Origin Energy Limited ABN 30 000 051 696 • Level 45 Australia Square, 264-278 George Street, Sydney NSW 2000 GPO Box 5376, Sydney NSW 2001 • Telephone (02) 8345 5000 • Facsimile (02) 9252 1566 • www.originenergy.com.au

To Company Announcements Office Facsimile 1300 135 638

Company ASX Limited Date 7 December 2012

From Helen Hardy Pages 16

Subject AGM REPORT TO SHAREHOLDERS

In accordance with Listing Rule 3.17 please find attached the 2012 AGM Report which is being sent to Origin Energy shareholders who have elected to receive it. Regards

Helen Hardy Company Secretary 02 8345 5023 – helen.hardy@originenergy.com.au

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Annual General Meeting Report to Shareholders12 November 2012

Strategy Performance Growth

ENERGY FOR TODAY and TOMORROWF

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Origin Energy ANNUAL GENERAL MEETING 1

ANNUAL GENERAL MEETING

Fellow ShareholderOrigin held its 13th Annual General Meeting in Sydney, on 12 November 2012. At this meeting we outlined to shareholders present the strong, integrated and expanding nature of Origin’s business, and reviewed its progress during the 2012 Financial Year.

Origin reported strong growth in earnings and profit during the year. Underlying Profit rose 33 per cent to $893 million and Underlying EBITDA increased 27 per cent to $2.3 billion. A final fully franked dividend of 25 cents per share was paid on 27 September 2012, taking the full year dividend to 50 cents per share, representing 61 per cent of underlying earnings.

Origin has a strong balance sheet and the liquidity required to complete the Australia Pacific LNG project and other capital commitments.

Our energy markets businesses are mature and will continue to deliver strong cash flows into the future, notwithstanding regulatory issues outlined in enclosed addresses given at the meeting. The coal seam gas (CSG) to liquefied natural gas (LNG) project is making good progress and is on schedule and on budget to deliver first LNG in 2015. This project, the most significant Origin has undertaken to date, stands to deliver a substantial increase in earnings and cash flow when it is completed. We realise that a project of this kind requires shareholder patience, but I am confident that when it is in production, it will be rewarding to shareholders.

In addition, Origin continues to explore potential future energy developments in renewables in Australia and overseas markets. Origin has many attractive opportunities available to it post the completion of the Australia Pacific LNG project.

Contained in this booklet are the addresses which the Managing Director and I presented to the AGM, outlining the performance of the business, investments we are making for continuing growth, and the outlook for the coming year.

The AGM webcast is available at our website: www.originenergy.com.au.

Kevin McCann Chairman

contents

Westin Hotel

02 Chairman’s address

12 Managing Director’s address

24 Meeting results

12 November 2012 10am 1 Martin Place, Sydney New South Wales

IMAGES

Cover Australia Pacific LNG CSG well in Queensland.

01 Geothermal interests in Chile.

02 Customers using Origin’s online smart energy management portal.

03 Mortlake Power Station, Victoria.

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Origin Energy ANNUAL GENERAL MEETING 32 CHAIRMAN’S ADDRESS

Ladies and Gentlemen,

Today I will speak to you about four key themes:

– First, Origin as an integrated energy company; – Second, Origin’s performance in the past year; – Next, the energy policy environment in Australia

and community expectations; and – Finally, Origin’s progress on safety, diversity and

philanthropic activity.

Origin as an integrated energy companyIn the time since our de-merger from Boral in 2000, we have built Australia’s leading integrated energy company. Today, Origin has the country’s largest energy customer base, the largest portfolio of power generation assets, and is a leading producer of gas on the Australian east coast.

In Australia Pacific LNG, Origin is investing to build a business positioned to capitalise on growth in global demand for energy, and in particular demand for cleaner, transportable Australian natural gas.

The growth in global demand for energy is driven from Asia. The recently released White Paper on Australia in the Asian Century, states that by 2025 Asia is likely to account for almost half of the world’s economic output – with China accounting for about half of that. The opportunities for Australia are immense, and Asia will require energy to drive its growth. This has led some experts to forecast a “golden age of gas”.

Through our shareholding in Australia Pacific LNG, Origin is well placed to be part of the Asia growth story, and to deliver gas to China and Japan from 2015. When it is completed, the Australia Pacific LNG project will open a window to world markets for Origin, and will deliver a step-change in Origin’s earnings and cash flow. The project continues to make good progress on the construction and development of the two liquefied natural gas (LNG) trains that have been approved so far. Work to explore, extract and pipe gas is on track and 20 per cent complete. Work on the LNG processing and export component of the project is 23 per cent complete. The project as a whole remains on track and on budget for first LNG in mid-2015.

