Citi Presentation

Document Sample
Citi Presentation Powered By Docstoc
					Citi Presentation
Sydney, October 2010

jê=mÉíÉê=_~êêó
`ÜáÉÑ=bñÉÅìíáîÉ=lÑÑáÅÉê
aáëÅä~áãÉê
^jm`f=j~Åèì~êáÉ=fåÑê~ëíêìÅíìêÉ=j~å~ÖÉãÉåí=kçKN=iáãáíÉÇ=E^_k=VV=NMU=MNP=STOF=EobNF=E^cpi=OSVOUSF=áë=íÜÉ=êÉëéçåëáÄäÉ=Éåíáíó=Ñçê=aáîÉêëáÑáÉÇ=ríáäáíó=~åÇ=
båÉêÖó=qêìëí=kçKN=EarbqF=E^opk=NMV=PSP=MPTF=E^_k=UP=QVR=TVN=TVSF ~åÇ=íÜÉ=ã~å~ÖÉê=çÑ=arbq=fåîÉëíãÉåí=eçäÇáåÖë=iáãáíÉÇ=EafeiF=E^_k OO=NOM=QRS=RTPF=
~åÇ=^jm`f=j~Åèì~êáÉ=fåÑê~ëíêìÅíìêÉ=j~å~ÖÉãÉåí=kçKO=iáãáíÉÇ=E^_k=NR=NMU=MNQ=MSOF=EobOF=E^cpi=OSVOUTF=áë=íÜÉ=êÉëéçåëáÄäÉ=Éåíáíó=Ñçê=aáîÉêëáÑáÉÇ=ríáäáíó=
~åÇ=båÉêÖó=qêìëí=kçKO=EarbqOF=E^opk=NMV=PSP=NPRF=E^_k=UR=QUO=UQN UTSF=~åÇ=aáîÉêëáÑáÉÇ=ríáäáíó=~åÇ=båÉêÖó=qêìëí=kçK=P=EarbqPF=E^opk=NOQ=VVT=VUSF=
E^_k=QO=VVU=VUM=VVRF=Eáå=ÅçãÄáå~íáçå=êÉÑÉêêÉÇ=íç=~ë=“arbqÒ çê=“íÜÉ=arbq=dêçìéÒFK=obN=~åÇ=obO=~êÉ=àçáåí=îÉåíìêÉë=ÄÉíïÉÉå=^jm=`~éáí~ä=eçäÇáåÖë=iáãáíÉÇI=
~=ïÜçääó=çïåÉÇ=ëìÄëáÇá~êó=çÑ=^jm=iáãáíÉÇ=E^jmFI=~åÇ=j~Åèì~êáÉ=`~éáí~ä=dêçìé=iáãáíÉÇI=~=ïÜçääó=çïåÉÇ=ëìÄëáÇá~êó=çÑ=j~Åèì~êáÉ=dêçìé=iáãáíÉÇ=EjdiFK

kçåÉ=çÑ=íÜÉ=ÉåíáíáÉë=åçíÉÇ=áå=íÜáë=ÇçÅìãÉåí=áë=~å=~ìíÜçêáëÉÇ=ÇÉéçëáíJí~âáåÖ=áåëíáíìíáçå=Ñçê=íÜÉ=éìêéçëÉë=çÑ=íÜÉ=_~åâáåÖ=^Åí=NVRV=E`çããçåïÉ~äíÜ=çÑ=^ìëíê~äá~F=
~åÇ=íÜÉáê=çÄäáÖ~íáçåë=Çç=åçí=êÉéêÉëÉåí=ÇÉéçëáíë=çê=çíÜÉê=äá~ÄáäáíáÉë=çÑ=j~Åèì~êáÉ=_~åâ=iáãáíÉÇ=^_k=QS=MMU=RUP=RQO=Ej_iF=çê=^jm=_~åâ=iáãáíÉÇ=^_k=NR=MUN=
RVS=MMV=E^jm=_~åâFK=j_i=éêçîáÇÉë=~=äáãáíÉÇ=AOKR=ãáääáçå=Öì~ê~åíÉÉ=íç=íÜÉ=^ìëíê~äá~å=pÉÅìêáíáÉë=~åÇ=fåîÉëíãÉåíë=`çããáëëáçå=áå=êÉëéÉÅí=çÑ=`çêéçê~íáçåë=^Åí=
çÄäáÖ~íáçåë=çÑ=É~ÅÜ=çÑ=obN=~åÇ=obO=~ë=êÉëéçåëáÄäÉ=ÉåíáíáÉë=çÑ=ã~å~ÖÉÇ=áåîÉëíãÉåí=ëÅÜÉãÉëK=j_i=~åÇ=^jm=_~åâ=Çç=åçí=Öì~ê~åíÉÉ=çê=éêçîáÇÉ=~ëëìê~åÅÉ=áå=
êÉëéÉÅí=çÑ=íÜÉ=çÄäáÖ~íáçåë=çÑ=obN=çê=obO=çê=~åó=çíÜÉê=Éåíáíó=åçíÉÇ=áå=íÜáë=ÇçÅìãÉåíK==kÉáíÜÉê=obNI=obOI=ãÉãÄÉêë=çÑ=íÜÉ=jdi=dêçìé åçê=ãÉãÄÉêë=çÑ=^jm=
dêçìé=Öì~ê~åíÉÉ=íÜÉ=éÉêÑçêã~åÅÉ=çÑ=íÜÉ=arbq=dêçìé=çê=êÉé~óãÉåí=çÑ=Å~éáí~ä=çê=áåÅçãÉK=

qÜáë=éêÉëÉåí~íáçå=áë=åçí=~å=çÑÑÉê=çê=áåîáí~íáçå=Ñçê=ëìÄëÅêáéíáçå çê=éìêÅÜ~ëÉ=çÑ=çê=~=êÉÅçããÉåÇ~íáçå=çÑ=ëÉÅìêáíáÉëK=fí=ÇçÉë=åçí=í~âÉ=áåíç=~ÅÅçìåí=íÜÉ=áåîÉëíãÉåí=
çÄàÉÅíáîÉëI= Ñáå~åÅá~ä= ëáíì~íáçå= ~åÇ= é~êíáÅìä~ê= åÉÉÇë= çÑ= íÜÉ= áåîÉëíçêK= _ÉÑçêÉ= ã~âáåÖ= ~å= áåîÉëíãÉåí= áå= arbqI= íÜÉ= áåîÉëíçê= çê= éêçëéÉÅíáîÉ= áåîÉëíçê= ëÜçìäÇ=
ÅçåëáÇÉê=ïÜÉíÜÉê=ëìÅÜ=~å=áåîÉëíãÉåí=áë=~ééêçéêá~íÉ=íç=íÜÉáê=é~êíáÅìä~ê=áåîÉëíãÉåí=åÉÉÇëI=çÄàÉÅíáîÉë=~åÇ=Ñáå~åÅá~ä=ÅáêÅìãëí~åÅÉë=~åÇ=Åçåëìäí=~å=áåîÉëíãÉåí=
~ÇîáëÉê=áÑ=åÉÅÉëë~êóK

fåÑçêã~íáçåI=áåÅäìÇáåÖ=ÑçêÉÅ~ëí=Ñáå~åÅá~ä=áåÑçêã~íáçåI=áå=íÜáë=éêÉëÉåí~íáçå=ëÜçìäÇ=åçí=ÄÉ=ÅçåëáÇÉêÉÇ=~ë=~=êÉÅçããÉåÇ~íáçå=áå=êÉä~íáçå=íç=ÜçäÇáåÖI=éìêÅÜ~ëáåÖ=çê=
ëÉääáåÖ=ìåáíëI=ëÉÅìêáíáÉë=çê=çíÜÉê=áåëíêìãÉåíë=áå=arbqK==aìÉ= Å~êÉ= ~åÇ= ~ííÉåíáçå= Ü~ë= ÄÉÉå= ìëÉÇ= áå= íÜÉ= éêÉé~ê~íáçå= çÑ= ÑçêÉÅ~ëí= áåÑçêã~íáçåI= ÜçïÉîÉêI= ~Åíì~ä=
êÉëìäíë= ã~ó= î~êó= Ñêçã= ÑçêÉÅ~ëíë= ~åÇ= ~åó= î~êá~íáçå= ã~ó= ÄÉ= ã~íÉêá~ääó= éçëáíáîÉ= çê= åÉÖ~íáîÉK= = cçêÉÅ~ëíë= Äó= íÜÉáê= îÉêó= å~íìêÉ= ~êÉ= ëìÄàÉÅí= íç= ìåÅÉêí~áåíó= ~åÇ=
ÅçåíáåÖÉåÅáÉëI=ã~åó=çÑ=ïÜáÅÜ=~êÉ=çìíëáÇÉ=íÜÉ=Åçåíêçä=çÑ=arbqK==m~ëí=éÉêÑçêã~åÅÉ=áë=åçí=~=êÉäá~ÄäÉ=áåÇáÅ~íáçå=çÑ=ÑìíìêÉ=éÉêÑçêã~åÅÉK


« arbq=dêçìé




                                                                                                                                                                                O
mÉêÑçêã~åÅÉ=pìãã~êó
på~éëÜçí

oÉëìäíë=ÇêáîÉå=Äó=ëçäáÇ=ÄìëáåÉëë=éÉêÑçêã~åÅÉë

 mêçéçêíáçå~íÉ=                                     mêçéçêíáçå~íÉ                                                                                            b_fqa^=dêçïíÜ=
   oÉîÉåìÉ                                             b_fqa^                                                                                            qê~Åâ=êÉÅçêÇ=ëáåÅÉ=äáëíáåÖ
                                                                                                                                 TMM
                                                                                                                                                                                                                             SNO
                                                                                                                                 SMM                                                                         RUR
                                                                                                                                                                                            RRN




                                                                                              mêçéçêíáçå~íÉ=b_fqa^=EAãáääáçåëF
                                                                                                                                                                            RMP
                                                                                                                                 RMM

                                                                                                                                            PTP             PUV
                                                                                                                                 QMM
             HRB                                                HRB
                                                                                                                                                                                         NMB
                                                                                                                                                                                    o=çÑ=
                                                                                                                                 PMM

                                                                                                                                                                     ^=`         ^d
                                                                                                                                 OMM                          b _fqa

                                                                                                                                 NMM
         ANIMPOã                                             ASNOã
                                                                                                                                  J
                                                                                                                                           cvOMMRNIO     cvOMMSN         cvOMMTNIPIQ       cvOMMUNIQ      cvOMMVNIQ         cvOMNM


