APA GROUP — Investor Presentation 2020

Aug 25, 2020

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

==> picture [118 x 47] intentionally omitted <==

26 August 2020

ASX ANNOUNCEMENT

APA Group (ASX: APA)

Investor Pack

APA Group provides the attached investor pack presentation.

==> picture [110 x 42] intentionally omitted <==

Authorised for release by Nevenka Codevelle

Company Secretary Australian Pipeline Limited

For further information, please contact:

Investor enquiries: Media enquiries: Jennifer Blake Vanessa Puli Head of Investor Relations Head of Corporate Communications Telephone: +61 2 9693 0097 Telephone: +61 2 9228 8300 Mob: +61 455 071 006 Mob: +61 436 469 356 Email: jennifer.blake@apa.com.au Email: vanessa.puli@apa.com.au

About APA Group (APA)

APA is a leading Australian energy infrastructure business, owning and/or operating around $22 billion of energy infrastructure assets. Its gas transmission pipelines span every state and territory on mainland Australia, delivering approximately half of the nation’s gas usage. APA has direct management and operational control over its assets and the majority of its investments. APA also holds ownership interests in a number of energy infrastructure enterprises including SEA Gas Pipeline, SEA Gas (Mortlake) Partnership, Energy Infrastructure Investments and GDI Allgas Gas Networks.

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

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

APA Group investor pack.

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

As at 26 August 2020

Thanks for your interest in APA.

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

In this pack you’ll find:

• Snapshot, Strategy and Value Proposition 4 - 13

• • Company Structure 14 - 16

• • Financial Metrics 17 - 22

• • Gas Market Overview 23 - 27

• • Asset Specific Information 28 - 38

APA overview

3

snapshot of APA

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

…a leading Australian energy infrastructure business

==> picture [48 x 38] intentionally omitted <==

Market capitalisation

$13.1 billion (as at 21 August 2020) $0.6 billion (as at 30 June 2000)

==> picture [62 x 55] intentionally omitted <==

Assets owned/operated ~$22 billion

==> picture [42 x 41] intentionally omitted <==

Credit ratings

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

==> picture [36 x 28] intentionally omitted <==

==> picture [18 x 30] intentionally omitted <==

Gas transmission[(1)]

15,425 km transmission pipelines

Gas distribution[(2)]

~ 29,500 km gas mains & pipelines

1.4 million gas consumers

==> picture [78 x 51] intentionally omitted <==

Listed S&P/ASX 50

==> picture [59 x 55] intentionally omitted <==

Employees ~1,900

==> picture [34 x 28] intentionally omitted <==

==> picture [31 x 31] intentionally omitted <==

Gas fired power generation[(1)] 418 MW

Renewable energy generation[(1)]

149.3 MW Solar 342 MW Wind

==> picture [46 x 49] intentionally omitted <==

Register composition

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

==> picture [27 x 25] intentionally omitted <==

==> picture [28 x 20] intentionally omitted <==

Gas storage

12,000 tonnes LNG 18 PJ gas

Gas processing[(][3][)]

113 TJ/day processing plants

==> picture [34 x 28] intentionally omitted <==

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 Orbost Gas Processing Plant at 68 TJ/day nameplate capacity

4

our footprint

==> picture [701 x 482] intentionally omitted <==

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

our footprint
Darwin
APA assets and investments
APA operated assets
Other natural gas pipelines
Electricity interconnectors
Gas storage
Northern
Wind Farm Territory
Mount
Solar Farm Isa
Queensland
Integrated Operations Centre Gladstone
Western
Gas-fired power station Australia
Gas processing plant Wallumbilla
Brisbane
South
LNG plant Australia Moomba
New
South
Wales
Perth
Sydney
Adelaide
Victoria
Australian gas transmission pipeline ownership by kilometres
Melbourne
Tasmania
Note: * includes SEA Gas Pipeline and Mortlake Pipeline.
Source: Company reports; APA data as at 30 June 2020 and includes the
Ethane Pipeline.
----- End of picture text -----

