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 20 February 2014

From Helen Hardy Pages 54

Subject INVESTOR PRESENTATION FOR HALF YEAR RESULTS

Please find attached the investor presentation relating to Origin Energy’s Results for the half year ended 31 December 2013. Regards

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

2014 Half Year Results Announcement Half Year Ended 31 December 2013

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

20 February 2014

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 |

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 |

Results

Statutory Profit* $322 m down 39%

Statutory EPS* 29.3 cps down 39%

Underlying Profit* $381 m up 5%

Underlying EPS* 34.6 cps up 4%

Underlying EBITDA* $1,082 m up 3%

Interim Dividend Unfranked 25.0 cps - -

Group OCAT* $1,038 m up 125%

Free Cash Flow* $793 m up 50%

Capital Expenditure1 $460 m down 36%

Origin’s Cash Contributions to APLNG2 $1,437 m up from $119 m

Total Recordable Injury Frequency Rate 5.4 down from 7.93

* Refer to Appendix in Section 5. (1) Based on cash flow amounts rather than accrual accounting amounts; includes growth and stay-in-business capital expenditure, capitalised

interest and acquisitions. (2) Origin’s cash contributions to APLNG made via loan repayments. (3) Revised from the previously reported 8.1 due to retrospective data updates. 5 |

Improving the Performance of the Existing Businesses

Origin has made strong progress on its four key priorities …

Delivering the APLNG Project

Managing Funding and Balance Sheet Position

Creating Growth Opportunities for the Medium to Longer Term

(1) Excludes Contact Energy and bank guarantees.

Retail Transformation complete, delivering operational and cash flow improvements

Reduced discounting in NSW, improved competitive capability

Stabilised customer numbers

Expansion of gas margins

Value captured through signing of gas purchase and sale agreements

Increased availability and production from upstream assets following investments

Increased flexibility and lower generation costs at Contact Energy following period of investment

Progress continues – Upstream 58% complete, Downstream 62% complete

On track for first LNG in mid-2015

Funding initiatives have lengthened debt maturities and improved liquidity position

$6.5 billion1 of undrawn committed facilities and cash are substantially more than required to fund Origin’s remaining funding requirement for APLNG

Progressing existing opportunities to provide ongoing growth following the completion of APLNG

… setting up a solid foundation for the future 6 |

Estimated costs to complete are in line with budget

300

512

659

0

100

200

300

400

500

600

700

H1 FY2013

H2 FY2013

H1 FY2014

$ m

illio

n

Investment in Retail Transformation at an end and beginning to deliver operational and cash flow improvements

Retail Transformation

• Transition of all Mass Market customers onto SAP platform completed a year ahead of schedule, bringing TSA payments to an end

• Improvement in billing and collections performance

Customer Experience / Digital Step Change

• Increased penetration of online self-serve functionality and e-billing capability

• Improved competitive capability

Energy Markets Operating Cash Flow

Increase of $359m with $268m from

reduction in late bills, shorter billing cycles and increased

focus on collections efficiency

Focus moves to customer experience to improve customer retention and reduce discount spend

7 |

5.0

6.0

7.0

8.0

9.0

10.0

11.0

0

50,000

100,000

150,000

200,000

250,000

300,000

Resi

dent

ial

& c

omm

erci

al c

onsu

mpt

ion

per

capi

ta

Annu

al e

nerg

y co

nsum

ptio

n

2013 High 2013 Medium 2013 Low Actuals2012 High 2012 Medium 2012 Low R+C per capita

(GWh) (MWh)

Source: AEMO 2013 Electricity Statement of Opportunities

-30

5

14

-40

-30

-20

-10

-

10

20

H1 FY2013

H2 FY2013

H1 FY2014

Cust

omer

Acc

ount

s ('0

00)

The reduction in household consumption is expected to moderate and be largely offset by growth in households, with Origin’s focus on maintaining market share

Net Movement in Customer Accounts (Natural Gas & Electricity)

Stabilisation of Origin’s customer position through more effective customer retention and acquisition

NEM Energy Demand Projections

Annual energy consumption increasing (LHS) as lower household consumption is

offset by population growth

Household consumption declining at a subdued rate (RHS)

8 |

0%

2%

4%

6%

8%

10%

12%

14%

SA VIC NSW QLD

Deregulation Timeline

South Australia Victoria New South Wales Queensland

Gas 1 Feb 2013 1 Jan 2009 Recommended by AEMC 1 July 2007

Electricity 1 Feb 2013 1 Jan 2009 Under consideration, decision expected in FY2014

Under review, potential to commence 1 July 2015

Status

Origin’s Average Signed Discount Offers for Electricity and Natural Gas (%)

