APA GROUP — Interim / Quarterly Report 2019

Aug 20, 2019

financial results year ended 30 June 2019.

==> picture [134 x 54] intentionally omitted <==

21 August 2019

==> picture [74 x 120] intentionally omitted <==

==> picture [480 x 123] intentionally omitted <==

disclaimer

==> picture [104 x 42] intentionally omitted <==

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

The information in this presentation does not contain all the information which a prospective investor may require in evaluating a possible investment in APA Group and should be read in conjunction with the APA Group’s other periodic and continuous disclosure announcements which are available at www.apa.com.au. All references to dollars, cents or ‘$’ in this presentation are to Australian currency, unless otherwise stated.

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 seek professional advice if necessary. Past performance: Past performance information should not be relied upon as (and is not) an indication of future performance.

Forward looking statements: This presentation contains certain forward looking information, including about APA Group, which is subject to risk factors. “Forward-looking statements” may include indications of, and guidance on, future earnings and financial position and performance. Forward-looking statements can generally be identified by the use of forward-looking words such as, 'expect', 'anticipate', 'likely', 'intend', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target', 'outlook', 'guidance' and other similar expressions and include, but are not limited to, forecast EBIT and EBITDA, operating cashflow, distribution guidance and estimated asset life.

APA Group believes that there are reasonable grounds for these forward looking statements and due care and attention have been used in preparing this presentation. However, the 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 and are subject to risk factors associated with the industries in which APA Group operates. Forward-looking statements, opinions and estimates are not guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of APA Group, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. There can be no assurance that actual outcomes will not materially differ from these forward-looking statements, opinions and estimates. A number of important factors could cause actual results or performance to differ materially from such forward-looking statements, opinions and estimates.

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.

Non-IFRS financial measures: APA Group results are reported under International Financial Reporting Standards (IFRS). However, investors should be aware that this presentation includes certain financial measures that are non-IFRS financial measures for the purposes of providing a more comprehensive understanding of the performance of the APA Group. These non-IFRS financial measures include EBIT, EBITDA and other “normalised” measures. Such non-IFRS information is unaudited, however the numbers have been extracted from the audited financial statements.

Not an offer: This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security. In particular, this presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. Securities may not be offered or sold, directly or indirectly, in the United States or to persons that are acting for the account or benefit of persons in the United States, unless they have been registered under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act), or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable state securities laws.

Non-GAAP financial measures: Investors should be aware that certain financial data included in this presentation are "non-GAAP financial measures" under Regulation G of the U.S. Securities Exchange Act of 1934, as amended. These measures are EBITDA, normalised EBITDA and statutory EBITDA. The disclosure of such non-GAAP financial measures in the manner included in the presentation may not be permissible in a registration statement under the U.S. Securities Act. These non-GAAP financial measures do not have a standardised meaning prescribed by Australian Accounting Standards and therefore may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards. Although APA Group believes these non-GAAP financial measures provide useful information to users in measuring the financial performance and condition of its business, investors are cautioned not to place undue reliance on any non-GAAP financial measures included in this presentation.

2

==> picture [302 x 539] intentionally omitted <==

==> picture [104 x 42] intentionally omitted <==

results overview and stratresults overview and gic highlights strategic highlights Rob Wheals Managing Director and CEO.

3

FY2019 highlights – solid performance

==> picture [104 x 42] intentionally omitted <==

$ million	FY2019	FY2018	change
Statutory results
Revenue excluding pass-through(1)	2,031.0	1,941.4	Up	4.6%
EBITDA	1,573.8	1,518.5	Up	3.6%
Net profit after tax	288.0	264.8	Up	8.8%
Operating cash flow(2)	1,012.1	1,031.6	Down	(1.9%)
Operating cash flow per security (cents)(3)	85.8	90.7	Down	(5.4%)
Distributions
Distributions per security (cents)	47.0	45.0	Up	4.4%
Franking credits per security (cents)	6.86	6.33	Up	8.4%
Distribution payout ratio(4)	54.8%	50.1%	Up	9.4%

Notes:

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

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

(3) Operating cash flow per security has been adjusted for the rights issue completed on the 23 March 2018.

• (4) Distribution payout ratio = total distribution applicable to the financial year as a percentage of operating cash flow.

