pro-forma adjustment for the new $7.4 billion bank loan facility.

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An unfranked final dividend of 25 cps has been determined, representing a payout ratio of 72% of Underlying EPS

• Ex-dividend date: 27 August 2013

• Record Date: 2 September 2013

• Payment Date: 27 September 2013

• The Dividend Reinvestment Plan will apply to this final dividend with zero discount

• The final Dividend Reinvestment Plan will not be underwritten

• The final dividend is unfranked

• As a result of utilisation of available tax losses and the impact from development projects, including APLNG, Origin does not expect to have sufficient franking credits to frank the final dividend

25 |

Origin policy is to pay annual dividends set at the minimum of 50 cents or a payout ratio of 60% of annual Underlying EPS

25 25 25 25

25 25 25 25

0

10

20

30

40

50

60

FY2010 FY2011 FY2012 FY2013

100% 100% 100% 50%

77% 70% 61% 72%

cent

s pe

r sh

are

Dec Half Jun Half

Franking

Payout RatioFor

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3. Operational Review

Grant King, Managing Director

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1,562

1,333

0

500

1,000

1,500

2,000

Jun 12 Jun 13

Underlying EBITDA($m)

Energy Markets

Underlying EBIT margin* reduced from 13.6% to 9.6% Customer numbers stabilised through increased retention and acquisition activity Integration of Integral Energy NSW customers completed in January 2013, with all customer to be

serviced on SAP by October 2013 Continued investments in systems stabilisation to improve operating effectiveness and competitive

capability Since year end, Origin acquired Eraring Energy assets for $50 million, cancelled the Cobbora

agreement for a payment to Origin of $300 million, and entered into an eight year coal supply agreement with Centennial Coal

27 | * Refer to Glossary in Section 5.

Higher Gross Profit in Natural Gas (+$35m), Non-commodity and LPG (+$23m)

Electricity Gross Profit down $277m

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1,5621,333

15351425

1324 1285 1285 1320 1333

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200

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1,200

1,400

1,600

1,800

$ m

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28 |

The decrease in Energy Markets Underlying EBITDA was due to a decline in Electricity Gross Profit …

Underlying EBITDA Bridge

Electricity Gross Profit down $277m

• Lower electricity volumes due to lower usage per mass market customer (-$27m)

• Unfavourable tariff determination in Queensland (-$110m)

• Higher wholesale energy costs (-$100m)

• Increased market competitiveness driving (-$40m) • loss of mass market customers

predominantly in FY2012 • change in customer mix between

SME and C&I • partially offset by mitigating

pricing strategies

• Increased Gas, LPG and Non-commodity Gross Profit (+$58m)

• Investment in acquisition and retention activities increasing operating costs (-$10m)

Lower electricity volumes

Reduced margin

(1) Gross, unmitigated impact of QCA determination.

… with stronger performance from the Natural Gas, LPG and Non-commodity businesses

(27) (110)1

(100) (40) 35 23 (10)

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300

512

0

100

200

300

400

500

600

H1 FY2013 H2 FY2013

$ m

illio

n

0

50

100

150

200

Jun-

12

Jul-

12

Aug-

12

Sep-

12

Oct

-12

Nov

-12

Dec

-12

Jan-

13

Feb-

13

Mar

-13

Apr-

13

May

-13

Jun-

13

No.

of U

nbill

ed C

usto

mer

s ('0

00)

29 |

Improvement in billing performance contributed significantly to increased operating cash flow in the second half

• Delays in bills being issued during the period post SAP implementation have been rectified • Late bills peaked in September at 180,000 and have since reduced to 24,000

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30 |

Electricity Performance ($/MWh) Jun 13 Jun 12 Change

Revenue

Combined Revenue 201 177 24

C&I 137 116 22

Mass Market 266 232 34

Cost of goods sold

Network costs (89) (81) (8)

Wholesale energy portfolio costs (70) (48) (22)

Generation operating costs (7) (6) (1)

