APA GROUP — Annual Report 2010

Aug 24, 2010

==> picture [584 x 96] intentionally omitted <==

ASX RELEASE

25 August 2010

The Manager

Company Announcements Office Australian Securities Exchange 4[th] Floor, 20 Bridge Street Sydney NSW 2000

Electronic Lodgement

Dear Sir or Madam

Company Announcement

I attach the following announcement for release to the market:

• 2010 Full Year Results Presentation

Yours sincerely

==> picture [163 x 38] intentionally omitted <==

Mark Knapman Company Secretary

==> picture [842 x 186] intentionally omitted <==

Financial Results Year ended 30 June 2010

25 August 2010

==> picture [842 x 186] intentionally omitted <==

Result overview and strategic highlights

Mick McCormack Managing Director and CEO

2010 Result Presentation � 2

Another strong result

	2010	2009
	$ million	$ million	Change
Operating cash flow	268	234	up	15%
Operating cash flow per security (cents)	51.9	48.2	up	8%
Distribution per security (cents)	32.75	31.0	up	6%
Distribution payout ratio	64.4%	65.6%
Revenue excluding pass‐through	660	673	down	(2%)
EBITDA	460	444	up	4%
Net profit after significant items	100	79	up	27%

with strong performance from continuing business

Continuing business

	Revenue excluding pass‐through	646	616	up	5%
	EBITDA	460	423	up	9%

2010 Result Presentation � 3

Ten years of delivering value and growth

==> picture [784 x 315] intentionally omitted <==

----- Start of picture text -----

500
APA total securityholder return
All Ordinaries accumulation index Value today of $1 invested in June 2000
400
APA investment $ 4.23
300
Investment indexed
$ 2.08
to the All Ords
200
Interest account * $ 1.69
100
Cash $ 1.00
Cash accumulating interest at the RBA cash rate, compounded monthly
0
Jun‐00 Jun‐02 Jun‐04 Jun‐06 Jun‐08 Jun‐10
----- End of picture text -----*

Indexed to 100 from 13 June 2000

Source: APA based on IRESS data

Delivering superior returns to securityholders

2010 Result Presentation � 4

Delivering sustainable, profitable growth

• Gas infrastructure assets well positioned in the Australian market

• Pipelines across Australia transporting more than half the nation’s gas use

• Secure and reliable cash flow – regulated and contracted revenue

• People with the skills and industry expertise to maximise potential

• Platform for growth

• Growing market for natural gas and gas fired power generation

• Financial strength to fund growth

• Internal capability to deliver on projects

2010 Result Presentation � 5

Strategic and operational highlights

Enhancing our gas infrastructure portfolio

Hastings Diversified Utiltites Fund Acquired 17% interest

• Commenced or continued more than $200 million of organic growth projects

• Acquired strategic assets and interests

Berwyndale Wallumbilla Pipeline Acquired with long term GTA

Roma Brisbane Pipeline Customer lateral construction

APA Gas Network Network expansion to new housing developments

Moomba Sydney Pipeline system Mainline expansion Compression reconfiguration Young to Wagga lateral expansion

Victorian Transmission System Northern area augmentation

==> picture [47 x 44] intentionally omitted <==

APA assets and investments

HDF pipelines Other natural gas pipelines

2010 Result Presentation � 6

Young to Wagga lateral expansion

==> picture [250 x 167] intentionally omitted <==

Grading

==> picture [250 x 167] intentionally omitted <==

Pipeline stringing

==> picture [250 x 165] intentionally omitted <==

Trenching

==> picture [250 x 167] intentionally omitted <==

Welding

==> picture [245 x 358] intentionally omitted <==

Pipeline prepared for lowering

2010 Result Presentation � 7

Strategic and operational highlights

Utilising our skills and industry knowledge

• Energy infrastructure management expertise applied across our investments, in particular for Energy Infrastructure Investments and EII2 (North Brown Hill wind farm interest)

Capturing revenue and operating synergies

• Contracted gas transportation and storage services across assets and state borders (New South Wales and Victoria)

• Implementing major national initiatives to extract and deliver benefits of scale and corporate know‐how

• customer interface, finance systems and operational excellence across transmission and network operations

2010 Result Presentation � 8

Strategic and operational highlights

Leveraging our infrastructure portfolio

• Facilitating development of gas‐fired power generation

Strengthening our financial capability

• Refinanced $1 billion debt

• ’

