APA GROUP — Investor Presentation 2019

Aug 20, 2019

APA Group investor pack.

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As at 21 August 2019

Thanks for your interest in APA.

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In this pack you’ll find:

• Snapshot, Strategy and Value Proposition 4 - 10

• • Company Structure 12 - 13

• Financial Metrics 15 - 18

• • Gas Market Overview 20 - 22

• • Asset Specific Information 24 - 33

APA overview

3

snapshot of APA

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…a leading Australian energy infrastructure business

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Market capitalisation

A$12.4 billion (as at 19 August 2019) A$0.6 billion (as at 30 June 2000)

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Assets owned/operated

A$21 billion

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Credit ratings

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

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Gas transmission[(1)]

15,425 km transmission pipelines

Gas distribution[(2)]

28,900 km gas mains & pipelines ~1.4 million gas consumers

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Listed

S&P/ASX50

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Employees ~1,800

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Gas fired power generation[(1)] 418 MW

Renewable energy generation[(1,3)]

147.5 MW Solar 342 MW Wind

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Register composition

Securities on issue: 1,179.9 million Securityholders: ~74,000 Institutional/retail: 70:30 Domestic/international: 75:25

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Gas storage

12,000 tonnes LNG 18 PJ gas

Gas processing

45 TJ/day processing plants

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Electricity transmission 244 km HV

Notes:

(1) Includes 100% of assets operated by APA Group, which form part of Energy Investments segment, including SEA Gas and EII. (2) Includes 100% of assets operated by APA Group in Queensland, New South Wales, Victoria and South Australia. (3) Includes Badgingarra Solar Farm commissioned in early August 2020

4

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Darwin
APA assets and investments
APA operated assets
Other natural gas pipelines
Electricity interconnectors
Gas storage Northern
Territory
Wind Farm Mount
Isa
Solar Farm Queensland
Integrated Operations Centre Western Gladstone
Australia
Gas-fired power station
Wallumbilla
Gas processing plant Brisbane
South
Australia
LNG plant Moomba
Natural Gas & New
ethane 2P reserves, South
as at May 2019 Wales
Source: EnergyQuest June 2019 Perth
Sydney
Adelaide
Victoria
Australian gas transmission pipeline ownership by kilometres
Melbourne
2,555 km
Tasmania
4,210 km
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our footprint

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Australian gas transmission pipeline ownership by kilometres

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Jemena 2,555 km
AGIG 4,210 km
15,425 km
SEA
APA Group Gas EII
0 1,500 3,000 4,500 6,000 7,500 9,000 10,500 12,000 13,500 15,000
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Note: *** includes SEA Gas Pipeline and Mortlake Pipeline. Source:** AER State of the Energy Market December 2018 ; Company reports; APA data as at 30 June 2019 and includes the Ethane Pipeline.

5

APA’s strategy

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• Deliver services our customers value consistent with our Customer Promise

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

• Our growth focus is to enhance our portfolio of:

• gas transmission pipelines

• power generation: gas-fired and renewable energy

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

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

• Maintain APA’s financial strength

6

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our value proposition

“…owner and operator of energy infrastructure underwritten by long term contracts with highly creditworthy counterparties…”

Quality & diversified infrastructure

Ongoing organic growth

Low risk business model

7

why invest in APA?

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 Uniquely integrated energy infrastructure portfolio

• Interconnected gas transmission pipeline grid / quality infrastructure assets

• Provide customers with flexibility – multi asset and/or multi service contract options

• Integrated Operations Centre (IOC) / network synergies and benefits

• Complementary energy infrastructure assets provide options for growth

• Generation: gas and renewables (solar and wind)

~91% Regulated, Capacity charge, or fixed

• Gas storage: in-pipe, LNG tank, underground

• Gas processing

• Asset management, operational, commercial and development expertise across distribution and transmission assets

