Balance Sheet Strength Provides Opportunities to Grow & Develop

Citi’s Australian & New Zealand 6th Annual Investment Conference London

9 March 2009

1 Important Notice

This presentation does not constitute investment advice, or an inducement or recommendation to acquire or dispose of any securities in Origin, in any jurisdiction (including the USA). This presentation is for information purposes only, is in a summary form, and does not purport to be complete. This presentation does not take into account the investment objectives, financial situation or particular needs of any investor, potential investor or any other person. No investment decision should be made in reliance on this presentation. Independent financial and taxation advice should be sought before making any investment decision. Certain statements in this presentation are in the nature of 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, the regulatory environment, 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 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. In addition, statements about past performance are not necessarily indicative of future performance. The forward looking statements in this presentation reflect views held only at the date of this presentation. Subject to any continuing obligations under law or the ASX Listing Rules, Origin and the Relevant Persons disclaim any obligation or undertaking to disseminate after the date of this presentation any updates or revisions to any forward looking statements to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which such statements are based. No representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information in this presentation and no responsibility or liability is or will be accepted by Origin or any of the Relevant Persons in relation to it. In particular, Origin does not endorse, and is not responsible for, the accuracy or reliability of any information in this presentation relating to a third party. All references to "$" are references to Australian dollars unless otherwise specified. A reference to Contact is a reference to Contact Energy of New Zealand, a 51.3% subsidiary of Origin. 2

2 Outline

• Company Strategy

• Strategy Implementation

• Appendix

3

3 Company Strategy

4 Origin operates in the domestic energy markets in Australia and New Zealand. Growth in demand in these markets for electricity, natural gas and LPG has averaged around 4% per annum since the 1980s even through times of recession

Source: ABARE, Access Economics Origin’s share of Eastern Australian end use energy markets has grown from 10% in 2000 to around 15% and the Company is well placed to continue to increase its 5 market share in a steadily growing market

5 Origin’s strategy of being a fuel integrated generator retailer is designed to…

Fuel Generator Retailer

A leading producer of gas in Largest owner and developer of A leading wholesaler and Eastern Australia involved in the gas fired electricity generation retailer of energy & Australia’s development of Australia’s in Australia largest green energy retailer largest CSG to LNG project Extensive portfolio of both CSG Investing over $1.5 billion in Around 3 million customers and conventional gas & oil generation, doubling capacity to across Australia and Pacific 2,800MW by 2010

Origin’s 2P Reserves Origin’s Generation Capacity Origin’s Energy Sales

Source: Origin … better manage risk and access more 6 opportunities for growth

6 Effective implementation of this strategy has delivered a consistent record of underlying earnings and dividend growth

9,000 Revenue 1,500 EBITDAF Compound annual growth rate: 26% Compound annual growth rate: 23% 7,500 1,200

6,000 900 4,500 $millions $millions 600 3,000

300 1,500

0 0 2001 2002 2003 2004 2005 2006 2007 2008 2001 2002 2003 2004 2005 2006 2007 2008 Underlying earnings per share Dividends per share 50 Compound annual growth rate: 17% 50 Compound annual growth rate: 43%

40 40

30 30 cents cents 20 20

10 10

0 0 2001 2002 2003 2004 2005 2006 2007 2008 2001 2002 2003 2004 2005 2006 2007 2008

Source: Origin

7

7 Origin’s history of profit growth continues with Underlying Profit for the first half up 38% to $277 million

Financial Highlights – HY2009 Revenue $4,216 m up 10% • The interim dividend increased by 108% to 25 EBITDAF $686 m up 12% cps, consistent with Statutory Profit $6,663 m up 1891% Origin’s intention to rebase annual dividends Underlying Profit $277 m up 38% to 50 cps and target an EPS – Statutory 761.0 cps up 1887% increased dividend payout EPS – Underlying 31.6 cps up 38% ratio of at least 60% of underlying earnings OCAT $363 m down 6% • Origin has now elected to Free cash flow per share 25 cps down 17% terminate the on-market buyback of shares to Interim dividend fully franked 25 cps up 108% preserve its financial Origin cash on deposit(1) $4,073 m capacity in the current Origin undrawn debt facilities(2) $2,313 m economic environment Based on current market conditions, Origin expects underlying earnings for the current financial year to be approximately 20–25% higher than the prior year 8 (1) Excluding Contact (2) Excluding Contact and bank guarantees

8 As the operating and economic environment for businesses becomes more challenging, Origin has been able to continue to grow its existing business…

• Full half year contribution from Otway Gas Project • Continued development of New Zealand upstream business with full half year contribution from Taranaki Basin and progress on Ahuroa Gas Storage project • Acquired the 640 MW Uranquinty Power Station and committed to the 550 MW Mortlake Power Station • Secured long-term electricity hedge purchase and gas supply agreement with 450 MW Braemar 2 Power Station in Queensland • Entered long-term wind power purchase agreement with ACCIONA Energy for 192 MW • Appraisal activities significantly increased 2P reserves by over 750 PJ and 3P reserves by almost 1,000 PJ in the APLNG joint venture • Selected Wipro Technologies as partner in the transformation of Origin’s Retail systems • Completed Uranquinty Power Station (640 MW), which is now fully operational and commenced commissioning of the Quarantine Power Station expansion (120 MW) … through the completion of current projects, acquisitions and commitment to new development projects

