APA GROUP — AGM Information 2007

Sep 26, 2007

Notice of Meeting of APA Group

Dear Securityholder,

Notice is hereby given that the Annual Meeting of Australian Pipeline Trust (ARSN 091 678 778) and the Annual Meeting of APT Investment Trust (ARSN 115 585 441) (together APA Group) will be held concurrently at City Recital Hall, Angel Place, Sydney New South Wales on Tuesday, 30 October, 2007 at 11.00am. Seating will be available from 10.30am. There are several parking stations in the vicinity of the hall and the venue is served by public transport.

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----- Start of picture text ----- Please bring this document with you if you will be attending the Meeting.Unitholders of APT (who are the Securityholders of APA Group) will be asked to approve the nominations of the candidates to be appointed asindependent Directors of Australian Pipeline Limited (APL), the responsible entity of APT and APTIT.One of the serving Directors, Mr Russell Higgins AO, is retiring by rotation and is standing for nomination. Details of Mr Higgins’ experienceand qualifi cations are provided in the attached Explanatory Notes.Three of the serving Directors, Messrs Bleasel AM, Gersbach and Ratilal, were appointed under Rule 7.1(k) of the APL Constitution as casualappointees to the Board. Messrs Bleasel, Gersbach and Ratilal will retire as Directors and are standing for nomination.No other nominations of candidates to fi ll these four vacancies were received by APL by the close of the nomination period.An overview of the opportunities and challenges facing APA Group over the next few years will be presented during the Meeting.Securityholders will be given the opportunity to ask questions of the Board and management.If you are unable to attend the Meeting, please remember to lodge your Proxy either electronically, by fax or complete and post the Proxy formenclosed with this notice.If you wish to submit your Proxy and voting instructions electronically, visit the registry website, www.linkmarketservices.com.au and follow theprompts and instructions. You must complete and submit your appointment and instructions so that they are received by APA Group’s registrybefore 11am on Sunday, 28th October 2007.The Directors and the management and staff of APA Group look forward to seeing you at the Meeting and afterwards for light refreshments.G H BennettChairmanAPA GroupAPA GROUP - 2007 ANNUAL REPORTIn accordance with the recently passed Corporations Legislation Amendment (SimplerRegulatory System) Act 2007 (Cth), APA Group advises that an electronic copy of the 2007Annual Report is available on the APA Group’s website at www.pipelinetrust.com.au. TheReport can be viewed by following the links on the website: Investor Relations/InvestorCommunications/Financial Reports.----- End of picture text -----

Items of business*

1. NOMINATION OF RUSSELL HIGGINS AO FOR RE-ELECTION AS A DIRECTOR

Russell Higgins AO retires as a Director by rotation and offers himself for re-election as a Director of Australian Pipeline Limited.

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----- Start of picture text ----- of Australian Pipeline Limited and Mr Higgins, being eligible, has indicated that he wishes to seek re-election to the Board. Notes on pages 3 to 4of this document.Securityholders are asked to consider and, if thought fi t, approve by ordinary resolution the nomination of Russell Higginsto be re-elected as a Director on the Board of Australian Pipeline Limited.2. NOMINATION OF LEONARD (LEN) BLEASEL AM FOR RE-ELECTION AS A DIRECTORLeonard Bleasel AM retires as a Director and offers himself for re-election as a Director of Australian Pipeline Limited. Item 2 Informationabout the nominatedIn accordance with its Constitution, Australian Pipeline Limited has nominated Leonard Bleasel to be re-elected as a candidate is includedDirector of Australian Pipeline Limited and Mr Bleasel, being eligible, has indicated that he wishes to seek re-election to in the Explanatorythe Board. Notes on pages 3 to 4of this document .Securityholders are asked to consider and, if thought fi t, approve by ordinary resolution the nomination of Leonard Bleaselto be re-elected as a Director on the Board of Australian Pipeline Limited.3. NOMINATION OF ROSS GERSBACH FOR RE-ELECTION AS A DIRECTORRoss Gersbach retires as a Director and offers himself for re-election as a Director of Australian Pipeline Limited. Item 3 Informationabout the nominatedIn accordance with its Constitution, Australian Pipeline Limited has nominated Ross Gersbach to be re-elected as a Director candidate is includedof Australian Pipeline Limited and Mr Gersbach, being eligible, has indicated that he wishes to seek re-election to the in the ExplanatoryBoard. Notes on pages 3 to 4of this document.Securityholders are asked to consider and, if thought fi t, approve by ordinary resolution the nomination of Ross Gersbachto be re-elected as a Director on the Board of Australian Pipeline Limited.----- End of picture text -----

Item 1 Information about the nominated candidate is included

REQUIRED MAJORITY

Resolutions One, Two, Three and Four are ordinary resolutions, and will be passed if more than 50% of the votes of those present and eligible to vote are cast in favour of the resolution.

