ORIGIN ENERGY LIMITED — Capital/Financing Update 2015

Feb 18, 2015

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To	Company Announcements Office		Facsimile	1300 135 638
Company	ASX Limited		Date	19 February 2015
From	Marta Kielich		Pages	3
Subject	ORG Subordinated Notes - Key Financial Ratios

Please find attached a release on the above subject.

Regards

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Marta Kielich Company Secretary

02 8345 5000 – marta.kielich@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

19 Feb r uary 2015 Origin Energy Subordinated Notes – Key Financial Ratios

Origin E nergy Limited (Origin ) today rele a sed the following Int e rest Cover Ratio whic h has been c a lculated a s at 31 Dec e mber 201 4 (Testing D ate) in accordance wi t h the requirements set out in the Origi n Energy Subordinate d Notes Pr o spectus d a ted 1 Dec e mber 2011. Unless otherwi s e defined i n this noti c e, capitalis e d terms u s ed in this n otice have the same m eaning as defi n ed in the P rospectus.

The Int e rest Cove r Ratio (Un d erlying EBITDA[1,2] /Net Interest P a id) is calculated as th e ratio of Underl y ing EBITD A for the re l evant six m onth perio d to Net Int e rest Paid for the rele v ant six month p eriod.

The ta b le below s h ows the In t erest Cov e r Ratio for e ach of the six month s ended 31 Decem b er 2014, 30 June 2014 and 31 D ecember 2 0 13.

Interest Cover Ratio:

			6 m onths ende d	6 m onths ende d	6 month s ended	6 month s ended	6	6	months end ed
				31 Dec 201 4	30 J un 2014				31 Dec 20 13
				($m )		($m)			($ m)
Underly ing EBITDA2				1,08 0		1,0571			1,0 82
Interest paid				25 6		2091			2 54
Interest received				(58 )		(12)1			(9)
Net Inte rest Paid				19 8		197			2 45
Interest Cover Ratio (times)				5. 5		5.4			4.4
Minimu m Ratio	(time s)			>3. 5		>3.5			> 3.5

On 26 J une 2013 O rigin advi s ed an amendment ha d been ma d e to the te r ms and co n ditions of the O rigin Ener g y Subordi n ated Notes. The defin i tion of Tes t ing Date f o r the Leverage Ratio c a lculation used in the d eterminati o n of Mand a tory defer r al of Intere s t Paymen t s (clause 3.6 of the terms and c onditions) w as amended such th a t the Leve r age Ratio is not tested a nd reporte d from 30 June 2013 t o 30 June 2 016 (inclu s ive). For more inform a tion go to: ww w .originene r gy.com.au / news/articl e /asxmedi a -releases/1498

The Int e rest Cove r Ratio will c ontinue to be tested e very six m o nths to de t ermine wh e ther or not a Mandatory Deferral Event exists. A Mandator y Deferral E v ent will commence d u ring the period to 30 June 2 016 (inclu s ive) if Origin’s Interes t Cover Ra t io in relation to a Test i ng Date

1 As deriv e d from Origin’s Financial Stat e ments release d to the ASX on 21 August 2014. 2 Underlyi n g EBITDA is a non-IFRS mea s ure. This me a sure is used in s tead of its equivalent statutor y measure as r e quired by the terms o f the Prospect u s. Non-IFRS m easures have not been subject to audit or re v iew.

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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 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 31 December 2014, no Mandatory Deferral Event had commenced.

For further information please contact:

Media

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 approximately 6,900 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 totalling 2,359 MW and servicing approximately 562,000 electricity, gas and LPG customers across both the North and South islands. Origin also operates oil and gas projects in New Zealand and holds 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

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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