In parallel, Origin’s large, diverse and flexible gas portfolio in Eastern Australia, and prospective exploration opportunities, will allow us to benefit from an expected rise in domestic gas prices when east coast demand triples over the next five years(1). The recent sale of gas to another LNG project in Gladstone, GLNG Partners, is evidence that Origin can monetise its existing gas reserves in line with export pricing. These sales demonstrate the inherent value of Origin’s integrated fuel position.

Offshore, we are pursuing a select number of growth opportunities. Our international projects are focused on monetising new sources of low carbon fuel – specifically gas, hydro or geothermal – by connecting them with strong energy demand in high growth markets including Chile, Indonesia and Papua New Guinea. In the case of Papua New Guinea, we would not only make supply available for domestic consumption but also intend to export electricity to Northern Queensland.

In summary, Origin is focused on shareholder returns both today and into the future. Origin will maintain its leadership position in the Australian energy market – with the largest customer base, the largest generation portfolio, and market-leading positions in green energy, and in customer solutions such as solar rooftop products, smart technology and tri-generation. Further, Origin is also building an international energy business in natural gas and renewables, focused on markets which are short energy.

Chairman’s address12 November 2012

Kevin McCann Chairman

(1) Energy Quest.

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Origin Energy ANNUAL GENERAL MEETING 54

Origin’s performance in the past yearNow I will now touch briefly on some of the key performance metrics for the year completed.

Statutory Profit for the financial year was $980 million, up from $186 million in the prior year, driven by a higher Underlying Profit, a gain on dilution of Origin’s interest in Australia Pacific LNG, and an increase in the fair value of financial instruments, partially offset by a larger impairment of assets when compared to the prior year.

Underlying Profit, in turn, increased by 33 per cent or $220 million, up from $673 million to $893 million. This was driven by a full year contribution from the New South Wales energy assets acquired in March 2011, a lower exploration expense and higher commodity prices.

Basic Earnings Per Share (EPS) based on Statutory Profit increased by 71 cents per share to 90.6 cents per share, and Underlying EPS increased 16 per cent to 82.6 cents per share.

A final fully franked dividend of 25 cents per share was paid on 27 September 2012, taking the full year dividend for the 2012 financial year to 50 cents per share. This represents a payout ratio of 61 per cent of Underlying EPS, consistent with the Board’s policy of paying the higher of 50 cents per share or 60 per cent of Underlying EPS.

During this financial year, your Board was active in managing Origin’s liquidity by replacing maturing debt facilities with other facilities with even longer maturity periods.

In addition, Australia Pacific LNG was successful in securing a US$8.5 billion project financing facility. This was the largest project finance agreement in Australia and reflects the quality of the project, the strength of the joint venture partners and financiers’ confidence in the coal seam gas (CSG) to LNG industry.

As a result, no material refinancing is now required by Origin until after the 2015 financial year and the commencement of cash flows from our investment in Australia Pacific LNG.

Origin now has sufficient funding to meet our share of the Australia Pacific LNG funding, as well as meet the ongoing needs of the business through to 2015.

We have announced we are exploring dilution of our current 37.5 per cent shareholding in Australia Pacific LNG to a lower targeted level of around 30 per cent. If we achieve this, we expect this to progress through the first quarter of the next calendar year and our funding position will further improve.

Energy policy and community expectationsI would now like to address the ongoing policy and regulatory uncertainty and changing community expectations impacting Australian businesses, including Origin.

We are in a very important period for energy policy in Australia. Last week, the Minister for Energy, Resources and Tourism, Martin Ferguson released Australia’s new Energy White Paper, the first since 2004. It sets out a blueprint for Australian energy policy with a focus on market mechanisms, customer empowerment and the important role that natural gas will play in our energy future. It is particularly pleasing to see that the White Paper rejects the regulation of retail energy prices and domestic gas reservation policies, and supports smart technology initiatives. This is a sound policy framework and one which Origin strongly supports.

If the Australian energy and resources sector is to deliver on Australia’s and the world’s growing and changing energy needs, we need a policy environment that provides encouragement for investment, consistency, stability and predictability in regulation. We need market rules that promote competition and innovation, and as a country, we need to hold a long-term rather than short-term perspective.

Policy short-termism can lead to poor outcomes which are not good for consumers, not good for governments, and not commercially sustainable. Let me provide a few recent examples.

First, the carbon price. Origin has always supported climate change policy that reduces emissions at the lowest cost to society, delivered most efficiently by a market-based mechanism.

While Australia now has a carbon pricing scheme, this is currently operating at a fixed price, and has been commonly referred to as a “tax”. The scheme will become a true market-based scheme from 2015, and other changes are currently being made, such as removing the price floor and linking it with the European carbon trading scheme. Overall this is sound policy and will help remove distortions.

