Hastings Diversified Utilities Fund : Pipeline Partners Australia announces increased HDF offer

Hastings Funds Management Limited ABN 27 058 693 388

AFSL No. 238309

Level 27, 35 Collins Street Melbourne VIC 3000 Australia T [phone]

F [phone]

www.hfm.com.au

Melbourne, London, New York, Sydney

ASX Announcement

Hastings Diversified Utilities Fund (HDF) Total pages: 4

15 August 2012

Pipeline Partners Australia announces increased offer for HDF

Attached is a copy of Pipeline Partners Australia's media release announcing an increase in its all cash takeover offer price to $2.43 per HDF stapled security.
For more information, HDF Securityholders are advised to contact the HDF Information Line on 1800 815
610 (toll-free in Australia) or [phone] (outside Australia).

For further enquiries, please contact:

Colin Atkin

Chief Executive Officer

Hastings Diversified Utilities Fund
Tel: [phone]
Fax: [phone]
Email: [e-mail]
Website: www.hfm.com.au

Simon Ondaatje

Head of Investor Relations

Hastings Funds Management
Tel: [phone]
Fax: [phone]
Email: [e-mail]
Website: www.hfm.com.au

Jane Frawley

Company Secretary

Hastings Funds Management Limited

Unless otherwise stated, the information contained in this document is for informational purposes only. It does not constitute an offer of securities and should not be relied upon as financial advice. The information has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person or entity. Before making an investment decision you should consider, with or without the assistance of a financial adviser, whether any investments are appropriate in light of your particular investment needs, objectives and financial circumstances. Neither Hastings, nor any of its related parties including Westpac Banking Corporation ABN 33 007 457 141, guarantees the repayment of capital or performance of any of the entities referred to in this document and past performance is no guarantee of future performance. Hastings, as the Manager or Trustee of various funds, is entitled to receive management and performance fees.

Pipeline Partners Australia Pty Limited

(ACN 157 963 810)

15 August 2012 Pipeline Partners Australia increases its ALL-CASH takeover offer for Hastings Diversified Utilities Fund