APA GROUP — Earnings Release 2009

Aug 24, 2009

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ASX RELEASE

25 August 2009

The Manager

Company Announcements Office Australian Securities Exchange 4[th] Floor, 20 Bridge Street Sydney NSW 2000

Electronic Lodgement

Dear Sir or Madam

Company Announcement

I attach the following announcement for release to the market:

• APA Financial Results Presentation

Yours sincerely

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Mark Knapman Company Secretary

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Financial Result Full year ended 30 June 2009

25 August 2009

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Result overview and strategic highlights

Mick McCormack Managing Director and CEO

FY09 Results Presentation � 2

Record full year result

Strong underlying fundamentals

Underlying results(1)		2009			2008		Change	Change
Operating cash flow(2)	$	233.6	million	$	192.1	million	up	22%
Operating cash flow(2)per security		48.2	cps		42.7	cps	up	13%
Full year distribution		31.0	cps		29.5	cps	up	5%
Distribution payout ratio		65.6 %			71.2 %
Revenue excluding pass‐through	$	687.4	million	$	614.9	million	up	12%
EBITDA	$	458.7	million	$	430.5	million	up	7%
Profit	$	110.1	million	$	82.2	million	up	34%

(1) Adjusted for significant items, and includes Envestra distributions and complementary asset finance leases. (2) Operating cash flow = Net cash from operations after interest and tax payments, adjusted for significant items.

Cash flow funds distributions and business growth

FY09 Results Presentation � 3

Strategic and operational highlights

Strong balance sheet

• Completed the establishment of Energy Infrastructure Investments

• Achieved book value

• Additional avenue for investments

• Strong support for 2010 debt refinancing

• Syndicated facility, USPP, Macquarie loan

• S&P ‘BBB’ credit rating

• Avoided the unholy trinity of the GFC

• No asset write‐down

• No dilutive capital raising to refinance debt

• No reduction in distributions, instead increased distributions

FY09 Results Presentation � 4

Strategic and operational highlights

Business growth

• Capacity expansion of gas transmission pipelines

• Goldfields Gas Pipeline, Carpentaria Gas Pipeline, Moomba Sydney Pipeline

• Attractive investments

• Central Ranges Pipeline – part of APA’s New South Wales pipeline system

• Increase in Envestra equity interest to over 30%

• Construction of the Bonaparte Gas Pipeline

• Completed ahead of schedule and on budget

FY09 Results Presentation � 5

Consistent and predictable performance

Underlying operating cash flow

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250 $234 m
200
150
100
50
0
2001 2002 2003 2004 2005 2006 2007 2008 2009
$ million
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Operating cash flow per security

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48.2 cps
50
40
30
20
10
0
2001 2002 2003 2004 2005 2006 2007 2008 2009
cents per security
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Underlying EBITDA

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500 $459 m
400
300
200
100
0
2001 2002 2003 2004 2005 2006 2007 2008 2009
Distributions per security
35
31.0 cps
30
25
20
15
10
5
0
2001 2002 2003 2004 2005 2006 2007 2008 2009
$ million
cents per security
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Creating value for APA securityholders

FY09 Results Presentation � 6

Strong segment performance

Strong EBITDA growth in gas transmission and distribution

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120
100
2008
2009
80
60
40
20
0
Queensland New Victoria Western Asset Energy Assets sold
South & South Australia management investments to EII
Wales Australia &
Northern
Territory
Gas transmission and distribution
$ million
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EBITDA split by segment

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Assets sold to EII
Energy investments
5%
5%
Asset management
7%
Gas transmission
and distribution
83%
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EBITDA growth