A complementary climate change policy is the Renewable Energy Target (RET), which requires 20 per cent of Australia’s energy to come from renewable sources by 2020. Origin is a long-standing supporter of the RET and continues to support renewables.

CHAIRMAN’S ADDRESSF

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Origin Energy ANNUAL GENERAL MEETING 76

Since national demand for electricity is lower than originally forecast, we are likely to overshoot the target and achieve more like 26-27 per cent of energy generated from renewables. Earlier this year, Origin identified that Australia will exceed the target and last month the Climate Change Authority publicly confirmed that we were correct.

This will come at a considerable cost. Homes and businesses will bear the cost and are likely to be unaware of that. In addition, there will be technical build and grid impact issues that must be carefully considered.

The RET includes a component called the Small-scale Renewable Energy Scheme (SRES) that largely supports rooftop solar panel installations. Origin has highlighted that this scheme is currently uncapped and is also forecast to overshoot all expectations with costs to the broader community, who will, in effect, be asked to subsidise the power prices for those who install solar rooftop systems.

Carbon policy has to be simplified, and all costs and benefits need to be transparent so they can be fully understood and endorsed by the community.

This brings me to the broader issue of rising electricity prices, which has been a topic of much debate recently.

In Queensland, NSW and South Australia, state governments are still regulating electricity prices, long after price controls were removed from other household staples such as milk and petrol. Actions by state governments that seek to cap or hold retail prices artificially low will have unintended impacts, including stifling future investment in generation and significantly lessening competition for consumers. We look to governments to support and promote competition and innovation.

We believe deregulated retail pricing will deliver the best outcomes, and this is a model that has been operating successfully in Victoria for many years. Victoria’s deregulated market is the most competitive in the world as measured by churn, which is the rate at which customers switch between retailers. It has delivered more choice and innovative products and services to consumers, such as Origin’s new smart energy management solution, which I will explain in more detail shortly.

Changing community expectationsNow to changing community expectations. In operating our business, we recognise the need to maintain a balance between the differing needs of each of our stakeholder groups. This year, two issues challenged our ability to strike that balance.

First, the impact of the rising cost of energy.

We understand customers are concerned about rising electricity costs. Recent price increases have been primarily driven by investment in the networks by state-owned distribution companies, the introduction of the carbon price and federal and state green schemes. As shareholders, you will understand that Origin needs to pass these costs on to customers. Our challenge is to manage the impact of rising energy costs on customers, while ensuring we continue to provide appropriate returns for shareholders.

One example of how we are helping customers with rising costs is to provide solutions that deliver greater control over their energy use.

As I mentioned earlier, the launch of Origin Smart in Victoria, the first large-scale rollout of a smart energy management solution in Australia, is a major step forward. Origin Smart is groundbreaking technology which via web portal provides customers with unprecedented visibility and control over their energy bills, changing the way they view energy.

Victoria was the natural first choice for Origin Smart, given the penetration of smart meters in that state. We expect the appetite for this service will steadily grow in NSW, South Australia and Queensland, particularly if the necessary supporting infrastructure is rolled out.

The second issue we face with stakeholders is the sustainable development of lower carbon fuels, in particular CSG.

This time last year, I talked at length about the community challenges facing Origin – and the CSG industry more broadly. Now, 12 months on, in Queensland where we have CSG operations, we have improved our relationships with landholders and the local community, as the shared benefits of the industry’s growth are more clearly understood.

Working with landholders is critical across our upstream operations. We are building open, transparent, long-term relationships with the landholders that host us.

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Origin Energy ANNUAL GENERAL MEETING 98

Some communities in Australian regions and metropolitan centres, continue to hold some concerns about the industry’s development because of perceived impacts on agricultural land, water resources and the environment.

We believe that our operations are respectful of these issues and do not have the negative effects some critics suggest.

As the leading producer of CSG in Australia, Origin will continue to communicate to governments, regulators and the broader community, the safe and responsible manner in which CSG can and is being developed in Queensland. I believe our investment in these relationships will stand us in good stead as we continue to ramp up project activity towards first LNG.

Safety and diversity at OriginFinally, I turn to Origin’s progress on safety, diversity and philanthropic activity.

First, let me talk to you about Origin’s safety record and drivers for improvement.

Origin’s first priority continues to be the health and safety of our people and contractors.

During the past 12 months we were reminded of the risks faced by our people and those who do work on our behalf. In February 2012, one of our employees was killed in a road accident in the Papua New Guinea Highlands. And just recently, two men working for Stena Drilling, a company we had contracted to drill a well on our behalf in Bass Strait, lost their lives as a result of an incident on the drilling rig.

These tragic accidents strengthen our resolve to focus on making changes that will deliver a workplace which is safe for our employees and contractors.

