APA GROUP — Interim / Quarterly Report 2013

Feb 19, 2013

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Financial Results Half year ended 31 December 2012

20 February 2013

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Result overview and strategic highlights

Mick McCormack Managing Director and CEO

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1H 2013 Results Presentation

Delivering on long term strategy

• Expanded energy infrastructure portfolio

• Increasing pipeline and gas storage capacity across most states

• Successful acquisition of HDF

• Addition of the Epic Energy assets enhance APA’s portfolio and establish east coast pipeline network

• Construction of inter-related energy infrastructure – Diamantina Power Station and Mondarra Gas Storage Facility

• Strengthened balance sheet

• $1.8 billion new senior and subordinated debt

• 183 million new APA securities

• Debt and equity funding for the acquisition of HDF and repayment of HDF debt

• Customer focused

• Developing tailored services for customers across APA’s portfolio

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1H 2013 Results Presentation

Result overview

$ million	1H13	1H12	Change	Change
Normalised results(1)
EBITDA	324	270	up	20 %
Profit	98	76	up	29 %
Operating cash flow	213	157	up	35 %
Operating cash flow per security (cents)	29.8	24.7	up	21 %
Statutory results
EBITDA	424	279	up	52 %
Profit	212	66	up	221 %
Operating cash flow	144	157	down	9 %
Operatingcash flowper security (cents)	20.2	24.7	down	18 %
Distributions
Distribution per security (cents)	17.0	17.0	stable	-
Distributionpayout ratio(2)	66.2%	69.2%

• (1) Normalised results exclude significant items. Significant items includes payment of fees made by HDF, costs in relation to the acquisition of HDF, gain on APA’s previously held interest in HDF and reversal of some costs booked in relation to the sale of the Allgas business in 2011.

(2) Based on normalised operating cash flow.

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1H 2013 Results Presentation

Strategic and operational highlights

 Major assets operating at full capacity, including the newly acquired Epic Energy assets

 Continuing expansion and development of infrastructure assets:

Roma Brisbane Pipeline	10% increase in capacity via additional compression and 40km pipeline looping Commissioned September 2012
Mondarra Gas Storage Facility	Major construction work on surface facilities completed February 2013 Pre-commissioning work commenced Scheduled for operation in mid-2013
Goldfields Gas Pipeline	Two projects providing 28% increase in capacity via additional compression Construction underway on compressor station sites and metering and off-take facilities Scheduled to meet gas delivery commitments in FY 2014
Victoria Transmission System	Northern augmentation project Euroa compression station commissioned October 2012
Moomba Sydney Pipeline	Final year of five-year expansion project of the mainline
Diamantina Power Station	242 MW gas fired power station plus 60 MW back-up generation – APA/AGL joint venture Construction progressed with all 4 gas turbines installed on foundations Both Diamantina and back up generation expected to be fully operational in CY 2014. Finalised limited-recourse project financing
Moomba compression	Long lead items procured and earthworks underway Scheduled for completion in mid-2014
Wallumbilla compression	Long lead items procured Scheduled for completion in early 2015

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1H 2013 Results Presentation

Successful completion of HDF acquisition

• Addition of the South West Queensland Pipeline fulfils APA’s long term strategy of developing an east coast pipeline network

• Addition of the Pilbara Pipeline System to APA’s existing infrastructure positions APA to capture further growth in the mineral-rich Pilbara region

• Value accretive acquisition, with secure long term revenue contracts and growth opportunities

• Integration of the South West Queensland Pipeline and the Pilbara Pipeline System into APA’s pipeline business

• Separation for sale of the Moomba Adelaide Pipeline System

• Initial savings with the removal of the external manager and head office functions

• Incremental revenue synergies as services are developed across the APA network

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1H 2013 Results Presentation

APA’s transformed gas infrastructure portfolio

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Pilbara Pipeline
System
Moomba to Adelaide
Pipeline System [(1)]
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 Larger interconnected portfolio

