APA GROUP — Investor Presentation 2015

Oct 11, 2015

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Connecting Markets Creating Opportunities

Peter Fredricson, Chief Financial Officer

October 2015

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 nor does it contain all the information which a prospective investor may require in evaluating a possible investment in APA Group. 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. Forwardlooking 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 within the meaning of securities laws of applicable jurisdictions and include, but are not limited to, forecast EBITDA, operating cashflow, distribution guidance and estimated asset life. 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. Such 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.

Financial data: 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.

APA Group | Craigs Investment Partners Investor Day | October 2015

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Australia’s largest gas pipeline owner by pipeline length, capacity and volume

APA Overview (Ticker: APA AU)

Market capitalisation A$9.5 billion (as at 30 September 2015) S&P/ASX 50

ASX rank

S&P: BBB (outlook Stable) Moody’s: Baa2 (outlook Stable)

Credit Rating

Assets owned/ ~ $19 billion operated

Gas transmission 14,700[(1)] km transmission pipelines Underground & LNG gas storage

Gas distribution

27,100 km gas network pipelines 1.3 million gas consumers

Australian gas transmission pipeline ownership

Other energy infrastructure 585 MW power generation 244 km HV electricity transmission Gas processing plants Employees More than 1,600

• (1) Includes 100% of the pipelines operated by APA Group which form part of its energy investments including Ethane Pipeline Income Fund, SEA Gas and EII. Figure does not include APA’s Eastern Goldfields Pipeline (293 km) which is currently under construction in WA.

Source: AER State of the Energy Market Dec 2014 ; IMO Gas Market Statement of Opportunities Dec 2014; and APA data as at 30 Jun 2015.

APA Group | Craigs Investment Partners Investor Day | October 2015

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Maximising value for securityholders

Indexed to 100 from listing date, 13 June 2000 to 30 June 2015 Source: IRESS data

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

CAGR: 14.8%

APA Group | Craigs Investment Partners Investor Day | October 2015

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FY15 EBITDA Bridge

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APA Group | Craigs Investment Partners Investor Day | October 2015

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Developing growth projects across the country

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• Continue to connect resources to markets by working with our customers

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

• Provision of new services responding to customers’ needs and developing new opportunities

• Achieved through funding from a solid balance sheet

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Unrivalled, interconnected footprint with sustainable growth opportunities
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APA Group | Craigs Investment Partners Investor Day | October 2015

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East Coast Grid – Australia’s gas superhighway

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


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• A gas superhighway offering unprecedented levels of service innovation and flexibility:

• ~30 gas receipt and ~100 gas delivery points

• Storage (in-pipe, LNG)

• Interruptible haulage and storage services

• Capacity trading and in-pipe trades

• Multi-asset services

Recent expansion of the VNI Total capex - $245m

• Enabled by APA’s investments in:

• Pipeline connectivity

• Pipeline capacity

• Bi-directional capabilities

• Customer Management Systems

• Integrated Operations Centre (opened Apr 2015)

• Basin-on-basin competition is now a reality

• Shippers can easily and readily transport gas from any number of fields

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APA’s East Coast Grid allows for basin-on-basin competition, benefiting the whole gas industry
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APA Group | Craigs Investment Partners Investor Day | October 2015

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Wallumbilla Gladstone Pipeline – US$4.6bn acquisition

 Welcome addition to APA’s East Coast Grid

• Financial close on 3 June 2015 – 4 weeks of contribution to APA earnings

• Addition of Gladstone delivery point to the East Coast Grid

• 20-year take-or-pay contracts with two highly credit-worthy counterparties

• APA processes, systems and governance in place

 Successful acquisition financing

• $1.8bn equity raising successfully completed in January 2015

• US$3.7bn global debt raising in three currencies across five tranches, with tenors ranging from 7 to 20 years

• Net cashflows after servicing US$ denominated interest costs hedged into A$ out to September 2018 (FY16 net cashflows of A$250-255 million)

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Australia’s largest pipeline acquisition completed
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Western Australia & Northern Territory

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• Solid organic growth in the emerging Perth region energy precinct

• Serving mining operations in the Pilbara and

Possible pipeline routes to connect the NT and the East Coast Grid

Goldfields regions

• NT Link – bids submitted, final bidder announcement expected by year end

• Enables seamless transport between Timor Sea, Bass Strait, Sydney, Brisbane, Melbourne and Gladstone

• Connects to APA’s infrastructure at both ends

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APA Group | Craigs Investment Partners Investor Day | October 2015

