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APA GROUP Investor Presentation 2013

Nov 13, 2013

64398_rns_2013-11-13_63ef7cac-b69c-45d2-88b9-5a37d0bccc37.pdf

Investor Presentation

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MORE THAN THE
SUM OF OUR PARTS
APA�Group�Investor�Day
14 November�2013�Sydney
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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.

APA�Group�Investor�Day�2013��� 2

Agenda

  • Business�overview�and�strategy��Mick�McCormack�(MD)

  • Industry�focus��Ross�Gersbach�(Strategy�&�Development)

  • Gas�transmission��Rob�Wheals�(Transmission)

  • Q�&�A�session

  • 10:30��10:50�am�Morning�tea

  • Major�projects��Kevin�Lester�(Infrastructure�Development)

  • Network�operations�and�asset�management��John�Ferguson�(Networks)

  • Energy�Investments��Ross�Gersbach

  • Finance�and�capital�management��Peter�Fredricson�(CFO)

  • Summary��Mick�McCormack

  • Q�&�A�session

  • 12:30��2:00�pm�Lunch

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  • Lifecycle�of�pipelines��Kevin�Lester,�Mark�Fothergill,�Edwin�De�Prinse

  • 3:30�pm�Close

APA�Group�Investor�Day�2013��� 3

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Business�overview�and�strategy Mick�McCormack Managing�Director�and�CEO

APA�Group�Investor�Day�2013��� 4

Agenda

  • APA’’s�executive�team

  • APA’’s�infrastructure�portfolio�

  • Strategy�

  • Organic�growth�

  • Revenue�diversity�and�security

  • Financial�strength

  • Safety�and�reliability

APA�Group�Investor�Day�2013��� 5

APA�executive�team

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Chris�Kotsaris
Head�of�
Investor�Relations�
&�Communications
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APA�Group�Investor�Day�2013��� 6

APA’’s�infrastructure�portfolio

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Darwin
Mount�Isa
Gladstone
Brisbane
Moomba
Perth
Sydney
Adelaide
APA�natural�gas�pipelines�(including�investments)�
Other�natural�gas�pipelines Melbourne
Gas�resource Gas�production
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(1)��APA’’s�14,100�km�of�pipelines�represents�approximately�65%�of�Australia’’s�gas�transmission�pipelines

  • Unrivalled�gas�infrastructure�portfolio

  • Integrated�portfolio�of�assets�

  • Attractive�growth�opportunities�

  • Increased�industry�efficiency

  • Stable�and�secure�cash�flow�

  • Internally�managed�and�operated

APAowned andoperatedassets APAowned andoperatedassets
Transmissionpipelines 14,100km
Gasstorage MondarraUGS
DandenongLNG
Distributionnetworks 25,000kmmains
1.25m gasusers
Powergeneration 6powerplants
430MW
APAGroupInvestorDay2013�7

Australian�gas�industry�–– supply�and�demand

  • Supply�fundamentals�remain�strong

  • Proven�and�probable�gas�reserves�total�140,150�PJ�(1) Identified�gas�resources�exceed�430,000�PJ�(2)

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  • Australian�gas�consumption�projected�to�grow

  • Domestic�gas�use�for��2012�was�1,100�PJ(1),�forecast to�increase� by�1/3�(1.3%�pa)�to�2034––35�

  • Growth�likely�to�be�underpinned�by�gas�fired�electricity� generation�and�the�mining�sector

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Source:�BREE�Gas�Market�Report,�July�2012
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(1) 2012�gas�production,�LNG�production�and�gas�reserves:�Energy�Quest,�February�2013 (2) As�at�January�2011:�BREE�Gas�Market�Report,��July�2012,�

APA�Group�Investor�Day�2013��� 8

Australian�gas�industry��changes

Responding�to�short�and�long�term�changes�in�the�industry

  • East�coast�gas�allocation�for�domestic�use�and�export

  • Gas�pricing�and�impacts�on�the�supply�and�demand�of�gas

  • Development�of�new�gas�sources

  • Efficient�market�operations

APA�Group�Investor�Day�2013��� 9

APA�strategy

Focus�on�our�core�business�–– gas�pipelines�and�distribution�infrastructure

Facilitating�development�of� Enhancing�APA’’s�portfolio�of�gas� gas�related�projects�that� infrastructure�assets�in�Australia’’s� enhance��APA’’s� growing�energy�market infrastructure�portfolio Pursuing�opportunities�that� Capturing�revenue�and�operational� leverage�APA’’s�knowledge� synergies�from�APA’’s�significant�asset�base and�skills�base

Strengthening�financial�capability

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APA�Group�Investor�Day�2013��� 10

Successful�strategy�implementation

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2001 2004 2007 2010 2013
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  • Acquired�minorities,� � Acquisition�–– pipelines,�

  • achieving�100%� distribution�networks,�

  • ownership�of�major� electricity�

  • pipeline�asset interconnects

  • Development�–– gas� power�stations,� processing�plants

  • Pipeline�acquisitions

  • Organic�expansion� and�pipeline� development

  • Internal�management� and�operation

  • Focused�balance� sheet�–– partial� divestment�of�non� core�assets

  • Pipeline�acquisitions

  • Organic�expansion�–– pipelines� and�gas�storage

  • Development�of�the�east�coast� gas�grid

  • Development�and�investment�in� assets�that�protect�and/or� enhance�APA’’s�gas�portfolio

  • Partial�divestment�of�non�core� assets

APA�Group�Investor�Day�2013��� 11

Envestra�rationale

Rationale�unchanged

  • Core�business�–– gas�distribution

  • Largest�shareholder�and�service�provider

  • Revenue�certainty�and�appropriate�commercial�returns

  • Significant�growth�

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APA�Group�Investor�Day�2013��� 12