 Low risk business model

• Stable and predictable cash flows

• Long term take or pay contracts with CPI linkage or price regulated assets

• Credit worthy counterparties and established customer relationships

~93%

Investment Grade

 Experienced internal management team

 Consistent distribution growth – since listing:

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50c
45c 47.0
45.0
40c 41.5 43.5
35c 34.4 35.0 35.5 36.3 38.0
30c 32.8
31.0
29.5
25c 28.0
24.0
20c 22.0 21.5 21.5 21.5 22.5
15c
10c
5c
0c
FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
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2,119% TSR since listing

8

reliable guidance (historical)

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• Stable cash flows

• Low risk business model

• Majority take or pay contracts with CPI adjustments

• Revenue weighted average contract tenor remains >12 years

• Established customer relationships

• Quality and diversified asset portfolio

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$1,800m
EBITDA
$1,600m Guidance
$1,400m
$1,200m
$1,000m
$800m
$600m
$400m
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
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9

capital expenditure

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Growth capex:

$0m $100m $200m $300m $400m $500m $600m $700m $800m $900m A$m	>$400 m paaverage over the last 5 years >$300 m paaverage over the last 10 years 194 302 135 173 249 397 447 396 334 341 856 581 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20e Stay-in-business capex Growth capex ~$300-$400 gr capex p.a ove the next 2-3 ye*
millions FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 5 year average 10 year average
SIB and IT 12 16 15 18 24 25 45 51 53 69 113 118 81 53
Growth 182 285 121 155 225 373 402 346 281 272 743 463 421 338
Total 194 302 135 173 249 397 447 396 334 341 856 581 501 391

~$300-$400 growth capex p.a over the next 2-3 years

10

company structure

11

group structure

• APA Group is listed as a stapled structure on the Australian Securities Exchange (ASX:APA)

• APA is comprised of two registered managed investment schemes:

• Australian Pipeline Trust (ARSN 091 678 778)

• APT Investment Trust (ARSN 115 585 441) is a pass-through trust

• Australian Pipeline Limited (ACN 091 344 704) is the responsible entity of APT and APTIT

• The units of APT and APTIT are stapled and must trade and otherwise be dealt with together

• APT Pipelines Limited (ABN 89 009 666 700), a company wholly owned by APT, is APA’s borrowing entity and the owner of the majority of APA’s operating assets and investments

Financial reporting segments within APT

• Energy Infrastructure : APA’s wholly or majority owned energy infrastructure assets

• Asset Management : provision of asset management and operating services for the majority of APA’s investments

• Energy Investments : interests in energy infrastructure investments

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Group Structure
APA Group Securityholders
Australian Pipeline Trust APT Investment Trust
(APT) (APTIT)
Australian Pipeline Limited
(Responsible Entity)
APT Pipelines Ltd 100%
Operating assets and
Passive investments
investments
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Tax Structure
APT APTIT
30% tax 0% tax
~72% ~28%
APA Group
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12

internal management team

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Rob Wheals

Chief Executive Officer and Managing Director

Rob was appointed APA’s Chief Executive Officer and Managing Director, effective 6 July 2019. He joined APA in 2008 and became a member of the Executive team in 2012. Rob has over 25 years’ experience in Australia and internationally in energy infrastructure and telecommunications across roles in operations, finance, commercial, strategy, infrastructure investments, regulatory and mergers and acquisitions.

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Peter Fredricson Chief Financial Officer

Peter is responsible for all financial aspects of APA Group, including accounting and financial reporting, financial compliance and governance, taxation, treasury, balance sheet management, capital strategy, insurance, Investor Relations and Information Technology.

Peter joined APA in 2009 and has over 30 years’ experience in senior financial roles.

Ross Gersbach

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Chief Executive Strategy and Development

Ross is responsible for APA Group’s strategy, energy investments, regulatory and government affairs, environmental development, and mergers and acquisitions. As at the end of Q1 FY2020, Ross is relocating to North America to lead APA’s efforts in securing investments in the US.