We also aim to have an engaged workforce, which reflects the diversity of society. Achieving this will result in increased productivity which will, in turn, create value for the future.

Diversity is recognised in Origin’s Compass as intrinsic to the kind of company we are, and aim to be. Our Origin Diversity Council consists of the Executive Management Team and is chaired by the Managing Director. Origin has set three targets for 2013 spanning equal pay, retention and the appointment of women to senior roles.

The Origin FoundationIn terms of ongoing contribution, our main vehicle for making a philanthropic contribution to Australian society is the Origin Foundation.

The educational development of young Australians is the Origin Foundation’s priority. In the 2011 calendar year, the Foundation gave almost $5 million across 18 different education programs.

For example, the Foundation heard about a failing school in Western Australia where the students and teachers lived amongst such violence that they needed a panic button to call police. With the support of the Foundation that situation has been turned around and the school is now winning multiple awards.

In addition, many of our employees lent their skills and knowledge in their chosen field of expertise, volunteering to boost the capacity and capability of some of the organisations we support.

SummaryIn summary, your company is developing the foundations for future growth and to reap the benefits from growing gas demand in Australia and Asia.

In order to do this, we will continue to advocate for stable and sound policy frameworks from governments. This is required to provide confidence and encourage investment in Australia’s resource and energy industry currently the engine room of the national economy creating jobs, royalties, taxes and regional boost.

I would conclude by saying that we remain ever-cognisant of the important role we play in society. We are proud to be one of Australia’s top 20 listed businesses, to be providing an essential service – power – to millions of customers across the country every day, and to be making a philanthropic contribution to our community to help create a brighter future for all Australians.

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Origin Energy ANNUAL GENERAL MEETING 1110

OutlookNow to the outlook. In conjunction with our full year results announced on 23 August 2012, we advised that based on then prevailing market conditions we expected underlying EBITDA to increase by around 10 per cent and Underlying Profit to be in line with the 2012 financial year.

On 8 November 2012, we announced that having reviewed actual performance for the first four months of the financial year and based on current forecast for performance for the remaining eight months, we revised our guidance for the 2013 financial year from around 10 per cent increase to a 5-10 per cent increase in underlying EBITDA. This revised guidance to underlying EBITDA will also result in a reduction in Underlying Profit of 5-10 per cent compared to the prior year.

Looking to the long term, Origin continues to target growth in Underlying EPS of 10-15 per cent per annum on average.

ConclusionBefore concluding I would like to acknowledge recent changes to the Origin Board. After 12 years service as a Director, Trevor Bourne will retire from the Board effective from the close of this meeting. Trevor has been a highly valued colleague from the very start of Origin and we have benefited from his management experience during a period of great growth and two challenging takeover bids. I’ve particularly benefited from his counsel and support in my time as Chairman.

We thank Trevor for his tireless contribution to Origin during a time in which the company has grown to become one of Australia’s largest energy companies, and for his friendship and counsel.

In April, we welcomed to the Origin Board a new Independent Non-executive Director, Sir Ralph Norris. Sir Ralph Norris has had an outstanding and successful business career in Australia and New Zealand, most notably as Managing Director and Chief Executive Officer of the Commonwealth Bank of Australia, Chief Executive Officer of ASB Bank and of Air New Zealand Limited. He brings a wealth of management, financial and information technology experience. He stands before you for election and we are pleased to support him.

CHAIRMAN’S ADDRESS

I am also pleased to announce that we will soon appoint Mr Bruce Morgan to the Origin Board as an Independent Non-executive Director. This appointment will follow him stepping down from existing commitments. Until recently, Mr Morgan was Chairman of the board of PricewaterhouseCoopers in Australia and a member of its global board. He has had a distinguished career as an auditor and leader of PricewaterhouseCoopers, and has a deep knowledge of the Australian energy sector and how multinational companies work. We look forward to him making a contribution to Origin as a member of our Board and Audit Committee.

I would like to thank all of my Board colleagues and Grant King and the Executive Management Team for their dedication and commitment in the past year.

Finally, I would again like to thank shareholders for your ongoing support of Origin.

Kevin McCann

Chairman

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Origin Energy ANNUAL GENERAL MEETINGCHAIRMAN’S ADDRESS 1312

As the Chairman has indicated, I would like to talk in more detail about firstly the continued development of our business over the past year, and secondly give you some examples of how some important public policy and regulatory issues are affecting our business and our industry.

First to safety. As the Chairman acknowledged, safety performance is not where we would like it to be. Regrettably, one of our employees was killed in a car accident in Papua New Guinea, and two employees of one of our contractors lost their lives in an incident on an offshore drilling rig. These tragic incidents remind us of the risks faced by our people and those who do work on our behalf.