• East coast pipeline network

• Ability to deliver enhanced gas transport and storage services to customers

• Increased industry efficiency

• Enhanced gas supply competition

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South West
Queensland PIpeline
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• Increased flexibility in moving and storing gas through the network

• Supply security

• Growth opportunities

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
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• Across the portfolio, including SWQP and PPS

APA natural gas pipelines (including investments) Potential pipeline link Other natural gas pipelines

• Leveraging APA’s industry knowledge and skillset

Gas resource Gas production

(1) APA pipeline – held for sale

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1H 2013 Results Presentation

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Financial performance

Peter Fredricson Chief Financial Officer

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1H 2013 Results Presentation

Key accounting dates

• Consolidation of HDF accounts

9 October 2012

• Transfer of responsible entity to APA 17 December 2012

 HDF acquisition completed 24 December 2012

• Repayment of all HDF’s debt facilities 24 December 2012

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1H 2013 Results Presentation

Solid, consistent result

$ million			1H13	1H12	Change	Change
	Normalised	Significant	Statutory	Statutory	Normalised	Statutory
		items
Revenue excluding pass-through(1)	452.1	-	452.1	399.6	13.1 %	13.1 %
EBITDA	324.5	99.2	423.7	278.9	12.2 %	51.9 %
Depreciation and amortisation	(63.8)	-	(63.8)	(56.3)	(13.4)%	(13.4)%
EBIT	260.7	99.2	359.9	222.6	11.9 %	61.7 %
Net interest expense	(140.2)	8.7	(131.5)	(131.7)	6.5 %	0.2 %
Pre-tax profit	120.5	107.9	228.4	90.9	19.0 %	151.2 %
Tax	(25.0)	5.8	(19.2)	(24.9)	(0.4)%	22.8 %
Minorities	2.8	-	2.8	-	nm	nm
Net profit	98.3	113.7	212.0	66.0	28.7 %	221.1 %

(1) Pass-through revenue is revenue on which no margin is earned.

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1H 2013 Results Presentation

Significant items - reconciliation

$million 1H13 Significant items impacting EBITDA Incurred by APA Write back of transaction costs in respect of Allgas sale 18.6 Gain on APA’s previously held interest in HDF 142.3 Transaction and integration costs on acquisition of HDF (19.3) 141.5 Incurred by HDF Fees charged to HDF by Hastings Funds Management (35.4) Takeover response costs incurred by HDF Group[(1) ] (6.9) (42.4) 99.2 Finance costs - gain on settlement of HDF interest rate swaps 8.7 Total significant items before tax 107.9 Income tax related to significant items 5.8 Total significant items after tax 113.7

(1) Post acquisition – total incurred including pre-acquisition costs amounted to $28.6 million

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1H 2013 Results Presentation

EBITDA by business segment

$ million	1H13	1H12	Change
Energy Infrastructure
Queensland	64.3	41.7	54.3 %
New South Wales	58.8	60.2	(2.3) %
Victoria & South Australia	82.3	66.8	23.2 %
Western Australia & Northern Territory	71.3	64.5	10.5 %
Energy Infrastructure total	276.6	233.1	18.6 %
Asset Management Energy Investments	17.2 30.7	14.0 22.9	22.4 % 34.8 %
Total EBITDA continuing business	324.5	270.0	20.2 %
Divested business		19.3
Significant items	99.2	(10.4)
Total EBITDA after significant items	423.7	278.9	51.9 %

1H13 EBITDA by business segment (continuing business)

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Energy
Investments
Asset 10%
Management
5%
Queensland
20%
Western
Australia &
New South
Northern
Wales
Territory
18%
22%
Victoria &
South
Australia
25%
Energy Infrastructure
85%
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1H 2013 Results Presentation

EBITDA growth contributions

$32 million $325 million

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$8 million $293 million
$289 million ($19 million)
$3 million
$11 million
$270 million
up 9%
Energy Investments up 35%
Asset Management up 22%
Energy Infrastructure up 5%
1H12 EBITDA Divested 1H12 EBITDA Energy Asset Energy 1H13 EBITDA Epic Energy 1H13
business (continuing Infrastructure Management Investments (historic contribution normalised
business) continuing EBITDA
business)
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1H 2013 Results Presentation