• Gas transmission and distribution – up 14%

• Asset management – up 7%

• Energy investments – up 21%

FY09 Results Presentation � 7

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Financial performance

Peter Fredricson Chief Financial Officer

FY09 Results Presentation � 8

Record full year result

Underlying result(1)	2009(2)	2008(3)	Change
	$ million	$ million
Revenue	958.8	897.8	6.8%
Revenue excluding pass‐through	687.4	614.9	11.8%
EBITDA	458.7	430.5	6.5%
EBIT	363.1	336.1	8.0%
Net interest expense	(213.0)	(223.8)	4.8%
Tax	(35.9)	(24.8)	(45.0)%
UnderlyingNPAT	110.1	82.2	34.0%
Reported NPAT	78.8	67.2	17.2%
Operating cash flow	233.6	192.1	21.6%
Operatingcash flowper security (cents)	48.2	42.7	12.8%
Distribution per security (cents)	31.0	29.5	5.1%

(1) Underlying results before significant items and AIFRS adjustments

(2) Includes contributions from Central Ranges Pipeline (10 months) and assets sold to EII, including X41 Power Station (5.3 months)

(3) Includes contributions from Alinta O&M agreement (9 months), X41 Power Station (8 months)

Strong underlying cash flow supports distribution growth

FY09 Results Presentation � 9

Reconciling underlying result

Adjusting for AIFRS impacts and significant items

	Reported	Capital	Complementary	Significant	Underlying
$ million	result	distributions(1)	assets(2)	items	result
Revenue	944.4	10.4	4.0	‐	958.8
EBITDA	444.4	10.4	4.0	‐	458.7
NPAT	78.8	10.4	‐	20.9	110.1
Operatingcash flow	226.4	‐	‐	7.2	233.6

(1) Capital distributions – Envestra ($10.0 m) and EPX ($0.4 m)

(2) Complementary assets – reclassification of principal repayments ($4.0m)

FY09 Results Presentation � 10

Significant items

	$ million
2009
Revaluation loss ‐ GasNet hedges	(8.7)
Establishment of EII after transaction costs	(16.2)
Settlement of acquisition related liabilities	(1.5)
Envestra underwriting fee	1.6
DUOS revenue accrual	3.8
Net income tax effect	‐
Total after tax cost	(21.0)
2008
Revaluation loss ‐ GasNet hedges	(0.3)
Acquisition integration costs	(4.4)
Unsuccessful acquisition due diligence costs	(1.3)
Net income tax effect	1.8
Total after tax cost	(4.2)

FY09 Results Presentation � 11

Segment performance

EBITDA growth across business segments

	2009	2008	Change
	$ million	$ million
Gas transmission and distribution
Queensland	97.7	96.8	1%
New South Wales	83.4	66.5	25%
Victoria	98.4	75.2	31%
South Australia	1.7	1.7	‐
Western Australia(1)	100.0	93.5	7%
Northern Territory	3.0	3.0	‐
Gas transmission and distribution ‐ total	384.2	336.7	14%
Asset management	30.0	27.9	7%
Energyinvestments	22.0	18.1	21%
Assets sold to EII(2)	22.5	47.8	(53)%
Total underlying EBITDA	458.7	430.5	7%

(1) Excludes Telfer/Nifty Gas Pipeline

(2) Assets includes electricity transmission, complementary assets and Telfer/Nifty Gas Pipeline

FY09 Results Presentation � 12

Strong cash flow generation

Operating cash flow funds distributions and business growth

	2009	2008	Change
	$ million	$ million
Underlying operating cash flow (OCF)	233.6	192.1	21.6%
Distributions(net of DRP) (1)	95.1	82.0
Available operatingcash flow	138.5	110.1	25.8%
Underlying OCF per security (cents)	48.2	42.7	12.8%
Distributions per security (cents)	31.0	29.5	5.1%
Distributionpayout ratio	65.6%	71.2%
Capital expenditure	301.7	193.8
Investments:
Envestra	73.3	25.9
Energy Infrastructure Investments	22.8	‐
Acquisitions:
Origin Energy Network Assets	‐	421.4
Alinta O&M agreement	‐	206.2
Central Ranges Pipeline	23.5	‐

(1) APA distributions changed from quarterly to semi‐annually in FY08. Distributions paid in 1H08 were for the 3 months ending 30 June 2007