Safety has the utmost attention of the Board and Management, as we continue to strive to create a safe workplace for our employees and contractors.

We have increased our focus on recording safety observations in an effort to prevent unsafe actions and reinforce safe behaviours.

In addition, we have established a set of 11 Life Saving Rules that govern safe behaviours across our operations. These rules address the causes of 30 per cent of the potentially serious or catastrophic incidents in our business and we are putting considerable effort into embedding them across our workforce.

We are targeting a significant improvement in safety performance over the next 12 months and have put appropriate incentives in place for management to achieve that outcome.

Grant King Managing Director

Managing Director’s address12 November 2012

2012 performanceAs our Chairman has outlined, Origin again achieved strong growth across its business, largely driven by the first full year contribution from the NSW energy assets acquired in March 2011.

As a result of this acquisition, our Company’s retail customer base has increased to 4.4 million customer accounts, our annual sales volume has increased to more than 42 terawatt hours (TWh), and total power generation capacity has increased to 5,900 megawatts (MW)(2).

During the year, we successfully managed the integration of the acquired businesses into Origin, with the migration of Country Energy and Integral Energy’s billing system to Origin’s billing system scheduled to occur over the next calendar year.

In order to improve our operational effectiveness and deepen the integration of our businesses, we completed a number of major investments during the year.

Given the substantial growth in our customer base over recent years, we have invested a significant amount of capital on a major upgrade to our billing and customer relationship management system, which will not only increase the efficiency of our operations, but improve our competitiveness and allow us to respond more effectively to customer needs.

A dedicated team is in place to identify and address any residual issues that may impact on timeliness or accuracy of our billing following the implementation of the system and to help get the benefits from our investment in this new technology.

The implementation of our new SAP billing system temporarily constrained Origin’s ability to attract and retain customers in the first half of the 2012 financial year, primarily due to a freeze on new product development and call centre system availability. Over the year, we had a 160,000 reduction in customers. These constraints were released after completion of the system’s implementation. We expect over time to recover the customer losses that occurred during the period.

(2) Owned and contracted capacity.

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Origin Energy ANNUAL GENERAL MEETING 1514 MANAGING DIRECTOR’S ADDRESS

Over the past 12 months, there has been increased scrutiny on the energy industry, particularly with regard to rising electricity prices. Enabled by our new SAP system, we are focused on providing a wider range of product and service choices to our customers to help them better manage their energy use and costs.

The launch of Origin Smart, an energy management solution, is providing customers in Victoria unprecedented visibility and control over their energy use. Instead of receiving information on energy consumption from just four quarterly bills per year, customers can now use an online portal to review their energy usage in half hour blocks – that is 48 times every 24 hours.

We also offer a rate freeze product that gives customers certainty of their energy costs for 24 months, as well as an easy pay service that allows customers’ energy costs to be averaged out over the year, to avoid higher bills at certain times of the year.

Backed by this strong portfolio of products and services, our intention is to continue attracting and retaining customers, and consolidating our market-leading position in the energy sector.

During the past year, we also implemented systems to ensure compliance with the new carbon pricing mechanism, which came into effect on 1 July 2012. The implementation of the necessary changes to our billing system cost approximately $15 million. To recover the impact of the carbon price, we expect to pass through costs to customers of approximately $1.1 billion. This will require an increase in working capital as customer bills will increase at least by this amount.

Origin’s power generation portfolio was also boosted this year with the formal completion of the Mortlake Power Station. Mortlake is a 550 MW gas-fired peaking power station in Victoria, which adds capacity and flexibility to Origin’s generation portfolio and will help meet peak demand for electricity in eastern Australia. This power station has been running regularly in recent times to support our retail business in Victoria.

(3) Owned and contracted wind generation, including Snowtown II, which is currently under construction.

During the year we also secured Origin’s largest ever wind power purchase agreement with Trust Power, underpinning the development of the 270 MW Snowtown II wind farm. In recent years, Origin has brought forth the development of a number of wind farms across New South Wales, Victoria and South Australia including projects at: Blanyney, Challicum Hills, Codrington, Crookwell, Cullerin Range, Gunning, Hampton, Lake Bonney, Snowtown I and II, Waubra and Wonthaggi. This takes our total wind generation portfolio in Australia to 805 MW(3). In addition, we continue to work on the commercialisation of the 400 MW Stockyard Hill wind farm, one of the largest wind farms ever permitted and approved in Australia.

In New Zealand, recent investments in the Stratford Peaking Power Station and Ahuroa Gas Storage facility to deliver improved flexibility to Contact Energy’s power generation portfolio, helped deliver an increase in earnings. Construction of the 166 MW Te Mihi geothermal power station has continued to progress well. This will add to Contact’s existing portfolio of more than 2,000 MW of hydro, geothermal and thermal generation. The project is on track for completion towards the middle of the next calendar year.

