In relation to APA's takeover offer for Ethane Pipeline Income Fund (comprising Ethane Pipeline Income Trust (ARSN 118 961 167) and Ethane Pipeline Income Financing Trust (ARSN 118 961 023)) (EPX), APA's ownership in EPX has now increased to more than 50%.

Below is a copy of the letter to be sent to EPX securityholders.

Dear EPX Securityholder

APA Group - Takeover bid for Ethane Pipeline Income Fund - APA increases EPX ownership to above 50%

We are writing to update you on APA's recommended, unconditional takeover offer for Ethane Pipeline Income

Fund (EPX) of $1.88 cash per EPX Security (Offer).*

Since announcing the Offer, APA's ownership of EPX Securities has increased to more than 50%.

You are encouraged to accept the Offer without delay, and in any event before it is scheduled to close at 7.00pm (Sydney time) on 2 May 2016 (unless extended).

If you do not accept the Offer, and your EPX securities are not otherwise compulsorily acquired, you may be left holding securities with materially lower liquidity and with APA as the controlling securityholder. Please refer to section 5.5 of the Bidder's Statement for further information on APA's intentions in this scenario.

The independent directors of EPX continue to recommend EPX Securityholders accept the Offer (in the absence of a superior offer). No superior offer has emerged to date and APA considers this highly unlikely now that it has a controlling interest in EPX Securities.

You can accept the Offer by completing and returning the Acceptance Form enclosed with this letter. Replacement personalised Acceptance Forms can be downloaded and printed by following the link online at www.apa.com.au. You will need your SRN/HIN to download the Acceptance Form. You will be paid within 5 business days from receipt of a valid acceptance.

If you have any questions in relation to the Offer, please call the APA Offer Information Line on 1800 426 150 (toll free within Australia) or +61 1800 426 150 (from outside Australia) between 8.30am and 5.30pm (Sydney Time), Monday to Friday.

For further information about the Offer, you should review the Bidder's Statement and Target's Statement in their entirety. You should seek independent financial advice before deciding whether or not to accept the Offer.

If you have already accepted the Offer, you do not need to do anything further. You will be paid within 5 business days from receipt of a valid acceptance.

Yours faithfully

Nevenka Codevelle

Company Secretary & General Counsel
Australian Pipeline Limited

* APA is Australian Pipeline Limited as responsible entity of Australian Pipeline Trust (ARSN 091 678 778).

APA Group issued this content on 20 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 20 April 2016 01:02:12 UTC

Original Document: http://www.apa.com.au/investor-centre/news/asxmedia-releases/2016/apa-increases-epx-ownership-to-above-50-per-cent.aspx