9

9 In addition to the ongoing growth in earnings, the highlight of the current financial year has been the CSG transaction with ConocoPhillips…

ConocoPhillips has subscribed for a 50% interest in Australia Pacific LNG Assets Australia Pacific LNG includes all of Origin’s CSG interests, related production facilities and existing CSG sales contracts ConocoPhillips to initially invest A$8 billion for a 50% share of a CSG to LNG Joint Venture comprising: • An up-front cash payment of A$6.9 billion (US$5 billion) Consideration • Additional fixed contribution of A$1.15 billion to carry Origin’s share of costs to Final Investment Decision, expected at end 2010 for Train 1 A further US$2 billion will be invested as payments of US$500 million at the time that each of the 4 LNG trains is approved, to partly carry Origin’s share of costs Fully aligned 4 Train CSG to LNG Project using 24 TCF over 30 years(1) Origin is the upstream CSG operator and domestic gas marketer Joint Venture ConocoPhillips to be the downstream LNG operator Joint Venture to market LNG led by ConocoPhillips personnel Train 1 FID expected late 2010 and Train 2 FID expected late 2010/11 Timetable Train 1 first LNG expected in 2014 … which confirmed the value and quality of Origin’s CSG assets and will establish a new export channel to market 10 (1) Excluding ramp and tail gas

10 As a result of this transaction, Origin is now in an unparalleled position with $6.4 billion of cash on deposit and undrawn committed debt facilities… As at 31 December 2008

Undrawn Available Adjusted Committed Funding (1) (2) (1) Gross Debt Cash Debt Facilities Capacity

Source: Origin … at a time when we expect increased opportunities to grow 11 (1) Net Cash/(Debt) excluding mark to market adjustments on debt and develop the business (2) Uranquinty acquisition includes debt assumed on acquisition Note: All amounts exclude Contact

11 The consistent pursuit of Origin’s strategy and the APLNG transaction have resulted in significant increases in value for shareholders

Origin’sOrigin CompoundTSR Compound Annual GrowthAnnual Rate: Growth 30% Rate: 30%

Source: Guerdon Associates, Bloomberg

• Market capitalisation and liquidity have increased significantly over time with Origin now in the S&P/ASX20

12

12 Strategy Implementation

13 Exploration & Production

14 Developing gas reserves close to markets has been a key component of Origin’s strategy…

Origin’s 2P Reserves (1) • Extensive portfolio of gas and oil exploration and production interests near key markets in Australia and New Zealand • Leading operator and largest producer of CSG in Australia as part of APLNG joint venture • Seeking to develop Australia’s largest CSG to LNG project through APLNG joint venture with ConocoPhillips • Portfolio includes mature assets, such as Cooper and Perth basins, along with major new gas projects including the producing BassGas and Annual Production 101 PJe Otway Projects and the Kupe Gas Project that is 2P Reserves(2) 3,693 PJe currently under development • Extensive exploration program in highly prospective areas

… and has supported the Generation and Retail positions by providing fuel at competitive prices

(1) Decrease in CSG reserves position in 2009 attributable to 50% reduction in Origin’s interest following completion of APLNG transaction. 15 (2) Origin undertakes a comprehensive review of its reserves position at the end of each financial year. This interim estimate of reserves represents the published 2P reserves position as at 30 June 2008, adjusted for the APLNG transaction, the CSG reserves upgrade as at 31 December 2008 and production for the first half of the current financial year.

15 Investments in new production areas over the last decade have more than offset the anticipated decline of maturing assets…

• Underlying CSG production continued to grow, although Origin interests in CSG and Denison Trough diluted by 50% from November 2008 due to APLNG transaction • Otway Gas Project is operating reliably at or around peak design rates during high winter seasonal demand • Bass Basin production lower due to well constraint – operations now back to normal levels • Taranaki assets provided first full half production, although at constrained rates due to conservation of pad gas for Ahuroa gas storage project • Cooper Basin is in decline as contract volumes begin to ramp down

Source: Origin … with further CSG expansion, potentially through export 16 channels providing opportunities for significant growth

16 Liquids production from the mature Cooper and Perth basins continues to decline… • Whilst the Cooper basin is in decline, the Cooper Oil Program has delivered incremental growth to oil production • Perth Basin production continues to decline • Otway Gas Project and Taranki have added to liquids production • BassGas liquids production has been lower due to a well constraints and plant shutdowns although it is now operating at normal levels • Kupe project is expected to commence commercial operations in the September Quarter of 2009 • Liquids production is increasingly weighted towards condensate with oil declining from nearly two thirds of liquids production in FY 06 to just over one third in the Dec half

Source: Origin … although the Otway and Bass basins provide increased contributions, and will be supplemented by the liquids rich 17 Kupe project later this year

17 APLNG is progressing well

APLNG Established • Origin & ConocoPhillips senior executives appointed to APLNG Board • Board has appointed Project Director, Chief Financial Officer, Commercial Manager and LNG Marketing Manager • Initial Advice Statement seeking significant project status submitted Origin as Upstream Operator continues to deliver reserves and production growth • $2.3 billion upstream work program to FID agreed and underway • CSG reserves increased by net 731 PJ 2P and 972 PJ 3P • 300 people working in the Upstream operations ConocoPhillips as Downstream Operator is effectively progressing the LNG development • Discussions well progressed with Dept of Infrastructure for LNG site • Technology selection process complete – ConocoPhillips’ proprietary Optimized CascadeSM process • Shipping studies and marketing plans underway Upcoming Milestones • Announcement of site selection • Further CSG reserves upgrade • Final Investment Decision