Organic�growth

  • Organic�growth�continues�to�be�focus

  • Committed�projects�underwritten�by�long�term�revenue�contracts

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FY�2013 FY�2014 FY�2015
Committed�growth�capital�
Roma Brisbane $500m
Pipeline Pipeline�expansion
Moomba Sydney
Pipeline Pipeline�expansion Southern�lateral�expansion $400m
Victorian Northern�augmentation� Capacity�expansion�of�southern�and�northern�sections�of�
Transmission System project�Sunbury�looping the�transmission�system $300m
Goldfields
Pipeline�expansions
Gas PIpeline
$200m
Moomba Compression�for�eastern�haul�transportation
compression
Wallumbilla Compression�Wallumbilla�hub�for��deliveries�to�Gladstone $100m
compression
Mondarra Gas
Storage Facility Capacity�increase $0m
FY2012 FY2013 FY2014 FY2015 FY2016
Diamantina 242�MW�gas�fired�power�station� Growth�capex guidance
Power Station 60�MW�back�up�generation
APA�Group�Investor�Day�2013��� 13
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Creating�value

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Distribution�per�security
EBITDA
700 667.1 40 35.5
600
30
500
400
20
300
200 10
100
0 0
2001 2004 2007 2010 2013 2001 2004 2007 2010 2013
Operating�cash�flow Operating�cash�flow�per�security
500 432.6 60 56.0
400 50
40
300
30
200
20
100 10
0 0
2001 2004 2007 2010 2013 2001 2004 2007 2010 2013
$�million
cents
$�million cents
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Total�annual�returns

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50%
43%
40%
31%
29%
30%
23%
18%
20%
10%
0%
2009 2010 2011 2012 2013
�10%
�20%
�30% APA�Total�Securityholder�Return
S&P/ASX200�Accumulation�index
Source:�APA�based�on�IRESS�data�
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APA�Group�Investor�Day�2013��� 14

Revenue�security�and�diversity

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$900m
Revenue�by�business�segment� [(1)] 6%
$800m
Energy�Investments 9% FY13�Revenue�split
$700m Asset�Management Other�1% Regulated
WA�and�NT WA� (revenue�subject�to�price�
$600m Vic�and�SA Energy�Infrastructure NT&� 25% regulated�tariffs)25%
Qld
$500m NSW
Vic�
&� 19%
$400m SA
$300m
Contracted
Qld 25% (regulated�assets�with�
$200m negotiated�tariffs)��
18% 15%
24% Contracted
$100m (light�regulation�and�
NSW non�regulated�assets)��
58% 16% 59%
$0m
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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(1)�Excludes�pass�through�revenue�and��divested�businesses

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APA�Group�Investor�Day�2013��� 15
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Financial�strength

  • Strong�balance�sheet�characterised�by�a�long�term�debt�profile

  • Access�to�broad�cross�section�of�debt�and�equity�capital�markets

  • Focus�on�maintaining�strong�BBB/Baa2�investment�grade�credit�ratings

  • Funding�all�growth�with�appropriate�levels�of�OCF�retained�in�the�business,�equity�and�debt

  • Distribution�policy�set�to�deliver�ongoing�growth��value�for�securityholders

APA�Group�Investor�Day�2013��� 16

Safety�and�reliability

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LTIFR
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  • Long�term�safety�goal�of�zero�harm�

  • All�incidents�are�preventable�

  • Our�performance�is�improving�

  • New�HSE�Strategy�and�Improvement�Plan�will�take�us�closer

  • Reliability�underpins�safe�operations�

  • Effective�emergency�response�

  • Demonstrating�our�smarts�and�capabilities�

  • Industry�leading�response�

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7.3
6.1
4.9
2.2 2.1
2009 2010 2011 2012 2013
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APA�Group�Investor�Day�2013��� 17

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Industry�focus� Ross�Gersbach Chief�Executive�Strategy�and�Development

APA�Group�Investor�Day�2013��� 18

Agenda

  • Structure

  • Gas industry dynamics

  • East coast –– changing gas dynamics

  • Western Australian developments

  • Regulatory developments

  • Investment opportunities

APA�Group�Investor�Day�2013��� 19

Organisational�structure

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Ross�Gersbach
Chief�Executive
Strategy�&�Development
Corporate� Power� Regulatory� Complementary� Environment� Government�
Development Generation &�Strategy Projects Development Relations
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APA�Group�Investor�Day�2013��� 20

East�coast�grid�–– changing�dynamics

  • Increase�in�gas�prices

  • Gas�prices�moving�to�parity�with�international�gas�prices

  • Increased�production�costs�from�new�fields

  • New�sources�of�supplies�to�meet�export�and� domestic�demand

  • Opportunities�for�additional�pipeline�services� to�supply�Gladstone

  • New�South�Wales

  • Shift�in�supply�from�Victoria�

  • Medium�term�supplies�from�NSW�and�unconventional� through�Moomba

  • Gas�fired�generation�

  • Focus�on�remote�and�peaking�power�stations

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Global�natural�gas�price
$20
Japan�LNG�(CIF)
EU�pipeline�(CIF)
$15
UK�NBP
US�(Henry�Hub)
$10
$5
$0
1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
Source:�BP��Statistical�
review�of�world�
energy�2013
Moomba
NSW
Sydney
VIC
APA�Group�Investor�Day�2013��� 21
US$/MmBtU
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Western�Australian�developments

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Reindeer Canning
Gorgon
Macedon
Mondarra�
Gas�Storage�
Facility
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  • Growth�driven�by�greenfield�and�brownfield�mine� expansions�

  • Recently�developed�Reindeer�field,�plus�gas� projects�of�Macedon�and�Gorgon�Phase�1� domestic�gas�obligations�will�provide�gas�supply�relief�

  • Shale�gas�development�potential�in�Canning�Basin�

  • Mondarra�Gas�Storage�Facility�key�strategic�asset

  • South�east�market�structure�in�a�state�of�flux

  • Verve�Synergy�re�merger

  • Review�of�electricity�market�structure

APA�Group�Investor�Day�2013��� 22

Regulatory�update

  • AER�is�working�on�new�regulatory�guidelines�with�a� particular�focus�on�electricity�businesses

  • Rate�of�return�guideline�is�most�pertinent�to�APA

  • Debate�focused�on�beta�and�gamma

  • Recent�changes�to�cost�of�capital�rules�require�a�broader� basis�for�assessing�the�cost�of�capital

