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All $ references in this document relate to the Australian $ unless noted otherwise

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Diversified Utility and Energy Trusts (DUET) is a listed investment fund managed jointly by AMP and Macquarie Bank. DUET’s mandate is to invest in energy utility and related assets, principally in Australia and New Zealand but it also extends to other OECD countries. DUET is diversified across energy source (gas & electricity / transmission & distribution) & geographic region. DUET provides an attractive yield & stable distribution profile (at 28/04/06’s closing price of $2.81, DUET’s FY06 distribution yield is 8.4%). DUET has a current market capitalisation of c$1.2b and had over $6b of total assets as at 31/12/05.

DUET Price & Accumulation Indices since August 2004 900 1,000 1,100 1,200 1,300 1,400 1,500 Aug-04 Dec-04 Apr-05 Aug-05 Dec-05 Apr-06 Date Index Accm Index Price Index

Source: DUET

5

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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

6

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Source: Essential Services Commission Source: Essential Services Commission Source: Essential Services Commission Source: Essential Services Commission

United Energy Distribution

(66% DUE, 34% ALN) Victorian Electricity Distributor

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 2053 34 Revenue 209 50

• Rev. to DUET parent

28 32 As at 31/12/05 and 6 Mths to 31/12/05 $ M's % Total Total Assets 1266 21 Revenue 89 21

• Rev. to DUET parent

23 27

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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

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

Source: WA Economic Regulation Authority Source: DUET

1 Reducing to 60% as ALN and AAI equity commitments

are paid up

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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.

9

`çãéÉíáíáîÉ=i~åÇëÅ~éÉ=J `çãéÉíáíáîÉ=i~åÇëÅ~éÉ=J sáÅíçêá~å= áÅíçêá~å= båÉêÖó=j~êâÉí=m~êíáÅáé~åíë båÉêÖó=j~êâÉí=m~êíáÅáé~åíë

Electricity

Transmission Distribution Generation

AGL Alcoa Alinta Ecogen Energy International Power/Mitsui* Energy Brix Hazelwood Power* Loy Yang Power* Southern Hydro TRUenergy*

Interstate

NSW generators SA generators Snowy Hydro SP AusNet

Interstate

TransEnergie * These 4 generators represent approx 80% total market share AGL Electricity CitiPower(Spark) Powercor (Spark) United Energy TRUenergy

Retail

AGL Electricity ActewaAGL Retail AGL Victoria CitiPower ENERGEX Retail Integral Energy TRUenergy Origin Energy EnergyAustralia International Power Powerdirect Victoria Electricity Powercor Aurora Energy Country Energy Ergon Energy Momentum Energy Red Energy

Int Power TRUenergy AGL CitiPower Powercor

Gas

Transmission Distribution Generation Retail

GasNet Australia Coastal Gas Envestra Origin Energy BassGas (ORG, AWE CalEnergy, Wandoo Pet) SEAGas

Interstate

AIH (Eastern Gas and Tasmanian Gas Pipelines) SEAGas (International Power, ORG, China LP) Envestra Multinet SP AusNet Gippsland Basin producers Otway Basin Producers Santos AGL Energex Energy Australia Origin Energy TRUenergy Victoria Electricity Source: ESAA & DUET

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`çãéÉíáíáîÉ=i~åÇëÅ~éÉ=J `çãéÉíáíáîÉ=i~åÇëÅ~éÉ=J tÉëíÉêå= ÉëíÉêå= ^ìëíê~äá~å=båÉêÖó=j~êâÉí=m~êíáÅáé~åíë ^ìëíê~äá~å=båÉêÖó=j~êâÉí=m~êíáÅáé~åíë

Electricity

Transmission Distribution Generation Retail

Gas

Transmission Distribution Generation* Retail

Western Power Western Power Western Power Perth Power Partnership South-West Joint Venture Worsley Alumina Pty Limited Goldfields Power Alcoa Southern Cross Energy Western Power Perth Energy TransAlta Energy Worsley Alumina Griffin Energy Alinta Limited Landfill Gas U& Power Origin Energy Santos DBNGP (Alinta/Alcoa/ DUET) AGL APA Woodside Envestra Gasnet Aust. HDF Origin Apache Energy BHP Epic Energy Western Mining AlintaGas Networks (25.9% DUE) Kleenheat (Wesfarmers) Alinta Source: ESAA & DUET

