Cashflow from Operating Activities up 13%

Envestra Investing in energy infrastructure Cashflow from Operating Activities up 13% Financial Results for Half-Year Ended 31 December 2003 Ian Little Managing Director Laura Reed Finance Manager 25 February 2004

Agenda • Financial performance • Moomba incident 1 January 2004 • Regulatory update • First-half milestones • Second-half outlook • Summary • Envestra’s “mantra”

Summary of Financial Performance ($M)

Moomba Incident • 1 January 2004 fire/explosion • No supplies to >10 TJ consumers for 3 to 4 days • No impact on domestic/commercial consumers • >10 TJ consumers = 60% volume/10% revenue Domestic/commercial = 40% volume/90% of revenue • Network charges for delivery to >10 TJ consumers levied on reserved capacity (MDQ). Reserved capacity remained available • No impact on revenue

Financial Performance ($M) 5

Gas Delivered (PJ)

Statement of Cash Flow ($M) Half-year to December 7

Segment Results ($M) Half-year ended 31 December 2003 • All networks operating profitably 8

First-Half Milestones

Second-Half Outlook

Summary • Company continues to operate soundly - strong revenue growth, continuing operating cost decreases • Strong operating cash flows continue to fund distributions. Up 13% at $69.8M for six months to 31/12/03 • Gearing (Debt/Total Assets) 75% - no revaluation since listing - revaluation increment $386-$535M • Forecast total distribution of 9.5 cents for 2003/04 (5.7 cents paid in November) • No impact from Moomba incident

Envestra’s Mantra

Cashflow from Operating Activities up 13%