Ross was a Director of APA from 2004 to 2008, before joining the Executive team in 2008. Ross has over 25 years’ experience in senior roles across energy related sectors.

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Nevenka Codevelle Group Executive Governance, Risk and Legal

Nevenka is responsible for APA Group's Governance, Risk and Legal division. The division comprises the company secretarial, legal, and group risk and compliance functions.

Nevenka joined APA in 2008, joining the Executive team in 2015. Nevenka has over 20 years’ experience in energy and infrastructure industries.

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Sam Pearce

Group Executive Networks and Power

Sam is responsible for the operation and management of APA Group’s fully and minority owned gas distribution and power generation and electricity transmission assets, as well as for Australian Gas Networks’ assets.

Sam joined APA in 2008, joining the Executive team in 2017 and has over 20 years’ experience in the energy sector.

Kevin Lester

Group Executive Infrastructure Development

Kevin is responsible for the project development, engineering, procurement and delivery of APA Group's infrastructure expansion projects. This division also has responsibility for providing asset engineering services, the technical regulation of all pipeline related assets, procurement, engineering services and the provision of land, approvals and asset protection services across APA. Kevin joined APA in 2012 and has over 30 years experience in delivering energy infrastructure.

Elise Manns

Group Executive People, Safety and Culture

Elise is responsible for managing APA Group's People, Safety and Culture division, which covers APA’s people strategy and culture, its safety and environmental performance and governance and all activities relating to APA’s people, their development, health, wellbeing, and employment arrangements.

Elise joined APA in 2012, joining the Executive team in 2015. Elise has over 25 years’ human resources experience.

Darren Rogers Acting Group Executive Transmission

Darren has been appointed as Acting Group Executive Transmission following Rob Wheals appointment to CEO and Managing Director. Darren is responsible for managing APA's customers and revenue contracts, as well as growing APA's gas transmission revenues. Darren manages all operational aspects of APA’s 15,000 kilometres of gas transmission pipelines and gas storage facilities.

Darren joined APA in 2017 and has 25 years’ experience in the energy sector.

13

financial metrics

14

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5 year financials

Financial Performance (Statutory)		FY2019	FY2018	FY2017	FY2016	FY2015
Revenue	$m	2,452.2	2,386.7	2,326.4	2,094.3	1,553.6
Revenue excluding pass-through(1)	$m	2,031.0	1,941.4	1,888.3	1,656.0	1,119.2
EBITDA	$m	1,573.8	1,518.5	1,470.1	1,330.5	1,269.5
Depreciation and amortisation expense	$m	(611.4)	(578.9)	(570.0)	(520.9)	(208.2)
EBIT	$m	962.4	939.6	900.1	809.7	1,061.3
Interest expense	$m	(497.4)	(509.7)	(513.8)	(507.7)	(324.2)
Tax expense	$m	(177.0)	(165.1)	(149.5)	(122.5)	(177.2)
Profit after tax includingsignificant items	$m	288.0	264.8	236.8	179.5	559.9
Significant items – after income tax	$m	-	-	-	-	356.0
Profit after tax excludingsignificant items	$m	288.0	264.8	236.8	179.5	203.9
Financial Position
Total assets	$m	15,433.9	15,227.2	15,045.9	14,842.7	14,652.9
Total drawn debt(2)	$m	9,352.1	8,810.4	9,249.7	9,037.3	8,642.8
Total equity	$m	3,599.4	4,126.8	3,978.2	4,029.1	4,382.7
Operating Cash Flow
Operatingcash flow(3)	$m	1,012.1	1,031.6	973.9	862.4	562.2
Key Financial Ratios
Earningsper security(4)	cents	24.4	23.3	21.2	16.0	56.1(5)
Operatingcash flowper security(4)	cents	85.8	90.7	87.1	77.1	56.3
Distributionper security	cents	47.0	45.0	43.5	41.5	38.0
Funds From Operations to Net Debt	%	10.8	10.7	10.8	9.5	6.5(6)
Funds From Operations to Interest	times	3.0	3.0	3.0	2.7	2.8
Weighted average number of securities(4)	m	1,179.9	1,136.9	1,118.5	1,118.5	999.4(5)

• (1) Pass-through revenue is revenue on which no margin is earned. Pass-through revenue arises in the asset management operations in respect of costs incurred and passed on to Australian Gas Networks Limited (AGN) and GDI in respect of the operation of the AGN and GDI assets respectively.

