APA GROUP — Annual Report 2013

Aug 20, 2013

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Financial Results Year ended 30 June 2013

21 August 2013

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Result overview and strategic highlights

Mick McCormack Managing Director and CEO

 2

APA FY13 Results Presentation

Consistent strategy, core business growth

Focus on long term, low-risk and sustainable growth of our core business – gas pipelines and distribution infrastructure

 Expanding our core business

... achieving appropriate commercial returns for our investment

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FY 2013 activities

– HDF acquisition

• Pipeline and storage expansions

 Optimising operations and services

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... driving greater performance and returns from our assets, services and industry skills

• Diamantina power station development

• Pipeline developments and extensions

• Envestra merger proposal

• East coast grid services

 Building flexibility and resilience

• ... capitalising on opportunities and maintaining position strength

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• Strong balance sheet and funding position

• Contract and regulatory positions

... delivering growth, security and value

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APA FY13 Results Presentation

Result overview

$ million	2013	2012	Change	Change
Normalised results(1)
EBITDA	667	535	up	25 %
Profit	179	140	up	27 %
Operating cash flow	433	336	up	29 %
Operating cash flow per security (cents)	56.0	52.5	up	7 %
Statutory results
EBITDA	769	526	up	46 %
Profit	299	131	up	129 %
Operating cash flow	374	336	up	12 %
Operatingcash flowper security (cents)	48.5	52.5	down	8 %
Distributions
Distribution per security (cents)	35.5	35.0	up	1.4 %
Distributionpayout ratio(2)	68.2%	67.0%

(1) Normalised results exclude significant items. Significant items includes payment of fees made by HDF, costs in relation to the acquisition of HDF, gain on APA’s previously held interest in HDF and reversal of some costs booked in relation to the sale of the Allgas business in 2011.

(2) Based on normalised operating cash flow.

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APA FY13 Results Presentation

Successful HDF acquisition

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PILBARA
PIPELINE
SYSTEM
SOUTH WEST
QUEENSLAND
MOOMBA PIPELINE
ADELAIDE
PIPELINE
SYSTEM
APA gas infrastructure assets and
investments
Other natural gas pipelines
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 Value accretive acquisition

• Quality assets with secure long-term revenue contracts and growth potential

• Acquisition model exceeded

 Surprised on the upside

• Growth projects underway on the SWQP – Wallumbilla and Moomba compression projects

• Recontracted Pilbara Pipeline System revenues

• Sale of MAPS and integration of SWQP and PPS completed within the year

• No disruption to business and pipeline operations

• Establish grid infrastructure and services in the east and west

• Value creation for APA and customers

• Incremental revenue synergies as services are developed across the APA network

Wallumbilla compressor station on the SWQP

 5

APA FY13 Results Presentation

Growth capital projects across the portfolio

 Continued and/or completed $1.5 billion[(1)] expansion projects across the country

– appropriate commercial returns and secure, long-term revenue

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FY 2013 FY 2014 FY 2015
Roma Brisbane Completed 10% increase
Pipeline in pipeline capacity
Moomba Sydney Completed 5-year mainline
Pipeline expansion project
Victorian Completed northern augmentation Capacity expansion of southern and northern sections
Transmission System project and Sunbury looping of the transmission system
Goldfields Two projects delivering 28%
Gas PIpeline increase in pipeline capacity
Moomba Compression capacity increase at Moomba, facilitating
compression eastern gas flow on the South West Queensland Pipeline
Wallumbilla Compression capacity increase at
compression Wallumbilla hub
Mondarra Gas Completed 5-fold increase in
Storage Facility storage capacity,
Diamantina Construction of gas fired 242 MW power
Power Station station and 60 MW back up generation
(1) Total cost of all projects, including the full Diamantina and Leichhardt power stations construction costs.
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• (1) Total cost of all projects, including the full Diamantina and Leichhardt power stations construction costs.

