APA GROUP — M&A Activity 2012

Mar 18, 2012

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19 March 2012

The Manager Company Announcements Office Australian Securities Exchange 4[th] Floor, 20 Bridge Street Sydney NSW 2000

Electronic Lodgement

Dear Sir/Madam

APT Pipelines Limited - Takeover bid for Hastings Diversified Utilities Fund (“Offer”) – Notice to waive offer conditions and notice of new date for giving notice of status of conditions

In accordance with sections 650F and 630(2) of the Corporations Act, please find attached a notice to waive offer conditions and notice of new date for giving notice of status of conditions.

This document relates to APT Pipelines Limited’s bidder’s statement dated 15 December 2011 (as supplemented) for all the stapled securities in Hastings Diversified Utilities Fund (each stapled security comprising one unit in each of HDUF Epic Trust (ARSN 109 770 961), HDUF Finance Trust (ARSN 109 770 765), and HDUF Further Investments Trust (ARSN 109 897 921)).

A copy of the attached notice will be given to Hastings Diversified Utilities Fund today.

Yours faithfully

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Mark Knapman

Company Secretary

APT PIPELINES LIMITED (ABN 89 009 666 700) (A COMPANY WHOLLY OWNED BY AUSTRALIAN PIPELINE TRUST (ARSN 091 678 778)) (“BIDDER”)

NOTICE WAIVING TAKEOVER BID CONDITIONS AND NOTICE OF NEW DATE FOR GIVING NOTICE OF STATUS OF CONDITIONS

TO:

Hastings Funds Management Limited (ABN 27 058 693 388) in its capacity as responsible entity of the Hastings Diversified Utilities Fund

AND TO:

ASX Limited

Notice waiving takeover bid conditions

In relation to the Offer made pursuant to the bidder’s statement dated 15 December 2011 in relation to the takeover bid by the Bidder for all of the stapled securities in HDUF (“ Bidder’s Statement ”), the Bidder gives notice under section 650F of the Corporations Act that:

• it waives the conditions set out in section 10 of Bidder’s Statement as follows:

• paragraph (l) (HDUF announcement re change of control);

• paragraph (m) (change of control);

• paragraph (n) (HDUF announcement re contractual milestones); and

• paragraph (o) (HDUF announcement re commencement of AGL gas transportation agreement),

and declares the Offer and any takeover contract arising from acceptance of the Offer free from these conditions; and

• as at the date of this notice, the Bidder’s voting power in Hastings Diversified Utilities Fund is 21.11%, comprising 111,871,079 stapled securities out of a total of 530,001,072 stapled securities presently on issue.

Notice of new date for giving notice of status of conditions

The Bidder gives notice under section 630(2) that the date for giving notice on the status of the conditions set out in Section 10 of the Bidder’s Statement pursuant to section 630(3) of the Corporations Act has been postponed by operation of section 630(2) of the Corporations Act. The new date for giving a notice on the status of those conditions is 23 April 2012.

As at the date of this notice:

• as stated above, the conditions in paragraph (l), (m), (n) and(o) of Section 10 of the Bidder’s Statement has been waived and, accordingly, the Offer is now free of those conditions; and

• so far as the Bidder knows, none of the other conditions to the Offer set out in Section 10 of the Bidder’s Statement have been fulfilled or waived and, accordingly, the Offer remains subject to those conditions.

Unless the context requires otherwise, defined terms in the Bidder’s Statement have the same meaning in this notice.

This notice is dated 19 March 2012.

Signed on behalf of APT Pipelines Limited (ABN 89 009 666 700).

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Leonard Bleasel AM

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Michael McCormack
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Chairman Director