  • Move�away�from�mechanical�application�of�a�single�model

  • Effective�dates�of�access�arrangements:

  • Goldfields July�2015

  • – Roma�to�Brisbane� July�2017 – Victorian�Transmission January�2018 System

FY13�Revenue�split

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Other�1%
Regulated
(revenue�subject�to�price�
regulated�tariffs)
25%
Contracted
(regulated�assets�with�
negotiated�tariffs)��
15%
Contracted
(light�regulation�and�
non�regulated�assets)��
59%
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APA�Group�Investor�Day�2013��� 23

Investment�opportunities

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Gove
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  • Asset�footprint�–– APA’’s�competitive�advantage

  • Organic�growth�opportunities

  • Expansion�of�existing�assets

  • Connecting�new�gas�reserves�to�APA’’s�pipelines

  • Engagement�with�new/junior�producers

  • APA�in�a�unique�position�to�facilitate�new� connections

  • Queensland�LNG�pipelines�to�Gladstone�

  • Complementary�energy�infrastructure

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  • Upstream�energy�infrastructure

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Potential�new�pipeline
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  • Remote�generation

  • Domestic�LNG�for�transport

APA�Group�Investor�Day�2013��� 24

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Gas�transmission� Rob�Wheals Group�Executive�Transmission

APA�Group�Investor�Day�2013��� 25

Agenda

  • Overview

  • Team�structure

  • Key�metrics

  • Strong�business�fundamentals

  • Market

  • Overview

  • Opportunities

  • Responding�to�customer�needs

  • Transmission�portfolio

  • Summary

Capturing�value�in�a�changing�gas�market

APA�Group�Investor�Day�2013��� 26

Transmission�team

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Rob�Wheals
Group�Executive�Transmission
Eastern� Western� Northern�
Portfolio Portfolio Portfolio
Transmission� Pipeline�Operation
Operations &�Maintenance
Strategy�and�Service� Customer�Experience�&�
Delivery Strategic�Planning
Transmission�
Business�Improvement
Projects
National�strategies�locally�delivered
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APA�Group�Investor�Day�2013��� 27
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Overview– keymetrics
Total
Eastern
Portfolio
Western
Portfolio
Northern
Portfolio
APA
Investments
Kmofpipelines
14,000
7,000
2,700
1,700
2,600
Majorpipelines
14
6
4
1
3
Storage
Dandenong LNG
pluslinepack
Mondarra
pluslinepack
Linepack
FY13Deliveries
495PJ*
400PJ
70PJ
25PJ

*�excludes�APA�Investments

  • East�coast�grid�connects�all�major�gas�basins�and�demand�centres

  • Asset�portfolio�means�well�positioned�in�Western�Australia�and�Northern�Territory

APA�Group�Investor�Day�2013��� 28

Strong�business�fundamentals

  • Significant�gas�reserves��combined�with�unrivalled�gas�asset�footprint�

  • Domestic�gas�demand��fundamentals�still�strong�

  • Long�life�assets

  • Long�term�contracts�and/or�regulatory�certainty

  • Strong�customer�relationships,�blue�chip�customer�base

  • 80%�of�revenue�from�top�10�customers,�investment�grade�or�government�owned

  • Approximately�90%�of�contracted�revenue�is�capacity�based��relatively�unaffected� by�volume�variability

  • Skilled�workforce

APA�Group�Investor�Day�2013��� 29

Strong�business�fundamentals

  • Successes�/�achievements

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  • Capacity�contracting��Energy�Australia,�Origin�Energy,� Lumo Energy

  • Expansions�completed��Mondarra�and� Victorian�Transmission�System�

  • Expansions�underway��Goldfields�Gas�Pipeline,� South�West�Queensland�Pipeline,�and� Victorian�Transmission�System

� 3�strategic�focus�areas

  • Growth

  • Seamless�and�flexible�services

  • Reliability�and�safety

APA�Group�Investor�Day�2013��� 30

Market��overview

  • Step�change�in�gas�demand�

  • East�coast�LNG�demand�2�3�x�domestic�(6�9�trains)

  • Demand�largely�being�met�by�Queensland�coal�seam�gas

  • Re�balancing�of�NSW�supply�away�from�Moomba

  • Gas�price�linkage�to�the�global�market

  • Price��trending�higher�(upwards�of�$7/GJ)

  • Price�increase��Permanent?�Or�may�moderate

� Domestic

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  • East�coast�demand�steady�to�modest�growth,�substantial�reserves

  • Changing�outlook�for�gas�fired�electricity�generation

  • Long�term�legacy�gas�contracts�for�renewal�in�period�to�2017

East�coast�LNG�driving�significant�market�change�=�opportunity�for�APA

APA�Group�Investor�Day�2013��� 31

Market��opportunities

  • East�coast�LNG�export�requirements

  • Transportation�services�to�meet�demand

  • Storage�/�other�services�to�manage�coal�seam�gas�field�volatility�and/or�operational�disruptions

  • Development�of�current�gas�resources

  • NSW�coal�seam�gas�to�Sydney�(and/or�LNG)

  • Development�of�unconventional�gas�resources

  • Significant�investment�by�‘‘majors’’�in�Cooper�Basin�shale�gas

  • Emergence�of�Australian�junior�explorers/producers��Senex,�Strike,�Armour,�Real

