ORIGIN ENERGY LIMITED — Capital/Financing Update 2014

Aug 20, 2014

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To	Company Announcements Office		Facsimile	1300 135 638
Company	ASX Limited		Date	21 August 2014
From	Helen Hardy		Pages	3
Subject	Origin Energy Subordinated Notes – Key Financial Ratios

Please find attached a release on the above subject.

Regards

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Helen Hardy Company Secretary

02 8345 5000 – 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

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ASX/Media Release

21 August 2014

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 2014 (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 2014, 31 December 2013 and 30 June 2013.

Interest Cover Ratio:

	6 months ended	6 months ended	6 months ended
	30 Jun 2014	31 Dec 2013	30 Jun 2013
	($m)	($m)	($m)
Underlying EBITDA2	1,0571	1,082	1,126
Interest paid	2091	254	225
Interest received	(12)1	(9)	(7)
Net Interest Paid	197	245	218
Interest Cover Ratio (times)	5.4	4.4	5.2
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.

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 Minimum

1 As derived from Origin’s Financial Statements released to the ASX on 21 August 2014.

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.

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

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Level, or if Origin’s Leverage Ratio in relation to two consecutive Testing Dates is above the Maximum 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 Maximum Level in relation to two consecutive Testing Dates.

As at 30 June 2014, no Mandatory Deferral Event had commenced.

For further information please contact:

Media	Investors
Lina Melero	Peter Rice
General Manager External Affairs	General Manager, Capital Markets
Ph: +61 2 8345 5217	Ph: +61 2 8345 5308
Mobile: +61 427 017 798	Mobile: +61 417 230 306

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 one of the country’s largest and most flexible generation portfolios with approximately 6,010 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, a 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 is also a major operator and participant in petroleum exploration acreage in New Zealand.

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