Balance Sheet Strength Provides Opportunities to ... - Origin Energy

Balance Sheet Strength Provides
Opportunities to Grow & Develop
Citi’s Australian & New Zealand
6 th Annual Investment Conference London
9 March 2009

2
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.

Outline
• Company Strategy
• Strategy Implementation
• Appendix
3

Company Strategy

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
5
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
market share in a steadily growing market

Origin’s strategy of being a fuel integrated generator retailer
is designed to…
Fuel Generator Retailer
A leading producer of gas in
Eastern Australia involved in the
development of Australia’s
largest CSG to LNG project
Extensive portfolio of both CSG
and conventional gas & oil
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
A leading wholesaler and
retailer of energy & Australia’s
largest green energy retailer
Around 3 million customers
across Australia and Pacific
Origin’s 2P Reserves Origin’s Generation Capacity Origin’s Energy Sales
Source: Origin
6
… better manage risk and access more
opportunities for growth

Effective implementation of this strategy has delivered a
consistent record of underlying earnings and dividend growth
9,000
7,500
Revenue
Compound annual growth rate: 26%
1,500
1,200
EBITDAF
Compound annual growth rate: 23%
$millions
6,000
4,500
3,000
1,500
$millions
900
600
300
0
50
40
2001 2002 2003 2004 2005 2006 2007 2008
Underlying earnings per share
Compound annual growth rate: 17%
0
50
40
2001 2002 2003 2004 2005 2006 2007 2008
Dividends per share
Compound annual growth rate: 43%
cents
30
cents
30
20
20
10
10
0
2001 2002 2003 2004 2005 2006 2007 2008
0
2001 2002 2003 2004 2005 2006 2007 2008
Source: Origin
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%
EBITDAF
$686 m up 12%
Statutory Profit
$6,663 m up 1891%
Underlying Profit
$277 m up 38%
EPS – Statutory
761.0 cps up 1887%
EPS – Underlying
31.6 cps up 38%
OCAT
$363 m down 6%
Origin undrawn debt facilities (2) $2,313 m
Free cash flow per share
25 cps down 17%
Interim dividend fully franked
25 cps up 108%
Origin cash on deposit (1) $4,073 m
• The interim dividend
increased by 108% to 25
cps, consistent with
Origin’s intention to
rebase annual dividends
to 50 cps and target an
increased dividend payout
ratio of at least 60% of
underlying earnings
• Origin has now elected to
terminate the on-market
buyback of shares to
preserve its financial
capacity in the current
economic environment
8
Based on current market conditions, Origin expects
underlying earnings for the current financial year to
be approximately 20–25% higher than the prior year
(1) Excluding Contact
(2) Excluding Contact and bank guarantees

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

In addition to the ongoing growth in earnings, the highlight of the
current financial year has been the CSG transaction with
ConocoPhillips…
Assets
Consideration
Joint Venture
Timetable
ConocoPhillips has subscribed for a 50% interest in Australia Pacific LNG
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)
• 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
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
Train 1 first LNG expected in 2014
10
… which confirmed the value and quality of Origin’s CSG
assets and will establish a new export channel to market
(1) Excluding ramp and tail gas

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

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

Strategy Implementation

Exploration & Production

Developing gas reserves close to markets has been a key component
of Origin’s strategy…
Origin’s 2P Reserves (1) 3,693 PJe
Annual Production
2P Reserves (2)
101 PJe
• 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
Otway Projects and the Kupe Gas Project that is
currently under development
• Extensive exploration program in highly
prospective areas
15
… 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.
(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.

