APA GROUP — Interim / Quarterly Report 2015

Feb 24, 2015

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Financial Results Half year ended 31 December 2014

25 February 2015

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Results overview and strategic highlights

Mick McCormack Managing Director and CEO

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APA 1H 15 Results Presentation

Sound financial performance

$ million	1H 15	1H 14	Change	Change
Statutory results
EBITDA	849.6	398.9	up	113%(4)
Net profit after tax	467.3	120.7	up	287%(4)
Operating cash flow(1)	280.4	208.3	up	35%(4)
Operating cash flow per security (cents)	31.9	24.1	up	32%(4)
Normalised results(2)
EBITDA from continuing operations	401.3	369.2	up	9%(4)
Net profit after tax	111.2	120.7	down	8%(4)
Operating cash flow(1)	263.2	216.6	up	22%(4)
Operating cash flow per security (cents)	30.0	25.0	up	20%(4)
Distributions
Distribution per security (cents)	17.5	17.5
Distribution payout ratio (3)	55.6%	67.5%

(1) Operating cash flow = net cash from operations after interest and tax payments.

(2) Normalised results exclude one-off significant items, reflecting APA’s core earnings from operations .

(3) Distribution payout ratio = total distribution payments as a percentage of normalised operating cash flow.

(4) Primarily as a result of exclusion of earnings and tax on distributions from Envestra.

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APA 1H 15 Results Presentation

Connected infrastructure creating value and opportunity

HY15 highlights

� Strengthening our capabilities in a dynamic market

• Expanding, extending and enhancing our infrastructure portfolio

• Additional, smart capabilities in our pipeline grid, including storage, interconnection and bi-directional flow

• Inter-connecting multiple markets with multiple resources

• SWQP and GGP expansions driving enhanced returns

• $300-400 million p.a. organic growth projects

• Strong track record and reputation, evidenced by contract retention and extension

• Maintaining a strong balance sheet

� Continuing to be innovative and flexible

• Assisting clients with managing dynamic gas market conditions, particularly through the current LNG ramp up phase

• Increasing asset utilisation

• Successful bid for the QCLNG Pipeline – providing a more direct access to LNG component of the east coast market

• Successful completion of $1.8bn equity raising and $4bn 2-yr bridge debt facility, demonstrating strong stakeholder confidence in APA’s strategy and balance sheet strength

� Industry leading expertise

• Comprehensive in-house infrastructure expertise and skills – infrastructure development, engineering, operations, commercial – across all of the assets we own and operate

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APA 1H 15 Results Presentation

QCLNG – long term contract gives access to new volumes

• Acquisition complements APA’s existing East Coast grid

• Long term contracts with two highly credit-worthy counterparties

• Immediate access to new volumes and full revenue upon commissioning

• Possibility of additional interconnection points with APA’s east coast grid

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• Potential for APA to further enhance efficiency with operatorship

• Acquisition financing running to plan

• $1.8bn equity raising successfully completed in January 2015

Delivery station for BG Group’s Curtis Island LNG Facility

• US$4bn 2-year bridge debt facility in place at the time of announcement, gives ample time to term out competitively in the global debt capital markets

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APA 1H 15 Results Presentation

Developing growth capital projects across Australia

• Continued expansion and enhancement of APA’s gas infrastructure portfolio, with many growth opportunities unique to APA

• Committed projects underwritten by long term revenue contracts and/or regulatory arrangements

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APA 1H 15 Results Presentation

East coast grid – connecting multiple markets with multiple resources

• Provision of flexibility during dynamic market conditions for gas

• SWQP expansion already delivering

• NSW – VIC connection expansion under way

• Flexible services to move gas where it is needed on the east coast

• Feasibility study continues on NT Link

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• Bi-directional capability being implemented

• QCLNG Pipeline acquisition enhances footprint and provides access to new volumes to Gladstone

• Connection points with the existing APA grid will provide further flexibility for foundation shippers and future opportunities for APA

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APA 1H 15 Results Presentation

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Financial performance

Peter Fredricson Chief Financial Officer

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APA 1H 15 Results Presentation

