MARCH 2019 ORICA INVESTOR PRESENTATION Disclaimer

Forward looking statements This presentation has been prepared by Orica Limited. The information contained in this presentation is for informational purposes only. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Orica Limited, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in this presentation. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies.

Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is appropriate in light of your particular investment needs, objectives and financial circumstances. Past performance is no guarantee of future performance.

Non-International Financial Reporting Standards (Non-IFRS) information This presentation makes reference to certain non-IFRS financial information. This information is used by management to measure the operating performance of the business and has been presented as this may be useful for investors. This information has not been reviewed by the Group’s auditor. Refer to slide 39 for a reconciliation of IFRS compliant statutory net profit after tax to EBITDA. Forecast information has been estimated on the same measurement basis as actual results.

Note: numbers in this document are subject to rounding and stated in Australian dollars unless otherwise noted

2 ORICA OVERVIEW Global leader in and civil blasting Manufacturing Blasting Field Productivity & Supply Services Solutions No.1 1,500 140+ GLOBAL BLASTS PER DAY YEARS SUPPLIER on our customer sites of experience and of commercial innovation explosives

11,500+ R&D INVESTMENT c. EMPLOYEES 30% serving customers more nearest MARKET SHARE across more than than competitor GLOBALLY 100 countries 2x

4 Global leader in mining & civil blasting Substantial competitive advantage that is difficult to replicate

Scale and efficiency that comes from being the leading supplier of commercial ECONOMIES OF SCALE explosives and blasting systems to the mining and infrastructure markets globally

LEADING BRAND AND Leading supplier of commercial explosives globally with a strong reputation for STRONG REPUTATION innovative solutions, safety and security of supply

Expertise through a long history of success in an industry involving production, HIGHLY REGULATED INDUSTRY storage, transport and handling of dangerous products and chemicals

MARKET LEADERSHIP IN Market leadership in technology and innovation that comes from having more than TECHNOLOGY 140 years of experience

STRONG CUSTOMER Strong and longstanding customer relationships supported by contracts that can RELATIONSHIPS typically span 3-5 years in duration

Disciplined approach to capital management STRONG BALANCE SHEET Committed to maintaining investment grade credit rating

5 True global footprint Operations in over 50 countries and customers in more than 100 countries worldwide

Australia, Pacific & Asia North America Latin America Europe, Middle East & Africa

ORICA DOES NOT HAVE A TRUE GLOBAL COMPETITOR

6 Safety, health & environment Safety is our Orica’s core values priority. Always.

Safety & health Environment

• Stable TRIFR1 • No environmental incidents (category 3+) We respect and value all. • Safety Leadership program embedded • New emissions abatement catalyst trial at Island site in progress • Continued focus on Major Hazards Initiative and key control verifications • Product stewardship and security review completed Together we succeed. Community People

• Continued investment and engagement • Improvement in organisational health with local communities • Updated Orica Code of Conduct launched We act with • Focus on education, STEM, health and integrity. • Orica supports the introduction of the environment Australian Modern Slavery Act

We are committed to excellence.

1. Total Recordable Injury Frequency Rate

7 Flexible sourcing capability Our global manufacturing network is complemented by third party sourcing

Karelia, Russia Carseland, Gyttorp, Canada Sweden Tappen, Canada Brownsburg, Canada Ust’ Kamenogorsk, Kazakhstan Minden, Lalahan, USA Turkey Wei Hai, Cuatrocienigas, China Mexico Honce, Fujairah, Gomia, China Moron, UAE Indiaa Venezuela Limay, Fexar, Phillipines Peru

Bontang, Continuous AN Indonesia Antofogasta, Lorena, Chambishi, Plants Chile Brazil Zambia Burrup, Third Party . Yarwun, Australia AN Plants Helidon, Australia Capricorn Park, Kooragang Island, Initiating Systems South Africa Australia Plants

8 Diversified global business

Geographic portfolio By commodity By product/service offering % of FY18 revenue 1 % of FY18 revenue 1 % of FY18 revenue 1

