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1 T Cmpany Annuncements Office Facsimile Cmpany ASX Limited Date 23 Octber 2013 Frm Helen Hardy Pages 5 Subject Origin annunces extensin f cntract with Managing Directr Please find attached a release n the abve subject. Regards Helen Hardy Cmpany Secretary helen.hardy@riginenergy.cm.au Origin Energy Limited ACN Level 45 Australia Square, Gerge Street, Sydney NSW 2000 GPO Bx 5376, Sydney NSW 2001 Telephne (02) Facsimile (02)

2 ASX/Media Release 23 Octber 2013 Origin annunces extensin f cntract with Managing Directr Origin Energy Limited (Origin) tday annunced that the Managing Directr, Mr Grant King, has agreed t extend his service agreement which is due t expire n 30 June Cnsistent with mdern practice and ASX crprate gvernance guidelines, Mr King s cntract is nw nging and may be terminated by either party n 12 mnths ntice r n a shrter ntice perid by agreement between the parties. Origin Chairman, Mr Kevin McCann said, The Bard is pleased that Mr King will cntinue t lead the Cmpany thrugh the next phase f its develpment, where its cre pririties are imprving the perfrmance f the existing business, delivering the Australia Pacific LNG prject, managing the funding f Origin s investment in Australia Pacific LNG and creating grwth pprtunities fr the future. The Origin Bard recgnises the imprtance f setting executive remuneratin which apprpriately rewards fr perfrmance. We cnsider that the terms f the renewed cntract apprpriately rewards the cntributin Mr King makes t Origin and weights remuneratin t Cmpany perfrmance, gd risk management and utcmes as well as the delivery f sustainable grwth in lng-term sharehlder value. All f these are directly aligned with sharehlder interests, Mr McCann said. The extensin f Mr King s cntract, tgether with the cntinued develpment f the management team s experience and capabilities, is imprtant t Origin s nging success. Changes t the remuneratin arrangements fr Mr King have already been disclsed in the 2013 Annual Reprt, but are utlined in Attachment 1 fr the benefit f sharehlders. Errr! Unknwn dcument prperty name. Origin Energy Limited ABN Errr! Unknwn dcument prperty name. Level 45 Australia Square, Gerge Street, Sydney NSW 2000 GPO Bx 5376, Sydney NSW 2001 Telephne (02) Facsimile (02) /4

3 ATTACHMENT 1 MR GRANT KING S EXTENDED EMPLOYMENT CONTRACT KEY TERMS 1. TERM OF CONTRACT Takes effect frm Octber 23, 2013 Is nging, subject t terminatin terms as set ut in 3 belw 2. REMUNERATION The remuneratin arrangements are cnsistent with thse disclsed in the 2013 Annual Reprt, including thse that have been recently changed. A. Fixed Remuneratin $2.5 millin Reviewable annually by the Bard with effect frm 1 July each year B. Shrt Term Incentive (STI) Amendments t the STI scheme have been disclsed in the 2013 Annual Reprt STI arrangements are as fllws: Maximum STI 150 per cent f fixed remuneratin Percent reviewed annually by the Bard Methd f payment Tw-thirds paid in cash in September each year One-third deferred and delivered as Deferred Share Rights (DSRs) DSRs are the right t wn a share in the Cmpany resulting in the value f this cmpnent f Mr King s remuneratin increasing r decreasing directly with Origin s share price The number f DSRs t be granted will be calculated by dividing the value f the deferred cmpnent by the fair value f each DSR, using nrmal Cmpany practices The calculatin will ccur at the same time as it is made fr ther executives The percentage allcated between cash and DSRs may be varied by the Bard. Basis f Award 70 percent is based n achieving grup perfrmance metrics as set by the Bard each year. Currently: Earnings per share OCAT rati Safety recrd fr the year 2/4