11

`çãéÉíáíáîÉ=i~åÇëÅ~éÉ=J `çãéÉíáíáîÉ=i~åÇëÅ~éÉ=J oÉÖìä~íáçå ÉÖìä~íáçå

DUET’s assets are subject to 5 yearly regulatory reviews of tariff arrangements Regulatory resets have occurred across approximately 80% of DUET’s asset base over the last 18 months Next DUET asset reset is Victorian gas distributor, Multinet in 2008 (MGH is 21% of DUET’s total assets) Other major resets not until 2011 but Dampier Bunbury Pipeline’s effective return to a regulated tariff isn’t until 2016

MGH (next reset 2008) UEDH (next reset 2011) ANH (next reset 2010) DBP (next reset 2011)

DUET’s Total Assets by Business

As at 31/12/2005

Source: DUET

12

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Owners Trusts Assets

Units Units Units Units

Stapled Unit Holders DUET2 DUET 1 Multinet Gas AlintaGas Networks Dampier Bunbury Pipeline United Energy Distribution RE 2 RE 1

Managers

(Jointly owned by AMP and Macquarie Bank)

Source: DUET

13

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Basic Fee

• 1% pa of market capitalisation adjusted for commitments,

borrowings and cash, paid quarterly in arrears

• Comparable to or towards the low end of the range of

equivalent investment funds Performance Fee

• 20% of return above benchmark in each half financial

year, paid in arrears, deficits carried forward. Comparable to equivalent investment funds

• DUET accumulation index vs S&P 200 Industrial

Accumulation Index (IRESS XJIAI) Debt Advisory Fees2

• Variable to AMP for periodic asset refinancings etc

Financial Advisory Fees2

• Variable to Macquarie for advisory services in relation to

asset acquisitions, disposals and equity raisings

DUET Index v S&P/ASX 200 Industrials Accm Index 950 1100 1250 1400 1550 Aug-04 Feb-05 Aug-05 Feb-06 DUET Index S&P Index

Source: DUET

1 Refer to PDS from November 2004 for further explanation of fees 2 Benchmarked against external market fees

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DUET’s 12 month total return (May 2005 - April 2006) was just under 27% It was comprised of 18% capital appreciation and 9% yield DUET’s index benchmark marginally outperformed AGL and ALN outcomes driven by corporate activity New listings don’t have full period/any yields in this data

EPKMBF JB PKMB SKMB VKMB NOKMB EPMKMBF EOMKMBF ENMKMBF JB NMKMB OMKMB PMKMB QMKMB RMKMB `~éáí~ä=dêçïíÜ váÉäÇ ^di ^ik ^m^ eac d^p __f bks pmkN phfN arb arb

N====^feI=phf=~åÇ=pmk=êÉëìäíëLÇ~í~=~ååì~äáëÉÇ=Ñçê=éÉêáçÇ=ëáåÅÉ=äáëíáåÖ

^feN Source: IRESS, Thompson/Bloomberg

15

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Register Composition

55.90 238,509,282 Total 0.37 1,561,229 HSBC Custody Nominees (Australia) Ltd 0.42 1,784,630 Westpac Financial Services Ltd 0.43 1,842,987 Mrs Shemara Wikramanayake 0.44 1,868,358 UBS Wealth management Aust. Nominees Pty Ltd 0.46 1,970,589 Citicorp nominees Pty ltd 0.47 2,000,000 Argo Investments Ltd 0.53 2,265,216 Queensland Investment Corporation 0.56 2,394,260 RBC Dexia Investor Services Aust. Nom’s Pty Ltd 0.99 4,262,062 Macquarie Bank Ltd 1.04 4,451,739 Australian Executor Trustees Ltd 1.92 8,176,455 Belike Nominees Pty Ltd 2.28 9,732,099 ANZ Nominees Ltd 2.37 10,115,586 Westpac Custodian Nominees Ltd 2.65 11,307,715 Cogent nominees Pty ltd 3.12 13,289,983 Questor Financial Services Ltd 3.55 15,156,329 National Nominees Ltd 4.12 17,592,000 Macquarie Specialised Asset Mgmt Ltd 4.13 17,621,800 JP Morgan Nominees Aust. Ltd 7.26 30,981,096 Cogent Nominees Pty Ltd 18.79 80,155,149 AMP Life Ltd % Iss. capital Units Unitholder