In the Upstream business, we continue to focus on improving both the reliability and output of our production facilities, as we position the business to capitalise on the expected tripling in east coast demand for natural gas over the next five years.

One of our major activities over the past year was the Mid-Life Enhancement project for our offshore BassGas production platform. Regrettably we fell short of achieving all of our objectives for this project, when we were unable to install additional compression to the platform.

We have successfully returned the facility to production and will review the forward work program over the coming year.

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Origin Energy ANNUAL GENERAL MEETING 1716

We also commenced development of the Geographe gas field in the offshore Otway Basin during the year. We expect to have this field contributing to existing production from the Thylacine field towards the end of the current financial year.

As evidence of the strength of Origin’s integrated business, we utilised our domestic fuel portfolio to make a large amount of gas available over a 10 year period, to sell to GLNG partners, one of the competing LNG projects in Queensland. This shows the flexibility Origin has to monetise its existing gas resources in line with export pricing. We are currently in negotiations with a number of other customers with regards to long-term contracts, providing further opportunity to extract greater value from our existing fuel resources.

These businesses, which I will broadly refer to as our Energy Markets businesses, have driven Origin’s growth over the past decade. The cash generated from these businesses has been continually reinvested in acquisitions and development activities driving that growth.

That period of strong growth is ending for the Energy Markets businesses as industry consolidation at a retail level is now largely complete. The continued deepening of the integration of the core businesses through investment in generation and fuel production, primarily natural gas, is also slowing as projections for industry growth through to 2020 have reduced.

We are satisfied that the structure of Origin’s integrated energy business is appropriate for the foreseeable future.

As a result, there is a substantial reduction in the amount of capital required to be reinvested in these businesses Therefore, there will be increasing amounts of surplus cash generated from these businesses that will be available to fund the next major driver of growth for Origin. That is, our investment in Australia Pacific LNG, which is a key near term focus for the business.

MANAGING DIRECTOR’S ADDRESS

Australia Pacific LNGIt was about this time four years ago that we established Australia Pacific LNG.

Over that time, Australia Pacific LNG has continued to make significant progress on its $23 billion CSG to LNG project. In the history of LNG projects our progress has been relatively fast. Australia Pacific LNG has a strong track record of delivering against what it set out to do.

For example, Australia Pacific LNG successfully permitted a four train LNG facility on Curtis Island, which is the largest of the proposed CSG to LNG projects.

We secured long-term LNG offtake agreements that will see the gas delivered to China and Japan.

To support the funding of the Australia Pacific LNG project, the project secured US$8.5 billion in project finance – the largest project finance agreement in Australian history.

The Final Investment Decision (FID) was taken on Phase 1 of the project in July 2011 and FID was taken on train two in July 2012.

With these milestones achieved, Australia Pacific LNG is now firmly focused on delivering the project on time and on budget. There are a number of reasons we are well positioned to do this.

First, in terms of overall progress, the Upstream project is 20 per cent complete. The Downstream project is 23 per cent complete, so we are well underway.

Based on our experience to date, there has been no change in the estimated $23 billion project costs other than as a result of a movement in foreign exchange rates.

Further, the ratio of fixed versus variable costs and the high level of procurement within the Australia Pacific LNG project provide increasing confidence that the costs of the project are on budget.

Notwithstanding this progress, we recognise that there are significant risks with delivery for projects of this scale, and we are, in conjunction with our partners in Australia Pacific LNG, committed to delivering this project on schedule.

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Origin Energy ANNUAL GENERAL MEETINGMANAGING DIRECTOR’S ADDRESS 1918

We have always maintained that the quality of these projects is defined by the resources available to them.

To that end, Australia Pacific LNG has the largest 2P CSG reserves position of any of the CSG to LNG projects currently in development, and is the only project with acreage in both of the two known ‘sweet spots’ – the Undulla Nose and Spring Gully/Fairview. Australia Pacific LNG has 2P reserves of 13,111 petajoules equivalent (PJe)(4) and 3P reserves of more than 16,000 PJe.

Australia Pacific LNG’s quality reserves position, high production rates and later project completion date than the other two projects on Curtis Island, may provide an opportunity to sell gas into the other projects during Australia Pacific LNG’s ramp up phase. This would add to the agreements Australia Pacific LNG and Origin already have in place to sell gas to both the QCLNG and GLNG projects respectively. Similarly, there may be further opportunities for Origin to sell gas from our large domestic portfolio to other CSG to LNG projects during their ramp-up phases if required.