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APA FY13 Results Presentation

Strategic development of pipeline grids

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APA’s east coast grid:
> 7,000 km of pipelines
APA’s WA infrastructure:
Darwin 5 major pipelines
Servicing north west mining region
5 states and territories
Gas transport and storage for Perth
Mount Isa
Pilbara
region
Goldfields Gladstone
region
Brisbane
Perth
Sydney
Adelaide
APA natural gas pipelines (including investments)
Other natural gas pipelines Melbourne
Gas resource Gas production
LNG export facility
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 East coast grid

• Physical interface of pipelines – operating as one system

• Seamless service capability across 30 receipt points and 100 delivery points

• Trans-pipeline transportation agreements in place

• New service options – storage and flexibility

• West Australian infrastructure

• Interconnected gas storage and transportation to Perth

• Only pipeline infrastructure in north west mining region – optimise service

Transformational change in service provision

 7

APA FY13 Results Presentation

Safety and sustainability reporting

 Health and safety

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LTIFR
7.3
6.1
4.9
2.2 2.1
2009 2010 2011 2012 2013
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• Long-term safety goal of Zero Harm - program of continuous improvement

• Decrease of LTIFR[(1) ] to 2.1, down from 2.2

 Natural gas and carbon reduction

• Carbon tax – direct cost impact immaterial due to cost recovery mechanisms

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• Promoting the use of natural gas in reducing carbon emissions

 Community investment program

• Supporting local and national community initiatives through “Building Brighter Futures” community partnership program

• (1) Lost time injury frequency rate (LTIFR) is measured as the number of lost time injuries per million hours worked.

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APA FY13 Results Presentation

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Financial performance

Peter Fredricson Chief Financial Officer

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APA FY13 Results Presentation

Solid and consistent result

$ million			2013	2012	Change	Change
	Normalised	Significant	Statutory	Statutory	Normalised	Statutory
		items
Revenue excluding pass-through(1)	919.5	-	919.5	758.0	6.6%	21.3%
EBITDA	667.1	101.7	768.8	525.8	24.6 %	46.2 %
Depreciation and amortisation	(130.5)	-	(130.5)	(110.4)	(18.2)%	(18.2)%
EBIT	536.6	101.7	638.3	415.4	26.3 %	53.7 %
Net interest expense	(299.6)	8.7	(290.9)	(234.3)	(27.9) %	(24.2) %
Pre-tax profit	237.0	110.4	347.4	181.1	24.3 %	91.9 %
Tax	(61.0)	9.6	(51.4)	(50.4)	(20.9)%	(2.0) %
Minorities	2.8	-	2.8	0.0	nm	nm
Net profit	178.8	120.0	298.8	130.7	27.4 %	128.7 %

(1) Pass-through revenue is revenue on which no margin is earned.

 10

APA FY13 Results Presentation

EBITDA by business segment

$ million	2013	2012	Change
Energy Infrastructure
Queensland(1)	163.7	79.6	105.8 %
New South Wales	112.7	113.1	(0.4) %
Victoria & South Australia	125.7	123.1	2.2 %
Western Australia(2) & Northern Territory	147.7	125.9	17.3 %
Energy Infrastructure total	549.9	441.7	24.5 %
Asset Management	45.4	31.9	42.4 %
Energy Investments	51.2	41.8	22.6 %
Total EBITDA continuing business	646.5	515.3	25.5 %
Divested business(3)	20.6	20.2
Significant items	101.7	(9.7)
Total EBITDA after significant items	768.8	525.8	46.2 %

• (1) Includes the South West Queensland Pipeline revenue and EBITDA contributions from 9 October 2012 and excludes the Allgas business contribution in 2012.

FY13 EBITDA by business segment (continuing business)

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Energy
Investments
8%
Asset
Management
7%
Queensland
25%
Western
Australia&
Northern
Territory New South
23% Wales
17%
Victoria & South
Australia
20%
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Energy Infrastructure
85%
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(2) Includes the Pilbara Pipeline System revenue and EBITDA contributions from 9 October 2012.

• (3) 2013: MAPS consolidation on 9 October 2012 to sale of the business on 1 May 2013. 2012: Allgas sold to GDI in December 2011.