• (2) APA’s liability to repay debt at relevant due dates of the drawn facilities. This amount represents current and non-current borrowings as per balance sheet and is adjusted for deferred borrowing costs, the effect of unwinding of discount, unrealised foreign exchange differences reported in equity and deducting other financial liabilities that are reported as part of borrowings in the balance sheet.

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

• (4) On 23 March 2018, APA Group issued 65,586,479 new ordinary securities, resulting in total securities on issue of 1,179,893,848. The weighted average numbers of securities from FY2015 to FY2018 have been adjusted to account for that rights issue.

(5) Between 23 December 2014 and 28 January 2015, APA issued a total of 278,556,562 new ordinary securities, resulting in total securities on issue of 1,114,307,369. The weighted average number of securities for FY2015 has been adjusted to account for that rights issue.

• (6) June 2015 FFO to Net Debt was affected by the $3.7 billion worth of USD denominated debt raised to Wallumbilla Gladstone Pipeline.

15

5 year financials (con’t)

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EBITDA by Segment
(Excluding Significant Items)		FY2019	FY2018	FY2017	FY2016	FY2015
EBITDA(Continuing businesses)
Energy Infrastructure
East Coast:
Queensland	$m	1,010.1	962.2	925.4	855.8	340.1
New South Wales	$m	149.4	147.1	149.5	121.7	120.8
Victoria	$m	114.0	124.6	123.0	120.6	130.2
South Australia	$m	2.1	2.6	2.3	2.5	1.9
Northern Territory	$m	19.2	22.9	18.8	17.5	18.0
Western Australia	$m	277.8	237.6	234.7	217.6	212.6
Energy Infrastructure Total		1,572.4	1,497.1	1,453.7	1,335.5	823.6
Asset Management	$m	53.0	66.2	58.7	53.9	49.5
Energy Investments	$m	28.4	23.1	24.4	27.8	21.8
Corporate costs	$m	(80.1)	(67.9)	(66.7)	(86.7)	(73.6)
Divested businesses(7)	$m	-	-	-	-	1.0

(7) Australian Gas Networks Limited sold in August 2014.

16

distributions and TSR returns

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APA’s distributions have increased every year for 19 years 17.4% compound annual growth rate pa

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TSR cents
2500 60.0
TSR: 2,036.9% [(1)] since listing
CAGR: 17.4% pa
50.0
47.0
2000
45.0
43.5
41.5
38.0 40.0
36.3
1500 34.4 35.0 35.5
32.8
31.0
29.5
28.0 30.0
24.0
1000 22.0 21.5 21.5 21.5 22.5
20.0
500
10.0
0 0.0
Distributions (RHS) APA TSR (LHS) ASX100 TSR (LHS) ASX 200 Utilities TSR (LHS)
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Note: 1) Indexed from 13 June 2000, the date of APA’s listing on the ASX to 30 June 2019

17

capital management

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APA’s parameters for capital management and distributions

Capital Management:

• Retain our 2 credit ratings at Baa2/Stable (Moody’s) and BBB/Stable (S&P) to facilitate access to global debt capital markets

• Fund growth with an appropriate mix of funds retained in the business, debt and equity

• Minimise impacts from adverse movements in interest rates through a combination of hedging and raising debt at fixed interest rates

Distribution Policy:

• Fully covered by operating cash flow

• Grow generally in line with operating cash flow

• Sustainable over the long term

• Considered in the context of the capital needs of the business and economic conditions

18

gas market overview

19

gas demand, supply, price trends

Gas supply and demand

AEMO 2019 Gas Statement of Opportunities:

• Gas Supply from existing and committed gas developments is forecast to meet gas demands until 2023

• Risks remain that any weather-driven variances could increase gas demand

Transportation costs

• Gas transmission costs have not increased in real terms for more than a decade

• Transportation cost is only 8-10% of the final gas price

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East coast gas demand & production

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

Wholesale gas price - East coast gas market average

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Source: Gas Trend 2016 and 2017. Large industrial customer data, Jan 2018, Oakley Greenwood.

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$15.0
AEMO Forecast
wholesale
$13.0 Historical LNG net back delivered gas
price for
$11.0 Residential &
Commercial
$9.0
$7.0
Forecast LNG
$5.0 net back prices
$3.0
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Source: LNG netback prices – ACCC, LNG netback price series, 1 August 19 Wholesale delivered gas prices forecast – AEMO, Core Energy – Wholesale Gas Price Outlook 2019-2040, Eastern Australia average, neutral scenario

20

regulation of Australian gas pipelines

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APA pipelines by regulation type

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• In FY2019, 8.3% of APA’s EBITDA in Energy Infrastructure was from full regulated assets

• Gas pipelines are regulated by the Australian Energy Regulator (AER) or, the Economic Regulation Authority of Western Australia (ERA)

• Price regulated assets are those which the regulatory authorities have determined, among other things, demonstrate natural monopoly characteristics and a degree of market power

• • Regulation is under a negotiate-arbitrate framework. Pipeline owners and pipeline users negotiate the terms, conditions and prices for access to pipeline services

• There are 2 frameworks under the National Gas Rules (NGR):

• 1) Scheme pipelines (NGR Parts 8-12) are subject to either:

  • full regulation, where the AER or ERA must approve a full access arrangement that sets out reference tariffs, terms and conditions, or

  • light regulation, where pipeline owners must publish services and prices and comply with information provision requirements to support negotiations or alternatively seek regulatory approval for a limited access arrangement

• 2) Non-Scheme pipelines (NGR Part 23) also reflect the negotiate-arbitrate framework

21

regulation of Australian gas pipelines (con’t)

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Schedule of regulatory reset dates for APA

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• Access • Apply for a term, generally 5 years •

• arrangement Set out the terms and conditions of third party access, including • At least one reference service that is commonly sought by customers – for pipelines, this is generally firm forward-haulage services

• • A reference (benchmark) tariff for the reference service

• Reference • Provides a default tariff for customers seeking the reference service but tariffs can also be tariff negotiated for other services

• Determined with reference to regulated revenue, capacity and volume forecasts

• Regulated Determined using the building block approach to recover efficient costs revenue • Forecast operating and maintenance costs • Regulatory asset depreciation and

• • Return on value of regulated assets (regulated asset base) based on WACC determination

• • Return is now a binding (defined methodology) rate of return as at Dec 2018 for the next 4 years

• • WACC based on 60:40 debt equity split

• •

• Regulated Opening RABs have been settled with the regulator; there are no reassessments for approved asset base RABs •

• (RAB) RABs adjusted every access arrangement period

  • Increased by capital invested into the asset and reduced by regulatory depreciation costs

22

asset specifics

23

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2019 2020
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history - Energy Infrastructure business segment