4

safety and sustainability

==> picture [46 x 52] intentionally omitted <==

Health and safety

 FY2019 TRIFR result 5.98

• 33.1% improvement on FY2018

• More work to be done with contractors

• Committed to a zero harm workplace

==> picture [104 x 42] intentionally omitted <==

Sustainability

• APA believes that climate change is a significant issue facing the energy industry and the Australian community

• Natural gas and our diversified energy asset portfolio has an important role to play in the shift to a lower carbon, sustainable future whilst maintaining energy security and reliability

TRIFR[(1)]

Taskforce on Climate-related Financial Disclosures (TCFD)

• APA has adopted the recommendations of TCFD to help investors, customers and other stakeholders understand APA’s approach to managing climate related risks and opportunities

Notes:

• (1) Total reportable injury frequency rate (TRIFR) is measured as the number of lost time and medically treated injuries sustained per million hours worked. All data includes both employees and contractors.

• Climate-related scenario analysis completed Outcome: APA expects to be resilient to climate related physical and transitional impacts for at least the next ten years

5

customer focus & The Energy Charter putting customers at the centre of our decision-making

==> picture [104 x 42] intentionally omitted <==

APA’s Customer Promise

• Customer Promise developed and launched

• Multi-year improvement program to:

• Drive the right culture

• Deliver improvement initiatives

==> picture [133 x 131] intentionally omitted <==

==> picture [178 x 177] intentionally omitted <==

Together, deliver energy for a better Australia

==> picture [238 x 83] intentionally omitted <==

APA is committed to the 5 principles of the Energy Charter

• 18 signatories from across the energy supply chain

• Disclosure report against principles is due 30 Sept 2019

• Independent Accountability Panel will publish finding and recommendations by 30 Nov 2019

6

APA’s largest capex program

• $1.4 billion plus growth capex FY2017 – FY2019

• $463 million growth capex in FY2019

• $65 million incremental revenue in FY2019 growing to ~$215 million in FY2021 from new asset contributions

• Major projects completed during FY2019

• 198 km Yamarna Gas Pipeline

• 45 MW Gruyere Power Station

• 25 km Agnew Lateral

• 130 MW Badgingarra Wind Farm

• 17.5 MW Badgingarra Solar Farm

• 110 MW Darling Downs Solar Farm

• Orbost Gas Processing Plant commissioning commences in September, ensuring first sales gas delivery Q4 CY2019

==> picture [104 x 42] intentionally omitted <==

==> picture [264 x 185] intentionally omitted <==

----- Start of picture text -----

Yamarna Gas Pipeline
connection to the
Gruyere Power Station, WA
----- End of picture text -----

==> picture [398 x 282] intentionally omitted <==

----- Start of picture text -----

Badgingarra Wind Farm and Solar Farm, WA Darling Downs Solar Farm,
QLD
Orbost Gas Processing Plant, Vic
----- End of picture text -----

7

responding to customers needs

==> picture [104 x 42] intentionally omitted <==

new energy infrastructure added in 3 years

• 8 new assets

• Added 272 km of transmission pipelines , 45 MW gas-fired power station , and ~278 MW of renewable generation

• 70 TJ/d of gas processing capacity will be added to APA’s portfolio from Q4 CY2019

announcements in FY2019

• 3 significant contract variations and new services with customers in the order of $175 million over multiple years

• Incitec Pivot GTA extended , helping to keep the Gibson Island Plant operating for another 3 years

• MoU with Comet Ridge Ltd and Vintage Energy Ltd to build, own and operate proposed 240 km Galilee Moranbah Pipeline to connect Galilee Basin in QLD to gas markets. Survey Licence recently granted.

• Dandenong Power Project shortlisted as part of the Federal Government's Underwriting New Generation Investments (UNGI) scheme

8

==> picture [302 x 539] intentionally omitted <==

==> picture [104 x 42] intentionally omitted <==

results overview and financial performance strategic highlights Peter Fredricson Chief Financial Officer.