5

APA’s strategy

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

• 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

• Investigation of technology transformation of energy

• Maintain APA’s financial strength

6

asset portfolio development

20 years / >$14 billion

of investment into the Australian gas market

2011-2013 Creation of the East Coast Grid

==> picture [32 x 76] intentionally omitted <==

APA’s East Coast Grid comprises of 2006-2010 7,600 kilometres of More growth interconnected gas Obtained investment transmission pipeline, over 40 receipt points and ~100 grade credit ratings delivery points. It provides giving access to flexibility for our customers global debt markets to seamlessly move gas throughout eastern Acquisitions: Australia. Victorian Transmission System Acquisitions: Central Ranges Pipeline South West Queensland Berwyndale Wallumbilla Pipeline Pipeline Pilbara Pipeline System Amadeus Gas Pipeline Credit ratings: Emu Downs Wind Farm Moody’s Baa2 S&P BBB

2001-2005 Asset consolidation

Acquisitions:

• Roma Brisbane Pipeline (remaining 15%)

• - Carpentaria Gas Pipeline

• - (remaining 30%)

• Mondarra Gas Storage

• 13 Jun 2000 Facility -

• Listed on the Parmelia Gas Pipeline - Goldfields Gas Pipeline

• ASX interest increased to 88.2%

1 foundation contract: Moomba Sydney Pipeline

==> picture [64 x 65] intentionally omitted <==

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

~$1 b
Total
asset
----- End of picture text -----

2014-2016 Access to LNG export market

Wallumbilla Gladstone Pipeline, APA’s first “off shore” asset (revenue in USD)

Acquisitions includes Wallumbilla Gladstone Pipeline Diamantina and Leichhardt Power Stations (50% to 100%) Moomba to Sydney Ethane Pipeline (6% to 100%)

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

2017-2020 APA’s largest organic growth capex

program ~$1.7 billion of energy infrastructure added to APA’s footprint over the 4 year period

Reedy Creek Wallumbilla Pipeline Yamarna Gas Pipeline and Gruyere Power Station Orbost Gas Processing Plant Agnew Lateral Mt Morgans Gas Pipeline Emu Downs Solar Farm Badgingarra Wind and Solar Farms Darling Downs Solar Farm

~$16 b Total ~15 basset Total

$6.9 b

$3.0 b $3.1 b $1.3 b

7

==> picture [89 x 37] intentionally omitted <==

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

8

why invest in APA?

➢ 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)

• 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

• Earnings are not directly tied to commodity price

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

• Credit worthy counterparties and established customer relationships

➢ Long standing, experienced industry-based management team

➢ Consistent distribution growth – since listing:

==> picture [509 x 148] intentionally omitted <==

==> picture [160 x 159] intentionally omitted <==

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

~90%
Take or pay
/regulated
----- End of picture text -----

==> picture [164 x 171] intentionally omitted <==

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

~93%
Investment
Grade
----- End of picture text -----

==> picture [40 x 43] intentionally omitted <==

==> picture [81 x 52] intentionally omitted <==

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

2,201%
TSR
since listing
----- End of picture text -----

9

reliable guidance (historical)

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

• Stable cash flows

• Low risk business model

• Majority take or pay contracts with CPI adjustments

• Revenue weighted average contract tenor as at 1 Jul 2020 remains ~12 years

• Established customer relationships

• Quality and diversified asset portfolio

==> picture [609 x 247] intentionally omitted <==

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

$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 FY20
----- End of picture text -----

10

capital expenditure

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

Growth capex: >$400 m pa average over the last 5 years >$300 m pa average over the last 10 years

==> picture [663 x 296] intentionally omitted <==

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

$900mA$m
>$400 m pa average over the last 5 years 856
$800m >$300 m pa average over the last 10 years
$700m
$600m 581
$500m
447
427
397 396
$400m
334 341
302
$300m
249
194
$200m 173
135
$100m
$0m
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
Stay-in-business and IT capex Growth capex
----- End of picture text -----

														5 year	10 year
millions	FY08	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY16	FY17	FY18	FY19	FY20	avg*	avg*
SIB and IT	12	16	15	18	24	25	45	51	53	69	113	118	139	99	65
Growth	182	285	121	155	225	373	402	346	281	272	743	463	288	409	355
Total	194	302	135	173	249	397	447	396	334	341	856	581	427	508	420

Notes: *5 year average is from FY16 to FY20, 10 year average is from FY11 to FY20.

