ORICA LIMITED — AGM Information 2014

Jan 29, 2014

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2013 ANNUAL GENERAL MEETING 30 January 2014

Ian Smith, Managing Director and CEO

© Orica Limited Group

Disclaimer

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Forward looking statements

This presentation has been prepared by Orica Limited. The information contained in this presentation is for informational purposes only. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Orica Limited, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in this presentation. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies.

Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is appropriate in light of your particular investment needs, objectives and financial circumstances. Past performance is no guarantee of future performance.

Non-International Financial Reporting Standards (Non-IFRS) Information

This presentation makes reference to certain non-IFRS financial information. Management use this information to measure the operating performance of the business and has been presented as this may be useful for investors. This information has not been reviewed by the Group’s auditor. Forecast information has been estimated on the same measurement basis as actual results.

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 Introduction

 Sustainability

 Financial Performance

 Projects Update

 Business Update

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Geographic Footprint

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~14,500 Employees Operations in 50 countries Customers in over 100 countries

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Commodity Diversity

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FY13 Mining Services Revenue by Commodity

• 92% of EBIT is mining related

• Broad mining exposure

• Wide geographic spread

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13%
Thermal Coal
29%
Coking Coal
14%
Gold
Iron ore
Copper
6%
12% Q&C
Others
6%
19%
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 Introduction

 Sustainability

 Financial Performance

 Projects Update

 Business Update

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Safety Performance

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0.9 5
4.5
0.8
4
0.7
3.5
0.6
3
0.5
2.5
0.4
2
0.3
1.5
0.2
1
0.1
0.5
0 0
2010 2011 2012 2013
LWCR Severity Index AWRCR 2013 AWRCR including Ground Support
Severity Index
Injury Frequency Rate
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1. AWRCR: All Worker Recordable Case Rate, total number of recordable cases per 200,000 hours worked. 2. LWCR: Lost Workday Case Rate, total number of lost workday cases per 200,000 hours worked.

3. Severity Index: A weighted analysis of the severity of incidents within Orica.

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Greenhouse Gas

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• The net cost of the Australian carbon tax to Orica is immaterial.

• Abatement technology has reduced annual carbon emissions by more than 750,000 tonnes at a total capital cost of ~ A$9M.

• The future direction of carbon tax legislation remains unclear following a recent change in government in Australia.

Orica’s abatement is equivalent to taking more than 250,000 vehicles off the road

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Botany Mercury Remediation

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• Remediation work at Botany includes excavation of contaminated soils and the construction of a vapour cap and barrier walls to contain any residual soil mercury contamination.

• The work is expected to take 2 years.

• Testing indicates there are no unacceptable human health or environmental risks posed by the mercury contamination.

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Licence To Operate

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Kooragang Island and Yarwun Sustaining and Maintenance Capital[1 ]

Significant improvement in SHEC performance at major manufacturing plants:

• ammonia plant upgrade & risk reduction

• upgrade of computerised instrumentation

• upgrade of equipment for sample analysis

• infrastructure for storm water retention

• N2O abatement

• enhanced process control

• improved community engagement

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$m 160
140
120
100
80
60
40
20
0
2011 2012 2013F 2014F
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• (1) Excludes major turnaround spending.

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Kooragang Island
Overdue Equipment Inspections
Reduced To Zero
600
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450
Actual Overdue SI
300
150
0
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May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13

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 Introduction

 Sustainability

 Financial Performance

 Projects Update

 Business Update

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Group Financial Performance

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Full year ended 30 September (A$M)	2013	2012	%	
EBITDA1	1,269.2	1,274.0	0
EBIT2	984.8	1,022.6	(4)	
Statutory profit after tax3	601.6	402.8	49	
Underlying profit after tax4	601.6	650.2	(7)	
Net operating cash flow	1,058.7	544.1	95	

1. Earnings before interest and tax plus depreciation and amortisation.

2. Profit/(loss) before individually material items, net financing costs and income tax expense as disclosed in note 2 within the Orica Annual Report.

3. Net profit for the period attributable to shareholders of Orica Limited as disclosed in note 2 to the Orica Annual Report.

4. Profit after income tax expense before individually material items attributable to shareholders of Orica Limited as disclosed in note 2 within the Orica Annual Report.