Sustainable growth in Distributions

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+4.8%
on FY14
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• FY15 distribution growth of 4.8% on FY14, payout ratio[(1,2) ] of 68.8%

APA’s Distribution Policy

• Fully covered by Operating Cash Flow

• Regard for capital needs of the business and economic conditions

• Grow generally in line with Operating Cash Flow

• Sustainable over the long term

• Soft target of 60 - 70% payout

• Balance between maintaining BBB/Baa2 rating metrics and funding growth by appropriate mixture of debt and equity

 Distribution components:

38.0 cents profit distribution

nil capital distribution

38.0 cents

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

• (2) Based on normalised operating cash flow.

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Growth in distributions underpinned by growth in operating cashflow
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APA Group | Craigs Investment Partners Investor Day | October 2015

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Outlook and FY2016 Guidance

• Statutory EBITDA for FY2016 expected within a range of $1,275 million to $1,310 million

• Includes US$ denominated contribution from Wallumbilla Gladstone Pipeline of approximately US$355 million

• Net interest costs for FY2016 expected within a range of $500 million to $510 million

• Growth capital expenditure expected within a range of $300 million to $400 million

• Distribution per security expected to be at least equal to 38.0 cents per security

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Management
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Note: WGP revenues are denominated in US$. Net cashflow after servicing US$ denominated interest costs has been hedged to A$. Expected US$ denominated EBITDA and Net interest costs have been converted at the same exchange rate for the purpose of the guidance estimation.

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

APA Group | Craigs Investment Partners Investor Day | October 2015

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Connecting gas resources to gas markets

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Darwin
Gladstone
Brisbane
Moomba
Perth
APA natural gas pipelines
Sydney
under development
Adelaide
Other natural gas pipelines
Gas storage
Gas production Melbourne
Gas resource
NT link potential pipeline routes
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 Organic growth

• Capacity expansions, enhancements and new services

• New services and more flexible

  • contracts supplement traditional take-or-pay

• Dynamic energy market conditions

• Assist customers to manage energy needs and portfolios

• Integrated operations centre provide holistic grid management

• Promoting transparent gas industry

• Greenfield developments

• Eastern Goldfields Pipeline

• NT Link – bids submitted, outcome due by year end

 M&A

• Consolidation of WGP, including possible operatorship

• Complementary broader mid stream assets

APA Group | Craigs Investment Partners Investor Day | October 2015

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Focus on Safety and Operational Excellence

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Damian Both, Network Operations, Queensland
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 Health and safety

• Long-term safety goal of Zero Harm – a program of continuous improvement

• Decrease in LTIFR[(1)] to 0.64, down from 0.80

• Second year of a 3-year HSE Strategic Improvement Plan

 Enhancing infrastructure operations and maintenance

• Consolidating pipeline control and monitoring operations to ensure high reliability

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• Improving asset maintenance management systems and processes across the portfolio

• Adoption of global industry best practice

• (1) Lost time injury frequency rate (LTIFR) is measured as the number of lost time injuries per million hours worked. Data from FY14 includes both Employees and Contractors. Prior to that, employee only data.

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Looking after our people and assets improves service reliability, safety, operational efficiency and
extends the economic life of our assets
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Questions

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Appendix

APA Group | Craigs Investment Partners Investor Day | October 2015

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FY15 statutory and normalised results

$ million 2015 2014 Change	$ million 2015 2014 Change
Statutory Significant items Normalised Statutory Significant items Normalised Normalised Revenue excluding pass-through(1) 1,119.2 - 1,119.2 992.5 992.5 12.8%
EBITDA – continuing businesses(2) 838.5 17.2 821.3 697.2 - 697.2 17.8%
EBITDA – divested business(3) 431.0 430.0 1.0	50.1 - 50.1 nm
EBITDA 1,269.5 447.2 822.3 747.3 - 747.3 10.0% Depreciation and amortisation (208.2) (208.2) (156.2) - (156.2) (33.3%)
EBIT 1,061.3 447.2 614.1 591.1 - 591.1 3.9% Net interest expense (324.2) (324.2) (325.1) - (325.1) 0.3%
Pre-tax profit 737.1 447.2 289.9 266.0 - 266.0 9.0% Tax (177.2) (91.2) (86.0) 77.7 144.1 (66.4) (29.5%) Non-controlling interests nm - nm nm - nm nm
Net profit after tax 559.9 356.0 203.9 343.7 144.1 199.6 2.1%
Operating cash flow 562.2 17.2 545.0 431.5 (8.2) 439.7 23.9%

Note: Number in the table may not add due to rounding.