Energy procurement costs (77) (54) (23)

Total Cost of Goods Sold (165) (135) (30)

Gross Profit 36 42 (6)

Gross profit per customer ($)1 515 577 (11%)

Regulatory constraints and competitive pressures restricted the ability to recover higher wholesale energy costs …

Reduced unit gross profit

Revenue uplift reflects: • recovery of carbon • recovery of network costs

(1) Based on average customer accounts

Higher energy costs reflect: • Cost of carbon • Increased mandatory green schemes • Higher pool prices

… driving a reduction in Electricity margin

Recovery of energy costs limited by: • QCA tariff determination • Increased discounts

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-160

-140

-120

-100

-80

-60

-40

-20

0

H1 FY2012

H2 FY2012

H1 FY2013

H2 FY2013

Elec

tric

ity

Cust

omer

Acc

ount

s ('0

00)

31 |

0.0

5.0

10.0

15.0

20.0

25.0

H1 FY2012

H2 FY2012

H1 FY2013

H2 FY2013

TWh

NSW Vic Qld SA C&I

42.7 TWh 42.3 TWh

Electricity Mass Market customer and volume losses predominantly as a result of increased competition during systems implementation have been largely offset by successful tendering of C&I customers

Improved acquisition and retention activity has stabilised Origin’s net customer position

Mass Market

Bulk of mass market losses occurred in H1 FY2012 during systems migration

• FY2012 customer account losses of 200,000 impacted FY2013 average customer accounts by 160,000 (-$80m impact on Gross Profit) F

or p

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0

20

40

60

80

100

Aver

age

NEM

Poo

l Pr

ice

($/M

Wh)

0

20

40

60

80

100

Aver

age

NEM

Poo

l Pr

ice

($/M

Wh)

32 |

Higher average pool prices across the NEM of $9/MWh,

increasing Origin’s wholesale electricity costs1

by $2.35/MWh

(1) Excluding the increase for the carbon price and mandatory green schemes

• Volatility: excess generation capacity and mild weather have reduced volatility in the wholesale market over the last three years, reducing cap returns

• Energy: average wholesale prices were higher across the period due to reduced plant availability

Flooding at Yallourn (July 2012), QLD trading events (Jan 2013) and planned capacity withdrawals

… and unexpected increases in pool prices impacted Origin’s wholesale electricity costs, resulting in margin compression

QCA tariff determination reduced the allowance for the wholesale cost of electricity …

Average Prices Less than $300/MWh

Average Prices Greater than $300/MWh

Estimated Carbon Cost

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Origin has increased the flexibility and scale of its generation portfolio by acquiring Eraring Energy and completing Mortlake

Eraring Energy • On 1 August 2013 Origin acquired the assets of Eraring Energy • provides scale and generation flexibility benefits • increases output levels from 3,040 MW to 3,120 MW • ability to optimise timing and duration of planned outages net payment by Origin of $50 million • cancellation of Cobbora Coal Supply Agreement net payment to Origin of $300 million

In a related transaction, Origin has entered into a coal supply agreement with Centennial Coal for 24.5 million tonnes over 8 years from FY2015

Mortlake • Commercial operations for both units on 21 August 2012 • Two units, 550 MW • $810m investment (excluding capitalised interest of $160m)

In FY2013 internal generation covered 37% of Origin’s load, including 40% of peak demand, and forms a key part in managing energy procurement costs

Mortlake Power Station

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34 |

Natural Gas Gross Profit up 15%, or $35 million, due to increased Gross Profit per customer …

Gas Performance ($/GJ) Jun 13 Jun 12 Change

Revenue

Combined Revenue 10.9 9.3 1.6

C&I 6.2 5.5 0.7

Mass Market 21.1 18.0 3.1

Cost of goods sold

Network costs (4.4) (4.0) (0.4)

Energy purchase costs (4.4) (3.5) (0.9)

Total Cost of Goods Sold (8.8) (7.5) (1.3)