9

summary results

$ million	FY2019 FY2018 Change
Revenue excluding pass-through(1)	2,031.0 1,941.4 4.6%
EBITDA Depreciation and amortisation	1,573.8 1,518.5 3.6% (611.4) (578.9) (5.6%)
EBIT Net interest expense	962.4 939.6 2.4% (497.4) (509.7) 2.4%
Pre-tax profit Tax	465.0 429.9 8.2% (177.0) (165.1) (7.2%)
Net profit after tax	288.0 264.8 8.8%
Operating cash flow(3)	1,012.1 1,031.6 (1.9%)
Operating cash flow per security (cents)(4)	85.8 90.7 (5.4%)
Distribution per security (cents)	47.0 45.0 4.4%
Distribution payout ratio(5)	54.8% 50.1% 9.4%

==> picture [104 x 42] intentionally omitted <==

APA made the following contributions to the broader economy during FY2019:

• $1,205 million paid to Suppliers

• $195 million paid to Employees

• $287 million paid in Taxes[(2)]

• • $537 million paid to Securityholders

• $471 million interest paid to Lenders

Notes: Numbers in the table may not add due to rounding.

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

• (2) Includes corporate tax, GST, payroll tax and PAYG tax withheld from salaries and wages.

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

• (4) Operating cash flow per security has been adjusted for the rights issue completed on the 23 March 2018.

• (5) Distribution payout ratio = total distribution applicable to the financial year as a percentage of operating cash flow.

10

FY2019 result: EBITDA by business segment

==> picture [104 x 42] intentionally omitted <==

$ million	FY2019	FY2018	Change	% of FY19 EBITDA(1)
Energy Infrastructure Queensland 1,010.1 962.2 5.0% 61.1% New South Wales 149.4 147.1 1.5% 9.0% Victoria & South Australia 116.0 127.2 (8.8%) 7.0% Northern Territory 19.2 22.9 (16.4%) 1.2% Western Australia 277.8 237.6 16.9% 16.8%
Energy Infra total 1,572.4 1,497.1 5.0% 95.1% Asset Management 53.0 66.2 (20.0%) 3.2% Energy Investments 28.4 23.1 23.3% 1.7% Corporate costs (80.1)(2) (67.9) (17.9%) (4.8%)
Total EBITDA 1,573.8 1,518.5 3.6%

Notes: Numbers in the table may not add due to rounding.

• (1) As a % of EBITDA before Corporate costs.

(2) Includes $11.1 million of costs associated with the CKI proposal and the former Managing Director’s retirement.

11

FY2019 EBITDA bridge

==> picture [104 x 42] intentionally omitted <==

Energy Infrastructure

==> picture [662 x 377] intentionally omitted <==

----- Start of picture text -----

$1,650.0A$m
$15.6 ( $12.3 ) $12.5 ( $3.2 ) ( $12.1 )
$21.9
$1,600.0 ( $13.2 )
$5.4 ( $12.2 )(1)
$1,573.8
$52.9
$1,550.0
$1,518.5
$1,500.0
$1,450.0
$1,400.0
Notes:
(1) Includes $11.1 million of costs associated with the CKI proposal and Managing Director’s retirement.
----- End of picture text -----

12

low risk business model

==> picture [104 x 42] intentionally omitted <==

• APA has robust risk management processes in place

• Manage counterparty risks by:

• Diversification of customer & industry exposure

• Assessment of counterparty creditworthiness

• Putting in place appropriate credit support arrangements

• Entering into long term contracts to support major capital spend

• Revenue weighted average contract tenor remains in excess of 12 years

Energy Infrastructure revenue split

By revenue type By customer industry segment By customer credit rating

==> picture [684 x 211] intentionally omitted <==

----- Start of picture text -----

Flexible short term Industrial & Others4 Other Not rated Sub-investment grade
Throughput charge & other services: 0.8% 7%6.8% 6.8% 0.3%
Investment
variable revenue: 8.1% Other: 0.1%
Grade
Contracted fixed 9.7%(1)
revenue: 2.9%
Regulated
revenue: 8.3% Resources
21.3% Energy A- rated
48.3%
or better
45.0%
Capacity BBB and
charge BBB+
91% revenue: 79.8% Utility 93% 38.2%
TAKE OR PAY / 23.6% INVESTMENT
REGULATED GRADE
Notes:
----- End of picture text -----

• (1) An investment grade credit rating from either S&P (BBB- or better) or Moody’s (Baa3 or better), or a joint venture with an investment grade average rating across owners. Ratings shown as equivalent to S&P rating scale.