                                                                                                                                       N    mêçéçêíáçå~íÉ=b_fqa^=êÉëí~íÉÇ=Ñçê=åçêã~äáëÉÇ=a_m=çïåÉêëÜáé=çÑ=SMB=
                                                                                                                                       O    oÉÑäÉÅíë=NM=ãçåíÜëÛ ÅçåíêáÄìíáçå=Äó=a_m=ÑçääçïáåÖ=~Åèìáëáíáçå=çå=OT=lÅí=OMMQ
                                                                                                                                       P    mêçéçêíáçå~íÉ=b_fqa^=êÉëí~íÉÇ=Ñçê=NO=ãçåíÜëÛ ÅçåíêáÄìíáçå=Äó=anb
                                                                                                                                       Q    mêçéçêíáçå~íÉ=b_fqa^=êÉëí~íÉÇ=Ñçê=åçêã~äáëÉÇ=^raLrpa=cu=ê~íÉ=çÑ=MKUUOQ=Ä~ëÉÇ=çå=íÜÉ=
kçíÉK=   ^ÄçîÉ=êÉëìäíë=~êÉ=éÉê=arbqÛë=PM=gìåÉ=OMNM=j~å~ÖÉãÉåí=fåÑçêã~íáçå=oÉéçêí=Earbq=jfoF                                                 ^îÉê~ÖÉ=bñÅÜ~åÖÉ=ê~íÉ=Ñçê=íÜÉ=NO=ãçåíÜë=íç=PM=gìåÉ=OMNM

                                                                                                                                                                                                                                   P
oÉÖìä~íÉÇ=~ëëÉí=éçêíÑçäáç
cçìê=ÉäÉÅíêáÅáíó=~åÇ=Ö~ë=ìíáäáíáÉë=çéÉê~íáåÖ=áå=^ìëíê~äá~I=rp=~ëëÉí=ëçäÇ
                                                                             oÉÖìä~íÉÇL`çåíê~ÅíÉÇ=oÉîÉåìÉ=
                                                                              NMB             NB                 TB            SB
                                                                   NMMB

                                                                   VMB

                                                                   UMB




                                        NO=ãçåíÜë=íç=PM=gìå=OMNM
                                          bëíáã~íÉÇ=B=çÑ=êÉîÉåìÉ
                                                                   TMB

                                                                   SMB

                                                                   RMB        VMB             VVB                VPB           VQB
                                                                   QMB

                                                                   PMB

                                                                   OMB

                                                                   NMB

                                                                     JB
                                                                          råáíÉÇ=båÉêÖó      jìäíáåÉí        t^=d~ë            a_m
                                                                                                             kÉíïçêâë
                                                                                 oÉÖìä~íÉÇ          `çåíê~ÅíÉÇ         líÜÉê


   råáíÉÇ=båÉêÖó=ESSBF                             jìäíáåÉí=ETVKVBF                                     t^=d~ë=kÉíïçêâë=EORKVBF      a~ãéáÉê=_ìåÄìêó=máéÉäáåÉ=ESMBF
   bäÉÅíêáÅáíó=ÇáëíêáÄìíáçåI=sáÅíçêá~              d~ë=ÇáëíêáÄìíáçåI=sáÅíçêá~                           d~ë=ÇáëíêáÄìíáçåI=t^         d~ë=íê~åëãáëëáçåI=t^




                                                                                                                                                                      Q
aìèìÉëåÉ=ë~äÉW=âÉó=íê~åë~Åíáçå=ÜáÖÜäáÖÜíë
p~äÉ=éêáÅÉ=çÑ=rpAPSM=ãáääáçå

    p~äÉ=mêáÅÉ
     p~äÉ=mêáÅÉ                                                                                                                                 rpAPSM=ãáääáçå
     bs=L=cvOMNM=b_fqa^N                                                                                                                                   UKTñ
     bs=L=oÉÖìä~íÉÇ=o~íÉ=_~ëÉNIO                                                                                                                           NKUñ
    rëÉ=çÑ=mêçÅÉÉÇë
     arbq=`çêéçê~íÉ=aÉÄí=c~Åáäáíó=~í=N=pÉéíÉãÄÉê=OMNM                                                                                             ^ARNQ=ãáääáçå
     kÉí=aìèìÉëåÉ=p~äÉ=mêçÅÉÉÇëP                                                                                                                  ^APTS=ãáääáçå
     arbq=`çêéçê~íÉ=aÉÄí=c~Åáäáíó=éçëíJë~äÉ                                                                                                       ^ANPU=ãáääáçå
     pli^=fåîÉëíãÉåíë=áå=^ìëíê~äá~å=^ëëÉí=`çãé~åáÉë                                                                                               ^AQUQ=ãáääáçå

    arbq=dÉ~êáåÖ
     arbq=mêçéçêíáçå~íÉ=dÉ~êáåÖ=~í=PM=gìåÉ=OMNM                                                                                                         SSKQBQ
     mêçJÑçêã~=mêçéçêíáçå~íÉ=dÉ~êáåÖ=éçëíJë~äÉ                                                                                                         SRKPBQIR
1   Sale price implies Enterprise Value for 100% of the business of US$3,036m based on net debt of US$1,792m at 30 June 2010
2   Regulated Rate Base of US$1,664m comprised of distribution rate base of US$1,306m as at 31 March 2010 (source: DLC 2010 Distribution Rate Case Submission) and transmission rate base of US$358m
    as at 31 December 2009 (source: DLC 2010 Transmission Formula Rate Update)
3   Assumes transaction costs of US$4.5m and a forward AUD/USD FX rate of 0.9453 assuming a 31 March 2011 financial close of the sale
4   Gearing defined as Net Debt to Net Assets
5   Pro-forma Gearing post-sale is calculated by eliminating the Duquesne Net Debt and Net Assets and reducing DUET corporate debt by A$376m as at 30 June 2010
                                                                                                                                                                                                       R
fåîÉëíãÉåí=ãáñ
p~äÉ=ÅêÉ~íÉë=~=ëáãéäáÑáÉÇ=~ëëÉí=éçêíÑçäáçI=ÑçÅìëÉÇ=çå=^ìëíê~äá~


                               PM=gìåÉ=OMNMN                                                                        mêçJcçêã~=mçëí=p~äÉN
                                                                   råáíÉÇ=
            aìèìÉëåÉO
                                                                   båÉêÖó                               a~ãéáÉê=
             ORKNB
                                                                                                        _ìåÄìêó=
                                                                   OTKQB
                                                                                                        máéÉäáåÉ
                                                                                                         QVKVB
                                                                                                                                                 råáíÉÇ=
                                                                                                                                                 båÉêÖó
                                                                                                                                                 PSKRB


                                                                        jìäíáåÉí
                                                                         UKPB

                                                                 t^=d~ë
            a~ãéáÉê=                                             kÉíïçêâë
            _ìåÄìêó=                                              NKVB                                                                jìäíáåÉí
            máéÉäáåÉ
                                                                                                                           t^=d~ë     NNKNB
             PTKPB
                                                                                                                           kÉíïçêâë
                                                                                                                            OKRB




        N    _~ëÉÇ=çå=íÜÉ=Éèìáíó=~ÅÅçìåíÉÇ=Å~êêóáåÖ=î~äìÉë=Ñçê=É~ÅÜ=^ëëÉí=`çãé~åó=~ÇàìëíÉÇ=Ñçê=Éèìáíó=ÅçããáíãÉåíë
                                                                                                                                                           S
aáëíêáÄìíáçå=ÅçîÉê~ÖÉ
[NMMB=éêçJÑçêã~=ÅçîÉê~ÖÉ=çÑ=íÜÉ=cvOMNM=ÇáëíêáÄìíáçå=éçëíJë~äÉ

       cvOMNM=ÇáëíêáÄìíáçå=ÅçîÉêÉÇ=Äó=NNVB=çå=~=éêçJÑçêã~=Ä~ëáë=~ÑíÉê=íÜÉ=aìèìÉëåÉ=ë~äÉ


                                       PM


                                       OR                 ORKO
                                                                                        OPKU
                                       OM
                              EÅéëëF




                                                                                                                      OMKM

                                       NR


                                       NM
                                                                                                                                                   NMKM

                                        R


                                         J
                                                     cvOMNM=     mêçJÑçêã~=cvOMNM=                                 cvOMNM                        cvOMNN
                                                  mêçéçêíáçå~íÉ= mêçéçêíáçå~íÉ=bmp                                aáëíêáÄìíáçå                   fåíÉêáã
                                                       bmp           éçëíJë~äÉN                                                                aáëíêáÄìíáçå
                                                                                                                                                dìáÇ~åÅÉ
N   mêçJÑçêã~=cvOMNM=mêçéçêíáçå~íÉ=bmp=éçëíJë~äÉ=áë=Å~äÅìä~íÉÇ=Äó=Éäáãáå~íáåÖ=íÜÉ=cvOMNM=éêçéçêíáçå~íÉ=É~êåáåÖë=ÅçåíêáÄìíáçå=Ñêçã=aìèìÉëåÉ=çÑ=^APQKPã=~åÇ=êÉÇìÅáåÖ=íÜÉ=cvOMNM=arbq=Åçêéçê~íÉ=áåíÉêÉëí=ÉñéÉåëÉ=çå=
    ~=éêç=ê~í~=Ä~ëáë=~ëëìãáåÖ=íÜ~í=íÜÉ=ë~äÉ=éêçÅÉÉÇë=çÑ=^APTSã=ïÉêÉ=êÉÅÉáîÉÇ=Äó=arbq=çå=N=gìäó=OMMV
                                                                                                                                                                                                                    T
råáíÉÇ=båÉêÖó
OMNNJOMNR=êÉîáëÉÇ=êÉÖìä~íçêó=éêçéçë~ä=äçÇÖÉÇ=áå=gìäó=OMNM
            Total Regulatory Period Revenue (Nominal1 A$m)
                                                                                                                  oÉîáëÉÇ=êÉÖìä~íçêó=éêçéçë~äO
                                                                                        1,945
                                                                                                                           hÉó=éçáåíëW
                                                                                          87
                                                                                                                                      oÉÖìä~íçêó=t^``W NMKOVB
                                                   1,419                                                                                         olb=EéçëíJí~ñFW=NMKURB
               1,408                                32                                   688
                55
                                                                                                                                                 aÉÄí=ã~êÖáåW=QKOUB=
                                                     503                                                                                         bèìáíó=éêÉãáìãW=SKRMB
                472
                                                                                                                                      aáëíêáÄìíáçå=êÉîÉåìÉW ANKVÄåN Ñçê=
                                                                                         520                                          íÜÉ=êÉÖìä~íçêó=éÉêáçÇ= úPUB=
                                                     451                                                                              áåÅêÉ~ëÉ=çå=ÅìêêÉåí=éÉêáçÇ=
                470
                                                                                                                                      ~ääçï~åÅÉ

