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Jan 22, 2023 •453 likes •960 views

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  3. ^Äçìí=arbq ^Äçìí=arbq � ^Äçìí=arb ^Äçìí=arbq � ^ëëÉ ^ëëÉíë íë � `çãéÉíáíáîÉ=i~åÇëÅ~éÉ `çãéÉíáíáîÉ=i~åÇëÅ~éÉ � píê píêìÅíìê ÅíìêÉ � råáí=éÉêÑçêã~åÅÉ=~åÇ=pí~éäÉÇ=ìåáí=ëí~íáëíáÅë råáí=éÉêÑçêã~åÅÉ=~åÇ=pí~éäÉÇ=ìåáí=ëí~íáëíáÅë � OMMS=áåíÉêáã=êÉëìäíë OMMS=áåíÉêáã=êÉëìäíë All $ references in this document relate to the Australian $ unless noted otherwise 3

  4. ^Äçìí=arbq ^Äçìí=arbq � Diversified Utility and Energy Trusts (DUET) is a listed investment fund DUET Price & Accumulation Indices since managed jointly by AMP and Macquarie August 2004 1,500 Bank. 1,400 � DUET’s mandate is to invest in energy utility and related assets, principally in 1,300 Australia and New Zealand but it also Index extends to other OECD countries. 1,200 � DUET is diversified across energy 1,100 source (gas & electricity / transmission & distribution) & geographic region. 1,000 � DUET provides an attractive yield & 900 stable distribution profile (at 28/04/06’s Aug-04 Dec-04 Apr-05 Aug-05 Dec-05 Apr-06 closing price of $2.81, DUET’s FY06 Date distribution yield is 8.4%). Accm Index Price Index Source: DUET � DUET has a current market capitalisation of c$1.2b and had over $6b of total assets as at 31/12/05. 4

  5. ^ëëÉíë ^ëëÉíë Victoria Gas and Electricity distribution 55% of DUET’s total assets � United Energy � Multinet Western Australia Gas transmission and distribution 43% of DUET’s total assets � Dampier Bunbury Pipeline � AlintaGas Networks Source: DUET 5

  6. ^ëëÉíë ^ëëÉíë United Energy Distribution (66% DUE, 34% ALN) Victorian Electricity Distributor As at 31/12/05 and 6 Mths to 31/12/05 $ M's % Total Total Assets 2053 34 Revenue 209 50 Rev. to DUET parent 28 32 Multinet Group Holdings (79.9% DUE, 20.1% ALN) Victorian Gas Distributor As at 31/12/05 and 6 Mths to 31/12/05 $ M's % Total Total Assets 1266 21 Source: Essential Services Commission Source: Essential Services Commission Revenue 89 21 Source: Essential Services Commission Source: Essential Services Commission Rev. to DUET parent 23 27 6

  7. ^ëëÉíë ^ëëÉíë Dampier Bunbury Pipeline (79.2% 1 DUE, 10.4% ALN, 10.4% AAI) WA Gas Transmission As at 31/12/05 and 6 Mths to 31/12/05 $ M's % Total Total Assets 2468 41 Revenue 110 26 Rev. to DUET parent 28 33 1 Reducing to 60% as ALN and AAI equity commitments are paid up AlintaGas Networks (25.9% DUE, 74.1% ALN) WA Gas Distributor As at 31/12/05 and 6 Mths to 31/12/05 $ M's % Total Total Assets 126 2 Revenue 4 1 Rev. to DUET parent 7 8 7 Source: WA Economic Regulation Authority Source: DUET

  8. `çãéÉíáíáîÉ=i~åÇëÅ~éÉ `çãéÉíáíáîÉ=i~åÇëÅ~éÉ � The DUET Boards and management are committed to making accretive acquisitions, not growth for growth’s sake � Assets in DUET’s geographic area in Australia have been keenly bid for over the past 12 months – a number of IPO’s as well as aggressive asset prices clear evidence of this � We see the acquisitive growth landscape remaining very competitive � Dampier Bunbury Pipeline provides significant organic growth with contracted long term cash flow certainty. It is a major point of differentiation between DUET and its peers. 8

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