2010 Media Releases

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) has expanded its research universe in the utilities sector with the coverage of two new stocks. Deutsche Bank has initiated coverage of APA Group (ASX: APA) with a Buy rating and DUET Group (ASX: DUE) with a Hold rating.

Research analyst John Hirjee said, “APA Group offers exposure to gas transmission assets and owns the largest gas pipeline business in Australia with assets spread geographically across the country. With low maintenance capital expenditure requirements and leverage to increased gas demand, both domestically and via export, we believe APA will likely outperform peers over the next 12 months.”

Looking at DUET, Hirjee said, “The company offers geographically diverse, defensive utility exposure via its transmission and distribution networks in Victoria, Western Australian and the USA with 67% of its revenues regulated. Despite a sector leading 11% yield, headwinds from the upcoming energy regulation reset in 2011 combined with high gearing and lower growth relative to its Australian peers could weigh on its performance over the next 12 months.”

APA Group is an internally-managed company with an asset portfolio that includes transmission and distribution networks across Australia. DUET is an externally managed investment fund with an asset portfolio comprised of regulated natural monopoly utility businesses in Victoria, Western Australian and the USA. Both companies are listed on the Australian Stock Exchange.

For further information, please contact:

Amy King +61 (0) 2 8258 2505