APA GROUP — M&A Activity 2012

Aug 8, 2012

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

Total pages: 1

==> picture [217 x 105] intentionally omitted <==

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)

9 August 2012

APA announces increased offer for HDF

A subcommittee of independent directors of Hastings Funds Management Limited (HFML), as Responsible Entity for HDF, notes APA Group’s (APA) ASX announcement today that it has increased its takeover offer for HDF.

APA’s improved offer comprises $0.62 in cash and 0.390 APA securities for each HDF security. The implied value of the offer is $2.51 per HDF security, based on the closing price of $4.85 for APA securities on 8 August 2012. APA has noted a reduction in a number of conditions since the announcement of its offer and the intention to waive further conditions as part of the revised offer.

The subcommittee of independent directors of HFML will meet to consider the terms of the revised offer. In accordance with the Takeover Bid Implementation Deed between HDF and Pipeline Partners Australia, if and when the independent directors determine that APA’s revised offer is superior to Pipeline Partners Australia’s current offer, Pipeline Partners Australia will have two business days to make a matching offer.

HDF will keep the market informed of any developments as appropriate.

For further enquiries, please contact:

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

==> picture [486 x 46] intentionally omitted <==

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.

==> picture [192 x 49] intentionally omitted <==