ORIGIN ENERGY LIMITED — Earnings Release 2017

Aug 15, 2017

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To	Company Announcements Office		Facsimile	1300 135 638
Company	ASX Limited		Date	16 August 2017
From	Helen Hardy		Pages	56
Subject	Presentation to Analysts and Financial	Markets

Please find attached a release on the above subject.

Regards

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Helen Hardy Company Secretary 02 8345 5000

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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2017 FULL YEAR RESULTS Full year ended 30 June 2017 Frank Calabria CEO, Lawrie Tremaine CFO 16 August 2017 Origin Energy | 2017 Full Year Results Announcement

1

Important Notices

Forward looking statements

This presentation 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, regulatory environments, 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.

Origin Energy | 2017 Full Year Results Announcement

2

Outline

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Performance Highlights Frank Calabria
Financial Review Lawrie Tremaine
Operational Review Frank Calabria
Outlook Frank Calabria
Appendix
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Origin Energy | 2017 Full Year Results Announcement

3

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PERFORMANCE
HIGHLIGHTS
Frank Calabria
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Origin Energy | 2017 Full Year Results Announcement 4

2017 Full Year Highlights

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Statutory Loss Underlying EBITDA Underlying Profit
$(2,226) million $2,530 million $550 million
(126.9) cps 31.3 cps
Including impairments of $3,064
Up $834 million on FY2016 Up $185 million on FY2016
million after tax
NCOIA Adjusted Net Debt TRIFR
$1,378 million $8.1 billion 3.2
up $163 million on FY2016
Down $1.0 billion on FY2016 Down from 4.2 in FY2016
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Origin Energy | 2017 Full Year Results Announcement

5

Good progress against key priorities

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REDUCING DEBT AND IMPROVING RETURNS

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LEADERSHIP IN ENERGY MARKETS

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LEADERSHIP IN INTEGRATED GAS

• Adjusted Net Debt reduced to $8.1 billion

• Underlying ROCE improved to 6.0%

• $1.2 billion reduction in capital spend

• $1 billion of asset sales completed

• Progressing sale of Lattice Energy

• 12% increase in EBITDA to $1,492m

 Improvement in customer satisfaction (interaction NPS up 4 points to +16)  Improvement in electricity and gas

 1,200 MW increase in committed renewable energy supply

 Accelerating digital transformation and future energy solutions

• 186% increase in EBITDA to $1,104m

• 40% increase in production

• APLNG train 2 online

Completed operational phase of APLNG 90-day two-train lenders’ test

Halladale/Speculant online

Announced contingent resource and increased interest in prospective Beetaloo joint venture to 70%

TRANSFORMING CULTURE

• New executive leadership team in place

• Employee engagement score increase to 58% from 53% in FY2016

• Improved safety performance (TRIFR reduced to 3.2 from 4.2 in FY2016)

Origin Energy | 2017 Full Year Results Announcement

6

Asset sales reducing debt

Assets sales completed

Asset	Proceeds (A$m)
Mortlake Pipeline	245
Mortlake Terminal Station	110
Cullerin Range Wind Farm	72
International renewable assets	50
Upstream assets Darling Downs Solar Farm Stockyard Hill Wind Farm Darling Downs Pipeline	16 10 110 392
Total proceeds	1,005

NCOIA

1,100 1,150 1,200 1,250 1,300 1,350 1,400 $m	1,215 1,378 FY2016 FY2017

• Exceeded $800 million target

• Assets sold at an average 15x EBITDA

Origin Energy | 2017 Full Year Results Announcement

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Lattice IPO / trade sale progressing well, expected by end of CY17

• Established Lattice as a stand-alone entity

• Established Lattice management team

• Completed IPO non-deal roadshow

• Received indicative trade sale bids

• Launched bank facility process

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Origin Energy | 2017 Full Year Results Announcement

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Strong gas position underpins volume growth and sustainable earnings

Energy Markets East Coast Gas Supply Portfolio

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PJ/a
300
250
200
150
100
50
To be contracted
post Lattice Energy
- divestment [1]
2016 2017 2018 2019 2020 2021 2022
Financial Year
Ironbark Other Purchases (Price Review)
Other Purchase (Oil Linked) Other Purchase (Fixed Price)
APLNG purchases Origin's existing equity gas
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• Strong gas position with length beyond 2022 and flexible transport underpins

  • Increased gas sales volumes in FY2017

  • Support for customers and energy security

    • Signed 760 domestic customer agreements during FY2017

    • Gas supply agreements with Engie bringing 240 MW gasfired generation back online in SA in FY2018

• Targeting FEED on Ironbark during FY2018

• (1) Lattice Energy does not sell all gas production to the Energy Markets business. During FY2017 Lattice Energy gas sales (including ethane) totalled 82.5 PJe of which 51.9 PJe were sold to Energy Markets

Origin Energy | 2017 Full Year Results Announcement

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Electricity portfolio supporting earnings as energy markets transition

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Electricity spot / forward prices
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$/MWh
160
140
120
100
80
60
40
NSW QLD SA VIC
20
spot prices forward prices
0
Jun-16 Jan-17 FY2018 FY2019 FY2020
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Electricity Portfolio

• Delivers improved returns in a period of high wholesale prices

• Supports earnings as wholesale prices ease with the addition of low cost renewable energy supply from 2H FY2018

• Resilience in a carbon constrained world with growing renewable position, strong gas position to support renewables and minimal risk of stranded assets