                                                                                         650
                                                                                                                                      mM áåáíá~ä=í~êáÑÑ=áåÅêÉ~ëÉW
                                                     546
                411                                                                                                                   `mf=H=NSKUB
                  -
                                                    (112)
                                                                                           -                                          pìÄëÉèìÉåí=í~êáÑÑ=áåÅêÉ~ëÉëW
        2006-2010                             2011-2015                            2011-2015                                          `mf=H=QKMB=éK~K
     Current Regulatory                    AER Draft Decision                  Revised Regulatory
           Period                                                                   Proposal                               cáå~ä=ÇÉÅáëáçå=ÉñéÉÅíÉÇ=çå=OV=lÅíçÄÉê=
              Return on Capital           Depreciation         Opex        Other3       S-Factor                           OMNM
1.   Allowed revenue per the total building blocks revenue requirement for DUoS. 2006 figures converted from real to nominal based on annual September CPIs to September 2009. Forecast revenues are based on CPI of
     2.57% per the Revised UED Regulatory Proposal and the AER Draft Decision
2.   Source: United Energy Revised regulatory proposal (July 2010); United Energy EDPR 2006-2010 Final Decision; AER Draft Decision (June 2010); and DUET calculations
3.   Other Building Block includes efficiency carry-over and tax wedge
                                                                                                                                                                                                                       U
          råáíÉÇ=båÉêÖó
          pã~êí=ãÉíÉê=éêçàÉÅí=ãÉÉíáåÖ=çìê=ÉñéÉÅí~íáçåë

                       APQRã=éêçàÉÅí=íç=êçää=çìí=SRMIMMM=ãÉíÉêë=íç=sáÅíçêá~å=ÅìëíçãÉêë
                       oÉÖìä~íçêó=é~ê~ãÉíÉêë=ëÉí=íç=g~åì~êó=OMNQ
                       pã~êí=ãÉíÉê=êçääJçìí=~ÜÉ~Ç=çÑ=êÉÖìä~íçêó=êÉèìáêÉãÉåíë
                                úRRIMMM=ëã~êí=ãÉíÉêë=áåëí~ääÉÇ=~ë=~í=ãáÇJgìäó=OMNM
                       oÉîÉåìÉ=çÑ=AOOKSã=êÉÅÉáîÉÇ=ÇìêáåÖ=S=ãçåíÜë=íç=PM=gìåÉ=OMNM

                                                  pã~êí=jÉíÉê=oçääJçìí                                                                     pã~êí=jÉíÉê=oÉîÉåìÉ=EAãáääáçåëFN
                                                                                                                                      TM                                                          OMM
                                                                                                    95% 100%                                                                                      NTR
                    100%                                                                                                              SM
                                                                                                                                                                                                  NRM
                                                                                                                                      RM
                    80%




                                                                                                                         Aã=åçãáå~ä




                                                                                                                                                                                                        Aã=åçãáå~ä
                                                                                                                                                                                                  NOR
Roll-out Progress




                                                                                 60%                                                  QM
                    60%                                                                                                                                                                           NMM
                                                                                                                                      PM
                    40%                                                                                                                                                                           TR
                                                             25%                                                                      OM
                                                                                                                                                                                                  RM
                    20%                             10%
                                            5%                                                                                        NM                                                          OR

                                                                                                                                       J                                                          J
                                                                                                                                                `vOMMV              `vOMNM           `vOMNN
                      Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13
                                                                                                                                           Forecast Revenue (LHS)            Forecast Average RAB (RHS)

           1         Refer to the approved 2009–11 budgets, charges and inflation actuals / forecasts for UED in the AMI Amended Final Determination.
                     Forecasts by their very nature are subject to uncertainty and contingencies, many of which are outside the control of DUET
                                                                                                                                                                                                                     V
a~ãéáÉê=_ìåÄìêó=máéÉäáåÉ
`~é~Åáíó=Éñé~åëáçåë=~åÇ=~å=b_fqa^=ã~êÖáå=åçï=~ÄçîÉ=UMB

          51% increase in contracted capacity (including part-haul and back-haul), 77% increase in
          revenue and 99% increase in EBITDA since FY2006
          Continued expansion of the EBITDA margin; now above 80%
          Stage 5B will drive further increases in revenue and EBITDA through to FY2012
                                                                                                                                                             1,179 TJ/day
                                                                                                                                                               + 14.9%       NIOMM
          QRM
                                                                                                                                          1,026 TJ/day
          QMM                                                                                                                               + 9.5%
                                                                                                        937 TJ/day
                                                                 882 TJ/day                              + 6.2%                                             PVO              NIMMM
          PRM                                                     + 13.1%




                                                                                                                                                                                   `çåíê~ÅíÉÇ=`~é~Åáíó=EqgLÇ~óFN
                            780 TJ/day
          PMM                                                                                                                                                                UMM
                                                                                                      PMN                                                            PNS
          ORM                                                  250                                                                                   OTQ   b_fqa^=ìé=NRKOB
    ^Aã




                          223                                  OQU                                                                      b_fqa^=ìé=NUKQB                      SMM
                                                                                                                  OPO
          OMM             OON                                                                     b_fqa^=ìé=OTKSB
                                                                            NUO
          NRM                                                                                                                                                                QMM
                                     NRV                    b_fqa^=ìé=NQKQB

          NMM
                                                                                                                                                                             OMM
           RM
                          j~êÖáå=TOB                            j~êÖáå=TPB                             j~êÖáå=TTB                        j~êÖáå=TUB          j~êÖáå=UNB
            J
                               cvMS                                  cvMT                                  cvMU                               cvMV                cvNM

                                                                                     oÉîÉåìÉ                                         b_fqa^

N   fåÅäìÇÉë=ÑìääJÜ~ìäI=é~êíJÜ~ìä=~åÇ=Ä~ÅâJÜ~ìäK=qÜÉ=pí~ÖÉ=R_=Éñé~åëáçå=ïáää=Éñé~åÇ=Ñáêã=ÑìääJÜ~ìä=Å~é~Åáíó=Äó=úNQB=íç=UQR=qgLÇ~óK
                                                                                                                                                                                                                   NM
lìíäççâ
dêçïíÜ=çééçêíìåáíáÉë=Ä~ä~åÅÉÇ=ïáíÜ=Ñáå~åÅá~ä=ÇáëÅáéäáåÉ
       Capitalise on the organic growth opportunities available to our assets
                 Dampier Bunbury Pipeline – contribution of Stage 5B expansion
                 United Energy – Smart Meter roll-out and completion of the 2011 Regulatory Reset
                 Multinet – Gas marketing to South Gippsland residents
                 WA Gas Networks – Connection growth and network expansion
       Continue the growth of our Australian regulated asset bases
                                               QKR
                                                                                                                                         QKN
                                               QKM                                                                        PKU
                                                                                                          PKR
                                               PKR                                          PKO
                                                                             OKV
                                               PKM
                             ^AÄå=Ekçãáå~äFN




                                                               OKS                                                                                     t^=d~ë=kÉíïçêâë
                                               OKR                                                                                                     jìäíáåÉí
                                                                                                                                                       råáíÉÇ=båÉêÖó
                                               OKM
                                                      NKS                                                                                              a~ãéáÉê=_ìåÄìêó=máéÉäáåÉ
                                               NKR

                                               NKM

                                               MKR

                                                 J
                                                     cvOMMQ   cvOMMR      cvOMMS         cvOMMT         cvOMMU         cvOMMV         cvOMNM


       Actively manage our capital and complete debt refinancings well ahead of maturity dates
N   arbqÛë=éêçéçêíáçå~íÉ=ëÜ~êÉ=çÑ=oÉÖìä~íÉÇ=^ëëÉí=_~ëÉ=Eo^_FK=a_mI=rba=~åÇ=jde=o^_=êÉéçêíÉÇ=áå=arbqÛë=a^fmK=t^dkÛë=o^_=áë=Ä~ëÉÇ=çå=íÜÉ=~ééêçîÉÇ=^ÅÅÉëë=^êê~åÖÉãÉåíI=ïáíÜ=êÉ~ä=î~äìÉë=ÅçåîÉêíÉÇ=íç=
    åçãáå~ä=ìëáåÖ=~Åíì~ä=`mf=Ñçê=vLb=PM=pÉéíÉãÄÉê=~åÇ=Ü~ë=ÄÉÉå=~ëëìãÉÇ=íç=ÄÉ=Åçåëí~åí=Ñêçã=aÉÅÉãÄÉê=OMMV=íç=gìåÉ=OMNM
                                                                                                                                                                                                     NN
^ëëÉí=lîÉêîáÉï
a~ãéáÉê=_ìåÄìêó=máéÉäáåÉ
NIRPMâã=Ö~ë=íê~åëãáëëáçå=éáéÉäáåÉI=APKSÄå=áåîÉëíÉÇ=Äó=íÜÉ=çïåÉêë íç=Ç~íÉ=
hÉó=ëí~íáëíáÅë
      låäó=Ö~ë=íê~åëãáëëáçå=éáéÉäáåÉ=ÅçååÉÅíáåÖ=kçêíÜ=
      tÉëí=pÜÉäÑ=íç=mÉêíÜ=~åÇ=ëìêêçìåÇáåÖ=êÉÖáçåë

      iççéáåÖ=äÉåÖíÜW                                             NIOROâã=
                                                                                               iÉÖÉåÇ
      i~íÉê~ä=äáåÉ=äÉåÖíÜW                                        OVVâã=
                                                                                               Compressor Station

      qçí~ä=Åçåíê~ÅíÉÇ=Å~é~ÅáíóNW                                NINTV=qg=
                                                                                               Known Gas Reserves1


                                                                                               Original Pipeline
a_m=pí~ÖÉ=R_=bñé~åëáçå
      pí~ÖÉ=R_=ÅçåëíêìÅíáçå=ÅçãéäÉíÉÇ=áå=^éêáä                                                 Pipeline Looping
                                                                                               Stage 4
                                                                                               (approx 217km)

      `çëíë=ÄÉäçï=ÄìÇÖÉí                                                                       Pipeline Looping
                                                                                               Stage 5A
                                                                                               (approx 570km)

      bñéÉÅíÉÇ=íç=ÇÉäáîÉê=É~êåáåÖë=ÖêçïíÜ=íÜêçìÖÜ=                                             Pipeline Looping
                                                                                               Stage 5B
      cvOMNOO                                                                                  (approx 440km)