DUE Register – Top 20 Holders as at 5 May 2006

Institutions 18% Private/Retail Investors 47% AMP & Macquarie 35%

Stapled units on issue – 426.6m Average weekly volume – 3m to 4m units

Source: DUET Source: DUET

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24

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26

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Active tariff (price) mix management has meant a potential $4m revenue fall due to warmer weather was limited to $1.6m Other revenues were boosted by EastLink work recoveries Operating Expenses and Depreciation, Amortisation and Abandonments were steady EastLink project 6 months ahead of schedule Pipeworks on track to meet commitment

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32

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aáîÉêëáÑáÉÇ=ríáäáíó= aáîÉêëáÑáÉÇ=ríáäáíó=båÉêÖó=qêìëíë= båÉêÖó=qêìëíë=EarbqF EarbqF

35

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• Éëìäíë=ìåÇÉê=^fcopW=

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tÜ~í=ï tÜ~í=ïÉ=~êÉ É=~êÉ=ÇçáåÖ=íç=Ñáñ=íÜÉ ÇçáåÖ=íç=Ñáñ=íÜÉ=éêçÄäÉ éêçÄäÉãW

Ó arbq=`çåëíáíìíáçå=ÅÜ~åÖÉë Ó pÉÉâáåÖ=~=ÄáåÇáåÖ=^ql=êìäáåÖ

kç=áãé~Åí=çå=ÇáëíêáÄìí~ÄäÉ=Å~ kç=áãé~Åí=çå=ÇáëíêáÄìí~ÄäÉ=Å~ëÜ=íç=arbq=ëí~éäÉÇ=ìåáí=ÜçäÇÉêë ëÜ=íç=arbq=ëí~éäÉÇ=ìåáí=ÜçäÇÉêë

36

cáå~åÅá~ä=oÉëìäíë=Ó cáå~åÅá~ä=oÉëìäíë=Ó cáå~åÅá~ä= áå~åÅá~ä= mÉêÑçêã~åÅÉ mÉêÑçêã~åÅÉ

Strong revenue growth +19.4% – impact of DBP for a full period Similar or higher growth in EBITDA and EBIT Tax expense reflects the movements in the deferred taxation balances in the Statement of Financial Position Net results (before AIFRS impacts) 20% ahead of last year AIFRS reclassification of equity means accounting profit shown as a finance charge Hedge timing mismatch cost $3m

* Due to the finite life and present entitlem ent clauses contained within the DUET1 and DUET 2 Trust Constitutions, upon adoption of AASB132 on 1 July 2005, the units in DUET1 and DUET2 were classified as debt for accounting purposes. As a result, the interim distribution declared, as well as the incom e which accrued to the units in the Trust, have been accounted for as an expense and presented in the incom e statem ent for the period as a finance cost to security holders, in accordance with AASB132.

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37

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DBP indicative annual profile

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gìåÉ=OMMS gìåÉ=OMMT gìåÉ=OMMU

38

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a r b q =d =d êç ì é=d =d É ~ êáå Ö M NIMMM OIMMM PIMMM QIMMM RIMMM SIMMM TIMMM gìåJMQ aÉÅJMQ gìåJMR aÉÅJMR A=ãáääáçåë RM RR SM SR TM TR UM B kÉí=aÉÄí=EiepF ^Çà=q^=EiepF kaL^Çà=q^=EoepF ` ~ ëÜ =Ä ~ ä ~ ä~ å ~ å Å É = Å É =Ä êÉ ~ â É ~ â Ç ç ï å ë M PM SM VM NOM gìåJMQ aÉÅJMQ gìåJMR aÉÅJMR A=ãáääáçåë arbq rba jìäíáåÉí a_m

* Excluding security holder and minority units classified as debt in accordance with AASB 3132

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39

cáå~åÅá~ä=oÉëìäíë=Ó cáå~åÅá~ä=oÉëìäíë=Ó `~ëÜ=cäçï ~ëÜ=cäçï

qÜÉ=áåÅêÉ~ëÉ=áå=çéÉê~íáåÖ=Å~ëÜ= Ñäçïë=~åÇ=ä~êÖÉ=î~êá~åÅÉë=Ñêçã=éêáçê= éÉêáçÇë=áå=~Åèìáëáíáçå=~åÇ=Ñáå~åÅáåÖ= Å~ëÜ=Ñäçïë=êÉä~íÉ=íç=a_m mmCb=é~óãÉåíë=êÉÑäÉÅí=íÜÉ=áãé~Åí= çÑ=pí~ÖÉ=Q=Éñé~åëáçå=~í=a_mK aáëíêáÄìíáçåë=é~áÇ=áå=íÜÉ=ä~ëí=Ü~äÑ= ïÉêÉ=íÜÉ=gìåÉ=OMMR=ÇáëíêáÄìíáçå=çÑ= UKR=ÅÉåíë=mpr=é~áÇ=áå=pÉéíÉãÄÉêK