11

continued growth momentum

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

==> picture [671 x 449] intentionally omitted <==

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

Normalised EBITDA Normalised operating cash flow
$1,800m $1,200m
$1,600m $1,654 $1,096
$1,518 $1,574 $1,000m $1,032 $1,012
$1,400m $1,470 $974
$1,331
$1,200m $1,269 $800m $862
$1,000m
$600m
$800m
$545
$773 $747
$600m $400m $433 $440
$400m
$200m
$200m
$0m $0m
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
$18,000m Total assets 60c Distributions
$16,000m
$16,007
$15,434 50c
$14,000m $14,653 $14,843 $15,046 $15,227 50.0
47.0
45.0
43.5
$12,000m 40c 41.5
38.0
$10,000m 35.5 36.3
30c
$8,000m
$7,699 $7,973
$6,000m 20c
$4,000m
10c
$2,000m
$0m 0c
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
----- End of picture text -----

12

distributions and TSR returns

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

APA’s distributions have increased every year for nearly two decades 16.9% compound annual growth rate pa

==> picture [660 x 351] intentionally omitted <==

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

TSR cents
2500 60.0
TSR: 2,201% [(1)] since listing
CAGR: 16.9% pa
50.0
2000 50.0
47.0
45.0
43.5
41.5 40.0
1500 38.0
36.3
34.4 35.0 35.5
32.8 30.0
31.0
29.5
28.0
1000
24.0
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)
----- End of picture text -----

Note: 1) Indexed from 13 June 2000, the date of APA’s listing on the ASX to 30 June 2020

13

company structure

14

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

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

==> picture [270 x 225] intentionally omitted <==

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

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
----- End of picture text -----

==> picture [270 x 183] intentionally omitted <==

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

Tax Structure
APT APTIT
30% tax 0% tax
~72% ~28%
APA Group
----- End of picture text -----

15

APA’s new operating model

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

• ➢ Clear accountabilities

• ➢ Strategic alignment

• ➢ Customer focused

• ➢ Agile decision making

• ➢ Empower our people to make the right decisions at the right level

• ➢ Invest resources into the business where they are needed

---

Note: *On 12 August 2020, APA announced that Adam Watson would join APA as the new CFO, commencing mid November 2020.

16

financial metrics

17

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

5 year financials

Financial Performance (Statutory)		FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$m	2,590.6	2,452.2	2,386.7	2,326.4	2,094.3
Revenue excluding pass-through(1)	$m	2,129.5	2,031.0	1,941.4	1,888.3	1,656.0
EBITDA	$m	1,653.9	1,573.8	1,518.5	1,470.1	1,330.5
Depreciation and amortisation expense	$m	(651.6)	(611.4)	(578.9)	(570.0)	(520.9)
EBIT	$m	1,002.4	962.4	939.6	900.1	809.7
Interest expense	$m	(497.3)	(497.4)	(509.7)	(513.8)	(507.7)
Tax expense	$m	(187.2)	(177.0)	(165.1)	(149.5)	(122.5)
Profit after tax includingsignificant items	$m	317.1	288.0	264.8	236.8	179.5
Significant items – after income tax	$m	-	-	-	-	-
Profit after tax excludingsignificant items	$m	317.1	288.0	264.8	236.8	179.5
Financial Position
Total assets	$m	16,007.2	15,433.9	15,227.2	15,045.9	14,842.7
Total drawn debt(2)	$m	9,983.6	9,352.1	8,810.4	9,249.7	9,037.3
Total equity	$m	3,223.9	3,599.4	4,126.8	3,978.2	4,029.1
Operating Cash Flow
Operating cash flow(3)	$m	1,095.9	1,012.1	1,031.6	973.9	862.4
Key Financial Ratios
Earnings per security(4)	cents	26.9	24.4	23.3	21.2	16.0
Operating cash flow per security(4)	cents	92.9	85.8	90.7	87.1	77.1
Distribution per security	cents	50.0	47.0	45.0	43.5	41.5
Funds From Operations to Net Debt	%	12.2	10.7	10.7	10.8	9.5
Funds From Operations to Interest	Times	3.3	3.0	3.0	3.0	2.7
Weighted average number of securities(4)	m	1,179.9	1,179.9	1,136.9	1,118.5	1,118.5

