2012 Annual General Meeting 12 November 2012 Important Notice This - - PDF document

2012 Annual General Meeting

12 November 2012

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 j urisdiction (including the US A). 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 obj ectives, financial situation or particular needs

• f any investor, potential investor or any ot her 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 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 intent ion, statements of opinion and predictions as to possible future events. S uch statements are not statements of fact and there can be no certainty of outcome in relation to the matters to which the st atements 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 import ant from the events or results expressed or implied by such statements. Those risks, uncertainties, assumptions and other import ant 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 obj ectives to change as well as risks, circumstances and events specific to the industry, countries and markets in which Origin and its related bodies corporate, j oint 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 obj ectives to change or may cause outcomes not to be realised. None of Origin or f it ti b idi i ffili t d i t d i ( f th i ti ffi l g t ) (th 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. The forward looking statements in this presentation reflect views held only at the date of this presentation. In addition, statements about past performance are not necessarily indicative of future performance. S ubj ect to any continuing obligations under law or the AS X 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. All figures in this presentation relate to businesses of the Origin Energy Group (Origin, or the Company), being Origin Energy Limited and its controlled entities, for the year ended 30 June 2012 (this year or the current year) compared with the year ended 30 June 2011 (the prior year), except where otherwise stated. 2 |

Important Notice

Origin’ s Full Year Financial S tatements for the year ended 30 June 2012 are presented in accordance with Australian Accounting S

• tandards. S

egment results, which are used to measure segment performance are disclosed in Note 2 of the 2012 Full Year Financial S tatements and are disclosed on a basis consistent with the information provided internally to the Managing Director. Origin’ s S tatutory Profit contains a number of items that when excluded provide a different perspective on the financial and operational performance of Profit contains a number of items that when excluded provide a different perspective on the financial and operational performance of the business. Income S tatement amounts presented on an Underlying basis such as Underlying Consolidated Profit, are non-IFRS financial measures, and exclude the impact of these items consistent with the manner in which the Managing Director reviews the financial and operating performance of the business. Each underlying measure disclosed has been adj usted to remove the impact of these items on a consistent basis. A detailed reconciliation and description of the it ems that contribute to the difference bet ween S tatutory Profit and Underlying Consolidated Profit is provided in Section 5. This presentation also includes certain ot her non-IFRS financial measures. These non-IFRS financial measures are used internally by management to assess the performance of Origin’ s business and make decisions on allocation of resources. Further information regarding the non-IFRS financial measures and other key terms used in this presentation is included in the Glossary in S ection 5. Non-IFRS financial measures have not been subj ect to audit or review. A reference to Contact Energy is a reference to Origin’ s cont rolled entity (53 0%

• wnership) Contact Energy Limited in New Zealand In

A reference to Contact Energy is a reference to Origin’ s controlled entity (53.0%

• wnership) Contact Energy Limited in New Zealand. In

accordance with Australian accounting standards, Origin consolidates Contact Energy within its result. A reference to Australia Pacific LNG or APLNG is a reference to Australia Pacific LNG Pty Ltd in which Origin had a 50% shareholding in until 9 August 2011, when completion of a share subscription agreement between Australia Pacific LNG and S inopec resulted in a dilution in Origin’ s shareholding to 42.5% . Origin’ s shareholding in Australia Pacific LNG, which is equity accounted in line with Origin’ s shareholding, was 42.5% as at 30 June 2012. This shareholding subsequently reduced to 37.5% upon completion of S inopec’ s increased share subscription in Australia Pacific LNG on 12 July 2012. A reference to the NS W acquisition or NS W energy assets is a reference to the Integral Energy and Country Energy retail businesses and the Eraring GenTrader arrangements acquired by Origin in March 2011. A reference to $ is a reference to Australian dollars unless specifically marked otherwise. All references to debt are a reference to interest bearing debt only (excludes APLNG shareholder loans) Individual items and totals are rounded to the nearest appropriate interest bearing debt only (excludes APLNG shareholder loans). Individual items and totals are rounded to the nearest appropriate number or decimal. S

