APA GROUP — M&A Activity 2012

Jul 25, 2012

Hastings Funds Level 27, 35 Collins Street Management Limited Melbourne VIC 3000 Australia ABN 27 058 693 388 T +61 3 8650 3600 AFSL No. 238309 F +61 3 8650 3701 www.hfm.com.au Melbourne, London, San Antonio, Sydney

Total pages: 1

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ASX Announcement

Hastings Diversified Utilities Fund (HDF)

26 July 2012

HDF responds to APA announcement

Further to HDF’s announcement on 25 July 2012 regarding APA Group’s (APA) intention to increase its takeover offer for HDF subject to completion of satisfactory due diligence, a subcommittee of independent directors of Hastings Funds Management Limited, as Responsible Entity for HDF, has advised that it will engage with APA about the terms on which due diligence can be granted.

The subcommittee of independent directors will also engage with APA about its ability to increase its offer consideration to a value of at least $2.50 per security, comprised of $0.60 cash and a fixed amount of APA securities, representing a value of at least $2.525 per security when combined with HDF’s distribution payable of $0.025 per security on 6 August 2012.

For further enquiries, please contact:

Colin Atkin Chief Executive Officer Hastings Diversified Utilities Fund Tel: +61 3 8650 3600 Fax: +61 3 8650 3701 Email: investor_relations@hfm.com.au Website: www.hfm.com.au

Simon Ondaatje Head of Investor Relations Hastings Funds Management Tel: +61 3 8650 3600 Fax: +61 3 8650 3701 Email: investor_relations@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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