Deregulation would allow the industry to more effectively compete on prices that appropriately reflect the costs and risks of energy retailing

While intense discounting is moderating in NSW, improvements in retail margins in the short term will be driven by discounts offered in prior and current periods

9 |

24

26

25

0

20

40

60

80

H1 FY2013

H2 FY2013

H1 FY2014

Gas

Cus

tom

er A

ccou

nts

('000

)

0

50

100

150

200

250

300

2014 2015 2016 2017 2018 2019 2020 2021Calendar Year

Ironbark (new equity gas) Other purchasesAPLNG purchases Origin's existing equity gas

PJ/a

Origin has strengthened its diverse gas supply portfolio …

Sources of Energy Markets’ East Coast Gas Portfolio

… and continues to capture benefits of rising gas prices through recent oil price-linked gas sale agreements with other LNG projects and increasing penetration of Mass Market Natural Gas customers

• Gas purchase agreement with Esso/BHPB for 432 PJ of gas over 9 years from 2014

• Oil price-linked gas sale agreements with LNG projects: • QCLNG – up to 30 PJ in calendar year 2014 & 2015 • GLNG – up to 194 PJ over 5 years from 2016

Increase in Natural Gas Customer Accounts

• 75,000 additional gas customers over last 18 months

10 |

*

* Potential development.

0%

20%

40%

60%

80%

100%

Otway BassGas Kupe

Investments in upstream assets have delivered increased availability and production

Medium term focus will be on offsetting natural field decline through near field development and exploration

Availability of Origin Operated Plant for 6 month period

POTENTIAL DEVELOPMENT • Ironbark in Surat Basin • Halladale/Black Watch in

Otway Basin • Further drilling at BassGas

(Yolla 5 & 6)

EXPLORATION • Caravel-1 well in

Canterbury Basin • Speculant well in Otway

Basin

11 |

Downstream 62% Complete

$6.51 billion of committed undrawn debt facilities provides more than sufficient liquidity to fund Origin’s remaining funding requirement

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

Upstream 58% Complete

• Estimated costs to complete are in line with budget • Planning underway for transitioning from project phase to investing in sustaining

production and ongoing operations • With current good progress in the drilling and completions, and gathering parts of the

project, resources will continue to be used and costs incurred in advance of first LNG in mid-2015 to sustain production

• As the project progresses to completion, estimates of Origin's remaining capital contribution to APLNG in advance of first LNG in mid-2015 will become more dependent on the month of the first LNG shipment, exploration costs and the amount of investment in sustaining production spent prior to first LNG shipment

(1) Excludes Contact Energy and bank guarantees. 12 |

Despite operational improvements and the moderating of intense discounting in NSW, impact of prior and current period discounts will continue to impact margin recovery in the short term …

… with Origin’s gas position and APLNG driving earnings growth beyond FY2015

Improving operational

performance of existing business

Industry begins LNG production

APLNG and GLNG start up

Full production from APLNG

FY2014 FY2015 FY2016 FY2017 +

Operational effectiveness, improved competitive capability and benefits of legacy gas position to drive margin improvement

• Earnings and cash flow benefits from RT and operational improvements

• More effective customer retention and acquisition

• Lower levels of discounting in NSW

• Improved availability of, and production from, upstream assets

• Revenue from QCLNG gas sales

• Further operational improvements

• Maintaining market share through effective customer retention and acquisition

• Margin management

• Removal of carbon

• Revenues from APLNG LNG sales

• Revenue from GLNG gas sales

• Halladale/Black Watch and Yolla 5 & 6*

• Full year revenue from two APLNG trains

• Ironbark* • Stockyard Hill*

13 | * Potential developments

2. Financial Review

Karen Moses, Executive Director, Finance and Strategy

2014 Half Year Financial Highlights

($ million) Dec 13 Dec 12 Change

Statutory Profit 322 524 (39%)

Statutory EPS 29.3 cps 48.0 cps (39%)

Revenue 7,238 7,450 (3%)

Underlying EBITDA 1,082 1,055 3%

Underlying EBIT* 694 698 (1%)

Underlying Profit 381 362 5%

Underlying EPS 34.6 cps 33.2 cps 4%

Group OCAT 1,038 461 125%

Free Cash Flow 793 527 50%

Capital Expenditure1 460 720 (36%)

Origin’s Cash Contributions to APLNG2 1,437 119 1,108%

Origin Undrawn Committed Debt Facilities and Cash3 6,544 5,431 20%

* Refer to Appendix in Section 5. (1) Based on cash flow amounts rather than accrual accounting amounts; includes growth and stay-in-business capital expenditure,

capitalised interest and acquisitions. (2) Origin’s cash contributions to APLNG made via loan repayments. (3) Excluding Contact Energy and bank guarantees.

