APA GROUP — Interim / Quarterly Report 2020

Feb 17, 2020

Australian Pipeline Ltd ACN 091 344 704 | Australian Pipeline Trust ARSN 091 678 778 | APT Investment Trust ARSN 115 585 441 Level 25, 580 George Street Sydney NSW 2000 | PO Box R41 Royal Exchange NSW 1225 Phone +61 2 9693 0000 | Fax +61 2 9693 0093 APA Group | apa.com.au

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18 February 2020

ASX ANNOUNCEMENT

APA Group (ASX: APA)

FINANCIAL RESULTS PRESENTATION

The following is attached for release to the market:

• APA Group financial results presentation for the half year ended 31 December 2019

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Nevenka Codevelle Company Secretary Australian Pipeline Limited

For further information, please contact:

Investor enquiries: Media enquiries: Jennifer Blake Louise Watson Head of Investor Relations Media Adviser Telephone: +61 2 9693 0097 Telephone: +61 2 8011 0591 Mob: +61 455 071 006 Mob: +61 419 185 674 Email: jennifer.blake@apa.com.au Email: lwatson@symbolstrategic.com.au

About APA Group (APA)

APA is a leading Australian energy infrastructure business, owning and/or operating around $21 billion of energy infrastructure assets. Its gas transmission pipelines span every state and territory on mainland Australia, delivering approximately half of the nation’s gas usage. APA has direct management and operational control over its assets and the majority of its investments. APA also holds ownership interests in a number of energy infrastructure enterprises including SEA Gas Pipeline, SEA Gas (Mortlake) Partnership, Energy Infrastructure Investments and GDI Allgas Gas Networks.

APT Pipelines Limited is a wholly owned subsidiary of Australian Pipeline Trust and is the borrowing entity of APA Group.

For more information visit APA’s website, apa.com.au

financial results for half year ended 31 December 2019.

18 February 2020

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disclaimer

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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 cash flow, 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

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results overview. Rob Wheals CEO and Managing Director

stay connected. 2019 full year employee update.

financial highlights - solid results

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	$ million	1H FY20	1H FY19	change	change
	Revenue excluding pass-through(1)	1,077.8	1,012.9	Up	6.4%
	EBITDA	842.2	787.7	Up	6.9%
	Net profit after tax	175.0	157.4	Up	11.2%
	Operating cash flow(2)	511.9	470.2	Up	8.9%
	Operating cash flow per security (cents)	43.4	39.8	Up	9.8%
	Distributions per security (cents)	23.0	21.5	Up	7.0%

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.

• First full period contribution from new growth assets

• On track to deliver FY2020 EBITDA guidance within range $1,660m to $1,690m

• Growth capital expenditure continued $145.1m

• Refinanced ~$389m higher cost debt reducing borrowing costs

• Interim distribution 23 cps (+7% pcp), with 3.65 cps franking credits attached

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highlights

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Operations Growth Customers
99.9% reliability $38.3m EBITDA APA Customer Promise
gas nomination delivery from new assets launched
8.4/10 Networks
$68.5m $145.1m
7/10 Transmission
SIB & IT technology capex growth capex
Customer Satisfaction scores
3 new assets 1 [ST] Energy Charter
Community
opened Independent Accountability
Bush fire response Report delivered
Financial & in-kind proactive
275MW renewables
response; ongoing assistance
Regulation
in communities where our 45MW gas-fired power
assets operate RIS submission
270km pipelines
Expected outcomes FY21
added to APA’s portfolio in
Fire truck
the last 3 years
donated to the Shire of Regulatory resets
Dandaragan, WA GGP new 5 year period
AGP stakeholder consultation
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Orbost Gas Processing Facility

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11 February 2020
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• Commissioning delayed due to construction delays, with further delays due to local bush fire threat & air quality issues from smoke

• Successfully commissioned gas-fired power generation on site & safely introduced sales gas into the plant

• Raw gas from Sole field expected to be brought into the plant late February

• Commercial operations expected to commence in March

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safety & environment

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• TRIFR safety metric 7.37 (FY2020 target 5.5) & LTIFR safety metric 0.6 (FY2020 target 1.0)

