APA GROUP — Investor Presentation 2022

May 4, 2022

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

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5 May 2022

ASX ANNOUNCEMENT

APA Group (ASX: APA)

APA Presentation

Macquarie Australia Conference

APA Group (ASX: APA) provides the attached presentation to be delivered by APA at the Macquarie Australia Conference today.

A copy of the presentation will be available on the APA’s website in the investor reports and presentation section.

Authorised for release by Amanda Cheney Company Secretary Australian Pipeline Limited

For further information, please contact:

Investor enquiries: Kynwynn Strong General Manager, Investor Relations Telephone: +61 3 9463 8408 Mob: +61 410 481 383 Email: Kynwynn,strong@apa.com.au

Media enquiries: Michael Cox Corporate Affairs Manager Telephone: +61 2 8044 7002 Mob: +61 429 465 227 Email: Michael.Cox@apa.com.au

About APA Group (APA)

APA is a leading Australian Securities Exchange (ASX) listed energy infrastructure business. We own and/or manage and operate a diverse, $22 billion portfolio of gas, electricity, solar and wind assets. Consistent with our purpose to strengthen communities through responsible energy, we deliver approximately half of the nation’s gas usage and connect Victoria with South Australia and New South Wales with Queensland through our investments in electricity transmission assets. We are also one of the largest owners and operators of renewable power generation assets in Australia, with wind and solar projects across the country.

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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.

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APA Group The critical role of gas in Australia's energy transition

Macquarie Australia Conference 5 May 2022

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disclaimer

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, statements regarding APA Group’s future strategies and capital expenditure, statements regarding estimates of future demand and consumption and statements regarding climate change and other environmental and energy transition scenarios. 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, free cash flow, 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 nonIFRS financial measures include FCF, 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 "nonGAAP 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 nonGAAP 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.

Acknowledgement: Images on slide 4: Weddell Meter Station and Northern Operations Technicians, Darwin.

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APA 1H22 Results Investor Presentation

In the spirit of reconciliation APA acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present, and extend that respect to all Aboriginal and Torres Strait Islander Peoples today.

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APA Macquarie Conference May 2022

Our people are the key to our success

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APA Macquarie Conference May 2022

Well positioned to support a low emissions future

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APA Macquarie Conference May 2022

Transitioning Australia’s energy system

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Australia’s emissions in 2021 by sector [(1)] National Electricity Market (NEM) generation mix [(2)]
Waste
Gas
Industrial Processes
3%
& product use 7% Hydro
15%
7%
33%
Wind
10%
Fugitive 10% Electricity
501 Mt
1% CO2-e 203 TWh
Agriculture &
LULUCF 11%
Solar
65%
Transport 18% Coal 0%
20% Battery
and other
Stationary
Energy
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Notes:

1. Department of Industry, Science, Energy and Resources: Australia’s emission projections 2021

1. National Electricity Market (East Coast Australia) 2021 OpenNEM data

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APA Macquarie Conference May 2022

Gas is an essential companion to renewables and a vital industrial energy source

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South Australia’s energy mix [(1)] East Coast Gas Consumption 2021 [(2)]
14.4 TWh 14.9 TWh
6%
18% 18%
Battery and other
Solar
30%
36%
Wind
Gas
39%
Coal 553 PJ
Imports
31%
47%
18% 35%
Power Generation
15% Industrial
8%
Residential & Commercial
2016 2021
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Notes:

1. OpenNEM Data; 2. AEMO Gas Statement of Opportunities 2022

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APA Macquarie Conference May 2022

APA is investing to support energy markets

South West Pipeline Expansion

• Response to potential 2023 shortfall with pipeline augmentation

• Capital investment of ~$60m

Kurri Kurri Lateral Pipeline

• Proposed development of gas pipeline to the Hunter Power Project with the ability to deliver blended hydrogen to the receipt station