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

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**2000 2001 **	**2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 **	**2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 **	**2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 **	**2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 **	**2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 **	**2012 2013 2014 **	**2012 2013 2014 **	**2012 2013 2014 **	2015 2016 2017 2018 2019 2020	2015 2016 2017 2018 2019 2020	2015 2016 2017 2018 2019 2020
Roma Brisbane Pipeline 85%,60 TJ/d	100%, 208 TJ/d					233 TJ/d			Bi-directional
Carpentaria Gas Pipeline 70%, 90 TJ/d		100%, 102 TJ/d	119 TJ/d								Bi-directional
Moomba Sydney Pipeline 100%									Bi-directional
Central West Pipeline 100%
Goldfields Gas Pipeline 40%, 106 TJ/d		88.2%		155 TJ/d		202 TJ/d
Kalgoorlie Kambalda Pipeline 45%		100%
Amadeus Gas Pipeline 96%, 115 TJ/d					100%						165 TJ/d
Mid West Pipeline 50%
Parmelia Gas Pipeline
Mondarra Storage and ProcessingFacility 3 PJ							15 PJ			18 PJ
Victorian Transmission System
DandenongLNG Storage Facility
SESA Pipeline
Central Ranges Pipeline and Networks
Berwyndale Wallumbilla Pipeline
Emu Downs Wind Farm
South West Queensland Pipeline								Bi-directional
Pilbara Pipeline System
Wallumbilla Gladstone Pipeline
Eastern Goldfields Pipeline 21 TJ/d											57 TJ/d
Diamantina Power Station
Moomba Sydney Ethane Pipeline
Emu Downs Solar Farm
Reedy Creek Wallumbilla Pipeline
Mt Morgans Gas Pipeline
Yamarna Gas Pipeline
Gruyere Power Station
Badgingarra Wind Farm
DarlingDowns Solar Farm
Agnew Lateral
Badgingarra Solar Farm
Orbost Gas ProcessingPlant*
Assets at listing Greenfield new builds Acquisitions Notes: 1) *Asset under construction. 2) Percentages (%) represents APA’s ownership. 3) Capacity is indicative of major expansions.

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24

history - Energy Investments and Asset Management segments

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	2006	2007	2008	2009		2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
SEA Gas Pipeline	33.3%					50%
Allgas Gas Distribution Network	100%						20%
AGN (Envestra)		17%		30.6%					33%	0%,	O&M until	2027
Daandine and X41 Power Stations			19.9%
Kogan North and Tipton West Gas ProcessingPlants			19.9%
Directlink and Murraylink ElectricityInterconnectors			19.9%
Nifty and Telfer Gas Pipelines			19.9%
Wickham Point Pipeline			19.9%
Bonaparte Gas Pipelines			19.9%
Ethane income fund(1)			6%
North Brown Hill Wind Farm				20.2%
Hasting Diversified Utilities Fund(1,2)						14.9%
Diamantina Power Station(1)										50%
Mortlake Gas Pipeline												50%

Notes: 1) Fully acquired and was transferred into Energy Infrastructure.

2) Moomba to Adelaide Pipeline System was divested to QIC in April 2013.

• 3) Percentages (%) represents APA’s ownership.

25

historical normalised EBITDA by asset – Energy Infrastructure

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

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

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Wallumbilla Gladstone Pipeline, QLD

• Delivers gas to Gladstone for LNG export

• Fully contracted revenue through to 2035, derived through take-or-pay GTAs with foundation shippers (BG Group & CNOOC) with two 10 year options to extend

• APA holds rights to further services and pipeline expansion

• Initial EBITDA guidance based on US$355 million plus CPI[(1)] for 20 years

• Operating costs are passed through to shippers

• Average forward USD/AUD exchange rates: - FY19 0.7020

• - FY20 0.7192

• - FY21 0.7199

• - FY22[(2)] 0.7099

• At WGP financial close, APA had issued debt totalling USD $3.7 billion equivalent to AUD $4.7 billion[(3)] , borrowed at an all-in of 4.26%

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||||
|---|---|---|
|Wallumbilla|
|Gladstone|Gladstone|
|Pipeline|
|Wallumbilla|
|Brisbane|
|IOC|
|Di|tli|k|
|Key Stats|
|Length|556 km|
|Diameter|42 inch|
|Capacity|1,510 TJ/ day|
|Regulatory Status|Non-Scheme Pipeline|
|APA Ownership|100%|
|Delivery Point|6|
|Receipt Point|7|

