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Preliminary Final Report Year Ended 30 September 2015 Appendix 4E Preliminary Final Report ORICA LIMITED ABN 24 004 145 868 1

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Preliminary Final Report Year Ended 30 September 2015 Appendix 4E Preliminary Final Report ORICA LIMITED ABN 24 004 145 868 1 Appendix 4E – Preliminary Final Report Year ended 30 September 2015 Appendix 4E Preliminary final report ORICA LIMITED ABN 24 004 145 868 1. Details of the reporting period and the previous corresponding period Reporting Period Year Ended 30 September 2015 Previous Corresponding Period Year Ended 30 September 2014 2. Results for announcement to the market Con solidated: $m 2.1 Consolidated revenue from operations down (9.9)% to 6,123.2 2.2 Loss after tax attributable to shareholders down >100% to (1,267.4) 2.3 Net profit for the period attributable to shareholders before individually material items down (29.6)% to 424.2 From continuing operations: 2.1 Revenue from continuing operations down (1.2)% to 5,653.3 2.2 Loss after tax from continuing operations attributable to shareholders down >100% to (1,274.4) 2.3 Net profit for the period from continuing operations attributable to shareholders before indi vi duall y material items down (26.0)% to 417.2 Amount per Franked amount per Dividends security security at 30% tax Current period 2.4 Final dividend - Ordinary Cents 56.0 20.0 2.4 Interim dividend - Ordinary Cents 40.0 14.0 Previous corresponding period 2.4 Final dividend - Ordinary Cents 56.0 20.0 2.4 Interim dividend - Ordinary Cents 40.0 16.0 2.5 Record date for determining entitlements to the dividend: Ordinary Shares 27-N ov-15 Payment date of dividend: Ordinary Shares 18-Dec-15 2.6 Brief expl anation of figures 2.1 to 2.4: i) It is anticipated that dividends in the near future are unlikely to be franked at a rate of more than 35%. ii) Conduit foreign income (CFI) component: Current period Previous corresponding period Interim dividend: Interim dividend: Ordinary 26 cents Ordinary 24 cents Final dividend: Final dividend: Ordinary 36 cents Ordinary 36 cents iii) For the profit commentary and any other significant information needed by an investor to make an informed assessment of Orica's results please refer to the accompanying Orica Limited Results for the Full Year Ended 30 September 2015. Orica Limited i REVIEW OF OPERATIONS AND FINANCIAL PERFORMANCE Statutory net profit after tax (NPAT) for the full year Commentary on Group Results (Continuing ended 30 September 2015 was a loss of $1,267.4 Operations) million. The previous corresponding period (pcp) Revenue was a profit of $602.5 million. Sales revenue of $5,653 million was down $68 million on pcp, (1) primarily driven by lower AN volumes in Australia, lower ground Individually material items after tax was a loss of support volumes across most markets, lower average pricing $1,691.6 million relating to impairment of assets for explosives, mining chemicals and ground support products. within the Group. Offsetting this were increased AN volumes in North America and Asia, higher initiating systems and cyanide volumes, On a continuing operations basis, NPAT before growth in revenue from advanced products and services and individually material items (2) was $417.2 million favourable foreign exchange movements. (pcp: $563.6 million). Including NPAT from Corporate costs discontinued operations of $7.0 million, NPAT Corporate costs of $161 million were higher than the pcp ($90 before individually material items was $424.2 million). The increase reflected transformation program costs million. and redundancies of $31 million, increase in the Yarraville environmental provision of $15 million, lower profit on the sale Summary of assets of $10 million, higher net hedging and insurance costs of $10 million and higher depreciation and amortisation costs of Total ammonium nitrate (AN) and emulsion product volumes at $5 million. 3.76 million tonnes in-line with outlook provided on 7 August EBITDA (3) from continuing operations down 14% to $978 million (pcp: $1,132 million) Earnings before Interest and Tax (EBIT) before EBIT (4) from continuing operations down 21% to $685 million individually material items (pcp: $863 million) The following table describes the impact of the principal factors Assets impaired during the year comprised, Ground Support that affected EBIT for the 2015 financial year compared with business ($848 million), ammonium nitrate assets ($649 million) the 2014 financial year. and other assets ($195 million) A$M A$M Earnings per share from continuing operations before EBIT for the year ended 30 September individually material items is 112.7 cents (pcp: 153.1 cents) 862.5 2014 Transformation program delivers benefits of $175 million with (1) Foreign exchange 52.0 one-off costs of $81 million One-off items in 2014: After excluding $652 