Gross Profit 2.1 1.8 0.3

Gross profit per customer ($)1 270 247 9%

Introduction of the carbon scheme

Tariff increases include recovery of network, wholesale energy, and carbon cost increases

Increased unit gross profit

(1) Based on average customer accounts

… reflecting the diversity of Origin’s gas supply portfolio

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0

50

100

150

200

2014 2015 2016 2017 2018 2019 2020 2021Calendar Year

Ironbark Other purchases APLNG purchases Origin equity gas

PJ/a

35 |

… with significant value already captured through recently signed gas contracts

• Energy Markets’ gas portfolio includes Origin’s equity gas and contracted gas, some of which is set at legacy prices, totalling around 3,000 PJe1

• Contracted gas position lengthened through gas purchase agreement with Beach Energy for up to 173 PJ of gas over 10 years from FY2015

• Transport flexibility allows for the most optimal use of the gas:

• Generation portfolio

• Sell into the retail gas market

• Sell into the wholesale gas market

(1) Excluding Origin's share in APLNG. Includes 2P conventional reserves and 3P Ironbark reserves.

Scale and diversity of Origin’s gas position enables Origin to benefit from rising gas prices …

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Underlying operational improvements offset by higher acquisition and retention costs to improve the net customer position

Cost to serve Jun 13 Jun 12 Change

Natural Gas, Electricity & Non-commodity cost to serve (excl. TSA unwind) ($m) (697) (649) (48)

TSA provision unwind ($m) 136 98 38

Total Natural Gas, Electricity & non-commodity cost to serve ($m)1 (561) (551) (10)

Maintenance costs ($m) (445) (465) 20

Acquisition & retention costs ($m) (116) (86) (30)

Average customer accounts (‘000) 3,946 4,057 (111)

Cost to serve ($ per customer) (142) (136) (6)

Cost to maintain ($ per customer) (113) (115) 2

Cost to acquire/retain ($ per customer) (29) (21) (8)

Cost per acquire/retain ($ per acquire/retain)2 (79) (73) (6)

Customer numbers stabilised through increased retention and acquisition activity

36 |

(1) Post the impact of the TSA provision unwind and excludes the costs associated with the transition to the new SAP system and integration of the acquired NSW retail business

(2) Cost per acquisition/retention = Acquisition and Retention Costs divided by the sum of customer wins (637,000; 545,000 prior year) and retains (841,000; 634,000 prior year).

Accelerated TSA unwind due to planned earlier migration of Country customers in October 2013

Higher Underlying bad & doubtful debt expense

Scale Effect: Investment in stabilising customer numbers to protect unit costs and margins

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263 282 325 312

287347

384 457

0

100

200

300

400

500

600

700

800

900

H1 FY2012

H2 FY2012

H1 FY2013

H2 FY2013

Cus

tom

er w

ins

and

reta

ins

('000

)

Retains Wins

Increased acquisition and retention activity contributed to reduced Origin churn relative to market

0%

5%

10%

15%

20%

25%

30%

VIC Qld SA NSW Total

% Ch

urn:

Mon

thly

Dat

a An

nual

ised

Origin, FY2012 Origin, FY2013Market, FY2012 Market, FY2013

• VIC: new entrant retailers increased aggressive competition following regulatory pressures in QLD • NSW: incumbent retailers maintained competitive activity, and Origin defended market share • QLD: retailers ceased proactive activity reflecting QCA impact

39% increase in wins & retains

37 |

Origin’s increased retention activity has resulted in more customers on discounts

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-250

-200

-150

-100

-50

0

50

100

Cust

omer

Acc

ount

s ('0

00)

FY2012 FY2013

1,582 1,585

1,116 1,080

925 933

354 363

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

FY2012 FY2013

Cust

omer

Acc

ount

s ('0

00)

NSW Vic Qld SA

Origin lost customers in VIC where competition and churn intensified, but gained customers in the other states, with overall customer numbers stabilising