N   ^îÉê~ÖÉ=Åçåíê~ÅíÉÇ=Å~é~Åáíó=éÉê=Ç~ó=Ñçê=íÜÉ=N=ãçåíÜ=íç=PM=gìåÉ=OMNM
O   pìÄàÉÅí=íç=ÅÜ~åÖÉ=Ñêçã=íÜÉ=áãé~Åí=çÑ=~åó=ã~íÉêá~ä=ÅÜ~åÖÉë=íç=arbqÛë=ÑçêÉÅ~ëí=~ëëìãéíáçåë
                                                                                                                     NP
råáíÉÇ=båÉêÖó
bäÉÅíêáÅáíó=ÇáëíêáÄìíáçå=åÉíïçêâ=ÅçååÉÅíáåÖ=úORB=çÑ=sáÅíçêá~å=ÜçìëÉÜçäÇë
     låÉ=çÑ=ÑáîÉ=sáÅíçêá~å=ÉäÉÅíêáÅáíó=ÇáëíêáÄìíáçå=
     åÉíïçêâë
              kÉíïçêâ=~êÉ~=EâãOFW=          NIQTO
              iÉåÖíÜ=çÑ=åÉíïçêâ=EâãFW       NOITST
              `çååÉÅíáçåëW=                 SPNIOMS
              iç~Ç=EdtÜFW                   UINNQN
              lîÉêÜÉ~Ç=ïççÇÉåJéçäÉÇ=ÇáëíêáÄìíáçå=
              ëóëíÉã
                        NVB=ìåÇÉêÖêçìåÇ=Å~ÄäÉë
              `çååÉÅíÉÇ=íç=úORB=çÑ=sáÅíçêá~å=
              ÜçìëÉÜçäÇë




 N   NO=ãçåíÜë=íç=PM=gìåÉ=OMNM                                             NQ
jìäíáåÉí
d~ë=ÇáëíêáÄìíáçå=åÉíïçêâ=ëÉêîáåÖ=çîÉê=SSMIMMM=ÅìëíçãÉêë
     låÉ=çÑ=íÜêÉÉ=sáÅíçêá~å=Ö~ë=ÇáëíêáÄìíáçå=
     åÉíïçêâë
              kÉíïçêâ=~êÉ~=EâãOFW                  NIVQM
              `çååÉÅíáçåëW                         SSRIQRN
              iç~Ç=EmgFW                           RRKNN
              kÉíïçêâ=^ëëÉíë
                        aáëíêáÄìíáçå=ã~áåë=
                                 ëíÉÉä=EQMBF
                                 éçäóÉíÜóäÉåÉ=EPUBF=
                                 Å~ëí=áêçå=ENRBF
                                 ms`=ETBF




 N   NO=ãçåíÜë=íç=PM=gìåÉ=OMNM                               NR
t^=d~ë=kÉíïçêâë
d~ë=ÇáëíêáÄìíáçå=åÉíïçêâ=ëÉêîáåÖ=çîÉê=SORIMMM=ÅìëíçãÉêë
     tÉëíÉêå=^ìëíê~äá~Ûë=ä~êÖÉëí=ÇáëíêáÄìíçê=çÑ=
     å~íìê~ä=Ö~ë
              kÉíïçêâ=~êÉ~=EâãOFW       PIUMM
              `çååÉÅíáçåëW              SOTIOMR
              iç~Ç=EmgFW                OTKVN




 N   NO=ãçåíÜë=íç=PM=gìåÉ=OMNM                            NS
aìèìÉëåÉ=iáÖÜí
bäÉÅíêáÅáíó=íê~åëãáëëáçåLÇáëíêáÄìíáçå=åÉíïçêâ=ëÉêîáåÖ=úRUUIMMM=ÅìëíçãÉêë
   mÉååëóäî~åá~å=ÉäÉÅíêáÅáíó=íê~åëãáëëáçå=~åÇ=
   ÇáëíêáÄìíáçå=åÉíïçêâ=

   úRUUIMMM=ÅìëíçãÉêë=áå=máííëÄìêÖÜ=~åÇ==
   ëìêêçìåÇáåÖ=êÉÖáçå

   mçio=s=éä~å=~ééêçîÉÇ=áå=j~ó=OMNM

   kÉï=`bl=~ééçáåíÉÇ=áå=gìäó=OMNM

   aáëíêáÄìíáçå=ê~íÉ=Å~ëÉ=äçÇÖÉÇW=
        rpAUTKPã=éK~K=êÉîÉåìÉ=áåÅêÉ~ëÉ=êÉèìÉëíÉÇ=                      êÖ
                                                                            Ü
                                                                     Äì
        Ñêçã=^éêáä=OMNN=Ó ëìÄàÉÅí=íç=m~mr`=                 m   áííë
        ~ééêçî~ä

   p~äÉ=ÇçÅìãÉåí~íáçå=ÉñÉÅìíÉÇ=çå=OU=
   pÉéíÉãÄÉê=OMNM




                                                                                NT
cvOMNM=cìåÇ=mÉêÑçêã~åÅÉ
mÉêÑçêã~åÅÉ=pìãã~êó
hÉó=êÉëìäíë
                                                                                                                                                                   FY2010
                                                                                                                                                            Contribution to DUET
                                                                                                                                                            Proportionate EBITDA
mêçéçêíáçå~íÉ=`çåëçäáÇ~íáçåN
Aãáääáçåë                                                                   cvOMNM               cvOMMV             B=s~êá~åÅÉ
                                                                                                                                                         Duquesne                                             Dampier
                                                                                                                                                           19%                                                Bunbury
oÉîÉåìÉO                                                                     NIMPO                  VUT                    R
                                                                                                                                                                                                              Pipeline
                                                                                                                                                                                                                31%
b_fqa^O                                                                        SNO                  RUR                    R
                                                                                                                                          WA Gas
                                                                                                                                         Networks
bmp=EÅéëëF                                                                    ORKO¿                OUKS¿                 ENOF               4%


dÉ~êáåÖ=EkÉí=aÉÄí=íç=qçí~ä=^ëëÉíëF                                            SSB                  SSB                     M

pí~íìíçêó=`çåëçäáÇ~íáçå
Aãáääáçåë                                                                   cvOMNM               cvOMMV             B=s~êá~åÅÉ

kÉí=êÉëìäí=~ÑíÉê=áåÅçãÉ=í~ñ                                                    NTQ                  ERMF                  kã
                                                                                                                                                 Multinet
                                                                                                                                                  18%                                                 United
kÉí=êÉëìäí=~ÑíÉê=áåÅçãÉ=í~ñ=ÄÉÑçêÉ=ëéÉÅáÑáÅ=áíÉãëP                             NOS                  NOT                   ENF                                                                         Energy
                                                                                                                                                                                                       28%




1   As per DUET MIR
2   Like-for-like results, adjusting for changes in FX rates and asset company ownership percentages
3   Specific items for FY2010 include (net of tax): MTM gain on derivative contracts ($62.7m), MTM gain on Duquesne derivative contracts ($7.7m) and share of actuarial loss on Duquesne defined benefit pension plans
    ($22.5m)

                                                                                                                                                                                                                         NV
cvOMNM=^ëëÉí=mÉêÑçêã~åÅÉ
mÉêÑçêã~åÅÉ=pìãã~êó
^ëëÉí=ÜáÖÜäáÖÜíë

pçäáÇ=éÉêÑçêã~åÅÉë=áå=^ìëíê~äá~I=áåÇìëíêá~ä=êÉÅçîÉêó=ìåÇÉêï~ó=áå máííëÄìêÖÜ

Asset EBITDA in A$m (100%)                   Australia                                     Pittsburgh, USA




   274      316           252     263            134       136           92      95          379      350


   FY09      FY10         FY09     FY10          FY09       FY10         FY09    FY10        FY09     FY10


   cìää=éÉêáçÇ=           pã~êí=ãÉíÉê=           pçäáÇ=êÉëìäí=~ÑíÉê=   `çåíáåìÉÇ=ÖêçïíÜ=    oÉîÉåìÉ=áå=äáåÉ=
   ÅçåíêáÄìíáçå=çÑ=íÜÉ=   éêçÖê~ã=ãÉÉíáåÖ=       ï~êã=ïÉ~íÜÉê=         áå=ÅçååÉÅíáçåë       ïáíÜ=éÅé
   pí~ÖÉ=R^=              çìê=ÉñéÉÅí~íáçåë       áãé~Åí=áå=                                 oÉÅçîÉêó=áå=
   Éñé~åëáçå=                                    eOLcvNM                                    áåÇìëíêá~ä=îçäìãÉë=
   éêçàÉÅí                                                                                  áå=eOLcvNM
   b_fqa^=ã~êÖáå=                                                                           pí~ÑÑ=ê~ãéJìé=~åÇ=
   ~ÄçîÉ=UMB                                                                                çåÉJçÑÑ=Åçëíë


                                                                                                                  ON
a~ãéáÉê=_ìåÄìêó=máéÉäáåÉ
cvOMNM=êÉëìäíë
                                                                                                                                      cáå~åÅá~ä=eáÖÜäáÖÜíëN
        Revenue up 12%
                                                                                                          Aãáääáçåë                      cvOMNM               cvOMMV         B=s~êá~åÅÉ
        EBITDA up 15%                                                                                     oÉîÉåìÉ                             PVO                PRN               NO
                                                                                                          b_fqa^                              PNS                OTQ               NR
        EBITDA margin above 80%                                                                           b_fqa^=j~êÖáå                       UNB                TUB               P

        RAB up 12%                                                                                        o^_O                            PIRNS               PINPU                NO
                                                                                                          qÜêçìÖÜéìí=EmgF                     PNU                OUR               NO
        Full period contribution of the Stage 5A
        expansion project                                                                                        EBITDA ($millions) and EBITDA margin (%)
        Stage 5B expansion project completed
        in April 2010                                                                                    350                                                                            80%

                                                                                                                                                                                        70%
                                                                                                         300
                Firm full-haul capacity to expand by                                                                                                                                    60%
                                                                                                         250
                ~14%                                                                                                                                                                    50%
                                                                                                         200
                                                                                                                                                                                        40%
                                                                                                         150
                                                                                                                                                                                        30%
                                                                                                         100
                                                                                                                                                                                        20%

                                                                                                          50                                                                            10%

                                                                                                            -                                                                           -%
                                                                                                                      FY2007        FY2008              FY2009            FY2010

                                                                                                                               EBITDA (LHS)         EBITDA Margin (RHS)

1   100% of Dampier Bunbury Pipeline results per 30 June 2010 DUET Detailed Asset Information Pack (DUET DAIP)
2   RAB is based on management’s calculations per DUET DAIP

                                                                                                                                                                                             OO
råáíÉÇ=båÉêÖó
cvOMNM=êÉëìäíë

        Revenue up 7%                                                                   cáå~åÅá~ä=eáÖÜäáÖÜíëN