APA’s portfolio diversity provides stability

 11

APA FY13 Results Presentation

EBITDA contributions

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$94.6 million $646.5 million
$36.6 million $551.9 million
$535.5 million ($20.2 million)
$515.3 million
Energy Investments 7.1%
Asset Management
Energy
Infrastructure
FY12 EBITDA FY12 EBITDA Divested business Divested business FY12 EBITDAFY12 EBITDA GrowthGrowth FY13 EBITDA (historicFY13 EBITDA Epic Energy (excludingHDF assets FY13 normalisedFY13 normalised
(continuing business)(continuing continuing business)(historic continuing (excluding divested divestment) EBITDA (excludingEBITDA
business) business) business) divestment)(excluding
divested business)
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APA FY13 Results Presentation

Energy Infrastructure

Queensland

Roma Brisbane Pipeline

• 10% increase in capacity

• Commissioned September 2012

South West Queensland Pipeline

• Integration completed

• 9 months earnings contribution

Moomba compression

• Services available second half CY2014

Wallumbilla compression:

• Long-term agreement for compression services

• Procurement of major capital equipment

• Service available from early CY2015

Moomba compression facility

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EBITDA
$180m
$163.7 million
$160m
$140m South West
Queensland
$120m
Pipeline
$100m
Berwyndale
Pipeline
$80m
Carpentaria
$60m
Gas Pipeline
$40m Roma
Brisbane
$20m
Pipeline
$0m
2010 2011 2012 2013
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APA FY13 Results Presentation

Energy Infrastructure

New South Wales

Moomba Sydney Pipeline

• Completed 5 year expansion program

• Spare capacity recontracted January 2013

• Commenced gas transportation services between Victoria and Sydney

Young compressor station and control centre

• Focused recontracting program

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EBITDA
$120m $112.7 million
$100m
$80m
$60m
Moomba
$40m Sydney
Pipeline
System
$20m
$0m
2010 2011 2012 2013
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APA FY13 Results Presentation

Energy Infrastructure

Victoria & South Australia

Victorian Transmission System

• Gas volume increase of 5% due to cooler weather and gas exports to NSW

• Commissioned Euroa compressor station, part of Northern Augmentation Project, and Sunbury lateral

• Completed upgrade of Longford meter station

VTS access arrangement

• New access arrangement commenced

• Merits review process underway

Moomba Adelaide Pipeline System

• Sale completed in May 2013, for $401 million

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Longford meter station upgrade
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EBITDA
$140m
$125.7 million
$120m
$100m
$80m
$60m SESA
Pipeline
$40m
Victorian
Transmission
$20m
System
$0m
2010 2011 2012 2013
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APA FY13 Results Presentation

Energy Infrastructure

Western Australia & Northern Territory

Goldfields Gas Pipeline

• Construction progressing on compression and off-take facilities

Mondarra Gas Storage Facility

• Expansion completed and operating commercially since July 2013

Pilbara Pipeline System

• Integration completed

• 9 months earnings contribution

New developments

• Gas supply to Gove – discussions commenced with Pacific Aluminium and NT Government

• Heads of Agreement with Armour Energy

Mondarra Gas Storage Facility

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EBITDA
$160m
$147.7 million
Amadeus
$140m
Gas Pipeline
$120m Emu Downs
Wind Farm
$100m
Other
$80m Western
Australian
$60m assets
Pilbara
$40m
Pipeline
System
$20m
Goldfields
$0m Gas Pipeline
2010 2011 2012 2013
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 16

APA FY13 Results Presentation

Asset Management and Energy Investments

Asset Management

• Increased operator fees from Envestra due to Envestra revenue increases

• Full year contribution of asset management revenue – GDI (EII)

• Customer contributions of $10.2 million

Energy Investments

• Increased investment returns – Envestra

• Additional investment returns – GDI (EII)

• Removal of HDF from the Energy Investment segment following takeover and consolidation

• Increase in Envestra equity interest – participation in DRP and equity placement

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EBITDA
$60m
$45.4 million
$40m One-off
customer
contributions
$20m
Contracted
services
$0m
2010 2011 2012 2013
EBITDA
$60m
$51.2 million
$40m
$20m
Energy
Investments
$0m
2010 2011 2012 2013
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 17

APA FY13 Results Presentation

Distribution payout metrics

$432.6 million

($58.3 million)

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Normalised Payments
incurred by HDF $374.4 million
operating cash flow
Statutory
$ million
Management fees 3.1 operating cash flow
$295.3 million
Incentive fees 28.5
Distributions Bid defence costs 26.7
TOTAL 58.3
68.2% of normalised 68.2% of normalised
operating cash flowoperating cash flow
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 18