38 |

Net loss of 16,000

+3,000

-36,000

+8,000

+9,000

Losses in electricity were partially offset with gains in gas reflecting increased dual fuel penetration, particularly in NSW

Gas

Electricity

Net Losses improved from

160,000 in FY2012 to 16,000 in FY2013

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All customers will be serviced on the new SAP system by October 2013, one year ahead of schedule, driving scale benefits and improving competitive capability

39 |

Significant investment in improved retail capability is nearing completion

Origin customer migrations to SAP Jun 2011 – SA customers

Oct 2011 – VIC customers Dec 2011 – NSW & QLD customers

Feb 2012 – remaining customers Jun 2012 – manual migration

The new SAP system has provided new capabilities in channel management and products and services to customers including online self-serve and e-billing capability

Data centre migration from March 2012

NSW customer migrations to SAP Jan 2013 – Integral NSW customers

Oct 2013 – Integral QLD and Country customers

Program RISE through FY2014 Closing the gap in operational performance

Stabilisation of RT • Improved service levels • Enhanced customer satisfaction • Better sales performance • Normalising billing performance F

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Exploration & Production

Activities at key producing assets completed

Higher production at Otway and BassGas basins due to higher plant availability offset by suspension of gas operations in Surat Basin, and natural field decline in Cooper Basin

Origin entered into an agreement for the future sale of oil and condensate production from FY2016 to FY2021 and received a $482 million cash payment

Higher commodity prices

Lower operating costs including exploration expense

Lower production and sales volumes

40 |

322

395

0

100

200

300

400

500

Jun 12 Jun 13

Underlying EBITDA($m)

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41 |

Total Liquids SA Cooper & SWQ Perth SuratTaranaki - Onshore Otway - Offshore

Bass

Kupe

Production was marginally down on the prior year …

(1) Excluding APLNG

… with activities at key assets boosting asset availability and production capacity

0.0

3.4

6.9

10.3

13.7

17.2

0

20

40

60

80

100

FY08 FY09 FY10 FY11 FY12 FY13

mmboePJe

Otway

• Successful completion of a 23-day major planned maintenance shutdown

• Production from Geographe 2 commenced in July 2013, offsetting the natural decline in the Thylacine reservoir

BassGas

• Back online in October following extended shutdown for the Mid-Life Enhancement Project

• Successful well workovers at Yolla 3 and 4, resulting in production capability nearing plant capacity

Kupe

• Successful completion of a 25-day major shutdown

Cooper

• Development program gaining momentum following delays due to weather events

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Current international exploration commitments coming to a close with the drilling of the Canterbury well in New Zealand in FY2014 …

42 |

DEVELOPMENT – Otway and Bass basins & Ironbark

• Drilling of Yolla 5 and 6 wells in Bass Basin in FY2014 subject to rig availability, with timing of installation of export compression and condensate pumping modules to be assessed at a later date

• Well design and drilling plans, including tendering for rigs, underway for the Halladale/Black Watch in Otway Basin

• Development of Ironbark continues with dewatering commencing at the Duke 2 and 3 pilot wells, along with the planning for regulatory approvals

EXPLORATION – Otway Basin

• Well design and drilling plans, including tendering for rigs, underway for Speculant

• 3D seismic Exploration spend of $59m in FY2013 will roughly double in FY2014

… with some exploration and development activities continuing in Australia

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LNG

Substantial progress made on the project

• Upstream & Downstream components 45% complete

Project review completed in February 2013, resulted in increased confidence in project delivery, acceleration of Train 2 schedule and a forecast cost of $24.7 billion2

2P reserves (100% APLNG) up 2% to 13,3823 PJe, 3P reserves (100% APLNG) up 1% to 16,1552 PJe

43 |

Increased production and sales volumes (100% APLNG)