million from the sale of the Chemicals Net gains on asset sales (33.2) business, net operating and investing cash flows were $352 Adjusted EBIT for the year ended 30 million, down from $461 million in the pcp 881.3 (5) September 2014 Net debt of $2,026 million, down 9% on the pcp Explosives – net volume, regional/product (6) (135.2) Gearing at 40.4%, versus 33.7% in the pcp & customer mix Interest cover from continuing operations (including capitalised (7) Explosives – net price impact (56.9) interest) is 8.3 times (pcp: 7.5 times) Mining Chemicals – net volume and price (1.3) Final ordinary dividend of 56 cents per share, unchanged from impact (8) pcp (payout ratio 84% versus 59% in the pcp). Ground Support – net volume and price (55.0) impact Group Results Gross transformation benefits: Supply efficiency program 60.4 2015 2014 Change Year ended 30 September Operations and Support cost program 114.7 175.1 A$M A$M % Depreciation and amortisation (14.0) Sales revenue 5,653.3 5,721.5 (1%) Net inflation & Other 5.5 Other Income 50.1 56.1 (11)% Adjusted EBIT for the year ended 30 799.5 Total revenue (continuing September 2015 operations) 5,703.4 5,777.6 (1%) Gross transformation costs (81.3) EBIT One-off items in 2015: Mining services 865.0 942.1 (8%) Redundancies (17.1) Ground support (19.4) 10.8 > (100%) Environmental provision (15.0) Corporate costs (160.8) (90.4) (78%) Net loss on asset sales (1.1) (33.4) Total EBIT (continuing EBIT for the year ended 30 September 684.8 operations) 684.8 862.5 (21%) 2015 Net interest expense (82.2) (114.8) 28% (i) Retranslation of 2014 earnings at 2015 exchange rates. Tax expense (176.2) (161.5) (9%) Net interest expense Non-controlling interests (9.2) (22.6) 59% NPAT before individually Net interest expense of $82 million was lower than the pcp material items (continuing ($115 million) due to cash proceeds from the sale of the operations) 417.2 563.6 (26%) Chemicals business, lower financing costs and higher Individually material items capitalised interest, mainly associated with the Burrup after tax (continuing ammonium nitrate plant. operations) (1,691.6) - 2015 2014 Change NPAT and individually Year ended 30 September A$M A$M % material items (continuing operations) (1,274.4) 563.6 > (100%) Statutory net interest expense 82.2 114.8 (28%) Adjusted for: NPAT (discontinued Capitalised interest 36.7 27.6 33% operations) 7.0 38.9 (82%) Adjusted net interest expense 118.9 142.4 (17%) NPAT and individually material items (statutory) (1,267.4) 602.5 > (100%) 1 REVIEW OF OPERATIONS AND FINANCIAL PERFORMANCE Tax expense An effective tax rate from continuing operations of 29.2% (pcp: 21.6%) was higher due to a reduction in the foreign tax deductions, Earnings Per Share - cents a prior year tax undercharge relating to foreign tax payable and a reduction in non taxable profit from asset sales due to the utilisation of capital losses. This was offset by a change in tax on the 177.9 169.5 163.7 geographical profit mix. 162.9 Individually Material Items 114.6 Loss after income tax includes the following individually material items of expense: 2011 2012 2013 2014 2015 Gross Tax Net A$M A$M A$M Impairment of: Sales $m Ground Support business (i) (848.4) - (848.4) (ii) Ammonium Nitrate assets (730.0) 41.5 (688.5) 6,885 (iii) 6,796 Other assets (306.0) 12.7 (293.3) 6,674 Total (1,884.4) 54.2 (1,830.2) Non-controlling interests in 138.6 6,182 impairment of assets 6,123 Individually material items attributable to (1,691.6) 2011 2012 2013 2014 2015 shareholders of Orica EBIT $m In August 2015, Orica announced that it had conducted a full review of its business and its operating model in the context of the ongoing challenging conditions facing the mining sector and the oversupplied ammonium nitrate market. Orica recognised the following 968.1 1,022.6 935.8 impairments: 929.7 689.4 (i) Following management's review of the business structure, the Ground Support business was re-established during August 2015 as a separate business and reportable segment to give it greater focus, to better assess its performance and provide 2011 2012 2013 2014 2015 greater optionality for its future. The 2015 operating results for this segment were down on prior periods due to weak volumes, NPAT $m particularly into global coal markets, and lower pricing in the USA. Goodwill in relation to Ground Support has been allocated to a separate segment. It therefore no longer benefits from the 650.2 available headroom within its previously allocated regional 618.8 602.5 Mining Services segment. As a result of the change in business 592.5 structure and continued downturn, the carrying value of the goodwill and other identifiable assets in Ground Support are no longer supported and have therefore been impaired. 424.2 (ii) Certain AN assets have been impaired due to a combination of 2011 2012 2013 2014 2015 factors.
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