• � Obtained a Baa2 credit rating from Moody s to sit alongside the BBB from Standard & Poor’s investment grade credit rating

• � Raised new equity Security Purchase Plan and Distribution Reinvestment Plan

2010 Result Presentation � 9

Sustainability reporting

• APA’s first sustainability report

• Achievements and goals across all stakeholder groups: customers, employees, investors, community and environment

� Safety remains paramount

• Long‐term safety goal of Zero Harm ‐ program of

  • continuous improvement

• Reduction of Lost Time Injury (LTI) rate to 4.9, down from 7.3 last year

• Natural gas in carbon‐constrained economy

• Promoting the use of natural gas in reducing carbon emissions – timely and cost‐efficient transition fuel

• Continue to play a meaningful role in delivering natural gas in a carbon‐constrained economy

Lost time Injury (LTI) rate is measured as the number of lost time claims per million hours worked

2010 Result Presentation � 10

==> picture [842 x 186] intentionally omitted <==

Financial performance

Peter Fredricson Chief Financial Officer

2010 Result Presentation � 11

Strong and consistent result

	2010 $ million	2009 $ million	Change
Total revenue excluding pass‐through1	659.5	673.0	(2.0%)
Total revenue	989.5	944.4	4.8 %
EBITDA	460.0	444.4	3.5 %
EBIT	368.5	348.7	5.7 %
Net interest expense	(229.4)	(213.0)	(7.7%)
Tax	(38.7)	(35.9)	(7.7%)
Significant items after tax	‐	(21.0)	‐
Net profit	100.4	78.8	27.4 %
Operating cash flow	267.8	233.6	14.6%
Operating cash flow per security (cents)	51.9	48.2	7.7%
Distribution per security (cents)	32.75	31.0	5.6%
Distributionpayout ratio	64.4%	65.6%

• Pass‐through revenue is revenue on which no margin is earned.

2010 Result Presentation � 12

EBITDA by business segment

	2010	2009
	$ million	$ million	Change
Gas Transmission and Distribution
Queensland	103.3	97.3	6.2 %
New South Wales	96.8	83.4	16.1 %
Victoria & South Australia	105.7	107.5	(1.7 %)
Western Australia & Northern Territory	102.7	100.9	1.9 %
Gas Transmission and Distribution	408.6	389.1	5.0 %
Asset Management	32.3	22.6	42.8 %
Energy Investments	19.1	11.6	65.0 %
	460.0	423.2	8.7 %
Divested business*	‐	21.1
Total EBITDA	460.0	444.4	3.5 %

==> picture [206 x 285] intentionally omitted <==

----- Start of picture text -----

EBITDA split by segment
Energy
Investments
4%
Asset
Management
7%
Qld
22%
WA & NT
22%
NSW
21%
Vic & SA
24%
Gas Transmission
and Distribution
89%
----- End of picture text -----

• Assets sold to Energy Infrastructure Investments, December 2008

2010 Result Presentation � 13

Gas transmission and distribution

Queensland

• Additional sales on Carpentaria Gas Pipeline

• Davenport Downs compressor station commissioned in June 2009

• Berwyndale Wallumbilla Pipeline, acquired April 2010 – 3 month revenue contribution

• Extension of APA Gas Network

• 35 km new gas mains

• 3,200 additional connections,

• Roma Brisbane Pipeline lateral construction

==> picture [265 x 175] intentionally omitted <==

Davenport Downs compressor station

==> picture [345 x 208] intentionally omitted <==

----- Start of picture text -----

120
103.3
100
80
Other
60
APA Gas Network
40
Carpentaria Gas
Pipeline
20 Roma Brisbane
Pipeline
‐
2008 2009 2010
EBITDA $ million
----- End of picture text -----

2010 Result Presentation � 14

Gas transmission and distribution

New South Wales

• Additional gas transport and storage sales on the Moomba Sydney Pipeline system in line with expansion

• Tariff increase of 4 per cent

• Continued expansion program

• Mainline program

• Young to Wagga lateral

• Compressor reconfiguration

• Central West Pipeline moved to Light Regulation

• Development of systems and services for –

• the gas Short Term Trading Market due to commence 1 September 2010

==> picture [265 x 177] intentionally omitted <==

Young compressor station

==> picture [343 x 208] intentionally omitted <==

----- Start of picture text -----

120
96.8
100
80
Central Ranges
60
Pipeline
Central West Pipeline
40
Moomba Sydney
20 Pipeline
‐
2008 2009 2010
EBITDA $ million
----- End of picture text -----