Higher gas prices

Dilution of Origin’s interest from 42.5% to 37.5%

Higher operating costs reflecting higher gas purchases

(1) Restated from $47 million due to internal changes in the composition of the LNG segment (2) At 31 December 2012 exchange rates (3) For further information on APLNG reserves please refer to the Operating and Financial Review for the year ended 30 June 2013

5460

0

10

20

30

40

50

60

70

Jun 12 Jun 13

Underlying EBITDA($m)

1

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Upstream Project progress - 45% complete and on track

Cable installation in Combabula

(1) Calculated by multiplying the diameter of the pipe by the length of the pipe 44 |

Upstream Operated Goals Actual Progress

320 operated well drilled Accomplished: 343 wells drilled

100 diameter-kilometres1 of gathering installed (equivalent to 170 wells)

Accomplished: 161 diameter-kilometres of gathering pipe installed (equivalent to 273 wells)

Eastern gas field facilities 70% complete (related to Train 1)

Not accomplished: 63% complete at the end of June 2013. Impacted by severe weather events in March Quarter and execution challenges. No impact to critical path. Mitigation plans underway to make up deficit.

Western gas field facilities 15% complete (related to Train 2)

Accomplished: 32% complete at the end of June 2013. Good progress on module construction and compressor delivery

Main pipeline from Condabri to Gladstone 50% complete Accomplished: 73% complete

Inlet risers at gas processing facility Gathering works in Condabri

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Downstream Project progress - 45% complete and on track

LNG Tank B – roof raised on 29 July Batam Module Yard – Propane Condensate Module

45 |

Downstream Operated Goals Actual Progress

First compressor delivered to site Accomplished: February 2013

First LNG modules delivered to site Accomplished: March 2013

Set first refrigeration compressor Accomplished: May 2013

Set train 1 gas turbine generators Accomplished: April 2013

LNG tanks 35% complete Accomplished: June 2013

Curtis Island

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APLNG is on track to achieve first LNG from Train 1 in mid-2015 and from Train 2 in late 2015

46 |

Upstream Operated FY2014 Plan Downstream FY2014

Plan First gas and water production from Condabri Central (eastern area) Q1 Final Train 1 refrigeration compressor set Q1

500 wells drilled Q2 Accommodation camp complete Q1

295 diameter-kilometres of gathering line installed (equivalent to 500 wells) Q2 Complete Train 2 compressor table tops Q2

Condabri Central Train 1 commissioned Q2 Complete loading platform for LNG jetty Q2

First gas and water production from Reedy Creek (western area) Q3 First Train 1 cold boxes (methane and

ethylene) delivered to site and set Q2

Main pipelines complete Q3 Last Train 1 Module set Q3

Key near term project goals and milestones

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APLNG capital expenditure for the year was $7.8 billion, with Origin’s cash contribution $561 million

47 |

(1) APLNG capital expenditure (100%) derived from APLNG’s Financial Statements; on an accruals basis. (2) Via loan repayments. (3) At 37.5% shareholding in APLNG. (4) Partially via loan repayments. (5) At 31 December 2012 exchange rates.

(A$m) Year to 30 June 2013

Cumulative from FID1 to June 2013

Estimate from FID1 to 1st sales from Train 2

(A$b)

Project Capex 7,8431 12,497 24.75

Non-Project Capex:

Capitalised O&M 317

Domestic 553

Exploration 221

Total APLNG Capex 8,934

Origin cash contribution 5612,3 1,7282

At 30 June 2013, APLNG had drawn down US$5.532 billion of the US$8.5 billion project finance facility

Ongoing expenditure reflecting committed exploration activity including permit acquisition costs

Predominantly ongoing SIB capex

Annual spend peaks in FY2014 in line with upstream development activity

Origin’s remaining contribution is approximately $4.1 billion3,4 from 1 July 2013

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Contact Energy

Lower cost of generation with hydro displacing more expensive thermal generation and lower carbon and gas costs

Divestment of non-core gas metering assets and some land assets for NZ$115 million, offset by impairments of wind generation opportunities and other land assets