High prices driven by coal Increasing renewables withdrawals, high gas prices and expected to ease prices energy policy uncertainty

Origin Energy | 2017 Full Year Results Announcement

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Increased generation output in response to high wholesale prices

Monthly Generation Output

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GWh
1,800
1,600
1,400
1,200 1 in 20 year
maintenance
1,000 outage
800
600
400
200
FY2016 FY2017
0
Eraring (GWh) Gas (GWh) Avg output
Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
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• Eraring capacity utilisation at 64% in 2H FY2017

• Eraring coal contracting and supply chain enhanced and optimised to support increased generation output

• Diversified coal supply

• Well progressed coal contracting program to supplement long term contracts

• FY2018 output expected to be up 5-10% on FY2017 levels to 14.6 - 15.3 TWh

• Gas generation provides firming capacity

• Agreement with Engie to add to energy output in SA from FY2018

Origin Energy | 2017 Full Year Results Announcement

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Accelerating transition to low cost renewables

Origin Installed Renewable Capacity

Bundled PPA Prices[1]

(Large scale wind and solar)

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MW
2,000
1,800 530 1,868
1,600
1,400
110
1,200
496
1,000
800
732
600
400
200
0
at June FY2018 FY2019 FY2020 at June
2017 2020
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$/MWh
160
120
80
40
Renewables are the lowest cost new
build generation today
0
FY2012 FY2013 FY2014 FY2015 FY2016 FY2017
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• Additional attractively priced renewable supply to commence from 2H FY2018

• During 2H FY2017 Origin announced sale of Stockyard Hill for $110 million with market leading PPA price of below $60/MWh

• (1) Origin and publicly released third party data

Origin Energy | 2017 Full Year Results Announcement

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Transforming customer experience and automating processes through digital

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Simplified A CHOICE OF CHANNELS
Experiences Social,
- Personalised Mobile Voice → Increase customer
Chat Bot
- Effortless satisfaction
Core Products Simple, data-led and integrated
→
Improve customer
propositions
Customer acquisition and
Propositions Predictable plan Solar Boost retention
Fast & Easy Moves
Fulfilment Automation Social + crowd
sourcing
→
Improve productivity
Platform Secure, straight-through
→
Reduce operating
- Digitised processes processing
costs
Automated
Foundation Data, Analytics Customer
Core Billing Marketing /
Capability & AI Personalisation Centric Design
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Origin Energy | 2017 Full Year Results Announcement

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Customer ambition focused on the smarter energy future

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Future connected, smart homes and
Connected Future connected, smart homes and
businesses
businesses
Current world
• Customer journeys
• Digital
• Data and analytics
• Customer centric design and
Basic agile ways of working
Homogenous & complex Personalised & simple
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Origin Energy | 2017 Full Year Results Announcement

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Investing in and trialling new technology to increase customer engagement and create additional revenue streams

COLLABORATING

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Sharing Silicon Valley office and co-investing with innogy, Germany’s leading energy company

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Partnering with 7 other utilities globally to select and support 12 energy technology startups

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Sponsoring startup energy innovation hub in Australia

TECHNOLOGY TRIALS & INVESTMENTS

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Smart Premises
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Demand
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Peer to peer
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Co-working space alongside start-ups to enable rapid deployment of new technologies

Connected home solution Energy disaggregation to itemize focusing on home energy usage in customers’ monitoring homes

Origin Energy | 2017 Full Year Results Announcement

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What Origin is doing for customers

• Assisting customers in hardship

• no price rises

• putting customers on the best offer with no conditions attached

• expanding programs for matching bill payments and financial support

• Competitive offers for customers

• notify customers when discounts are expiring and outline new competitive offers

• Predictable Plan allows customers to fix energy bills and better manage their household expenses

• making energy simpler through standardised comparator rate to allow easy comparison

• Increasing low cost renewable energy and thermal generation supply to reduce wholesale electricity prices leading to lower retail prices

• Advocating for energy policy certainty , including Clean Energy Target, necessary to unlock investments in new supply and deliver genuine reduction in prices for customers

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Origin Energy | 2017 Full Year Results Announcement

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APLNG operating above design nameplate capacity

APLNG Upstream Supply[1]

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TJ/d
2,500
Train 1
Two-train
operational
test operational
2,000 test
1,500
1,000
Scheduled
T1 shutdown
500
-
LNG Feed Domestic LNG design nameplate capacity
Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17
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• Concluded the 90 day operational phase of the two train project finance lenders’ test in July 2017

• Averaged more than 10% above nameplate capacity during the test

• Release of remaining project finance shareholder guarantees (US$3.4billion) on completion of remaining test requirements expected Q1 FY2018

• Net contributor to the domestic east coast gas market

• 20% of east coast gas supply

• Potential to sell additional gas into the domestic market

(1) Includes 16PJ of insurance gas purchased for two-train operational test of 16 PJ

Origin Energy | 2017 Full Year Results Announcement

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APLNG’s post lenders’ test focus is to significantly reduce costs

APLNG capex and opex (100%)

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A$bn
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
FY18 Aspiration
Opex Capex E&A
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• Committed to significant and comprehensive upstream cost reduction, initiatives include:

• Lean operating model

• Advanced analytics

• Debottlenecking

• Well productivity improvements

• Additional information to be provided at investor briefing later in the year

Origin Energy | 2017 Full Year Results Announcement

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FY2018 Priorities

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REDUCING DEBT AND IMPROVING RETURNS