15 |

1,055 1,082

694

-

200

400

600

800

1,000

1,200

HY2013Underlying

EBITDA

Energy Markets

E&P LNG Contact Energy

Corporate HY2014Underlying

EBITDA

UnderlyingD&A

and ITDA

HY2014Underlying

EBIT

$ m

illio

n

145

Underlying EBITDA up 3% to $1,082 million Underlying EBIT down 1% to $694 million

Energy Markets decline due to: • Lower volumes due to warm

winter weather, prior year customer losses, solar PV and energy efficiency

• Effects of prior period discounting

E&P improvement due to: • Higher production volumes

• Higher commodity prices

($ million) Underlying EBITDA Underlying EBIT

Dec 13 Dec12 Change Dec 13 Dec 12 Change

Energy Markets 505 660 (23%) 372 516 (28%)

Exploration & Production 302 1921 57% 162 79 105%

LNG 35 271 30% 2 1 100%

Contact Energy 232 198 17% 150 124 21%

Corporate 8 (22) N/A 8 (22) N/A

Total 1,082 1,055 3% 694 698 (1%)

* Refer to Appendix in Section 5. (1) Restated due to internal restructure of the LNG segment at 30 June 2013. (2) Share of interest, tax, depreciation and amortisation of equity accounted investees.

(743)

Underlying EBITDA Movement – Dec 12 to Dec 13

(155) 110 8 34 30

(388)

16 |

2*

Reconciliation of Statutory Profit to Underlying Profit

($ million) Dec 13 Dec 12 Change

Statutory Profit 322 524 (202)

Items Excluded from Underlying Profit

LNG related items (250) 294 (544)

Decrease in fair value of financial instruments (99) (86) (13)

Impairment of assets (52) (2) (50)

Other 342 (44) 386

Total Items Excluded from Underlying Profit (59) 162 (221)

Underlying Profit 381 362 19

• LNG related items: financing costs related to APLNG funding (-$107m) and non-cash foreign currency losses (-$141m)

• Fair value of financial instruments: electricity and other commodities (-$161m) and cross currency derivatives (+$62m)

• Other:

Net gain on cancellation of the Cobbora Coal Supply agreement and settlement of the GenTrader arrangements (+$267m)

Tax benefit relating to amendment of the tax treatment of unbilled income (+$103m)

NSW energy assets transition and stabilisation costs, including Eraring Energy acquisition (-$43m)

No gain on dilution (-$358m), foreign currency impacts (-$129m) and financing costs (-$42m)

Settlement of Cobbora and GenTrader agreements (+$267m), changes to tax treatment of unbilled income (+$103m)

17 |

524

362 381

322

-

100

200

300

400

500

600

HY2013Statutory

Profit

Net Itemsexcluded

fromUnderlying

Profit

HY2013Underlying

Profit

Underlying EBITDA

Underlying D&A

and ITDA

UnderlyingNet

financingcosts

UnderlyingTax

Expense

UnderlyingNon-

controllinginterests

HY2014Underlying

Profit

Net itemsexcluded

fromUnderlying

Profit

HY2014Statutory

Profit

$ m

illio

n

193

Statutory Profit down 39%, from $524 million to $322 million

Underlying Profit increased 5% reflecting a 3% increase in Underlying EBITDA (up $27m to $1,082m) and: • Underlying D&A (up $27m to $363m) increased amortisation from the Otway, Bass and Kupe basins

reflecting higher production • Underlying net financing costs (down $18m to $108m) – primarily Ironbark capitalised interest and

lower average interest rates

Underlying Profit up 5%, from $362 million to $381 million

* Refer to Appendix in Section 5.

* *

(162)

27 (31) 18

11 (6)

(59)

*

Statutory Profit Movement – Dec 12 to Dec 13

18 |

Group OCAT increased due to improved billing and collections performance

($ million) Dec 13 Dec 12 Change

Underlying EBITDA 1,082 1,055 27

Change in working capital 217 (268) 485

Stay-in-business capex (125) (124) (1)

Share of APLNG OCAT net of EBITDA (30) (7) (23)

Exploration (benefit)/expense (7) 2 (9)

NSW acquisition related liabilities (50) (95) 45

Other1 27 (22) 49

Tax paid (76) (80) 4

Group OCAT 1,038 461 577

Net interest paid (245) (218) (27)

Oil Sale Agreement - 284 (284)

Free cash flow 793 527 266

Productive Capital* 16,174 15,116 1,058

Group OCAT Ratio* 9.6% 9.1% 0.5%

* Refer to Appendix 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

Decreased Energy Markets debtors from billing & collections improvements (+$268m), lower sales and green certificate payments, partially offset by lower network costs

Mortlake commissioned in August 2012 and capital expenditure in the Otway and Bass basins

Higher average net debt balances relating to funding, principally APLNG

Higher SIB capex at Spring Gully

19 |

As a result of a number of funding initiatives during the period, Origin has $6.51 billion of committed undrawn debt facilities and cash as at 31 December 2013

(1) Excludes Contact Energy and bank guarantees. (2) Excludes Contact Energy.