1% 4% 10% 18% 9% 15% 24%

36% Thermal Coal AN/ANFO 15% Australia Pacific & Asia Coking Coal 5% 13% Bulk Emulsion North America Iron Ore Packaged Products Europe, Middle East & Africa Initiating Systems Q&C Latin America 7% Mining Chemicals Copper Auxiliaries 4% Onsite Services Minova Gold Resins/Powders/Steel 30% 15% 19% Other Other 12% 17%

23% 15% 8%

9

1. Excludes inter-segment sales

9 Historical performance

REVENUE1 EBIT1 $m $m 5,653 5,374 5,092 5,039 12.6% 12.9% 12.1% 11.5% 685 642 635 618

FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18 EBIT EBIT Margin

AMMONIUM NITRATE SALES VOLUMES 1 DIVIDENDS tonnes (‘000) cps and payout ratio

85% 3,818 3,757 3,541 3,650 47% 60% 56.0 50%

29.0 28.0 31.5 40.0 20.5 23.5 20.0

FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18

Interim Final Payout ratio 10 1 Continuing operations Burrup TAN plant Technical Ammonium Nitrate plant located in the Pilbara, Western Australia

Strategic 30+ year asset – Major Pilbara based iron ore miners are the world’s lowest cost producers – 5-year materials moved growth greater than production growth – Plant essentially loaded from FY20 Joint venture with Yara (as operator) – 50% economic interest with marketing rights Recently awarded the BHP and Roy Hill Iron Ore contracts Australia Iron Ore Production and Material Moved Indexed Volumes (2017 Vol=100) – These contracts, along with our existing 130 contracts, enable optimal asset utilisation and Material Moved delivery of an appropriate RONA 2017-22 CAGR = 3.1% 120 Temporary technical issues with plant

110 – No interruption to customer supply; Iron Ore Production approximately $26 million net negative FY18 2017-22 CAGR = 0.7% 110 EBIT impact

2017 2018 2019 2020 2021 2022 Source: Wood Mackenzie

11 Strategic acquisition: Auxiliaries* Recent acquisition GroundProbe™ delivers above investment case

Sales Revenue 1H16EBIT 2H16& EBIT1H17 margin2H17 (%)1H18 2H18 $m $m – Leveraging Orica’s global reach with >100 Orica 41 customers

6 – Early wins for innovation award winning high precision 26 laser products. 20% 16% 14% 14% 15% EBIT 11 9 9 2 2 9 1 1 – EBIT slightly ahead of investment case post -1 acquisition costs in 1H18 FY16 FY17 FY18 -5% – Integration successfully completed 1H 2H EBIT margin FY16 FY17 FY18 Outlook – EPS accretive in first full year of ownership (FY19) – ~10% RONA expected in year 1 with a clear plan to deliver +15% RONA within 3 - 5 years – Further leverage expected from Orica’s global customer relationships – Extend product offering to other segments – e.g. civil construction

GroundProbe™ Geotech Monitoring Station (GMS)

* includes GroundProbe™ and NitroConsult Note: all comparisons are to the prior corresponding period unless stated otherwise

12 STRATEGIC PRIORITIES Our strategic priorities

Be the market leader in chosen segments; deliver superior returns on investment; and generate strong free cash

Disciplined capital allocation across the portfolio

Manufacturing and Supply Blasting Field Services Productivity Solutions

Cost leader Market leader Value differentiator

Deliver shareholder value

14 Manufacturing & supply chain Improving reliability and operational efficiency to capture value

FOCUS AREAS CONTINUOUS PLANT OEE1 PERFORMANCE VS BENCHMARK • Continuous Manufacturing – >80% OEE1 in all plants across the network FY19 80% – Reduction of downtime and unplanned maintenance – Cyanide: maximising sales and balancing supply • Discrete Manufacturing – Product portfolio optimisation FY15 FY16 FY17 FY18 FY19 (YTD) – Improve utilisation rates and drive long-term footprint decisions Bontang Yarwun Carseland KI