arbq=dêçìé ìé=`~ëÜ= ~ëÜ=cä cäçï=pí~íÉãÉåí åí cç cçê=íÜÉ= É=Ü~ä Ü~äÑ=óÉ~ê É~ê=ÉåÇ åÇÉÇ ÉÇ=PN=aÉÅÉã ÉÅÉãÄÉê=OMMR Aj eN eNDMR eN eNDMS B= B=s~ê kÉí=Å~ Å~ëÜ=Ñäçïë=Ñêçã=çéÉ çéÉê~íáåÖ OQQK OQQKM OURK OURKT NT NTB ^Åèìáëáíáçå=Å~ëÜ=Ñäçïë ENIUQRKUF MKM JNMMB m~óãÉåíë=Ñçê=éìêÅÜ~ëÉ=çÑ=mmCb ETOKPF ENRUKVF NOMB mêçÅÉÉÇë=Ñêçã=~ëëÉí=ë~äÉë MKU MKV TB kÉí=Å~ Å~ëÜ=Ñäçïë=Ñêçã=áåîÉëíáåÖ ENI NIVNTK VNTKPF PF ENRUK NRUKMF MF JVOB ^Åèìáëáíáçå=C=Å~éáí~ä=ê~áëáåÖ=Å~ëÜ=Ñäçïë QQTKT QPKU JVMB _çêêçïáåÖ=EåÉí=çÑ=êÉé~óãÉåíëF NIROMKQ TNKS JVRB _çêêçïáåÖ=Åçëíë=é~áÇ ENURKUF ENRMKNF JNVB aáîáÇÉåÇë=C=aáëíêáÄìíáçåë=é~áÇ EOTKMF EPVKTF QTB kÉí=Å~ Å~ëÜ=Ñäçï=Ñêçã çã=Ñáå~åÅáåÖ NI NITRRK TRRKP ETQK TQKPF PF JNMQ MQB kÉí=áåÅê ÅêÉ~ë É~ëÉ=áå= å=Å~ë Å~ëÜ UNK UNKV RPK RPKP JP JPRB

40

arbq=m~êÉåí=båíáíó=mÉêÑçêã~åÅÉ arbq=m~êÉåí=båíáíó=mÉêÑçêã~åÅÉ

cçê=íÜÉ=Ü~äÑ=óÉ~ê=ÉåÇÉÇ=PN=aÉÅÉãÄÉê= cçê=íÜÉ=Ü~äÑ=óÉ~ê=ÉåÇÉÇ=PN=aÉÅÉãÄÉê= OMMR OMMR aáîá aáîáÇÉå ÇÉåÇë

• mp=
• mp=L=

L= iç~å= iç~å= fåíÉêÉëí fåíÉêÉëí pli pli^ Ne Ne=MS= =MS= mÉ mÉêÑçêã~ êÑçêã~åÅÉ Ne Ne=MR= =MR= mÉ mÉêÑ êÑçêã~å çêã~åÅÉ råá råáíÉÇ= ÉÇ=båÉêÖó åÉêÖó PKP NRKV NRKV UK UKR OTK OTKT OTK OTKS jì jìäíá äíáåÉí Éí NSK NSKU J SK SKS OPK OPKQ OPK OPKO a_m a_m J ONKR ONKR SK SKS OUK OUKN NMK NMKP ^ä ^äáå áåí~d~ë=k í~d~ë=kÉíïçêâë íïçêâë PK PKQ J PK PKT TKN KN TK TKU qçí~ä= çí~ä=oÉîÉå ÉîÉåìÉ= ìÉ=Ñêçã= êçã=^ëëÉí`çë ^ëëÉí`çë OPK OPKR PTKQ TKQ ORK ORKQ USK USKP SUK SUKV líÜÉê=êÉîÉåìÉ líÜÉê=êÉîÉåìÉ OKN KN PKV PKV qçí~ä= çí~ä=oÉîÉå ÉîÉåìÉ ìÉ OPK OPKR PTKQ TKQ ORK ORKQ UUK UUKQ TOK TOKU ^fc ^fcop=^Çàì p=^ÇàìëíãÉ ëíãÉåíë EMKRF MKRF léÉê~íá léÉê~íáåÖ= Ö=bñéÉå bñéÉåëÉë Éë ESKPF ESKPF EPK PKRF RF _çêêçïáå _çêêçïáåÖ=`çëíë çëíë EOPK EOPKQF QF EORK EORKMF MF aáîá aáîáÇÉå ÇÉåÇë=bèì ë=bèìáíó= íó=^ÅÅçìå ÅÅçìåíÉÇ= ÉÇ= EOMK OMKNF NF EOMK EOMKNF NF kÉí=oÉëìäí=EÄÉÑçêÉ=Éèìáíó= kÉí=oÉëìäí=EÄÉÑçêÉ=Éèìáíó=~ÅÅçìåíÉÇ=éêçÑáíëF ~ÅÅçìåíÉÇ=éêçÑáíëF PUKN PUKN OQKO OQKO bèìá bèìáíó= íó=^ÅÅçì ÅÅçìåíÉÇ= íÉÇ=mêçÑ mêçÑáí OSK OSKU VKQ kÉ kÉí=oÉëìäí