Reconciliation – statutory and normalised results

	$ million			1H 15								1H 14		Change
		Normalised		Significant		Statutory				Normalised		Significant	Statutory	Normalised
				items								items
	Revenue excluding pass-through(1)	522.7		-		522.7				509.6		-	509.6	3 %(3)
	EBITDA – continuing businesses(2)	401.3		17.2		418.5				369.2		-	369.2	9 %(3)
	EBITDA – divested business(3)	1.0		430.0		431.0				29.7		-	29.7	n/m(3)
	EBITDA	402.3		447.2		849.6				398.9		-	398.9	1 %(3)
	Depreciation and amortisation	(88.5)		-		(88.5)				(74.7)		-	(74.7)	19 %(3)
	EBIT	313.8		447.2		761.1				324.2		-	324.2	(4) %(3)
	Net interest expense	(151.3)		-		(151.3)				(164.0)		-	(164.0)	(8)%(3)
	Pre-tax profit	162.6		447.2		609.8				160.2		-	160.2	2 %(3)
	Tax	(51.3)		(91.2)		(142.5)				(39.5)		-	(39.5)	30 %(3)
	Non-controlling interests	(0.0)		-		(0.0)				(0.0)		-	(0.0)	0 %(3)
	Net profit after tax	111.2		356.0		467.3				120.7		-	120.7	(8)%(4)
	Operating cash flow	263.2		17.2		280.4				216.6		(8.3)	208.3	22 %(3)

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

(2) Based on continuing business excluding Envestra equity accounted earnings for 1H 14.

(3) EBITDA – divested business includes the net profit on the sale of Envestra ($430 million).

(4) Primarily as a result of exclusion of earnings and tax on distributions from Envestra.

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APA 1H 15 Results Presentation

EBITDA by business segment

$ million	1H 15(1)	1H 14(1)	Change
Energy Infrastructure
Queensland	136.4	108.8	25%
New South Wales	59.6	62.2	(4)%
Victoria & South Australia	70.3	62.4	13%
Western Australia & Northern Territory	107.3	92.6	16%
Energy Infrastructure total	373.6	326.0	15%
Asset Management	20.1	34.5	(42)%
Energy Investments	7.6	8.7	(12)%
Continuing business EBITDA Divested business(3)	401.3 1.0	369.2 29.7	9% n/m
Total EBITDA	402.3	398.9	1%

1H 15 EBITDA by business segment[(2)]

Energy Investments Asset Management 1.9% 5.0%

Energy Infrastructure 93.1%

• (1) Normalised results.

• (2) Continuing business EBITDA only.

• (3) Investment in Envestra sold in August 2014.

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APA 1H 15 Results Presentation

1H 15 EBITDA Bridge

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$48.4m
$398.9m $369.2m $401.3m
Energy
Investments ($16.3m )
Asset
($29.7m)
Management
9% net growth
Energy
Infrastructure from continuing
businesses
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1H 14 Less Envestra 1H 14 Organic growth Reduced Customer 1H 15 equity earnings continuing (incl. SWQP / GGP) Contributions & continuing business DPS Start-up business EBITDA EBITDA

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APA 1H 15 Results Presentation

Energy Infrastructure

Queensland

Queensland
	EBITDA
South West Queensland Pipeline	$160
�Expanded capacity
Moomba compression �Complete Sep 2014 and operational	$120 $140				$136.4m	South West Queensland
Wallumbilla compression	$100					Pipeline
�Long-term agreement for compression services	$80					Other Queensland assets
�Construction completed in Dec 2014 �Eastern Haul completed Dec 2014 Berwyndale Wallumbilla Pipeline	$40 $60					Carpentaria Gas Pipeline
�Bi-directional capability completed	$0 $20					Roma Brisbane Pipeline
		1H12	1H13	1H14	1H15

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APA 1H 15 Results Presentation

Energy Infrastructure

New South Wales

• Three agreements to transport increased gas volumes north from Victoria, two commencing in Jan 2015 and one in May 2015

• New 7-year grid services agreement from Sep 2015, mainly utilising Moomba Sydney Pipeline capacity

• Capacity expansion on southern lateral

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EBITDA
$80m
$59.6m
$60m
$40m Moomba
Sydney
Pipeline
$20m
System
$0m
1H12 1H13 1H14 1H15
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EBITDA

Victoria & South Australia

• Capacity expansion of northern interconnect commenced, underpinned by regulated and contracted revenue

• Expansion of the South West Pipeline into Melbourne, completed and commenced operation in Jan 2015

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$80m
$70.3m
$60m
SESA
Pipeline
$40m
Victorian
$20m assets
$0m
1H12 1H13 1H14 1H15
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APA 1H 15 Results Presentation