                                                              Aãáääáçåë                        cvOMNM             cvOMMV          B=s~êá~åÅÉ
               Higher smart meter revenue contribution
                                                              oÉîÉåìÉ                           PTM                PQR                 T
        EBITDA up 5%                                          b_fqa^                            OSP                ORO                 R

        EBITDA margin steady before one-off                   b_fqa^=j~êÖáå                     TNB                TPB                 EOF

        costs                                                 o^_O                             NIRQP              NIQMM                NM

                                                              iç~Ç=EdtÜF                       UINNQ              TIVOU                O
               $5.7m of one-off legal and consulting
               costs incurred for the regulatory
                                                                       EBITDA ($millions) and EBITDA margin (%)
               submission and OSA re-tendering
               process
                                                             300                                                                             80%

        RAB up 10%                                           250
                                                                                                                                             70%

                                                                                                                                             60%
        Revised proposal for 2011-15                         200
                                                                                                                                             50%
        regulatory period lodged with the AER                150                                                                             40%
        in July 2010                                                                                                                         30%
                                                             100

               Final decision expected in late October                                                                                       20%
                                                              50
               2010                                                                                                                          10%

                                                               -                                                                             -%
                                                                          FY2007      FY2008             FY2009               FY2010


                                                                                   EBITDA (LHS)         EBITDA Margin (RHS)
1   100% of UED results per DUET MIR
2   RAB is based on management’s calculations per DUET MIR

                                                                                                                                                  OP
jìäíáåÉí
cvOMNM=êÉëìäíë

        Revenue up 1%                                                                  cáå~åÅá~ä=eáÖÜäáÖÜíëN
                                                              Aãáääáçåë                    cvOMNM              cvOMMV        B=s~êá~åÅÉ
               Warmer weather in H2/FY10                      oÉîÉåìÉ                          NUO                NUM              N
               impacted volumes, offset by CPI
                                                              b_fqa^                           NPS                NPQ              O
               adjustments
                                                              b_fqa^=j~êÖáå                    TRB                TQB              N

        EBITDA up 2%                                          o^_O                             VSO                VTP              ENF
                                                              qÜêçìÖÜéìí=EqgF                 RRINOO             RUIRMR            ESF
        EBITDA margin up 1%
        RAB down 1%                                                  EBITDA ($millions) and EBITDA margin (%)
               Reflects timing of pipeworks and
                                                             160                                                                         80%
               other capex programs (e.g. IT)
                                                             140                                                                         70%
        South Gippsland natural gas                          120                                                                         60%
        extension project complete at 31                     100                                                                         50%

        December 2009                                         80                                                                         40%

                                                              60                                                                         30%

                                                              40                                                                         20%

                                                              20                                                                         10%

                                                               -                                                                         -%
                                                                          FY2007     FY2008             FY2009            FY2010

                                                                                   EBITDA (LHS)        EBITDA Margin (RHS)

1   100% of Multinet results per DUET MIR
2   RAB is based on management’s calculations per DUET MIR

                                                                                                                                              OQ
t^=d~ë=kÉíïçêâë
cvOMNM=êÉëìäíë

       oÉîÉåìÉ=ìé=RB=                                                         cáå~åÅá~ä=eáÖÜäáÖÜíëN
                                                     Aãáääáçåë                   cvOMNM               cvOMMV       B=s~êá~åÅÉ

       b_fqa^=ìé=QB                                  oÉîÉåìÉ                        NQP                NPS               R
                                                     b_fqa^                         VR                  VO               Q

       `çååÉÅíáçåë=ìé=PB                             b_fqa^=j~êÖáå                  STB                STB               M
                                                     `çååÉÅíáçåë                 SOTIOMR              SNMIOVQ            P

       aê~Ñí=aÉÅáëáçå=êÉäÉ~ëÉÇ=çå=                   qÜêçìÖÜéìí=EqgF              OTIUUM              OTIVTT             M

       NT=^ìÖìëí
              ^ääçïë=êÉ~ä=áåÅêÉ~ëÉ=áå=êÉîÉåìÉ=çÑ=
              úARã=éK~K=Ñêçã=N=g~åì~êó=OMNN                EBITDA ($millions) and EBITDA margin (%)
              t^dk=íç=ëìÄãáí=êÉëéçåëÉ=áå=É~êäó=
                                                    120                                                                      80%
              lÅíçÄÉê=ïáíÜ=cáå~ä=aÉÅáëáçå=áå=
                                                                                                                             70%
              aÉÅÉãÄÉê                              100
                                                                                                                             60%
                                                    80
       j~åÇìê~Ü=ä~íÉê~ä=Éñé~åëáçå=                                                                                           50%

       EANRKRã=éêçàÉÅíF=áë=ïÉää=ìåÇÉêï~ó            60                                                                       40%
                                                                                                                             30%
                                                    40
                                                                                                                             20%
                                                    20
                                                                                                                             10%
                                                      -                                                                      -%
                                                                 FY2007    FY2008            FY2009             FY2010

                                                                          EBITDA (LHS)      EBITDA Margin (RHS)

1   100% of WAGN results per DUET MIR

                                                                                                                                  OR
aìèìÉëåÉ=iáÖÜí
cvOMNM=êÉëìäíë

        Revenue and volumes in line with pcp                                           cáå~åÅá~ä=eáÖÜäáÖÜíëN
                                                          rpAãáääáçåë                          cvOMNM                 cvOMMV    B=s~êá~åÅÉ
               Recovery in industrial volumes in          oÉîÉåìÉ                                NINPM=                NINOU            M
               H2/FY10
                                                          b_fqa^                                   PRM                 PTV          EUF
        EBITDA down 7.5%                                  b_fqa^=j~êÖáå                            PNB                 PQB          EPF

               Higher labour-related costs (general       p~äÉë=EÚMMM=jtÜÛëF
               wage rise and filling vacant positions)     oÉëáÇÉåíá~ä                          QIMPN                 QIMPN             M
               mostly related to a ramp up in T&D
                                                           `çããÉêÅá~ä=~åÇ=äáÖÜíáåÖ              SISQR                 SISSM         EMF
               capex projects, plus other one-off costs
                                                           fåÇìëíêá~ä                           OITQU                 OITPO             N
        EBITDA margin down 3% from higher                  qçí~ä=p~äÉë=EÚMMM=jtÜÛëF             NPIQOQ                NPIQOP            M
        costs
                                                                 Industrial recovery underway in Pittsburgh
        PoLR V plan approved in May 2010
                                                                                      fåÇìëíêá~ä=p~äÉë=EÚMMM=jtÜÛëF