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LEADERSHIP IN ENERGY MARKETS

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LEADERSHIP IN INTEGRATED GAS

• Execute divestment of Lattice Energy

• Target Adjusted Net Debt below $7 billion

• Transformation and cost out program

• Disciplined capital management

• Increase gas volumes supported by strength of supply portfolio

• Increase generation output in response to high wholesale price

Leading transition to renewables

• Increase APLNG production

• Improve productivity and reduce costs in a low oil price environment

• Target FEED on Ironbark

• Transforming customer experience through digital, innovative products and future energy solutions

TRANSFORMING CULTURE

• Customer orientated and outcome focused

• Proactively adapting to changing energy markets

• Clear expectations for leaders and people, including refreshing Purpose, Values and Behaviours

Origin Energy | 2017 Full Year Results Announcement

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FINANCIAL
REVIEW
Lawrie Tremaine
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Origin Energy | 2017 Full Year Results Announcement 20

Improved earnings and cash flow driving lower debt

Underlying EBITDA

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$m
3,000
2,500
2,000
1,500
1,000
500
0
FY2013 FY2014 FY2015 FY2016 FY2017
Contact Origin ex Contact
NCOIA
$m
2,000
1,500
1,000
500
0
(500)
(1,000)
(1,500)
(2,000)
(2,500)
FY2013 FY2014 FY2015 FY2016 FY2017
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Capex plus net APLNG contribution

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$m
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
FY2013 FY2014 FY2015 FY2016 FY2017
Contact Origin ex Contact
Adjusted net debt
$m
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
FY2013 FY2014 FY2015 FY2016 FY2017
Contact Origin ex Contact
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Origin Energy | 2017 Full Year Results Announcement

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Statutory Loss of $2,226 million includes $3,064 million non-cash impairment

Year ended 30 June ($m)		FY2017
Statutory Profit / (Loss)		(2,226)
Items Excluded from Underlying Profit
Fair value and foreign exchange movements		96
LNG items pre revenue recognition		(36)
Disposals and business restructuring		228
Impairments		(3,064)
Total Items Excluded from Underlying Profit		(2,776)
Underlying Profit		550
Impairments post tax ($m)	H2 FY2017	FY2017
Assets held by APLNG	815	1,846
Browse Basin	-	578
Lattice Energy	357	527
Investment in Energia Austral SpA	-	114
Total	1,172	3,064

• Impairment charges of $1,172 million recognised in H2 FY2017

• APLNG (Origin share): $815 million

  • reduction in the long term oil price assumption to US$67/bbl (real) from 2022

• Lattice Energy: $357 million

  • includes the impact of cessation of depreciation and amortisation from 7 December 2016

Origin Energy | 2017 Full Year Results Announcement

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Underlying Profit of $550 million increased by $185 million

Movements in Underlying Profit

1,600 1,400 632 (632) 163 1,200 1,000 57 154 800 129 (167) (25) 600 86 550 162 400 365 200 0 Underlying EM EBITDA E&P EBITDA E&P D&A LNG EBITDA Share of ORG interest Other Underlying Profit FY2016 APLNG ITDA moving into Profit FY2017 underlying

associated with ramp-up of APLNG

(1) Lattice D&A ceased from 7 December 2016

Origin Energy | 2017 Full Year Results Announcement

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Energy Markets EBITDA increased $162 million to $1,492 million

Movements in Energy Markets Underlying EBITDA

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Electricity +144
1,600
(25)
199
1,500 (30) (14)
22
1,492
1,400
10
1,300 1,330
1,200
1,100
1,000
FY2016 Natural gas Electricity Contract costs Feb weather Future Energy LPG / S&ES / FY2017
volume growth improvement for assets sold impact Other
$ million
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Origin Energy | 2017 Full Year Results Announcement

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Integrated Gas EBITDA increased $718 million to $1,104 million

Movements in Integrated Gas Underlying EBITDA

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LNG +632 E&P +86
1,200
(103) (13) 97 12
(23) 1,104
1,000 283
800 465
600
400
386
200
0
FY2016 LNG Segment LNG Segment Oil hedging Other E&P E&P Other FY2017
Volume Price Volume Price
$ million
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Origin Energy |

2017 Full Year Results Announcement

25

Operating cash flow (ex Contact) decreased by $44 million

Year ended 30 June	2017 ($m)	2016 ($m)	Change ($m)
Movements excluding Contact
Energy
Cash EBITDA1 Change in working capital Oil Puts premium paid	1,709 (319) (64)	1,448 161 (117)	261 (480) 53
Insurance relating to completion of APLNG	(7)	(37)	30
Re-structuring costs	(13)	(102)	89
Other	(70)	(54)	(16)
Tax paid / refund received	53	34	19
Total cash flow from operating activities (ex Contact Energy)	1,289	1,333	(44)
Contact Energy – cash flow from operating activities	-	71	(71)
Total cash flow from operating activities	1,289	1,404	(115)

Working capital increase ($480 million) primarily in Energy Markets

• FY2016 benefited from tariff reductions from lower network charges and favourable collections

• FY2017 increase due to

• revenue growth ($187 million)

• timing ($137 million), to be collected in Q1 FY2018

• (1) EBITDA less non cash items. Non-cash items include the contribution from equity accounted APLNG operations ($859 million: FY2016 $111 million), exploration expense ($62 million: FY2016 $63 million), amortisation of oil hedge premiums (FY2017: $117 million, FY2016: nil) and the impact of the Oil Forward Sale ($141 million; FY2016 $139 million).