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

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
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 Cascade SM 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

APLNG continues strong growth in CSG production and reserves…
19
APLNG’s CSG Interests (1) (PJ)
1P Reserves
2P Reserves
3P Reserves
Contingent Resource (2C)
30 Jun 2008
1,375
4,751
10,138
15,869
31 Dec 2008
1,527
5,482
11,110
14,964
(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
Change (2)
+ 152
+ 731
+ 972
- 905
Source: Origin
Increase
+ 11%
+ 15%
+ 10%
-6%
… with a significant increase in proved and probable reserves
and contingent resources being converted as expected

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

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
Kupe Gas Project
• Origin is the Project Operator and has a 50% interest
• 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
21
… a period of major upstream capex is
coming to an end

Origin has reviewed its exploration program and reduced exposure by
surrendering areas assessed to have low prospectivity…
Surrendered Acreage
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
ex Swift), Block L9 (Lamu Basin, Kenya)
22
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
commenced.
Additional ~$30m will be expensed in the second
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
less costly seismic expenditure in highly prospective areas

Notwithstanding the review of exploration opportunities and
expenditure…
Piwakawaka 2D SS
Waka 3D SS
Carrack/Caravel Leads
Punt 2D SS
An active seismic exploration
program is being undertaken
in New Zealand, including 2D
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
(Trefoil appraisal and
Rockhopper exploration) and
will be followed by a further
two wells in the Northland
Basin in New Zealand
23
… Origin has a number of significant exploration
opportunities which will be drilled over the coming year

HY2009: Record Production, Sales and Revenue reflect contributions
from new assets…
Total Revenue & EBITDAF ($m)
400
350
300
250
200
150
100
50
Dec-08
Dec-07
400
350
300
250
200
150
100
50
CAPEX ($m)
• EBITDAF of $175m up 32% with increased
production from Otway Gas Project, Taranaki
assets and CSG partially offset by lower
production from BassGas and dilution of CSG
interests from the APLNG transaction
• Falling oil prices and increased spreads on
condensate relative to oil impacted liquids
revenues
• APLNG transaction completed establishing 50:50
CSG to LNG joint venture with ConocoPhillips
• APLNG appraisal activities increased CSG reserves
by over 750 PJ 2P and almost 1,000 PJ 3P (1)
• Kupe Gas Project on schedule to commence
commercial operations in Sept Quarter 2009
0
Revenue EBITDAF Capex *
* Does not include acquisitions
0
• Exploration commitments reviewed increasing
short term 3D seismic commitments to replace
more onerous long-term well commitments
24
… which more than offset the impact of maturing assets
and the impact of the APLNG transaction on CSG interests
(1) Against APLNG’s last published CSG reserves position as at 30 June 2008. Origin has a 50% interest in APLNG

Generation

Major developments and acquisitions are significantly increasing
Origin’s generation capacity…
Origin’s Generation Capacity
Operating Capacity 1,464 MW
Under Construction 1,336 MW
• 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
• Renewable energy options across wind,
geothermal and solar are also being
developed in response to the demand for
lower carbon intensity generation and
growing mandated renewable energy targets
26
… and providing greater support to the Retail business as
price volatility increases and forward prices continue to rise

Origin’s Electricity Generation Portfolio
Origin’s Generation Plants
State
Capacity
(MW)
Operation
Status
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

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

Origin is doubling the capacity of its generation fleet at a time
when electricity price volatility is increasing…
29
… and higher forward prices provide significant
opportunities
Source: NEMMCO, ICAP & Origin

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

Darling Downs Power Station is progressing well…
Darling Downs PS Turbine Building steel erection
Darling Downs Power Station
• 630 MW Base Load plant
• Largest CCGT plant in Australia
• All gas turbines installed
• Commissioning to commence in early 2010
• Progressing on time and on budget
Impression of Mortlake PS once constructed
Mortlake Power Station
• 550 MW Peaking plant
• Expected to be completed in late 2010
• Designed for conversion to CCGT at a later stage
if required
31
… and the development of the Mortlake project has
commenced

Origin also continues to develop a number of
renewable energy options…
Wind turbine blades being delivered to Cullerin Range
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
Drilling floor of Geodynamics’ Rig 100 pre-spud
Source: Geodynamics
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
32
… in response to the demand for lower carbon intensity
generation and growing mandated renewable energy targets