APA FY13 Results Presentation

Fully covered distributions

Distributions in line with guidance for FY 2013

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cents
60
56.0
51.9 52.6 52.5
48.2
50
42.7
40
35.5
35.0
34.4
30 32.8
31.0
29.5
20
10
0
FY08 FY09 FY10 FY11 FY12 FY13
(2)
Operating cash flow per security Distribution per security
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 FY13 distribution payout ratio[(1) ] of 68.2%

• (1) Distribution payout ratio: distribution payments as a percentage of operating cash flow

• (2) Based on normalised operating cash flow

 19

APA FY13 Results Presentation

Capital expenditure

$ million 2013 Major projects in FY13 2012	$ million 2013 Major projects in FY13 2012
Growth capex
Regulated(1) 22.6 Victoria Transmission System	43.5
Major Projects Queensland expansion 80.8 Roma Brisbane Pipeline ; Wallumbilla and Moomba compression	35.7
New South Wales expansion 24.1 Moomba Sydney Pipeline	18.9
Western Australia expansion 213.7 Mondarra Gas Storage facility; Goldfields Gas Pipeline	116.4
Other 31.5 Victoria LNG and metering; Amadeus Gas Pipeline services	10.2
350.1	181.2
Acquisition and Investments 330.8 HDF acquisition (net cash) ; Envestra investment	46.4
Total growth capex 703.5	271.1
Stay in business capex 24.7	24.4
Total 728.2	295.5

(1) 2012 includes $8.4 million capital expenditure for Allgas

 20

APA FY13 Results Presentation

Strong balance sheet

$ million	30 June 2013 30 June 2012 Change
Current assets Property, plant and equipment Other non-current assets	280 585 (52)% 5,280 3,472 52% 2,138 1,439 49%
Total Assets	7,699 5,496 40%
Current debt Other current liabilities Total current liabilities Long term debt	81 - - 411 301 37%
	492 301 64%
	4,233 2,906 46%
Other long term liabilities	461 675 (32)%
Total long term liabilities	4,694 3,581 31%
Total Liabilities	5,187 3,882 34%
Net Assets	2,512 1,614 56%

 21

APA FY13 Results Presentation

Capital management

 Cash and committed undrawn facilities of $972 million at 30 June 2013

~~.~~	~~.~~	Metrics	30 Jun 2013	30 Jun 2012
		Gearing(1)	62.8 %	65.0 %
		Interest cover ratio	2.30 times	2.48 times
		Average interest rate applying to drawn debt(2)	7.35 %	7.39 %
		Interest rate exposure fixed or hedged	83.2 %	80.9 %
		Average maturity of drawn senior facilities	6.2 years	4.8 years

 . Equity: $83 million raised via Distribution Reinvestment Plan in September 2012 and March 2013 176 million new securities issued at average $5.035 per security for HDF consideration

Debt: $515 million Subordinated Notes issued in September 2012 A$735 million 10-year US144a/Reg S Notes issued in October 2012 A$536 million 12-year GBP Medium Term Notes issued in November 2012 Repayment of HDF debt totalling $1,325 million and termination of associated facilities

(1) Ratio of net debt to net debt plus book equity.

(2) Includes subordinated debt of $515 million Notes.

 22

APA FY13 Results Presentation

Capital management

 Maintain strong BBB/Baa2 investment grade ratings

 Maintain funding flexibility – internal cash flows plus additional equity and/or debt

Debt maturity profile (30 June 2013)

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$1,000m
$800m
$600m
$400m
$515m
$735m
$525m $536m
$200m $414m
$271m $295m $289m $300m $296m
$113m $126m
$0m
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
US Private Placement Notes Bank borrowings Headroom (bank borrowings)
Australian MTN Japanese MTN Canadian MTN
First Call Date - 60 year Sub Notes US 144a Notes Sterling MTN
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 23

APA FY13 Results Presentation

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Outlook and guidance

Mick McCormack Managing Director and CEO

 24

APA FY13 Results Presentation

Growth across the portfolio

 Continued east coast grid development

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Diamantina and
Leichhardt
Power Stations
Wallumbilla
Compression
Capacity
expansion
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• Demand for trans-pipeline and other services