Origin Energy | 2017 Full Year Results Announcement

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Adjusted Net Debt decreased $1 billion to $8.1 billion

Movements in Adjusted Net Debt - 30 June 2016 to 30 June 2017

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10
9
9.1 (1.3)
9.1
8.9
8
0.5 8.1
0.2
(0.9)
0.5
7
6
5
30-Jun-16 Cash Flow from Asset Capital Cash contributions Interest 30-Jun-17 Adjusted
Adjusted Net Debt 1 Operations sales expenditure to APLNG 2 payments Net Debt
$ billion
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• Debt reduction ahead of target in FY2017

• Targeting Adjusted Net Debt below $7 billion in FY2018

• No dividend in light of debt reduction priority

• (1) See Appendix for details of Adjusted Net Debt

• (2) Net of MRCPS interest income received

Origin Energy | 2017 Full Year Results Announcement

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OPERATIONAL
REVIEW
Frank Calabria
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Origin Energy | 2017 Full Year Results Announcement 28

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ENERGY MARKETS

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Origin Energy | 2017 Full Year Results Announcement

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Customer experience and cost improvements

Improving customer experience Consumer & SME Interaction NPS up 3.8 pts

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16.1
12.3
9.7
Dec-15 Jun-16 Jun-17
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Business customer satisfaction[1] up 11 pts

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76
63 65
42
Dec-13 Dec-14 Dec-15 Dec-16
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Increasing online interaction and improving cost to maintain

MyAccount registrations up 5%

Online sales up 23%

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1,069k
1,014k 270k
219k
Jun-16 Jun-17 Jun-16 Jun-17
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‘My Account’ visits up 30%

eBilling accounts up 15%

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2,521k
1,940k
Jun-16 Jun-17
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1,809k
1,579k
Jun-16 Jun-17
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• Significant growth in digital capability has enabled an uplift in delivery of key projects and an improved speed-to-market

(1) Utility Market Intelligence

Origin Energy | 2017 Full Year Results Announcement

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Strong focus on customer value, retention and reducing cost to maintain

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Customer Numbers
000’s
4,000
3,500
1,089 1,112
3,000
2,500
2,000
1,500
2,741 2,716
1,000
500
-
FY2016 FY2017
Gas Electricity
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Electricity & Natural Gas CTS
$m
600
500
107 114
400 435 427
300
200
100
0
FY2016 FY2017
Cost to maintain Cost to acquire
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• Strong focus on retention and acquisition of high value customers

• Cost to maintain improved $7 million reflecting ongoing cost reduction initiatives

• Customer numbers broadly stable despite increased competition

• Cost to acquire increased $6 million reflecting increased competitive activities

Origin Energy | 2017 Full Year Results Announcement

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Natural Gas Gross Profit growth reflecting increased sales volumes

Energy Markets’ Sources and Uses of Gas

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PJ
300
250
200
150
100
50
0
FY16 FY17 FY16 FY17
Sources Uses
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LNG Customers Generation Business Retail Ramp Gas Equity Contracted

Origin Energy | 2017 Full Year Results Announcement

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Improving earnings and returns in electricity

Electricity Gross Profit

Electricity Sales Volumes

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$m TWh
1,600 50
1,400 Business Retail
1,426
40
1,200 1,282
1,000
30
21.1
19.6
800
20
600
400
10
18.4 18.6
200
0 0
FY2016 FY2017 FY2016 FY2017
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Higher Electricity Gross Profit

• Higher electricity wholesale prices providing improved earnings and returns on the substantial investment in generation

• partly offset by the impact of higher market prices on short position (including extreme weather event in February)

• Higher market REC prices providing improved returns on Origin’s renewable energy supply, including REC inventory

• Higher sales volumes

Origin Energy | 2017 Full Year Results Announcement

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INTEGRATED GAS

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Origin Energy | 2017 Full Year Results Announcement

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Strong E&P production and cash flow

(1) 0 20 40 60 80 100 120 PJe •	Liquids production includes crude oil, condensate, and LPG. 59 78 16 17 FY2016 FY2017 Liquids Natural gas and ethane E&P production 27% increase reflecting commencement of production at Halladale / Speculant $m 0 50 100 150 200 250 300 350 400 450 • 1	(300) (200) (100) 0 100 200 300 400 500 600 Capital Expenditure 412 200 FY2016 FY2017 Reduced spend at Halladale / Speculant, BassGas and Cooper Basin following the completion of development projects $m • • •	(262) 483 FY2016 FY2017 NCOIA Higher operating cash flow ($138 million) due to increased production and lower working capital Action taken to reduce capital expenditure Proceeds from sale of Darling Downs Pipeline ($392 million)

Origin Energy | 2017 Full Year Results Announcement

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35

Strong operational performance at APLNG

• Train 2 start-up in October 2016

• Completed Bechtel Performance Test and hand-over to Operator in December 2016

• Completed 90-day operational phase of two-train project finance lenders’ test

• LNG facility produced more than 10% above nameplate capacity

• High thermal efficiency

• Upstream production averaged 1,950 TJ/day

• 105 LNG cargoes shipped

• Supplied more than 20% of east coast total annual demand

• 226 operated wells drilled; 413 wells commissioned

• Includes 41 horizontal/vertical pairs and multilaterals commissioned in Spring Gully[1]

(1) Represented within the total as 80 wells commissioned

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Curtis Island

Origin Energy | 2017 Full Year Results Announcement

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Strong production and improved realised price from APLNG