• Injuries are less severe but still too many, particularly for contractors

 Contractor management ongoing priority & focus

• New three year HSE Strategic Plan developed and being rolled out, 6 key themes:

• HSE Leadership & Culture

• Contractor Management

• Health & Wellbeing

• Technology, Systems & Analytics

• Environment & Heritage Management

• Process Safety

• Environment – working with local Councils, utility providers, developers, landowners, community & cultural groups to ensure energy infrastructure is appropriately & safely located; avoid adverse impacts; & take into account future needs & uses

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priorities for FY2020 - update

• complete review of APA’s purpose, vision and culture

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• implement new organisational model to support strategy execution

In progress:

• 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

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financial performance. Peter Fredricson stay connected. Chief Financial Officer 2019 full year employee update.

summary results

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$ million	1H FY20 1H FY19 Change
Revenue excluding pass-through(1)	1077.8 1,012.9 6.4%
EBITDA Depreciation and amortisation	842.2 787.7 6.9% (319.4) (297.6) 7.3%
EBIT Net interest expense	522.8 490.0 6.7% (245.3) (239.6) 2.4%
Pre-tax profit Tax	277.5 250.5 10.8% (102.4) (93.1) 10.0%
Net profit after tax	175.0 157.4 11.2%
Operating cash flow(2)	511.9 470.2 8.9%
Operating cash flow per security (cents)	43.4 39.8 9.0%

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

• (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.

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1H FY2020 result: EBITDA by business segment

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$ million	1H FY20	1H FY19	Change
Energy Infrastructure Queensland 506.3 511.6 (1.0%) New South Wales 81.6 75.4 8.1% Victoria & South Australia 63.5 68.8 (7.7%) Northern Territory 8.6 10.8 (21.0%) Western Australia 171.1 122.7 39.4%
Energy Infra total 830.9 789.4 5.3% Asset Management 31.3 27.7 12.8% Energy Investments 18.4 13.0 41.7% Corporate costs (38.4) (42.4)(2) (9.4%)
Total EBITDA 842.2 787.7 6.9% CC/EBITDA(1) 4.4% 5.1%

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 former Managing Director’s retirement.

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1H FY2020 EBITDA bridge

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Energy Infra
structure
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low risk business model

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• Solid risk management processes in place

• Continue to manage counterparty risks by:

• Diversification of customers and industry exposures

• Assessment of counterparty creditworthiness

• Entering into long term contracts to support major capital spend

• Revenue weighted average contract tenor at 1 Jan 2020 is in excess of 12 years

Energy Infrastructure revenue split

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By revenue type By customer industry By customer credit rating
Flexible short term
Industrial & Others
Throughput charge & other services: 0.6% 6.5%
variable revenue: 9.3% Other: 0.2%
Contracted fixed
revenue: 2.9%
Regulated
revenue: 8.7% Resources
21.4%
Energy
46.7%
Capacity
charge
Utility
revenue: 78.2%
25.4%
~90% ~93%
TAKE OR PAY / INVESTMENT
REGULATED GRADE
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capital expenditure

	$ million	1H FY20	1H FY19
	Growth capex
	Regulated – Victoria	28.4	14.0
	Non-regulated East Coast Grid	98.8	104.3
	Western Australia and Northern Territory Other Total growth capex	10.6 7.3 145.1	132.6 10.5 261.4
	Stay-in business capex	52.6	45.7
	IT capex	15.9	23.2
	Total capital expenditure(1)	213.6	330.4

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

• (1) Capital expenditure (“capex”) represents cash payments as disclosed in the cash flow statement.