13

capital expenditure

$ million	FY2019	FY2018
Growth capex
Regulated – Victoria	30.6	33.0
Non-regulated
East Coast	208.6	326.6
Western Australia & Northern Territory	192.7	369.1
Other	30.9	14.2
Total growth capex	462.8	742.9
Stay-in business	93.5	85.9
IT capex	24.9	26.7
Total capex	581.3	855.5

• Notes: Numbers in the table may not add due to rounding.

• (1) Capital expenditure (“capex”) represents net cash used in investing activities as disclosed in the cash flow statement, and excludes accruals brought forward from the prior period and carried forward to next period.

==> picture [350 x 157] intentionally omitted <==

----- Start of picture text -----

A$m
1,000
800
743
600
400 5 year average ~$421m pa 463
10 year average ~$338m pa
346
200 281 272
FY15 FY16 FY17 FY18 FY19
----- End of picture text -----

==> picture [104 x 42] intentionally omitted <==

• Growth capex $462.8 million in FY2019 (FY2018: $742.9 million)

• Expected $300-$400 million per annum over the next two to three years

• Major projects undertaken:

• 198 km, Yamarna Gas Pipeline (WA) commissioned early FY2019

• 45 MW, Gruyere Power Station (WA) supplying power since January 2019

• 110 MW, Darling Downs Solar Farm (QLD) commercial operation in January 2019

• 130 MW, Badgingarra Wind Farm (WA) commercial operation in January 2019

• 17.5 MW Badgingarra Solar Farm (WA) construction completed, expected commercial operation in August 2019

• 25 km, Agnew Gas Lateral (WA), commissioned in 2H FY2019

• Orbost Gas Processing Plant (VIC) construction scheduled to complete Q4 CY2019

• Stay-in-business capex increased 8.8% to $93.5 million (FY2018: $85.9 million)

• IT systems SIB capex $24.9 million (FY2018: $26.7 million)

14

capital management

==> picture [104 x 42] intentionally omitted <==

• Credit ratings: S&P BBB (outlook Stable, affirmed Nov 2018) Moody’s Baa2 (outlook Stable, affirmed Feb 2019)

• Strong credit metrics provide balance sheet flexibility

• All outstanding debt is fully hedged into fixed interest rates out to FY2035

• During FY2019, we set up APA for the replacement of over $700 million of higher cost maturing debt with lower cost long term debt, reducing APA’s annual interest expense going forward

Metrics	Jun 2019	Jun 2018
Funds From Operations to Net Debt(1) 10.8% 10.7% Funds From Operations to interest(1) 3.0 times 3.0 times Average interest rate applying to drawn debt 5.53% 5.65% Interest rate exposure fixed or hedged 100% 97.7% Average maturity of senior facilities 6.8 years 6.9 years

Notes:

• (1) APA calculation.

15

debt maturity profile

==> picture [104 x 42] intentionally omitted <==

APA maintains diversity of funding sources and spread of maturities[(1)]

$1,600m Headroom (undrawn committed facilities) Bank borrowings $1,400m Sterling MTN $1,200m Euro MTN US 144A Notes $1,000m Japanese MTN $800m Australian MTN $600m US Private Placement Notes USD denominated obligations[(2)] $400m $200m $0m

Note:

(1) APA debt maturity profile as at 31 July 2019.

(2) USD denominated obligations translated to AUD at the prevailing rate at inception (USD144A - AUD/USD=0.7879, EMTN & Sterling AUD/USD=0.7772).

16

fully covered distributions

• FY2019 distribution payout ratio[(1)] of 54.8%

Franking Credits

==> picture [104 x 42] intentionally omitted <==

• Components for FY2019 final distribution:

• 8.53 cents APT profit distribution

• 10.44 cents APT capital distribution

• 2.55 cents APTIT profit distribution

• $71.8 million tax payable for FY2019

  • (FY2018: $52.0 million)

• FY2019 effective cash tax rate of

  • 15.4%, due to utilisation of available existing losses and R&D tax offsets

• 3.98 cents APTIT capital distribution

• 25.50 cents Total final distribution

• 3.66 cents Franking credits

==> picture [502 x 242] intentionally omitted <==

----- Start of picture text -----

(2)
OCF per security (normalised) Distributions Franking credits
100 cents
90.7
80 cents 87.1 85.8
77.1
60 cents
6.86
6.33
4.0
40 cents 43.5 45.0 47.0
41.5
20 cents
0 cents
FY16 FY17 FY18 FY19
Notes:
----- End of picture text -----

(1) Distribution payout ratio: total distribution applicable to the financial year as a percentage of operating cash flow. (2) Operating cash flow per security has been adjusted for the rights issue completed on the 23 March 2018.