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APLNG production (ORG share) APLNG realised price
PJe $/GJ
250 7.00
6.00 6.42
200 156
5.00
150
46 4.00
100 111 3.00 3.35
2.00
73
50
1.00
0
0.00
FY16 FY17
FY16 FY17
Directed to LNG Domestic
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• 46% production increase reflecting ramp up of LNG trains

• Decrease in domestic volumes due to gas previously sold under contract with QGC and other short term ramp sales diverted to LNG

• 92% increase in average realised price due to increased LNG volumes and higher LNG and domestic gas prices

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APLNG delivered on FY2017 guidance

100% APLNG (A$bn)	FY2017 Guidance	FY2017 Actual	FY2017 Actual
Capital expenditure – Sustain 1.4 1.0 Capital expenditure – E&A 0.1 0.1 Operating expenses – pre capitalisation 1.5 1.5 Less: Domestic revenue (0.7) (0.7) Less: Spot LNG revenue (0.4) (0.4)
Operating breakeven 1.9 1.5
Project finance interest 0.4 0.4 Project finance principal 0.3 0.3
Distribution breakeven 2.7 2.3
Sales Volumes, 100% APLNG (PJe)	FY2017 Guidance		FY2017 Actual
Domestic 215 214 Spot LNG 44 46
Contract LNG 354 348

• Origin’s net contribution to APLNG of $170 million was lower than guidance due to lower sustain capex reflecting:

  • Savings achieved from reduced drilling and connection costs and lower owners costs

  • Non-operated activity deferred from FY2017 into FY2018

• FY2018 sustain capex of $1.4 billion is consistent with prior guidance and higher than FY2017 levels:

• Recurring savings achieved in FY2017, offset by

• Higher levels of activity across operated (including higher levels of fracture stimulation) and non-operated areas (including deferral of FY2017 and acceleration of FY2019 activities)

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APLNG FY2018 operating and distribution breakeven

100% APLNG (A$bn)	Prior Guidance 0.70 AUD/USD	Current Guidance 0.75 AUD/USD
Capital expenditure – Sustain 1.4 1.4 Capital expenditure – E&A 0.3 0.3 Operating expenses – pre capitalisation 1.5 1.6 Less: Domestic revenue (0.5) (0.6) Less: Spot LNG / incremental domestic revenue1 (0.5) (0.5)
Operating breakeven 2.2 2.3
Operating breakeven (US$/boe)2 27 30
Project finance interest 0.5 0.4 Project finance principal 1.0 1.0
Distribution breakeven 3.7 3.6
Distribution breakeven (US$/boe)2 45 48
Sales Volumes, 100% APLNG (100%)	Prior Estimate	Current Guidance
Domestic (PJ) 184 181 Spot LNG / incremental domestic (PJ) 67 75 Contract LNG volumes (PJ) 432 433 Contract LNG volumes (mmboe)2 57 57

• At AUD/USD rate of 0.75

   - Operating breakeven is US$30/bbl
  
   - Distribution breakeven of US$48/bbl includes project finance interest and principal repayments of $1.4 billion
  

  • Change in breakeven estimates (US$/boe) largely due to FX

• A $0.1 billion increase in FY2018 operating expenses relative to prior guidance reflects higher electricity supply costs and higher insurance gas purchases for the two-train operational tests offset by higher revenue

• (1) Based on Facts Global Energy – May 2017 forecast for spot LNG prices

• (2) Based on contract LNG sales volumes converted to barrels of oil equivalent adjusted for contract slope.

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APLNG reserves support commitments with potential upside from maturing 2C resource

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100% APLNG Reserves, 2C Resource and
Requirements [1]
PJ
Cumulative production of 1,544PJ over period
25,000
20,000
15,000
10,000
5,000
0
Estimated
Requirements
1P 2P
3P 2C
Origin Contract Domestic Gas
QCLNG GSA Train 1 - 20 years
Train 2 - 20 years Tail Gas
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• Activity during FY2017 focused on increasing near term production ahead of the two-train lenders’ test

• Strong production result of 610 PJe.

• Before production:

• 1P Reserves increased 1,037 PJe as a result of development drilling.

• 2P Reserves decreased 375 PJe and 3P Reserves decreased 944 PJe due to

  • downward revision in recovery in low permeability areas

  • re-classification of 3P to 2C resource

• Current focus on exploration and appraisal activities to mature resources to reserves

(1) Refer to important notices in the Appendix

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OUTLOOK
Frank Calabria
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Origin Energy | 2017 Full Year Results Announcement 41

Growth expected in FY2018

• FY2018 earnings is expected to be driven by growth in both Energy Markets and Integrated Gas, subject to market conditions and regulatory environment

• Energy Markets EBITDA is expected to increase to $1.70 – $1.80 billion (up 14 - 21 % on FY2017)

• Driven by improved returns in Electricity and stable Natural Gas contribution

• LNG earnings are expected to be underpinned by a full year of APLNG production resulting in:

• Origin share of APLNG production in the range of 245 - 265 PJ (up 7 – 16% on FY2017)

• Full year production from Lattice Energy is expected to be in the range of 76 – 86 PJe

• Origin will cease to recognise earnings from Lattice upon completion of the expected sale of the business

• Capital expenditure (excluding Lattice Energy) is expected to be $360 - $420 million including investment in Future Energy solutions

• Adjusted Net Debt is expected to be below $7 billion reflecting Lattice Energy divestment