HY2009: EBITDAF was lower primarily due to the Worsley plant
outage…
Total Revenue & EBITDAF ($m)
50
45
40
35
30
25
20
15
10
5
0
Dec-08
Dec-07
Revenue EBITDAF Capex *
600
540
480
420
360
300
240
180
120
60
0
CAPEX ($m)
• EBITDAF was $21 million, $11 million lower
than the prior half year
• The Worsley cogeneration plant in WA had
an extended outage after a power turbine
failure in mid August. Insurance claims will
be pursued in relation to this outage
• Significant progress made on ongoing
developments – Uranquinty completed and
online and Quarantine expansion being
commissioned, while Mt Stuart expansion,
Darling Downs CCGT, Cullerin Range wind
farm and Mortlake projects all progressed to
schedule
• Commitment to Mortlake OCGT announced in
July and development of project has
commenced
* Does not include acquisitions
33
… while the acquisition of Uranquinty and ongoing major
generation developments are significantly increasing
Origin’s generation capacity to support the retail business

Retail

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
Electricity Customers
Gas Customers
LPG Customers
Sales Volume
1.74 m
0.88 m
0.34 m
350 PJe
• 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 GreenPower TM
customers
• Systems transformation to improve
competitiveness and improve service to
customers is underway
35
… and a channel to market for its Generation and
Exploration & Production businesses

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
36
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
expected to be in line with last year

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)
(000’s)
Natural
Gas
Electricity
Total
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.

Electricity markets continue to be volatile, whilst the forward
curve continues to signal increasing wholesale prices
Source: NEMMCO, ICAP & Origin
38

HY2009: EBITDAF grew by $99 million to $300 million. Higher gas
and electricity revenues were realised following tariff increases in
the prior period leading to a very strong first half…
Total Revenue ($m)
3,500
3,000
2,500
2,000
1,500
1,000
Dec-08
Dec-07
350
300
250
200
150
100
EBITDAF & CAPEX ($m)
• EBITDAF grew by $99 million or 49% from $201
million to $300 million
• Cost to serve increased on higher corporate
allocations, higher costs in dealing with
customers experiencing payment difficulties,
and systems upgrade and implementation
costs
• Churn remained high in Victoria and
decreased in most other markets. Customer
accounts (after adjustments) remained stable
and Origin retained clear market leadership in
Green Energy products
500
0
Revenue EBITDAF Capex*
50
0
• Systems and process transformation and backoffice
outsourcing projects were initiated -
with Wipro selected as Origin’s key
transformation partner
* Does not include acquisitions
39
… while the second half will see lower contributions due to
higher expected wholesale energy costs

Contact Energy

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

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

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

Total Revenue ($m)
HY2009: While earnings were significantly reduced due to the
combined impact of weather conditions and transmission constraints…
44
3000
2500
2000
1500
1000
500
0
Revenue EBITDAF
* Does not include acquisitions
Dec-08
Dec-07
Capex*
300
250
200
150
100
50
0
EBITDAF & CAPEX ($m)
• EBITDAF was $190m, 24% lower than the prior half
year primarily due to an unusual combination of
weather events and transmission constraints
between the North and South Islands which
adversely impacted wholesale costs and generation
revenue
• While this particular combination of conditions is
unlikely to be repeated in the short term, and some
elements of the transmission constraints will most
likely be resolved in the September Quarter 2009,
the reduction in inter-island transmission capacity
adds new risk exposures to Contact’s earnings
• Contact has implemented a series of strategies to
help mitigate future transmission risks
­ September 2008 South Island tariff adjustments
­ Deconstraining transmission out of the lower
South Island
­ Procurement advisory group for HVDC pole 3,
which is expected to be in operation in 2012
… Contact has put in place a number of mitigating measures
and the outlook for growth of generation remains strong