• me totals may not add down the page due to rounding of individual components. When calculating a percentage

change, a positive or negative change denotes the mathematical movement in the underlying metric rather than a beneficial or a detrimental movement. Measures for which the underlying numbers change from negative to positive are labelled as not applicable. 3 |

The Board

Ralph J Norris KNZM I d d t N ti Di t Independent Non-executive Director

4 |

The Board

Karen A Moses E ti Di t Fi d S t t Executive Director, Finance and S trategy

5 |

The Board

Bruce G Beeren N ti Di t Non-executive Director

6 |

The Board

Trevor Bourne I d d t N ti Di t Independent Non-executive Director

7 |

The Board

Grant A King M i Di t Managing Director

8 |

Company S ecretary

Andrew C Clarke G G l C l d C Group General Counsel and Company S ecretary

9 |

The Board

Helen M Nugent AO I d d t N ti Di t Independent Non-executive Director

10 |

The Board

Gordon M Cairns I d d t N ti Di t Independent Non-executive Director

11 |

The Board

John H Akehurst I d d t N ti Di t Independent Non-executive Director

12 |

2012 Annual General Meeting

12 November 2012

Chairman’s Address

14 |

Outline

• 1. Origin as an integrated energy company
• 2. Reflecting on FY2012 performance
• 3. Energy policy and community expectations
• 4. S

afety, diversity and philanthropic activity

• 4. S

afety, diversity and philanthropic activity

• 5. Managing Director’s Address

6 O l k

• 6. Outlook
• 7. Conclusion

15 |

• 1. Origin as an integrated energy company

16 |

S ince de-merger from Boral in 2000, Origin has built the leading g , g g Australian integrated energy company …

Integrated supplier to energy markets i A t li d Supplier of energy to growing export markets through A t li P ifi An expanding portfolio of energy in Australia and New Zealand Australia Pacific LNG resource

• pportunities

based on the country’s largest customer base largest portfolio power … based on the country s largest customer base, largest portfolio power generation assets, and a strong upstream gas business

17 |

Origin expects to have a substantial increase in free cash flows following the completion of Australia Pacific LNG following the completion of Australia Pacific LNG … d i i ti d th th h f d l t … underpinning continued growth through a range of development

• ptions that Origin is pursuing

18 |

• 2. Reflecting on FY2012 performance

19 |

A strong increase in earnings reflecting a full year contribution from the NS W acquisition from the NS W acquisition …

Statutory Profit $980 m up from $186 m S tatutory EPS 90 6 cps up from 19 6 cps S tatutory EPS 90.6 cps up from 19.6 cps Net items excluded from Underlying Profit $87 m up from ($487) m Underlying Profit $893 m up 33% from $673 m Underlying EPS 82.6 cps up 16% from 71.0 cps Final Dividend Fully Franked 25.0 cps steady Group OCAT (incl. share of APLNG) $1,781 m up 12% from $1,585 m Capital Expenditure and Origin’s cash contributions to APLNG1 $2,847 m down 43% from $4,954 m T t l R d bl I j F R t 8 0 f 6 0 Total Recordable Inj ury Frequency Rate 8.0 up from 6.0

… with an increase in cash flow and reduced capital expenditure to support funding of Australia Pacific LNG

(1) Capit al expendit ure is based on cash flow amount s rat her t han accrual account ing amount s; includes growt h and st ay-in-business capit al expendit ure, capit alised int erest , acquisit ion expendit ure and Origin’ s cash cont ribut ions t o APLNG made via shareholder loan repayment s.

support funding of Australia Pacific LNG

20 |

Origin has $5.2 billion1 in existing undrawn committed debt facilities and cash …

Origin Debt Maturity Profile as at 31 October 2012

facilities and cash …

2,000 2,500

Undrawn committed debt facilities

• Unsecured Notes

issuance in US 144A market – US $500m ($492m)

Drawn debt

1,500 lion

• S

ubordinated Notes in Australian retail bond market - $900m Additi l b k l 500 1,000 A$ mill

• Additional bank loan

facilities - $750m

• Executed $2.4 billion 4

and 5 year syndicated 500 3 4 5 6 7 8 9 2 + y y bank loan, removing requirement to refinance debt to FY2015 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023+

providing sufficient liquidity to fund its $3 6 billion2 share of … providing sufficient liquidity to fund its $3.6 billion2 share of Australia Pacific LNG cash contributions

(1) As at 31 Oct ober 2012. Excludes Cont act Energy and bank guarant ees. (2) From July 2012 t o first gas from Train 2

21 |

• 3. Energy policy and community expectations

22 |

In order for Australia’s energy and resources sector to deliver

• n the growing energy needs of the nation and the world ...
• n the growing energy needs of the nation and the world ...