FY09 Results Presentation � 13

Major capital expenditure

Low level ‘stay in business’ capex

	2009	2008
	$ million	$ million
Regulated
Victoria Transmission System	21.3	79.1	Includes Brooklyn Lara Pipeline
APA Gas Networks(Qld)	18.8	15.9	Includes southern network expansion
	40.1	95.0
Major Projects
Queensland expansion	28.8	4.1	Davenport Downs compressor station
New South Wales expansion	40.3	12.4	Moomba Sydney Pipeline expansion; Culcairn compressor station
Western Australia expansion	53.8	13.1	Ned's Creek, Wyloo West compressor stations; Gwalia lateral; Mondarra
Northern Territory	122.3	36.1	Bonaparte Gas Pipeline; Wickham Point Pipeline
Complementaryassets	‐	21.1	Tipton West,Daandine PS and X41 PS
	245.2	86.8
Stay in business capex	16.4	12.0
Total	301.7	193.8

FY09 Results Presentation � 14

Growing distributions

Achieved 5% growth guidance for 2009 full year distribution

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cents per
security 31.0 � FY09 payout ratio 66% (on
29.5
underlying OCF)
28.0
5.5 14.2 � FY09 45.8% tax deferred
3.5
24.0
22.5 component
� DRP continues at 2.5%
discount
24.5 24.0 16.8
Tax deferred distribution
Income distribution
0
FY05 FY06 FY07 FY08 FY09
Payout ratio 60% 65% 72% 71% 66%
Based on underlying OCF
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FY09 Results Presentation � 15

Prudent capital management

Strong balance sheet

� Cash and committed undrawn facilities of $324 million at 30 June 2009

• $1,365 million committed and drawn facilities since 30 June 2009

� FY2009 metrics

• Improved gearing[(1)] of 70.3%, reduced from 72.0% at 30 June 2008

• Interest Cover Ratio of 2.13x, increased from 1.86x in 2008

• Interest rates fixed or hedged 79.9% at 1 July 2009

• Portfolio average interest rate of 6.81% for the year

� Equity raising totalled $79 million

• Security Purchase Plan ($30.4m); Distribution Reinvestment Plan ($48.7m)

• Maintaining Distribution Reinvestment Plan and Security Purchase Plan – funding growth capex

• 498.7 million securities on issue (weighted average 485.1 million)

(1) Gearing ratio determined in accordance with the syndicated loan facilities.

FY09 Results Presentation � 16

Prudent capital management

Secure long‐term debt portfolio supporting business growth

� Credit rating – S&P ‘BBB’ stable outlook

• provides funding flexibility ‐ access diverse markets and broader range of financing options

• Repaid $150 million and $300 million Medium Term Notes in August 2008 and March 2009 respectively

• Using funds received from Energy Infrastructure Investments transaction

� Refinancing strongly supported

• Bilateral facility $165 million in July 2008 – 3 year

• USPP A$185m in July 2009 – 7 and 10 year

• Macquarie loan $150m in August 2009 – 5 year

• New syndicated facility $1,030m in August 2009 (commitments) – 2 and 4 year

• Track record of prudent debt portfolio management

• Refinancing obligations are spread over 13 years

FY09 Results Presentation � 17

Prudent capital management

Balance sheet strategy

• Diversifying source of funds

• Extending term of debt facilities in line with long term nature of APA assets

Debt maturity as at 30 June 2009

Debt maturity post refinancing

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FY2022
9%
FY2010
FY2019
10% 28%
FY2017
9%
FY2011
3%
FY2016
6%
FY2014
3%
FY2012
32%
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FY2011
FY2022
FY2020 8% 17%
3%
FY2019
8%
FY2017
10%
FY2012
FY2016 28%
5%
FY2015
4%
FY2014
3%
FY2013
14%
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FY09 Results Presentation � 18

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Operational performance and outlook

Mick McCormack Managing Director and CEO

FY09 Results Presentation � 19

APA strategy firm

Maximise value for securityholders

• Focusing on gas infrastructure assets in Australia’s growing gas market and enhancing APA’s portfolio of assets

• Capturing revenue and operational synergies from APA’s significant asset base

• Pursuing opportunities that leverage APA’s knowledge and skills base

• Maintaining a strong balance sheet

FY09 Results Presentation � 20

High quality gas infrastructure portfolio

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• Australia has an abundance of natural gas reserves