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Notes :

• (1) US CPI to be applied as at 1 January onwards

• (2) Average forward USD/AUD exchange rates hedged to March 2022

• (3) Based on FX rates at inception date

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East Coast and Central Region

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FY2019 Revenue by customer industry

APA’s 7,600 plus kilometre integrated pipeline grid on the east coast of Australia has the ability to transport gas seamlessly from multiple gas production facilities to gas users across four states and the ACT, as well as to the export LNG market out of Gladstone in Queensland.

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Industrial & Others
6%
Resources
13%
Energy
Utility
58%
23%
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The East Coast Grid is comprised:

• Wallumbilla Gladstone Pipeline, 556 km

• South West Queensland Pipeline, 936 km

• Roma Brisbane Pipeline, 583 km

• Moomba Sydney Pipeline, 2,029 km

• Central West Pipeline, 255 km

• Central Ranges Pipeline, 250 km

• Carpentaria Gas Pipeline, 944 km

• Victorian Transmission System, 1,847 km

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Note: East Coast and Central Region Energy Infrastructure revenue including power generation.

Historical financials1, A$m	FY15	FY16	FY17	FY18	FY19
Revenue	721.1	1,268.1	1,481.3	1,508.2	1,558.4
EBITDA	611.0	1,118.0	1,218.9	1,259.5	1,294.6
-Margin	84.7%	88.16%	82.3%	83.5%	83.1%
-Growth	23.4%	82.9%	9.0%	3.3%	2.8%
Key facts
East Coast gas demand2 (2019)				1,888.7 PJ
Gas demand growth2 (2019-2028)				6.5%
2P developed reserve production		(2019)		1,905.3PJ
Natural gas and ethane reserves
(proved and probable)				40,792 PJ

Source: AEMO GSOO 2019, EnergyQuest June 2019 Quarterly report. Note: 1) includes power generation.

2) excludes Northern Territory .

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Western Australia

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APA services a range of customers in Western Australia within the resources, industrial and utility sectors. APA’s assets enable our customers to have a reliable energy source to supply their iron ore, nickel and gold mining operations. Pipeline and storage services also deliver security of supply for Perth and the south-west.

Revenue by customer industry

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Energy
Industrial & Others
2%
12%
Utility
28%
Resources
58%
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Key assets in Western Australia:

• Goldfields Gas Pipeline, 1,546 km

• Eastern Goldfields Pipeline, 293 km

• Pilbara Pipeline System, 249 km

• Mid West Pipeline, 362 km

• Parmelia Gas Pipeline, 448 km

• Mondarra Gas Processing and Storage Facility, 18 PJ

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Note: Western Australia Energy Infrastructure revenue including power generation.

Historical financials1, A$m	FY15	FY16	FY17	FY18	FY19
Revenue	266.0	260.5	291.7	293.1	340.7
EBITDA	212.6	217.6	234.7	237.6	277.8
-Margin	79.9%	83.5%	80.5%	81.0%	81.5%
-Growth
Key facts
Gas demand (2019)				1,077 PJ
Gas demand growth (2019-2028)					5.8%
Potential supply (2019)				1,345 PJ
Natural gas and ethane reserves
(proved and probable)				68,711 PJ

Source: AEMO WA GSOO 2018, EnergyQuest June 2019 Quarterly report. Note: 1) includes power generation.