  • Exploration�underway�in�Northern�Territory,�Canning�and�Perth�Basins

New�gas�sources�and�LNG�requirements�provide�growth�potential

APA�Group�Investor�Day�2013��� 32

Market��responding�to�customer�needs

  • Market�changes�and�uncertainty�driving�customers�needs

  • Changing�supply�and/or�demand

  • Responding�to�greater�volatility

  • Assisting�customers�reduce�energy�costs

  • APA�working�closely�with�customers�

  • Expanding�assets�in�response�to�demand

  • Delivering�seamless�and�flexible�services

  • Providing�reliable�services�

  • Planning�for�the�broadest�range�of�outcomes

  • Change�in�overall�flow�direction�and�shifts�in�supply/demand�

Delivering�value�adding�customer�solutions

APA�Group�Investor�Day�2013��� 33

Case�study�–– responding�to�customer�needs

  • Based�on�a�recent�transaction

  • Customer�solution��integrated�suite�of�services

  • Storage

  • Bi�directional�transportation�services

  • Mix�of�‘‘firm’’�and�‘‘as�available’’�services

  • Across�multiple�pipelines

  • Multiple�receipt�and�delivery�points

  • Delivery�and�receipt�points�at�STTM�Hub

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Gas����� Demand�
basin centre
Hub STTM
In�pipe�
storage
Gas�basin
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APA�Group�Investor�Day�2013��� 34

Transmission�portfolio

  • Diversification�across

  • Industry�sector

  • Geographical�regions

  • Pipeline�assets

  • Asset�portfolio

  • Each�asset�is�integral�to�the�portfolio

  • Meets�customers�needs�seamlessly

  • ‘‘one�stop�shop’’�to�deliver�gas�across�multiple�assets

FY13�EBITDA�by�business�segment

Australian�Primary�Gas�Usage�by�Sector�2009�10�*

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�Bureau�of�Resource�and�Energy�Economics�Gas�Market�Report�July�2012
----- End of picture text -----*

Transmission�portfolio�management�� diversifies�risk,�delivers�‘‘one�stop�shop’’�

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Energy�
Investments
Asset� 8%
Management
7%
Queensland
25%
Western�
Australia�&� Energy�Infrastructure
Northern� 85%
Territory New�South�
23% Wales
17%
Victoria�&
South�Australia
20%
APA�Group�Investor�Day�2013��� 35
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Eastern�portfolio�–– east�coast�grid

  • Acquisition�of�SWQP�completes�east�coast�grid

  • Fully�integrated�within�6�months

  • Operational�integration�of�SWQP�and�RBP�

  • Efficiency�and�other�synergies

  • c.�$600�million�expansions�currently�underway

  • Moomba�to�Wallumbilla�up�to�$400�million�

  • Victorian�Transmission�System�$200�million�

APA�investing�to�enhance�grid�capacity�&�flexibility

APA�Group�Investor�Day�2013��� 36

System�flexibility��strategy�in�action

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past�……
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Capacity� expansions Bi�directional� capability

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Building�greater�flexibility�into�our� eastern�portfolio

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……�future
APA�Group�Investor�Day�2013��� 37
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APA�Grid�–– service�capability

  • Strategic�focus��seamless�and�flexible�transportation�and�storage�services

  • New�customer�management�system��APA�Grid�

  • Operational�efficiencies,�reduced�risk

  • APA�Grid�supports�services�across�multiple�pipelines

    • ………..�helps�deliver�east�coast�grid

  • First�multi�asset�services�implemented�in�2013

  • A�single�tariff

  • A�single�contract,�single�invoice

  • Seamless�service

  • Simplified�customer�interface

Implementing�system�&�processes�to�deliver�required�service�capability

APA�Group�Investor�Day�2013��� 38

APA�Grid�

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Customer�““dashboard””�

  • customer�throughput� information�

  • maintenance� information�

  • status�of�customer� data�functions

  • access�to�multiple� pipelines�from�one� screen

APA�Group�Investor�Day�2013��� 39

APA�Grid

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APA�““dashboard””

  • Customer�throughput� information

  • Line�pack�status

  • Operational� information

  • Access�to�multiple� pipelines�from�one� screen

APA�Group�Investor�Day�2013��� 40

Delivering�the�strategy

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East�Coast�Grid
33�Receipt�Point�and�98�Delivery�Points
Service�layer APA�Grid�–– Customer�Management�System
Victorian� South�West�
Dandenong LNG� Moomba�Sydney�
Transmission� Queensland�
(DLNG) Pipeline�(MSP)
System�(VTS) Pipeline�(SWQP)
Asset�layer
Berwyndale�
Roma�Brisbane� Carpentaria�Gas�
Wallumbilla
Pipeline�(RBP) Pipeline�(CGP)
Pipeline�(BWP)
Individual�pipelines�working�together�as�one
APA�Group�Investor�Day�2013��� 41
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East�coast�grid��benefits

  • Customer�solution�specific��not�asset�specific

  • Storage�services�may�not�be�local,�eg RBP�storages�services�held�in�SWQP

  • Flexibility

  • Pre�positioning�line�pack�to�meet�customer�needs

  • Moving�storage�services�to�other�parts�of�the�system,�releases�some�additional� throughput�services

  • Higher�reliability

  • Efficiency

  • Lower�operating�costs

  • Lower�fuel�and�greenhouse�gas�emissions

APA�Group�Investor�Day�2013��� 42

NSW�market�in�transition

  • Market�changes

  • Short�term�shift�of�NSW�supply�away�from�Moomba

  • Constraints�on�developing�NSW�coal�seam�gas�……�impacts�timing

  • Reliance�on�wider�sources�of�gas�……�all�connected�to�APA’’s�assets

  • Need�flexibility��APA�responding

  • Successfully�contracted�key�customers�

  • Met�by�APA’’s�east�coast�grid

  • Leverages�VTS�and�MSP�to�deliver�gas�to�NSW

  • Competitive�service�into�Sydney

Market�in�transition�–– APA�responding APA�Group�Investor�Day�2013��� 43

NSW�market�–– transitional�impacts

  • FY2014

  • Existing�agreement�on�MSP�unlikely�to�be�recontracted

  • Overall�eastern�portfolio�up�year�on�year��““portfolio�effect””

  • Included�in�APA’’s�EBITDA�guidance

� FY2017�

  • MSP�foundation�contract��expect�significant�portion�to�be� recontracted

  • Orica�

  • Interim�3�year�gas�supply�from�Esso/BHP�starting�2017

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  • Replaced�with�gas�from�Strike�(Cooper�basin),�requires� MSP�transport

