FUTURE GENERATION AUSTRALIA LIMITED — AGM Information 2007

Nov 13, 2007

Total pages: 57

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ASX Announcement

Australian Infrastructure Fund (AIX)

14 November 2007

AIX 2007 Annual General Meeting

In accordance with ASX Listing Rule 3.13.3, attached is the prepared presentation and address to be given by Australian Infrastructure Fund’s Chairman and Chief Operating Officer at the Annual General Meeting to be held today at 2.30 p.m.

For further enquiries, please contact:

Peter McGregor Chief Operating Officer

Australian Infrastructure Fund Tel: +61 3 9654 4477 Fax: +61 3 9650 6555 Email: investor_relations@hfm.com.au Website: www.hfm.com.au

Simon Ondaatje

Head of Investor Relations

Hastings Funds Management Tel: +61 3 9654 4477 Fax: +61 3 9650 6555 Email: investor_relations@hfm.com.au Website: www.hfm.com.au

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Claire Filson Company Secretary Australian Infrastructure Fund

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, 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.

www.hfm.com.au

M:\Marketing - Reporting\AIF\Announcements\Final ASX announcements for lodgement\AIF ASX Ann\2007\November\AIX - AGM presentation.doc

Australian Infrastructure Fund 2007 Annual General Meeting

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14 November 2007
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Australian Infrastructure Fund

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Disclaimer

This presentation has been prepared by Hastings Funds Management Limited, holder of Australian Financial Services Licence number 238309, as responsible entity of the Australian Infrastructure Fund Trust (Trust or AIFT) and as manager of Australian Infrastructure Fund Limited (Company or AIFL). Together, the Company and the Trust comprise the Australian Infrastructure Fund (AIX). Hastings is a subsidiary of Westpac Banking Corporation (Westpac).

The information contained in this presentation is for informational purposes only and does not constitute an offer to issue or arrange to issue, financial products. The information contained in this presentation is not financial product advice. This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, you should read the publicly available information carefully and consider, with or without the assistance of a financial adviser, whether an investment is appropriate in light of your particular investment needs, objectives and financial circumstances. Past performance is no guarantee of future performance.

Neither Hastings, Westpac nor any other member of the Westpac Group gives any guarantee or assurance as to the performance of AIX or the repayment of capital. Investments in AIX are not investments, deposits or other liabilities of Hastings, Westpac or other members of the Westpac Group. Members of the Westpac Group may invest in or lend or provide other services to AIX and may be paid fees, including expenses in relation to this Offer and fees in relation to Hastings’ role as responsible entity or manager.

All data in this presentation has been calculated using the most accurate sources available, however any rates or totals manually calculated may differ from those provided due to rounding.

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Agenda

• Chairman’s Address

• Chief Operating Officer’s Report

• Outlook

• Formal Business of Meeting

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Australian Infrastructure Fund

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Chairman’s Address – Mr Paul Espie

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Summary of 2006/07 Financial Results	Summary of 2006/07 Financial Results	Summary of 2006/07 Financial Results
	Change from
	previous
	corresponding	Year to	Year to
	period	30 June 2007	30 June 2006
Total revenue	Up 42%	$185.9m	$131.3m
Net profit after tax	Up 54%	$168.2m	$109.5m
Net cash flows from operating activities	Up 41%	$45.5m	$32.3m
Distributions per security	Up 7%	15.5cps	14.5cps
Book Value (NTA) per stapled security	Up 12%	$2.65	$2.36

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Key performance indicators

Distributions per Security

Book Value (NTA) per Security

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18 Interim Final
270
16
260
14
250
12
240
10
230
8
220
6
210
4
200
2
190
0 180
2003/04 2004/05 2005/06 2006/07 Dec. Jun. Dec. Jun. Dec. Jun. Dec. Jun.
03 04 04 05 05 06 06 07
Cents Cents
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Security Price Performance – 2006/07
170 Australian Infrastructure Fund
Macquarie Airports
AIX 58.9%
160
S&P/ASX 200 Index
UBS Infrastructure Index
150
140
MAP 32.9%
130 UBS Infra 31.4%
ASX 200 23.2%
120
110 h
u
100
90
Jul-06 Oct-06 Dec-06 Mar-07 Jun-07
Indexed to July 2006
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Operating Environment

• Positive Operating Environment for Airports

• Additional capacity and competition driving growth

• AIX portfolio well positioned, with exposure to key growth regions

• New Generation Aircraft

• Production delays impacted capacity in 2006/07

• Landing Rights for International Carriers

• UAE decision a positive development

• Regulatory Environment

• Continuation of ‘light-handed’ approach is positive for airports

• Encourages investment and commercial approach by both airlines and airports

• Environmental Issues

• AIX committed to working with investee companies to ensure a best-practice approach

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Investment Environment

• Competition for assets remains high

• New competitors in transport infrastructure space pushing prices and risk profiles higher