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APA long term track recording of growth capex
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Growth capex projects:

• Orbost Gas Processing Plant in Vic

• Moomba Sydney Pipeline capacity expansion, providing additional capacity of ~20 TJ/day to Sydney/Melbourne

• Gruyere Power Station in WA

• Various works on the Eastern Goldfields Pipeline and associated laterals in WA

• Renewable power - Badgingarra Wind and Solar Farms in WA and Darling Downs Solar Farm in Qld

• Thomson Power Station in QLD

• Metering Station on the Goldfields Gas Pipeline for new customer Kalium Lakes

• Warrego Pressure Regulation in NT

• Western Outer Ring Main project and Warragul Lateral looping in Vic

• Crib Point Pakenham Pipeline - early investigative works in Vic

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capital management

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• Cash and committed undrawn facilities of around $1,354 million as at 31 December 2019 to meet the continuing needs of the business

• Credit ratings: S&P BBB (outlook Stable, confirmed Dec 2019)

Moody’s Baa2 (outlook Stable, confirmed Dec 2019)

• Key capital ratios are as follows:

Metrics(1)	Dec 2019	Jun 2019	Jun 2018
Funds from Operations to Net Debt(1) 11.4% 10.8% 10.7% Funds from Operations to interest(1) 3.1 times 3.0 times 3.0 times Average interest rate applying to drawn debt(2) 5.35% 5.53% 5.65% Interest rate exposure fixed or hedged 99.0% 100% 97.7% Average maturity of senior facilities 6.5 years 6.8 years 6.9 years

Notes:

(1) APA calculation

(2) For the purpose of the calculation, drawn debt that has been kept in USD (rather than AUD) and is in a designated hedge relationship with USD revenue, has been nominally exchanged at AUD/USD exchange rates of 0.7772 for Euro and GBP MTN issuances and 0.7879 for the US144A notes at respective inception dates.

15

debt maturity profile

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

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Notes:

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

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

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fully covered distributions

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• Distribution payout ratio[(1)] of 53.0%

• Distribution components:

• 8.52 cents APT franked profit distribution

• 2.93 cents APT unfranked profit distribution

• 6.66 cents APT capital distribution

• 2.40 cents APTIT unfranked profit distribution

• 2.49 cents APTIT capital distribution

• $71.8 million tax paid for FY19 (FY2018: $52.0 million)

• FY19 effective cash tax rate of 15.5%, due to utilisation of available fraction tax losses and capital expenditure and other timing differences

• 23.00 cents Total final distribution

• 3.65 cents Franking credits

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OCF per security Distributions Franking Credits
100 cents
90.7
80 cents 87.1 85.8
77.1
60 cents
50.0
56.0 54.6 6.33 6.86
50.6 4.0
40 cents 43.5 45.0 47.0 43.4
41.5
39.8
38.0
35.5 36.3
3.65
3.2
20 cents
21.5 23.0
0 cents
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 1H FY19 1H FY20
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Notes: (1) Distribution payout ratio: distribution applicable to the 1H FY20 as a percentage of operating cash flow.

• FY2020 Guidance

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FY2020 guidance

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• Based on current operating plans and available information, APA reaffirms its guidance that EBITDA for FY2020 is expected to be within the range of $1,660 million to $1,690 million

• Net interest expense for FY2020 expected to settle towards the lower end of the $505 million to $515 million range

• Distributions per security for FY2020 expected to be in the order of 50.0 cents per security, with the 3.65 cents per security of franking credits announced for the half year and any further franking credits that may be allocated to the final distribution attaching to that cash payout

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outlook. Rob Wheals CEO and Managing Director

stay connected. 2019 full year employee update.

energy outlook

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Global energy demand expected to continue steady growth in most scenarios – IEA Gas remains a key part of the energy mix

Global

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Source: Source: International Energy Agency (IEA 2019), "World Energy Outlook 2019", IEA, Paris https://www.iea.org/reports/worldenergy-outlook-2019

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East Coast Australia – Gas supply & demand
Contingent and Prospectives
2,500PJ
2P Undeveloped
2P Developed
AEMO gas demand forecast
2,000PJ
1,500PJ
1,000PJ
500PJ
0PJ
2000 2007 2014 2021F 2028F 2035F
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Source: AEMO Gas statement of Opportunities 2019

• Natural gas usage forecast to be a critical part of the energy mix going forward – all scenarios (IEA)

• Between 2025 & 2037, an additional 200PJ p.a. of natural gas is required to meet demand

• Represents significant infrastructure opportunity to process & connect to markets

