APA GROUP — Capital/Financing Update 2012

Oct 8, 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)

9 October 2012

Hastings Performance Fee Payment

Hastings Funds Management Limited (Hastings), as Responsible Entity for HDF, today confirmed that all deferred performance fees accrued to date, will be paid through the issuance of HDF securities. The payment of performance fees in scrip is in accordance with HDF’s constitution and a resolution passed at the HDF general meeting on 7 March 2011 that enables HDF to pay performance fees in the form of HDF securities.

For the six month period ending 31 December 2011, a fee of $23,383,549 (a portion of the total performance fee accrued of $54,107,593, excluding GST), as well as the deferred performance fee accrued for the six month period ending 30 June 2012 of $55,908,290 (excluding GST), will now be paid.

Any performance fee payable to Hastings in HDF securities is to be paid at the higher of $2.56 or the 15-day trailing volume weighted average price (VWAP) which was $2.61 for the period ending 8 October 2012.

Based on HDF’s VWAP to 8 October 2012, Hastings is entitled to receive 30,323,086 HDF securities (excluding GST) in lieu of a cash performance fee payment.

Hastings notes its intention to accept the current APA Group (APA) takeover offer in respect of the newly issued HDF securities, subject to confirmation that the offer is extended to these securities. This confirmation is expected to be obtained from the ASX by APA shortly.

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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