It has been agreed that Mr Higgins will retire as a Director at the 2007 Annual General Meeting of APL to be held on 30 October 2007. He is, however, eligible for re-election as a Director.

Messrs Bleasel, Gersbach and Ratilal’s Retirement as Directors

APPOINTMENT OF CHAIRMAN

In accordance with the Corporations Act 2001, the Constitution of Australian Pipeline Trust and the Constitution of APT Investment Trust, Australian Pipeline Limited (the Responsible Entity of Australian Pipeline Trust and APT Investment Trust) has appointed Mr George Bennett, Chairman of the Responsible Entity, to act as Chairman of the Meeting.

Under Rule 7.1(k) of the APL Constitution, any Director appointed by the APL Board as an addition to the existing Directors, other than the Managing Director and one appointee of Petronas, holds offi ce until the conclusion of the next Annual General Meeting of APL, but is eligible for re-election.

RIGHT TO APPOINT A PROXY

Since the 2006 Annual General Meeting of APL, the following Directors

If Securityholders do not approve the nomination of Messrs Bleasel, Gersbach, Higgins and Ratilal, they will not seek re-election at that meeting.

If Securityholders approve the nominations of Messrs Bleasel, Gersbach, Higgins and Ratilal (respectively), then following such persons being reelected as Directors pursuant to Rules 7.1(n) and 7.1(o), each individual will hold offi ce for a term not exceeding three years and will be subject to retirement by rotation in accordance with the constitution of APL as described in these Explanatory Notes.

Pipeline Limited; Director of St George Bank Limited and Gas Valpo (Chile); and Vice President of the Royal Blind Society.

Mr Bleasel was awarded an AM in the General Division of the Order of Australia for services to the Australian gas and energy industries and the community.

1. STANDING FOR RE-ELECTION

Mr Ross Gersbach

Director’s fees payable to each Director will be in accordance with APA Group’s remuneration policy and will be in line with current market rates for appropriately qualifi ed Directors.

BBUS CPA Non-Executive Director

Originally appointed 26 August 2004, as an AGL representative Director.

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1. STANDING FOR RE-ELECTIONMr Ross Gersbach held a number of senior appointments over a 20 yearMr Russell Higgins AO period with AGL, covering areas such as infrastructure investments,AO BEC FAICD mergers and acquisitions and strategic development across a range ofIndependent Non-Executive Director energy related sectors.Appointed 7 December 2004 In addition to Mr Gersbach’s extensive commercial experience, he hasalso managed a portfolio of infrastructure assets in the electricity andMr Russell Higgins is a company director with extensive experience natural gas distribution networks sector. Mr Gersbach is currently aboth locally and internationally in the energy sector and in economic and Director of Envestra Limited.fi scal policy. Among his many roles, Mr Higgins was Secretary and ChiefExecutive Offi cer of the Department of Industry, Science and Resources Mr Gersbach is a member of the Audit and Risk Management Committee.from 1997 to 2002 and Chairman of the Australian Government’s EnergyTask Force from 2003 to 2004. 4. STANDING FOR RE-ELECTIONMr Higgins is the Chairman of the Co-operative Research CentreMr Manharlal (George) Ratilalfor Coal in Sustainable Development and Chairman of the CSIROMBAEnergy Transformed Flagship Advisory Committee. He is a director ofIndependent Non-Executive DirectorRiceGrowers Limited (trading as Sunrice) and Australian Biodiesel GroupLimited. He is a former Chairman of the Snowy Mountains Council,Appointed 31 July 2007a former Chairman of the Australian Government’s ManagementImprovement Advisory Committee and a former director of EFIC, CSIRO,Mr George Ratilal is Vice President (Finance) of Petronas. Mr Ratilal is aAustrade, the Australian Industry and Development Corporation, themember of Petronas’ Management Committee and sits on the Board ofAustralian Tourist Commission, and the Australian Sports Commission asseveral Petronas subsidiaries. Prior to joining Petronas in 2003, he waswell as a former member of the Australian Government’s Joint Economicemployed by a local Malaysian merchant bank for 18 years. During thatForecasting Group. In 2006-07, Mr Higgins was a member of the Primetime, Mr Ratilal specialised in corporate fi nance where he advised onMinisterial Task Group on Emissions Trading.mergers and acquisitions, and the capital markets.Mr Higgins is a member of the Audit and Risk Management CommitteeMr Ratilal holds an MBA from the University of Aston in Birmingham,and the Nominations and Remunerations Committee.United Kingdom.----- End of picture text -----