20

growth opportunities

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EAST “supply” - new infrastructure to connect new gas supplies to markets Western Slopes Pipeline LNG import terminal infrastructure Galilee Moranbah Pipeline - MoU Comet Ridge & Vintage Energy Bowen Basin - MoU Blue Energy Gippsland Basin - MoU Emperor Energy Beetaloo/McArthur Basins Otway Basin	WEST “demand” - new infrastructure for new projects New resource projects &/or expansion Available & affordable gas supply Goldfields & Eastern Goldfields Gas Pipeline Grid expansion Northern Pilbara energy precinct Perth Basin	ENERGY FUTURE “lower carbon” - renewables infrastructure - firming power required - new technologies Customers wanting renewables in their energy portfolio mix Dandenong Power Station New gas-fired generation Renewable methane demonstration plant Hydrogen energy	NORTH AMERICA “core business” - due diligence being undertaken on regulated LDC / gas transmission businesses Favourable market dynamics Attractive regulatory environment
Western Slopes Pipeline
LNG import terminal infrastructure
Galilee Moranbah Pipeline - MoU Comet Ridge & Vintage Energy
Bowen Basin - MoU Blue Energy
Gippsland Basin - MoU Emperor Energy
Beetaloo/McArthur Basins
Otway Basin

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organisational review - complete

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Purpose: why we exist We strengthen communities through responsible energy

Vision: what we aspire to To be world class in energy solutions

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Culture: how we do things Build on our STARS values, we are customer focused , innovative and collaborative, with empowered and energised teams

By responsible energy we mean:

As world class we want to be known for:

• Doing the right thing, even in tough situations

• High integrity & credibility

• Leadership in responsible energy

• Creating value for all our stakeholders

• Taking a long term view, being here for future generations

• Investing in new technologies & new energy

• Innovating for a sustainable future

• Customer focus

• Operational capability, safety & environmental performance

• Where people are proud to work

• Making a positive impact on communities

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APA’s operating model

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“ creates strategic alignment across the organisation to empower APA’s people to make the best decision every time , balancing speed and governance in pursuit of superior outcomes consistent with its vision and purpose ”

New operating structure as at 10 February 2020:

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CEO & MD
Rob Wheals
Corporate Functions: Govern & Support Business Units: Execution
People, Governance Transformation Strategy & Infrastructure North
Safety & Finance & External & Technology Commercial Development Operations America
Culture Affairs
Elise Peter Nevenka Process Process Kevin Darren Ross
Manns Fredricson Codevelle Underway Underway Lester Rogers Gersbach
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summary and outlook

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1H FY2020 – a solid result

• EBITDA up 6.9%

• Operating cash flow up 8.9%

• First full period contribution from new growth assets- $38.3 million

• Growth capital expenditure continued - $145.1 million

• Distribution of 23 cps, up 7.0% ps, plus 3.65 cps franking credits

Business strength

• Track record of successful investment in infrastructure to deliver long-term growth

• Reorganised business model to support collaboration on customer service & outcomes, & a ‘portfolio’ approach to energy assets

• Diversification of customers & industry exposures

• Operational, safety & asset management expertise

• Strong balance sheet

Outlook

• FY20 EBITDA guidance confirmed: $1,660 million to $1,690 million

• FY20 distribution expected to be in the order of 50.0 cps

• Continuing opportunities for growth:

• Domestic: gas & renewables

• North America

• New energy technologies

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APA’s uniquely integrated energy assets

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Assets and Investments Glossary