... it is imperative we have a stable policy environment that ... it is imperative we have a stable policy environment that encourages investment, competition and innovation

23 |

With the rising cost of energy impacting the community ... d li i l i h id ... we are delivering solutions that provide customers greater control of their energy use and cost

24 |

Our relationships with landholders and the local communities in which we operate have been enhanced … in which we operate have been enhanced … i i i h l d … as we continue to communicate with government, regulators and the broader community about our approach to developing CS G

25 |

• 4. Safety, diversity and philanthropic activity

26 |

Origin will continue to focus on preventing unsafe actions and reinforcing safe behaviours ... and reinforcing safe behaviours ... and has launched eleven Life S aving Rules to help deliver a safe ... and has launched eleven Life S aving Rules to help deliver a safe workplace for employees and contractors

27 |

Diversity is recognised in Origin’s Compass as intrinsic to the kind of company we are ... kind of company we are ... ... and our 2013 targets span equal pay and retention and the g p q p y appointment of women to senior roles

28 |

Photo courtesy of The S mith Family

29 |

Managing Director’s Address

30 |

• 1. Recent performance of the business

31 |

We have continued to increase our safety focus …

S afety Observations to 30 June 2012

30000 35000

S afety Observations to 30 June 2012

15000 20000 25000 5000 10000 15000

i h h b i di h 30 000 f b i … with the business recording more than 30,000 safety observations

32 |

NS W assets drive growth in Origin’s business

Leading ret ail posit ion in Aust ralia’ s most populous st at e Eraring Power S t at ion 33 |

Retail transformation continued with 2.6 million customers migrated to a new billing and customer relationship migrated to a new billing and customer relationship management system …

• Four large scale migrations totalling 2.6 million

customers to the new S AP billing platform

• S

tabilisation activities underway with a focus on improving billing and exception management and improving billing and exception management and contact centre processes

• Customer experience will improve through single

view of the customer and greater system capability, view of the customer and greater system capability, enabling better customer insight and ability to offer tailored solutions. This translates to more efficient and effective service and sales

• Providing greater choice such as improved on-line

self service capability, electronic billing and payment

• ptions. These all lead to a lower cost to serve

Integral Energy customers expected to be migrated

• Integral Energy customers expected to be migrated

in early 2013, Country Energy to follow

… with Origin well placed to capitalise on the benefits of this … with Origin well placed to capitalise on the benefits of this new system

34 |

Origin’s generation portfolio has been boosted by the completion of Mortlake Power S tat ion completion of Mortlake Power S tation

Mort lake Power S t at ion 500 Kv swit ch yard Mort lake Power S t at ion 35 |

Recent investments in Contact’s generation portfolio …

Ahuroa gas st orage facilit y g g f y Te Mihi Power S t at ion development

h d li d i d f li fl ibili hi h fl d

S t rat ford gas-fired peaking proj ect

… have delivered improved portfolio flexibility which flowed through to an increase in earnings

36 |

We have made investments to improve the output of our production facilities … production facilities …

Ot way onshore gas facilit y

… with BassGas recently returning to production, and the forward

BassGas offshore plat form

… with BassGas recently returning to production, and the forward work program for the Mid Life Enhancement proj ect being reviewed

37 |

Australia Pacific LNG

Condabri development Drilling complet ions Condabri development LNG Tank A, S ept ember 2012 Pipeline LNG Tank A, S ept ember 2012 38 |

Australia Pacific LNG Upstream on track and work 20% complete

Drilling

• 127 Phase 1 operated

Wellhead separat or modules Wat er –brine t reat ment skid Coil-t ubing drill rig