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Diamantina and
Leichhardt
Power Stations
Goldfields Gas
Pipeline
Capacity expansion
Moomba
Compression
Capacity expansion
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• Moomba Sydney Pipeline recontracting

• FEED for Vic to NSW infrastructure

• Continued expansions projects

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• Goldfields Gas Pipeline and Diamantina Power Station

• New capacity for mining areas and gas supply for east coast LNG

• New pipeline developments

• Northern Territory pipelines

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Victorian Transmission
System
Capacity expansion
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• Connecting new gas sources

• Core business investments

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APA energy infrastructure
APA investments
Other natural gas pipelines
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• Strategic fit with appropriate commercial returns

 25

APA FY13 Results Presentation

Envestra rationale and update

 Core business – gas distribution

• Core competencies – operation and ownership of gas infrastructure

• Operator since 2007

 Largest shareholder and service provider

• Align ownership with full operational control and

• retain value created by industry skills within APA

• Revenue certainty and appropriate commercial returns

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• More than 3 years of revenue certainty with current access arrangements

• Price reflects appropriate return for low-risk asset

 Significant growth

• Appropriate return for APA’s operational and engineering expertise

 26

APA FY13 Results Presentation

Outlook and guidance for FY 2014

Outlook

• Continue development of expansion projects

• East coast gas grid development

Guidance

• EBITDA – expected within a range of $715 million to $730 million

• 11% to 13% increase on 2013 EBITDA[(1)]

• Net interest cost – expected within a range of $330 million to $340 million

• Distribution – at least equal to FY 2013 total distributions per security of 35.5 cents

• (1) Excluding significant items and MAPS contribution.

 27

APA FY13 Results Presentation

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Supplementary information

 28

APA FY13 Results Presentation

Significant items - details

$million 2013 Significant items impacting EBITDA Incurred by APA Write back of transaction costs in respect of Allgas sale 18.6 Gain on APA’s previously held interest in HDF 142.3 Transaction and integration costs on acquisition of HDF (16.9) 144.0 Incurred by HDF Fees charged to HDF by Hastings Funds Management (35.4) Takeover response costs incurred by HDF Group[(1) ] (6.9) (42.4) 101.7 Finance costs - gain on settlement of HDF interest rate swaps 8.7 Total significant items before tax 110.4 Income tax related to significant items 9.6 Total significant items after tax 120.0

(1) Post acquisition – total incurred including pre-acquisition costs amounted to $28.6 million

 29

APA FY13 Results Presentation

Revenue by business segment

$ million	2013	2012	Change
Energy Infrastructure
Queensland(1)	217.5	112.2	93.8 %
New South Wales	139.3	138.4	0.6 %
Victoria & South Australia(2)	164.7	163.4	0.8 %
Western Australia & Northern Territory	219.9	195.9	12.2 %
Energy Infrastructure total	741.5	610.0	21.6 %
Asset Management	82.3	69.3	18.8 %
EnergyInvestments	51.2	41.7	22.6 %
Total segment revenue	874.9	721.0	21.3 %
Pass-through revenue	352.7	302.6	16.6 %
Unallocated revenue	11.7	6.3	85.2 %
Divested business	32.9	30.7	nm
Total revenue	1,272.3	1,060.7	20.0 %

(1) Excludes Allgas revenue in FY 2012

(2) Excludes MAPS revenue

 30

APA FY13 Results Presentation

Debt facilities

Total committed debt facilities at 30 June 2013

$million(1)	Facility amount	Drawn amount	Tenor
2011 Bilateral borrowings(2)	300	175	3 years maturing July and August 2014
2011 Bilateral borrowing	150	0	5 years maturing October 2016
2011 Syndicated facility(3)	967	350	3 and 4 year tranches maturing November 2014 and 2015
2003 US Private placement	394	394	10, 12 and 15 year tranches maturing September 2013, 2015 and 2018
2007 US Private placement	811	811	10, 12 and 15 year tranches maturing May 2017, 2019 and 2022
2009 US Private placement	185	185	7 and 10 year tranches maturing July 2016 and 2019
2010 AUD Medium Term Notes	300	300	10 year tranche maturing July 2020
2012 JPY Medium Term Notes	126	126	6.5 year tranche maturing June 2018
2012 CAD Medium Term Notes	289	289	7.1 year tranche maturing July 2019
2012 US144a/Reg S Notes	735	735	10 year tranche maturing October 2022
2012 GBP Medium Term Notes	536	536	12 year tranche maturing November 2024
2012 Subordinated Notes	515	515	60 year term, first call date March 2018
Total(4)	5,304	4,412

