Investor Presentaiton

Regulation of Australian gas pipelines APA pipelines by regulation type Full regulation pipelines Light regulation pipelines Non-scheme pipelines Partly full regulation/non-scheme pipelines During FY23 approximately 8.2% of APA's Energy Infrastructure revenues were subject to regulated outcomes. Gas pipelines in Australia are regulated under the National Gas Law (NGL) and National Gas Rules (NGR) by the Australian Energy Regulator (AER) or the Economic Regulation Authority of Western Australia (ERA). On 2 March 2023, amendments to the NGL and NGR were proclaimed and came into effect across all states except Western Australia. Prior to these amendments (and ongoing in WA), the NGL and NGR established 2 regulatory pipeline frameworks: 1. Scheme pipelines (NGR Parts 8-12) subject to either: - Full regulation with regulator approved tariffs and terms and conditions; or - Light regulation where pipeline owners publish services and prices and comply with information provision requirements. 2. Non-Scheme pipelines (NGR Part 23) where tariffs and terms are negotiated between parties. The 2 March 2023 amendments to the NGL and NGR discontinue light regulation and transition to a: • 'heavier' form of regulation, based on the current full regulation for scheme pipelines; or • 'lighter' form of regulation, based on the previous Part 23 (now Part 10) regime for non scheme pipelines. In practice, pipelines currently subject to full regulation are not expected to experience much change. APA's non-scheme pipelines and pipelines previously subject to light regulation will transition to the new 'lighter' form of regulation. Following on from this legislative change, the regulator will now have the power to determine the form of regulation to apply to a particular pipeline. In effect, this means that the AER can decide to apply full regulation to non-scheme pipelines. The AER would then have the role of approving capital and operating expenditure and rates of return under five year access arrangement proposals. APA will also be required to publish actual contracted prices across its pipeline network. Further changes to the information disclosure framework will take place from FY25, under a new Pipeline Information Disclosure Guideline, currently under development. apa 54 APA FY23 Results Investor Presentation

View entire presentation