Energy Infrastructure

Western Australia & Northern Territory

Goldfields Gas Pipeline �Expansion project completed Pilbara Pipeline System �Full HY contribution of a new contract �Additional revenue agreement �Cost benefits of in-house operations Eastern Goldfields Pipeline �Long term gas transportation agreements to mines in the Goldfields region - seamless service across 3 pipelines �Construction begins on a new 292 km pipeline �On track to meet completion during mid FY2016 $0m $20m $40m $60m $80m $100m $120m EBITDA

$107.2m 1H12 1H13 1H14 1H15

$107.2m	Amadeus Gas Pipeline
	Emu Downs
	wind farm
	Mondarra Gas
	Storage
	Facility
	Other WA assets
	Pilbara Pipeline
	System
	Goldfields Gas Pipeline

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APA 1H 15 Results Presentation

Asset Management and Energy Investments

EBITDA

Asset Management

$40m One-off customer contributions Contracted $20.1m services $20m $0m 1H12 1H13 1H14 1H15 EBITDA $60m Divested & transferred investments (1) $40m Continuing investments $20m $8.6m $0m 1H12 1H13 1H14 1H15

• Reduction in one-off customer contributions for relocating APA infrastructure

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One-off customer contributions
$30m
$20m
Average ~$10m/a
$10m
$0m
FY09 FY10 FY11 FY12 FY13 FY14 1H15
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Energy Investments

• Sale of shares in Envestra

• Diamantina Power Station commissioning and start up costs

• (1) Includes HDF income (1H 12) now reported under Energy Infrastructure, and Envestra equity earnings (1H15: $1.0m, 1H14: $29.7m)

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APA 1H 15 Results Presentation

Capital expenditure

$0m $100m $200m $300m $400m $ million 1H15(1) 1H14(1) Growth capex Regulated- Victoria 55.5 14.9 Major Projects Queensland 78.5 93.6 New South Wales 0.6 4.8 Western Australia 14.1 39.1 Other 13.3 11.4 Total growth capex 162.0 163.8 Stay in business capex 28.1 20.6 Customer contributions 1.6 16.4 Total capex 191.7 200.7 Investments and acquisitions 20.9 Total capital & investment expenditure 212.6 200.7

FY15 FY16 FY17 FY18 Guidance Committed Committed growth capex

(1) Capital expenditure represents cash payments as disclosed in the cash flow statement for 1H15 and 1H14.

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APA 1H 15 Results Presentation

Capital management

• Cash and committed undrawn facilities of around $2,400 million as at 31 December 2014

�	.	Metrics		31 Dec 2014	30 Jun 2014
		Gearing	(1,2,3)	44.5%	64.2%
		Interest	cover ratio	2.48 times	2.31 times
		Average	interest rate applying to drawn debt(2)	7.07%	7.12%
		Interest	rate exposure fixed or hedged	84.6%	72.8%
		Average	maturity of senior facilities	5.3 years	5.4 years

� Credit ratings

In December 2014, post announcement of the QCLNG Pipeline acquisition, both S&P and Moody’s confirmed APA’s long-term corporate credit ratings of BBB and Baa2 respectively, each with Stable outlook

� Gearing

Expected to settle at approximately 65% post completion of the QCLNG Pipeline acquisition

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

• (2) Includes $515 million of Subordinated Notes.

• (3) After receipt of $958 million proceeds from Institutional and Early Retail Entitlement Offer.

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APA 1H 15 Results Presentation

Funding – Illustrative @31 Jan 2015

� Post completion of funding of QCLNG Pipeline acquisition, APA expects:

– Gearing of around 65%

– Maintain headroom of cash and available facilities of A$1bn+

Net debt profile A$ million Gearing Net debt @31 Jan 2015 $2,300 33% Less AUD cash to support QCLNG Pipeline acquisition $1,500 Less USD debt drawn to complete QCLNG Pipeline acquisition $4,800 Estimated Net debt post QCLNG Pipeline acquisition $8,600 65%	Headroom profile A$ million Cash @31 Jan 2015 $1,600 Add debt drawn to fund acquisition $4,800 Less consideration for QCLNG Pipeline acquisition ($6,300) Add Available headroom @31 Jan 2015 $1,600 Less Cancellation of facilities ($500) Available headroom post QCLNG Pipeline acquisition $1,200

For illustrative purposes, the numbers are rounded to the nearest A$100 million. US$ denominated numbers have been converted at AUD/USD exchange rate of 0.8 and rounded to the nearest A$100 million.

