ORIGIN ENERGY LIMITED — Capital/Financing Update 2013

Aug 21, 2013

==> picture [53 x 69] intentionally omitted <==

To Company Announcements Office Company ASX Limited From Helen Hardy	Facsimile 1300 135 638
	Date 22 August 2013
	Pages 3

Subject ORIGIN ENERGY SUBORDINATED NOTES – KEY FINANCIAL RATIOS

Please find attached a release on the above subject.

Regards

==> picture [122 x 69] intentionally omitted <==

Helen Hardy Company Secretary

02 8345 5023 – helen.hardy@originenergy.com.au

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

==> picture [48 x 67] intentionally omitted <==

ASX/Media Release

22 August 2013

Origin Energy Subordinated Notes – Key Financial Ratios

Origin Energy Limited (Origin) today released the following Interest Cover Ratio which has been calculated as at 30 June 2013 (Testing Date) in accordance with the requirements set out in the Origin Energy Subordinated Notes Prospectus dated 1 December 2011. Unless otherwise defined in this notice, capitalised terms used in this notice have the same meaning as defined in the Prospectus.

The Interest Cover Ratio (Underlying EBITDA[1][,][2] /Net Interest Paid) is calculated as the ratio of Underlying EBITDA for the relevant six month period to Net Interest Paid for the relevant six month period.

The table below shows the Interest Cover Ratio for each of the six months ended 30 June 2013, 31 December 2012 and 30 June 2012.

Interest Cover Ratio:

	6 months ended	6 months ended	6 months ended
	30 June 2013	31 Dec 2012	30 June 2012
	($m)	($m)	($m)
Underlying EBITDA1,2	1,126	1,055	1,100
Interest paid1	225	223	206
Interest received1	(7)	(5)	(14)
Net Interest Paid	218	218	192
Interest Cover Ratio (times)	5.2	4.8	5.7
Minimum Ratio (times)	>3.5	>3.5	>3.5

On 26 June 2013 Origin advised an amendment had been made to the terms and conditions of the Origin Energy Subordinated Notes. The definition of Testing Date for the Leverage Ratio calculation used in the determination of Mandatory deferral of Interest Payments (clause 3.6 of the terms and conditions) was amended such that the Leverage Ratio is not tested and reported from 30 June 2013 to 30 June 2016 (inclusive). For more information go to:

www.originenergy.com.au/news/article/asxmedia-releases/1498

The Interest Cover Ratio will continue to be tested every six months to determine whether or not a Mandatory Deferral Event exists. A Mandatory Deferral Event will commence during the period to 30 June 2016 (inclusive) if Origin’s Interest Cover Ratio in relation to a Testing Date is less than the Minimum Level (being 3.5 times). A Mandatory Deferral Event will continue until Origin’s Interest Cover Ratio in relation to a Testing Date is at or above the Minimum Level.

1 As derived from Origin’s Financial Statements released to the ASX on 22 August 2013.

2 Underlying EBITDA is a non-IFRS measure. This measure is used instead of its equivalent statutory measure as required by the terms of the Prospectus. Non-IFRS measures have not been subject to audit or review.

1/2

Origin Energy Limited ABN 30 000 051 696 • 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

==> picture [48 x 67] intentionally omitted <==

For the period after 30 June 2016, a Mandatory Deferral Event will commence if either Origin’s Interest Cover ratio in relation to a Testing Date is less than the Minumum Level, or if Origin’s Leverage Ratio in relation to two consecutive Testing Dates is above the maxium Level (being 4.0 times). A Mandatory Deferral Event will continue until Origin’s Interest Cover Ratio in relation to a Testing Date is at or above the Minimum Level and its Leverage Ratio has not been above the Maxmum Level in relation to two consecutive Testing Dates.

As at 30 June 2013, no Mandatory Deferral Event had commenced. Ends

For further information please contact:

Media Investors Lina Melero Chau Le General Manager External Affairs Group Manager, Investor Relations Ph: +61 2 8345 5217 Ph: +61 2 8345 5816 Mobile: +61 427 017 798 Mobile: +61 467 799 642

About Origin Energy

Origin Energy (ASX: ORG) is the leading Australian integrated energy company focused on gas and oil exploration and production, power generation and energy retailing. A member of the S&P/ASX 20 Index, the company has more than 6,000 employees and is a leading producer of gas in eastern Australia. Origin is Australia’s largest energy retailer servicing 4.3 million electricity, natural gas and LPG customer accounts and has the country’s largest and one of the most flexible generation portfolios with approximately 5,900 MW of capacity, through either owned generation or contracted rights. Origin’s strategic positioning and portfolio of assets provide flexibility, stability and significant opportunities for growth across the energy industry. Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing one of Australia’s largest CSG to LNG projects based on Australia’s largest 2P CSG reserves base.

In New Zealand, Origin is the major shareholder in Contact Energy, the country's leading integrated energy company, operating geothermal, thermal and hydro generation facilities and servicing electricity, gas and LPG customers across both the North and South islands. Origin also operates several oil and gas projects in New Zealand and is one of the largest holders of petroleum exploration acreage in the country.

Origin has a strong focus on ensuring the sustainability of its operations, is the largest green energy retailer in Australia and has significant investments in renewable energy technologies.

For more information go to www.originenergy.com.au

2/2