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

(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 FY2016 to FY2018 have been adjusted to account for that rights issue.

18

5 year financials (con’t)

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

EBITDA by Segment
(Excluding Significant Items)		FY2020	FY2019	FY2018	FY2017	FY2016
EBITDA (Continuing businesses)
Energy Infrastructure
East Coast:
Queensland	$m	1,007.9	1,010.1	962.2	925.4	855.8
New South Wales	$m	160.8	149.4	147.1	149.5	121.7
Victoria	$m	101.9	114.0	124.6	123.0	120.6
South Australia	$m	2.3	2.1	2.6	2.3	2.5
Northern Territory	$m	19.9	19.2	22.9	18.8	17.5
Western Australia	$m	337.1	277.8	237.6	234.7	217.6
Energy Infrastructure Total	$m	1,629.8	1,572.4	1,497.1	1,453.7	1,335.5
Asset Management	$m	63.3	53.0	66.2	58.7	53.9
Energy Investments	$m	35.7	28.4	23.1	24.4	27.8
Corporate costs	$m	(75.0)	(80.1)	(67.9)	(66.7)	(86.7)
Divested businesses	$m	-	-	-	-	-

19

debt maturity profile

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

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

==> picture [662 x 334] intentionally omitted <==

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

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

Note:

• (1) APA debt maturity profile as at 31 July 2020.

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

20

capital management

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

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

21

debt facilities

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

Total committed debt facilities at 31 July 2020

$ million	Facility	Drawn	Tenor
	amount	amount
2015, 2017, & 2019 Bilateral bank facilities	300	0	3 to 5 year facilities maturing between December 2020 to July 2022
2018 Syndicated bank facilities	1,000	0	5 and 5.5 year tranches maturing June and December 2023
2007 US Private placement	296	296	15 year tranche maturing May 2022
2012 US144a/RegS Notes	735	735	10year tranche maturingOctober 2022
2012 GBP Medium Term Notes	536	536	12year tranche maturingNovember 2024
2015 US144a/Reg S Notes(1, 2)	1,777	1,777	10 and 20 year tranches maturing March 2025 and March 2035
2015 GBP Medium Term Notes(1, 2)	1,140	1,140	15 year tranche maturing March 2030
2015 EUR Medium Term Notes(2)	1,132	1,132	7 year tranche maturing March 2022
2015 EUR Medium Term Notes(1, 2)	879	879	12 year tranche maturing March 2027
2016 AUD Medium Term Notes	200	200	7year tranche maturingOctober 2023
2017 US144a/Reg S Notes	1,109	1,109	10.3 year tranche maturing July 2027
2019 GBP Medium Term Notes	742	742	12.3 year tranche maturing July 2031
2019 JPY Medium Term Notes	133	133	15 year tranche maturing June 2034
2020 EUR Medium Term Notes	1,018	1,018	10.2 year tranche maturing July 2030
Total	10,997	9,697

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

22

gas market overview

23

gas demand, supply, price trends

Gas supply and demand

AEMO 2020 Gas Statement of Opportunities:

• Supply/demand balance on the east coast remains tight, with gas production in Victoria continuing to decline