• Éëìäí=

SQK SQKV PPK PPKR b~êå b~êåáåÖë=mpr Öë=mpr NRK NRKPQ PQ NPK NPKPM PM aáëíêá aáëíêáÄì Äìíáçå íáçå=mpr mpr NNK NNKTR TR NPK NPKRM RM

41

fåíÉêÉë fåíÉêÉëí=o~íÉë=~åÇ=a =o~íÉë=~åÇ=arbq rbq

qÜáë=é~êí=çÑ=íÜÉ=éêÉëÉåí~íáçå=çìíäáåÉë=íÜÉ=áãé~Åí=áåíÉêÉëí=ê~íÉë ÅçìäÇ=Ü~îÉ=çå=arbq=~åÇ=áíë= éçêíÑçäáç=çÑ=båÉêÖó=~ëëÉíëK qÜÉ=ÑçääçïáåÖ=âÉó=éçáåíë=~êÉ=~ÇÇêÉëëÉÇW

Ó arbqÛë áåíÉêÉëí=ê~íÉ=ÜÉÇÖáåÖ=éçäáÅó Ó fãé~Åí=çå=arbq=ÇáëíêáÄìíáçåë=çÑ=~å=áåíÉêÉëí=ê~íÉ=áåÅêÉ~ëÉ Ó fãé~Åí=çå=ÉåÉêÖó=~ëëÉí=î~äì~íáçåë=çÑ=~å=áåíÉêÉëí=ê~íÉ=áåÅêÉ~ëÉ Ó oÉÅÉåí=ãçîÉãÉåíë=áå=áåíÉêÉëí=ê~íÉë=Ñçê=arbqÛë=éçêíÑçäáç Ó arbqÛë éçêíÑçäáç=ÅìêêÉåí=ÖÉ~êáåÖ=äÉîÉä

42

eÉÇÖáåÖ=mçäáÅó eÉÇÖáåÖ=mçäáÅó

• qÜÉ=ïÉáÖÜíÉÇ=~îÉê~ÖÉ=ÜÉÇÖáåÖ=éÉêáçÇ=çÑ=arbqÛë=áåîÉëíãÉåíë=áë=Q=óÉ~êë
• arbqÛë ~ëëÉíë=Ü~îÉ=êÉÖìä~íçêó=êÉëÉíë=íÜ~í=éêçîáÇÉë=~=å~íìê~ä=ÜÉÇÖÉ=íç=áåíÉêÉëí=ê~íÉ=

ãçîÉãÉåíëI=áå=ÅçåàìåÅíáçå=ïáíÜ=íÜÉëÉ=áåíÉêÉëí=ê~íÉ=ÜÉÇÖÉëW

Ó fåÅêÉ~ëáåÖ=áåíÉêÉëí=ê~íÉ=ÉåîáêçåãÉåí=êÉëìäíë=áå=ÜáÖÜÉê=êÉíìêå=çå o^_=åÉñí=êÉëÉí=éÉêáçÇX Ó