17

==> picture [312 x 539] intentionally omitted <==

==> picture [104 x 42] intentionally omitted <==

stratresults overview and gy and outlook strategic highlights Rob Wheals Managing Director and CEO.

18

APA’s strategy

• Deliver services our customers value consistent with APA’s Customer Promise

• Continue to strengthen asset and stakeholder management, development and operational capabilities

• Our growth focus is to enhance our portfolio of:

• gas transmission pipelines

• power generation: gas-fired and renewable energy

• midstream energy infrastructure assets, including gas storage and gas processing

• Exploring growth opportunities in our core business of gas transmission and distribution in North America

• Maintain APA’s financial strength

==> picture [104 x 42] intentionally omitted <==

East coast gas demand & production by field

==> picture [302 x 180] intentionally omitted <==

----- Start of picture text -----

Contingent and Prospectives
2,500PJ
2P Undeveloped
2P Developed
2,000PJ AEMO gas demand forecast
1,500PJ
1,000PJ
500PJ
0PJ
2000 2007 2014 2021F 2028F 2035F
Source: Demand – AEMO GSOO 2019
Supply - EnergyQuest (actuals); AEMO 2017-2019 GSOO (forecast)
----- End of picture text -----

Australian electricity generation by fuel source

==> picture [306 x 165] intentionally omitted <==

----- Start of picture text -----

100%
Oil Products &
Others
80% Solar PV
Wind
60%
Hydro
40%
Natural gas
20% Black coal
0% Brown coal
2018e 2006 NSW VIC QLD WA SA TAS NT
----- End of picture text -----

Source: Department of the Environment and Energy, Australian Energy Statistics, Table O, March 2019

19

energy infrastructure contracting

Pipeline recontracting ongoing:

• No formal access requests which may trigger arbitration process

• Since the GMRG reforms (1 Aug 2017) were introduced, APA has entered into ~173 contracts or variations across all transmission pipelines (e.g. MDQ changes, new services, new or amended GTAs, amended receipt and delivery points)

• Of the ~173 contracts, 61 relate to firm service contract renewals with existing customers

Revenue certainty underpinned by long-term contracts:

• Revenue weighted average contract tenor as at 30 June 2019 remains in excess of 12 years

• Expansions and new infrastructure are underpinned by long term contracts

Contracting flexibility:

• APA offers flexible multi asset, multi service contracts across APA’s interconnected portfolio with ~60 receipt points and 170 delivery points nationally operated by APA’s integrated operations centre

==> picture [104 x 42] intentionally omitted <==

Number of renewed firm service contracts

==> picture [330 x 365] intentionally omitted <==

----- Start of picture text -----

60
50
40
30
20
10
0
FY18 FY19
13
12.5
12
11.5
11
1 July 2016e 1 July 2017 1 July 2018 1 July 2019
Revenue Weighted Average Tenor
Years
----- End of picture text -----

Notes:

• 1 July 2016 estimate, 1 July 2017 onwards are based on the Gas Market Reform Group (GMRG) data.

20

North America – continuing due diligence

==> picture [104 x 42] intentionally omitted <==

• Ongoing due diligence of the North American gas infrastructure sector continuing with a focus on:

• acquiring a gas infrastructure business that will provide a strong platform for future growth

• targeting businesses with similar business risk profile to APA

• The North American gas infrastructure sector continues to remain attractive due to:

• favourable gas fundamentals with robust gas demand and low cost gas supply

• attractive rates of return

• transferrable APA operational expertise and knowledge, applicable to the North American gas sector

• significant number of entry points available

• advanced and stable regulatory framework

• Ross Gersbach, currently Chief Executive of Strategy and Development, to be based in APA’s Houston office, to progress APA’s North American strategy, effective from the end of Q1 FY2020

21

FY2020 guidance

==> picture [104 x 42] intentionally omitted <==

Based on current operating plans and available information:

• EBITDA is expected to be in the range of $1,660 million to $1,690 million

• Net interest costs are expected within a range of $505 million to $515 million

• Distributions per security are expected to be in the order of 50.0 cents per security