2010 Result Presentation � 15

Gas transmission and distribution

Victoria & South Australia

• Victorian revenue relatively stable despite reduced gas volumes due to milder winter weather impact

� Expansion program

• Northern augmentation

� LNG storage facility

• BOC expansion of LNG production facilitating open access truck refueling and additional supply for Victorian market

==> picture [265 x 177] intentionally omitted <==

==> picture [342 x 241] intentionally omitted <==

----- Start of picture text -----

Dandenong LNG storage facility, Vic
120
105.7
100
80
60
SESA Pipeline
40
Victorian assets
20
‐
2008 2009 2010
EBITDA $ million
----- End of picture text -----

2010 Result Presentation � 16

Gas transmission and distribution

Western Australia & Northern Territory

• Additional sales on Goldfields Gas Pipeline – New compressor stations commissioned in May and August 2009

• Goldfields Gas Pipeline access arrangement

• 10% reduction in reference tariffs (from August 2010)

• Applies to contracts comprising approximately 40% of APA’s GGP revenue

• Mondarra gas storage facility development

• Kalgoorlie Kambalda Pipeline moved to Light Regulation

• Amadeus Gas Pipeline (NT) delivering Blacktip gas via the Bonaparte Gas Pipeline

==> picture [265 x 175] intentionally omitted <==

Ned’s Creek compressor station, WA

==> picture [344 x 210] intentionally omitted <==

----- Start of picture text -----

120
102.7
100
80
Amadeus Gas Pipeline
60
NGV WA
40
Parmelia Gas Pipeline
20 Goldfields Gas Pipeline
‐
2008 2009 2010
EBITDA $ million
----- End of picture text -----

2010 Result Presentation � 17

Asset Management and Energy Investments

Asset Management

• Full year asset management services to Energy Infrastructure Investments

• Reduction in lower margin third party work

Energy Investments

• Contribution from additional investments

• Energy Infrastructure Investments

• Increased investment in Envestra (32%)

• Investment in Hastings Diversified Utilities Fund (17%)

• Successful refinancing of SEA Gas debt facility

==> picture [339 x 419] intentionally omitted <==

----- Start of picture text -----

40
32.3
Short term contracts
20
Long term contracts
‐
2008 2009 2010
40
19.1 Other investments
20
Envestra
‐
2008 2009 2010
EBITDA $ million
EBITDA $ million
----- End of picture text -----

2010 Result Presentation � 18

Fully covered distributions

2010 distribution growth of 5.6%

==> picture [417 x 390] intentionally omitted <==

----- Start of picture text -----

60
51.9
48.2
50
42.7
39.7
38.2
40
30
32.75
31.0
29.5
28.0
20 24.0
10
0
2006 2007 2008 2009 2010
Operating cash flow per security
Distribution per security
cents per security
----- End of picture text -----

• 2010 distribution payout ratio* of 64.4%

• 10 year compound annual growth rate

‐ 4.9 % for operating cash flow per security

‐ 5.1 % for distribution per security

• Distribution payout ratio: total distribution payments as a percentage of operating cash flow

2010 Result Presentation � 19

Major capital expenditure

Major capital expenditure	Major capital expenditure
2010 $ million Description of 2010 major projects	2009 $ million
Growth capital expenditure
Regulated
Victoria Transmission System 30.9 Northern augmentation project	21.3
APA Gas Networks(Qld) 21.2 Includes southern network expansion	18.8
Major Projects
Queensland expansion 11.6 Roma Brisbane Pipeline lateral	28.8
New South Wales expansion 31.1 MSP mainline expansion, Young to Wagga looping project	40.3
Western Australia expansion 14.4 Mondarra Gas Storage Facility	53.8
Northern Territory ‐	122.3
Other 7.7 National finance and customer systems	‐
Acquisitions
Gas pipelines 87.2 Berwyndale Wallumbilla Pipeline	23.5
Investment in HDF 114.5
318.6	308.8
Stay in business capex 14.7	16.4
Total 333.3	301.7