Gas & Water Facilities

• 6 (out of 15 total)

Gathering

• 788 of 1 100 operated

First pipe laid sout h of Miles

Pipeline & Electrification

• Bulk of pipe in country

127 Phase 1 operated wells have been spudded to end of S eptember 2012

• 307 operated wells in the

6 (out of 15 total) compressor trains shipped from Germany

• First 4 gas plant pre-

assembled module trains 788 of 1,100 operated wells have been scouted

• East Coast Pipelines

delivering gathering systems in S pring Gully Bulk of pipe in country

• Pipeline construction

commenced in July 2012; welding commenced in S eptember 2012 p “ land bank”

• A 3rd S

avanna hybrid coil drill rig is operational, a 4th conventional rig is bili i l hi shipped from Thailand, with one delivered to Condabri

• All equipment ordered

d d i y p g y and WDS starting in Combabula / Reedy Creek

• Condabri gathering

i ll i d p

• Narrows Crossing (QCLNG)
• n track to compete by

mid-2014

• All aspects of electrification

mobilising later this year

• Options for further rigs

are available, a ‘ top set’ rig will start in January and under various stages

• f manufacture and

delivery

• Construction under way

for 3 out of 7 gas installation underway with Leightons mobilising 3 work fronts All aspects of electrification

• n schedule

for 3 out of 7 gas processing facilities and both water treatment facility sites

39 |

Australia Pacific LNG Downstream on track and work 23% complete

Mainland / Dredging Curtis Island

LNG Tanks Curt is Island sit e, Oct ober 2012 Train 1 –Refrigerat ion compression columns

• Roll-On Roll-Off facilities on

Fisherman’s Landing and Curtis Island sites are complete and now

• perational

D d i ti iti i

• 1. S

ite preparation works well advanced

• 2. Early works were impacted by wet weather, however key

critical path activities are on or ahead of schedule:

• 1. Compressor manufacture by GE on track. Pouring of the
• Dredging activities progressing more

slowly than anticipated, however all critical aspects are now completed to support construction activities

Module Yard in Indonesia

• 1. Compressor manufacture by GE on track. Pouring of the

Train 1 foundations commenced in June 2012

• 2. Material Offloading Facility construction is progressing

as planned to support delivery of compressors and

• ther components in early 2013

Module Yard in Indonesia

• S

teel deliveries to the facility commenced in July 2012

• Module assembly commenced as

expected in S eptember 2012

• 3. Construction of LNG tanks slightly ahead of schedule
• 3. Curtis Island site camp on track to support initial occupancy

in S eptember Quarter 2012 4 Curtis Island transport infrastructure slightly behind plan expected in S eptember 2012

• 4. Curtis Island transport infrastructure slightly behind plan,

but will not adversely impact overall schedule

40 |

Australia Pacific LNG is on schedule to meet the below milestones to achieve first gas (LNG) in mid 2015 to achieve first gas (LNG) in mid 2015

Upstream Milestones Date (CY) 2011 and Downstream Milestones Date (CY) 1 t t LNG T k A il 2012

• Pipeline Manufacture

2011 and 2012 Condabri construction camp occupied June 2012 Third hybrid coil drill rig introduced mid 2012 1st concrete LNG Tanks April 2012 1st concrete Train 1 foundations June 2012 Roll-on roll-off facility fully

• perational

June 2012

• Pipeline welding commences

Q3 2012 100 wells with gathering lines installed late 2012 Fourth drill rig introduced late 2012 p 1st occupancy of Curtis Island camp Q3 20121 Module assembly underway Q3 2012 Heavy mechanical erection start late 2012

• Condabri Central gas plant 50%

complete late 2012 150km pipeline installed late 2012 200 operated wells drilled late 2012 Heavy mechanical erection start late 2012 Material Offloading Facility complete early 2013 First LNG module delivery early 2013 First compression shipped to site early 2013

• 200 operated wells drilled

late 2012 Mechanical completion of first gas processing plant mid 2013 Main pipeline completion early 2014 p pp y Material Offloading Facility