• Gas supply shortfall in Victoria to take effect from around 2023

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

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

East coast gas demand & production

==> picture [316 x 167] intentionally omitted <==

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

Anticipated developments
2,500PJ
2P Undeveloped
2P Developed
2,000PJ AEMO gas demand forecast
1,500PJ
1,000PJ
500PJ
0PJ
2000 2007 2014 2021F 2028F 2035F
----- End of picture text -----

Source: Demand – AEMO GSOO 2020 Supply - EnergyQuest (actuals); AEMO GSOO (forecast)

Wholesale gas price - East coast gas market average

==> picture [332 x 184] intentionally omitted <==

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

East coast gas price trends

==> picture [303 x 166] intentionally omitted <==

Source: LNG netback prices – ACCC, LNG netback price series, Jul 2020 Wholesale delivered gas prices forecast – AEMO, Core Energy – Wholesale Gas Price Outlook 2020-2050, Eastern Australia average, neutral scenario

24

energy infrastructure contracting

Pipeline recontracting ongoing:

• No formal access requests which may trigger arbitration process

• Since the GMRG reforms (1 Aug 2017) were introduced, APA has entered into ~300 contracts or variations across all transmission pipelines (e.g. MDQ changes, new services, new or amended GTAs, amended receipt and delivery points)

• Of the ~300 contracts, 90 relate to firm service contract renewals with existing customers

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

Number of renewed firm service contracts

==> picture [267 x 168] intentionally omitted <==

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

60
50
40
30
20
10
0
FY18 FY19 FY20
----- End of picture text -----

Revenue certainty underpinned by long-term contracts:

• Revenue weighted average contract tenor as at 1 July 2020 remains around 12 years

• Expansions and new infrastructure are underpinned by long term contracts

Contracting flexibility:

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

==> picture [318 x 168] intentionally omitted <==

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

14
12
10
8
6
4
2
0
1-Jul-17 1-Jul-18 1-Jul-19 1-Jul-20
Revenue Weighted Average Tenor
`
----- End of picture text -----

Notes:

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

25

regulation of Australian gas pipelines

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

APA pipelines by regulation type

==> picture [269 x 259] intentionally omitted <==

• In FY2020, 8.0% 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)

• Australia’s economic regulatory regime for gas pipelines is set out in the National Gas Law (NGL) and the National Gas Rules (NGR). Some of APA’s pipelines have been covered by the National Gas Access Regime since it was introduced in the 1990’s. There are 2 frameworks under the NGR:

• 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. Pipeline users can opt for non-regulated services on full regulation pipelines, 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. A regulatory negotiate-arbitrate mechanism is available in the case of access disputes.

• 2) Non-Scheme pipelines (NGR Part 23) – The Part 23 regime came into effect from August 2017 and provides for additional information disclosure and a commercial negotiate-arbitrate mechanism as part of a dispute resolution framework.

26

regulation of Australian gas pipelines (con’t)

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

Schedule of regulatory reset dates for APA

==> picture [494 x 120] intentionally omitted <==

• 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

27

asset specifics

28

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

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

2019 2020
----- End of picture text -----

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

==> picture [15 x 12] intentionally omitted <==

**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
Moomba Sydney Ethane Pipeline
Diamantina Power Station
Reedy Creek Wallumbilla Pipeline
Mt Morgans Gas Pipeline
Emu Downs Solar Farm
Yamarna Gas Pipeline
Agnew Lateral
Gruyere Power Station
Badgingarra Wind Farm
DarlingDowns Solar Farm
Badgingarra Solar Farm
Orbost Gas ProcessingPlant*
Assets at listing Greenfield new bui Acquisitions Notes: 1) *Asset under commissioning 2) Percentages (%) represents APA’s ownership.