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power generation - gas and renewables

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Diamantina Power Station in Queensland

• APA owns and/or operates a portfolio of gas , wind and solar power generation assets totalling ~908 MW

• Assets are located in Queensland, South Australia and Western Australia

• Our key power generation assets include:

• Diamantina and Leichhardt Power Stations, 302 MW (own and operate)

• Gruyere Power Station, 45 MW (own and operate)

• Emu Down Wind and Solar Farms, 100 MW (own and operate)

Darling Downs Solar Farm

• Badgingarra Wind and Solar Farms, 147.5 MW (own and operate)

• Darling Downs Solar Farm, 110 MW (own and operate)

• North Brown Hill Wind Farm 132 MW (20.2 % ownership)

• Daandine and X41 Power Stations , 71 MW (19.9% ownership and operate)

• Ownership/investments in renewables since 2009

Badgingarra Wind Farm

• Commenced a pilot project on renewable methane in FY2019

Historical financials, A$m	FY15	FY16	FY17	FY18	FY19
Revenue				258.7	297.9
EBITDA	21.7	43.2	109.8	111.8	143.3
-Margin				45.2%	48.1%
-Growth	6.7%	99.1%	154.2%	1.8%	28.1%

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mid stream processing and storage

Orbost Gas Processing Plant

• Located approximately 375km east of Melbourne on the Victorian east coast

• Connects Cooper Energy’s Sole gas field to eastern Australian gas market

• Processes up to ~70 TJ/day (from Q4 CY2019)

• Scope within the agreements for plant expansion to process gas from the nearby Manta gas field

• Also an existing pipeline connection to Patricia Baleen and Longtom gas fields (subject to approvals)

Mondarra Gas Storage and Processing Plant

• Strategically located at the intersection of APA’s Parmelia Gas Pipeline and the Dampier to Bunbury Natural Gas Pipeline to enhance security of supply for Perth and create cost-effective options

• Provides gas sellers and buyers with the flexibility to better manage their gas production and consumption

• Expanded in 2013 to 15 PJ which was 5 times its original operating capacity, then again in 2016 to 18 PJ

Dandenong LNG storage bullet

• Provides gas buyers, including gas retailers, flexibility in the East Australian gas market, by providing options to manage gas supply and demand during production outages or emergencies and peak demand periods

• Storage of up to 12,000 tonnes of LNG

Kogan North and Tipton West Processing Plants (19.9% investment)

• Kogan North and Tipton West Processing Plants filter, dehydrate, and compress gas for Swanbank E Power Station and the Braemar Power Station in Queensland

• Processes up to 45 TJ/day

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Orbost Gas Processing Plant
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Mondarra Gas Storage
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Dandenong LNG storage
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Asset Management business segment

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• Provides asset management and operational services for most of APA’s energy infrastructure assets, energy investments, as well as to third parties.

• Generally provided under long-term contracts (e.g. AGN contract until 2027)

• Covers assets including gas distribution networks and gas transmission pipelines, high-voltage power, power generation, gas rotating plant and equipment, stationary engines. These operational services include asset inspection, vegetation management, aerial patrols, metering services and specialist utility asset services.

• Customers include Australian Gas Networks Limited (AGN formerly Envestra), Energy Infrastructure Investments (EII), Mortlake Gas Pipeline, SEA Gas Pipeline and Allgas Distribution Network GDI (EII).

• Around 500 APA employees providing services in this business segment

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Energy investments business segment

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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 cashflow, distribution guidance and estimated asset life.

APA Group believes that there are reasonable grounds for these forward looking statements and due care and attention have been used in preparing this presentation. However, the forward looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions and are subject to risk factors associated with the industries in which APA Group operates. Forward-looking statements, opinions and estimates are not guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of APA Group, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. There can be no assurance that actual outcomes will not materially differ from these forward-looking statements, opinions and estimates. A number of important factors could cause actual results or performance to differ materially from such forward-looking statements, opinions and estimates.

Investors should form their own views as to these matters and any assumptions on which any forward-looking statements are based. APA Group assumes no obligation to update or revise such information to reflect any change in expectations or assumptions.

Investment risk: An investment in securities in APA Group is subject to investment and other known and unknown risks, some of which are beyond the control of APA Group. APA Group does not guarantee any particular rate of return or the performance of APA Group.

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

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

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

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

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

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