Energy Infrastructure

Queensland

New South Wales

• Roma Brisbane Pipeline expansion commissioned in September 2012

• Moomba Sydney Pipeline – final year of 5-year expansion program

• South West Queensland Pipeline 3 months’ contribution

• Spare capacity re-contracted in January 2013

• Long term agreement for compression services at Wallumbilla

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EBITDA
EBITDA
$80m $80m
$64.3m
$58.8m
$60m $60m
South West
Queensland Pipeline
$40m Other Queensland $40m
assets
Carpentaria Gas
$20m Pipeline $20m
Moomba
Roma Brisbane Sydney Pipeline
Pipeline System
$0m $0m
1H10 1H11 1H12 1H13 1H10 1H11 1H12 1H13
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1H 2013 Results Presentation

Energy Infrastructure

Victoria & South Australia

• 3% increase in gas flow due to cooler weather and northern gas exports

• Euroa compressor station commissioned – part of the northern augmentation stage 2

• Revised Victorian Transmission System Access Arrangement proposal submitted

• Moomba Adelaide Pipelines System 3 months ‘ contribution

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EBITDA
$100m
$82.3m
$80m
$60m
Moomba Adelaide
$40m
Pipeline System
SESA Pipeline
$20m
Victorian assets
$0m
1H10 1H11 1H12 1H13
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Western Australia & Northern Territory

• Goldfields Gas Pipeline expansions – construction underway on compression and off-take facilities

• Mondarra Gas Storage Facility expansion – nearing completion with surface works in commissioning phase

• Pilbara Pipeline System 3 months’ contribution

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EBITDA
$100m
$80m $71.3m
Pilbara Pipeline
$60m
System
Amadeus Gas
Pipeline
$40m
Emu Downs wind
farm
Other Western
$20m
Australian assets
Goldfields Gas
Pipeline
$0m
1H10 1H11 1H12 1H13
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1H 2013 Results Presentation

Asset Management and Energy Investments

Asset Management

• Increased payment for services under long term contract

• Additional asset management revenue – GDI (EII)

Energy Investments

• Increased investment returns – Envestra

• Increased interest in Envestra

• Removal of HDF from the Energy Investment segment following takeover and consolidation

• Additional investment returns – GDI (EII)

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EBITDA
$40m
$17.2m
$20m
$0m
1H10 1H11 1H12 1H13
EBITDA
$40m
$30.7m
$20m
$0m
1H10 1H11 1H12 1H13
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1H 2013 Results Presentation

Distribution payout metrics

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$212.5 million ($68.8 million)
Normalised Payments
operating incurred by
cash flow HDF
$140.6 million $143.7 million
Distributions Statutory
$ million
operating
Management fees 3.6
cash flow
Incentive fees 28.7
Bid defence costs 28.6
66.2% of normalised GST
operating cash flow (management fees) 7.9
TOTAL 68.8
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1H 2013 Results Presentation

Fully covered distributions

On target to deliver distribution guidance for FY 2013

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60
51.9 52.6 52.5
50 48.2
42.7
40
35.0 29.8
34.4
30 32.8
31.0
29.5
20
17.0
10
0
FY08 FY09 FY10 FY11 FY12 1H13
(3)
Operating cash flow per security Distribution per security
cents
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 1H13 distribution payout ratio[(1) ] of 66.2%[(2) ]

 Distribution components: 17 cents profit distribution No capital distribution

• (1) Distribution payout ratio: distribution payments as a percentage of operating cash flow

• (2) Operating cash flow per security and payout ratio for 1H12 impacted by payment

• (3) Based on normalised operating cash flow

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1H 2013 Results Presentation