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Group EBIT

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A$M
1,200
1,150 36 (33)
90 (21)
(29)
1,100
(33)
(23)
1,050 1,023 10 (35)
985
1,000
950
900
850
800
2012 EBIT KI Shutdown Volume Price/Mix - Price/Mix - Ground Depreciation / Land Sales FX Other Costs 2013 EBIT
Explosives Other Product Support Amortisation
Groups Optimisation
Costs
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Explosives margin resilience in tough market conditions

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Investing Activities

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Capital Expenditure1 / Acquisitions	Actual 2013	Budget 2014
Sustaining	243	211
Customer Facing Contract Capital2	116	121
Growth3	217	95
Burrup4, 5	200	162
Total	776	589

Lower capital expenditure forecast in FY14

1. Excludes capitalised interest.

2. Capital expenditure invested for the supply of products and services on a customer site. These assets are generally specified within customer contracts. 3. 2013 includes $3M of other acquisition expenditure.

3. The total Orica project spend is US$360 million (45% of US$800 million) plus Orica’s project entry fee of US$110 million in 2013 to Yara and Apache. In 2015, the Burrup capital spend will be approximately US$80million.

4. Classified as an investment in associates accounted for using the equity method. Cash outflows associated with this investment are included as Payments for purchase of investments in the Statement of Cash Flows within the Orica Annual Report.

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 Introduction

 Sustainability

 Financial Performance

 Projects Update

 Business Update

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Mineral Carbonation

• Carbon capture technology that permanently stores CO2 by reacting it with mineral silicates.

• Orica is a partner in Mineral Carbonation International (MCi) with The University of Newcastle and GreenMag which aims to build a pilot plant. Testing/Piloting over 4 years.

• Funding: Commonwealth and NSW Government contribute 2/3, Orica 1/3.

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Bontang Ammonium Nitrate Plant

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• AN plant with capacity of ~ 300 ktpa located at Bontang, Indonesia.

• Name plate capacity achieved with product quality within specification.

• During FY13 58kt were exported to North Western Australia.

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AN Production
kt
300
250
200
150
100
50
0
Actual Actual Actual
H2 2012 H1 2013 H2 2013
Annualised
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HONCE Initiating Systems

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• Plant capacity 40 million non- electric detonators

• Commissioning will occur progressively over the next 12 months

• Licence approval process underway

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Burrup Ammonium Nitrate Project

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• 330ktpa capacity AN plant on the Burrup Peninsula, Western Australia, in joint venture with Yara & Apache (Orica : 45%).

• Unique project and capital structure

• $110M entry fee

• 45% of project capital

• 100% marketing rights for all AN

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• Provides access into the growing North West Australian iron ore market (geographic & commodity diversification).

• Project on schedule for commissioning mid to late 2015, with nameplate production rates expected by end of 2016.

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Kooragang Island Capacity

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Rationale

Concept

• Ammonium Nitrate (AN) demand in SE Australia exceeds production.

• during 2015 the AN shortfall exceeds 100ktpa, putting pressure on the supply chain and supply security risk.

• increase AN production to 500ktpa by investing in nitric acid import storage.

• project cost approximately $40 million

• • project delivery mid CY 2015.

• Benefits

• capital light, low risk option to ease supply issues in South East ahead of future KI expansion to 750ktpa.

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Gas Agreement with ESSO / BHPB

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• 3 year deal for KI’s gas from 2017-2019

• 14PJ per annum

• pathway to extend for a further 3 years

• Gas from Gippsland basin via ExxonMobil’s Longford processing plant

Cost Implications

• Strike unsuccessful: cost increases of ~ $12mpa compared to current contract (~$8m at KI & ~$4m at Yarwun)

• Strike successful: costs flat compared to current contract

• Reduces cost volatility for customers

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 Introduction

 Sustainability

 Financial Performance

 Projects Update

 Business Update

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Integration of Ground Support

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2013

Integration of ground support into Mining Services complete

 one off costs of $29 million incurred

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2014

Ongoing beneficial effects from optimisation & integration

 2014 Financial Year $23 - $25M

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Explosives

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Volumes: 2013 Volumes were slightly down across most markets offset partly by the expansion of our contract base.

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Price: Current market conditions have limited our ability to lift the pricing of Ammonium Nitrate outside of North America.

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Market Share: Extension of our contract base suggests we are increasing our market share.

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Opportunity: Contract profile suggest that both volumes and earnings have upside in an average market scenario.

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Strategy: Focus on product differentiation and services is assisting margins in the explosives business.

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Delivery of Strategy

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Leverage New Operating Model Disciplined Capital Allocation

• Removal of functional duplication

• Cost control and efficiencies

• Supply chain and manufacturing excellence

• Capital light approach to manufacturing

• Disciplined approach to project management

• Minimise working capital needs

Value in Use

• Advanced blasting techniques

• Integrated service solutions

• Differentiated and innovative products

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