18 Pictures (from top to bottom): An operating APLNG CSG well, APLNG’s Taloona gas plant, APLNG’s Initial Advice Statement

18 APLNG continues strong growth in CSG production and reserves…

Source: Origin

APLNG’s CSG Interests(1) (PJ) 30 Jun 2008 31 Dec 2008 Change(2) Increase 1P Reserves 1,375 1,527 + 152 + 11% 2P Reserves 4,751 5,482 + 731 + 15% 3P Reserves 10,138 11,110 + 972 + 10% Contingent Resource (2C) 15,869 14,964 - 905 - 6% … with a significant increase in proved and probable reserves and contingent resources being converted as expected 19 (1) Origin has a 50% interest in APLNG (2) Reserves as at 31 December 2008 are shown net of CSG production for H1 FY 2009

19 APLNG has the leading CSG reserves position…

Eastern Australia 2P CSG Reserves by Company Eastern Australia 3P CSG Reserves by Company

Source: RLMS Eastern Australia CSG Reserves 27 February 2009

… both on a 2P and 3P basis

20

20 With the next phase of APLNG’s CSG development to be funded by ConocoPhillips, and a number of development projects nearing completion… Kupe Gas Project • Offshore operations were successfully completed early in the half year • Project is 90% complete with commercial operations expected to commence in the September Quarter 2009 • Construction progress of the on-shore production station and tank farm is over 70% complete and progressing well • Origin is the Project Operator and has a 50% interest Kupe Gas Project • Gross annual production expected to be around 20 PJ of sales gas together with over 2 million barrels of condensate and LPG Ahuroa Gas Storage Update • Construction of gas injection facilities completed with initial injection undertaken in December 2008 • Design of full injection and withdrawal facilities has been completed • Project expected to be operational in 2010 • Funded by Contact Energy … a period of major upstream capex is 21 coming to an end

21 Origin has reviewed its exploration program and reduced exposure by surrendering areas assessed to have low prospectivity…

Kenya Origin surrendered one permit and renegotiated work program on Block L8 to acquire 300 sq km of 3D seismic instead of a drilling a well. Farminees will be sought to fund this seismic.

Offshore Canterbury Basin, PEP 38262 Origin renegotiated commitments for PEP 38262 to acquire 3D seismic, instead of drilling a well in this deep water permit. Acquisition of the 1,145 sq km Waka 3D Seismic Survey over the Carrack-Caravel prospect has Surrendered Acreage commenced. Owing to lack of remaining prospectivity Origin surrendered interests in EP 413 (Perth Basin), VIC P37(V) (Otway Basin) excluding Halladale/Black Watch, PEP 381201, PEP 38495 (Taranaki Basin Additional ~$30m will be expensed in the second ex Swift), Block L9 (Lamu Basin, Kenya) half following an opportunity to utilise available seismic capacity in the Canterbury Basin in place of a well commitment … and exchanged expensive future drilling commitments for

22 less costly seismic expenditure in highly prospective areas

22 Notwithstanding the review of exploration opportunities and expenditure…

An active seismic exploration program is being undertaken in New Zealand, including 2D

Piwakawaka 2D SS surveys in the Northland and Canterbury basins, and a large 3D survey over the prospective Carrack and Caravel prospects and is close to completion Offshore drilling will commence in mid 2009, with two wells in the Bass Basin

Punt 2D SS (Trefoil appraisal and Rockhopper exploration) and will be followed by a further

Waka 3D SS two wells in the Northland Carrack/Caravel Leads Basin in New Zealand

… Origin has a number of significant exploration opportunities which will be drilled over the coming year 23

23 HY2009: Record Production, Sales and Revenue reflect contributions from new assets…

• EBITDAF of $175m up 32% with increased 400 400 production from Otway Gas Project, Taranaki Dec-08 assets and CSG partially offset by lower 350 350 Dec-07 production from BassGas and dilution of CSG 300 300 interests from the APLNG transaction • Falling oil prices and increased spreads on 250 250 condensate relative to oil impacted liquids revenues 200 200 • APLNG transaction completed establishing 50:50 CSG to LNG joint venture with ConocoPhillips

150 150 ($m) CAPEX • APLNG appraisal activities increased CSG reserves 100 100 by over 750 PJ 2P and almost 1,000 PJ 3P(1) • Kupe Gas Project on schedule to commence Total Revenue & EBITDAF& ($m) Revenue Total 50 50 commercial operations in Sept Quarter 2009

0 0 • Exploration commitments reviewed increasing short term 3D seismic commitments to replace Revenue EBITDAF Capex * * Does not include acquisitions more onerous long-term well commitments

… which more than offset the impact of maturing assets and the impact of the APLNG transaction on CSG interests 24 (1) Against APLNG’s last published CSG reserves position as at 30 June 2008. Origin has a 50% interest in APLNG

