Extension of CEO Contract

29 October, 2004

Orica Limited’s Chairman, Don Mercer, today announced the extension of the existing contract for the Company’s Managing Director and Chief Executive Officer, Mr Malcolm Broomhead.

"The Orica Board is delighted that Malcolm has agreed to extend his commitment to Orica for an additional two years until September 2008. Malcolm and his team have delivered a significant improvement in the performance of the Company and substantially increased the returns to Orica’s shareholders. We look forward to a continued increase in revenue and execution of the Company’s growth strategy in the coming years".

Mr Broomhead, 52, joined Orica in September 2001.

In announcing details of Mr Broomhead’s package Orica’s Chairman, Don Mercer, said the terms of his contract extension were consistent with his existing employment arrangements and his remuneration is "competitive and set at a level necessary and reasonable to secure the services of a Chief Executive Officer of a top 50 Australian Company with international operations. A significant proportion of the total potential remuneration is ‘at risk’ and subject to the performance of the Company".

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