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

(2) Based on continuing business.

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

APA Group | Craigs Investment Partners Investor Day | October 2015

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FY15 result: EBITDA by business segment

$ million	2015	2014	Change	% of EBITDA(3)	Historical EBITDA by business segment(1)
Energy Infrastructure
Queensland	340.1	234.5	45.1%	38.0%
New South Wales	120.8	115.6	4.5%	13.5%
Victoria & South Australia	132.1	130.0	1.6%	14.8%
Western Australia &
Northern Territory	230.6	204.2	12.9%	25.8%
Energy Infrastructure total	823.6	684.2	20.4%	92.0%
Asset Management	49.4	67.6	(26.8%)	5.5%
Energy Investments	21.8	18.0	20.9%	2.4%
Corporate Costs (‘CC’)	(73.6 )	(72.5 )	(1.4%)	(8.2%)
Continuing business
EBITDA(1)	821.3	697.2	17.8%
CC/EBITDA(2)	8.2%	9.4%	-1.2%
Divested business(3)	1.0	50.1	(98%)
Significant items	447.2	0.0	n/a
Total EBITDA	1,269.5	747.3	69.9%
Notes: Numbers in the table may not add	due to rounding.
(1) Continuing business EBITDA.

(2) As a % of Continuing business EBITDA before Corporate costs.

(3) Investment in AGN (formerly Envestra) sold in August 2014.

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Expansion projects delivering ongoing earnings increases
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APA Group | Craigs Investment Partners Investor Day | October 2015

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FY15 Operational summary – Energy Infrastructure

• Expansion of the East Coast Grid capacity and service offerings continues:

Revenue Split by Contract Type

• EBITDA from APA’s East Coast Grid increased by 16.1% prior to inclusion of WGP

• WGP financial close reached on 3 June 2015, contributing $35m EBITDA in FY15, with US$355m EBITDA expected in FY16

• Moomba and Wallumbilla compression projects completed

• Victoria – NSW Interconnect 145% capacity expansion completed

• $21.4 million of flexible short term services revenue during FY15

• Western Australia benefit from expansions and ongoing energy needs from variety of customers:

• GGP expansion project completed in early FY15, contributed to the delivery of 12.5% increase in West Coast Grid EBITDA

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• EGP construction on track to deliver first gas in 2H FY16

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Capacity increases at GGP, SWQP and organic growth delivered results for FY15
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EBITDA by pipeline

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Stable and predictable cashflows

• Customers associated with many contracted assets provide essential services:

• Regulated gas distribution systems

• Major power generation facilities

FY2015 Revenue by Customer Credit Rating

FY2015 Revenue by Customer Industry Segment

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Stable and predictable cash flow from regulated assets and long term contracts with quality customers
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APA Group | Craigs Investment Partners Investor Day | October 2015

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FY15 Operational summary – Energy Investments & Asset Management

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Asset Management

• Underlying earnings continue to grow

• Reduction in one-off customer contributions for

• relocating APA infrastructure, however still generate around $10m p.a. on average in the long term

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Energy Investments

• Increased contribution from GDI, EII2 and SEA Gas Pipeline

• Sale of shares in Australian Gas Networks

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Core Asset Management and Energy Investments earnings remain stable
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APA Group | Craigs Investment Partners Investor Day | October 2015

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Corporate overheads stay flat vs growth

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• Corporate costs have remained flat over the last 5 years vis-à-vis growth of the business

• Corporate costs as a portion of EBITDA from continuing operating businesses is at 8.2%

• This is expected to further improve in FY16 with additional revenue and EBITDA from WGP

FY15 FY11 CAGR	FY15 FY11 CAGR	FY15 FY11 CAGR	FY15 FY11 CAGR
Revenue(1)	1,094	628	14.9%
EBITDA(2)	821	425	17.9%
Total Assets	14,653	5,428	28.2%
Market cap	9,182	2,470	38.9%
Enterprise value(3)	17,413	5,615	32.7%
Corporate costs (‘CC’)	74	59	5.8%
CC/EBITDA(4)	8.2%	12.1%

(1) Continuing business revenue, excluding pass-through revenue.

(2) Continuing business EBITDA.

(3) Market capitalisation plus Net debt at financial year end.

(4) CC as % of EBITDA from continuing business before corporate costs.