Origin Debt & Bank Guarantee Maturity Profile as at 31 December 20132

Over the last 6 months, Origin undertook a number of funding initiatives to lengthen debt maturities and improve liquidity position

• New $7.4 billion bank loan facility to refinance all existing bank debt, which was subsequently upsized by $1.2 billion due to strong demand

• €800 million eight year medium term notes issuance, maturing in FY2022

• US$800 million five year senior unsecured notes, maturing in FY2019

• Proceeds of the two note issuances above were swapped into AUD and used to repay and cancel approximately $2 billion of the new facility, fund Origin’s contribution to APLNG and for general corporate purposes

20 |

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

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

Capital Markets Instruments

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

• Ex-dividend date: 25 February 2014

• Record Date: 3 March 2014

• Payment Date: 4 April 2014

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

• The Dividend Reinvestment Plan will not be underwritten

• The interim dividend is unfranked

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

21 |

25 25 25 25 25

25 25 25 25

0

10

20

30

40

50

60

FY2010 FY2011 FY2012 FY2013 FY2014

100% 100% 100% 50% 0%

77% 70% 61% 72% 72%

cent

s pe

r sh

are

Dec Half

Jun Half

Franking

Payout Ratio

3. Operational Review

Grant King, Managing Director

Gas Gross Profit up $7 million

Electricity Gross Profit down $130 million

Energy Markets

Underlying EBIT margin* reduced from 9.4% to 7.2% predominantly due to impact of prior period discounting

Operating cash flow up 120%, or $359 million, to $659 million primarily due to billing improvements Customer numbers stabilised with 14,000 net gains during the period Servicing all Mass Market customers on SAP, a year ahead of schedule, with the system delivering

improved operating effectiveness and competitive capability Strengthened gas position through gas purchase agreement with Esso/BHP Capturing benefits of rising gas prices through oil price-linked gas sale agreements with QCLNG and

GLNG * Refer to Appendix in Section 5.

660

505

0

200

400

600

800

Dec 12 Dec 13

Underlying EBITDA($m)

23 |

660

505

0

100

200

300

400

500

600

700

$ m

illio

nEnergy Markets EBITDA down $155 million primarily due to lower Mass Market volumes and impact of discounts from prior period …

• Mass Market volumes impacted by warmest recorded winter (-$30m)

• Mass Market Electricity volumes also down due to solar PV, energy efficiency and prior year customer losses (-$52m)

• Compressed margins due to effects of prior period discounting (-$55m)

• Expanding Natural Gas margin reflecting rising gas prices and benefit of legacy portfolio (+$12m)

• Lower Non-Commodity and LPG Gross Profit due to fewer solar PV installations and lower volumes (-$31m)

… partly offset by expanding Natural Gas margin

(30) (52)

(55) 12 (31)

Underlying EBITDA Bridge

24 |

585 471

860783

360345

214

122

0

500

1,000

1,500

2,000

2,500

H1 FY2013 H1 FY2014

SA - HDD VIC - EDDNSW - HDD QLD - HDD

Both Electricity and Natural Gas Mass Market demand impacted by warmest September quarter in recorded history

Cumulative Degree Days

Down 15%

0

2

4

6

8

10

12

H1 FY2013 H1 FY2014

TWh

0

5

10

15

20

25

H1 FY2013 H1 FY2014

PJ

Electricity Mass Market Volumes

Gas Mass Market Volumes

NSW Vic Qld SA

(1) Heating Degree Day (HDD) is the number of degrees that day’s average temperature is below 18 degrees Celsius. (2) Effective Degree Day (EDD) is used in the Victorian gas industry to measure coldness which is directly related to gas demand for area heating.

It is a composite measure incorporating the effect of temperature, wind-chill, insolation and season.