2010 Result Presentation � 20

Funding 2010 growth capital expenditure

2010 $ million Growth capital expenditure 319

==> picture [81 x 56] intentionally omitted <==

Funds

==> picture [600 x 184] intentionally omitted <==

----- Start of picture text -----

Free operating cash flow retained in the business
26%
(Operating cash flow less distributions and SIB capex) 83
Equity raised through – DRP 57
–
SPP 85
142 45%
Debt funding required 87 29%
319
----- End of picture text -----

Cash retained in the business is used to fund organic growth

2010 Result Presentation � 2121

Prudent capital management

• Cash and committed undrawn facilities of $538 million at 30 June 2010

� 2010 metrics

• Gearing* of 69.8%, reduced from 70.3% at 30 June 2009

• Interest Cover Ratio of 2.11x, reduced from 2.13x at 30 June 2009

• Interest rate exposure fixed or hedged – 77.3% (post A$300m MTN ‐ 86.8%)

• $142 million equity raised through the DRP and SPP

• DRP – $57 million; SPP – $85 million

• Second credit rating

• Baa2 stable outlook assigned by Moody’s

• Two credit ratings provide funding flexibility with access to diverse markets and a broader range of financing options

• Ratio of Net Debt to Net Debt plus Book Equity.

2010 Result Presentation � 22

Capital management strategy in action

• Managing balance sheet to maintain minimum investment grade credit rating metrics

• Standard &Poor’s BBB; Moody’s Baa2

• Refinancing program focused on extending debt maturity, diversifying funding sources and reducing debt costs

• $1,365 million raised in August 2009 – repaid $900 million syndicated facility (June 2010) and $102 million USPP (September 2010)

• $300 million Australian dollar MTN raised in July 2010 – refinance existing facilities ahead of maturity to reduce debt costs

==> picture [45 x 47] intentionally omitted <==

==> picture [100 x 47] intentionally omitted <==

==> picture [140 x 47] intentionally omitted <==

==> picture [705 x 10] intentionally omitted <==

----- Start of picture text -----

FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
----- End of picture text -----

2010 Result Presentation � 23

==> picture [842 x 186] intentionally omitted <==

Outlook and guidance Mick McCormack Managing Director and CEO

2010 Result Presentation � 24

Strategy for sustainable, profitable growth

Continue to maximise value for stakeholders

• Enhancing APA’s portfolio of gas infrastructure assets in Australia’s growing gas market

==> picture [354 x 329] intentionally omitted <==

• Abundant domestic gas reserves

• Increasing demand for natural gas, in particular for power generation

• Capturing revenue and operational synergies from APA’s significant asset base

• Leveraging APA’s gas infrastructure portfolio to develop related projects

• Pursuing opportunities that leverage APA’s knowledge and skills base

• Strengthening financial capability

==> picture [18 x 28] intentionally omitted <==

2010 Result Presentation � 25

APA growth drivers and opportunities

Growth drivers

APA’s development opportunities

Gas supply and demand

Increasing gas reserves and production capability, together with increasing gas demand

• Expanding pipeline capacity to deliver larger volumes

• Developing pipelines to transport gas to new markets

Gas fired power generation

To supply growing electricity demand, particularly peak demand

To provide back‐up to intermittent wind generation

• Facilitating the development of gas fired power stations on or near APA infrastructure

• Developing gas infrastructure and commercial arrangements suitable for gas fired power stations

Gas storage

• Expanding pipeline capacity for storage

Used by customers to manage variable gas demand and optimise gas supply portfolio

• Developing Mondarra underground storage facility

• Developing LNG storage facility capacity and services

Integrated market

Customers using multiple, interconnected infrastructure assets to move and store gas

• Further development of the east coast gas grid – services and infrastructure

Strategic investment management

Investors seeking skilled industry operators to partner with

• Investment in strategic energy assets, leveraging internal industry management and operation skills

2010 Result Presentation � 26

Current portfolio growth projects

Roma Brisbane Pipeline Capacity expansion (FID)

APA Gas Network Network expansion to new housing developments

Mondarra Gas Storage Facility Expanding storage capacity and capability Interconnection with adjacent pipelines

Moomba Sydney Pipeline Mainline expansion and pressure upgrade Year 3 of 5 year $100 million program

NSW Vic expansion project $90 million capex

Moomba Sydney Pipeline Young to Wagga lateral looping Victorian Transmission System Northern section augmentation