Capital expenditure

$ million 1H13 Major projects in 1H13 1H12	$ million 1H13 Major projects in 1H13 1H12
Growth capital expenditure
Regulated(2) 13.9 Victoria Transmission System	21.6
Major Projects Queensland expansion 23.7 Roma Brisbane Pipeline expansion; South West Queensland Pipeline eastern haul and Moomba compression	13.3
New South Wales expansion 13.4 Moomba Sydney Pipeline mainline expansion	9.3
Western Australia expansion 112.0 Mondarra Gas Storage Facility; Goldfields Gas Pipeline expansions	28.8
Other 14.9 Victoria LNG and metering; Amadeus Gas Pipeline services	6.8
163.9	58.2
Total growth capex 177.8	79.8
Stay in business capex 9.9 Includes Epic Energy	9.2
Total 187.7	89.0

(1) Capital expenditure represents cash payments as disclosed in the cash flow statement for 1H13 and 1H12

(2) 1H12 includes capex for Allgas distribution system

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1H 2013 Results Presentation

Strong balance sheet

$ million	31 Dec 2012 30 Jun 2012 Change
Current assets Property, plant and equipment(1) Other non-current assets	633 584.5 8.3 % 5,149 3,472.2 48.3 % 1,963 1,439.4 36.4 %
Total Assets	7,744 5,496.1 40.9 %
Current debt Other current liabilities Total current liabilities Long term debt	71 - nm 386 301 28.3 %
	457 301 52.0 %
	4,274 2,906 47.1 %
Other long term liabilities	508 675 (24.8)%
Total long term liabilities	4,782 3,581 33.5 %
Total Liabilities	5,239 3,882 35.0%
Net Assets	2,505 1.614 55.2%

(1) Excludes asset held for sale

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1H 2013 Results Presentation

Capital management

 Cash and committed undrawn facilities of $712 million at 31 December 2012

~~.~~	~~.~~	Metrics	31 Dec 2012	30 Jun 2012
		Gearing(1)	64.2 %	65.0 %
		Interest cover ratio	2.41 times	2.48 times
		Average interest rate applying to drawn debt(2)	7.46 %	7.39 %
		Interest rate exposure fixed or hedged	80.1 %	80.9 %
		Average maturity of senior facilities	6.5 years	4.8 years

 . Equity: $34 million equity raised through the Distribution Reinvestment Plan 178 million new securities issued at average $5.035 per security as acquisition consideration

Debt: $515 million Subordinated Notes in September 2012 A$735 million 10-year US144a/Reg S Notes in October 2012 A$536 million 12-year GBP Medium Term Notes in October 2012 Repayment of HDF debt totalling $1,325 million and termination of associated facilities

(1) Ratio of net debt to net debt plus book equity

(2) Includes subordinated debt of $515 million Notes

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1H 2013 Results Presentation

Capital management

 Continue to target strong BBB/Baa2 investment grade ratings through maintaining sufficient flexibility to fund organic growth and investment from internally generated and retained cash flows and, where appropriate, additional equity and/or debt funding

Debt maturity profile

(31 December 2012)

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$1,000m
$800m
$600m
$400m
$758m $515m $735m
$60m
$536m
$200m $414m
$271m $295m $289m $300m $296m
$113m $126m
$0m
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
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Headroom (available facilities) Bank borrowings US Private Placement Notes Australian MTN Canadian MTN US 144a Notes

First Call Date - 60 year Sub Notes Japanese MTN Sterling MTN

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1H 2013 Results Presentation

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Outlook and guidance

Mick McCormack Managing Director and CEO

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1H 2013 Results Presentation

Growth capital projects

Capital projects with secure, long term returns

Diamantina Power Station

Goldfields Gas Pipeline

2 x capacity expansion – compressor stations and compressor upgrades 20 year and 15 year contracts

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Joint development (APA/AGL) 242 MW gas-fired generation plus 60 MW back-up generation 17 year contract

Wallumbilla Compression

Expanded compression capacity and associated services 15 year contract with a further 5 to 10 year option

Roma Brisbane Pipeline

Mondarra Gas Storage Facility

Capacity expansion 20 year contract

APA energy infrastructure APA investments Other natural gas pipelines

Moomba Adelaide Pipeline System Sale process has commenced

Victorian Transmission System

Eurora compression station and Sunbury looping completed Regulated revenue

Capacity expansion completed 2 contracts up to 15 years

South West Queensland Pipeline Moomba Compressor Station Capacity expansion 15 year contract