Outlook

46
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

47
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

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
48
Source: Origin
Note: Excluding Contact
Source: Origin
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

Balance Sheet Strength Provides
Opportunities to Grow & Develop
Citi’s Australian & New Zealand
6 th Annual Investment Conference London
9 March 2009

Further Information
Investors
Angus Guthrie
Manager, Investor Relations
Email: angus.guthrie@originenergy.com.au
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

Appendix

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
52
(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
(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

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

Movements in fair value of financial instruments
Reconciliation of Balance Sheet and Income Statement items associated
with financial instruments movements
($ million)
Change in net assets
Recognised in the Balance Sheet
Recognised in the Equity Hedge Reserve (post tax)
Recognised in Deferred Tax Liability
Recognised in the Income Statement
(165)
(77)
Dec 08
• 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
(420)
(242)
(178)
54

A review of the carrying value of assets has led to asset impairments
including producing assets impacted by the decline in oil price…
Assets
Cooper Basin Assets
BassGas Assets
Perth Basin Assets
Heytesbury Gas Storage
Existing Retail Systems
SLIVER Solar technology assets
Spring Gully Power Plant
Total
Impairment ($ million)
Pre-tax Post-tax
71
50
66
46
16
11
20
14
78
55
53
37
7
5
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

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

APLNG Balance Sheet
($ billion) Dec 08
Receivables from Shareholders
Other current assets
Current Assets 1.0
Receivables from Shareholders
7.9
Property, plant & equipment (1) 1.0
Other non-current assets
Non-Current Assets
Total Assets
Total Liabilities
Net Assets
Origin’s 50% Share of Net Assets
(1) Including exploration and development expenditure
0.8
0.2
0.2
9.1
10.2
(0.2)
10.0
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

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

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

APLNG transaction has provided Origin with
substantial funding capacity…
As at 31 December 2008
(1) (2)
(1)
Adjusted
Gross Debt
Cash
Undrawn
Committed
Debt Facilities
Available
Funding
Capacity
60
Source: Origin
… with cash and undrawn committed debt facilities of $6.4 billion
(1) Net Cash/(Debt) excluding mark to market adjustments on debt
(2) Uranquinty acquisition includes debt assumed on acquisition
Note: All amounts exclude Contact Energy

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

Depreciation & Amortisation
($ million)
Dec 08
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
• Higher depreciation and amortisation resulting from:
­ Otway Gas Project included in current half
­ Increased Cooper production
Dec 07
189 171
62
(1) Amortisation of exploration and evaluation costs in producing areas

63
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 cover (Underlying EBIT) (2) 5x 4x
Net interest expense 48 97
Capitalised interest 60 24
Net interest expense + capitalised interest 108 121
Net interest cover (EBIT) (1) 71x 5x
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
payable and fair value of interest related financial instruments
(2) As above based on EBIT excluding Significant Items

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

Capital Expenditure
($ million)
Stay-in-business
Growth
Exploration & Production
Retail
Generation
Contact
Total capital expenditure
Acquisitions (net of cash)
Capex including acquisitions
Dec 08
115
286
59
556
129
1,144
131
1,275
Dec 07
70
305
38
240
56
708
6
714
• Growth capex has risen with the spend on several Generation projects, CSG (precompletion
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

Operating Cash Flow
($ million)
EBITDAF
Equity Accounted Investees (EBITDAF less dividends)
Exploration Write-Off
Change in working capital
Stay-in-business capex (1)
Other
Tax paid
OCAT
Net interest paid
Free cash flow
Funds Employed (excluding CAPWIP) (2) - Calendar Year
OCAT Ratio (excluding CAPWIP) (3) – Calendar Year
Dec 08
686
(14)
4
(51)
(115)
(29)
(117)
363
(147)
216
6,675
11.8%
Dec 07
614
(9)
16
(61)
(70)
(23)
(83)
385
(126)
259
6,473
11.8%
66
(1) Net of book value of assets sold
(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

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