• Capital investment of ~$250m

East Coast Grid Expansion

• Increasing winter peak capacity up to 25% through two-staged expansion

• Capital investment of ~$270m

Northern Goldfields Interconnect

• A new 580km pipeline that increases capacity to the Goldfields region

• Capital investment of ~$460m

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Notes:

Photo credits: APA; Baosteel

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APA Macquarie Conference May 2022

Expertise and experience in operating and developing energy infrastructure

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Regulated/contracted Regulated/contracted Renewables
gas infrastructure Electricity infrastructure & Firming
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Hydrogen
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Strong organic growth pipeline, now in excess of $1.4 billion[(1)]

Notes:

(1) As at 23 February 2022

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Supporting our customers with their decarbonisation efforts

Mica Creek Solar Farm

• 88MW solar farm backed by gas power generation; biggest off-grid solar in Australia

• Capital investment ~$150m

Gruyere Hybrid Energy Microgrid

• Combined gas, renewable energy and battery storage energy solution

• Capital investment ~$40m

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Opportunities in electricity transmission via renewable energy zones

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REZ development 2049-50
122 GW 35 REZs $30+ B – Step Change scenario [(4)]
additional VRE shortlisted across New transmission
capacity by 2050 [(1)] eastern Australia [(2)] investment [(3)]
Renewable Energy Zones (REZ)
REZ are resource areas for clusters of large-scale renewable energy projects
REZ combine generation, transmission, storage, and system strength services to ensure a
secure, affordable and reliable energy system
Total REZ opportunities across the NEM currently estimated at $90B
NSW Government has committed to develop five REZs in Central-West Orana, New
England, South-West, Hunter-Central Coast and Illawarra regions
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1. VRE = Variable Renewable Capacity; Source: AEMO 2022 Draft ISP Step Change Scenario. 2. Source: AEMO 2022 Draft ISP Appendix 3. Source: AEMO 2022 Draft ISP Appendix 5. 4. Source: AEMO 2022 Draft ISP, Appendix 3, Step Change Scenario.

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Investment in future energy technologies

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Parmelia Gas Pipeline Hydrogen Project

• Proposed 100% hydrogen conversion of a section of existing pipeline in Western Australia

• Phase 2 underway - lab testing of the pipeline materials in gaseous hydrogen conditions

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Victorian Transmission System

• Proposal to develop Australia’s first blueprint for state-wide hydrogen blending

• Hydrogen safety proposal to test network under access arrangement

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Central Queensland Hydrogen Project

• Feasibility study into the development of a large scale renewable hydrogen project in Central Queensland with exports to Japan

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Mid-West Blue H2 & CCS Project

• Feasibility study to identify opportunities to commercialise and distribute low-cost blue hydrogen

• Potential use of the Cliff Head oil project to store carbon dioxide

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Growth strategy aligned with Net Zero ambition

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Net Zero
ambition
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Net Zero 2050

• Progressing our ambition to achieve Net Zero operational emissions (Scope 1 and 2) by 2050

• Interim targets to be released during 2022

• Net Zero ambition embedded in our decision-making

• A Climate Change Management Plan developed

• Signatory of Methane Guiding Principles

• Joined as Founding Members of Materials and Embodied

• Carbon Leaders’ Alliance

• Joined CEO Climate Leaders Coalition

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Strategy and capability to be world class in energy solutions

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Leading energy Delivering on
infrastructure our strategy
company
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Attractive growth
opportunities
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Thank you

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Appendix

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APA is a leading energy infrastructure business

Creating value for our Securityholders and the Community

• Developing and operating critical energy infrastructure

• Australia's largest gas pipeline owner and operator

• Connecting regions with electricity transmission

• Powering industry and communities with gas and renewable energy

• Earnings stability from highly contracted and regulated operations

• Maintaining investment discipline and a competitive cost of capital

• Paying $2.8 billion in distributions to our securityholders in the last 5 years