==> picture [16 x 12] intentionally omitted <==

==> picture [16 x 12] intentionally omitted <==

==> picture [16 x 12] intentionally omitted <==

==> picture [16 x 12] intentionally omitted <==

==> picture [16 x 13] intentionally omitted <==

==> picture [15 x 12] intentionally omitted <==

==> picture [15 x 12] intentionally omitted <==

==> picture [15 x 13] intentionally omitted <==

==> picture [12 x 9] intentionally omitted <==

==> picture [16 x 12] intentionally omitted <==

==> picture [10 x 8] intentionally omitted <==

==> picture [16 x 12] intentionally omitted <==

==> picture [16 x 12] intentionally omitted <==

==> picture [15 x 12] intentionally omitted <==

==> picture [13 x 11] intentionally omitted <==

==> picture [16 x 12] intentionally omitted <==

==> picture [15 x 12] intentionally omitted <==

==> picture [16 x 12] intentionally omitted <==

==> picture [15 x 12] intentionally omitted <==

==> picture [15 x 12] intentionally omitted <==

==> picture [12 x 10] intentionally omitted <==

==> picture [16 x 12] intentionally omitted <==

==> picture [16 x 13] intentionally omitted <==

==> picture [13 x 13] intentionally omitted <==

==> picture [15 x 12] intentionally omitted <==

==> picture [16 x 12] intentionally omitted <==

==> picture [13 x 10] intentionally omitted <==

==> picture [12 x 10] intentionally omitted <==

==> picture [13 x 12] intentionally omitted <==

==> picture [12 x 13] intentionally omitted <==

• 3) Capacity is indicative of major expansions.

Greenfield new builds

29

history - Energy Investments and Asset Management segments

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

	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%										100% acquired by APA Energy infrastructure
North Brown Hill Wind Farm				20.2%
Hasting Diversified Utilities Fund(1,2)						14.9%			100% acquired by APA Energy infrastructure
Diamantina Power Station(1)										50%			100% acquired by APA Energy infrastructure
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.

30

historical normalised EBITDA by asset – Energy Infrastructure

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

$ millions	FY16	FY17	FY18	FY19	FY20
East Coast Grid
Wallumbilla Gladstone Pipeline	475.2	488.0	515.9	542.4	538.9
South WestQueensland Pipeline	240.3	242.4	244.3	250.0	254.4
Moomba SydneyPipeline(1)	121.7	149.5	147.1	149.4	160.8
VictorianSystems	120.6	123.0	124.6	114.0	101.9
Roma Brisbane Pipeline	57.7	58.6	60.9	58.4	56.9
Carpentaria Gas Pipeline	38.6	35.6	39.0	36.8	29.5
OtherQld assets	20.6	13.5	14.0	20.7	23.1
East Coast Grid Total	1,074.7	1,110.6	1,145.7	1,171.5	1,165.5
Northern Territory

Amadeus Gas Pipeline	17.5	18.8	22.9	19.2	19.9
Western Australia
Goldfields Gas Pipeline	115.1	111.5	111.8	125.2	149.9
Eastern Goldfields Pipeline	14.2	36.3	37.7	45.6	51.0
Mondarra Gas Storage and ProcessingFacility	31.8	33.6	32.8	33.8	36.1
Pilbara Pipeline System	28.3	27.5	27.8	28.2	27.6
Other WA assets	8.2	3.4	4.0	3.6	7.0
South Australia
SESA Pipelineand other SA assets	2.5	2.3	2.6	2.1	2.3
Power Generation
Diamantina Power Station	23.3	87.4	88.3	90.9	89.4
Badgingarra Wind and Solar Farms	0.0	0.0	0.0	14.7	33.5
Emu Downs Wind and Solar Farms	19.9	22.4	23.6	23.2	24.8
DarlingDowns Solar Farm	0.0	0.0	0.0	11.0	15.7
Gruyere Power Station	0.0	0.0	0.0	3.5	7.2
Grand Total	1,335.5	1,453.7	1,497.1	1,572.4	1,629.8

Notes: Numbers in the table may not add up due to rounding. (1) includes other NSW Pipelines

31

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

• Tariffs are escalated in January each year by US CPI, with operating costs passed through to the shippers

• Average forward USD/AUD exchange rates: - 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%

Notes :

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

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

==> picture [261 x 439] intentionally omitted <==

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

||||
|---|---|---|
|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|

----- End of picture text -----

• (3) Based on FX rates at inception date

32

East Coast and Central Region

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

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.