        New CEO appointed in July 2010                     1,600
                                                                          1,447                                                 1,458
                                                           1,400                           1,285              1,290
        Distribution rate case lodged:                     1,200
        US$87.3m p.a. revenue increase                     1,000
        requested from April 2011 – subject to               800
        PaPUC approval                                       600
                                                             400
                                                             200
                                                                 -
                                                                         H1/2009         H2/2009            H1/2010            H2/2010
1   100% of Duquesne results per DUET MIR
                                                                                                                                             OS
cvOMNM=cáå~åÅá~äë
mêçéçêíáçå~íÉ=É~êåáåÖë
b_fqa^=ÖêçïíÜ=Ñêçã=~ää=çÑ=çìê=^ìëíê~äá~å=~ëëÉíë
     mêçéçêíáçå~íÉ=mÉêÑçêã~åÅÉ
                                                                                                                                cvOMMV=                         cvOMMV==
     Aãáääáçåë EìåäÉëë=çíÜÉêïáëÉ=ëí~íÉÇF                                                             cvOMNM                    mêçJÑçêã~N                        ^Åíì~äN                    B=s~êá~åÅÉ
     b_fqa^
      a~ãéáÉê=_ìåÄìêó=máéÉäáåÉ                                                                        NUVKR                        NSQKP                          NTOKQ                           NR
      råáíÉÇ=båÉêÖó                                                                                   NTPKU                        NSSKM                          NSSKM                            R
      jìäíáåÉí                                                                                        NMUKS                        NMSKT                          NMSKT                            O
      t^=d~ë=kÉíïçêâë                                                                                  OQKU                         OPKT                          OPKT                             R
      aìèìÉëåÉ                                                                                        NNQKV                        NOQKO                          NQSKS                           EUF
     b_fqa^                                                                                           SNNKS                        RURKM                         SNRKR                            RO
     j~áåíÉå~åÅÉ=Å~éÉñ                                                                                EVSKMF                                                      EVQKOF                           O
     kÉí=ÉñíÉêå~ä=áåíÉêÉëí=ÉñéÉåëÉ                                                                   EORTKTF                                                     EORRKTF                           N
     mêçéçêíáçå~íÉ=pli^=áåíÉêÉëí=ÉñéÉåëÉP                                                             EPPKNF                                                      EPRKMF                          ERF
     kÉí=í~ñ=ÉñéÉåëÉ                                                                                   ENKSF                                                      EOQKQF                          kã
     mêçéçêíáçå~íÉ=b~êåáåÖë=EéêÉJÅçêéçê~íÉ=áíÉãëF                                                     OOPKN                                                      OMSKP                             U
     kÉí=áåíÉêÉëí=áåÅçãÉ                                                                               NQKV                                                        VKN                            SQ
     arbq=pli^=áåíÉêÉëí=áåÅçãÉP                                                                        PSKO                                                       RNKV                            EPMF
     `çêéçê~íÉ=áåíÉêÉëí=ÉñéÉåëÉ=EáåÅäK=mltbop=ÜóÄêáÇF                                                 EPRKOF                                                      EQTKUF                          EOSF
     `çêéçê~íÉ=ÉñéÉåëÉë                                                                               EOOKSF                                                      EOPKTF                          ERF
     kÉí=í~ñ=ÉñéÉåëÉ                                                                                      J                                                       EMKQF                           kã
     oÉ~äáëÉÇ=Ö~áåLEäçëëF=çå=cu=ÜÉÇÖÉ=Åçåíê~Åíë                                                         MKQ                                                       EOKTF                           kã
     mêçéçêíáçå~íÉ=b~êåáåÖë                                                                           ONSKU                                                      NVOKT                            NP
     mêçéçêíáçå~íÉ=b~êåáåÖë=EÅéëëF                                                                     ORKO                                                       OUKS                            ENOF
     aáëíêáÄìíáçå=m~áÇ=EÅéëëF                                                                          OMKM                                                      OQKNOR                           ENTF
     mêçéçêíáçå~íÉ=b~êåáåÖë=ÅçîÉê~ÖÉ=çÑ=ÇáëíêáÄìíáçå=é~áÇ=EBF                                         NOSB                                                       NNUB                             kã
1.    As per DUET MIR
2.    Based on the comparison between actual FY2010 and like-for-like (pro-forma) FY2009 results
3.    Proportionate SOLA interest expense represents DUET’s share of the hedged proportionate SOLA interest expense. DUET SOLA interest income represents DUET’s unhedged interest income from it’s 100%
      ownership of the SOLA facilities.                                                                                                                                                                    OU
cìåÇ=Å~ëÜ=Ñäçïë
ANUT=ãáääáçå=çÑ=~ÇàìëíÉÇ=Å~ëÜ=~î~áä~ÄäÉ=~í=PM=gìåÉ=OMNM
arbq=cìåÇ=råÅçåëçäáÇ~íÉÇ=`~ëÜ=cäçïë===EAãáääáçåëF                      cvOMNM    cvOMMV    B=s~êá~åÅÉ
a~ãéáÉê=_ìåÄìêó=máéÉäáåÉ                                                 SOKM      SQKP        EQF
råáíÉÇ=båÉêÖó                                                            QPKO      QTKQ        EVF
jìäíáåÉí                                                                 OPKO      NVKN        ON
t^=d~ë=kÉíïçêâë                                                           RKO       RKO         J
aìèìÉëåÉ                                                                 QTKM      QSKR         N
`~ëÜ=Ñäçïë=Ñêçã=~ëëÉíë                                                  NUMKS     NUOKR        ENF
líÜÉê=áåÅçãÉ                                                              MKP       OKU       EUVF
léÉê~íáåÖ=ÉñéÉåëÉë=~åÇ=ÑÉÉë=é~áÇ=EáåÅäìëáîÉ=çÑ=dpqF                     EOOKOF    EPPKOF      EPPF
q~ñ=é~áÇ                                                                   J         J          J
kÉí=Å~ëÜ=Ñäçïë=Ñêçã=~ëëÉíë=~åÇ=çéÉê~íáçåë                               NRUKT     NROKN         Q
fåîÉëíãÉåí=áå=ÉåÉêÖó=ìíáäáíó=~ëëÉíë                                    EONRKRF    EQVKVF      PPO
kÉí=Å~ëÜ=Ñäçïë=Ñêçã=áåîÉëíáåÖ=~ÅíáîáíáÉë                               EONRKRF    EQVKVF      PPO
mêçÅÉÉÇë=êÉÅÉáîÉÇ=Ñêçã=áëëìÉ=çÑ=ëí~éäÉÇ=ëÉÅìêáíáÉë=EåÉí=çÑ=ÑÉÉëF           J      OSRKP       kã
`~éáí~ä=ê~áëáåÖ=Åçëíë=é~áÇ                                                OKV     ENMKOF      kã
_çêêçïáåÖ=Ñêçã=arbq=`çêéçê~íÉ=aÉÄí=c~Åáäáíó                                J      RURKM       kã
oÉé~óãÉåí=çÑ=mltbop                                                        J     ERSQKOF      kã
arbq=ëÉåáçê=Ñ~Åáäáíó=Éëí~ÄäáëÜãÉåí=Åçëíë                                   J      ENRKVF      kã
oÉé~óãÉåí=çÑ=pli^=ÇÉÄí=Ñêçã=~ëëÉíë                                       TNKM        J        kã
`çêéçê~íÉ=ÄçêêçïáåÖ=Åçëíë=é~áÇ                                          EPPKPF    EROKPF      EPSF
pli^=áåíÉêÉëí=áåÅçãÉ=Ñêçã=~ëëÉíë                                         PRKV      RPKT       EPPF
fåíÉêÉëí=êÉÅÉáîÉÇ=çå=Åçêéçê~íÉ=Å~ëÜ=~í=Ä~åâ                              NMKT      NOKQ       ENQF
aáëíêáÄìíáçåë=é~áÇ=íç=arbq=ëÉÅìêáíó=ÜçäÇÉêë=EåÉí=çÑ=aomF               ENPMKUF   ENPRKTF       EQF
kÉí=Å~ëÜ=Ñäçïë=Ñêçã=Ñáå~åÅáåÖ=~ÅíáîáíáÉë                                EQPKSF    NPUKN      ENPOF
kÉí=EÇÉÅêÉ~ëÉF=L=áåÅêÉ~ëÉ=áå=Å~ëÜ=~ëëÉíë=ÜÉäÇ                          ENMMKQF    OQMKP      ENQOF
`~ëÜ=~ëëÉíë=~í=íÜÉ=ÄÉÖáååáåÖ=çÑ=íÜÉ=óÉ~ê                                QONKN     NTVKV       NPQ
bñÅÜ~åÖÉ=ê~íÉ=ãçîÉãÉåíë                                                  EPKOF      MKV       kã
`~ëÜ=~ëëÉíë=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=óÉ~ê                                      PNTKQ     QONKN       EORF
aáëíêáÄìíáçå=é~áÇ=íç=arbq=ëÉÅìêáíó=ÜçäÇÉêë=çå=NPJ^ìÖJNM=EåÉí=çÑ=aomF    ERVKSF                kã
arbq=Åçêéçê~íÉ=ÇÉÄí=Ñ~Åáäáíó=êÉé~óãÉåí=Eíç=ÄÉ=ã~ÇÉ=çå=NJpÉéJNMF         ETNKMF
^ÇàìëíÉÇ=`~ëÜ=~ëëÉíë=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=óÉ~ê                             NUSKU
                                                                                                        OV
m~êÉåí=`~ëÜ=`çîÉê~ÖÉ=çÑ=aáëíêáÄìíáçå
_~ëÉÇ=çå=råÅçåëçäáÇ~íÉÇ=`~ëÜ=cäçïë

       Cash available for distributions by the DUET Parent covers FY10 distributions by 99.7%
                                                                                                              ^ëëÉí=`çãé~åó=aáëíêáÄìíáçåë
cìääJvÉ~ê=íç=PM=gìåÉ=OMNM
                                                                                                                       íç=arbq
                                                                omp=       iç~å==
                                                  aáîáÇÉåÇë                          cvOMNM   cvOMMV
Aãáääáçå                                                      fåíÉêÉëí   fåíÉêÉëí=
                                                                                                              200
a~ãéáÉê=_ìåÄìêó=máéÉäáåÉ                            SOKM        J           J         SOKM     SQKP
råáíÉÇ=båÉêÖó                                        SKS       POKT        PKV        QPKO     QTKQ           180
jìäíáåÉí                                            OPKO        J           J         OPKO     NVKN
                                                                                                              160
t^=d~ë=kÉíïçêâë                                      RKO        J           J          RKO     RKO
aìèìÉëåÉ                                              J         J         QTKM        QTKM     QSKR           140
`~ëÜ=Ñäçïë=Ñêçã=~ëëÉíë                              VTKM       POKT       RMKV       NUMKS    NUOKR
                                                                                                              120
fåíÉêÉëí=êÉÅÉáîÉÇ=çå=Åçêéçê~íÉ=Å~ëÜ=~í=Ä~åâ                                           NMKT     NOKQ




                                                                                                        A$M
                                                                                                              100
líÜÉê=fåÅçãÉ                                                                          MKP       OKU
qçí~ä=oÉîÉåìÉ                                                                        NVNKS    NVTKT           80
léÉê~íáåÖ=ÉñéÉåëÉë=~åÇ=ÑÉÉë=é~áÇ=EáåÅäìëáîÉ=çÑ=
                                                                                     EOOKOF    EPPKOF         60
dpqF
pli^=áåíÉêÉëí=áåÅçãÉ=Ñêçã=~ëëÉíë                                                      PRKV      RPKT          40
`çêéçê~íÉ=ÄçêêçïáåÖ=Åçëíë=é~áÇ                                                       EPPKPF    EROKPF
                                                                                                              20
`~ëÜ=^î~áä~ÄäÉ=Ñçê=aáëíêáÄìíáçåë                                                     NTOKM     NSRKV
tÉáÖÜíÉÇ=^îÉê~ÖÉ=pÉÅìêáíáÉë=çå=fëëìÉ                                                 USNKV     STPKT            -

`~ëÜ=^î~áä~ÄäÉ=Ñçê=aáëíêáÄìíáçåë=EÅéëëF                                              NVKVR     OQKSO                30-Jun-09            30-Jun-10

aáëíêáÄìíáçåë=EÅéëëF                                                                 OMKMM    OQKNOR                Duquesne
                                                                                                                    WA Gas Networks
aáëíêáÄìíáçå=`çîÉê~ÖÉ                                                                VVKTB    NMOKMB                Multinet
                                                                                                                    United Energy
                                                                                                                    Dampier Bunbury Pipeline




                                                                                                                                                 PM
pí~íìíçêó=åÉí=êÉëìäí
få=äáåÉ=ïáíÜ=éêáçê=óÉ~ê=ÄÉÑçêÉ=ëáÖåáÑáÅ~åí=åçåJÅ~ëÜ=áíÉãë

    pí~íìíçêó=kÉí=oÉëìäí
    Aãáääáçåë                                                                       cvOMNM   cvOMMV   B=s~êá~åÅÉ
    oÉîÉåìÉN                                                                        NINRQ    NIMQP       NN
    b_fqa^                                                                           TPQ      SST        NM
    aÉéêÉÅá~íáçå=C=^ãçêíáë~íáçå                                                      ENTSF    ENSVF       Q
    b_fq                                                                             RRV      QVV        NO
    mêçÑáí=Ñêçã=~ëëçÅá~íÉëO                                                           NM       O         kã
    kÉí=áåíÉêÉëí=ÉñéÉåëÉ                                                             EQPUF    EPTPF      NT
    q~ñ=ÉñéÉåëÉ                                                                       ERF      ENF       kã
    kÉí=oÉëìäí=~ÑíÉê=q~ñ=ÄÉÑçêÉ=ëáÖåáÑáÅ~åí=åçåJÅ~ëÜ=áíÉãë                           NOS      NOT        ENF
    `çåëçäáÇ~íÉÇ=jqj=ÇÉêáî~íáîÉë=éêçÑáíLEäçëëF                                        SP      ERMF
    aìèìÉëåÉ=jqj=ÇÉêáî~íáîÉë=éêçÑáíLEäçëëF                                            U       ETNF
    aìèìÉëåÉ=éÉåëáçå=ÇÉÑáÅáí                                                         EOOF     ERRF
    kÉí=oÉëìäí=~ÑíÉê=q~ñ=ÄÉÑçêÉ=kçåJÅçåíêçääáåÖ=áåíÉêÉëíë                            NTQ      ERMF
    kÉí=oÉëìäí=~ÑíÉê=q~ñ=~ííêáÄìí~ÄäÉ=íç=kçåJÅçåíêçääáåÖ=áåíÉêÉëíë                   EPQF     ENOF
    kÉí=oÉëìäí=~ÑíÉê=q~ñ=~ííêáÄìí~ÄäÉ=íç=ãÉãÄÉêë                                     NQM      ESOF