Diverse energy infrastructure portfolio

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Gas infrastructure Power Generation
Transmission [(1)] Renewable energy [(1)]
>15,000 km transmission 342 MW Wind
pipelines 237 MW Solar
Storage
Gas fired [(1)]
12,000 tonnes LNG
440 MW
18 PJ gas
Processing [(1)]
90 TJ/day processing plants
Electricity transmission
Distribution [(2)]
>29,500 km gas mains and
pipelines
243 km high voltage lines [(1)]
>1.4 million gas customers
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(1) Includes 100% of assets operated and/or under construction by APA Group, which form part of Energy Investments segment, including SEA Gas and EII (partially owned)

(2) Includes 100% of assets operated by APA Group in Queensland, New South Wales, Victoria and South Australia

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Existing APA operational footprint diversified across a range of energy infrastructure assets

Assets and Investments Glossary	Assets and Investments Glossary
GLOSSARY:
AGP	Amadeus Gas Pipeline
BGP	Bonaparte Gas Pipeline
BWSF	Badgingarra Wind and Solar Farms
BWP	Berwyndale Wallumbilla Pipeline
CGP	Carpentaria Gas Pipeline
CRP	Central Ranges Pipeline and network
CWP	Central West Pipeline
DDSF	Darling Downs Solar Farm
DPS & LPS	Diamantina & Leichhardt Power Stations
EGP	Eastern Goldfields Pipeline
EDWSF	Emu Downs Wind and Solar Farms
EP	Ethane Pipeline
GGP	Goldfields Gas Pipeline
GHEM	Gruyere Hybrid Energy Microgrid
	(Microgrid under construction)
IOC	Integrated Operations Centre
KKP	Kalgoorlie Kambalda Pipeline
MWP	Mid West Pipeline
MGP	Mortlake Gas Pipeline
MGPSF	Mondarra Gas Storage and Processing Facility
MSP	Moomba Sydney Pipeline
NGP	Nifty Gas Pipeline
NGI	Northern Goldfields Interconnect
OGPP	Orbost Gas Processing Plant
	(under commissioning)
PGP	Parmelia Gas Pipeline
PPS	Pilbara Pipeline System
RBP	Roma Brisbane Pipeline
RCWP	Reedy Creek Wallumbilla Pipeline
SESA	South East South Australia Pipeline
SGP	SEA Gas Pipeline
SWQP	South West Queensland Pipeline
TGP	Telfer Gas Pipeline
VTS	Victorian Transmission System
WGP	Wallumbilla Gladstone Pipeline
WPP	Wickham Point Pipeline
X41	X41 Power Station
YGP	Yamarna Gas Pipeline
Note: An agreement is in place to sell MWP

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APA Macquarie Conference May 2022

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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

Group Structure

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Australian Pipeline Trust APT Investment Trust
(APT) (APTIT)
Australian Pipeline Limited
(Responsible Entity)
APT Pipelines Ltd 100%
Operating assets
Passive investments
and investments
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• 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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Tax Structure
APT APTIT
30% tax 0% tax
~74% ~26%
APA Group
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APA Macquarie Conference May 2022

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Low risk business model

• Solid risk management processes in place

• Continue to manage counterparty risks by:

• Diversification of customers and industry exposures

• Assessment of counterparty creditworthiness

• Entering into stable contracted revenue to support major capital spend

Energy Infrastructure revenue by

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Revenue type
11.7% Capacity charge
2.3% Regulated
8.9% ~87% Contracted fixed
Take or Throughput & other variable
pay/ Flexible short term
regulated Other
75.3%
Customer
A- rated or better
credit rating 10.1%
BBB to BBB+ rated
6.0%
~84% 41.1% Investment grade
Not rated
Investment
Grade Sub-investment grade
37.0%
Customer Energy
industry 24.7% Utility
Diverse Resources
48.4% Industrial & Others
Source of
revenue
23.8%
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5 year normalised financials