==> picture [223 x 184] intentionally omitted <==

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

==> picture [205 x 255] intentionally omitted <==

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

	Historical financials1, A$m	FY16	FY17	FY18	FY19	FY20
	Revenue	1,268.1	1,481.3	1,508.2	1,558.4	1,568.4
	EBITDA	1,118.0	1,218.9	1,259.5	1,294.6	1,292.8
	-Margin	88.16%	82.3%	83.5%	83.1%	82.4%
	-Growth	82.9%	9.0%	3.3%	2.8%	0.0%
	Key facts
	East Coast gas demand2 (2020)				1,977.9 PJ
	Gas demand growth2 (2020-2029)				(2.3%)
	2P developed reserve production (2020)				1,871.3PJ
	Natural gas and ethane reserves
	(proved and probable)				35,679 PJ

Source: AEMO GSOO 2020, EnergyQuest June 2020 Quarterly report. Note: 1) includes power generation.

2) excludes Northern Territory .

33

Western Australia

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

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.

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

Revenue by customer industry

==> picture [229 x 187] intentionally omitted <==

==> picture [186 x 254] intentionally omitted <==

Note: Western Australia Energy Infrastructure revenue including power generation.

	Historical financials1, A$m	FY16	FY17	FY18	FY19	FY20
	Revenue	260.5	291.7	293.1	340.7	405.3
	EBITDA	217.6	234.7	237.6	277.8	337.1
	-Margin	83.5%	80.5%	81.0%	81.5%	83.2%
	-Growth	2.4%	7.9%	1.2%	16.9%	21.3%
	Key facts
	Gas demand (2020)				1,046 PJ
	Gas demand growth (2020-2029)				11.4%
	Potential supply (2020)				1,458 PJ
	Natural gas and ethane reserves
	(proved and probable)				64,307 PJ

Source: AEMO WA GSOO 2019, EnergyQuest June 2020 Quarterly report. Note: 1) includes power generation.

34

power generation - gas and renewables

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

Diamantina Power Station in Queensland

• APA owns and/or operates a portfolio of gas , wind and solar power generation assets totalling ~909 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, 149.3 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	FY16	FY17	FY18	FY19	FY20
Revenue			258.7	297.9	337.5
EBITDA	43.2	109.8	111.8	143.3	170.6
-Margin			45.2%	48.1%	50.5%
-Growth	99.1%	154.2%	1.8%	28.1%	19.1%

35

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

• Capacity to process up to ~68 TJ/day, practical completion yet to be achieved

• APA and Cooper remain jointly focused on completing the plant to deliver additional gas supply to the market

• 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

==> picture [159 x 153] intentionally omitted <==

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

Orbost Gas Processing Plant
----- End of picture text -----

==> picture [159 x 153] intentionally omitted <==

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

Mondarra Gas Storage
----- End of picture text -----

==> picture [160 x 151] intentionally omitted <==

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

Dandenong LNG storage
----- End of picture text -----

• Processes up to 45 TJ/day

36

Asset Management business segment

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

• 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

==> picture [335 x 213] intentionally omitted <==

37

Energy investments business segment

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

==> picture [640 x 435] intentionally omitted <==

38

Disclaimer

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

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

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

Not financial product advice: Please note that Australian Pipeline Limited is not licensed to provide financial product advice in relation to securities in the APA Group. This presentation is for information purposes only and is not financial product or investment advice or a recommendation to acquire APA Group securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek professional advice if necessary. Past performance: Past performance information should not be relied upon as (and is not) an indication of future performance.

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

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

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

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

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

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

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

39

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

For further information contact: Jennifer Blake 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

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

40