24 Generation

25 Major developments and acquisitions are significantly increasing Origin’s generation capacity…

Origin’s Generation Capacity • Largest owner and developer of gas fired electricity generation in Australia • Investing over $1.5 billion in generation, doubling capacity to 2,800MW by 2010, at a time of increasing price volatility and rising forward prices • Fleet of gas-fired power stations represents a flexible portfolio with a lower emissions intensity than the NEM, that is well placed to benefit in a carbon constrained environment

Operating Capacity 1,464 MW • Renewable energy options across wind, geothermal and solar are also being Under Construction 1,336 MW developed in response to the demand for lower carbon intensity generation and growing mandated renewable energy targets

… and providing greater support to the Retail business as price volatility increases and forward prices continue to rise 26

26 Origin’s Electricity Generation Portfolio

Capacity Origin’s Generation Plants State Operation Status (MW) Externally Contracted* Worsley WA 60 Cogen Operational Bulwer Island QLD 16 Cogen Operational Osborne SA 90 Cogen Operational Internally Contracted Quarantine SA 216 Peak Operational Ladbroke Grove SA 80 Base/Peak Operational Mount Stuart QLD 288 Peak Operational Roma QLD 74 Peak Operational Uranquinty NSW 640 Peak Operational Mount Stuart Expansion QLD 126 Peak Under Construction – due 2009 Cullerin Range NSW 30 Wind Under Construction – due 2009 Darling Downs QLD 630 Base Under Construction – due 2010 Mortlake VIC 550 Peak Project Underway – due 2010 Total 2,800

* Capacity represents Origin’s 50% equity share

27

27 Origin’s fleet of gas-fired power stations is well placed to benefit in a carbon-constrained environment…

• Addition of Uranquinty and Quarantine expansion has more than doubled Origin’s generation equity interests to 1,465 MW • Origin has committed to build an additional 1,340 MW of power generation, further doubling capacity by the end of 2010 • Low carbon intensity portfolio developed based on robust economics in the current market environment • Opportunity for significant benefits in a carbon- constrained future and well-placed to benefit even under a low carbon price scenario • Mt Stuart expansion is on track and due for completion in late 2009 • Development costs for Spring Gully site have been written off but development permits retained • Origin will own or have capacity rights by the end of 2010 to almost 3,500 MW, which represents around 50% of Origin’s current peak retail demand

Source: Origin … comprising a flexible portfolio with a lower emissions 28 intensity than the NEM

28 Origin is doubling the capacity of its generation fleet at a time when electricity price volatility is increasing…

… and higher forward prices provide significant 29 opportunities Source: NEMMCO, ICAP & Origin

29 Uranquinty Power Station is now completed and fully operational…

All 4 completed Uranquinty PS turbines New unit at Quarantine PS Uranquinty Power Station Quarantine Power Station Expansion • 640 MW Peaking Plant (4 x 160 MW OCGT) • 120 MW expansion (1 x 120 MW OCGT) • Located near Wagga Wagga, New South Wales • More than doubles existing capacity of plant to • Completed and fully operational 216 MW • Access to gas from across the East Coast • Located on Torrens Island, South Australia • Peaking plant that can be run at higher load • Peaking plant that can be run at higher load factors if required factors if required • Commissioning underway, to be completed in early March 2009 … and the Quarantine Power Station expansion is being 30 commissioned

30 Darling Downs Power Station is progressing well…

Darling Downs PS Turbine Building steel erection Impression of Mortlake PS once constructed Darling Downs Power Station Mortlake Power Station • 630 MW Base Load plant • 550 MW Peaking plant • Largest CCGT plant in Australia • Expected to be completed in late 2010 • All gas turbines installed • Designed for conversion to CCGT at a later stage • Commissioning to commence in early 2010 if required • Progressing on time and on budget

… and the development of the Mortlake project has 31 commenced

31 Origin also continues to develop a number of renewable energy options… Wind • Construction of the 30 MW wind farm at Cullerin Range is well progressed with commissioning expected in mid-2009 • Origin has development sites for another 58 MW and an option over up to 500 MW of wind farm development sites from Epuron Wind turbine blades being delivered to Cullerin Range

Geothermal • Geodynamics’ Proof of Concept closed loop testing is underway with commissioning of the 1 MW pilot plant expected in March 2009 Solar • SLIVER photovoltaic development provides long-term solar opportunity and work to commercialise technology continues Drilling floor of Geodynamics’ Rig 100 pre-spud Source: Geodynamics … in response to the demand for lower carbon intensity 32 generation and growing mandated renewable energy targets

32 HY2009: EBITDAF was lower primarily due to the Worsley plant outage…

50 600 • EBITDAF was $21 million, $11 million lower Dec-08 than the prior half year 45 540 Dec-07 • The Worsley cogeneration plant in WA had 40 480 an extended outage after a power turbine failure in mid August. Insurance claims will 35 420 be pursued in relation to this outage 30 360 • Significant progress made on ongoing 25 300 developments – Uranquinty completed and online and Quarantine expansion being 20 240 commissioned, while Mt Stuart expansion, CAPEX ($m) CAPEX 15 180 Darling Downs CCGT, Cullerin Range wind farm and Mortlake projects all progressed to 10 120 schedule

Total Revenue & EBITDAF& ($m) Revenue Total 5 60 • Commitment to Mortlake OCGT announced in July and development of project has 0 0 commenced Revenue EBITDAF Capex * * Does not include acquisitions … while the acquisition of Uranquinty and ongoing major generation developments are significantly increasing 33 Origin’s generation capacity to support the retail business