We have made great progress over the last four years but we still have about two and a half years to go before we start generating returns from this project. These are projects for patient shareholders and we are undertaking this project at a time when the long duration of these projects can be challenging for investors. I am sure this is one of the key reasons our share price performance has been poor this year.

In our opinion our investment in Australia Pacific LNG will provide substantial growth in earnings and cash flow when completed. We are fortunate to have an opportunity to re-invest cash flows from our maturing Energy Markets business in a project that will drive the continued growth of Origin.

Future growth opportunitiesFollowing first LNG for Australia Pacific LNG in 2015, we expect to have a substantial increase in earnings and free cash flows, to invest in the continued growth and development of Origin.

Domestically, Origin is pursuing a number of targeted exploration opportunities in and around current petroleum permits to meet the expected increase in gas demand in eastern Australia.

Internationally, Origin is exploring for gas resources in attractive international markets that offer high prospectivity and access to growing demand, with current interests in New Zealand, South East Asia, Kenya and Botswana.

Origin is also continuing to develop high quality, large-scale renewable opportunities in offshore markets which offer strong growth prospects, including geothermal resources in Chile and Indonesia, and hydro projects in Chile and PNG.

These renewable energy opportunities, together with Origin’s portfolio of wind projects in Australia and hydro and geothermal projects in New Zealand, is making Origin one of Australia’s largest listed investors in renewable energy projects.

In addition to our developments of renewable energy projects in Chile and given Chile’s forecast of six to seven per cent growth in electricity consumption per annum, we have recently signed a Memorandum of Understanding with Chile’s national energy company Empresa Nacional Del Petróleo (ENAP). This partnership allows Origin and ENAP to jointly explore downstream energy opportunities as well as the procurement of liquefied natural gas for Chile’s fast-growing energy sector.

The past 12 months has been a period of considerable achievement for Origin, where many initiatives that have been the subject of long-term plans have been achieved or are near completion.

Origin is in a strong position with its Energy Markets businesses generating good cash flows and a great opportunity to drive the continued growth of Origin through our investment in Australia Pacific LNG.

(4) As at 30 June 2012.

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Origin Energy ANNUAL GENERAL MEETINGMANAGING DIRECTOR’S ADDRESS 2120

Public policy and regulatory issuesSo while it has been a year of substantial progress, I can’t remember a year in which Australians have talked more about energy. How to reduce the carbon intensity of the energy we produce and how to reduce the pressure that increasing energy costs are having on the community, are two very important topics for which the solutions can be mutually exclusive.

In his speech, the Chairman reflected on the changing policy and regulatory environment in which we operate. Much of this change is driven by attempts to respond to these issues. He reinforced the importance of good long-term policy making that is consistently implemented and supports the development of efficient and competitive markets. These are the principles that will produce the best way to respond to these important issues.

I’d like to expand on the Chairman’s comments with a few examples of the consequences of short-term and inconsistent policy making at a state and federal level.

The first example relates to the way state-based pricing authorities have changed how they are setting prices. It has been the case to date that the generation component of energy prices, which is about 25 per cent of the delivered cost of energy, has been set on the basis of the price necessary to support appropriate investment in generation to provide a reliable supply of energy.

Because this has been the case, the appropriate investments have been made by companies like Origin, which have resulted in a short-term excess of supply over demand, and therefore lower wholesale electricity costs. Pricing authorities are now beginning to use this lower cost as the benchmark, as has been the case by the Queensland Competition Authority (QCA) and potentially the Essential Services Commission of South Australia (ESCOSA), which of course means there is now no economic driver to invest in generation. This will ultimately result in under investment in generation, less reliability in our electricity supply and higher costs than would otherwise have been the case.

Secondly, an example in respect of industry regulation. Some aspects of our industry are regulated under Federal legislation. The carbon price and the mandatory Renewable Energy Target (RET) are Federal schemes. These schemes impose costs on Origin which are then recovered from customers. In Queensland, NSW and South Australia this recovery is partly determined by state-based pricing authorities such as the QCA, the Independent Pricing and Regulatory Tribunal (IPART) and ESCOSA.

In the last few weeks, we have had a situation where costs imposed on us, in this case under the Small-scale Renewable Energy Scheme (SRES) which is administered by the Federal Clean Energy Regulator, were increased substantially over prior estimates. Unfortunately, state-based pricing authorities had already made their pricing determinations using this prior lower estimate and there is therefore no clear mechanism by which we can recover these costs in the current year. However, we do expect to work with pricing authorities to recover these costs through a catchup in next year’s pricing reviews and we therefore expect there to be little economic impact from this issue.

It is these issues, together with the review of our trading position for the first four months of the year and our forecast performance for the remainder of the year, which were one of the key reasons for the revised guidance for full year profit, which we released 8 November 2012.

