APA GROUP — Capital/Financing Update 2012

Oct 22, 2012

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

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

Total pages: 1

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ASX Announcement

Hastings Diversified Utilities Fund (HDF)

23 October 2012

HDF confirms debt facilities review

Hastings Funds Management Limited (Hastings), as Responsible Entity for HDF, today confirmed that the financier review of the continuation of the debt facilities provided to the Epic Energy group of companies has commenced.

A review ‘event’, as indicated in HDF’s Target’s Statements dated 3 August 2012 and 4 September 2012, may occur once any party directly or indirectly acquires a legal or beneficial interest or relevant interest of more than 75 percent of HDF stapled securities. As advised by the APA Group (APA) in its ASX announcement dated 23 October 2012, APA now has a 75.93 percent interest in HDF securities.

The financiers have not yet provided any requisite waivers to APA acquiring a relevant interest in HDF, and as such HDF may be obliged to repay various debt facilities, potentially within 60 business days of the commencement of the review event.

Note that APA has advised in its fifth supplementary bidder’s statement that in the event that it moves to compulsory acquisition of HDF, it has sufficient funding resources to fully repay all HDF debt and fund the cash component of its offer.

HDF will keep the market informed as to the status of the review event as appropriate.

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:

For further enquiries, please contact:
Colin Atkin	Simon Ondaatje
Chief Executive Officer	Head of Investor Relations
Hastings Diversified Utilities Fund	Hastings Funds Management
Tel: +61 3 8650 3600	Tel: +61 3 8650 3600
Fax: +61 3 8650 3701	Fax: +61 3 8650 3701
Email: investor_relations@hfm.com.au	Email: investor_relations@hfm.com.au
Website: www.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.

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