• (1) Australian dollars. Any foreign notes issued have been hedged into fixed-rate Australian dollar obligations

• (2) Comprises four facilities of $75 million each

• (3) Comprises two facilities of $483.3 million each

• (4) Totals differ from summations due to rounding

 31

APA FY13 Results Presentation

Regulatory update

APA’s major price regulated assets

 Regulatory resets over the next five years

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Victorian Transmission System
Goldfields Gas Pipeline
Roma Brisbane Pipeline
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2013 2014 2015 2016 2017 2018
Current regulatory period Next regulatory period
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 Roma Brisbane Pipeline access arrangement

• AER’s final decision (10 August 2012) includes 8.75% tariff increase

• Minimal impact to APA’s revenue – the majority of the pipeline’s revenue is derived from haulage contracts with set terms, including pricing

 Victorian Transmission System access arrangement

• AER issued its final decision in March 2013 and the new access arrangement commenced on 1 July 2013

• The final decision provided for an initial tariff reduction of 21.5% followed by a further 14% in 2014

• APA has undertaken merit review proceedings before the Australian Competition Tribunal – a decision is expected within the next two months

 Regulatory framework

• AER is developing its first rate of return guidelines pursuant to the revised National Gas Rules – draft expected at the end of August

 32

APA FY13 Results Presentation

APA profile

 APA is Australia’s largest natural gas infrastructure business

• Energy Infrastructure : natural gas pipelines and interconnected gas storage facilities across Australia, and the Emu Downs wind farm in Western Australia

• Asset Management : provision of asset management, operating and maintenance services to the majority of APA’s investments and other third parties

• Energy Investments : minority interests in energy infrastructure investments, including Envestra, GDI (EII), SEA Gas Pipeline, Energy Infrastructure Investments, EII2 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

• employing over 1,500 skilled and experienced people who perform all commercial, engineering and operational functions for APA’s assets and investments

APA transports half of Australia’s domestic gas usage

 33

APA FY13 Results Presentation

APA asset and investment portfolio

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 34

APA FY13 Results Presentation

Disclaimer

This presentation has been prepared by Australian Pipeline Limited (ACN 091 344 704) the responsible entity of the Australian Pipeline Trust (ARSN 091 678 778) and APT Investment Trust (ARSN 115 585 441) ( APA Group ).

Summary information: This presentation contains summary information about APA Group and its activities current as at the date of this presentation. The information in this presentation is of a general background nature and does not purport to be complete. It should be read in conjunction with the APA Group’s other periodic and continuous disclosure announcements which are available at www.apa.com.au.

Not financial product advice: Please note that Australian Pipeline Limited is not licensed to provide financial product advice in relation to securities in the APA Group. This presentation is for information purposes only and is not financial product or investment advice or a recommendation to acquire APA Group securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and consult an investment adviser if necessary.

Past performance: Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

Future performance: This presentation contains certain “forward-looking statements” such as indications of, and guidance on, future earnings and financial position and performance. Forward-looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions.

This presentation contains such statements that are subject to risk factors associated with the industries in which APA Group operates which may materially impact on future performance. Investors should form their own views as to these matters and any assumptions on which any forward-looking statements are based. APA Group assumes no obligation to update or revise such information to reflect any change in expectations or assumptions.

Investment risk: An investment in securities in APA Group is subject to investment and other known and unknown risks, some of which are beyond the control of APA Group. APA Group does not guarantee any particular rate of return or the performance of APA Group. Not an offer: This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security.

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APA FY13 Results Presentation

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For further information contact Chris Kotsaris Investor Relations, APA Group Tel: +61 2 9693 0049 E-mail: chris.kotsaris@apa.com.au

Delivering Australia’s energy

or visit APA’s website

www.apa.com.au