33 Retail

34 Origin is a leading wholesaler and retailer of energy in Australia with around 3 million customers providing significant scale and geographic diversity…

Origin’s Energy Sales • Around 3 million customers across Australia • Margins maintained despite high levels of churn and increasing wholesale electricity prices • Integrated risk management strategy to manage energy price volatility • Clear market leader in green energy products with 35% share of national GreenPowerTM customers • Systems transformation to improve Electricity Customers 1.74 m competitiveness and improve service to Gas Customers 0.88 m customers is underway LPG Customers 0.34 m Sales Volume 350 PJe

… and a channel to market for its Generation and Exploration & Production businesses 35

35 Origin has been able to increase its energy retailing margins through building scale and effectively managing tariffs, churn, cost to serve and risk…

• With around 3 million customers, Origin is able to achieve significant scale advantages • Origin has worked with governments on tariff regulation and managed the implementation of tariff paths in each of its key markets • Victoria no longer has a maximum tariff regime and other states are expected to follow its lead in the future • Integrated strategy and risk management processes have effectively managed the company’s exposure to the volatile wholesale gas and electricity markets

Source: Origin Note: From 2006 onwards figures exclude changes in fair value of financial instruments and Sun Retail one-off integration costs. … with Retail margins for the full financial year to June 09 36 expected to be in line with last year

36 Even after higher wholesale prices moderated churn rates from their peaks in 2007, churn still remains high in most segments…

December 2008 Origin Customer Numbers(1)

Natural (000’s) Electricity Total Gas Jun 2008 880 1,729 2,609 Change -2 +7 +4 Dec 2008 878 1,735 2,613

Source: Various websites including VENCorp, NEMMCO, Gasmarketco & Company Information

… with Origin acquiring over 238,000 customers to maintain current levels over the last 6 months

37 (1) Based on the adjusted customer number opening balance. Refer to Half-Year Results announcement for further details.

37 Electricity markets continue to be volatile, whilst the forward curve continues to signal increasing wholesale prices

Source: NEMMCO, ICAP & Origin

38

38 HY2009: EBITDAF grew by $99 million to $300 million. Higher gas and electricity revenues were realised following tariff increases in the prior period leading to a very strong first half…

3,500 350 • EBITDAF grew by $99 million or 49% from $201 Dec-08 million to $300 million Dec-07 3,000 300 • Cost to serve increased on higher corporate allocations, higher costs in dealing with 2,500 250 customers experiencing payment difficulties, and systems upgrade and implementation 2,000 200 costs • Churn remained high in Victoria and 1,500 150 decreased in most other markets. Customer accounts (after adjustments) remained stable 1,000 100

Total Revenue ($m) Revenue Total and Origin retained clear market leadership in

EBITDAF($m) CAPEX & Green Energy products 500 50 • Systems and process transformation and back- office outsourcing projects were initiated - 0 0 with Wipro selected as Origin’s key Revenue EBITDAF Capex* transformation partner * Does not include acquisitions

… while the second half will see lower contributions due to 39 higher expected wholesale energy costs

39 Contact Energy

40 Contact is New Zealand’s leading fuel integrated energy company…

• 650,000 gas, electricity and LPG customers • 28% of New Zealand’s generation capacity • Mix of renewable and lower emissions generation – 15% geothermal, 35% hydro and 50% natural gas • 27% share of retail electricity market • 36% share of gas retail market • 50% share of LPG market

… and has world-class renewable energy generation experience 41

41 Contact has a number of projects committed for development with substantial additional opportunities, particularly in geothermal generation • Gas-fired peaking plant ! Construction of 200 MW of peaking capacity at Stratford, Taranaki well advanced. Operational in 2010 • Gas storage ! First stage under way, injection of gas commenced in late December 2008 ! Key injection and deliverability parameters defined: detailed design under way ! Storage facility expected to be in operation in 2010 • Geothermal: 500 MW of new geothermal generation in various stages of development ! Phase 1 of the Tauhara project (23 MW) - construction progressing well ! 220 MW Te Mihi project – FEED complete. Negotiations with contractors well advanced ! Consent for Phase 2 of the Tauhara project (240 MW) expected to be lodged during FY09 • Wind: 540 MW located on the Waikato coastline ! Consent hearing during FY09 ! Longer term development option 42

42 Contact has implemented a number of capital raising initiatives to fund these opportunities and maintain a strong financial position • Net debt as at 31 December 2008 was $1,031m ! NZD equivalent of borrowings, net of FX hedging and short-term deposits ! 26% higher than as at 31 December 2007 ($821m) ! Net debt to net debt plus equity was 26% • Extending and adding to bank credit facilities ! As at 31 December 2008 Contact’s evergreen committed credit facilities totalled $585m ! With available capacity of ~$300m ! Currently executing extensions to existing credit facilities ! And adding new facilities • Retail bond issuance ! First time to NZ market ! Opportunity to increase funding diversity • Implementing a Profit Distribution Plan ! Shareholders receive distributions in the form of non-taxable bonus share issues ! Option to have those shares bought back by Contact for cash ! Allows shareholders wishing to receive cash the ability to do so ! Retains cash to support strategic initiatives