1 2

10.3

9.1

23.0 22.4

25 |

0.0

2.0

4.0

6.0

8.0

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016

MWh

-60

-50

-40

-30

-20

-10

0

H1 FY2013

H2 FY2013

H1 FY2014

Elec

tric

ity

Cust

omer

Acc

ount

s ('0

00)

Electricity Mass Market volumes also impacted by prior year customer losses, solar PV and energy efficiency …

… however customer losses have abated, solar installation rates are declining & energy efficiency trends are expected to be offset by new household formations

Net Movements in Electricity Customer Accounts

• Improved acquisition and retention activity stabilised net customer position

NEM Electricity Consumption per Capita

• Per capita usage decline forecast to stabilise with reducing solar PV growth and electricity prices moderating

Source: AEMO 2013 Electricity SOO

-

400

800

1,200

1,600

GWh

Annual Change in Solar PV Output

26 |

(54)

(21)

(11)

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

Revenue

C&I 137.1 136.3 0.8

Mass Market 279.3 265.1 14.2

Combined Revenue 205.3 200.7 4.6

Cost of goods sold

Network costs (93.0) (87.6) (5.4)

Wholesale energy portfolio costs (73.6) (71.1) (2.5)

Generation operating costs (6.3) (6.4) 0.1

Energy procurement costs (79.9) (77.5) (2.4)

Total Cost of Goods Sold (172.9) (165.1) (7.8)

Gross Profit 32.4 35.6 (3.2)

Gross profit per customer ($)1 217 258 (41)

Prior period discounting and competitive pressures compressing Electricity unit Gross Profit margin

Reduced unit gross profit

(1) Based on average customer accounts.

• Published electricity tariffs have moved largely in line with increases in network, green and energy costs

• Higher energy procurement costs due to increased hedging and use of internal generation

• Impact of discounts as a percentage of Mass Market Electricity revenue increased from 2.0% to 3.9%, reflecting higher levels and penetration of discounts offered in the prior period

27 |

0%

5%

10%

15%

20%

25%

30%

35%

40%

Vic Qld SA NSW NEM

% C

hurn

Origin, H1 FY2013 Origin, H1 FY2014

Market, H1 FY2013 Market, H1 FY2014

Origin has reduced discounts in NSW, supported by a decrease in churn, while intense competition remains in VIC

Incumbency value evident in Origin’s churn levels relative to market 28 |

Electricity and Natural Gas Churn Rates

NSW: sustained reductions in discounts in NSW since May 2013 VIC: intense competition continued to support discount levels

NSW: significant reduction in churn, with Origin’s more pronounced than the market VIC: small increase in market churn, while Origin’s churn declined

0%

2%

4%

6%

8%

10%

12%

14%

SA VIC NSW QLD

Origin’s Average Signed Discount Offers for Electricity and Natural Gas (%)

During the period internal generation covered 39% of Origin’s load, including 44% of peak load, up from 36% and 38% in the prior corresponding period, with continued high levels of reliability

The Eraring and Cobbora transactions, along with the Centennial Coal agreement, consolidated Origin’s generation and fuel position

• Acquisition of the assets of Eraring Energy on 1 August 2013, providing generation and fuel flexibility

• Cancellation of Cobbora Coal Supply Agreement

• Signing of a coal supply agreement with Centennial Coal for 24.5 million tonnes over 8 years from FY2015

Generation Portfolio Performance Eraring and Cobbora

29 |

0% 50% 100%

Bulwer Island

Osborne

Worsley

Cullerin Range

Mt Stuart

Shoalhaven

Uranquinty

Roma

Quarantine

Ladbroke Grove

Mortlake

Darling Downs

Eraring

Exte

rnal

lyCo

ntra

cted

Win

dPe

akin

g

Base

Lo

ad/

Inte

rm.

Equivalent Reliability Factor (ERF) Capacity Factor

Natural Gas Performance ($/GJ) Dec 13 Dec 12 Change

Revenue

C&I 7.5 6.0 1.5

Mass Market 21.4 20.4 1.0

Combined Revenue 13.0 10.8 2.3

Cost of goods sold

Network costs (5.4) (4.3) (1.1)

Gas procurement costs (4.9) (4.4) (0.6)

Total Cost of Goods Sold (10.3) (8.7) (1.7)

Gross Profit 2.7 2.1 0.6

Gross profit per customer ($)1 150 151 (1)

(1) Based on average customer accounts.

