2015 FULL YEAR RESULTS ANNOUNCEMENT Financial Year Ended 30 June - PowerPoint PPT Presentation

2015 FULL YEAR RESULTS ANNOUNCEMENT Financial Year Ended 30 June 2015 Grant King, Managing Director Karen Moses, Executive Director, Finance and Strategy 20 August 2015

Forward looking statements This presentation 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, regulatory environments, 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

Outline 1.Performance Highlights Grant King 2.Financial Review Karen Moses 3.Operational Review Grant King 4.Prospects Grant King 5.Appendix 3

1. PERFORMANCE HIGHLIGHTS Grant King , Managing Director 4

Highlights Total Shareholder Return 2 10 Year TSR 1 Year TSR Underlying EBITDA* $2,149m up from $2,139m 20% ` 10% Underlying Profit 1 * $682m down 4% 0% Underlying EPS* 61.7 cps down 5% -10% -20% Origin Statutory Loss * ($658m) down from $530m S&P ASX100 -30% Brent Statutory EPS* down from (59.5 cps) 48.1 cps -40% -50% Disposals, Dilutions & ($568m) down from $157m Total Recordable Injury Impairments (incl Contact) Frequency Rate 10 50 Exposure Hours Group OCAT* $1,578m down 23% TRIFR Exposure Hours (million) 8 40 Final Dividend Unfranked 25 cps - - 6 30 TRIFR Total Recordable Injury 4 20 3.8 improved from 5.0 Frequency Rate 2 10 0 0 FY2012 FY2013 FY2014 FY2015 * Refer to Appendix for Glossary. (1) A breakdown of Items excluded from Underlying Profit is provided on slide 13. 5 (2) Bloomberg.

Origin has delivered a solid operational performance and significant progress on implementation of its 4 key priorities  Increased Natural Gas contribution 1 4  Managed margin and customer position Reduced operating costs and limit capital investments  IMPROVING RETURNS CAPITAL IN ENERGY MARKETS MANAGEMENT  Negotiated early termination of out of the money Smithfield PPA AND FUNDING  Improved customer experience  Expanded solar and energy services offering  APLNG nearing completion with Upstream 97% and Downstream $4.4 billion 1 of liquidity  2 92% complete at 30 June 2015  Completed drilling of Yolla 5 and 6, which will increase production DELIVERING GROWTH at BassGas Contact Energy IN THE INTEGRATED  Completed drilling of high deliverability Halladale / Speculant wells divestment: GAS BUSINESS to increase utilisation of Otway plant adds $1.4 billion to  Exploration success with Senecio / Waitsia in Perth Basin  liquidity reduces net debt by $3.0 billion, from  3 $13.3 billion to Origin increased its shareholding in Energia Andina to 49.9%, $10.3 billion 2  and Energia Andina acquired a 40% interest in the 69 MW GROWING CAPABILITIES Javiera solar project in Chile’s Atacama Desert AND INCREASE INVESTMENT IN RENEWABLES (1) Excludes Contact Energy and bank guarantees. 6 (2) 30 June 2015 numbers adjusted for proceeds received on 10 August 2015.

Energy Markets is delivering improved margins driven by expanding Natural Gas margins, ramp gas benefits and commencement of sales to other LNG projects ... EBIT / Sales Margin • Expanded Natural Gas margins as east 15% coast gas prices rise relative to the cost of Origin’s gas portfolio • Increased Natural Gas sales volumes reflecting Origin’s ability to utilise 10% Queensland ramp gas and beginning of sales to other LNG projects • Cost to serve benefits through improved 5% operational efficiency and customer experience • Invested in new Solar as a Service 0% offering 1 2 2 FY11 FY12 FY13 FY14 FY15 • Entered new markets ... combined with operational improvements and enhanced customer experience (1) Adjusted for a change in Origin’s internal reporting segments. 7 (2) Adjusted for carbon impact

APLNG is nearing completion and expected to achieve sustained LNG production from Train 1 from Q2 FY2016 with estimated project cost not expected to be materially different from budget 1 UPSTREAM 97% COMPLETE DOWNSTREAM 92% COMPLETE Investments in Bass and Otway basins and Ironbark will increase gas production into growing gas demand in Australia (1) As announced in February 2013, based on December 2012 exchange rates 8

Sale of Contact improves flexibility by reducing net debt by $3 billion and increasing Origin’s available liquidity to $5.8 billion P/E multiple based on 30 day VWAP 1 Why sell Contact? 27 Contact Peer 1 Peer 2 Peer 3 Peer 4 • Limited growth in NZ electricity demand 24 21 • Tiwai closure (~13% of total demand) remains a 18 future risk. With a significant proportion of NZ energy 15 generated from renewables, Tiwai closure would 12 result in minimal demand for thermal generation 9 • Gearing and credit metrics deteriorate when Contact 6 increases distributions due to consolidation of 3 Contact’s net debt while only accessing 53% of 0 distributions FY2016 FY2017 Contact share price in A$ and NZD 1 Why sell Contact now? $6.50 1.40 A$ share price (LHS) • Special dividend proceeds of NZ$0.50 per share, or 1.35 $6.00 NZD:AUD (RHS) NZ$195 million, received in June 2015 1.30 $5.50 • Contact was not trading at a material discount to its 1.25 $5.00 peers 1.20 $4.50 1.15 • Exchange rate was favourable compared to prior 5 $4.00 1.10 years $3.50 1.05 • Short term resolution of Tiwai $3.00 1.00 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 (1) Bloomberg. Share price adjusted retrospectively for the NZ$0.50 special dividend paid on 23 June 2015. 9

2. FINANCIAL REVIEW Karen Moses , Executive Director, Finance and Strategy 10

2015 Financial Year Highlights ($ million) FY2015 FY2014 Change Statutory (Loss) / Profit (658) 530 (1,188) Statutory EPS (59.5 cps) 48.1 cps (107.6 cps) Underlying Revenue* 13,804 14,518 (714) Underlying EBITDA* 2,149 2,139 10 Underlying EBIT* 1,280 1,353 (73) Underlying net financing cost* (169) (192) 23 Underlying income tax expense* (349) (342) (7) Underlying Profit 1 682 713 (31) Underlying EPS (3.1 cps) 61.7 cps 64.8 cps Group OCAT 1,578 2,041 (463) Free Cash Flow* 1,196 1,599 (403) Capital Expenditure 2 1,886 1,012 874 Origin’s Net Cash Contributions to APLNG 3 2,166 2,814 (648) Origin Undrawn Committed Debt Facilities and Cash 4 4,377 5,129 (752) * Refer to Appendix for Glossary. (1) A breakdown of Items excluded from Underlying Profit is provided on slide 13. (2) Based on cash flow amounts rather than accrual accounting amounts; includes growth and stay-in-business capital expenditure, capitalised interest and acquisitions. (3) Via both loan repayments to APLNG and the issue of Mandatorily Redeemable Cumulative Preference Shares (MRCPS) by APLNG to Origin net of MRCPS interest income 11 (4) Excluding Contact Energy and bank guarantees.