APA GROUP — Major Shareholding Notification 2016

May 26, 2016

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme APA Ethane Limited as responsible entity of each of Ethane Pipeline Income Trust (ARSN 118 961 167) and Ethane Pipeline Income Financing Trust (ARSN 118 961 023)

(ASX: EPX)

ACN/ARSN 132 157 290

1. Details of substantial holder (1)

Name Australian Pipeline Limited ( APL ) as responsible entity of Australian Pipeline Trust (ARSN 091 678 778) ( APT ) and of the APT Investment Trust (ARSN 115 585 441), APT Pipelines Limited (ACN 009 666 700) and their controlled entities ( APA Group ) ACN/ARSN (if applicable) 091 344 704

There was a change in the interests of the substantial holder on 26 May 2016 The previous notice was given to the company on 20 May 2016 The previous notice was dated 20 May 2016

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person’s votes	Voting power(5)	Person’s votes	Voting power(5)
Stapled securities in Ethane Pipeline Income Fund each comprising one unit in Ethane Pipeline Income Trust (ARSN 118 961 167) and one unit in Ethane Pipeline Income Financing Trust (ARSN 118 961 023) (EPX Securities)	64,952,227	93.72%	65,775,587	94.91%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person’s votes affected
20 May 2016	APL Each member of the APA Group	Increase in relevant interest as a result of APL’s receipt of acceptances to its takeover offer dated 21 March 2016 (Takeover Offer)	The offer price under the Takeover Offer	93,216 fully paid stapled units	93,216
23 May 2016	APL Each member of the APA Group	Increase in relevant interest as a result of APL’s receipt of acceptances to its takeover offer dated 21 March 2016	The offer price under the Takeover Offer	191,732 fully paid stapled units	191,732

24	May	2016	APL	Increase in relevant	The offer price under	113,535 fully paid	113,535
				interest as a result of	the Takeover Offer	stapled units
			Each member of the	APL’s receipt of
			APA Group	acceptances to its
				takeover offer dated
				21 March 2016
25	May	2016	APL	Increase in relevant	The offer price under	243,720 fully paid	243,720
				interest as a result of	the Takeover Offer	stapled units
			Each member of the	APL’s receipt of
			APA Group	acceptances to its
				takeover offer dated
				21 March 2016
26	May	2016	APL	Increase in relevant	The offer price under	181,157 fully paid	181,157
				interest as a result of	the Takeover Offer	stapled units
			Each member of the	APL’s receipt of
			APA Group	acceptances to its
				takeover offer dated
				21 March 2016

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of	Registered	Person entitled	Nature of	Class and	Person’s votes
relevant	holder of	to be registered	relevant	number of
interest	securities	as holder (8)	interest (6)	securities
APA Group	The holders of EPX	APL	Relevant interest under	65,775,587 EPX	94.91%
	Securities who have		section 608(1) and/or	Securities
	accepted the Takeover		608(3)
	Offer

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
Not applicable	Not applicable

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
APA Group	HSBC Building,Level 19,580 George Street,SydneyNSW 2000

Signature

print name Nevenka Codevelle

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Capacity Company Secretary
date 27 / 05 / 2016