APA GROUP — Capital/Financing Update 2012

Nov 13, 2012

Hastings Funds Management Limited ABN 27 058 693 388 AFSL No. 238309

Total pages: 4

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Level 27, 35 Collins Street Melbourne VIC 3000 Australia T +61 3 8650 3600 F +61 3 8650 3701 www.hfm.com.au Melbourne, London, New York, Sydney

ASX Announcement

Hastings Diversified Utilities Fund (HDF)

14 November 2012

APA’s final extension of offer for HDF

Hastings Funds Management Limited (Hastings), as Responsible Entity for HDF, notes the announcement by the APA Group (APA) advising that it has extended the offer period for its bid for all of the HDF Securities it does not own to 7:00pm (AEDT) on 13 December 2012 and that the offer period will not be extended beyond that date[1] .

A copy of APA’s announcement is attached.

For further enquiries, please contact the HDF Information Line on 1800 815 610 (toll-free in Australia) or +612 8256 3357 (outside Australia).

For further enquiries, please contact:

Colin Atkin Chief Executive Officer Hastings Diversified Utilities Fund Tel: +61 3 8650 3600 Fax: +61 3 8650 3701 Email: investor_relations@hfm.com.au Website: www.hfm.com.au

Simon Ondaatje

Head of Investor Relations

Hastings Funds Management Tel: +61 3 8650 3600 Fax: +61 3 8650 3701 Email: investor_relations@hfm.com.au Website: www.hfm.com.au

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Jane Frawley Company Secretary

Hastings Funds Management Limited

Unless otherwise stated, the information contained in this document is for informational purposes only. It does not constitute an offer of securities and should not be relied upon as financial advice. The information has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person or entity. Before making an investment decision you should consider, with or without the assistance of a financial adviser, whether any investments are appropriate in light of your particular investment needs, objectives and financial circumstances. Neither Hastings, nor any of its related parties including Westpac Banking Corporation ABN 33 007 457 141, guarantees the repayment of capital or performance of any of the entities referred to in this document and past performance is no guarantee of future performance. Hastings, as the Manager or Trustee of various funds, is entitled to receive management and performance fees.

1 If APA becomes entitled to proceed to compulsory acquisition, it will increase the offer consideration by a further 8 cents per HDF security. If this increase occurs during the last seven days of the offer period, the offer period will be automatically extended for a further 14 days from that date.

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ASX ANNOUNCEMENT

14 November 2012

APA Group (ASX: APA) (also for release to APT Pipelines Limited (ASX: AQH))

Final extension of APA’s offer for HDF

APA Group (ASX:APA) today announced its final extension of the offer period for its bid for Hastings Diversified Utilities Fund (ASX:HDF).

The offer is now scheduled to close at 7.00pm (Sydney time) on 13 December 2012 and will not be extended beyond that date.[1]

As previously announced, APA will increase the offer consideration by a further 8 cents cash per HDF security if it becomes entitled to proceed to compulsory acquisition.

Accept the offer before the closing date

If you accept the offer before the closing date, you will be paid the offer consideration within seven business days. In addition, if your APA securities are issued before 31 December 2012, and you retain these securities you will be entitled to receive APA’s interim distribution which, based on APA’s distribution guidance for FY13, is likely to be in the order of 17 cents per APA security.

Compulsory acquisition

If APA becomes entitled to proceed to compulsory acquisition and you do not accept the offer before the closing date, payment may take up to 6 weeks due to the statutory compulsory acquisition process. You should be aware that, under this scenario, there is a risk that you will not receive APA’s interim distribution.

Broker handling fee

The broker handling fee described in Section 12.9 of APA’s Bidder’s Statement will continue to apply until the offer period ends.

1 If APA becomes entitled to proceed to compulsory acquisition, it will increase the offer consideration by a further 8 cents per HDF security. If this increase occurs during the last seven days of the offer period, the offer period will be automatically extended for a further 14 days from that date.

Page 1

Notice of variation

In accordance with section 650D of the Corporations Act, attached is a notice of variation which extends the offer period. A copy of the notice of variation has been lodged with ASIC and will be given to Hastings Diversified Utilities Fund.

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Mark Knapman Company Secretary Australian Pipeline Limited

For further information please contact:

Investor enquiries: Media enquiries: Chris Kotsaris David Symons Telephone: (02) 9693 0049 Telephone: (02) 9212 4666 Mob: 0402 060 508 Mob: 0410 559 184 Email: chris.kotsaris@apa.com.au Email: david@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 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 and Energy Infrastructure Investments, and a majority interest in Hastings Diversified Utilities Fund.

APT Pipelines Limited is a fully owned subsidiary of Australian Pipeline Trust and is the borrowing entity of APA Group.

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

Page 2

APT PIPELINES LIMITED (ABN 89 009 666 700) (A COMPANY WHOLLY OWNED BY AUSTRALIAN PIPELINE TRUST (ARSN 091 678 778)) (“BIDDER”)

NOTICE OF VARIATION EXTENDING OFFER PERIOD

TO: Hastings Funds Management Limited (ABN 27 058 693 388) in its capacity as responsible entity of the Hastings Diversified Utilities Fund

Australian Securities and Investments Commission (“ASIC”)

ASX Limited (“ASX”)

The Bidder gives notice under section 650D of the Corporations Act that it varies the Offer by extending the Offer Period so as to change the close of the Offer Period from 7:00pm (Sydney time) on 14 November 2012 to 7:00pm (Sydney time) on 13 December 2012.

The Offer Period of the Offer was previously varied by notices dated 19 March 2012, 19 April 2012, 15 May 2012, 20 July 2012, 27 August 2012, 10 September 2012, 17 September 2012, 24 September 2012, 3 October 2012, 25 October 2012 and 31 October 2012.

Unless the context requires otherwise, defined terms in the Bidder’s Statement (as supplemented) have the same meaning in this notice.

A copy of this notice was lodged with ASIC on 14 November 2012. ASIC takes no responsibility for the contents of this notice.

This notice is dated 14 November 2012.

Signed on behalf of APT Pipelines Limited (ABN 89 009 666 700).

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Leonard Bleasel AM Chairman

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Michael McCormack Director