43

43 HY2009: While earnings were significantly reduced due to the combined impact of weather conditions and transmission constraints…

• EBITDAF was $190m, 24% lower than the prior half 3000 300 year primarily due to an unusual combination of Dec-08 weather events and transmission constraints Dec-07 between the North and South Islands which 2500 250 adversely impacted wholesale costs and generation revenue 2000 200 • While this particular combination of conditions is unlikely to be repeated in the short term, and some elements of the transmission constraints will most 1500 150 likely be resolved in the September Quarter 2009, the reduction in inter-island transmission capacity adds new risk exposures to Contact’s earnings 1000 100 • Contact has implemented a series of strategies to

Total Revenue ($m) Revenue Total help mitigate future transmission risks EBITDAF($m) CAPEX & ! September 2008 South Island tariff adjustments 500 50 ! Deconstraining transmission out of the lower South Island 0 0 ! Procurement advisory group for HVDC pole 3, Revenue EBITDAF Capex* which is expected to be in operation in 2012 * Does not include acquisitions … Contact has put in place a number of mitigating measures and the outlook for growth of generation remains strong 44

44 Outlook

45 The second half of the financial year is expected to be more challenging than the first half • Lower margins in the Retail business due to higher wholesale electricity costs, although margins for the full year are expected to be consistent with the prior year • Future well commitments replaced by less expensive seismic exploration, which will be expensed in the second half • Lower average prices for oil and condensate Compared to the prior year • Adverse hydrology conditions and transmission constraints in New Zealand have reduced Contact’s earnings Compared to prior expectations • Lower interest rates will reduce the earnings uplift of the substantial cash that Origin has on deposit Based on these factors and current market conditions Underlying Profit for the full year is expected to be up 20% to 25% compared with the prior year 46

46 Origin will continue to progress the development of several major projects which are expected to make contributions following the end of the current financial year… • Construction of the 30 MW Cullerin Range wind farm in New South Wales which is due for completion in mid 2009 • The Kupe Gas Project in New Zealand which is targeting to commence commercial operations in the September Quarter 2009 • The 126 MW expansion of the Mt Stuart power station in Queensland which is due for completion in late 2009 • Completion of the 630 MW combined cycle base load gas fired Darling Downs power station in Queensland which is expected to commence commissioning in early 2010 • Development of the 550 MW gas fired peaking power station at Mortlake in Victoria due for completion in late 2010 • Continued development of CSG operations with current production expected to more than double and reach over 100 PJ per annum by 2011 • Projects under development by Contact include the 200 MW Stratford peaking power station, the Ahuroa gas storage facility and a number of geothermal projects • Full year effect of substantial cash balance … which will drive near term growth in earnings

47

47 Origin’s strategy as a fuel-integrated generator retailer will continue to create opportunities for the existing business and APLNG creates a major opportunity for growth by establishing a new export channel to market

Source: Origin Source: Origin Note: Excluding Contact With access to $6.4 billion of cash and undrawn debt facilities, Origin is well placed to fund these and other opportunities to grow and develop the business 48

48 Balance Sheet Strength Provides Opportunities to Grow & Develop

Citi’s Australian & New Zealand 6th Annual Investment Conference London

9 March 2009

49 Further Information

Investors Angus Guthrie Manager, Investor Relations Email: [email protected] Office: +61-2-8345 5558 Mobile: +61-4-1786 4255 Website www.originenergy.com.au

Other recent presentations include: • Half Year Results http://www.originenergy.com.au/files/PresentationAnalysts.pdf • ConocoPhillips Transaction http://www.originenergy.com.au/files/Origin_ConocoPhillips_Presentation.pdf

50

50 Appendix

51 Profit & Loss - Statutory

($ million) Dec 08 Dec 07 Change Revenue 4,216 3,817 10% EBITDAF(1) 686 614 12% EBIT 7,590 634 1098% Net financing costs(2) (95) (104) (9)% Tax expense (676) (146) 363% Minority Interests (16) (49) (68)% NPAT – Statutory 6,663 335 1891% EPS – Statutory 761.0 cps 38.3 cps 1887% Free cash flow per share(3) 24.7 cps 29.6 cps (17)%

• Statutory Profit dominated by the gain arising from the APLNG transaction

(1) Earnings before interest, tax, depreciation, amortisation, financial instruments and significant items. Includes 50% EBITDAF contribution of APLNG from 29 October 2008. EBITDAF for 2007 is revised to only recognise EBITDAF contribution from equity accounted investees (2) Excluding capitalised interest 52 (3) Free cash flow is defined here as cash available to fund distributions to shareholders and growth capital expenditure. It includes deductions for stay-in-business capital expenditure, interest and tax

52 Profit & Loss - Underlying

($ million) Dec 08 Dec 07 Change Statutory NPAT 6,663 335 1891% Significant items Changes in fair value of financial instruments (102) Impairment of assets (217) Net Impact of APLNG Transaction 6,706 Total significant items 6,386 (134) Underlying NPAT 277 200 38% Underlying EPS (cents) 31.6 22.9 38%

• Underlying NPAT and EPS are both up by 38%

53

53 Movements in fair value of financial instruments

Reconciliation of Balance Sheet and Income Statement items associated with financial instruments movements ($ million) Dec 08 Change in net assets (420) Recognised in the Balance Sheet (242) Recognised in the Equity Hedge Reserve (post tax) (165) Recognised in Deferred Tax Liability (77) Recognised in the Income Statement (178)