• perational

early 2013 LNG cold box delivery mid 2013 Narrows Crossing pipeline completion Mid 2014 Train 1 electrification complete mid-2014 Train 1 - gas processing plants late 2014 LNG modules mid 2013 Pre-commissioning late 2014 First LNG from Train 1 mid 2015 complete late 2014 First gas to LNG Train 1 early 2015

(1) S chedule updat ed. There has been no change t o t he crit ical pat h as a result of t his schedule change. 41 |

Australia Pacific LNG’s industry leading 2P reserves base continues to expand …

30,000

continues to expand …

PJ

20,000 25,000

• 2P reserves increased over the

year by 1,336 PJ to 13,111 PJ

• 3P reserves increased over the

10,000 15,000

• 3P reserves increased over the

year by 1,305 PJ to 16,047 PJ

• 5,000

Estimated Requirements

3C 2C 3P 2P

1 1

… and more than covers gas requirements for all domestic contracts and offtakes for both trains

QCLNG GS A Domestic Gas Origin Contract Ramp and T ail Gas Train 2 Train 1

and offtakes for both trains

(1) 3P reserves include 2P reserves; 3C resources include 2C resources. Not e: S

• me of APLNG’ s CS

G reserves and resources are subj ect t o reversionary right s. Refer t o Origin’ s Management Discussion & Analysis for t he year ended 30 June 2012 for furt her informat ion. 42 |

Origin expects to have a substantial increase in free cash flows following the completion of Australia Pacific LNG

Exploration and Appraisal Activity

• Ironbark – evaluation activities continued, with surface facilities and gathering networks being

flows following the completion of Australia Pacific LNG …

installed to support the pilot well proj ect

• Kenya - drilling of the Mbawa-1 well in the Lamu Basin completed encountering approximately

51.8 net metres of natural gas pay in three zones. Analysis of subsea will guide future activities

• South East Asia - well location selected and preparations continue for drilling in Block 121 in the
• South East Asia well location selected and preparations continue for drilling in Block 121 in the

S

• ng Hong Basin during FY2013
• Botswana - tendering for CS

G exploration program commenced

• New Zealand - Anadarko, as operator, has secured a rig to drill Caravel-1 in the offshore

C t b B i ( t d FY2014) t ti i ifi t d li id Canterbury Basin (expected summer FY2014), targeting significant gas and liquids

Renewable Development Options

Geothermal

• Exploration continued in Chile and the j oint venture is acquiring additional geothermal concessions
• Exploration activities continued in Indonesia, with drilling of the first well expected in FY2013

Hydro Acquired 51%

1 interest in hydro development j oint venture in Chile with the proj ect mid way

• Acquired 51%

1 interest in hydro development j oint venture in Chile, with the proj ect mid-way

through its feasibility stage

• Feasibility studies for PNG hydro nearing completion

underpinning continued growth through a range of development

(1) 51% vot ing int erest . Economic int erest is current ly 20.65% . Origin expect s t o make furt her capit al cont ribut ions as specific development milest ones are met , which will increase it s economic int erest t o 51% .

… underpinning continued growth through a range of development

• ptions that Origin is pursuing

43 |

Pursuing large-scale renewable opportunities in international markets with high prospects and access to growing demand … markets with high prospects and access to growing demand …

Chile

• Acquired 51%

1 interest in one of Chile’s leading

Chile

• 40%

interest in Chile’s leading geothermal exploration company Energía Andina S A hydroelectric development companies, Energía Austral

• Proj ect is mid-way through its feasibility stage

exploration company, Energía Andina S.A

• Exploration continued, with the drilling of four

shallow gradient wells underway at Pampa Lirima

• JV acquired additional concessions in FY2012

Papua New Guinea

• 50%

interest in a JV with PNG S ustainable Development Program

• Potential capacity of 2,500 MW

Indonesia

• 47.5%

interest in the S

• rik Marapi concession, in a

JV with Tata Power

• te t al capac ty o ,500 MW
• Feasibility studies have begun and will continue

through to FY2014

• Exploration activities continued; drilling of first

exploration well expected to commence in FY2013

ki O i i f th l t li t d i t i bl

(1) 51% vot ing int erest . Economic int erest is current ly 20.65% . Origin expect s t o make furt her capit al cont ribut ions as specific development milest ones are met , which will increase it s economic int erest t o 51% .