• 60,300 PJ of 2P reserves, with half (29,700 PJ) in eastern Australia

• Increasing demand for natural gas

• particularly gas fired power generation

• APA delivers gas from all major gas production sources to all major gas markets

• More than 50% of natural gas used in Australia is transported through APA’s pipelines

• APA infrastructure is crucial to Australia’s eastern states

• APA transports more than 70% of natural gas in Australia’s eastern states

• Progressing new links for gas between east Australian states

APA’s unrivalled national portfolio connects all major gas sources to major markets FY09 Results Presentation ��

FY09 Results Presentation �� 21

Gas transmission and distribution ‐ East

EBITDA

� New South Wales

‐ 20 40 60 80 100 $m ‐ 20 40 60 80 100 120 $m				ew ou aes – Expansion of winter capacity first year on Moomba Sydney Pipeline – Revised tariff arrangements for transportation and storage services – Full year operation at Origin Energy’s Uranquinty power station – Central Ranges Pipeline and HoA with Eastern Star Gas – Gas supply at Moomba ‐ proposed expansion of SWQP and QSN �Victoria and South Australia – First full year of tariffs under 2008 access arrangement for Victorian Transmission System – Expansion of peak capacity with completion of the Brooklyn Lara Pipeline – Increased flow through the NSW Victoria interconnect – System expansion for gas delivery between Victoria and NSW 2009 Central Ranges Pipeline Central West Pipeline Moomba Sydney Pipeline SESA Pipeline Victorian Transmission System
		2008

• First full year of tariffs under 2008 access arrangement for Victorian Transmission System

• System expansion for gas delivery between Victoria and NSW

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2008 2009
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100
80
60
40
20
‐
$m
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� Queensland

• Completion of the Davenport Downs compressor station, increasing Carpentaria Gas Pipeline capacity by 15%

Cogeneration APA Gas Network Carpentaria Gas Pipeline Roma Brisbane Pipeline

• Roma Brisbane Pipeline at full capacity

• Expansion of APA Gas Network into south Brisbane/Gold Coast housing developments

FY09 Results Presentation � 22

2008 2009

Gas transmission and distribution – West

EBITDA

� Western Australia

• Completion of two compressor stations on Goldfields Gas Pipeline, increasing capacity by 20%

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120
100
80 Telfer/Nifty Pipeline
NGV WA
60
Parmelia Gas Pipeline
40 Goldfield Gas Pipeline
20
‐
2008 2009
�
20
Amadeus Gas Pipeline
‐
2008 2009
$m
$m
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• New contracts and increased throughput on the Goldfield Gas Pipeline, offset by one mine closure

• Limited impact from Varanus Island shutdown

• Submitted revised access arrangement on the GGP (for ~70% capacity) – new Access Arrangement commencing 1 January 2010

• Increased throughput on Parmelia Gas Pipeline

• Sale of Telfer/Nifty Pipeline to Energy Infrastructure Investments

� Northern Territory

• Completion of Bonaparte Gas Pipeline, on budget and ahead of schedule

• Construction of the Wickham Point Pipeline

• Sale of Bonaparte and Wickham Point pipeline to Energy Infrastructure Investments

FY09 Results Presentation � 23

Asset management and energy investments

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EBITDA
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� Asset management

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40
–
Provision of asset management and operational services to
Victorian metering APA’s energy investments, under long term contracts
20 Short term contract
–
Long term contract Seamless transition of asset management and operational
services to Energy Infrastructure Investments
‐
2008 2009
� Energy investments
–
40 Envestra – increased equity interest to 30.4% through
participation in and partial underwriting of Envestra’s rights
Ethane Pipeline issue
20 SEA Gas
–
Envestra Creation of Energy Infrastructure Investments – 19.9% equity
interest
‐
2008 2009
$m
$m
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APA operates over $8 billion of energy infrastructure assets

FY09 Results Presentation � 24

Unique internally operated business

People and safety

APA personnel by function

• Fully operating business for two years with 1,100 operating, commercial and support personnel