Te Mihi continues commissioning phase with completion expected first half of FY2014 Customer numbers and sales volumes stable despite sustained competition Retail Transformation project progressing towards ‘go-live’ in late CY2013 Completion of additional HVDC Inter-Island link will improve generation and market

connectivity in the North and South Islands and reduce earnings sensitivity to hydro events

180

Favourable fuel mix

Lower operating costs

48 |

400435

0

100

200

300

400

500

Jun 12 Jun 13

Underlying EBITDA($m)

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Benefits of favourable fuel mix realised during the period

• Higher rainfall resulted in increased hydro generation

• Stratford Peaker and Ahuroa gas storage increased Contact’s ability to respond to market changes and portfolio outages

• CCGT generation down as less hydro replacement required

Recent investments in Contact’s generation portfolio have delivered improved portfolio flexibility and lower generation costs

This, along with completion of the HVDC Inter-Island link, will contribute to more reliable earnings regardless of softening demand or weather driven price volatility

Further portfolio enhancements close to completion

• 166 MW Te Mihi geothermal power station has commenced commissioning

• Leverage the benefits of Retail Transformation from the end of 2013

Significant growth capex is coming to and end with the completion of Te Mihi, which

in turn releases free cash flow in FY2014

Steam Field 2 Dump Station (Te Mihi) being used for the first time

49 |

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4. Prospects

Grant King, Managing Director

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Whilst there are many improving trends in Energy Markets, the lagged effect of FY2013 discounts will delay earnings recovery in FY2014 …

… with earnings growth evident from FY2015, driven by Origin’s legacy gas position and APLNG

51 |

• Revenues from APLNG LNG sales

• Revenue from GLNG gas sales

• Price deregulation in QLD retail market

• Revenue from QCLNG gas sales

• Improved contribution from Energy Markets

• Revenue from two full APLNG trains

POTENTIAL DEVELOPMENTS: • Halladale Black Watch • Ironbark • Stockyard Hill

• QLD tariffs have increased the allowance for wholesale energy and retail cost

• Maintaining customer numbers

• Operational improvements and systems stabilisation

• Improved availability and capacity of upstream assets

• Impact of discounting in FY2013 expected to delay margin recovery in FY2014

Improving operational

performance of existing business

Industry begins LNG production

APLNG and GLNG start up

Deregulation in QLD

Full production from APLNG

FY2014 FY2015 FY2016 FY2017 +

Benefits of legacy gas position

Price deregulation, competitive stability and improving wholesale market dynamics expected to result in a move to more sustainable long term retail margins

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5. Glossary

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Important Notice

Financial information

All figures in this report relate to businesses of the Origin Energy Group (Origin, or the Company), being Origin Energy Limited and its controlled entities, for the year ended 30 June 2013 compared with the year ended 30 June 2012 (the prior year), except where otherwise stated.