Increased unit gross profit

Tariff increases reflecting higher wholesale energy costs more than offset increases in Origin’s purchase costs

Lower demand from extremely warm winter weather

Natural Gas unit Gross Profit expanded by $0.60/GJ reflecting the cost benefit of Origin’s diverse gas supply portfolio

30 |

1,542 1,547 1,565

1,086 1,076 1,078

923 926 916

358 366 369

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

H1 FY2013 H2 FY2013 H1 FY2014

Cust

omer

Acc

ount

s ('0

00)

Origin has continued to gain customers, particularly in Natural Gas through dual fuel penetration in NSW

Electricity and Natural Gas Customer Accounts

31 |

NSW

VIC

QLD

SA

-30

-20

-10

0

10

20

30

Cust

omer

Acc

ount

s ('0

00)

H2 FY2013 H1 FY2014

Gas

Electricity

Customer Account Movements

51,000 more gas customers over last 12 months

32,000 less electricity customers over last 12 months

Net gain of 5,000

Net gain of 14,000

325 312 294

384 457 437

0

200

400

600

800

1000

H1 FY2013 H2 FY2013 H1 FY2014

Cus

tom

er w

ins

and

reta

ins

('000

)

Retains Wins

Flat cost-to-serve per customer reflects efficiency of leveraging internal sales channels and new systems capability with a focus on customer retention …

Cost to serve Dec 13 Dec 12 Change

Natural Gas, Electricity & Non-commodity cost to serve (excl. TSA unwind) ($m) (344) (361) 17

TSA provision unwind ($m) 30 52 (22)

Total Natural Gas, Electricity & non-commodity cost to serve ($m) (314) (309) (5)

Maintenance costs ($m) (263) (249) (14)

Acquisition & retention costs ($m) (51) (60) 9

Cost to serve ($ per customer) (80) (79) (1)

Cost to maintain (67) (64) (3)

Cost to acquire/retain (13) (15) 2

Cost per acquire/retain ($ per acquire/retain) (70) (85) 15

Customer Wins and Retains

COST TO ACQUIRE/RETAIN

• Lower cost to acquire/retain: • Greater use of internal channels for

customer acquisition • Increased focus on customer retention • Reduced customer churn

COST TO MAINTAIN

• Cost savings from reduced headcount and operational improvements

• Increased costs from additional credit collection activities with focus on cash flow improvements

• Unwind of remainder of the TSA provision with all Country and Integral customers migrated to SAP

… moderated by increased costs associated with credit collections

32 |

709 769

731

Exploration & Production

Higher production at Otway, BassGas and Kupe basins following completion of investments and planned shutdowns

Unit general operating costs down by 20% to $1.65/GJe predominantly due to increased production

Higher production (+27%) and sales volumes (+26%)

Higher commodity prices

Flat operating costs

192

302

0

100

200

300

400

Dec 12 Dec 13

Underlying EBITDA($m)

(1) Restated due to internal restructure of the LNG segment at 30 June 2013.

1

33 |

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

Bass

Kupe

Investments made in prior periods and higher availability in the current period have resulted in a 27% increase in production

(1) Excluding APLNG.

Otway

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

• Production up 33% due to Geographe 2 coming online and additional Origin equity volumes being produced

BassGas

• Production up 166% due to the extended shutdown for the Yolla MLE project

• Yolla 3 shut-in in January for monitoring and assessment following increasing water production

Kupe

• Production up 28% due to additional gas contracts

Cooper

• Drilling program continued, with 26 development wells and 10 exploration wells

• Production down 7% due to natural field decline

0.0

1.7

3.4

5.1

6.9

8.6

10.3

0

10

20

30

40

50

60

Dec Jun Dec Jun Dec Jun Dec Jun Dec

FY10 FY11 FY12 FY13 FY14

mmboePJeOrigin Gas and Liquids Production1

34 |

Activity is focused on offsetting natural decline in production from existing assets through near field development and exploration activities …

… while growth opportunities are being progressed in the Canterbury Basin and at Ironbark

Otway Basin

• Drilling plans and site preparations are underway for the Halladale/Black Watch and Speculant wells

Bass Basin

• Planning for drilling of Yolla 5 and 6 continues

• Rig contracting at an advanced stage, anticipate mobilising the rig in Q2 FY2015

Ironbark

• Pilot testing at Duke 2 and 3 pilot wells progressing

• Progress towards a development and investment decision for the Ironbark field continues

Canterbury Basin

• The Caravel-1 well spudded on 10 February 2014 using the Noble Bob Douglas drillship

• Drilling is expected to take around 40 days

35 |

27

35

0

10

20

30

40

Dec 12 Dec 13

Underlying EBITDA($m)

LNG

Substantial progress made on the project

• Upstream 58% complete

• Downstream 62% complete

On track for first LNG in mid-2015

Estimated costs to complete in line with budget

Increased production and sales volumes

Higher gas prices

Higher operating costs reflecting higher labour costs from increased activity to prepare for first LNG

36 |

1

(1) Restated due to internal restructure of the LNG segment at 30 June 2013.