• Supply Chain DISCRETE PLANT UTILISATION PERFORMANCE VS BENCHMARK – Improvement in forecast accuracy and plan/schedule adherence 80% – Minimise downtime and optimise maintenance planning – Reduced supplier network – Increased spending under contract

Boosters Det cord EBS Electric Elemented Non electric NPED PE Shock caps tubes 1 Overall Equipment Efficiency Net utilisation by product type - 2017 15 Blasting field services Capturing value from our core business

FOCUS AREAS NT5: Revenue from new NT5 by product/service technology 1 offering 2 • Differentiated offerings that deliver value 7% - Conversion of >30 sites to digitally enabled >30% 2% 29% bench powered by BlastIQ 12% Bulk - Introduction of >20 new Bulkmaster™ 7 MMUs IS/EBS Packaged • Partner of choice Services

- Continued improvements to global 62% sustainability scorecard FY16 FY17 FY18 - Continue to retain >90% of customer contracts - Improvement to contract bidding and execution management

1. NT5 Calculation: Revenue generated from technologies commercialised in the last five years, as a percentage of Orica’s total revenue 2. % of FY18 NT5 revenue Orica Field Services 16 BlastIQTM Improving safety and productivity

Digital, cloud based platform – Reduce cost of drill and blast operations – Improved productivity – Next generation BlastIQ™ launched Customer benefits – Reduced drill costs ~10% – ~5% increased productivity in drill and blast operations – Reduced downtime with automated insights – Increased safety and regulatory compliance Orica returns – sharing the value – Direct recurring licensing revenue Reduced Drill Costs Improved Safety

– Shared savings from increased customer productivity -10% – Advanced solutions and product mix pull-through – Increased customer loyalty and retention Improved Regulatory Increased Productivity Compliance Commercialisation Case Study

Return >4x investment +5%

1717 Bulkmaster Orica returns returns Orica benefits Customer MMU generation Next Digitally enabledDigitally better blasting – – – – – – – – – Direct BlastIQ Direct customer productivity EBITIncreased throughshared increased savings from support productivity,Increased reduced downtimeon- and Orica services costs reduced by~10% Integratedsupported platformBlastIQ by Seamless integration and operational BlastIQhub of Automates deliveryformulationprocessand management Productivityminimises assets andlabour required Premium product,releasedspecific customers to Return >10x investment>10x Return – TM sharing the value the sharing licensing revenue TM TM 7 TM bench TM Operators Assets - - 20% 15% Delivery Rate Capacity +46% +51% 18 Commercialisation Case Study Productivity solutions Investment in market led technology drives sales and returns FOCUS AREAS • Digitally enabled better blasting - Dynamic geomodelling capability - Continued commercialisation of blast optimisation services • Blast automation - WebGen™ 100 penetration at 3-4 mines; ~10 customer trials in pipeline - Strategic partnership with automation equipment supplier • Field monitoring

- Leveraging Orica’s customer base to accelerate WebGen™ 100 GroundProbe™ growth - Consolidation of NitroConsult and Orica Civil Solutions to create a civil channel to market

GroundProbe™ SSR-XT 19

Ground probe wall monitoring Orica returns returns Orica benefits Customer initiation system wireless Worldfirst WebGen Improved reliability and operational efficiency and operational reliability Improved – – – – – – – – – – Precursor blastfor automation Differentiated technology andvalueproposition customerIncreased loyaltyand retention Unique serviceoffer decreasedReducedto materialdue rehandling cost efficiency ~20%increased productivitythroughdigging and hauling ~34% improvedrecovery ore through reduced dilution Eliminationof exposure to high riskactivities generationmines Nextopen cutsuitable be will for Eliminationof exposure to high riskactivities Return >10x investment>10x Return – sharing the value the sharing TM Increased Ore RecoveryIncreased Ore Increased Productivity +34% +20% Improved Safety Improved Reduced cost Reduced 20 Commercialisation Case Study FINANCIAL PERFORMANCE EBIT bridge Improved volumes and mix offset headwinds

