Orica Limited Medium Term Note Issue

3rd August, 1998

Orica Limited announced today that it has established a A$500 million Medium Tern Note programme through its finance subsidiary, Orica Finance Limited. The programme will be guaranteed by Orica Limited.

Subject to market conditions it is anticipated that an issue of $100 - $150 million will be launched in the week commencing 17 August. Briefings for investors are planned for the week commencing 10 August and will be conducted in Melbourne, Sydney and Brisbane. Terms and pricing of the proposed issue will be determined after the investor briefings.

The lead manager of the programme is Warburg Dillon Read Australia Limited and the dealer team comprises Citisecurities Limited, Deutsche Bank AG and Westpac Banking Corporation.

The objective of this is to enhance the maturity profile of existing debt. Overall borrowings will not increase as a consequence of this issue.

Orica Limited changed its name from ICI Australia Limited on 2 February this year.