• The fair value of financial instruments has declined over the period by $420 million. This has been driven by a decrease in forward electricity prices, the sharp decline in interest yield curves and the depreciation of the AUD and NZD against the USD • The expense recognised in the Income Statement reflects electricity price caps and certain interest rate swaps that, whilst they are valid economic hedges, do not qualify for hedge accounting • The $178 million (Contact $65 million) recognised before tax in the Income Statement amounts to $102 million after tax and elimination of minority interests

54

54 A review of the carrying value of assets has led to asset impairments including producing assets impacted by the decline in oil price…

Impairment ($ million) Assets Pre-tax Post-tax Cooper Basin Assets 71 50 BassGas Assets 66 46 Perth Basin Assets 16 11 Heytesbury Gas Storage 20 14 Existing Retail Systems 78 55 SLIVER Solar technology assets 53 37 Spring Gully Power Plant 7 5 Total 310 217 … retail systems to be retired following selection of Wipro to lead the Retail systems transformation process, and historical R&D investments in SLIVER technology

55

55 Origin will use the equity accounting method for its investment in APLNG

The equity accounting treatment to be used on the Income Statement in relation to APLNG will include: • The EBITDAF contribution of 50% interest in APLNG recorded at the EBITDAF line on consolidation within the Exploration and Production segment • Depreciation, amortisation, interest, tax and changes in fair value of financial instruments recorded as a single line item called “Share of interest, tax, depreciation, amortisation and financial instruments of equity accounted investees” between EBITDAF and EBIT • Origin’s share of NPAT from APLNG therefore recognised at the EBIT line • Origin’s 50% interest in the net assets of the APLNG joint venture is equity accounted on Origin’s consolidated balance sheet For consistency Origin has adopted this treatment for all its equity accounted investments

56

56 APLNG Balance Sheet

($ billion) Dec 08 Receivables from Shareholders 0.8 Other current assets 0.2 Current Assets 1.0 Receivables from Shareholders 7.9 Property, plant & equipment(1) 1.0 Other non-current assets 0.2 Non-Current Assets 9.1 Total Assets 10.2 Total Liabilities (0.2) Net Assets 10.0 Origin’s 50% Share of Net Assets 5.0 • APLNG’s Balance Sheet primarily comprises receivables from its shareholders • PP&E is carried at historical cost • Receivables from shareholders represent interest free payable from Origin and future funding and cash calls from ConocoPhillips by way of calls on partly paid shares • Origin has recorded a one line asset on its Balance Sheet “Investments accounted for using the equity method” of $5.0 billion at 31 December 2008 to account for Origin’s 50% interest in the net assets of APLNG 57 (1) Including exploration and development expenditure

57 Gain on APLNG transaction

($billion) Dec 08 Pre-Completion Increase in cash 6.9 - 50% equity accounted investment in APLNG 5.0 - Discounted payable to APLNG (3.3) 1.7 - Consolidation of APLNG (formerly known as OECSG) - 1.0 Tax payable on transaction (0.8) Total 7.8 1.0 Movement in Balance Sheet 6.8 Transaction Costs (0.1) Gain on APLNG Transaction 6.7

• Origin received $6.9 billion in cash from APLNG by way of capital return ($2.8 billion), repayment of intercompany loan ($0.5 billion) and payable associated with future expected APLNG cash calls ($3.6 billion) • Origin’s investment in APLNG ($5.0 billion), offset by its payable to APLNG ($3.3 billion) is $1.7 billion. This equates to 50% of APLNG’s PP&E, reflected at historical cost of $0.5 billion, and the benefit of the carry to FID of $1.15 billion • ConocoPhillips will also invest a further US$500 million at the point that each of the 4 LNG trains is approved to partly carry Origin’s share of costs, which is not 58 included in the above calculation

58 APLNG transaction has transformed Origin’s Balance Sheet

($ billion) Dec 08 Jun 08 Cash 4.1 0.1 Other Current Assets 2.1 2.4 Total Current Assets 6.2 2.5 Investment in Equity Accounted Investees 5.0 - Other Non-Current Assets 10.8 10.0 Total Non-Current Assets 15.8 10.0 Tax Payable (0.9) (0.1) Other Current Liabilities (1.7) (2.3) Total Current Liabilities (2.6) (2.4) Payable to APLNG (3.3) - Other Non-Current Liabilities (4.8) (5.0) Total Non-Current Liabilities (8.1) (5.0) Net Assets 11.3 5.2

• Net asset movement from June 08 primarily relates to statutory profit for the period (+$6.7b), dividends paid (-$0.4b) and share buyback (-$0.2b)

59

59 APLNG transaction has provided Origin with substantial funding capacity… As at 31 December 2008

Undrawn Available Adjusted Committed Funding (1) (2) (1) Gross Debt Cash Debt Facilities Capacity

Source: Origin … with cash and undrawn committed debt facilities of $6.4 billion (1) Net Cash/(Debt) excluding mark to market adjustments on debt 60 (2) Uranquinty acquisition includes debt assumed on acquisition Note: All amounts exclude Contact Energy