Expanding and extending APA’s gas infrastructure portfolio

2010 Result Presentation � 27

Outlook and guidance for 2011

Outlook

• Continued focus on enhancing APA’s gas infrastructure portfolio

• organic growth driven by customer requirements

• Further investment decisions influenced by

• government policy settings

• completion of NSW Energy Privatisation

• investment decisions on Gladstone LNG

Guidance

Barring unforeseen circumstances

• Distribution ‐ anticipate delivering 5% growth in 2011 financial year

• EBITDA ‐ expected within a range of $465 million to $485 million

• Net interest cost ‐ expected within a range of $240 million to $245 million

2010 Result Presentation � 28

==> picture [842 x 186] intentionally omitted <==

Supplementary information

2010 Result Presentation � 29

APA profile

• APA is Australia’s largest natural gas infrastructure business

• Gas Transmission and Distribution : gas pipelines, interconnected gas storage facilities across Australia, and gas distribution networks in Queensland and New South Wales

• Asset Management : provides asset management, operating and maintenance services to the majority of its investments and other third parties

• Energy Investments : minority interests in energy infrastructure investments, including Envestra, SEA Gas Pipeline, Energy Infrastructure Investments, Hastings Diversified Utilities Fund and Ethane Pipeline Income Fund

• APA generates secure cash flows from contractual and regulatory arrangements on its assets

• with more than 90% of revenue from regulated (natural monopoly) assets and long term contracts

• APA has direct management and operational control over its assets and investments

• no fee leakage or conflicts that arise with external management model

• employing over 1,100 skilled and experienced people who perform all commercial, engineering and operations functions for APA’s assets and investments

APA delivers more than half of Australia’s domestic gas usage

2010 Result Presentation � 30

Financials

Key financial ratios

		2010	2009
	Operating cash flow per security (cents)	51.9	48.2
	Weighted average securities on issue (million)	516.2	485.1
	Payout ratio	64.4%	65.6%
	Earning per security (cents)	19.4	16.2
	Interest cover ratio (times)	2.11	2.13
	Gearing ratio	69.8%	70.3%
	Total assets ($ million)	4,982	4,747
	Net assets ($ million )	1,395	1,278
	Net tangible asset backing per security ($)	1.28	1.18

2010 Result Presentation � 31

Financials

Cash flow

	2010	2009
	$ million	$ million	Change
Operating cash flow	267.8	233.6	14.6 %
Distributions (net of DRP)	103.1	95.1
Available operating cash flow	164.7	138.5	18.9 %
Operating cash flow per security (cents)	51.9	48.2	7.7 %
Distributions per security (cents)	32.75	31.0	5.6 %
Distribution payout ratio	64.4%	65.6%
Capital expenditure	135.4	301.7
Investments	137.2	96.1
Acquisitions	83.3	22.6

2010 Result Presentation � 32

Financials

Revenue analysis by business segment

	2010	2009
	$ million	$ million	Change
Gas Transmission and Distribution
Queensland	151.2	143.9	5.0%
New South Wales	120.8	107.9	11.9%
Victoria & South Australia	138.9	137.6	0.9%
Western Australia & Northern Territory	155.4	154.2	0.8%
Gas Transmission and Distribution	566.2	543.6	4.2%
Asset Management	60.1	60.5	(0.7%)
EnergyInvestments	19.4	11.7	65.6%
	645.7	615.8	4.8%
Total revenue from divested business *	‐	33.9
Total revenue	645.7	649.7	(0.6%)
Pass‐through revenue	329.9	271.4	21.6%
Unallocated revenue	13.9	23.4	(40.6%)
Total revenue	989.5	944.4	4.8%

• Assets sold to Energy Infrastructure Investments, December 2008

2010 Result Presentation � 33

Financials

Total committed debt facilities

Facility Facility amount Tenor 2008 Bilateral borrowings[1] $165 million July 2011 2009 Bilateral borrowing[2] $150 million August 2014 2007 Syndicated facility[2] $900 million June 2012 2009 Syndicated facility[3] $1,030 million 2 and 4 year tranches maturing July 2011 and July 2013 2003 US private placement[4] $496 million 7, 10, 12 and 15 year tranches maturing Sept 2010, 2013, 2015 and 2018 2007 US private placement $811 million 10, 12 and 15 year tranches maturing May 2017, 2019 and 2022 2009 US private placement $185 million 7 and 10 year tranches maturing July 2016 and 2019 2010 Medium Term Notes $300 million 10 year tranche maturing July 2020

(1) Comprises three facilities, drawn to $145m cash limit. $20m balance is fully utilised as a bank letter of credit.