Upstream Project Progress - 58% complete and on track

Talinga pipeline compression facility

Upstream Operated Goals FY2014 Plan Actual Progress to 31 December 2013

First gas and water production from Condabri Central (eastern area) Q1 Accomplished: Reservoir performance is in line with expectations

500 wells drilled Q2 Accomplished: 564 wells drilled

295 diameter-kilometres1 of gathering line installed (equivalent to 500 wells) Q2 Accomplished: 356 diameter-kilometres of gathering line

installed (equivalent to 603 wells)

Condabri Central Train 1 commissioned Q2

Partially accomplished: The critical path components of Condabri Train 1 (substation and flare) were commissioned in Q2 enabling production from the Condabri gas field to commence. Commissioning is expected to be complete in Q4. There is no consequential impact to achievement of first LNG by mid-2015

First gas and water production from Reedy Creek (western area) Q3 On Track: The early switchyard and flare at Reedy Creek are

complete and are on track to be commissioned in Q3

Main pipelines complete Q3 On Track: 91% complete

Condabri Central gas processing facility Reedy Creek water treatment facility

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

Downstream Project Progress - 62% complete and on track

Curtis Island including the LNG jetty Curtis Island LNG trains Curtis Island

Downstream Operated Goals

FY2014 Plan Actual Progress to 31 December 2013

Final Train 1 refrigeration compressor set Q1 Accomplished: All LNG refrigeration compressors (methane, ethylene

and propane) for Train 1 have been set

Accommodation camp complete Q1 Accomplished: 2,600-bed accommodation facility completed and handed over to operations

Complete Train 2 compressor table tops Q2 Accomplished

Complete loading platform for LNG jetty Q2 To be completed in Q4: There is no consequential impact to

achievement of first LNG by mid-2015

First Train 1 cold boxes (methane and ethylene) delivered to site and set

Q2 Accomplished in January 2014: There is no consequential impact to achievement of first LNG by mid-2015

Last Train 1 Module set Q3

To be completed in Q4: Fabrication of some modules at the Batam yard are behind plan. Consequently, the last Train 1 module is expected to be set in May 2014. There are no consequential impacts to achievement of first LNG by mid-2015

38 |

Construction, commissioning and operations of upstream assets will continue through calendar year 2014 …

Upstream Operated FY2014 Plan Downstream FY2014

Plan First gas and water production from Reedy Creek (western area) Q3 First cryo modules set Q3

Main pipelines complete Q3 Last Train 2 refrigeration compressor set Q3

Condabri Central Train 1 commissioned Q4 Complete loading platform for LNG jetty Q4

First gas and water production from Orana (eastern area) Q4 All OSBL1 modules set Q4

Talinga pipeline compression station mechanical completion Q4 LNG Tank A hydrostatic test complete Q4

Orana Train 1 mechanical completion Q1 FY15 Last Train 1 module set Q4

Reedy Creek Train 1 mechanical completion Q1 FY15 Last Train 2 module set Q2 FY15

Key near term project goals and milestones

39 | (1) Outside battery limit: LNG tank area, pipe rack area, flare area, LNG jetty.

… and pre-commissioning on Curtis Island will commence

APLNG capital expenditure for the year was $5.3 billion, with Origin’s cash contribution $1.4 billion

(1) APLNG capital expenditure (100%) derived from APLNG’s Financial Statements; on an accruals basis. (2) Made via loan repayments. (3) At 31 December 2012 exchange rates.

(A$m) Half Year to

31 December 2013

Cumulative from FID1 to December

2013

Estimate from FID1 to 1st sales from Train 2

(A$b)

Project Capex 4,6701 17,167 24.73

Non-Project Capex:

Capitalised O&M 105

Domestic 446

Exploration 39

Total APLNG Capex 5,260

Origin cash contribution 1,4372 3,1662

As at 31 December 2013, APLNG had drawn down US$7.3 billion of the US$8.5 billion project finance facility

Planning is underway for transitioning from the project phase to investing in sustaining production and ongoing operations

40 |

Contact Energy

180

Lower cost of generation

Lower carbon and gas costs

Strengthening of the NZ dollar

198

232

0

100

200

300

Dec 12 Dec 13

Underlying EBITDA($m)

Lower generation costs with hydro displacing more expensive thermal generation

Te Mihi in final stages of commissioning, expected to run at full capacity in Q4 FY2014

Retail Transformation at final stages of testing and training

Maintaining market share in a highly competitive market

Refinancing programme complete, reducing costs and increasing diversity and tenor

41 |

Benefits of favourable fuel mix and upgraded infrastructure realised during the period

• Net purchase cost improved by NZ$5/MWh

• Higher rainfall enabled increased hydro generation

• Without take-or-pay gas constraints Contact Energy used increased hydro generation and purchase of cheaper spot electricity to displace more expensive gas generation

