APA GROUP — Director's Dealing 2025

Sep 3, 2025

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

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Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	APA Group (consisting of APA Infrastructure Trust (ARSN 091 678 778) and APAInvestment Trust (ARSN 115 585 441))
ABN	See above

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Adam Watson
Date of last notice	31 July 2025

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct and Indirect
Nature of indirect interest (includingregistered holder)Note: Provide details of the circumstances giving rise to therelevant interest.	Baker Watson Investments Pty Ltd<Baker Watson Investment A/C>Baker Watson Holdings Pty Ltd<Baker Watson S/F A/C>
Date of change	29 August 2025
No. of securities held prior to change	Direct20,559 ordinary stapled securities779,897 performance rightsIndirect115,974 ordinary stapled securities held through BakerWatson Investments Pty Ltd17,000 ordinary stapled securities held through BakerWatson Holdings Pty Ltd

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

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Class	Ordinary stapled securities
Number acquired	66,208 related to the FY21, FY22 and FY23 long termincentive
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details andestimated valuation	Nil. The ordinary stapled securities were provided for nilconsideration upon vesting of Performance Rights under theAPA Group Equity Incentive Plan which form part of MrWatson’s remuneration.
No. of securities held after change	Direct86,767 ordinary stapled securities632,458 performance rightsIndirect115,974 ordinary stapled securities held through BakerWatson Investments Pty Ltd17,000 ordinary stapled securities held through BakerWatson Holdings Pty Ltd
Nature of changeExample: on-market trade, off-market trade, exercise ofoptions, issue of securities under dividend reinvestment plan,participation in buy-back	Allocation of 66,208 ordinary stapled securities followingvesting of performance rights related to the FY21, FY22 andFY23 LTI held under the APA Group Equity Incentive Plan.Lapsing of 81,231 performance rights related to the FY23 LTIheld under the APA Group Equity Incentive Plan.

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Offer for Mr Watson to participate in APA Group’s Short TermIncentive Plan for FY26 under the APA Group Equity IncentivePlan.
Nature of interest	Grant of a contractual entitlement for Mr Watson to receive aShort Term Incentive award of cash and/or fully paid OrdinaryStapled Securities in the APA Group subject to the satisfactionof certain performance hurdles assessed at the conclusion ofFY26.

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

	Appendix 3YChange of Director’s Interest Notice
_________________________________	______________________________________________
Name of registered holder (ifissued securities)
Date of change	29 August 2025
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract in relation towhich the interest has changed
Interest acquired	Contractual entitlement to receive a FY26 Short TermIncentive award of cash and/or fully paid Ordinary StapledSecurity in the APA Group, with a target value of $1,530,000and a maximum value of $2,295,000 subject to satisfaction ofcertain performance hurdles assessed at the conclusion ofFY26.
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuation	Nil. Contractual entitlement was provided to Mr Watson for nilconsideration under APA Group’s Short Term Incentivearrangements as part of Mr Watson’s remuneration.
Interest after change	Contractual entitlement for Mr Watson to receive a Short TermIncentive award under the APA Group Equity Incentive Planterms set out above.

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailedabove traded during a+closed period where prior writtenclearance was required?	No
If so, was prior written clearance provided to allow the tradeto proceed during this period?	Not applicable
If prior written clearance was provided, on what date was thisprovided?	Not applicable

• See chapter 19 for defined terms.

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