60 EBITDAF of $686m is up 12% primarily due to growth in the Retail and Exploration & Production segments

Segments ($ million) Dec 08 Dec 07 Change Exploration & Production 175 133 32% Generation 21 33 (34)% Retail 300 201 49% Contact 190 248 (24)% Total 686 614 12%

Note: Corporate costs of $51m have been allocated to the Australian segments ($30m December 2007)

• EBITDAF: now includes the EBITDAF contribution from equity accounted investees. The segments results for the Dec 07 half have been restated on this basis • E&P: Increased production and higher oil prices, lower average unit operating costs • Generation: Mainly relates to Worsley plant outage in Western Australia • Retail: Tariff increases for electricity and gas customers • Contact: Hydrology impacts and transmission constraints

61

61 Depreciation & Amortisation

($ million) Dec 08 Dec 07 Generation property, plant and equipment 59 65 Non-generation property, plant and equipment 79 62 Amortisation in producing areas (1) 50 42 Other 1 2 Total 189 171

• Higher depreciation and amortisation resulting from: ! Otway Gas Project included in current half ! Increased Cooper production

62 (1) Amortisation of exploration and evaluation costs in producing areas

62 Interest ($ million) Dec 08 Dec 07 Interest revenue 55 6 Net Financing costs 95 104 Unwinding of discount on provisions (13) (7) Unwinding of discounted liability payable to APLNG (35) - Net interest expense 48 97 Capitalised interest 60 24 Net interest expense + capitalised interest 108 121 Net interest cover (EBIT)(1) 71x 5x Net interest cover (Underlying EBIT)(2) 5x 4x Weighted average interest rate on borrowings 7.5% 7.8%

• Origin’s average interest rate on drawn debt as at December includes Contact’s debt and comprises an average of Australian dollar, NZ dollar and US dollar debt • Approximately 60% of Origin’s and Contact’s debt obligations are hedged over the six months to June 2009 at an average rate of 6.8% including funding margin. These hedging arrangements roll off over the next 5 years • Origin’s cash balance has been invested with the major domestic banks

(1) Including capitalised interest and excluding unwinding of discount on provisions and liability 63 payable and fair value of interest related financial instruments (2) As above based on EBIT excluding Significant Items

63 Tax Reconciliation

($ million) Dec 08 Dec 07 Profit before tax 7,355 530 Prima facie tax 2,207 163 less non-assessable gain on APLNG transaction (1,501) - less recognition of change in net loss position (14) (2) less share of net profit after tax of associates (14) (1) less other (2) (14) equals Tax expense 676 146 Statutory effective tax rate 9.2% 27.5% Tax paid 138 83

• The underlying effective tax rate is 25.9% (compared to 24.9% in 2007) • The accounting gain from the recognition of Origin’s share of the increased net assets of APLNG as a result of the investment by ConocoPhillips in APLNG is not subject to tax

64

64 Capital Expenditure ($ million) Dec 08 Dec 07 Stay-in-business 115 70 Growth Exploration & Production 286 305 Retail 59 38 Generation 556 240 Contact 129 56 Total capital expenditure 1,144 708 Acquisitions (net of cash) 131 6 Capex including acquisitions 1,275 714 • Growth capex has risen with the spend on several Generation projects, CSG (pre- completion of the APLNG transaction), Kupe and power station and geothermal spending by Contact • Acquisitions predominantly reflects the net consideration for Uranquinty which was acquired in July 2008 for a fully constructed enterprise value of $700 million (net $126 million cash paid on acquisition, future capital expenditure, of which $123 million was spent this half, and assumption of existing debt facilities and obligations) 65

65 Operating Cash Flow

($ million) Dec 08 Dec 07 EBITDAF 686 614 Equity Accounted Investees (EBITDAF less dividends) (14) (9) Exploration Write-Off 4 16 Change in working capital (51) (61) Stay-in-business capex(1) (115) (70) Other (29) (23) Tax paid (117) (83) OCAT 363 385 Net interest paid (147) (126) Free cash flow 216 259 Funds Employed (excluding CAPWIP)(2) - Calendar Year 6,675 6,473 OCAT Ratio (excluding CAPWIP)(3) – Calendar Year 11.8% 11.8%

(1) Net of book value of assets sold 66 (2) Funds employed are averaged over the calendar year and excludes CAPWIP. APLNG is not included in this calculation (3) OCAT Ratio = (OCAT – interest tax shield) / average funds employed excluding CAPWIP. APLNG is not included in this calculation

66 Segment Cash Flow & Cash Flow Returns

Operating Av. Funds OCFR (%)(2) Cash flow(2) Employed(3) ($m) ($m) Dec 08 Dec 07 Exploration & Production(1) 305 1,267 24.0 22.9 Generation 37 294 12.7 30.3 Retail 369 2,402 15.4 9.2 Contact Energy 319 3,444 9.3 11.2

• E&P: Increased operating cash flows following record production and sales • Generation: Reduced operating cash flow, primarily due to Worsley plant outage • Retail: Higher operating cash flows and margins, primarily due to tariff increases for electricity and gas customers • Contact: Reduced operating cash flow primarily due to the impact of hydrology conditions in the South Island combined with transmission constraints between the North and South Islands

(1) Segment calculations for E&P do not include APLNG 67 (2) Calculated on a calendar year basis (3) Excluding CAPWIP

67