• Franking credits may be allocated to the distributions based on corporate tax paid during FY2020

• Growth capital expenditure $300 - $400 million per annum over the next two to three years

==> picture [565 x 316] intentionally omitted <==

----- Start of picture text -----

Orbost Gas Processing Plant – first gas delivery due Q4 CY2019
----- End of picture text -----

22

priorities for FY2020

==> picture [104 x 42] intentionally omitted <==

• complete review of APA’s purpose, vision and strategic imperatives

• implement new organisational model to support strategy execution

• progress APA’s growth strategy, both organic in Australia, and possible US acquisition

• continued focus on operational and safety excellence, as well as ESG

• delivering services our customers value

==> picture [247 x 265] intentionally omitted <==

23

APA’s uniquely integrated energy infrastructure

==> picture [104 x 42] intentionally omitted <==

Assets and Investments Glossary

==> picture [689 x 421] intentionally omitted <==

----- Start of picture text -----

AGPGLOS Amadeus Gas Pipeline
AL Agnew Lateral WPP Darwin
BGP Bonaparte Gas Pipeline 783 PJ
BWSF Badgingarra Wind and Solar Farms BGP
BWP Berwyndale Wallumbilla Pipeline
CGP Carpentaria Gas Pipeline 17,384 PJ
CRP Central Ranges Pipeline &
distribution network
CWP Central West Pipeline AGP
DDSF Darling Downs Solar Farm
DPS & LPS Diamantina & Leichhardt Power Stations 50,489 PJ Northern Territory DPS & LPS
EGP Eastern Goldfields Pipeline PPS NGPTGP Mount Isa X41 PS
EDWSF Emu Downs Wind and Solar Farms
EP Ethane Pipeline Queensland
GGP Goldfields Gas Pipeline CGP
GPS Gruyere Power Station Western 35,500 PJ Gladstone
IOC Integrated Operations Centre GGP Australia
KKP Kalgoorlie Kambalda Pipeline 257 PJ WGP
BWP
MP Mid west Pipeline SWQP RCWP Daandine PS &
MGPMGPSF Mortlake Gas PipelineMondarra Gas Processing & MP AL YGPGPS AustraliaSouth Moomba942 PJ Wallumbilla DDSF RBP Kogan North GPPBrisbane IOC
Storage Facility Tipton West GPP Directlink
MMGP Mt Morgans Gas Pipeline MGPSF MMGP EGP
MSP Moomba Sydney Pipeline 838 PJ EDWSF MSP SouthNew
NGPOGPP Nifty Gas PipelineOrbost Gas Processing Plant Perth PGPBWSF KKP EP Wales CRP
PGP Parmelia Gas Pipeline CWP
PPS Pilbara Pipeline System North Brown Hill
RBP Roma Brisbane Pipeline Wind Farm 13 PJ
Sydney
RCWP Reedy Creek Wallumbilla Pipeline Murraylink
SESA South East South Australia Pipeline Adelaide Victoria
SGP SEA Gas Pipeline APA assets and investments Gas storage SGP VTS
SWQP South West Queensland Pipeline APA operate d asset s Wind Farm SESA Dandenong
TGP Tipton Gas Pipeline Other natural gas pipelines Solar Farm MGP LNG Facility OGPP
VTS Victorian Transmission System Electricity interconnectors Melbourne
WGP WPP Wallumbilla Gladstone PipelineWickham Point Pipeline Natural Gas & Integrated Operations Centre 502 PJ 73 PJ 2,722 PJ
X41 X41 Power Station ethane 2P reserves, Gas-fired power station
as at May 2019
YGP Yamarna Gas Pipeline Source: EnergyQuest June 2019 Gas processing plant Tasmania
LNG plants
----- End of picture text -----

24

==> picture [368 x 539] intentionally omitted <==

==> picture [104 x 42] intentionally omitted <==

supplementary information

25

solid historical performance

Normalised EBITDA

Normalised operating cash flow

==> picture [104 x 42] intentionally omitted <==

==> picture [667 x 207] intentionally omitted <==

----- Start of picture text -----

$1,800m $1,200m
$1,600m
$1,518 $1,574 $1,000m $1,032 $1,012
$1,400m $1,470 $974
$1,331
$1,200m $800m $862
$1,000m
$600m
$800m
$822 $545
$747
$600m $662 $400m $433 $440
$535
$336
$400m
$200m
$200m
$0m $0m
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
----- End of picture text -----

