TAPS Trust

Profile

Overview

Trust-issued Adjustable Preferred Securities (TAPS)

TAPS are cumulative, reset, preferred units in the TAPS Trust. TAPS Trust was established by Hastings as Responsible Entity for the Hastings Diversified Utilities Fund (HDF), to finance the purchase of a 50 percent interest in Mid Kent Water.

TAPS were listed on the Australian Securities Exchange on 6 May 2005 under the code TTXPA.

Quarterly distributions to TAPS holders have been underpinned by the stable cash flows generated by Mid Kent Water, a regulated water utility in south east England. In December 2007 Mid Kent Water was merged with South East Water, another regulated water utility in south east England. As a result of the merger, the cash flows from the merged group now underpin the distributions to TAPS holders (and other creditors in accordance with their respective rankings) further enhancing cash flow coverage to TAPS holders. TAPS distributions are also guaranteed by HDF, subject to certain conditions as set out in the TAPS Product Disclosure Statement.

Strategy

The TAPS Trust is a registered managed investment scheme that was established by HDF to issue Trust-issued Adjustable Preferred Securities (TAPS).

Assets

South East Water (including Mid Kent Water)

South East Water is the second-largest regulated water only company in England and Wales and supplies water to over two million customers across Kent, Sussex, Hampshire, Berkshire and Surrey. The merger between South East Water and Mid Kent Water will allow optimisation of key business functions and will provide cost effective and enhanced customer service.