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APPENDIX
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Origin Energy | 2017 Full Year Results Announcement 43

Origin continues to hold sufficient liquidity

Debt & Bank Guarantee Maturity Profile as at 30 June 2017

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Loans & Bank Guarantees - Undrawn
Loans & Bank Guarantees - Drawn
7,000 Capital Markets Debt & Hybrid
6,000
5,000
4,000
3,000
2,000
1,000
0
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26+
$ million
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• $6.6 billion[1] of undrawn committed bank facilities and cash at 30 June 2017

• 2017 activity:

• Extended the maturity of $4.5 billion[2] of syndicated bank loans by 34 months to October 2021

• Redeemed the A$900 million Subordinated Notes

• Current credit ratings are:

• BBB- / stable (S&P)

• Baa3 / negative outlook (Moody’s)

(1) Excludes bank guarantees

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Reconciliation of adjusted net debt

	Issue	Issue	Hedged	Hedged	AUD $'m	AUD $'m	AUD $'m
	Currency	Notional	Currency	Notional	Jun-17	Jun-17	Jun-17
					Interest-bearing	Fair value adjustments	Adjusted net
					liabilities	on FX hedging	debt
						transactions
AUD Debt	AUD	517	AUD	517	517	0	517
USD Debt Left in USD	USD	850	USD	850	1,105	0	1,105
1
USD Debt Swapped to AUD	USD	895	AUD	1,004	1,166	(162)	1,004
EUR Debt Swapped to AUD 1	EUR	2,700	AUD	3,727	4,106	(378)	3,727
EUR Debt Swapped to USD 2	EUR	1,000	USD	1,372	1,487	298	1,784
NZD Debt Swapped to AUD 1	NZD	141	AUD	125	134	(10)	124
Total					8,515	(253)	8,262
Cash and cash equivalents							(151)
Adjusted net debt							(8,111)

Origin continues to hold some USD debt

• Foreign currency debt has been largely hedged into either AUD or USD using cross currency interest rate swap (CCIRS) derivatives

• Accounting standards require the foreign currency debt and the linked CCIRS derivatives to be disclosed separately

• As at 30 June 2017, Origin’s interest bearing liabilities were A$8,515 million. The associated CCIRS was a net derivative asset of A$253 million. The net of these two amounts reflect the quantum of debt Origin is required to repay upon maturity

• (1) Since the inception of the CCIRS derivatives, the AUD has depreciated against the USD, EUR and NZD. This has meant that interest-bearing liabilities show a larger liability when the foreign debt is translated at current spot rates. The fair value of the CCIRS derivatives on the other hand increased, shown as a derivative asset (reduces the quantum of debt Origin is required to pay upon maturity)

• (2) Conversely, the USD has appreciated relative to EUR since the inception of the EUR to USD CCIRS derivatives. This has meant that interest-bearing liabilities show a lower liability when the foreign debt is translated at the current spot rate. The fair value of the CCIRS derivatives on the other hand has decreased and is shown as a derivative liability.

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Energy Markets sales volumes

Natural Gas sales volume (PJ)

Year ended 30 June 2017 2016 Change Change	Year ended 30 June 2017 2016 Change Change	Year ended 30 June 2017 2016 Change Change
Volumes sold (PJ) Retail Business Total Retail Business Total PJ %
NSW 9.4 23.4 32.8 Victoria 25.6 40.9 66.5 Queensland 2.9 69.1 72.0 South Australia 5.1 11.3 16.4	8.2 16.7 24.9 25.6 39.3 64.9 3.0 57.5 60.5 5.3 11.4 16.7	7.9 32 1.6 2 11.5 19 (0.3) (2)
External volumes sold 43.1 144.7 187.9	42.1 124.9 167.1	20.8 12
Internal sales(generation) 61.5	61.1	0.3 (3)
Total volumes sold 249.4	228.2	21.2 9

Electricity sales volume (TWh)

Year ended 30 June 2017 2016 Change Change	Year ended 30 June 2017 2016 Change Change	Year ended 30 June 2017 2016 Change Change
Volumes sold (TWh) Retail Business Total Retail Business Total TWh %
NSW 9.0 9.1 18.1 Victoria 3.4 4.8 8.2 Queensland 5.2 5.4 10.6 South Australia 1.1 1.7 2.8	8.9 8.5 17.4 3.4 4.5 7.9 5.2 5.5 10.7 1.0 1.2 2.2	0.7 4 0.3 4 (0.1) (1) 0.6 27
Total volumes sold 18.6 21.1 39.7	18.4 19.6 38.1	1.6 4

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Energy Markets customer accounts

Customer Accounts

As at 30June 2017	30June 2016	30June 2016	30June 2016
Customer Accounts ('000) Electricity Natural Gas Total	Electricity Natural Gas Total Change
NSW1 1,213 262 1,475 Victoria 553 478 1,031 Queensland 752 168 920 South Australia2 198 203 401		1,240 252 1,492 566 478 1,044 761 160 921 174 199 372	(17) (13) (1) 29
Total 2,716 1,112 3,828		2,741 1,089 3,830	(2)

(1) Australian Capital Territory (ACT) customer accounts are included in New South Wales.

• (2) Northern Territory customers are included in South Australia.