Moomba Sydney Pipeline Final year of 5 year capacity expansion program

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1H 2013 Results Presentation

Outlook and guidance for FY 2013

Outlook

• Continued construction and development of expansion projects

• Integration of South West Queensland Pipeline and Pilbara Pipeline System

• Completion of the sale of Moomba Adelaide Pipeline System

Guidance

• EBITDA – expected within a range of $755 million to $770 million

• Includes significant items reported in the six months to December 2012

• Net interest cost – expected within a range of $290 million to $295 million

• Distribution – at least equal to FY 2012 total distributions per security of 35 cents

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1H 2013 Results Presentation

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Supplementary information

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1H 2013 Results Presentation

Revenue by business segment

$ million	1H13	1H12	Change
Energy Infrastructure
Queensland(1)	86.7	55.5	56.3%
New South Wales	71.1	71.9	(1.2)%
Victoria & South Australia	108.4	85.3	27.0%
Western Australia & Northern Territory	107.0	96.7	10.7%
Energy Infrastructure total	373.2	309.4	20.6%
Asset Management	37.7	34.2	10.0%
EnergyInvestments	30.7	22.8	34.8%
Total segment revenue	441.6	366.4	20.5%
Pass-through revenue	172.6	130.9	31.9%
Unallocated revenue	10.5	2.4	329.5%
Divested business	-	30.7	nm
Total revenue	624.7	530.5	17.8%

(1) Queensland excludes revenue from Allgas

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1H 2013 Results Presentation

Debt facilities

Total committed debt facilities at 31 December 2012

$million(1)	Facility amount	Drawn amount	Tenor
2011 Bilateral borrowings(2)	300	275	3 years maturing July and August 2014
2011 Bilateral borrowing	150	0	5 years maturing October 2016
2011 Syndicated facility(3)	967	543	3 and 4 year tranches maturing November 2014 and 2015
2003 US Private placement	394	394	10, 12 and 15 year tranches maturing September 2013, 2015 and 2018
2007 US Private placement	811	811	10, 12 and 15 year tranches maturing May 2017, 2019 and 2022
2009 US Private placement	185	185	7 and 10 year tranches maturing July 2016 and 2019
2010 AUD Medium Term Notes	300	300	10 year tranche maturing July 2020
2012 JPY Medium Term Notes	126	126	6.5 year tranche maturing in June 2018
2012 CAD Medium Term Notes	289	289	7.1 year tranche maturing in July 2019
2012 US144a/Reg S Notes	735	735	10 year tranche maturing October 2022
2012 GBP Medium Term Notes	536	536	12 year tranche maturing in November 2024
2012 Subordinated Notes	515	515	60 year term, first call date March 2018
Total	5,303	4,705

• (1) Australian dollars. Any foreign notes issued have been hedged into fixed-rate Australian dollar obligations

• (2) Comprises four facilities of $75 million each

• (3) Comprises two facilities of $483.3 million each

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1H 2013 Results Presentation

Regulatory update

APA’s major price regulated assets

 Regulatory resets over the next five years

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2012 2013 2014 2015 2016 2017
Victorian Transmission System
Goldfields Gas Pipeline
Roma Brisbane Pipeline
Current regulatory period Next regulatory period
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 Roma Brisbane Pipeline access arrangement

• AER’s final decision (10 August 2012) includes 8.75% tariff increase

• Minimal impact to APA’s revenue – the majority of the pipeline’s revenue is derived from haulage contracts with set terms, including pricing

 Victorian Transmission System access arrangement

• AER issued its draft decision in September 2012

• APA submitted a revised proposal with a modified capital program, a revised rate of return and expert evidence supporting APA’s position that indexing of the capital is not required by the National Gas Law

• Final decision by the AER is expected end of March 2013

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1H 2013 Results Presentation