1    Includes net foreign exchange gains of $62.6m for FY2010 ($31.0m for FY2009)
2    Includes Duquesne and WA Gas Networks
                                                                                                                   PN
lìíäççâ
Outlook
pçäáÇ=Åçêéçê~íÉ=äáèìáÇáíó=éçëáíáçå

                                                                  DUET Capital Cash Flows to 30 June 2011*
            200

            180                                       20
            160                                                                 20
            140                                                                                           15                          4                       18
            120
      A$m




            100
                           187
             80
                                                                                                                                                                                        144
             60

             40

             20

              -
                     Adjusted Cash            UED Smart Meter           UED Other Growth            Duquesne equity                Other             DRP Proceeds from             Cash Balance
                   Balance at 30 June             project                    Capex                    investment1                                      FY2011 Interim              available after
                   2010 (per slide 30)                                                                                                                   Distribution            capital cash flows
                                                                                                                                                      (February 2011)2            (30 June 2011)




     DUET’s adjusted cash on deposit will fund organic growth and de-gearing opportunities
     $100m revolving standby debt facility is available to DUET to fund capital commitments and is undrawn


1   Hedged AUD/USD FX rate of 0.8655 applied
2   Assumes DRP take-up rate of 20% based on 887,304,690 stapled securities on issue as at 20 August 2010. Forecast assumes 10 cpss interim FY2011 distribution paid in February 2011


* Important Note: Forecasts by their very nature are subject to uncertainty and contingencies, many of which are outside the control of DUET
                                                                                                                                                                                                      PP
Corporate Liquidity
Funding United Energy’s revised 2011-2015 regulatory growth capex

                         DUET Capital Cash Flows to December 2015*
        400


        350                                                                                                                               UED Growth Capex per the revised
                                                                                                                              3571
                                                                                                                                          regulatory request (net of customer
                                                                                                                                          contributions) for CY2011 - 2015
        300



        250                                               94
                                     158

        200
                                                                               51
  A$m




        150
                                                                                                                              143          Equity Funding of Growth Capex
                                                                                                                                           @ 40% during CY2011 - 2015
        100
                   144                                                                             157                        94           DUET’s Proportionate Share of Equity
                   144
                                                                                                                                           Funding during CY2011 - 2015
         50



          -
                DUET Cash         DRP receipts           DUET’s              DUET’s             DUET Cash
                                                                                                                  1   Source: United Energy’s revised regulatory proposal (July 2010)
               Balance (after   assuming $35m      proportionate share proportionate share   Balance as at 31
                                                                                                                      and DUET calculations. Forecast real $2010 values are
                capital cash     p.a. during the    of equity to fund   of equity to fund    December 2015            converted to nominal based on CPI of 2.57%. Net growth capex
              flows) as at 30     4.5 years of       UED’s network     UED’s smart meter      (before the sale        calculated as gross growth capex of $502m for 2011-2015 less
              June 2011 (per       2011-2015          growth capex        project capex      of Duquesne and          $145m of customer contributions.
                 slide 35)                             2011-2015           2011-2013         any future capital
                                                                                               commitments)

* Important Note: Forecasts by their very nature are subject to uncertainty and contingencies, many of which are outside the control of DUET

                                                                                                                                                                                        PQ
^ééÉåÇáñW=^ÇÇáíáçå~ä=fåÑçêã~íáçå
pí~íìíçêó=_~ä~åÅÉ=pÜÉÉí
arbq=dêçìé=_~ä~åÅÉ=pÜÉÉí          ^ë=~í       ^ë=~í
EAãáääáçåF                      PMJgìåJNM   PMJgìåJMV   B=s~êá~åÅÉ
`~ëÜ=^ëëÉíë                       QSR         RUV          EONF
líÜÉê=`ìêêÉåí=^ëëÉíë              NQN         NPR           Q

mm=C=b                            RIOMV       QIUPS         U
fåí~åÖáÄäÉ=^ëëÉíë                 OIMPP       NIVTO         P
líÜÉê=kçåJ`ìêêÉåí=^ëëÉíë          RQT         QNU          PN

qçí~ä=^ëëÉíë                      UIPVR       TIVRM         S
fåíÉêÉëí=_É~êáåÖ=iá~ÄáäáíáÉë      RISRO       RIPMV         S
líÜÉê=`ìêêÉåí=iá~ÄáäáíáÉë         QNO         PNU          PM
líÜÉê=kçåJ`ìêêÉåí=iá~ÄáäáíáÉë     UNR         UUP          EUF
qçí~ä=iá~ÄáäáíáÉë                 SIUTV       SIRNM         S
kÉí=^ëëÉíë                        NIRNR       NIQQM         R
qçí~ä=bèìáíó                      NIRNR       NIQQM         R




                                                                     PS
pí~íìíçêó=`~ëÜ=cäçï=pí~íÉãÉåí
arbq=dêçìé=`~ëÜ=cäçï=pí~íÉãÉåí
EAãáääáçåF                            cvOMNM   cvOMMV   B=s~êá~åÅÉ
kÉí=Å~ëÜ=Ñäçïë=Ñêçã=çéÉê~íáçåë         TQO      TOR         O
fåîÉëíãÉåí=L=^Åèìáëáíáçå=Å~ëÜ=Ñäçïë    EVUF       J        kã
m~óãÉåíë=Ñçê=éìêÅÜ~ëÉ=çÑ=mmCb          ERUNF    ERNVF      NO
mêçÅÉÉÇë=Ñêçã=~ëëÉí=ë~äÉë               N         J        kã
kÉí=Å~ëÜ=Ñäçïë=Ñêçã=áåîÉëíáåÖ          ESTUF    ERNVF      PN
`~ëÜ=Ñäçïë=Ñêçã=Å~éáí~ä=ê~áëáåÖ         RP      PPN        EUQF
_çêêçïáåÖ=EåÉí=çÑ=êÉé~óãÉåíëF          PPN      PPT        EOF
_çêêçïáåÖ=Åçëíë=é~áÇ                   EPVNF    EQNOF      ERF
aáîáÇÉåÇë=C=aáëíêáÄìíáçåë=é~áÇ         ENUNF    ENUMF       N
kÉí=Å~ëÜ=Ñäçï=Ñêçã=Ñáå~åÅáåÖ           ENUUF     TS       EPQTF
kÉí=áåÅêÉ~ëÉ=áå=Å~ëÜ                   ENOPF    OUO       ENQQF




                                                                     PT
mêçéçêíáçå~íÉ=ÖÉ~êáåÖ
     mêçéçêíáçå~íÉ=kÉí=aÉÄí=~åÇ=qçí~ä=^ëëÉíë=                                                                                                                                   mêçJÑçêã~
     EAãáääáçåF                                                                                                                        ^ë=~í=PMJgìåJNM                       ^ë=~í=PMJgìåJMV                     ^ë=~í=PMJgìåJMV
     arbqDë=lïåÉêëÜáé=fåíÉêÉëí              a~ãéáÉê=_ìåÄìêó=máéÉäáåÉ                                                                        SMKMB                                 SMKMB                               SMKMB
                                            råáíÉÇ=båÉêÖó                                                                                   SSKMB                                 SSKMB                               SSKMB
                                            jìäíáåÉí                                                                                        TVKVB                                 TVKVB                               TVKVB
                                            t^=d~ë=kÉíïçêâë                                                                                 ORKVB                                 ORKVB                               ORKVB
                                                     N
                                            aìèìÉëåÉ                                                                                        OVKMB                                 OVKMB                               OVKMB
                O
     pÉåáçê=aÉÄí                            a~ãéáÉê=_ìåÄìêó=máéÉäáåÉ                                                                          NIRTQ                               NIQPQ                               NIQPQ
                                                         P
                                            råáíÉÇ=båÉêÖó                                                                                     NIMMU                                VOQ                                 VOQ
                                            jìäíáåÉí                                                                                           TMU                                 TOR                                 TOR
                                            t^=d~ë=kÉíïçêâë                                                                                    NSR                                 NRT                                 NRT
                                                     N
                                            aìèìÉëåÉ                                                                                           SQV                                 SUU                                 TNU
     mêçéçêíáçå~íÉ=pÉåáçê=aÉÄí                                                                                                                QINMO                               PIVOU                               PIVRU
     `~ëÜ                                   a~ãéáÉê=_ìåÄìêó=máéÉäáåÉ                                                                           ERVF                                ERPF                                ERPF
                                            råáíÉÇ=båÉêÖó                                                                                      EONF                                ENUF                                ENUF
                                            jìäíáåÉí                                                                                           ENPF                                EQOF                                EQOF
                                                           t^=d~ë=kÉíïçêâë                                                                      EPF                                    EPF                              EPF
                                                                    N
                                                           aìèìÉëåÉ                                                                            EPOF                                   ENOF                             ENPF
     mêçéçêíáçå~íÉ=`~ëÜ                                                                                                                       ENOUF                                  ENOUF                            ENOUF
     `çêéçê~íÉ=kÉí=`~ëÜ=E`~ëÜ=äÉëë=ÇáëíêáÄìíáçå=é~ó~ÄäÉF                                                                                      EOPMF                                  EPPSF                            EPPSF
     eóÄêáÇ=`~éáí~ä=L=`çêéçê~íÉ=aÉÄí                                                                                                           RUR                                    RUR                              RUR
     qçí~ä=kÉí=aÉÄí                                                                                                                           QIPOV                                 QIMQV                            QIMTU
     qçí~ä=^ëëÉíë=EäÉëë=`~ëÜF                 a~ãéáÉê=_ìåÄìêó=máéÉäáåÉ                                                                        OIOQM                                 OIMTN                            OIMTN
                                              råáíÉÇ=båÉêÖó                                                                                   NIRTT                                 NIQPQ                            NIQPQ
                                              jìäíáåÉí                                                                                        NIMRO                                 NIMQU                            NIMQU
                                              t^=d~ë=kÉíïçêâë                                                                                  OPQ                                    OOS                              OOS
                                                         N
                                              aìèìÉëåÉ                                                                                        NIQNS                                 NIPPR                            NIPVO
                                Q
     mêçéçêíáçå~íÉ=qçí~ä=^ëëÉíë                                                                                                               SIROM                                 SINNR                            SINTO
     `çêéçê~íÉ=qçí~ä=^ëëÉíë=EäÉëë=`çêéçê~íÉ=kÉí=`~ëÜ=~åÇ=mÉêÑçêã~åÅÉ=cÉÉëF                                                                      P                                       U                                U
     mêçéçêíáçå~íÉ=qçí~ä=^ëëÉíë=EáåÅäK=`çêéK=qçí~ä=^ëëÉíëF                                                                                    SIROP                                 SINOP                            SINUM
     mêçéçêíáçå~íÉ=dÉ~êáåÖR                                                                                                                  SSKQB                                  SSKNB                            SSKMB
NK     ^raLrpa=cu=ê~íÉë=Ü~îÉ=ÄÉÉå=ìëÉÇW=MKUQNNPV=~ë=~í=PM=gìåÉ=OMNMI=MKUMST=~ë=~í=PM=gìåÉ=OMMV
OK     pÉåáçê=ÇÉÄí=áåÅäìÇÉë=Å~éáí~äáëÉÇ=ÄçêêçïáåÖ=Åçëíë=~åÇ=ÉñÅäìÇÉë=ëÜ~êÉÜçäÇÉê=ÇÉÄí
PK     råáíÉÇ=båÉêÖó=rpA=aÉåçãáå~íÉÇ=aÉÄí=Ü~ë=ÄÉÉå=ëÜçïå=~í=íÜÉ=ÜÉÇÖÉÇ=^raLrpa=ÉñÅÜ~åÖÉ=ê~íÉ=Ñçê=íÜÉ=ÅìêêÉåí=éÉêáçÇK=qÜÉ=PMJgìåJMV=~åÇ=mêçJÑçêã~=PMJgìåJMV=aÉÄí=Ü~ë=ÄÉÉå=êÉëí~íÉÇ=íç=íÜÉ=ÜÉÇÖÉÇ=ÉñÅÜ~åÖÉ=ê~íÉK
QK     mêçéçêíáçå~íÉ=íçí~ä=~ëëÉíë=ÉñÅäìÇÉë=Å~ëÜ
RK     dÉ~êáåÖ=áë=íçí~ä=åÉí=ÇÉÄí=ÇáîáÇÉÇ=Äó=éêçéçêíáçå~íÉ=íçí~ä=~ëëÉíë
                                                                                                                                                                                                                                   PU
cvOMNN=dêçìé=íÉêã=ÇÉÄí=Ñ~Åáäáíó=ã~íìêáíáÉë