• APA personnel operating from 57 locations across the

• country

• Extensive in‐house skills and experience – e.g. engineering, technical, regulatory, commercial

• Safety remains a company wide priority

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Support
Commercial
& regulatory
Operations
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Generating business improvement

• Continued focus on improving operating efficiency

• Capturing synergy benefits and developing opportunities

• Benefits reflected in operating and financial performance

APA’s internal capabilities are a unique and valuable resource

FY09 Results Presentation � 25

Development and growth opportunities

� Gas transmission and distribution ‐ East

• Northern expansion on the Victorian Transmission System

• Increase Moomba Sydney Pipeline winter capacity in line with contracts

• Installation of automated multi‐directional hub at Young, providing flow and storage flexibility

• Increased capacity for gas fired power generation in line with commercial commitments

• Focus on ensuring coal seam gas is efficiently delivered to southern markets (via Moomba or other alternative routes)

• Expansion to new housing developments on APA’s Gas Network

• Increased capacity on Roma Brisbane Pipeline in line with commercial commitments

• Progressing opportunities evolving from Queensland’s CSG/LNG projects – pipeline and storage

� Gas transmission and distribution ‐ West

• ─ Expansion of Mondarra gas storage facility

� Energy investments

• ─ Providing the capability to invest in and operate energy related projects and assets

APA’s portfolio provides strategic growth opportunities

FY09 Results Presentation � 26

Guidance and priorities for FY2010

Guidance

• Distribution guidance – at least 5% growth in 2010

Priorities

• Developing growth opportunities in APA’s asset portfolio that support investment grade rating

• Continue capital management discipline

• Improving business operations

FY09 Results Presentation � 27

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Questions

FY09 Results Presentation � 28

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Supplementary information

FY09 Results Presentation � 29

APA profile

� APA is Australia’s largest natural gas infrastructure business

• Gas transmission and distribution : gas pipelines, interconnected gas storage facilities across Australia, and gas distribution networks in Queensland and New South Wales

• Asset Management : provides asset management, operating and maintenance services

• Energy Investments : minority interests in energy infrastructure investments, including Envestra, SEA Gas Pipeline, Energy Infrastructure Investments 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

• no fee leakage or conflicts that arise with external management model

• employing over 1,100 skilled and experienced people who perform all commercial, engineering and operations functions for APA assets and investments

APA delivers more than half of Australia’s domestic gas usage

FY09 Results Presentation � 30

Financials

Key financial ratios

	2009	2008	Comments
Underlyingoperatingcash flow(cps)	48.2	42.7
Weighted average securities on issue(m)	485.1	450.3
Payout ratio	65.6%	71.2%
Earning per security (cps)
underlying	22.7	18.3
reported	16.2	14.9
Interest cover ratio(times)	2.13	1.86
Gearing ratio	70.3%	72.0%
Total assets($m)	4,747	5,097	Sale of assets to EII
Net assets($m)	1,278	1,250
Net tangible asset backing per security ($)	1.18	1.24	Increase in securities on issue

FY09 Results Presentation � 31

Financials

Revenue analysis by business segment

	2009	2008	Change
	$ million	$ million
Revenue
Gas transmission and distribution
Queensland	144.3	137.4	5%
New South Wales	107.9	82.1	31%
Victoria	126.4	102.0	24%
South Australia	1.9	1.9	3%
Western Australia(1)	139.0	127.9	9%
Northern Territory	17.4	18.4	(6)%
Gas transmission and distribution‐total	536.9	469.7	14%
Asset management	69.7	52.0	34%
Energy investments	22.1	18.1	22%
Assets sold to EII(2)	35.3	61.8	(43)%
Total	664.0	601.6	10%
Pass‐through revenue
Northern Territory	87.6	95.9	(9)%
Asset management	183.8	186.9	(2)%
Totalpass‐through	271.4	282.8	(4)%
Unallocated revenue	23.4	13.3	75%
Total underlying revenue	958.8	897.8	7%