Orica Group EBIT $m FY17 to FY18

635 (25) 1 (12) (26) 618

(26)

(16) 70 32

(15) 2 (27)

EBIT FX & Headwinds Pricing Volume Global Burrup Minova Auxiliaries Reduced EBIT FY17 inflation on – material Mix manufacturing plant overheads FY18 overheads input costs Margin inputs & other ¹

1. Includes savings from business improvement implementation costs

22 Disciplined capital expenditure

CAPITAL EXPENDITURE PROFILE1 $M CAPITAL EXPENDITURE PRIORITISED ACROSS THE GROUP 504

443 151 75 20% RONA FOR ALL NEW 350 GROWTH CAPITAL 306 322 PROJECTS 28 66 150 183 263 29 51 23 50

67 LICENCE TO OPERATE 226 CAPITAL EXPENDITURE 203 185 206 PRIORITISED 145 (SAFETY, ENVIRONMENT, REGULATORY)

FY14 FY15 FY16 FY17 FY18 FY19 Forecast

Sustaining capital Growth capital SAP project Burrup

1. FY15 Capex from continuing operations

23 FY18 regional overview

Australia, Pacific & Asia North America Latin America Europe, Middle East & Africa

1 6% 4% 8% 9% 14% 19% 4% 6% 5% 25% Thermal coal Thermal coal Thermal coal 23% Thermal coal 8% Coking coal Coking coal Gold 40% Gold Gold Gold Iron ore Iron ore Iron ore Iron ore Copper Copper 26% 11% Copper Copper 27% 20% Q&C Q&C 3% Q&C Q&C 43% Other Other Other Other 14% 16% 31% 7% 7% Revenue commodityby Revenue 11% 13%

382 354 344 315 212 197 112 117 188 186 102 98 69 61 55

EBIT & 20.6% 20.4% 21.9% 19.6% 43 14.2% 14.4% 13.8% 9.3% EBIT margin 13.0% 7.5% 9.9% 10.2% 9.9% 6.7% 4.8% 6.8% FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18

1,626 1,249 1,279 1,322 1,166 1,121 1,112 1,204 670 615 637 618 559 556 570 462 AN volume

FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18

1. Based on FY18 revenue EBIT ($M) EBIT margin 24 AN volume (kt) OUTLOOK FY19 outlook Improved operating leverage underpins a stronger FY19 result Higher revenue and EBIT will be underpinned by increased demand and manufacturing improvements, with earnings skewed to the second half of the year. Key assumptions for FY19:

• Global AN product volumes expected to be ~3% higher than FY18 from North America, Australia Pacific Asia and EMEA Operations • Continued firming of AN pricing across most regions • Contribution from new advanced products and services contracts in second half • EBIT growth expected from all regions/businesses except Latin America

• Improved average utilisation rates expected in operational manufacturing plants Manufacturing • Construction continues at Burrup TAN plant in order to get the plant available for use at its nameplate capacity. Some production expected in FY19 with marginal impact, relative to FY18.

• ~$25 million negative impact from previously disclosed (FY18) deferred contract renewals and price Other reset flow through; offset by business streamlining benefits • Interest expense to be similar to FY18

• FY19 capital expenditure expected to be ~$350 million due to higher sustaining capital spend on Capital manufacturing plants, continuous investment in the MMU fleet and SAP implementation ramp up • Depreciation and amortisation expense to be ~10% higher than FY18

26 Key focus areas FY19 & beyond Delivering improved returns

MANUFACTURING AND SUPPLY FIELD SERVICES PRODUCTIVITY SOLUTIONS

• Benefits from operational and fully • Demand for explosives volumes to • WebGen™ 200 commercialisation loaded Burrup plant expected outstrip key commodity production and evolution to automation during FY20 growth (east coast coal, Pilbara region iron ore) • R&D commercialisation program • Operating leverage from around fragmentation and ore continuous improvement in • Further penetration of technology tracking manufacturing plant utilisation and based products and services increasing volumes • Continued focus on cost reduction and improved operating cashflow

• Increased market share

27