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Energy Markets generation

Generation portfolio

Year ended 30 June 2017	Nameplate Capacity (MW)	Type1	Equivalent Reliability Factor2	Capacity Factor	Electricity Output (GWh)	Pool Revenue ($m)	Pool Revenue ($/MWh)
Eraring	2,880	Black Coal	89.6%	55%	13,882	1,197	86
Darling Downs	644	CCGT	99.0%	55%	3,129	342	109
Osborne3	180	CCGT	100.0%	59%	937	124	132
Uranquinty	664	OCGT	99.7%	10%	588	108	183
Mortlake	566	OCGT	98.9%	22%	1,086	122	112
Mount Stuart	423	OCGT	84.6%	2%	71	53	741
Quarantine	224	OCGT	98.7%	13%	257	58	226
Ladbroke Grove	80	OCGT	98.2%	26%	185	35	188
Roma	80	OCGT	97.5%	6%	39	13	332
Shoalhaven	240	Pump/Hydro	90.5%	6%	117	22	192
Cullerin Range4	30	Wind	93.0%	48%	4	0	91
Internal Generation	6,011		91.9%		20,295	2,073	102
Renewable PPAs	732	Solar / Wind	n.a.	32%	2,105
Owned and Contracted Generation	6,743				22,400

• (1) OCGT = Open cycle gas turbine; CCGT = Combined cycle gas turbine.

• (2) Availability for Eraring = Equivalent Availability Factor (which takes into account de-ratings).

• (3) Origin has 50% interest in the 180MW plant and contracts 100% of the output.

• (4) The sale of the Cullerin Range wind farm completed in July 2016

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Renewable Power Purchase Agreements

Origin’s LRET position[1]

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8
7
6
5
4
3
2
1
-
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Calendar Year
Existing PPAs & Contract Recent Solar deals Stockyard Hill Wind
Mass Market Total demand
Number of RECS (millions)
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(1) REC liability based on growth in line with AEMO’s system demand

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Important Notices

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 financial year ended 30 June 2017 (the period) compared with the financial year ended 30 June 2016 (the prior corresponding period), except where otherwise stated.

Origin’s Financial Statements for the financial year ended 30 June 2017 are presented in accordance with Australian Accounting Standards. The Segment results, which are used to measure segment performance, are disclosed in note A1 of the 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 22.

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 this Appendix. Non-IFRS measures have not been subject to audit or review.

Certain comparative amounts from the prior corresponding period have been re-presented to conform to the current period’s presentation.

A dual track Initial Public Offering (IPO) / trade sale process is currently underway for Lattice Energy, the name given to Origin’s upstream conventional business. On 10 August 2015, Origin divested its entire 53.09% interest in Contact Energy. Origin has also undertaken the sales program of a number of infrastructure assets in recent periods. Lattice Energy, Contact Energy and other selected assets are treated as “held for sale” and “discontinued operations” in Origin’s statutory financial statements. This investor presentation provides a discussion of the performance and operations of all of Origin’s businesses during the financial year ended 30 June 2017.

A reference to Australia Pacific LNG or APLNG is a reference to Australia Pacific LNG Pty Limited in which Origin holds a 37.5% shareholding. Origin’s shareholding in Australia Pacific LNG is equity accounted.

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. 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 numbers change from negative to positive, or vice versa, are labelled as not applicable.

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Important Notices (cont)

Reserves

Disclosures of Origin and APLNG’s reserves and resources are as at 30 June 2017. These reserves and resources were announced on the same date as the release of this Operating and Financial Review in Origin’s Annual Reserves Report for the year ended 30 June 2017. Petroleum reserves and contingent resources are typically prepared by deterministic methods with support from probabilistic methods. Petroleum reserves and contingent resources are aggregated by arithmetic summation by category and as a result, proved reserves (1P reserves) may be a conservative estimate due to the portfolio effects of the arithmetic summation. Proved plus probable plus possible (3P reserves) may be an optimistic estimate due to the same aforementioned reasons.

The CSG interests that APLNG acquired from Tri-Star in 2002 are subject to reversionary rights. If triggered, these rights will require APLNG to transfer back to Tri-Star a 45% interest in those CSG interests for no additional consideration. The reversion trigger will occur when the revenue from the sale of petroleum from those CSG interests, plus any other revenue derived from or in connection with those CSG interests, exceeds the aggregate of all expenditure relating to those CSG interests plus interest on that expenditure, royalty payments and the original acquisition price. Approximately 21% of APLNG’s 3P CSG reserves as of 30 June 2017 are subject to these reversionary rights.

Tri-Star has commenced proceedings against APLNG claiming that reversion has occurred. If Tri-Star’s claim is not successfully defended, Tri-Star may be entitled to an order that reversion occurred as early as 1 November 2008 and the reserves and resources that are subject to reversion may not be available for APLNG to sell or use. These events may have a material adverse impact on the financial performance of APLNG and, if unmitigated, may significantly affect the amount and timing of cash flows from APLNG to its shareholders, including Origin.APLNG denies the claim and is defending it.

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Glossary - Statutory Financial Measures

Statutory Financial Measures are measures included in the 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 Financial Statements for the Origin Consolidated Group.