(1) Excludes Telfer/Nifty Gas Pipeline

(2) Assets includes electricity transmission, complementary assets and Telfer/Nifty Gas Pipeline

FY09 Results Presentation � 32

Financials

Total committed debt facilities

Facility Facility amount Tenor

As at 30 June 2009

2008 Bilateral borrowings[(1)] $165 million July 2011 2003 US private placement $496 million 7, 10, 12 and 15 year tranches maturing Sept 2010, 2013, 2015 and 2018 2007 Syndicated facility $900 million June 2010 2007 Syndicated facility[(2)] $900 million June 2012 2007 US private placement $811 million 10, 12 and 15 year tranches maturing May 2017, 2019 and 2022

Additional facilities post 30 June 2009

2009 US private placement $185 million 7 and 10 year tranches maturing July 2016 and 2019 2009 Bilateral borrowing $150 million August 2014 2009 Syndicated facility[(3)] $1,030 million 2 and 4 year tranches maturing July 2011 and 2013

(1) Comprises of three facilities, all of which are undrawn

(2) Amount drawn at 30 June 2009 was $850 million

(3) Commitments of $1,030 million have been received. Facility amount to be determined prior to execution of facility documentation, expected near the end of August 2009. Facility amount will be apportioned equally across the two tranches.

FY09 Results Presentation � 33

Regulatory update

APA’s major price regulated assets

Regulatory resets over the next five years

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2009 2010 2011 2012 2013
Goldfields Gas Pipeline
APA Gas Network
Roma Brisbane Pipeline
Victorian Transmission System
Current regulatory period Next regulatory period
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• Regulatory resets are spread out over five years, with on average one reset per year

• Next major asset reset is 1 January 2010 – Goldfields Gas Pipeline

• The Carpentaria Gas Pipeline and Moomba Sydney Pipeline are now both Light Regulation pipelines.

FY09 Results Presentation � 34

APA’s gas infrastructure business

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FY09 Results Presentation � 35

Disclaimer

The information contained in this presentation is given without any liability whatsoever to Australian Pipeline Trust or APT Investment Trust or any of its related entities (collectively “APA Group”) or their respective directors or officers, and is not intended to constitute legal, tax or accounting advice or opinion. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or thoroughness of the content of the information. The recipient should consult with its own legal, tax or accounting advisers as to the accuracy and application of the information contained herein and should conduct its own due diligence and other enquiries in relation to such information.

The information in this presentation has not been independently verified by APA Group. APA Group disclaims any responsibility for any errors or omissions in such information, including the financial calculations, projections and forecasts set forth herein. No representation or warranty is made by or on behalf of APA Group that any projection, forecast, calculation, forward‐looking statement, assumption or estimate contained in this presentation should or will be achieved.

Please note that, in providing this presentation, APA Group has not considered the objectives, financial position or needs of the recipient. The recipient should obtain and rely on its own professional advice from its tax, legal, accounting and other professional advisers in respect of the addressee’s objectives, financial position or needs.

This presentation does not carry any right of publication. This presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by APA Group. Neither this presentation nor any of its contents may be reproduced or used for any other purpose without the prior written consent of APA Group.

FY09 Results Presentation � 36

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Delivering Australia’s energy

For further information visit APA Group’s website www.apa.com.au

FY09 Results Presentation � 37

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ASX RELEASE

25 August 2009

For further information please contact:

Investor enquiries: Media enquiries: Chris Kotsaris Matthew Horan Investor Relations APA Group Cato Counsel Telephone: (02) 9693 0049 Telephone: (02) 9212 4666 Mob: 0402 060 508 Mob: 0403 934 958 Email: chris.kotsaris@apa.com.au Email: matthew@catocounsel.com.au

About APA Group (APA)

APA Group (ASX: 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 span every state and territory in mainland Australia, delivering more than 50% of the nation’s gas usage. Unique among its peers, APA has direct management and operational control over its assets and investments. APA also holds minority interests in energy infrastructure enterprises including Envestra, SEA Gas Pipeline and Energy Infrastructure Investments (EII). For more information visit APA’s website www.apa.com.au.