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APA 1H 15 Results Presentation

Capital management

• Maintain strong BBB/Baa2 investment grade ratings (re-affirmed in December 2014)

• Maintain funding flexibility – internal cash flows plus additional equity and/or debt

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A$1,200m
Debt Maturity Profile (at 31 December 2014)
A$1,000m
$425m
A$800m
$265m
A$600m $400m
$425m
$285m
A$400m
$515m
$735m
$536m
A$200m $414m
$271m $295m $289m $300m $296m
$126m
A$0m
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Sterling MTN US 144a Notes Canadian MTN
Japanese MTN Australian MTN US Private Placement Notes
First Call Date - 60 year Sub Notes Bank borrowings Headroom (A$ bank borrowings)
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(1) Does not include the US$4 billion syndicated bridge facility executed in November 2014 which is, as yet, undrawn

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APA 1H 15 Results Presentation

FY 2015 Guidance

• APA standalone (pre-acquisition) guidance for EBITDA and net interest cost for FY 2015 is revised as follows:

• Statutory EBITDA is expected within a range of $1,222 million to $1,237 million[(1)]

• Normalised continuing business EBITDA within a range of $775 million to $790 million[(2)] up from previous guidance of $740 million to $760 million

• Net interest cost expected within a range of $320 million to $355 million

• In addition for FY 2015, the acquisition of the QCLNG Pipeline is expected to generate additional EBITDA within a range of A$41 million to $83 million[(3)]

FY 2015 Guidance	Statutory EBITDA(1)		Normalised EBITDA(2)
FY 2015 (APA standalone)	$1,222 – $1,237		$775 – $790
QCLNG Pipeline acquisition(3)	$41 – $83		$41 – $83
APA Group Total	$1,263 – $1,320		$816 – $873

(1) Statutory EBITDA includes significant items recorded in 1H 2015.

• (2) Excludes one-off significant items (being the pre-tax profit of A$430m from the sale of APA’s stake in Envestra and $17m recovered by HDF from Hastings Funds Management Limited), reflecting APA’s core earnings from operations.

• (3) QCLNG Pipeline acquisition metrics are in addition to APA standalone.

Note: All conversions are based on AUD/USD exchange rate of 0.7804 as at 12.00pm 24 February 2015.

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APA 1H 15 Results Presentation

FY15 Guidance bridge - normalised

$41-83m $78-93m $(50m) $816-873m $747m Asset Management $697m FY14 Less Envestra FY14 continuing Organic growth Plus QCLNG FY15 Guidance equity earnings business EBITDA Pipeline

Note: All conversions are based on AUD/USD exchange rate of 0.7804 as at 12.00pm 24 February 2015.

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APA 1H 15 Results Presentation

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Outlook

Mick McCormack Managing Director and CEO

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APA 1H 15 Results Presentation

Connecting gas markets and resources

� Organic growth

• Capacity expansions, enhancements and new

• services, provide flexibility and new opportunities for customers

• New services and more flexible

contracts supplement traditional take-or-pay

� East coast LNG

– QCLNG Pipeline acquisition enhances the east coast grid and is underwritten by 20-year take-or-pay contracts with two highly credit-worthy counterparties

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� Greenfield developments

• Eastern Goldfields Pipeline

• NT – east coast grid pipeline link (feasibility study continues)

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APA 1H 15 Results Presentation

Outlook for FY 2015

Outlook

• Continued construction and development to increase flexibility and capacity of our infrastructure footprint on both east and west coasts

• Transaction completion and integration of QCLNG Pipeline

• Continued Northern Territory – east coast interconnection feasibility study

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Stage 2 looping of VNI Expansion project is underway, VIC
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APA’s Control Room at Wallumbilla, QLD
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Pipe laydown site for the Eastern Goldfields Pipeline, WA

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APA 1H 15 Results Presentation

Fully covered distributions

On target to deliver distribution guidance for FY 2015

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cents
� 1H 15 distribution payout
60 56.0 ratio [(1,2) ] of 55.6%
51.9 52.6 52.5 52.6
48.2 � Distribution components:
50
17.5 cents profit distribution
40 nil capital distribution
31.9 17.5 cents
36.3
34.4 35.0 35.5
30
32.8
31.0 � FY15 distribution guidance
remains “at least 36.25 cents”
17.5
20
10
0
FY09 FY10 FY11 FY12 FY13 FY14 1H15
(1) Distribution payout ratio: distribution payments as a ) Distribution payout ratio: distribution payments as a
percentage of operating cash flow.
Operating cash flow per security Distribution per security (2) Based on normalised operating cash flow.
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(1) Distribution payout ratio: distribution payments as a ) Distribution payout ratio: distribution payments as a percentage of operating cash flow.