APA�Group�Investor�Day�2013��� 44

MSP�integral�to�east�coast�grid

  • Demand�for�range�of�services�across�the�grid,�including�MSP

  • MSP�provides�vital�north�south�north�link

  • Storage�key�opportunity

  • Can�provide�peak�day�capacity�for�VIC,�NSW�and�QLD

  • Managing�volatility�for�LNG�export

  • Other�opportunities

  • Services�‘‘South�to�North’’

  • Gunnedah�gas�

  • Services�supporting�LNG

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Moomba
Line�pack�
storage
Young�storage�hub Wilton
Culcairn
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  • Expect�more�wins�than�losses�across�eastern�portfolio

APA�Group�Investor�Day�2013��� 45

Supporting�LNG�projects

  • c.�$400�million�expansion�currently�underway� Moomba�to�Wallumbilla

  • New�opportunities�–– meeting�the�needs�of�our� customers�with�services�to

  • transport�gas�to�meet�demand

  • manage�supply�during�LNG�plant�commissioning� and�ongoing�maintenance�

  • Not�asset�specific�……�but�solution�specific

  • Potential�to�utilise�MSP

  • Storage�to�manage�volatility

  • ““South�to�North””�service

LNG�exports�……�a�significant�opportunity�for�the�east�coast�gas�grid

APA�Group�Investor�Day�2013��� 46

Storage

  • Significant�storage�portfolio

  • Dandenong LNG

  • Line�pack�storage�in�major�pipelines

  • Services�

  • Peak�day

  • Power�generation��price�volatility

  • LNG�plant�commissioning�and�operational�disruption

  • Upstream�production�issues

  • Pricing��based�on�volume�stored

APA�positioned�to�benefit�from�demand�for�storage

APA�Group�Investor�Day�2013��� 47

Western�portfolio��Pilbara�region

  • PEPL�fully�integrated�into�APA,�revenue�re�contracted

  • 28%�expansion�of�GGP

  • Rio�Tinto�and�BHP�

  • Further�growth�as�mining�majors�expand�energy�requirements

  • Conversion�of�diesel�fired�power�generation�facilities

  • Conversion�of�mine�truck�fleets�

  • Potential�connection�of�GGP�to�PEPL�

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Mondarra�
Gas�Storage�
Facility
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Asset�base�positions�APA�well�to�support�iron�ore�projects

APA�Group�Investor�Day�2013��� 48

Western�portfolio��Goldfields�region

  • Current�gold�and�nickel�prices�shifted�focus�to�cost� reduction�for�mines

  • Providing�significant�opportunities�to�replace�diesel�fired� power�generation�with�gas�fired�generation

  • Upside�from�new�projects�if�economic�fundamentals� improve

  • Continuing�interest�for�new�connections�to�GGP

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Mondarra�
Gas�Storage�
Facility
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APA�well�positioned�to�benefit�from�upturn�in�resource�cycle

APA�Group�Investor�Day�2013��� 49

Mondarra�gas�storage�facility

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  • Project�underwritten�by�Verve�Energy

  • Majority�of�capacity�contracted

  • Strong�interest�from�other�customers

  • Connection�to�

  • the�Dampier�to�Bunbury� Natural�Gas�Pipeline

  • Perth�via�the�PGP

  • Flexible�services�and�tariff�structures� to�meet�the�market

Providing�security�and�managing�supply�volatility

APA�Group�Investor�Day�2013��� 50

Northern�portfolio�

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Gove
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  • Long�term�contract�with�Power�&�Water�Corporation

  • Gas�to�Gove

  • Federal�and�NT�Government�support

  • Rio�Tinto�decision

  • If�proceeds

    • APA�existing�assets�involved

    • APA�will�participate�in�any�process

  • NT�Link

  • Potential�to�connect�NT�assets�and�east�coast�grid

  • Bi�directional�–– allow�development�of�NT�unconventional� gas�industry

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Potential�new�pipeline
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  • Leverage�shale�gas�resources�on�route

Matching�demand�&�supply�could�see�future�development�������������������������������������������� of�connection�to�east�coast�� APA�Group�Investor�Day�2013��� 51

Summary

  • Strong�business�fundamentals

  • LNG�driving�significant�market�change�and�opportunity

  • Transmission�portfolio�diversifies�risk

    • Capturing�value�by�responding�to�customer�needs

  • More�upside�than�downside

  • Maximising�returns�by�leveraging�existing�assets�and�enhancing�capacity�and� flexibility

  • Storage��to�provide�security�and�manage�volatility

  • Eastern�portfolio��from�point�to�point�pipelines�to�an�integrated�grid

  • Western�portfolio��well�positioned�to�support�resources�projects

  • Northern�portfolio��key�infrastructure�for�future�market�developments

Capturing�value�in�a�changing�market

APA�Group�Investor�Day�2013��� 52

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Major�projects�overview Kevin�Lester Group�Executive�Infrastructure�Development

APA�Group�Investor�Day�2013��� 53

Agenda

  • Infrastructure�Development�division�overview

  • Team�structure

  • Project�development�and�delivery

  • Current�significant�projects�overview

  • Goldfields�Gas�Pipeline�expansion

  • Moomba�compressor�station

  • Wallumbilla�compressor�station�and�Easternhaul

  • Victorian�Transmission�System�(VTS)�expansion

  • Summary

APA�Group�Investor�Day�2013��� 54

Organisational�structure

Kevin�Lester Group�Executive Infrastructure�Development

Projects Infrastructure� Development Construction

Infrastructure�Strategy� &�Engineering

Strategic Infrastructure� Procurement Support

  • Asset�Capacity�Planning

  • Project�Development� • Implement�&�manage� management project�controls

  • Construction�engineering

  • Estimating • Project�management�&� delivery

  • delivery • Engineering�systems�

  • • Project�analysis development

  • Construction�Procurement

  • Category�procurement

  • Preferred�supplier�panel

    • Process�&�governance

    • Project�Management� Office

    • Approvals

  • Facilities�Management

  • Asset�Management

  • Corporate�procurement APA�Group�Investor�Day�2013��� 55

  • Project�development�and�delivery � Project�methodology�–– industry�best�practice