Origin’s Financial Statements for the full year ended 30 June 2013 are presented in accordance with Australian Accounting Standards. The Segment results, which are used to measure segment performance, are disclosed in Note 2 of the Financial Statements and are disclosed on a basis consistent with the information provided internally to the Managing Director. Origin’s Statutory Profit contains a number of items that when excluded provide a different perspective on the financial and operational performance of the business. Income Statement amounts presented on an underlying basis such as Underlying Consolidated Profit, are non-IFRS financial measures, and exclude the impact of these items consistent with the manner in which the Managing Director reviews the financial and operating performance of the business. Each underlying measure disclosed has been adjusted to remove the impact of these items on a consistent basis. A reconciliation and description of the items that contribute to the difference between Statutory Profit and Underlying Consolidated Profit is provided in slide 20. This report also includes certain other non-IFRS financial measures. These non-IFRS financial measures are used internally by management to assess the performance of Origin’s business and make decisions on allocation of resources. Further information regarding the non-IFRS financial measures and other key terms used in this presentation is included in the this Glossary. Non-IFRS measures have not been subject to audit or review. A reference to Contact Energy is a reference to Origin’s controlled entity (53.1% ownership) Contact Energy Limited in New Zealand. In accordance with Australian Accounting Standards, Origin consolidates Contact Energy within its result. A reference to Australia Pacific LNG or APLNG is a reference to Australia Pacific LNG Pty Ltd in which Origin had a 50% shareholding in until 9 August 2011, when completion of a share subscription agreement between Australia Pacific LNG and Sinopec resulted in a dilution in Origin’s shareholding to 42.5%. Origin’s shareholding in Australia Pacific LNG, which is equity accounted in line with Origin’s shareholding, was 42.5% as at 30 June 2012. This shareholding was subsequently diluted to 37.5% upon completion of Sinopec’s increased share subscription in Australia Pacific LNG on 12 July 2012. A reference to the NSW acquisition or NSW energy assets is a reference to the Integral Energy and Country Energy retail businesses and the Eraring GenTrader arrangements acquired by Origin in March 2011. A reference to $ is a reference to Australian dollars unless specifically marked otherwise. All references to debt are a reference to interest bearing debt only (excludes Australia Pacific LNG shareholder loans). Individual items and totals are rounded to the nearest appropriate number or decimal. Some totals may not add down the page due to rounding of individual components. When calculating a percentage change, a positive or negative percentage change denotes the mathematical movement in the underlying metric, rather than a positive or a detrimental impact. Measures for which the underlying numbers change from negative to positive, or vice versa, are labelled as not applicable.

53 |

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Statutory Financial Measures

Term Meaning

Net Debt Total current and non-current interest bearing liabilities only less cash and cash equivalents.

Non-controlling interest Economic interest in a controlled entity of the consolidated entity that is not held by the Parent entity or a controlled entity of the consolidated entity.

Shareholders’ Equity Shareholders’ residual interest in the assets of the consolidated entity after deducting all liabilities, including non-controlling interests.

Statutory EBIT Earnings before interest and tax (EBIT) as calculated from the Origin Consolidated Financial Statements.

Statutory EBITDA Earnings before interest, tax, depreciation and amortisation (EBITDA) as calculated from the Origin Consolidated Financial Statements.

Statutory effective tax rate Statutory income tax expense divided by Statutory Profit before tax.

Statutory earnings per share Statutory profit divided by weighted average number of shares.

Statutory income tax expense Income tax expense as disclosed in the Income Statement of the Origin Consolidated Financial Statements.

Statutory net financing costs Interest expense net of interest income as disclosed in the Origin Consolidated Financial Statements.

Statutory Profit Net profit after tax and non-controlling interests as disclosed in the Income Statement of the Origin Consolidated Financial Statements.

Statutory profit before tax Profit before tax as disclosed in the Income Statement of the Origin Consolidated Financial Statements.

Statutory share of ITDA The consolidated entity’s share of interest, tax, depreciation and amortisation (ITDA) of equity accounted investees as disclosed in the Origin Consolidated Financial Statements.

54 |

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Non-IFRS Financial Measures

Term Meaning Adjusted Net Debt Net Debt adjusted to remove fair value adjustments on borrowings in hedge relationships.

Free cash flow Cash available to fund distributions to shareholders and growth capital expenditure.

Free cash flow per share Free cash flow divided by the closing number of shares on issue. Gearing Ratio Net Debt divided by Net Debt plus Shareholders’ Equity. Gross Margin Gross profit divided by Revenue. Gross Profit Revenue less cost of goods sold.

Group OCAT Group Operating cash flow after tax (OCAT) of the consolidated entity (including Origin’s share of Australia Pacific LNG OCAT).

Group OCAT ratio (Group OCAT - interest tax shield) / Productive Capital. Interest tax shield The tax deduction for interest paid. Operating cash flow Operating cash flow before tax.

Operating cash flow return (OCFR) Operating cash flow / Productive Capital excluding tax balances.

