APA GROUP — M&A Activity 2012

Sep 24, 2012

Hastings Funds Management Limited ABN 27 058 693 388 AFSL No. 238309

Total pages: 1

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Level 27, 35 Collins Street Melbourne VIC 3000 Australia T +61 3 8650 3600 F +61 3 8650 3701 www.hfm.com.au Melbourne, London, New York, Sydney

ASX Announcement

Hastings Diversified Utilities Fund (HDF)

25 September 2012

APA reduces minimum ownership condition to 50 percent, waives other conditions

Hastings Funds Management Limited, as Responsible Entity for HDF, notes the announcement by the APA Group (APA) advising that it has waived all remaining conditions in relation to its offer for HDF Securities, except for its minimum ownership condition. APA has also indicated that it will waive its minimum ownership condition once the total percentage of HDF securities in which it has relevant interest or which are the subject of acceptance instructions is more than 50 percent, provided that securities held in its institutional acceptance facility become formal acceptances.

APA has extended the offer period for its increased bid for all of the HDF Securities it does not own to 7:00pm (AEST) on 11 October 2012.

For further enquiries, please contact the HDF Information Line on 1800 815 610 (toll-free in Australia) or +612 8256 3357 (outside Australia).

For further enquiries, please contact:

Colin Atkin Simon Ondaatje Chief Executive Officer Head of Investor Relations Hastings Diversified Utilities Fund Hastings Funds Management Tel: +61 3 8650 3600 Tel: +61 3 8650 3600 Fax: +61 3 8650 3701 Fax: +61 3 8650 3701 Email: investor_relations@hfm.com.au Email: investor_relations@hfm.com.au Website: www.hfm.com.au Website: www.hfm.com.au

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Jane Frawley Company Secretary Hastings Funds Management Limited

Unless otherwise stated, the information contained in this document is for informational purposes only. It does not constitute an offer of securities and should not be relied upon as financial advice. The information has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person or entity. Before making an investment decision you should consider, with or without the assistance of a financial adviser, whether any investments are appropriate in light of your particular investment needs, objectives and financial circumstances. Neither Hastings, nor any of its related parties including Westpac Banking Corporation ABN 33 007 457 141, guarantees the repayment of capital or performance of any of the entities referred to in this document and past performance is no guarantee of future performance. Hastings, as the Manager or Trustee of various funds, is entitled to receive management and performance fees.

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