==> picture [330 x 229] intentionally omitted <==

----- Start of picture text -----

Total assets
$16,000m
$15,227 $15,434
$14,000m $14,653 $14,843 $15,046
$12,000m
$10,000m
$8,000m
$7,699 $7,973
$6,000m
$5,496
$4,000m
$2,000m
$0m
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
----- End of picture text -----

==> picture [332 x 229] intentionally omitted <==

----- Start of picture text -----

Distributions
50c
45c 47.0
45.0
43.5
40c 41.5
38.0
35c 35.0 35.5 36.3
30c
25c
20c
15c
10c
5c
0c
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 26
----- End of picture text -----

FY2019 operational summary – Energy Infrastructure

==> picture [104 x 42] intentionally omitted <==

Wallumbilla Gladstone Pipeline South West Queensland Pipeline Roma Brisbane Pipeline Carpentaria Gas Pipeline Diamantina Power Station Darling Downs Solar Farm Other Qld assets Moomba Sydney Pipeline and other NSW pipelines Victorian Transmission System SESA Pipeline and other SA assets Amadeus Gas Pipeline Goldfields Gas Pipeline Eastern Goldfields Pipeline Emu Downs Wind Pilbara Pipeline System Mondarra Gas Storage and Solar Farms and Processing Facility Other WA assets Gruyere Power Station Badgingarra Wind Farm 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 A$ m1,700 FY16 FY17 FY18 FY19 East Coast + Northern Territory Western Australia

• EBITDA increased by 3.1% in East Coast and decreased by 16.4% in Northern Territory

• Full year contribution from recently completed and commissioned Reedy Creek Wallumbilla Pipeline

• Full year contribution from a new customer on the Diamantina Power Station

• Part year contribution from Darling Downs Solar Farm

• Favourable USD/AUD exchange rates and annual US CPI escalation in relation to the Wallumbilla Gas Pipeline.

• EBITDA from WA assets increased by 16.9%

• Full year contributions from the Mt Morgans Gas Pipeline and the Emu Downs Solar Farm

• Part year contributions from Badgingarra Wind Farm, Yamarna Gas Pipeline, Gruyere Power Station, and Agnew Lateral

27

historical normalised EBITDA by asset – Energy Infrastructure

==> picture [104 x 42] intentionally omitted <==

$ millions	FY15	FY16	FY17	FY18	FY19
East Coast Grid
Wallumbilla Gladstone Pipeline	35.8	475.2	488.0	515.9	542.4
South WestQueensland Pipeline	188.3	240.3	242.4	244.3	250.0
Moomba SydneyPipeline and other NSWpipelines	120.8	121.7	149.5	147.1	149.4
Victorian TransmissionSystem	130.2	120.6	123.0	124.6	114.0
Roma Brisbane Pipeline	51.1	57.7	58.6	60.9	58.4
Carpentaria Gas Pipeline	47.9	38.6	35.6	39.0	36.8
OtherQld assets	17.0	20.6	13.5	14.0	20.7
East Coast Grid Total	591.1	1,074.7	1,110.6	1,145.7	1,171.5
Northern Territory
Amadeus Gas Pipeline	18.0	17.5	18.8	22.9	19.2
Western Australia
Goldfields Gas Pipeline	123.9	115.1	111.5	111.8	125.2
Eastern Goldfields Pipeline	0.0	14.2	36.3	37.7	45.6
Mondarra Gas Storage and ProcessingFacility	29.1	31.8	33.6	32.8	33.8
Pilbara Pipeline System	31.1	28.3	27.5	27.8	28.2
Other WA assets	6.8	8.2	3.4	4.0	3.6
South Australia
SESA Pipeline and other SA assets	1.9	2.5	2.3	2.6	2.1
Power Generation
Diamantina Power Station	0.0	23.3	87.4	88.3	90.9
Emu Downs Wind and Solar Farms	21.7	19.9	22.4	23.6	23.2
DarlingDowns Solar Farm	0.0	0.0	0.0	0.0	11.0
Badgingarra Wind Farm	0.0	0.0	0.0	0.0	14.7
Gruyere Power Station	0.0	0.0	0.0	0.0	3.5
Grand Total	823.6	1,335.5	1,453.7	1,497.1	1,572.4

Notes: Numbers in the table may not add up due to rounding

28

Asset Management and Energy Investments

==> picture [104 x 42] intentionally omitted <==

Asset Management EBITDA

Asset Management

• EBITDA decreased to $53.0 million due to lower customer contributions and incentive fees compared to FY2018

• Long term average of customer contributions over the last 5 years remains at ~$12m p.a.