Concept Develop Plan Deliver Close

  • Capital�Works�Program:�$300�$400�million�per�annum

  • Inclusive�of�stay�in�business�(SIB)�capital�works:�$25��$30�million�per�annum�

  • Typically�around�25�projects�at�any�one�time

  • Extensive�in�house�skills�and�resources:�

  • Engineering�

  • Procurement�

  • Project�management

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APA�Group�Investor�Day�2013��� 56

Current�capital�projects

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APA�Group�Investor�Day�2013��� 57
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Goldfields�Gas�Pipeline�expansion

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The�project:

  • Compression�stations,�2�additional�offtakes and� meter�stations

  • Combination�of�brownfields�and�greenfields work

  • Prefabrication�of�modules�and�remote�construction

Capex:

  • $150�million

In�service:

  • Completion�FY2014

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Yarraloola compressor�station
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Outcomes:

  • 28%�increase�in�pipeline�capacity

  • Leveraging�existing�assets

  • Meeting�customer�needs

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APA�Group�Investor�Day�2013��� 58
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Moomba�compression�expansion

The�project:

  • 3�unit�compression�station��capacity�to�increase�to�5�units

  • Engineering�house�for�detailed�design

Capex:

  • $125�million

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In�service:

  • Completion�FY2015

Outcomes:

  • Compress�gas�from�6.4MPa�to�14.1MPa�into�SWQP

  • Expanding�existing�assets

  • Close�and�positive�working�relationship�with�Santos

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APA�Group�Investor�Day�2013��� 59

Wallumbilla�expansion�and�Easternhaul

The�projects:

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  • Wallumbilla:�3�unit�compression�station�–– 6�existing�units

  • Easternhaul:�brownfields�and�greenfields construction

Capex:

  • Wallumbilla:�$200�million

  • Easternhaul:�$75�million

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Cooladdie compressor�station��SWQP
----- End of picture text -----

In�service:

  • Completion�FY2015

Outcomes:

  • Wallumbilla: Compress�gas�to�15.3MPa�for�GLNG Extensive�hub�arrangement

  • Easternhaul: SWQP�bi�directional�–– total�flexibility

APA�Group�Investor�Day�2013��� 60

Victorian�Transmission�System�expansion

The�project:

  • Northern�Interconnect�looping

  • Stage�1�–– 27km�looping

  • Stage�2�–– 135km�looping�

  • Winchelsea�compressor�station�on�South�West�Pipeline

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Capex:

  • $200�million

In�service:

  • Stage�1:�FY2014

  • Stage�2:�FY2015

Outcomes:

  • Increase�of�145%�of�winter�capacity

  • Increased�gas�transported�between�states

APA�Group�Investor�Day�2013��� 61

Summary

  • In�house�skills,�expertise�and�resources

  • Agreements�with�necessary�resources�to�manage�peaks

  • Industry�best�practice�project�management�framework

  • National�restructure�fully�implemented

  • Value�for�customers�and�fit�for�purpose�infrastructure�

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APA�Group�Investor�Day�2013��� 62

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Network�operations�and�asset�management John�Ferguson Group�Executive�Networks

APA�Group�Investor�Day�2013��� 63

Agenda

  • Networks�structure

  • Asset�management�overview

  • Contract�overview

  • Networks�asset�overview

  • O&M�and�Commercial�services�provided

APA�Group�Investor�Day�2013��� 64

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Networks�team
John�Ferguson
Group�Executive�Networks
Victoria� South�Australia� Queensland
(incl southern�NSW) (incl NT�and�Mildura) (incl Tamworth�and�NSW)
““National�strategies�locally�delivered””
Business�development�support
Commercial
Networks Systems,�business�processes
Support�Services
Mains Management�of�national�
Renewal�Program mains�renewal�program
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APA�Group�Investor�Day�2013��� 65
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APA�asset�and�investment�portfolio

FY13EBITDA NetworkassetsoperatedbyAPA EnergyinfrastructureoperatedbyAPA EnergyinfrastructureoperatedbyAPA
(by businesssegment)
Asset EnergyInvestments
8%		 Energy Assets
Management Investments
7% Envestra
GDI Gasdistribution networks
Energy Gaspipelines
Infrastructure Electricity HV
Investments interconnectors
Gaspowerstations
Gasprocessingplants
Ethane
Pipeline Ethane pipeline
IncomeFund
EnergyInfrastructure
85%

APA�Group�Investor�Day�2013��� 66

Contract�overview

Envestra

  • Queensland,�Victoria�and�South�Australia�gas�distribution,�operator�since�2007�

  • NSW�gas�distribution�(Wagga,�Cooma,�Tumut�Valley,�Monaro�and�Riverina�Towns), operator�since�2011�

  • Operating�Agreements

  • Cost�recovery�plus�management�fee,�with�a� limited�incentive�mechanism�for�reductions� in�costs�from�the�previous�year

GDI�(EII)

  • Queensland�gas�distribution,�operator�since�2011�

  • Operating�Agreement

  • Cost�recovery�plus�management�fee,� with�an�incentive�mechanism�for� performance�against�KPI’’s

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APA�Group�Investor�Day�2013��� 67

Networks�asset�overview

Almost�third�of�the�national�market

Envestra GDI�(EII) APA�network Envestra

2013�Network statistics

Consumers connected 25,885
(new)
Consumers managed 1,254,643
Meters installed(new) 28,583
Meters replaced 59,196
Networksmanaged 25,000km
Mainslaid 221km
Mainsreplaced 435km
Gastransported 121PJ

APA�Group�Investor�Day�2013��� 68

O&M�and�services�provided

  • Gas�haulage

  • Operations�and�maintenance

  • Network�extensions�–– end�to�end

  • Marketing�natural�gas�brand

  • Billing

  • National�regulator�submissions

  • Financial�budgets

  • Financial�and�management�advice

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APA�Group�Investor�Day�2013��� 69

Summary

  • Strong�presence�across�5�states�

  • Long�term�contracts�in�place

  • We�add�value�by�driving�growth�and�efficient�operations

  • Operations�and�maintenance�are�our�core�competencies

APA�has�the�people,�expertise�and�tools�to�deliver�value�to�our�network�customers