Term Meaning	Term Meaning
Statutory Profit/Loss	Net profit/loss after tax and non-controlling interests as disclosed in the Income Statement of the Origin Consolidated Financial Statements.
Statutory earnings per share (EPS)	Statutory profit/loss divided by weighted average number of shares.
Cash flows from operating activities	Statutory cash flows from operating activities as disclosed in the Cash Flow Statement of the Origin Consolidated Financial Statements.
Cash flows used in investing activities	Statutory cash flows used in investing activities as disclosed in the Cash Flow Statement of the Origin Consolidated Financial Statements.
Cash flows from financing activities	Statutory cash flows from financing activities as disclosed in the Cash Flow Statement of the Origin Consolidated Financial Statements.
External revenue	Revenue after elimination of intersegment sales on consolidation as disclosed in the Income Statement of the Origin Consolidated Financial Statements
NCOIA	Net cash flow from operating and investing activities
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 Group.
Statutory net financing costs	Interest expense net of interest income as disclosed in the Origin Consolidated Financial Statements.

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Glossary - Non-IFRS Financial Measures

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.

Term Meaning	Term Meaning
Adjusted Net Debt	Net Debt adjusted to remove fair value adjustments on borrowings in hedge relationships.
Average Capital Employed	Shareholders Equity plus Origin Debt plus Origin’s Share of APLNG Project Finance less Non-cash fair value uplift plus net derivative liabilities. The average is a simple average of opening and closing in any year.
Gross Margin	Gross profit divided by Revenue.
Gross Profit	Revenue less cost of goods sold.
ITDA	Interest, Tax, Depreciation and Amortisation
Non-cash fair value uplift	Reflects the impact of the accounting uplift in the asset base of APLNG of $1.9 billion which was recorded on the creation of APLNG and subsequent share issues to Sinopec. This balance will be depreciated in APLNG’s income statement on an ongoing basis and, therefore, a Dilution Adjustment is made to remove this depreciation. The non-cash fair value uplift adjustments are disclosed and explained in Note C1.2 of the financial statements.
Prior corresponding period	12 month period to 30 June 2016.
Underlying Return on Capital Employed (ROCE)	Adjusted EBIT divided by Average Capital Employed
Underlying Profit	Underlying net profit after tax and non-controlling interests as disclosed in note A1 of the Origin Consolidated Financial Statements.
Underlying earnings per share	Underlying profit/loss divided by weighted average number of shares.
Items excluded from Underlying Profit	Items that do not align with the manner in which the Managing Director reviews the financial and operating performance of the business which are excluded from Underlying Profit.
Total Segment Revenue	Total revenue for the Energy Markets, Integrated Gas, Contact Energy and Corporate segments, including inter-segment sales, as disclosed in note A1 of the Origin Consolidated 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 EBITDA	Underlying earnings before underlying interest, underlying tax, underlying depreciation and amortisation (EBITDA) as disclosed in note A1 of the Origin Consolidated Financial Statements.
Underlying depreciation and amortisation	Underlying depreciation and amortisation as disclosed in note A1 of the Origin Consolidated Financial Statements.
Underlying EBIT	Underlying earnings before underlying interest and underlying tax (EBIT) as disclosed in note A1 of the Origin Consolidated Financial Statements.
Underlying income tax expense	Underlying income tax expense as disclosed in note A1 of the Origin Consolidated Financial Statements.
Underlying net financing costs	Underlying interest expense net of interest income as disclosed in note A1 of the Origin Consolidated Financial Statements.
Underlying profit before tax	Underlying profit before tax as disclosed in note A1 of the Origin Consolidated Financial Statements.
Underlying share of ITDA	The Group’s share of underlying interest, underlying tax, underlying depreciation and underlying amortisation (ITDA) of equity accounted investees as disclosed in note A1 of the Origin Consolidated Financial Statements.

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Glossary - Non-Financial Terms

Term Meaning	Term Meaning
APLNG	Australia Pacific LNG – an incorporated Joint Venture between Origin,ConocoPhillips and Sinopec
Bbl	Barrel – An international measure of oilproduction. 1 barrel = 159 litres
Boe	Barrel of oil equivalent
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% availabilityat the manufacturer’s operatingspecifications.
Contingent Resource	Contingent Resources estimates are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent Resources are a class of discovered recoverable resources.
DQT	DownwardQuantityTolerance
Equivalent reliabilityfactor	Equivalent reliabilityfactor is the availabilityof theplant after scheduled outages.
FEED	Front End EngineeringDesign
GJ	Gigajoule = 109 joules
GJe	Gigajoules equivalent = 10-6 PJe
IPO	Initial Public Offering
Joule	Primarymeasure of energyin the metric system.
kT	kilo tonnes = 1,000 tonnes
kW	Kilowatt = 103 watts
kWh	Kilowatt hour = standard unit of electrical energyrepresentingconsumption of one kilowatt over one hour.
LNG	Liquefied Natural Gas
LPG	Liquefied Petroleum Gas
Mmboe	million barrels of oil equivalent
Mmbtu	million British thermal units
MW	Megawatt = 106 watts
MWh	Megawatt hour = 103 kilowatt hours
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 LNG = 55.4 PJe; 1 million tonnes LPG = 49.3 PJe; 1 TWh of electricity=3.6 PJe.
Ramp Gas	Short term Queensland gas supply as upstream assets associated with CSG-to-LNG projects gradually increase production in advance of first LNG
SPE	Societyof Petroleum Engineers
TCF	Trillion cubic feet
TJ/d	Terajoulesper day (Terajoule = 1012 Joules)
TW	Terawatt = 1012 watts
TWh	Terawatt hour = 109 kilowatt hours
Watt	A measure ofpower when a one ampere of current flows under one volt ofpressure.

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For more information

Peter Rice

General Manager, Capital Markets Email: peter.rice@originenergy.com.au Office: +61 2 8345 5308 Mobile: + 61 417 230 306

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

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