• Asset supply in Australia is diminishing

• Limited supply of new opportunities in Australia

• AIX increasingly looking at international opportunities

• Interest rates and market volatility impacting the transport infrastructure sector

• Interest rate concerns and market volatility impacting other potential asset acquirers

• AIX model suited to the current environment

• Disciplined investment approach, existing preemptive rights and conservative gearing should enhance AIX’s competitive positioning

• Possibility of volatility leading to opportunistic acquisitions for AIX

• Active investment style allows effective asset management to capitalise on organic growth opportunities

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Board & Management Changes

• Tim Poole retired as a Director in June 2007

• Former CEO of Hastings and longstanding Hastings employee

• Peter McGregor was appointed as a Director in June 2007, replacing Tim Poole

• Chief Operating Officer of AIX

• Steve Boulton was appointed as Hastings CEO in June 2007

• Former CEO of Babcock & Brown Infrastructure, Powerco and Allgas

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Chief Operating Officer’s Report – Mr Peter McGregor

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Strong Returns From Asset Portfolio

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||||||||
|---|---|---|---|---|---|---|
|IRR for|IRR|
|12 mths to|since|
|APAC|
|30 June 2007|inception|Weighting|20.6%|
|Asset|(%)|[(1)]|(%)|[(1)]|%|
|Queensland|
|Perth Airport|22.4|19.8|24.4|
|Airports|
|HOCHTIEF AirPort Capital|[(2)]|3.1|10.4|23.8|Perth Airport|16.9%|
|APAC|[(3)]|30.4|26.9|20.6|24.4%|
|Queensland Airports|62.5|60.8|16.9|
|NT Airports|37.9|28.5|4.8|
|NT Airports|
|Port of Portland|19.8|29.8|4.9|4.8%|
|Port of Geelong|20.0|28.7|2.1|HOCHTIEF AirPort|
|Port of Portland|
|DP World Adelaide|30.0|134.1|0.0|Capital|4.9%|
|Statewide Roads|22.1|10.2|2.2|23.8%|
|Port of Geelong|
|Metro Transport Sydney|(53.8)|(30.6)|0.3|2.1%|
|Total Portfolio|23.7|19.5|100.0|Statewide Roads|
|Metro Transport|2.2%|
|Sydney|
|0.3%|

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(1) The internal rate of return (IRR) for the year ended 30 June 2007 and since inception to 30 June 2007 reflects the percentage return on investment for each asset (annualised for since inception return), based on the gross return on assets including franking credits received by AIX. (2) HOCHTIEF AirPort Capital Australian dollar return adversely impacted by foreign currency movements. (3) APAC comprises Melbourne and Launceston Airports.

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Airport Portfolio – Passenger Growth 2006/07
13.4%
12.2%
9.2%
7.1%
6.6% 6.4% 6.4% 6.2%
5.2%
Perth NT Athens Portfolio QAL Hamburg Sydney Dusseldorf APAC
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Through its stake in 13 airports, has exposure to a diversified passenger base in excess of 115 million passengers per year and growing…

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Development Highlights – Gold Coast Runway

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Development Highlights – Darwin Bunnings Warehouse

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Development Highlights – Portland Mineral Sands Facility

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Development Highlights – Melbourne Tiger Facilities

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Development Highlights – Melbourne Airport

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Development Highlights – Perth Airport

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Port Assets – 2006/07 Performance

PORTLAND

• Revenue contribution from higher margin Mineral Sands facility (commissioned Dec 2006) offset weaker grain and fertiliser volumes resulting from drought

(Millions)	Year to 30 June 2006 Year to 30 June 2007 Change
Tonnes	3.5 3.0 Down 14%
Revenue ($)	16.6 17.6 Up 6%
EBITDA ($)	8.2 8.9 Up 8%

GEELONG

• Strong growth in liquid bulk volume and strong volumes in higher margin dry bulk goods (soy bean meal and cement clinker, etc.) increased overall earnings

• Port revenue benefited from volume increases despite drought conditions materially impacting fertiliser imports

(Millions)	Year to 30 June 2006 Year to 30 June 2007 Change
Tonnes	9.8 10.3 Up 5%
Port Revenue ($)	21.4 22.7 Up 6%
Trust EBITDA ($)	7.9 8.2 Up 4%

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Australian Infrastructure Fund

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Airport Portfolio – Passenger Growth September Qtr 15.4%

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10.1%
8.5% 8.4%
7.6%
6.3%
5.3%
4.5%
1.9%
Perth Athens Dusseldorf Hamburg Portfolio Sydney QAL APAC NT
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Strong momentum from 2006/07 has continued into the new financial year…

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Catalysts for Growth – Passenger Movements

• Tiger Airways

• Commencing November, based in Melbourne

• Fleet upgrades

• Substantial new aircraft orders by Qantas, Jetstar and Virgin (domestic & international)

• Bilaterals/Landing Rights

• Emirates/Etihad/Qatar - additional flights

• • Potential for further liberalisation

• New Generation Aircraft

• Airbus A380 deliveries commenced

• Boeing 787 deliveries expected in 2008/09

• Evolution of LCCs

• Shift towards long-haul operations

• Tiger, Air Asia X, Viva Macau, etc.

