ASX RELEASE 13 March 2012 The Manager ASX Market Announcements Australian Securities Exchange 4th Floor, 20 Bridge Street Sydney NSW 2000 Electronic Lodgement Dear Sir or Madam Company Announcement I attach the following announcement for release to the market: • Interim Results Presentation Yours sincerely

Mark Knapman Company Secretary APA Ethane Limited

Investor Meeting

EPX 1H FY12 Results

Presentation 2

Brief Overview Principal Activity

– Investment in the Moomba to Sydney Ethane Gas Pipeline, through wholly owned subsidiary, Gorodok Pty Limited

– Pipeline – 1375km in length, running through regional NSW as well as the urban areas from Wilton into Botany

Commercial Arrangements – Pursuant to a long term Product Transportation

Agreement (to 2030) with its sole customer Qenos, provides capacity on the pipeline for the transportation of ethane from the gas processing plant in South Australia’s Cooper Basin to a petrochemical plant near Botany Bay, Sydney owned by Qenos

– In early 2011, Qenos updated EPX on its haulage requirements for the period from 2011 to 2014. Based on the nominated volumes, the Fund’s revenues over that period are expected to be in line with current revenue levels

Operations – EPX has no employees

– Operational roles are undertaken by East Australian Pipeline Pty Limited under a long term operations and maintenance contract

Presentation 3

Distributions in FY12 (year to date)

FY12 Distributions Period Date Paid /

Expected Amount

Per Security (cents)

July 11 - Sept 11 14 Oct 11 3.72

Oct 11 - Dec 11 13 Jan 12 4.13

Jan 12 – Mar 12 13 Apr 12 4.15

In 1H FY12, EPX announced distributions for the half year of 7.85 cents per security

EPX announced the distribution for the period ending March 2012 of 4.15 cents per security

Distribution impacted by:

– Continuing repayment of the $20m debt facility held with Investec. The next scheduled repayment of $2.3m is to be paid on 31 March 2012

– Provisioning for expected items (eg. pigging, mine subsidence)

Presentation 4

1H FY12 Results

Statutory Results

$’000 % Change

Revenue 13,321 0.6 ▲

Net Profit After Tax 3,464 8.3 ▼

Operating Cash Flow 8,636 11.4 ▲

Operating Cash Flow/Security

12.5 cents 11.4 ▲

Statutory results primarily impacted by:

• Higher income tax expense

• Lower borrowing costs

• Slight increase in revenue

• Slight increase in maintenance and operating costs

Federal Government announced it would amend recent legislation, which had allowed a deduction for the tax cost setting amount allocated to an asset with a right to future income

Any enacting of that proposed legislation will require reversal of accounting tax deductions booked to date

Prospective impact of $1.0m increase in income tax expense

No claim has been made with respect to the amount previously deductible for FY2012

Any enacting of that proposed legislation will result in the Fund paying tax from FY2013

Presentation 5

Balance Sheet Summary

Non-current cash relates to quarantined funds:

– for specific capital projects, in accordance with the requirements of the Investec facility ($5.5m); and

– held on deposit over bank guarantees and an overdraft facility ($3.6m)

Current borrowings represents four quarterly principal repayments remaining on the Investec Facility

FY 12 Expectations

– By end June 2012, the Fund will have sufficient available cash to repay Investec debt in full

– Further cash on deposit has been released due to bank guarantees no longer required

Actual 1H FY12 ($000)

Cash and cash equivalents

Current 4,804

Non-current 9,127

Total cash and cash equivalents 13,931

Property, plant and equipment 39,717

Intangible assets and other 58,959

Total Assets 112,607

Trade and other payables 3,850

Loans and borrowings

- Current 9,164

- Non-current -

Total loans and borrowings 9,164

Other

- Current 100

- Non-current 15,532

Total other 15,632

Total Liabilities 28,646

Net Assets 83,961

Issued capital 95,628

Accumulated Losses (11,667)

Total Equity 83,961

Presentation 6

Key Issues Going Forward Repayment of Investec Debt Facility

Repaid in instalments from Dec 10

Current quarterly amortising repayments of ~$2.3m

Final repayment due in Dec 12

Expected to be finalised in FY12

Non Routine Operating Costs

Supervising 3rd party work in State Rail (SRA) land

Required to ensure public safety and to maintain pipeline integrity

Commenced in FY09

Forecast to cost ~$0.2m in 2HFY12

Timetable for incurring costs is dependent on SRA works

Mine Subsidence Monitoring

Due to underground coal mining activities in the Appin region.

Expected to cost ~$0.1m in 2HFY12

Required to maintain pipeline integrity

Magnetic flux leakage inspection pigging

“intelligent” or “smart” pigging, inclusive of required cleaning pigging into Botany

Expected to cost ~$0.2m in 2HFY12

Required to maintain pipeline integrity

Presentation 7

Ethane Pipeline – Wilton to Port Botany

Presentation 8

Ethane Pipeline – mine subsidence

Presentation 9

Ethane Pipeline – through Sydney

Presentation 10

Ethane Pipeline – SRA quadruplication project

Presentation 11

Ethane Pipeline Scraper Station

Ethane Pipeline 200 mm diameter

Presentation 12

Bulla Park Pump Station

Ethane Pump Station

From Moomba

To Sydney

Presentation 13

Disclaimer This Presentation has been prepared by APA Ethane Limited (ACN 132 157 290) the responsible entity of the Ethane Pipeline Income Trust (ARSN 118 961 167) and Ethane Pipeline Income Financing Trust (ARSN 118 961 023) (Ethane Pipeline Income Fund (the Fund)). Summary information This Presentation contains summary information about the Fund and its activities current as at the date of this presentation. The information in this presentation is of a general background nature and does not purport to be complete. It should be read in conjunction with the Fund’s other periodic and continuous disclosure announcements which are available at www.ethanepipeline.com.au. Not financial product advice Please note that APA Ethane Limited is not licensed to provide financial product advice in relation to securities in the Fund. This presentation is for information purposes only and is not financial product or investment advice or a recommendation to acquire securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and consult an investment adviser if necessary. Past performance Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Future performance This Presentation contains certain “forward-looking statements” such as indications of, and guidance on, future earnings and financial position and performance. Forward-looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This Presentation contains such statements that are subject to risk factors associated with the industries in which the Fund operates which may materially impact on future performance. Investors should form their own views as to these matters and any assumptions on which any forward-looking statements are based. The Fund assumes no obligation to update or revise such information to reflect any change in expectations or assumptions. Investment Risk An investment in securities in the Fund is subject to investment and other known and unknown risks, some of which are beyond the control of the Fund. The Fund does not guarantee any particular rate of return or the performance of the Fund. Not an offer This Presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security.