• ÉÖìä~íÉÇ=oÉîÉåìÉ=ÅÜ~êÖÉë=~êÉ=äáåâÉÇ=íç=ÄçíÜ=~=êÉ~ä=êÉíìêå=çÑ=`mfX

Ó fåíÉêÉëí=ÜÉÇÖáåÖ=éÉêáçÇë=ã~íÅÜ=íÜÉ=oÉÖìä~íÉÇ=mÉêáçÇ=ïáíÜ=íÜÉ=ÉñÅÉéíáçå=çÑ=a_m=ïÜÉêÉ=~=äçåÖÉê= éÉêáçÇ=~ÇçéíÉÇ

• pìÄëí~åíá~ä=ÜÉÇÖáåÖ=éçäáÅáÉë=Éñáëí=~í=~ää=çÑ=arbqÛë=ìíáäáíáÉë

Note 1 :December 2006 adopted as some recent hedges do not come into affect until January 2006, after balance date. Note 2: At 30 December 2005. Note 3: Excludes Western Australian Government long term Loan.

A$600.9m 88%2 Minimum of 80% of senior debt AlintaGas Networks (ANH) A$1,465.1m3 94%2 Minimum of 80% of senior debt Dampier Bunbury Pipeline (DBP) A$954.4m 95%2 Minimum of 80% of senior debt Multinet (MGH) A$1,457.3m 94%1 Minimum of 80% of senior debt United Energy Distribution (UED)

Current Net Debt Current Approximate Hedging of Senior Debt Hedging Policy

43

fãé~Åí=çÑ=fåíÉêÉëí=o~íÉ=fåÅêÉ~ëÉ fãé~Åí=çÑ=fåíÉêÉëí=o~íÉ=fåÅêÉ~ëÉ

• ^=NB=áåÅêÉ~ëÉ=ENMMÄéëF=äÉ~Çë=íç=~=ÇÉÅêÉ~ëÉ=çÑ=~ééêçñáã~íÉäó=NKMR ÅÉåíë=áå=Å~ëÜ=~î~áä~ÄäÉ=Ñçê=

arbq=ÇáëíêáÄìíáçåëI=çê=QKQTB=çÑ=íÜÉ=OMMS=ÇáëíêáÄìíáçå=ÖìáÇ~åÅÉK= EkçíÉ=íÜáë=áë=çÑÑëÉí=Äó= áåÅêÉ~ëÉÇ=áåíÉêÉëí=ê~íÉë=çå=arbq=Å~ëÜ=Ä~ä~åÅÉë=çÑ=ANOMã=~ë=~í=PN aÉÅ=OMMRF

• ^ëëÉí=ÜÉÇÖáåÖ=ÉåëìêÉë=ãáåáãìã=ÉñéçëìêÉ=íç=arbq=Ñêçã=áåÅêÉ~ëÉë=áå áåíÉêÉëí=ê~íÉë
• ^å~äóëáë=~ëëìãÉë=åç=çíÜÉê=ÅÜ~åÖÉë=áå=çéÉê~íáçåë=çê=ÑìêíÜÉê=êÉëÉíë
• fãé~Åí=çÑ=~=NB=áåÅêÉ~ëÉ=ENMMÄéëF=áå=êÉ~ä=áåíÉêÉëí=ê~íÉëI=ÜçäÇáåÖ ~ää=çíÜÉê=~ëëìãéíáçåë=Åçåëí~åí

A$ A$ A$ A$ 1.05 cents Impact on Distribution per stapled security 0.35m 1.25m1 1.55m 1.30m DUET’s share of Increased Expense 1.36m 1.54m 1.94m 1.97m Increase in Interest Expense 135.9m 154.1m 194.4m 197.3m Current unhedged exposure 600.9m 1,465.1m 954.4m 1,457.3m Current Net debt

Total ANH DBP MGH UED

Note 1 :This assumes the 81% interest held in DBP as at 31 Dec 05 – however this interest will decrease over time to 60% as the calls upon the partly paid securities occur. Accordingly this is considered a conservative method of calculation the impact to DUET securities distributions

44

qÜÉ=k~íìê~ä=fåíÉêÉëí=eÉÇÖÉ qÜÉ=k~íìê~ä=fåíÉêÉëí=eÉÇÖÉ

• Éíìêå=çå=^ëëÉíë=ÇÉíÉêãáåÉÇ=Äó=êÉÑÉêÉåÅÉ=íç=éêÉî~áäáåÖ=êáëâJÑêÉÉ=ê~íÉ=~í=ÇÉíÉêãáå~íáçå=~í=íÜÉ=