Thirdly, there is little transparency in the true costs and benefits of many of the schemes implemented by state and federal governments and therefore limited opportunity for customers and the community to know which schemes may maximise the public benefit. Examples include solar feed-in-tariffs which have now been generally removed or reduced at state level because of their cost, as well as the RET. In particular, the uncapped nature of the SRES, which is part of the RET, has led to continued upward revisions in the scheme’s cost. Origin estimates that over the current two year period the cost of the scheme to customers has been approximately $3.2 billion.

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Origin Energy ANNUAL GENERAL MEETINGMANAGING DIRECTOR’S ADDRESS 2322

As an example of how a lack of transparency of costs and benefits can be important to the choices we would make, we note that one of the recommendations in the recent Energy White Paper was to roll out smart meters. We believe this is one of the most important things we could do as it will allow customers to choose more effectively when and how much energy to use.

The $3.2 billion cost of the SRES in the current two year period would have allowed in the alternate, most Australian households to have smart meters installed. I am not sure that at any time there has been an informed discussion around the relative merits of this or many of the choices available to our community. As a consequence, we often end up with a less than optimal outcome at higher costs to consumers.

In responding to the key issues that concern the community about how we use energy, we seem to have little capacity as a country to coordinate the wide variety of independent regulatory and policy interventions, often short term in nature, into interdependent decisions that maximise the public benefit for the longer term.

ConclusionIn conclusion, we have, with the support of our shareholders, created Australia’s largest domestic integrated energy business, which provides stable cash flows to support the company’s continued growth.

We are very comfortable with the progress of the Australia Pacific LNG project, which stands to deliver a step change in earnings and cash flow as it is completed.

Following the completion of Australia Pacific LNG, we expect to have substantial surplus cash flows.

For this reason, we continue to develop a portfolio of opportunities to continue to grow beyond the completion of Australia Pacific LNG.

Looking to the long-term, Origin continues to target growth in Underlying EPS of 10 to 15 per cent per annum on average.

Origin’s continued growth and development is driven by the skill and commitment of all who work for the company, and on your behalf I thank them for their contribution.

Ladies and gentleman, as always we have some substantial challenges ahead. Our existing businesses are operating in more challenging economic times. As a result, the outlook for energy growth in Australia is more subdued. The policy and regulatory environment we operate in has become more uncertain at a time that we need to fund our participation in one of the largest projects ever undertaken in Australia.

Fortunately, these are challenges for Origin that are borne of opportunity, not adversity.

We look forward to your support for the continued growth and development of Origin.

Grant King Managing Director

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Origin Energy ANNUAL GENERAL MEETING 2524

In accordance with Listing Rule 3.13.2 and Section 251AA of the Corporations Act, the outcome in relation to each resolution put to the security holders of Origin Energy Limited at its Annual General Meeting held on 12 November 2012 is detailed below. Each resolution was determined by a poll at the meeting.

Items of Business For Against Abstain*

Resolution 2 – Election of Sir Ralph J Norris KNZM 533,994,960 6,008,682 1,777,753

Resolution 3 – Re-election of Mr John H Akehurst 534,834,552 5,124,341 1,822,506

Resolution 4 – Re-election of Ms Karen A Moses 534,240,373 5,363,691 1,748,125

Resolution 5 – Re-election of Dr Helen M Nugent AO 532,352,361 7,656,332 1,771,241

Resolution 6 – Adoption of Remuneration Report (non-Bonding Advisory Vote)

487,907,219 42,306,834 3,243,866

Resolution 7 – Grant of Long term incentives to Mr Grant A King – Managing Director

502,696,136 29,226,902 2,264,844

Resolution 8 – Grant of Long term incentives to Ms Karen A Moses– Executive Director

502,448,779 29,394,003 2,356,537

Resolution 9 – Approval of potential termination benefits 446,417,395 79,809,189 3,058,442

Meeting results

* Note that votes relating to a person who abstains on an item are not counted in determining whether or not the required majority of votes were cast for or against that item.

meeting results

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Registered office

Level 45, Australia Square 264-278 George Street Sydney NSW 2000

GPO Box 5376 Sydney NSW 2001

Telephone (02) 8345 5000 Facsimile (02) 9241 7377 Internet www.originenergy.com.au Email enquiry@originenergy.com.au

Share register

Link Market Services Limited Level 12, 680 George Street Sydney NSW 2000

Locked Bag A14 Sydney South NSW 1235

Toll Free 1300 664 446 Telephone (02) 8280 7155 Facsimile (02) 9287 0303

Internet www.linkmarketservices.com.au Email registrars@linkmarketservices.com.au

Secretaries

Andrew Clarke Helen Hardy

Auditor

KPMG

DIReCtoRy

Origin Energy Limited

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