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Australian Pipeline Ltd ACN 091 344 704 | Australian Pipeline Trust ARSN 091 678 778 | APT Investment Trust ARSN 115 585 441 Level 25, 580 George Street Sydney NSW 2000 | PO Box R41 Royal Exchange NSW 1225 Phone +61 2 9693 0000 | Fax +61 2 9693 0093 APA Group | apa.com.au 22 August 2018 ASX ANNOUNCEMENT APA Group (ASX: APA) (also for release to APT Pipelines Limited (ASX: AQH)) Annual Financial Results The following announcements are attached: • Australian Pipeline Trust Appendix 4E • Australian Pipeline Trust Annual Report • APT Investment Trust Annual Report • Sustainability Report Nevenka Codevelle Company Secretary Australian Pipeline Limited For further information please contact: Investor enquiries: Media enquiries: Jennifer Blake Louise Watson Telephone: +61 2 9693 0097 Telephone: +61 2 8011 0591 Mob: +61 455 071 006 Mob: +61 419 185 674 Email: [email protected] Email: [email protected] About APA Group (APA) APA is a leading Australian energy infrastructure business, owning and/or operating in excess of $20 billion of energy infrastructure assets. Its gas transmission pipelines span every state and territory on mainland Australia, delivering approximately half of the nation’s gas usage. APA has direct management and operational control over its assets and the majority of its investments. APA also holds ownership interests in a number of energy infrastructure enterprises including SEA Gas Pipeline, SEA Gas (Mortlake) Partnership, Energy Infrastructure Investments and GDI Allgas Gas Networks. APTFor personal use only Pipelines Limited is a wholly owned subsidiary of Australian Pipeline Trust and is the borrowing entity of APA Group. For more information visit APA’s website, apa.com.au Australian Pipeline Trust Results for announcement to the market For the year ended 30 June 2018 Appendix 4E Percentage Change Amount Statutory and Normalised Results % $’000 Revenue up 2.6 to 2,386,722 EBITDA up 3.3 to 1,518,474 EBIT up 4.4 to 939,558 Profit after tax up 11.8 to 264,839 Operating cash flow up 5.9 to 1,031,627 Operating cash flow per security up 3.6¢ to 90.7¢ Earnings per security up 2.1¢ to 23.3¢ EBIT = Earnings before interest and tax EBITDA = EBIT before depreciation and amortisation Reporting Period The above results are for the financial year ended 30 June 2018, reference is made to movements from the previous corresponding period being the financial year ended 30 June 2017. APA Group Franked Amount per amount per Distributions paid and proposed security security Final distribution proposed profit distribution 11.83¢ 8.93¢ capital distribution 12.17¢ - 24.00¢ 8.93¢ Interim distribution paid profit distribution 11.33¢ 5.83¢ capital distribution 9.67¢ - 21.00¢ 5.83¢ 45.00¢ 14.76¢ For personal use only Record date for determining entitlements to the unrecognised final distribution in respect of the current financial year is 29 June 2018. Australian Pipeline Trust Results for announcement to the market For the year ended 30 June 2018 Appendix 4E Distribution information is presented on an accounting classification basis. The APA Group Annual Tax Statement and Annual Tax Return Guide to be (released in September 2018) provide the classification of distribution components for the purposes of preparation of security holder income tax returns. The Directors have reviewed APA Group’s financial position and funding requirements and have decided to retain the suspension of the Distribution Reinvestment Plan until further notice. 2018 2017 Net asset backing per security $ $ Net tangible asset backing per security -0.04 -0.34 Net asset backing per security 3.50 3.57 Additional information and commentary on results for the year For additional disclosures refer to the APA Group annual report for the year ended 30 June 2018 accompanying this Appendix 4E. For personal use only APA Group Annual Report. For the financial year ended 30 June 2018 For personal use only APA Group Annual Report for the year ended 30 June 2018 CHAIRMAN’S REPORT 1 MANAGING DIRECTOR’S REPORT 4 APA GROUP BOARD 7 APA GROUP SENIOR MANAGEMENT 9 2018 HIGHLIGHTS 11 AUSTRALIAN PIPELINE TRUST DIRECTORS’ REPORT 12 1 Directors 12 2 Principal Activities 12 3 State of Affairs 12 4 Subsequent Events 13 5 About APA 14 6 Financial Overview 18 7 Business Segment Performances and Operational Review 20 8 Capital and Investment Expenditure 30 9 Financing Activities 34 10 Regulatory Matters 38 11 Health, Safety and Environment 41 12 Risk Overview 46 13 Directors 50 14 Options Granted 51 15 Indemnification of Officers and External Auditor 51 16 Remuneration Report 52 17 Auditor 52 18 Information Required for Registered Schemes 53 19 Rounding of Amounts 53 20 Corporate Governance Statement 53 21 Authorisation 53 AUSTRALIAN PIPELINE TRUST REMUNERATION REPORT 54 1 Individuals covered by this Remuneration Report 54 2 Executive Summary 55 3 Executive Remuneration Framework 57 4 Executive