(2) These facilities fully drawn.

(3) Amount drawn at 30 June 2010 was $470 million. Amount drawn reduced to $150m in August 2010.

(4) Sept 2010 maturity of $102m more than covered by undrawn facilities headroom

2010 Result Presentation � 34

Regulatory update

APA’s major price regulated assets

Regulatory resets over the next five years

==> picture [695 x 142] intentionally omitted <==

• Regulatory resets are spread out over five years, with on average one reset per year

• Goldfields Gas Pipeline new access arrangement commenced on 20 August 2010

• APA Gas Network (Qld) next major asset reset – proposed access arrangement due September 2010

� APA’s Light Regulation pipelines

• Carpentaria Gas Pipeline, Moomba Sydney Pipeline, Central West Pipeline, and Kalgoorlie Kambalda Pipeline

2010 Result Presentation � 35

APA asset and investment portfolio

==> picture [166 x 227] intentionally omitted <==

==> picture [96 x 184] intentionally omitted <==

==> picture [173 x 263] intentionally omitted <==

==> picture [128 x 148] intentionally omitted <==

==> picture [96 x 63] intentionally omitted <==

==> picture [9 x 16] intentionally omitted <==

==> picture [37 x 14] intentionally omitted <==

==> picture [8 x 14] intentionally omitted <==

==> picture [8 x 19] intentionally omitted <==

==> picture [9 x 35] intentionally omitted <==

==> picture [9 x 7] intentionally omitted <==

==> picture [47 x 11] intentionally omitted <==

==> picture [23 x 11] intentionally omitted <==

==> picture [9 x 9] intentionally omitted <==

==> picture [40 x 38] intentionally omitted <==

==> picture [5 x 41] intentionally omitted <==

==> picture [323 x 328] intentionally omitted <==

2010 Result Presentation � 36

Disclaimer

The information contained in this presentation is given without any liability whatsoever to Australian Pipeline Trust or APT Investment Trust or any of its related entities (collectively “APA Group”) or their respective directors or officers, and is not intended to constitute legal, tax or accounting advice or opinion. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or thoroughness of the content of the information. The recipient should consult with its own legal, tax or accounting advisers as to the accuracy and application of the information contained herein and should conduct its own due diligence and other enquiries in relation to such information.

The information in this presentation has not been independently verified by APA Group. APA Group disclaims any responsibility for any errors or omissions in such information, including the financial calculations, projections and forecasts set forth herein. No representation or warranty is made by or on behalf of APA Group that any projection, forecast, calculation, forward‐looking statement, assumption or estimate contained in this presentation should or will be achieved.

Please note that, in providing this presentation, APA Group has not considered the objectives, financial position or needs of the recipient. The recipient should obtain and rely on its own professional advice from its tax, legal, accounting and other professional advisers in respect of the addressee’s objectives, financial position or needs.

This presentation does not carry any right of publication. This presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by APA Group. Neither this presentation nor any of its contents may be reproduced or used for any other purpose without the prior written consent of APA Group.

2010 Result Presentation � 37

==> picture [842 x 186] intentionally omitted <==

For further information contact

Chris Kotsaris Investor Relations, APA Group Tel: +61 2 9693 0049 E‐mail: chris.kotsaris@apa.com.au

Celebrating 10 years of delivering Australia’s energy

or visit APA’s website www.apa.com.au

==> picture [584 x 100] intentionally omitted <==

ASX RELEASE

25 August 2010

For further information please contact:

Investor enquiries: Media enquiries: Chris Kotsaris Kristin Silva Investor Relations APA Group Cato Counsel Telephone: (02) 9693 0049 Telephone: (02) 9212 4666 Mob: 0402 060 508 Mob: 0411 110 953 Email: chris.kotsaris@apa.com.au Email: kristin@catocounsel.com.au

About APA Group (APA)

APA is Australia’s largest natural gas infrastructure business, owning and/or operating more than $8 billion of gas transmission and distribution assets. Its pipelines and assets span every state and territory on mainland Australia, delivering more than 50% of the nation’s gas usage. Unique amongst its peers, APA has direct management and operational control over its assets and the majority of its investments. APA also holds minority interests in energy infrastructure enterprises including Envestra, SEA Gas Pipeline, Hastings Diversified Utilities Fund and Energy Infrastructure Investments.

For more information visit APA’s website, www.apa.com.au