• Initial signs of improved connectivity between North and South islands following completion of additional HVDC inter-island transmission link and associated upgrades in November 2013, reducing portfolio risk

Return to gas flexibility enables benefits from increased hydro generation …

… with completion of Te Mihi and further roll off of gas take-or-pay contracts set to further decrease generation costs

Te Mihi

42 |

Retail Transformation

• CY2014 will see the completion of the Retail Transformation project

• Expected to provide new capabilities to offer products and solutions that better meet customer needs

4. Prospects

Grant King, Managing Director

Despite operational improvements and the moderating of intense discounting in NSW, impact of prior and current period discounts will continue to impact margin recovery in the short term …

… with Origin’s gas position and APLNG driving earnings growth beyond FY2015

Improving operational

performance of existing business

Industry begins LNG production

APLNG and GLNG start up

Full production from APLNG

FY2014 FY2015 FY2016 FY2017 +

Operational effectiveness, improved competitive capability and benefits of legacy gas position to drive margin improvement

• Earnings and cash flow benefits from RT and operational improvements

• More effective customer retention and acquisition

• Lower levels of discounting in NSW

• Improved availability of, and production from, upstream assets

• Revenue from QCLNG gas sales

• Further operational improvements

• Maintaining market share through effective customer retention and acquisition

• Margin management

• Removal of carbon

• Revenues from APLNG LNG sales

• Revenue from GLNG gas sales

• Halladale/Black Watch and Yolla 5 & 6*

• Full year revenue from two APLNG trains

• Ironbark* • Stockyard Hill*

44 | * Potential developments

5. Appendix

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 half year ended 31 December 2013 (the period) compared with the half year ended 31 December 2012 (the prior corresponding period), except where otherwise stated.

Origin’s Interim Financial Statements for the half year ended 31 December 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 Interim 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 17.

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 Appendix. Non-IFRS measures have not been subject to audit or review. Certain comparative amounts form the prior corresponding period have been re-presented to conform to the current period’s presentation and/or to reflect the adoption of new accounting standards (specifically AASB 11 Joint Arrangements). 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 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%. This shareholding was subsequently diluted to 37.5% upon completion of Sinopec’s increased share subscription in Australia Pacific LNG on 12 July 2012. Origin’s shareholding in Australia Pacific LNG is equity accounted. 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. The Eraring Energy GenTrader arrangements were settled as part of the acquisition of the Eraring Power Station completed on 1 August 2013. 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.

46 |

Glossary - 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 Interim Financial Statements.

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

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

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

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

Statutory Financial Measures are measures included in the Interim Financial Statements for the Origin Consolidated Group, which are measured and disclosed in accordance with applicable Australian Accounting Standards. Statutory Financial Measures also include measures that have been directly calculated from, or disaggregated directly from financial information included in the Interim Financial Statements for the Origin Consolidated Group.

47 |

Glossary - 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 (Calendar Year 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.

Prior corresponding period Six months period ended 31 December 2012.

Prior period Six months period ended 30 June 2013.

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 Interim Financial Statements.

Underlying average interest rate Underlying interest expense for the current 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 Interim 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 Profit are disclosed in note 2 of the Origin Consolidated Interim Financial Statements. Underlying EPS is disclosed in note 16 of the Origin Consolidated Interim Financial Statements.

Non-IFRS Financial measures are defined as 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.

48 |

Glossary - 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.

Discounting For Energy Markets, discounting refers to offers made to customers at a reduced price to the published tariffs. While a customer bill comprises a fixed and a variable component, Origin’s discounts only apply to the variable portion. In some cases, these discounts are conditional, such as requiring direct debit payment or on-time payment.

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

Oil Sale Agreement Agreements to sell a portion of future oil and condensate production from July 2015 for 72 months at prices linked to the oil forward pricing curve at the agreement date

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. 49 |

Upstream Project Progress – Condabri Central, North and South

50 |

Condabri Central - Gas Processing Facility Condabri Central - water and brine ponds

Condabri North - Gas Processing Facility Condabri South - Gas Processing Facility

Upstream Project Progress – Talinga, Orana, Reedy Creek and Eurombah Creek

51 |

Talinga – Pipeline Compression Facility, Gas Processing Facility in background

Orana – Gas Processing Facility

Reedy Creek – Gas and Water Processing Facilities Eurombah Creek – Gas Processing Facility

Downstream Project – Curtis Island

Curtis Island February 2013 Curtis Island December 2013

52 |

Thank you

For more information

Chau Le Group Manager, Investor Relations Email: chau.le@originenergy.com.au Office: +61 2 9375 5816 Mobile: + 61 467 799 642 www.originenergy.com.au