Productive Capital Funds employed including Origin’s share of Australia Pacific LNG and excluding capital works in progress for projects under development which are not yet contributing to earnings. Calculated on a rolling 12 month basis.

Share of ITDA Share of interest, tax, depreciation and amortisation (ITDA) of equity accounted investees

Total Segment Revenue Total revenue for the Energy Markets, Exploration & Production, LNG, Contact Energy and Corporate segments, including inter-segment sales, as disclosed in note 2 of the Origin Consolidated Financial Statements.

Underlying average interest rate Underlying interest expense for the period divided by Origin’s average drawn debt during the year (excluding funding related to Australia Pacific LNG).

Underlying profit and loss measures: - Consolidated Profit/Segment Result - Depreciation and Amortisation - EBIT - EBIT margin - EBITDA - Effective tax rate - EPS - Income tax expense / benefit - Net financing costs/income - Non-controlling interests - Profit before tax - Share of ITDA

Underlying measures are measures used internally by management to assess the profitability of the Origin business. The Underlying profit and loss measures are derived from the equivalent Statutory profit measures disclosed in the Consolidated Financial Statements and exclude the impact of certain items that do not align with the manner in which the Managing Director reviews the financial and operating performance of the business. Underlying EBIT, Underlying EBITDA, Segment Result and Underlying Consolidated Profit are disclosed in note 2 of the Origin Consolidated Financial Statements. Underlying EPS is disclosed in note 32 of the Origin Consolidated Financial Statements.

55 |

Non-IFRS Financial measures are financial measures that are presented other than in accordance with all relevant Accounting Standards. Non-IFRS Financial measures are used internally by management to assess the performance of Origin’s business, and to make decisions on allocation of resources.

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Non-Financial Terms

Term Meaning

1P reserves Proved Reserves are those reserves which analysis of geological and engineering data can be estimated with reasonable certainty to be commercially recoverable. There should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate.

2P reserves

The sum of Proved plus Probable Reserves. Probable Reserves are those reserves which analysis of geological and engineering data indicate are less likely to be recovered than Proved Reserves but more certain than Possible Reserves. It is equally likely that the actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves (2P).

3P reserves

Proved plus Probable plus Possible Reserves. Possible Reserves are those additional Reserves which analysis of geological and engineering data suggest are less likely to be recoverable than Probable Reserves. The total quantities ultimately recovered from the project have a low probability to exceed the sum of Proved plus Probable plus Possible (3P), which is equivalent to the high estimate scenario.

Capacity factor A generation plant’s output over a period compared with the expected maximum output from the plant in the period based on 100% availability at the manufacturer’s operating specifications.

Equivalent reliability factor Equivalent reliability factor is the availability of the plant after scheduled outages.

GJ Gigajoule = 109 joules

GJe Gigajoules equivalent = 10-6 PJe

Joule Primary measure of energy in the metric system.

kT kilo tonnes = 1,000 tonnes

kW Kilowatt = 103 watts

kWh Kilowatt hour = standard unit of electrical energy representing consumption of one kilowatt over one hour.

MW Megawatt = 106 watts

MWh Megawatt hour = 103 kilowatt hours

PJ Petajoule = 1015 joules

PJe

Petajoules equivalent = an energy measurement Origin uses to represent the equivalent energy in different products so the amount of energy contained in these products can be compared. The factors used by Origin to convert to PJe are: 1 million barrels crude oil = 5.8 PJe; 1 million barrels condensate = 5.4 PJe; 1 million tonnes LPG = 49.3 PJe; 1 TWh of electricity = 3.6 PJe.

TW Terawatt = 1012 watts

TWh Terawatt hour = 109 kilowatt hours

Watt A measure of power when a one ampere of current flows under one volt of pressure.

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Thank you

For more information

Peter Rice General Manager, Capital Markets Email: peter.rice@originenergy.com.au Office: +61 2 8345 5308 Mobile: + 61 417 230 306 www.originenergy.com.au

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