íáãÉ=çÑ=É~ÅÜ=êÉÖìä~íçêó=ÇÉíÉêãáå~íáçå

• Éíìêå=çå=^ëëÉíë=ÑáñÉÇ=Ñçê=R=óÉ~ê=éÉêáçÇ

fåíÉêÉëí=çå=ÇÉÄí=áë=íÜÉå=ÜÉÇÖÉÇ=çîÉê=íÜÉ=R=óÉ~ê=éÉêáçÇ

Ó cáñÉÇ=áåÅçãÉ=Z=cáñÉÇ=aÉÄí=`çëíë Ó içåÖÉê=íÉêã=ê~íÉë=áåÅêÉ~ëÉ=áë=çÑÑëÉí=Äó=áåÅçãÉ=áåÅêÉ~ëÉ

fåÅçãÉ=áåÅêÉ~ëÉë=Äó=`mfJñ=ÇìêáåÖ=êÉÖìä~íçêó=éÉêáçÇ

Ó `~ìëáåÖ=áåÅçãÉ=íç=áåÅêÉ~ëÉ=éêçéçêíáçå~ääó=Ñ~ëíÉê=íÜ~å=~ëëçÅá~íÉÇ Åçëí=Ä~ëÉ=EfKÉK=ÜáÖÜÉê=áåÑä~íáçå=Z=ÜáÖÜÉê= êÉîÉåìÉëF

45

dÉ~êáåÖ dÉ~êáåÖ

• fåÑê~ëíêìÅíìêÉ=~ëëÉíë=Å~å=íóéáÅ~ääó=~ÅÅçããçÇ~íÉ=ÜáÖÜÉê=äÉîÉäë=çÑ ÇÉÄí=íÜ~å=ÄìëáåÉëëÉë=áå=ÜáÖÜäó=ÅçãéÉíáíáîÉ=

ÉåîáêçåãÉåíë

Ó fåÑê~ëíêìÅíìêÉ=~ëëÉíë=Ü~îÉ=ìåÇÉêäóáåÖ=Å~ëÜ=Ñäçïë=íÜ~í=~êÉ=ëìëí~áå~ÄäÉI=éêÉÇáÅí~ÄäÉ=~åÇ=ÖÉåÉê~ääó=áåÅêÉ~ëáåÖ

• ^ää=arbqÛë äçåÖ=íÉêã=ÇÉÄí=áë=ê~áëÉÇ=~í=íÜÉ=~ëëÉí=áåîÉëíãÉåí=äÉîÉä=ïáíÜ=íÜÉ ÉñÅÉéíáçå=çÑ=mltbop=~ë=åçíÉÇ=

ÄÉäçï

Ó kçåJêÉÅçìêëÉ=ÇÉÄí=EäÉåÇÉêë=Ü~îÉ=ëÉÅìêáíó=çîÉê=~ëëÉíë=íÜÉó=äÉåÇ=íç=Ó åçåJêÉÅçìêëÉ=íç=arbq=~åÇ=arbq=ëÜ~êÉÜçäÇÉêëF

• arbq=Ü~ë=ÇÉÄí=ÅçããáíãÉåíë=íç=íÜÉ=mltbop=qêìëí

Ó arbqÛë ÇÉÄí=çÄäáÖ~íáçå=áë=é~ëëÉÇ=ÇáêÉÅíäó=ÚÄ~ÅâJíçJÄ~ÅâÛ ïáíÜ=íÜÉ=pli^=çÄäáÖ~íáçåë=çïáåÖ=Ñêçã=arbqÛë=éçêíÑçäáç=çÑ=~ëëÉíë Ó kç=ÜÉÇÖáåÖ=êÉèìáêÉÇ=çê=í~âÉå=~í=íÜÉ=arbq=qêìëí=äÉîÉä=Ñçê=mltbop Ó qÜÉ=mltbop=ÇÉÄí=çÑ=ARRRã=áë=íÜÉ=ã~àçê=ìåÜÉÇÖÉÇ=ÉñéçëìêÉ=çÑ=arbq=

• arbq=áë=~ÄäÉ=íç=Ñ~Åáäáí~íÉ=~ëëÉí=äÉîÉä=ÇÉÄí=~í=ÅçãéÉíáíáîÉ=ê~íÉë ~åÇ=íÉêãë=ÖáîÉå=áíë=~ÅÅÉëë=íç=áåíÉêå~íáçå~ä=