APA�Group�Investor�Day�2013��� 70

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Energy�Investments Ross�Gersbach Chief�Executive�Strategy�and�Development

APA�Group�Investor�Day�2013��� 71

Agenda

  • The�Energy�Investments�platform�

  • APA’’s�existing�Infrastructure�Investments�

  • Power�generation

  • Diamantina�Power�Station�(DPS)

  • Leichhardt�Power�Station�(LPS)

APA�Group�Investor�Day�2013��� 72

APA’’s�Energy�Investments�platform

  • Exists�primarily�to�maximise revenue�to�APA�from�its�investment�assets,�across�all�aspects�of� its�involvement

  • Return�on�invested�capital

  • Fees�for�O&M�services

  • Fees�for�commercial�and�investment�management�services

  • Sustainability�of�earnings�streams�–– for�all�investors,�to�ensure�that�the�investment�revenue� stream�is�sustainable�over�the�medium�term�to�long�term

  • Sourcing�of�cost�competitive�capital�to�partner�with�APA�for�investment�in�appropriate�assets

  • Demonstrated�ability�to�manage�energy�infrastructure�investments�on�behalf�of�co�investors�

  • Objective�is�to�establish�energy�infrastructure�joint�ventures�with�co�investors:

  • Target�new�investment�opportunities�that�match�APA�strategy��

  • Source�new�capital�from�APA�investor�partners�for�those�new�investments

  • APA�to�provide�O&M�and�Commercial/Investment�Management�services�(actively�managed)

  • APA�focus�on�actively�managed�investments�–– delivers�greater�fee�stream�for�APA

APA�Group�Investor�Day�2013��� 73

�Investments APA’’s�current�Energy

Asset Enterprise
Value($b)
APA
interest(%)		 APA
Investment
Value($m)
Services Provided
EII1(10assets) ~$0.6b
19.9%		 ~$30m
Corporate, Regulatory,Commercial,Finance,O&M
EII2(SAwindfarm) ~$0.5b
20.2%		 ~$40m
Corporate,Commercial,Finance
GDI(Allgas) ~$0.5b
20%		 ~$40m
Corporate, Regulatory,Commercial,Finance,O&M
EthanePipeline(EPX) ~$0.1b*
6%		 ~$10m
Corporate,Commercial,Finance,O&M
DPS &LPS(powergen)
(underdevelopment)		 ~$0.6b
50%		 ~$100m
Corporate,Commercial
SEAGasPipeline ~$0.7b
50%		 ~$160m
O&M
Envestra* ~$4.1b*
33%		 ~$370m
AssetManagement,O&M
~$7.1b ~$750m
  • Estimate�based�on�share�price�as�at�11/11/2013

APA�Group�Investor�Day�2013��� 74

Drivers�of�success

  • Suitability�of�the�investment�for�the�investment�management�platform

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SEA�Gas�Pipeline�compressor�station
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  • Stable,�secure�long�term�cashflows

  • Known�operating�environment�and�cost�structures

  • Limited�/�very�predictable�future�capex requirements

  • Suitability�of�co�investors:

  • Complementary�contributions

  • Ability�to�work�with�APA

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North�Brown�Hill�wind�
farm
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  - Long�term�investment�horizon

  • Equity�returns�enhanced�through�the�project�gearing�/�financial�structuring

  • Ability�to�finance�at�higher�gearing�than�would�be�acceptable�within�APA

  • Non�recourse�debt�with�amortisation profiles�that�match�cashflows

  • Fee�streams�reward�APA�for�scope�of�services�provided

APA�Group�Investor�Day�2013��� 75

Diamantina�and�Leichhardt�power�stations

  • Joint�investment�in�Mount�Isa�with�AGL�in:

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  • 242MW�combined�cycle�gas�fired�power�generation

  • 60MW�open�cycle�gas�fired�power�generation

  • Progressively�brought�into�commission

  • Targeted�completion�date�by�June�2014

  • First�power�delivered�to�the�North�West�Power�System�early�Oct�2013

  • Fixed�price�EPC�contract�on�Diamantina�Power�Station�with�Forge�

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  • Fixed�price�EPC�contract�on�Leichhardt Power�Station�with�Leighton

  • Long�term�off�take�agreements�with�Xstrata�and�Ergon Energy

  • Additional�growth�options�with�new�or�extended�mining�operations

  • Limited�recourse�finance�facilities�in�place

  • Supports�continued�usage�of�Carpentaria�pipeline�and� east�coast�grid

APA�Group�Investor�Day�2013��� 76

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Finance�and�capital�management Peter�Fredricson Chief�Financial�Officer

APA�Group�Investor�Day�2013��� 77

Agenda

  • Finance�structure

  • Investment�criteria�

  • Capital�expenditure�

  • Distribution�policy

  • Capital�management�policy

APA�Group�Investor�Day�2013��� 78

Finance�team

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Managing�Director
Peter�Fredricson
Chief�Financial�Officer
Financial� Management Taxation Shared� Investor�Relations� Treasury
Accounting Accounting Services &�Communications
Risk�&� Information�
Insurance Technology
APA�Group�Investor�Day�2013��� 79
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Investment�criteria

APA�rigorously�assesses�any�potential�investment/divestment�from�a�strategic,�risk�and�economic�and�funding� viewpoint

Strategic

  • Focused�on�gas�and�related�infrastructure�to�deliver�value�to�securityholders and�investments�consistent� with�APA�Group�strategy�–– core�business,�leverage�opportunity

Economic

  • Project�returns�which�meet�hurdle�or�target�rates�commensurate�with�risk

  • Cash�flows�over�the�life�of�the�project,�generating�positive�impact�on�overall�APA�operating�cash�flow�per� security�

Risk

  • APA�has�the�proven�internal�capabilities,�policies�and�processes�to�assess�all�key�risks��financial,�operational,� project�delivery,�counterparty,�regulatory,�reputational�and�business