Incentive Plans and FY2018 Outcomes 59 5 Other Remuneration Elements 62 6 Non-executive Directors 64 For personal use only 7 Remuneration Governance 65 8 Statutory Tables 67 AUSTRALIAN PIPELINE TRUST CONSOLIDATED FINANCIAL STATEMENTS 71 i APA Group Annual Report for the year ended 30 June 2018 APT INVESTMENT TRUST DIRECTORS’ REPORT 138 1 Directors 138 2 Principal Activities 138 3 State of Affairs 138 4 Subsequent Events 139 5 Review of Results and Operations 139 6 Distributions 140 7 Directors 140 8 Options Granted 142 9 Indemnification of Officers and External Auditor 142 10 Information Required for Registered Schemes 142 11 Auditor’s Independence Declaration 143 12 Rounding of Amounts 143 13 Authorisation 143 APT INVESTMENT TRUST CONSOLIDATED FINANCIAL STATEMENTS 144 APA GROUP ADDITIONAL INFORMATION 167 APA GROUP FIVE YEAR SUMMARY 168 APA GROUP INVESTOR INFORMATION 169 APA GROUP SUSTAINABILITY REPORT 1 Our Sustainability Approach S1 2 Message from Mick McCormack, Managing Director S2 3 Customers S4 4 Environment S7 5 Community S12 6 Employees S17 7 Investors S23 For personal use only ii APA Group Annual Report for the year ended 30 June 2018 CHAIRMAN’S REPORT APA’s vision is to connect Australia to its energy future. That future has rapidly evolved particularly in recent years, with influences from both domestic circumstances such as our dynamic energy markets and government policy, and globally with demand for Australia’s energy resources and calls for action on climate change. APA plays a key role in enabling Australian consumers and businesses to have access to affordable, reliable and sustainable energy. During the 2018 financial year, we stepped up our commitment to this role, working with industry and our customers and investing over $700 million in new organic growth projects that will contribute to providing a solution to Australia’s energy trilemma. In my first year as your Chairman, I am delighted to share some highlights about the progress APA has made in delivering on its strategy this past financial year. Since its inception in 2000, APA has gone from strength to strength and our disciplined investment approach has delivered a portfolio of assets that we own and/or operate of over $20 billion. APA’s vision to connect Australia to its energy future is being realised as we progress our strategic growth trajectory and continue to deliver value for our Securityholders. Financial results In FY2018, APA has presented the market with a solid set of financial results. Revenue has increased by 2.8 per cent to $1,941.4 million(1). Off the back of the growth that we continue to deliver, earnings before interest, tax, depreciation and amortisation (EBITDA) have increased by 3.3 per cent to $1,518.5 million and net profit after tax has increased by 11.8 per cent to $264.8 million. The very nature of APA’s business enables predictable results for our Securityholders that are largely unaffected by market conditions. This is achieved through the longevity of our contracts to supply energy and services to our customers. These contracts, in turn, support the ongoing investment in our infrastructure. Over the last few years, the Australian market has been challenged by fluctuating commodity prices. We are conscious that the relative price of these commodities may have an impact on our customer’s demand for infrastructure in the future. By applying a customer centric approach, APA sees itself as an energy industry team player with the ability to offer flexible services that meet our customers’ long-term needs. Our total distributions for FY2018 of 45 cents per security represent a 3.4 per cent increase over distributions for FY2017. Securityholders have also benefited from a total of 6.33 cents per security of franking credits which accompany the distributions. In accordance with our distribution policy, distributions have been fully covered by operating cash flows. A portion of these cash flows have also been retained within the business to support our ongoing growth. With growth continuing to drive our strategy, we are working on in excess of $1.4 billion of growth projects that have been agreed with our customers to meet their future energy For personal use only needs. In FY2018, APA commissioned the Emu Downs Solar Farm, Reedy Creek Wallumbilla Pipeline, the Mt Morgans Gas Pipeline and the Yamarna Gas Pipeline. These assets will all contribute to earnings in FY2019 and beyond. Operating cash flow for FY2018 increased by 5.9 per cent to $1,031.6 million. Operating cash flow per security held strong and increased (1) Total revenue, excluding pass-though (revenue on which no margin is earned). 1 APA Group Annual Report for the year ended 30 June 2018 by 4.1 per cent to 90.7 cents per security, despite over 65 million new securities being issued during FY2018 as part of the $500 million equity capital raise that was undertaken in February.

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