4 30 percent is based n individual measures as set by the Bard each year The percent and metrics may be varied by the Bard Apprach t vesting DSRs vest in three equal tranches n the first, secnd and third anniversaries f the date f grant N dividends are paid n DSRSs until they are cnverted int rdinary shares C. Lng Term Incentive (LTI) Amendments t the LTI scheme have been disclsed in the 2013 Annual Reprt LTI arrangements are as fllws: Maximum LTI 120 per cent f fixed remuneratin Percent reviewed annually by the Bard Methd f payment Optins: 75% Perfrmance Share Rights (PSRs): 25% Bth are subject t a TSR perfrmance hurdle, cnsistent with past practice The percent allcatin t PSRs and Optins, as well as the hurdle, may be reviewed by the Bard Basis f dllar value f award Allcated based n perfrmance and ptential, cnsistent with the apprach fr ther executives Basis fr calculating the number awarded The number f Optins and/r PSRs will be calculated by dividing the value f the amunt f the grant by the fair value f each Optin and/r PSR at the same time as the same calculatin is made fr ther executives Fair value is calculated using a Black-Schles methdlgy with a Mnte Carl simulatin mdel taking int accunt market cnditins and perfrmance hurdles and the practices nrmally adpted by the Cmpany Vesting perids 4 years fr Optins 4 years fr PSRs The vesting perids may be reviewed by the Bard D. TIMING OF SHAREHOLDER APPROVAL DSR, Optin and PSR grants require sharehlder apprval. Frm the 2014 financial year, apprval will be sught frm sharehlders retrspectively, nt prspectively as has been past practice. If sharehlder apprval is nt btained fr a DSR grant, it will be paid in cash, as it is in respect f an STI allcatin that will have been earned. 3/4

5 3. TERMINATION ARRANGEMENTS The cntract can be terminated n 12 mnths ntice by either Mr King r Origin r n a shrter ntice perid by agreement between the tw parties. DSRs, Optins and/r PSRs lapse n terminatin ther than in cases f death, disability, bna fide redundancy r genuine retirement. In the event f terminatin ther than fr cause, r by Mr King s giving 12 mnths' ntice, an STI can be paid that reflects the extent f achievement against the bjectives set fr the year having regard t the part f the year that has elapsed prir t terminatin. In such a case, the STI payment will be made in cash. The Managing Directr maintains a significant sharehlding in the Cmpany. Fr further infrmatin please cntact: Media Lina Meler General Manager, External Affairs Ph: Mbile: Investrs Peter Rice General Manager, Capital Markets Ph: Mbile: Abut Origin Energy Origin Energy (ASX: ORG) is the leading Australian integrated energy cmpany fcused n gas and il explratin and prductin, pwer generatin and energy retailing. A member f the S&P/ASX 20 Index, the cmpany has mre than 6,000 emplyees and is a leading prducer f gas in eastern Australia. Origin is Australia s largest energy retailer servicing 4.3 millin electricity, natural gas and LPG custmer accunts and has the cuntry s largest and ne f the mst flexible generatin prtflis with apprximately 6,010 MW f capacity, thrugh either wned generatin r cntracted rights. Origin s strategic psitining and prtfli f assets prvide flexibility, stability and significant pprtunities fr grwth acrss the energy industry. Thrugh Australia Pacific LNG, its incrprated jint venture with CncPhillips and Sinpec, Origin is develping ne f Australia s largest CSG t LNG prjects based n Australia s largest 2P CSG reserves base. In New Zealand, Origin is the majr sharehlder in Cntact Energy, the cuntry's leading integrated energy cmpany, perating gethermal, thermal and hydr generatin facilities and servicing electricity, gas and LPG custmers acrss bth the Nrth and Suth islands. Origin als perates several il and gas prjects in New Zealand and is ne f the largest hlders f petrleum explratin acreage in the cuntry. Origin has a strng fcus n ensuring the sustainability f its peratins, is the largest green energy retailer in Australia and has significant investments in renewable energy technlgies. Fr mre infrmatin g t 4/4