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Business has grown significantly, but costs remain relatively flat
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APA Group | Craigs Investment Partners Investor Day | October 2015

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Capital expenditure

$ million	FY15(1) FY14(1)
Growth capex	136.1 65.5 104.4 206.6 12.1 13.2 64.2 73.2 26.3 23.8
Regulated- Victoria
Major Projects Queensland
New South Wales
Western Australia
Other
Total growth capex
Stay in business capex
Customer contributions
Total capex
Investments and acquisitions
Total capital & investment expenditure

Committed growth capex

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(1) Capital expenditure represents cash payments as disclosed in the cash flow statement.

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Growth capital expenditure is expected to be in the range of $300 to 400 million p.a. for the next 2-3 years
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APA Group | Craigs Investment Partners Investor Day | October 2015

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Capital management

• Cash and committed undrawn facilities of around $1.6 billion as at 30 June 2015[(1) ]

.	.	Metrics(2)	2015	2014
		Gearing(3,4)	63.4%	64.2%
		Interest cover ratio	2.59 times	2.31 times
		Average interest rate applying to drawn debt(4)	6.76%	7.12%
		Interest rate exposure fixed or hedged	94.0%	72.8%
		Average maturity of senior facilities	8.5 years	5.4 years

• Credit ratings – S&P: BBB (outlook Stable), Moody’s: Baa2 (outlook Stable)

• Subsequent to the end of FY2015, APA established a new $830 million syndicated bank facility, replacing the existing $1.1 billion syndicated facility. This has reduced the cash and committed undrawn facilities available to around $1.3 billion

• (1) Subsequent to the end of FY2015, APA established a new $830 million syndicated bank facility, replacing the existing $1.1 billion syndicated facility. This has reduced the cash and committed undrawn facilities available to $1,316 million.

• (2) US$ denominated debt has been nominally exchanged at AUD/USD exchange rate at the respective inception date of 0.7772 for Euro and GBP MTN issuances and 0.7879 for US144a notes. (3) Ratio of net debt to net debt plus book equity.

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

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Preserving a strong balance sheet and financial flexibility remains a core focus for APA
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APA Group | Craigs Investment Partners Investor Day | October 2015

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Capital management

 APA has received solid support from international debt capital markets

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(1) Does not include the US$4 billion syndicated bridge facility executed in November 2014 which is, as yet, undrawn Maintaining diversity of funding sources and spread of maturities

APA Group | Craigs Investment Partners Investor Day | October 2015

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Debt facilities

Total committed debt facilities at 30 June 2015

$million	Facility amount	Drawn amount	Tenor
2013 Bilateral borrowing	200	0	5 years maturing December 2018
2014 Syndicated facilities(1)	1,100	125	2.25,3.25 and 5.25year trances maturingSeptember 2016,2017 and 2019
2003 US Private placement	281	281	12 and 15 year tranches maturing September 2015 and 2018
2007 US Private placement	811	811	10, 12 and 15 year tranches maturing May 2017, 2019 and 2022
2009 US Privateplacement	185	185	7 and 10year tranches maturingJuly2016 and 2019
2010 AUD Medium Term Notes	300	300	10 year tranche maturing July 2020
2012 JPY Medium Term Notes	126	126	6.5 year tranche maturing in June 2018
2012 CAD Medium Term Notes	289	289	7.1 year tranche maturing in July 2019
2012 US144a/Reg S Notes	735	735	10 year tranche maturing October 2022
2012 GBP Medium Term Notes	536	536	12year tranche maturingin November 2024
2012 Subordinated Notes	515	515	60year term,first call date March 2018
2015 US144a/Reg S Notes(2)	1,777	1,777	10 and 20 year tranches maturing March 2025 and March 2035
2015 GBP Medium Term Notes(2)	1,140	1,140	15 year tranche maturing March 2030
2015 EUR Medium Term Notes(2)	1,826	1,826	7 and 12year tranches March 2022 and 2027
Total	9,820	8,645

• (1) Comprises three facilities, one of $400 million and two of $425 million. This facility was amended on 22 July 2015 to incorporate a new limit of $830m and 2.25, 3.25 and 5.25 year tranches maturing September 2017, 2018 and 2020.

• (2) Notes have been hedged into fixed rate US dollar obligations.

APA Group | Craigs Investment Partners Investor Day | October 2015

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APA FY15 Results Presentation APA Group | Craigs Investment Partners Investor Day | October 2015

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

Delivering Australia’s energy

or visit APA’s website

www.apa.com.au