• Strong demand for gas connections in new housing developments in Victoria, but slowing in South Australia and Queensland compared to previous years

==> picture [356 x 176] intentionally omitted <==

----- Start of picture text -----

A$ m70
60
One-off Customer
50 Contributions
40
30
Underlying Asset
20 Management
EBITDA
10
0
FY16 FY17 FY18 FY19
----- End of picture text -----

Note: From FY17 onwards, DPS and the Ethane Pipeline became fully owned assets and are managed within APA’s Energy Infrastructure segment and therefore no asset management fees earnt.

Energy Investments EBITDA

Energy Investments

• EBITDA increased by 23.3% to $28.4 million.

==> picture [249 x 186] intentionally omitted <==

----- Start of picture text -----

A$ m30
25
20
15
10
5
0
FY16 FY17 FY18 FY19
----- End of picture text -----

29

Corporate costs

==> picture [104 x 42] intentionally omitted <==

• Corporate costs have been steady throughout a record growth period for APA

==> picture [464 x 296] intentionally omitted <==

----- Start of picture text -----

A$ m 1,800 10%
1,600
8%
1,400
1,200
6%
1,000
(1)
800
(2)
4%
600
400
2%
200
0 0%
FY14 FY15 FY16 FY17 FY18 FY19
----- End of picture text -----

Corporate costs (LHS)

EBITDA (LHS) Corporate costs/EBITDA* (RHS)

Notes:

*EBITDA excluding corporate cost

(1) Includes $11.1 million of costs associated with the CKI proposal ($5.8m) and former Managing Director’s retirement ($5.3m).

• (2) Corporate costs excluding one-off items.

30

debt facilities

==> picture [104 x 42] intentionally omitted <==

Total committed debt facilities at 31 July 2019

$ million	Facility	Drawn	Tenor
	amount	amount
2015, 2016, 2017, 2018 & 2019 Bilateral bank facilities	550	130	3 to 5 year facilities maturing between December 2019 to July 2022
2018 Syndicated bank facilities	1,000	0	5 and 5.5 year tranches maturing June and December 2023
2007 US Private placement	296	296	15 year tranche maturing May 2022
2010 AUD Medium Term Notes	300	300	10 year tranche maturing July 2020
2012 US144a/Reg S Notes	735	735	10 year tranche maturing October 2022
2012 GBP Medium Term Notes	536	536	12 year tranche maturing November 2024
2015 US144a/Reg S Notes(1, 2)	1,777	1,777	10 and 20 year tranches maturing March 2025 and March 2035
2015 GBP Medium Term Notes(1, 2)	1,140	1,140	15 year tranche maturing March 2030
2015 EUR Medium Term Notes(2)	1,132	1,132	7 year tranche maturing March 2022
2015 EUR Medium Term Notes(1, 2)	879	879	12 year tranche maturing March 2027
2016 AUD Medium Term Notes	200	200	7 year tranche maturing October 2023
2017 US144a/Reg S Notes	1,109	1,109	10.3 year tranche maturing July 2027
2019 GBP Medium Term Notes	742	742	12.3 year tranche maturing July 2031
2019 JPY Medium Term Notes	133	133	15 year tranche maturing June 2034
Total	10,529	9,109

Note: (1) USD denominated obligations translated to AUD at the prevailing rate at inception (USD144A - AUD/USD=0.7879, EMTN & Sterling - AUD/USD=0.7772) (2) Original designated debt raised to fund Wallumbilla Gladstone Pipeline.

31

==> picture [368 x 539] intentionally omitted <==

For further information contact: Jennifer Blake Group Head of Investor Relations Tel: +61 2 9693 0097 / +61 455 071 006 E-mail: jennifer.blake@apa.com.au

Or visit the APA website at: www.apa.com.au

==> picture [104 x 42] intentionally omitted <==

32