ÉñéÉêíáëÉ=áå=íÜÉ=~êÉ~I=áåÅêÉ~ëáåÖ=êÉíìêåë=íç=áåîÉëíãÉåíë

The weighted average gearing of DUET’s underlying assets is c. 66.99%(1)

Note: (1) Weighted by portfolio compositions based on historic contributed equity as at 31 December 2005

j~ó=OMMS

OMMS=fåíÉêáã=oÉëìäíë OMMS=fåíÉêáã=oÉëìäíë pìãã~êó=~åÇ=lìíäççâ pìãã~êó=~åÇ=lìíäççâ

aáîÉêëáÑáÉÇ=ríáäáíó= aáîÉêëáÑáÉÇ=ríáäáíó=båÉêÖó=qêìëíë= båÉêÖó=qêìëíë=EarbqF EarbqF

47

pìãã~êó=Ó pìãã~êó=Ó qÜÉ=i~ëí=S=jçåíÜë ÜÉ=i~ëí=S=jçåíÜë

pçäáÇ=áåíÉêáã=êÉëìäíë páÖåáÑáÅ~åí=Ñáå~åÅáåÖ=áåáíá~íáîÉë=~åÇ=çìíÅçãÉë

• ÉÖìä~íçêó=êÉëÉíë=~åÇ=áëëìÉë=åÉÖçíá~íÉÇ

^ååçìåÅÉÇ=áåÅêÉ~ëÉÇ=ÇáëíêáÄìíáçå=ÖìáÇ~åÅÉ=çÑ=OPKR¿ mpr dççÇ=éêçÖêÉëë=çå=ã~àçê=éêçàÉÅíë a_m=~å=ÉîÉå=ëíêçåÖÉê=çêÖ~åáÅ=ÖêçïíÜ=çééçêíìåáíó

48

lìíäççâ lìíäççâ

• ÉÖìä~íçêó=áëëìÉë=ïáåÇáåÖ=Ççïå

dêçïíÜ=Ó a_m=áë=~å=çìíëí~åÇáåÖ=çêÖ~åáÅ=ÖêçïíÜ= ëíçêó=~åÇ=~=ã~àçê=éçáåí=çÑ=ÇáÑÑÉêÉåíá~íáçå=Ñçê= arbqK= dêçïíÜ=áå=rba=~åÇ=jìäíáåÉí lìê=ã~êâÉíéä~ÅÉ=áë=Çóå~ãáÅ=~åÇ=íÜÉ=é~ÅÉ=çÑ= ÅÜ~åÖÉ=äççâë=äáâÉ=êÉã~áåáåÖ=êçÄìëí tÉ=ÅçåíáåìÉ=íç=ÄÉ=ïÉää=éä~ÅÉÇ=íç=í~âÉ= ~Çî~åí~ÖÉ=çÑ=çééçêíìåáíáÉë=íÜ~í=ÉãÉêÖÉ

Government Owned Electricity Companies 2003-04 $21,852m $16,764m $4,589m $5,154m $21,852m $16,764m $4,589m $5,154m 2500 5000 7500 10000 0.0 20.0 40.0 60.0 Debt/Total Assets % Debt $ Millions NSW Qld WA Tas

Source: ESAA - Electricity Gas Australia 2005, DUET February 2006

49

arbq=lÄàÉÅíáîÉë arbq=lÄàÉÅíáîÉë

tÉää=éçëáíáçåÉÇ=íç=Öêçï=çìê=~ëëÉ tÉää=éçëáíáçåÉÇ=íç=Öêçï=çìê=~ëëÉí=Ä~ëÉ=~åÇ=ÇáëíêáÄìíáçå=éêçÑáäÉ í=Ä~ëÉ=~åÇ=ÇáëíêáÄìíáçå=éêçÑáäÉ `çåíáåìáåÖ=íç=~ÅíáîÉäó=ã~ `çåíáåìáåÖ=íç=~ÅíáîÉäó=ã~å~ÖÉ=~ëëÉí=éçêíÑçäáç å~ÖÉ=~ëëÉí=éçêíÑçäáç iÉîÉê~Öá iÉîÉê~ÖáåÖ=^jm=`~éáí~ä=~åÇ=j~Åèì~êáÉ=åÉí åÖ=^jm=`~éáí~ä=~åÇ=j~Åèì~êáÉ=åÉíïçêâë êâë q~êÖÉí= q~êÖÉí=ÉåÉêÖó åÉêÖó=ìíá ìíáäáíó= ó=~ëëÉíë íë