                                                                                                                                                                  oÉÑáå~åÅáåÖë=
                                                                                                   NMMB=aê~ïå=aÉÄí=            mêçéçêíáçå~íÉ=aê~ïå=
              j~íìêáíó=                                                NMMB=c~Åáäáíó=iáãáí                                                                      ÅçãéäÉíÉÇ=ëáåÅÉ=
^ëëÉí                         qÉêã=aÉÄí=qóéÉ                                                          _~ä~åÅÉN                    aÉÄí=_~ä~åÅÉN
               a~íÉ                                                          Aã                                                                                    PMJgìåJNM
                                                                                                         Aã                             Aã
                                                                                                                                                                       Aã
 a_m        NNJj~óJNN         _~åâ=aÉÄí=áåÅäK=`~éÉñ=c~Åáäáíó                    QUO                         QUO                           OUV                          QUOO

 rba        NSJgìåJNN         _~åâ=aÉÄí=áåÅäK=`~éÉñ=c~Åáäáíó                    QRM                         POM                           ONO                          NNSP

 a_m        PMJgìåJNN         `~éÉñ=c~Åáäáíó=Epí~ÖÉ=R_F                         PQM                         OTO                           NSQ                           SUO

qçí~ä                                                                          NIOTO                       NIMTQ                          SSR                          SSS




NK ^ë=~í=PM=gìåÉ=OMNM
OK lå=OV=pÉéíÉãÄÉê=OMNM=a_m=áëëìÉÇ=ARRMã=çÑ=RJóÉ~ê=jÉÇáìã=qÉêã=kçíÉëK=AQUOã=áë=~ëëìãÉÇ=íç=êÉÑáå~åÅÉ=Ä~åâ=Ñ~ÅáäáíáÉë=ã~íìêáåÖ=áå=j~ó=OMNN=~åÇ=ASUã=áë=~ëëìãÉÇ=íç=êÉÑáå~åÅÉ=íÜÉ=
   pí~ÖÉ=R_=`~éÉñ=c~Åáäáíó=ã~íìêáåÖ=áå=gìåÉ=OMNN
PK ^ëëìãÉë=íÜ~í=íÜÉ=éêçÅÉÉÇë=çÑ=rbaÛë=êÉÅÉåí=AQTVã=rpmm=ÄçåÇ=çÑÑÉêáåÖ=~êÉ=~ééäáÉÇ=íç=êÉé~ó=APSPã=çÑ=åçíÉë=ã~íìêáåÖ=áå=^éêáä=OMNNI=ïáíÜ=íÜÉ=Ä~ä~åÅÉ=çÑ=ANNSã=é~êíá~ääó=êÉé~óáåÖ=Ä~åâ=
   Ñ~ÅáäáíáÉë=çÑ=AQRMã=ã~íìêáåÖ=áå=gìåÉ=OMNN




                                                                                                                                                                                       PV
lïåÉêëÜáé=~åÇ=ã~å~ÖÉãÉåí=ëíêìÅíìêÉ
cçìê=ÉåíáíáÉë=ëí~éäÉÇ=íçÖÉíÜÉê=~ë=çåÉ=äáëíÉÇ=ëÉÅìêáíó=E^puW=arbF
   ^puJäáëíÉÇ=çïåÉê=çÑ=ÉåÉêÖó=ìíáäáíó=~ëëÉíëI=ã~å~ÖÉÇ=àçáåíäó=Äó=j~Åèì~êáÉ=`~éáí~ä=~åÇ=^jm=`~éáí~ä=fåîÉëíçêë

   pí~éäÉÇ=ëÉÅìêáíó=ÅçãéêáëÉë=N=ìåáí=áå=É~ÅÜ=çÑ=arbqNI=arbqO=~åÇ=arbqPI=~åÇ=N=ëÜ~êÉ=áå=afei


                              oÉëéçåëáÄäÉ            oÉëéçåëáÄäÉ=
                                båíáíó=N                båíáíó=O              j~Åèì~êáÉ
        ^jm=`~éáí~ä   RMB                                             RMB
                                                                               `~éáí~ä
                                 EobNF                   EobOF

                                       j~å~ÖÉêLob=çÑ=
                                     arbq=ëí~éäÉÇ=ÉåíáíáÉë



                                                                                                 DUET Stapled
           arbqN                arbqO                    arbqP                afei                 Security
                                                                                                   Holders




  SMB                 SSB             TVKVB                   ORKVB         OVB




                                                                                                               QM
fåîÉëíãÉåí=ëíêìÅíìêÉ=E~í=N=pÉéíÉãÄÉê=OMNMF
arbqÛë=áåîÉëíãÉåíëW=pli^I=çêÇáå~êó=ÉèìáíóI=omp=~åÇ=ëÜ~êÉÜçäÇÉê=äç~åë

                                                           DUET Group Distributions to Security Holders




                                                                           DUET Group Fund
                                                                    Unconsolidated Cash at Bank

                                    pÉåáçê=fåíÉêÉëí=
                                  m~óãÉåíë=Äó=arbq
 $514m DUET Corporate Debt
   Facility ($484m on-lent to
  DUET’s Australian assets as
  subordinated debt: “SOLA”)



                                                                                                                                 aáëíêáÄìíáçåë=
                                     arbqN                         arbqO                     arbqP                 afei          Ñêçã=^ëëÉíë




pli^=fåíÉêÉëí=
 m~óãÉåíë=Äó=
      ^ëëÉíë

                                                                                                  t^=d~ë=
                       råáíÉÇ=båÉêÖó=              jìäíáåÉí=                   a_m=                               aìèìÉëåÉ=
                                                                                                  kÉíïçêâë=


                         aáîáÇÉåÇë                                                                                aáîáÇÉåÇë
                                                  aáîáÇÉåÇë                iç~å=fåíÉêÉëí          aáîáÇÉåÇë
                    iç~å=C=omp=fåíÉêÉëí                                                                          iç~å=fåíÉêÉëí

                       pli^=fåíÉêÉëí            pli^=fåíÉêÉëí              pli^=fåíÉêÉëí      pli^=fåíÉêÉëí
                      EANUQã=éêáåÅáé~äF        EANNOã=éêáåÅáé~äF       EANMUã=éêáåÅáé~äF      EAUMã=éêáåÅáé~äF
                                                                                                                                                  QN
aìèìÉëåÉ
páãéäáÑáÉÇ=ÅìêêÉåí=çïåÉêëÜáé=ëíêìÅíìêÉ

                                                        anb=eçäÇáåÖë=~åÇ=aie=lïåÉêëÜáé=píêìÅíìêÉN

                           j~Åèì~êáÉ=
                                                                                                                fåÇìëíêó=cìåÇë=                             cçìê=^ìëíê~äá~å=
                        fåÑê~ëíêìÅíìêÉ=                                     arbq
                                                                                                                  j~å~ÖÉãÉåí                                 råäáëíÉÇ=cìåÇë
                              m~êíåÉêë


                        OOKNB                                        OVKMBG                                       OOKUB                                        OSKNB




                                                                                           anb=eçäÇáåÖë


                                                                                                          NMMKMB




                                                                                         aìèìÉëåÉ=iáÖÜí=
                                                                                             dêçìé



1   DUET’s 29% interest in Duquesne Light is held through DQE Holdings LLC. The co-investment arrangements include pre-emptive and tag-along rights in favour of each other equity owner, including
    rights which are triggered on a change of control (Including if RE1 or RE2 is removed or replaced as responsible entity of DUET1 and DUET2 respectively)


                                                                                                                                                                                                      QO
fåÇáÅ~íáîÉ=aìèìÉëåÉ=ë~äÉ=íáãÉí~ÄäÉ
q~êÖÉíáåÖ=Ñáå~åÅá~ä=ÅäçëÉ=Äó=PN=j~êÅÜ=OMNN=


     bîÉåí                                                                             a~íÉN

     bñÉÅìíÉ=ë~äÉ=ÇçÅìãÉåí~íáçå                                            OU=pÉéíÉãÄÉê=OMNM

     oáÖÜí=çÑ=cáêëí=lÑÑÉê=mêçÅÉëë                                          H=PM=_ìëáåÉëë=a~óë

     oÉÖìä~íçêó=~åÇ=Ä~åâ=~ééêçî~äë                                kçîÉãÄÉê=OMNM=Ó j~êÅÜ=OMNN

     pÉííäÉãÉåí                                                              båÇ=j~êÅÜ=OMNN
 1     All times refer to New York time and are indicative only




                                                                                                QP

				
DOCUMENT INFO
Categories:
Tags:
Stats:
views:5
posted:5/15/2012
language:
pages:43