APA asset and investment portfolio

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23
19
18 23 NORTHERN 23 27
TERRITORY
QUEENSLAND
2
20
WESTERN 20
12 AUSTRALIA
4 3 23
1 20
13
SOUTH 23 21
15 AUSTRALIA NEW SOUTH 23
17 26 5 WALES
16 24 7
14 20 6
25
20
23
20 8
22
9
11 20
APA assets VICTORIA
10
APA investments
TASMANIA
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APA Group assets and investments

Energy Infrastructure

Asset Management

Commercial and/or operational services to:

Queensland

• Envestra Limited

• (1) Roma Brisbane Pipeline

• GDI (EII) - Allgas

• (2) Carpentaria Gas Pipeline

• Energy Infrastructure Investments

• (3) Berwyndale Wallumbilla Pipeline

• Ethane Pipeline Income Fund

• (4) South West Queensland Pipeline

• SEA Gas Pipeline

New South Wales

• EII2

• (5) Moomba Sydney Pipeline

• other third parties

• (6) Central West Pipeline

• (7) Central Ranges Pipeline

Energy Investments

• (8) NSW interconnect with Victoria

• (20) Envestra Limited (33.9%)

Victoria

• Gas distribution networks and pipelines (SA, Vic, Qld, NSW & NT)

• (9) Victorian Transmission System

• (10) Dandenong LNG facility

• (21) GDI (EII) (20%) Allgas Gas distribution network in Queensland

South Australia

• (11) SESA & SEP Pipelines

• (22) SEA Gas Pipeline (50%)

• (26) MAPS (to be divested)

(23) Energy Infrastructure Investments (19.9%) Gas pipelines, electricity transmission, gas-fired power stations and gas processing plants

Western Australia

• (12) Goldfields Gas Pipeline (88.2%)

• (13) Mid West Pipeline (50%)

• (14) Parmelia Gas Pipeline

• (24) Ethane Pipeline Income Fund (6.1%)

• (15) Mondarra Gas Storage Facility

• (16) Kalgoorlie Kambalda Pipeline

• (25) EII2 (20.2%) North Brown Hill wind farm

• (17) Emu Downs wind farm

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Under development
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• (18) Pilbara Pipeline System

Northern Territory (19) Amadeus Gas Pipeline

• (27) Diamantina Power Station (50%)

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1H 2013 Results Presentation

Disclaimer

This presentation has been prepared by Australian Pipeline Limited (ACN 091 344 704) the responsible entity of the Australian Pipeline Trust (ARSN 091 678 778) and APT Investment Trust (ARSN 115 585 441) ( APA Group ).

Summary information: This presentation contains summary information about APA Group and its activities current as at the date of this presentation. The information in this presentation is of a general background nature and does not purport to be complete. It should be read in conjunction with the APA Group’s other periodic and continuous disclosure announcements which are available at www.apa.com.au.

Not financial product advice: Please note that Australian Pipeline Limited is not licensed to provide financial product advice in relation to securities in the APA Group. This presentation is for information purposes only and is not financial product or investment advice or a recommendation to acquire APA Group securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and consult an investment adviser if necessary.

Past performance: Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

Future performance: This presentation contains certain “forward-looking statements” such as indications of, and guidance on, future earnings and financial position and performance. Forward-looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions.

This presentation contains such statements that are subject to risk factors associated with the industries in which APA Group operates which may materially impact on future performance. Investors should form their own views as to these matters and any assumptions on which any forward-looking statements are based. APA Group assumes no obligation to update or revise such information to reflect any change in expectations or assumptions.

Investment risk: An investment in securities in APA Group is subject to investment and other known and unknown risks, some of which are beyond the control of APA Group. APA Group does not guarantee any particular rate of return or the performance of APA Group. Not an offer: This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security.

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1H 2013 Results Presentation

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For further information contact Chris Kotsaris Investor Relations, APA Group Tel: +61 2 9693 0049 E-mail: chris.kotsaris@apa.com.au

Delivering Australia’s energy

or visit APA’s website

www.apa.com.au