	Financial Performance		1H22	1H21	FY21	FY20(1)	FY19(1)	FY18(1)	FY17
	Revenue	$m	1,384.4	1,295.0	2,605.3	2,590.6	2,452.2	2,386.7	2,326.4
	Revenue excluding pass-through(2)	$m	1,117.7	1,071.8	2,144.5	2,129.5	2,031.0	1,941.4	1,888.3
	Underlying EBITDA(3)	$m	859.8	822.8	1,633.0	1,653.9	1,573.8	1,518.5	1,470.1
	Total reported EBITDA(3)	$m	865.3	834.7	1,643.0	1,656.0	1,569.0	1,518.0	1,470.1
	Depreciation and amortisation expenses	$m	(371.2)	(330.9)	(674.4)	(650.8)	(611.3)	(578.9)	(570.0)
	Reported EBIT(3)	$m	494.1	503.8	968.7	1,005.2	957.7	939.1	900.1
	Net interest expense	$m	(239.2)	(246.9)	(504.8)	(507.8)	(497.4)	(509.7)	( 513.8)
	Income tax expense	$m	(99.3)	(23.2)	(62.9)	(185.6)	(175.6)	(164.9)	(149.5)
	Profit/(loss) after tax including significant item	$m	155.6	(15.5)	3.7	311.8	284.7	264.5	236.8
	Significant items– after income tax	$m	-	(174.5)	(278.1)	-	-	-	-
	Profit after tax excluding significant item	$m	155.6	159.0	281.8	311.8	284.7	264.5	236.8
	Financial Position
	Total assets	$m	14,665.9	15,199.7	14,742.9	15,994.3	15,429.2	15,226.7	15,045.9
	Total drawn debt(4)	$m	9,667.0	9,684.4	9,665.7	9,983.6	9,352.1	8,810.4	9,249.7
	Total equity	$m	2,815.8	3,269.7	2,969.2	3,214.9	3,596.1	4,126.5	3,978.2
	Cash Flow
	Free cash flow(5)	$m	515.1	420.0	901.9	956.6	893.7	919.0	905.1
	Operating cash flow(6)	$m	602.9	513.3	1,051.0	1,087.5	1,007.3	1,031.1	973.9
	Key Financial Ratios
	Earnings/(loss) per security including significant items(7)	cents	13.2	(1.3)	0.3	26.4	24.1	23.3	21.2
	Free cash flow per security(7)	cents	43.7	35.6	76.4	81.1	75.7	80.8	80.9
	Distribution per security	cents	25.0	24.0	51.0	50.0	47.0	45.0	43.5
	Funds From Operations to Net Debt	%	11.5	11.8	11.3	12.1	10.8	10.8	10.8
	Funds From Operations to Interest	Times	3.3	3.2	3.1	3.3	3.0	3.0	3.0
	Weighted average number of securities(7)	M	1,179.9	1,179.9	1,179.9	1,179.9	1,179.9	1,136.9	1,118.5

(1) Restated as a result of change in the APA Group's accounting policy following the IFRIC Agenda Decision published in April 2021 related to accounting for SaaS arrangements.

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

(3) Excludes significant items

• (4) 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

(5) Free cash flow is operating cash flow less SIB capex (SIB capex includes operational assets lifecycle replacement costs and technology lifecycle costs)

(6) Operating cash flow = net cash from operations after interest and tax payments

• (7) 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

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Debt maturity profile

APA maintains diversity of funding sources and spread of maturities

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Undrawn committed facilities
AUD AUD DCM bonds [(2)]
USD DCM bonds [(3)]
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36
536
1,104
1,396 (USD 1,100)
1,018
500 925
1,140 (USD 886)
738 770
650
879 (USD 683)
450
50 200 50
133 379 (USD 300)
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Notes:

• 1) APA debt maturity profile as at 31 December 2021

• 2) AUD denominated obligations debt capital market (DCM) notes

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

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APA Investor Morning: Friday 6 May 2022 Register for the in-person event or webcast here

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APA Macquarie Conference May 2022

For further information

Kynwynn Strong General Manager, Investor Relations

M: +61 410 481 383

E: kynwynn.strong@apa.com.au

www.apa.com.au

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