Funding

  • Optimal�funding��options�that�at�a�minimum�maintain�investment�grade�credit�rating

APA�Group�Investor�Day�2013��� 80

Distribution�policy

  • Maximising�total�securityholder�returns�by�balancing�the� need�to�support�funding�of�APA’’s�growth�opportunities�with� the�need�to�sustain�and�grow�distributions�over�the�long�term

  • Distributions�to�continue�to�be�sustainable�over�time�and� to�be�funded�from�operating�cash�flows

  • Distributions�to�grow�in�step�with�the�business�and�its� funding�requirements

  • Distributions�determined�annually�with�regard�to�

  • organic�growth�and�investment�opportunities�available�to�APA

  • ongoing�capital�markets�environment

  • focus�on�maintaining�its�strong�investment�grade�ratings� (BBB/Baa2)

  • enhancing�long�term�securityholder�value

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cents�
60
51.9 52.6 52.5
48.2
50
42.7
39.7
40
34.4 35.0
30 32.8
31.0
28.0 29.5
20
10
0
FY08 FY09 FY10 FY11 FY12 FY13
Operating�cash�flow�per�security
Distribution�per�security
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APA�Group�Investor�Day�2013��� 81
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Funding�capacity�for�growth�projects

  • APA�has�a�number�of�sources�of�funds�and�options� for�funding�growth�projects

  • APA�balance�sheet�for�core�assets

  • Separate�vehicle�for�joint�venture�investments

  • Core�assets�funding�mix

  • Operating�cash�retained�within�the�business

  • Equity�raised�when�needed

  • Debt�facilities

  • Critical�factors

  • Maintaining�BBB/Baa2�credit�ratings

  • Debt�programs�in�place�to�access�global�debt� capital�markets

  • Equity�support

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Committed�growth�capital�
$500m
$400m
$300m
$200m
$100m
$0m
FY2012 FY2013 FY2014 FY2015 FY2016
Growth�capex guidance
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APA�Group�Investor�Day�2013��� 82
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Funding�growth�–– past�and�future

� Funding�for�the�4�years�from�FY2010�–– 13�

  • Expected�funding�for�FY2014�and�FY2015�

$1.45�billion�of�growth�capex,�acquisitions�� and�investments�has�been�funded�with�a� mix�of�operating�cash,�debt�and�equity

$1.45�billion�

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Investments Debt
Acquisitions�
(1) Equity
Growth�
capex
OCF��after�
distributions
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Estimate�$400m/a
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Debt
Debt�and
Equity�
FY14�
committed�
capex FY15�
committed�
OCF��after� capex OCF��after�
distributions distributions
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(1)��Excluding�scrip�and�cash�payment�for�HDF�acquisition�completed�Dec�2011

APA�Group�Investor�Day�2013��� 83

Capital�management

  • Maintain�strong�BBB/Baa2�investment�grade�ratings�

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

Metrics
Metrics 30June2013
Cashandcommittedundrawnfacilities $972m
Gearing(1) 62.8%
Interestcoverratio 2.30times
Averageinterestrateapplyingtodrawn
debt(2)		 7.35%
Interestrateexposurefixedorhedged 83.2%
Averagematurityofdrawnsenior
facilities		 6.2years

““……the�stable�rating�outlook�reflects�APA’’s�"excellent"� business�profile�and�S&P’’s�expectation�that�APA�will� manage�its�capital�structure�to�sustain�the�credit�metrics� expected�for�the�BBB�rating.””� Standard�&�Poor’’s�(27�March�2013)

““�……�rating�reflects�the�stable�operating�cash�flows�from� APA's�portfolio�of�quality�gas�infrastructure�assets,�which� are�predominantly�gas�pipelines�with�long�term� transportation�contracts�and�regulated�network�assets.““�� Moody’’s�(28�June�2013)

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

(2)�Includes�subordinated�debt��of�$515�million�Notes

APA�Group�Investor�Day�2013��� 84

APA�debt�profile

Maintain�funding�flexibility

  • Mix�of�bank�and�shorter�term� (1�5�years)�funding

  • Growing�portfolio�of�offshore� issuance�(7�12�years)

  • Likely�constrained�at�maximum� 12�years�issuance�(swaps�““right� to�break””�beyond�12�years)�

Maturity�Profile�of�Debt�Portfolio�

(30�September�2013)

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$1,000m
$800m
$43m
$600m
$483m
$400m $740m $150m $515m $735m
$536m
$200m $414m
$271m $295m $289m $300m $296m
$126m
$0m
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
$677m�committed� Bank�borrowings Canadian�MTN
undrawn�bank� US�Private�Placement�Notes Australian�MTN
facilities�to�support� Japanese�MTN US�144a�Notes
growth�and�operations First�Call�Date��60�year�Sub�Notes Sterling�MTN
APA�Group�Investor�Day�2013��� 85
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FY14�guidance�confirmed

  • EBITDA�–– expected�within�a�range�of�$715�million�to�$730�million� – 11%�to�13%�increase�on�2013�EBITDA[(1)]

  • Net�interest�cost�–– expected�within�a�range�of�$330�million�to�$340�million

  • Distribution�–– at�least�equal�to�FY2013�total�distributions�per�security�of�35.5�cents

APA�Group�Investor�Day�2013��� 86

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Summary Mick�McCormack Managing�Director�and�CEO

APA�Group�Investor�Day�2013��� 87

Summary

  • Strength�and�diversity�of�asset�portfolio�–– unrivalled�organic�growth�

  • East�coast�grid�–– capturing�value�in�a�changing�market

  • Financial�strength�and�flexibility��connecting�opportunities

Delivering�on�our�long�term�strategy�–– Growth,�Security�and�Value

APA�Group�Investor�Day�2013��� 88

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For�further�information�contact Delivering�Australia’’s�Energy Chris�Kotsaris�–– Head�of Investor�Relations�and� Communications,�APA�Group Tel:�+61�2�9693�0049 E�mail:�[email protected]

or�visit�APA’’s�website

www.apa.com.au

APA�Group�Investor�Day�2013��� 89

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