Orica Limited today announced the completion of the bookbuild for the Orica Step-Up Preference Securities (“Orica SPS”) (“the Offer”).  The Offer size is $400 million, with the ability to accept oversubscriptions of up to a further $100 million. The bookbuild has been successfully completed and the distribution rate will be set at a margin of 1.35% over the relevant 180 day Bank Bill Swap Rate.

A replacement prospectus dated 17 February 2006 was lodged with ASIC today.

If you wish to subscribe for Orica SPS, please complete the Application Form accompanying the prospectus dated 17 February 2006 and lodge the form together with your Application Monies in accordance with the instructions set out in Section 1.2 of that prospectus and on the Application Form.

For further information please call the Orica SPS Offer Information Line on 1300 733 154.

Citigroup Global Markets Australia Pty Limited and Macquarie Equity Capital Markets Limited are the joint lead managers to the Offer.  The co-managers to the Offer are ANZ Securities Limited, Citigroup Wealth Advisors Pty Ltd, Macquarie Equities Limited, National OnLine Trading Limited, Goldman Sachs JBWere Pty Limited and Westpac Institutional Bank, a division of Westpac Banking Corporation.

Contact:

Frank Micallef, General Manager Treasury and Investor Relations: (03) 9665 7479 / 0409 961 569

John Fetter: Group Manager, Corporate Affairs: (03) 9665 7870 / 0412 311 371

ATTACHMENT

Summary Terms of Orica SPS

The summary terms of the Orica SPS offer are as follows:

“Stapled securities” comprising a fully paid SPS Preference Share issued by Orica Limited and a fully paid unsecured note issued by Orica New Zealand Securities Limited;

Face value of $100;

Discretionary, unfranked, semi-annual, floating rate, non-cumulative distributions;

Distribution rate equal to the 180 day Bank Bill Swap Rate plus the Initial Margin of 1.35%;

No fixed repayment date, but Orica has the right from November 2011 to: 1) remarket the Orica SPS to establish a new margin and adjust certain other terms of the Orica SPS, which will then apply until the next Remarketing Date; 2) repurchase the Orica SPS for cash (which it may also do in certain other limited circumstances); or 3) convert the Orica SPS into a variable number of ordinary shares in Orica (which it may also do in certain other limited circumstances);

Following the First Remarketing Date (30 November 2011), if Orica has not reset the margin through a successful remarketing process, repurchased or converted the Orica SPS, Orica will increase the margin by 2.25%;

Ranks ahead of Orica ordinary shareholders, but behind the existing Orica preference shares currently on issue and all Orica’s creditors, for the payment of distributions and for payments in a winding up of Orica; and

Investment grade credit rating of BBB- from Standard & Poor’s (“S&P”).

Timetable

These dates are indicative only and are subject to change.