…making Origin one of the largest listed investors in renewable energy

44 |

• 2. Public policy and regulatory issues

45 |

Public policy and regulatory issues

46 |

Managing Director’s Address

47 |

Chairman’s Address

48 |

Outlook

• In conj unction with full year results announced on 23 August 2012, Origin

advised that based on then prevailing market conditions it expected:

• Underlying EBITDA to increase by around 10%

; and

• Underlying Profit to be in line with the 2012 financial year.

H i i d t l f f th fi t f th f th

• Having reviewed actual performance for the first four months of the

financial year, and based on current forecast for performance of the remaining eight months, Origin is revising its guidance for the 2013 financial year to: financial year to:

• 5–

10% increase in Underlying EBITDA; and

• 5-10%

reduction in Underlying Profit. y g

49 |

Chairman’s Address

50 |

• 1. Financial Report

51 |

Resolutions 2 to 5:

Election and Re-election of Directors

52 |

Resolution 2:

Election of S ir Ralph J Norris KNZM

53 |

Resolution 2: Ralph J Norris KNZM Independent Non-executive Director Independent Non executive Director

54 |

Resolution 2: Election of S ir Ralph J Norris KNZM Election of S ir Ralph J Norris KNZM

Proxy votes received: For 514 256 791 For 514,256,791 Against 6,008,144 Open 15,142,903 Abstain 1,776,140

55 |

Resolution 3:

Re-election of Mr John H Akehurst

56 |

Resolution 3: John H Akehurst Independent Non-Executive Director p

57 |

Resolution 3: Re-election of Mr John H Akehurst Re election of Mr John H Akehurst

Proxy votes received: For 515 013 122 For 515,013,122 Against 5,114,386 Open 15,255,192 Abstain 1,801,282

58 |

Resolution 4:

Re-election of Ms Karen A Moses

59 |

Resolution 4: Karen A Moses Executive Director Executive Director

60 |

Resolution 4: Re-election of Ms Karen A Moses Re election of Ms Karen A Moses

Proxy votes received: For 514 882 778 For 514,882,778 Against 5,327,968 Open 15,252,038 Abstain 1,721,173

61 |

Resolution 5:

Re-election of Dr Helen M Nugent

62 |

Resolution 5: Helen Nugent Independent Non-Executive Director p

63 |

Resolution 5: Re-election of Dr Helen M Nugent Re election of Dr Helen M Nugent

Proxy votes received: For 512 623 051 For 512,623,051 Against 7,611,349 Open 15,205,268 Abstain 1,744,289

64 |

Resolution 6:

Remuneration Report

65 |

Resolution 6: Remuneration Report Remuneration Report

Proxy votes received: For 483 006 251 For 483,006,251 Against 35,936,017 Open 9,786,012 Abstain 3,152,679

66 |

Resolutions 7 & 8:

Grant of long term incentives to Mr Grant King and Ms Karen Moses

67 |

Resolution 7:

Grant of long term incentives to Mr Grant A King – Managing Director

68 |

Resolution 7: Grant of long term incentives to Mr Grant A King Grant of long term incentives to Mr Grant A King

Proxy votes received: For 497 386 443 For 497,386,443 Against 22,931,679 Open 9,703,971 Abstain 2,230,020

69 |

Resolution 8:

Grant of long term incentives to Ms Karen A Moses – Executive Director

70 |

Resolution 8: Grant of long term incentives to Ms Karen A Moses Grant of long term incentives to Ms Karen A Moses

Proxy votes received: For 497 168 504 For 497,168,504 Against 23,084,261 Open 9,681,898 Abstain 2,331,252

71 |

Resolution 9:

Approval of potential termination benefits

72 |

Resolution 9: Approval of potential termination benefits Approval of potential termination benefits

Proxy votes received: For 445 965 177 For 445,965,177 Against 73,559,817 Open 14,285,407 Abstain 2,797,868

73 |

2012 Annual General Meeting

12 November 2012