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APA 1H 15 Results Presentation

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Questions

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APA 1H 15 Results Presentation

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Supplementary information

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APA 1H 15 Results Presentation

Revenue by business segment

	$ million	1H 15	1H 14	Change
	Energy Infrastructure
	Queensland	161.4	132.3	22%
	New South Wales	71.9	74.1	(3%)
	Victoria & South Australia	94.7	81.0	17%
	Western Australia & Northern Territory	143.8	127.1	13%
	Energy Infrastructure total	471.8	414.5	14%
	Asset Management	38.4	56.1	(31%)
	EnergyInvestments	7.7	8.7	(11%)
	Total segment revenue	517.9	479.3	8%
	Pass-through revenue	217.4	201.7	8%
	Unallocated revenue	3.8	0.7	n/m
	Divested business	1.0	29.7	n/m
	Total revenue	740.1	711.4	4%

1Y 15 Revenue split

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Other 1%
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Regulated
(revenue subject to
price regulated tariffs)
18%
Contracted
(regulated assets with
Contracted negotiated tariffs)
(light regulation and
14%
non-regulated assets)
67%
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(1) Equity accounted earnings from APA’s 33.05% stake in Envestra.

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APA 1H 15 Results Presentation

Balance sheet

	$ million		31 Dec 2014	30 Jun 2014	Change
	Current assets		1,114(1)	203	449 %
	Property, plant and equipment		5,677(1)	5,574	2 %
	Other non-current assets		1,959(1)	2,195	(11) %
	Total Assets		8,750(1)	7,972	10 %
	Current debt		149(1)	-	-
	Other current liabilities		364(1)	374	(3) %
	Total current liabilities		513(1)	374	(37) %
	Long term debt		4,125(1)	4,708	12 %
	Other long term liabilities		389(1)	394	(1) %
	Total long term liabilities		4,514(1)	5,102	12 %
	Total Liabilities		5,026(1)	5,476	(8) %
	Net Assets		3,724(1)	2,496	49 %

(1) Includes cash of $913.8m.

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APA 1H 15 Results Presentation

Debt facilities

Total committed debt facilities at 31 December 2014

	$million(1)	Facility amount(4)	Drawn amount	Tenor
	2011 Bilateral borrowing	150	0	5 years maturing October 2016
	2011 Bilateral borrowings(2)	400	0	5years maturingDecember 2018
	2014 Syndicated facilities(3)	1,250	285	2.25,3.25 and 5.25year trances maturingSeptember 2016,2017 and 2019
	2003 US Private placement	281	281	12 and 15 year tranches maturing September 2015 and 2018
	2007 US Private placement	811	811	10, 12 and 15 year tranches maturing May 2017, 2019 and 2022
	2009 US Privateplacement	185	185	7 and 10year tranches maturingJuly2016 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	12year tranche maturingin November 2024
	2012 Subordinated Notes	515	515	60year term,first call date March 2018
	Total	5,578	4,063

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

(2) Comprises four facilities of $100 million each.

(3) Comprises three facilities, one of $400 million and two of $425 million.

(4) Does not include the US$4 billion syndicated bridge facility executed in November 2014 which is, as yet, undrawn

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APA 1H 15 Results Presentation

Regulatory update

APA’s major price regulated assets

� Regulatory resets over the next five years

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� Goldfields Gas Pipeline Access Arrangement Review

• Application lodged 15 August 2014

• Western Australian Economic Regulation Authority (“ERA”) has commenced its review, with a draft decision expected Q1 2015 and the final decision is expected by end FY2015

• Existing arrangements remain in place until final determination of the new Access Arrangement

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APA 1H 15 Results Presentation

APA asset and investment portfolio

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APA 1H 15 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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APA 1H 15 Results Presentation

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For further information contact Yoko Kosugi Investor Relations, APA Group Tel: +61 2 9693 0049 E-mail: yoko.kosugi@apa.com.au

Delivering Australia’s energy

or visit APA’s website www.apa.com.au