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|||
|---|---|
|AGPGLOS|Amadeus Gas Pipeline|
|AL|Agnew Lateral|
|BGP|Bonaparte Gas Pipeline|
|BWSF|Badgingarra Wind and Solar Farms|
|BWP|Berwyndale Wallumbilla Pipeline|
|CGP|Carpentaria Gas Pipeline|
|CRP|Central Ranges Pipeline &|
|distribution network|
|CWP|Central West Pipeline|
|DDSF|Darling Downs Solar Farm|
|DPS & LPS|Diamantina & Leichhardt|
|Power Stations|
|EGP|Eastern Goldfields Pipeline|
|EDWSF|Emu Downs Wind and Solar Farms|
|EP|Ethane Pipeline|
|GGP|Goldfields Gas Pipeline|
|GPS|Gruyere Power Station|
|IOC|Integrated Operations Centre|
|KKP|Kalgoorlie Kambalda Pipeline|
|MP|Mid west Pipeline|
|MGP|Mortlake Gas Pipeline|
|MGPSF|Mondarra Gas Processing &|
|Storage Facility|
|MMGP|Mt Morgans Gas Pipeline|
|MSP|Moomba Sydney Pipeline|
|NGP|Nifty Gas Pipeline|
|OGPP|Orbost Gas Processing Plant|
|PGP|Parmelia Gas Pipeline|
|PPS|Pilbara Pipeline System|
|RBP|Roma Brisbane Pipeline|
|RCWP|Reedy Creek Wallumbilla Pipeline|
|SESA|South East South Australia Pipeline|
|SGP|SEA Gas Pipeline|
|SWQP|South West Queensland Pipeline|
|TGP|Tipton Gas Pipeline|
|VTS|Victorian Transmission System|
|WGP|Wallumbilla Gladstone Pipeline|
|WPP|Wickham Point Pipeline|
|X41|X41 Power Station|
|YGP|Yamarna Gas Pipeline|

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25

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supplementary information.

stay connected. 2019 full year employee update.

1H FY20 operational summary – Energy Infrastructure

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1H FY17 1H FY18 1H FY19 1H FY20

East Coast + Central regions Western Australia 0 100 200 300 400 500 600 700 800 900 A$ m 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 Systems SESA Pipeline and other SA assets Amadeus Gas Pipeline Goldfields Gas Pipeline Eastern Goldfields Pipeline Emu Downs Wind and Solar Farms Pilbara Pipeline System Mondarra Gas Storage and Processing Facility Other WA assets Gruyere Power Station Badgingarra Wind and Solar Farms

27

energy infrastructure contracting

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Recontracting ongoing:

• No formal access requests which may trigger arbitration process

• Since the GMRG reforms (1 Aug 2017) were introduced, APA has entered into ~234 contracts or contract changes across all transmission assets (e.g. MDQ changes, new services, new or amended GTAs, amended receipt and delivery points)

• Of the ~234 contracts, 84 relate to firm service contract renewal with existing customers

Revenue certainty underpinned by LT contracts:

• Revenue weighted average contract term as at 1 Jan 2020 is in excess 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

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Number of renewed firm service contracts
60
50
40
30
20
10
0
FY18 FY19 1H FY20
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Note: Jul 17 onwards is based on the Gas Market Reform Group (GMRG) data.

28

corporate costs

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• APA’s corporate costs (excluding one-off items) have been steady at ~ $36 million per half year period, despite EBITDA increasing 109.9% since 1H FY2015

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A$ m 1,000 10%
800 8%
600 6%
(1)
400 4%
(2)
200 2%
0 0%
1H FY15 1H FY16 1H FY17 1H FY18 1H FY19 1H FY20
Corporate costs (LHS) EBITDA (LHS) Corporate costs/EBITDA (RHS)
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Notes:

*EBITDA excluding corporate cost

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

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

29

debt facilities

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Total committed debt facilities at 31 December 2019:

	$ million	Facility	Drawn	Tenor
		amount	amount
	2015, 2016, 2017, 2018 & 2019 Bilateral bank facilities	400	120	3 to 5 year facilities maturing between May 2020 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 tranches 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 in November 2024
	2015 US144a/Reg S Notes(1)	1,777	1,777	10 and 20 year tranches maturing March 2025 and March 2035
	2015 GBP Medium Term Notes(1)	1,140	1,140	15 year tranche maturing March 2030
	2015 EUR Medium Term Notes	1,132	1,132	7 year tranche maturing March 2022
	2015 EUR Medium Term Notes(1)	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 March 2031
	2019 JPY Medium Term Notes	133	133	15 year tranche maturing July 2034
	Total	10,379	9,099

Notes: (1) USD denominated obligations translated to AUD at the prevailing rate at inception (USD144A - AUD/USD=0.7879, EMTN & Sterling - AUD/USD=0.7772)

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For further information contact: Jennifer Blake Head of Investor Relations T: +61 2 9693 0097 M: +61 455 071 006 E: jennifer.blake@apa.com.au

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

stay connected. 2019 full year employee update.