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Catalysts for Growth - Development program

• Melbourne • $330m international terminal expansion planned over five years Perth • $275m capex program (includes $100m for property activities) • Terminal consolidation options under consideration •

• Gold Coast $110m terminal redevelopment Darwin • Continued build-out of retail/business park Portland/Geelong • Hardwood chip facilities under consideration •

• Hamburg New retail mall, urban rail link and hotel planned for 2008/09 Dusseldorf • Hotel & convention centre to be completed in 2007

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Catal sts for Growth – Balance Sheet Ca acit y p y

	Asset Valuation	Asset Valuation			Cost of Equity
	Ownership 30-Jun-07		Net Debt/EV	Senior ICR	30-Jun-07
Airport	(%)	($m)	(%)(1)	(x)(2)	(%)
Perth Airport 24.87% 233.4 HOCHTIEF AirPort Capital(3) 40.02% 227.6 APAC(4) 8.13% 197.4 Queensland Airports 49.07% 161.7 NT Airports 25.40% 46.0 Port of Portland 50.00% 47.0 Port of Geelong 35.00% 19.8 Statewide Roads 6.20% 20.7 Metro Transport Sydney(5) 38.89% 2.6			36.4 50.8 35.7 42.2 46.8 40.8 45.6 24.2 0.0	2.7 3.4 3.3 3.6 3.6 2.3 2.8 19.2 n/a	13.55 13.00 12.05 16.40 15.40 12.30 12.30 9.10 n/a
Total 956.1			41.2	3.5	13.46

(1) Net Debt/EV reflects senior net debt and independent equity valuations as at 30 June 2007.

(2) Senior ICR reflects EBITDA for the 12 months to 30 June 2007 divided by the corresponding senior interest expense net of interest received on cash balances.

(3) Net Debt/EV and Senior ICR for HTAC have been estimated by Hastings.

(4) APAC comprises Melbourne and Launceston Airports.

(5) Metro Transport Sydney had zero debt on its balance sheet at 30 June 2007.

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Outlook – Mr Paul Espie

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Portfolio Strategy

• Balanced transport infrastructure portfolio:

• Mature, growth and development assets

• Yield and capital growth

• Pre-emptives and strategic partnerships remain the key

• Preference for negotiated deals rather than public auctions

• Prudent level of gearing across portfolio provides numerous acquisition funding sources

• Ongoing review of non-core assets

• Active balance sheet management and flexibility through variety of available funding sources

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Summary

• Strong financial performance in 2007

• Net cash flow from operating activities up 41%

• Portfolio provides opportunities for growth

• Diversity of assets and revenue streams

• Strategic Partnerships delivering value

• Positive Environment

• Passenger numbers growing strongly

• Further passenger growth catalysts emerging

• Development pipeline to underpin future growth

• Substantial balance sheet capacity to fund growth

• Multiple growth options

• Organic growth at existing assets

• Capital management and new acquisitions

• Commitment to delivering value to investors

• Active portfolio management

• Disciplined approach to investments

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Questions & Comments

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Formal Business of the Meeting

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Agenda Item 1

• To consider the financial report and the reports of the Directors and the Auditor for the financial year ended 30 June 2007.

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Agenda Item 2

• John Harvey retires by rotation in accordance with the Company Constitution and, being eligible, offers himself for re-election.

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Agenda Item 3

• Mike Hutchinson retires by rotation in accordance with the Company Constitution and, being eligible, offers himself for re-election.

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Agenda Item 4

• Peter McGregor, a Director appointed by the Board since the last Annual General Meeting, retires in accordance with the Company Constitution and, being eligible, offers himself for election.

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Agenda Item 5

• To adopt the Remuneration Report for the financial year ended 30 June 2007.

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Agenda Item 6

• That the Constitution of the Company be amended in clause 56(k)(2) by deleting the words ‘if authorised by a member, or by joint holders’ and inserting the following new clauses after clause 56(k)(l):

• ‘ (m) If the directors decide that payments will be made by electronic transfer into an account nominated by a member, but no such account is nominated by the member or an electronic transfer into a nominated account is rejected or refunded, the company may credit the amount payable to an account of the company to be held until the member nominates a valid account.

• (n) Where a member does not have a registered address or the company believes that a member is not known at the member’s registered address, the company may credit an amount payable in respect of the member’s shares to an account of the company to be held until the member claims the amount payable or nominates an account into which a payment may be made.

• (o) An amount credited to an account under paragraph (m) or paragraph (n) is to be treated as having been paid to the member at the time it is credited to that account. The company will not be a trustee of the money and no interest will accrue on the money.’

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Agenda Item 7

• That the Responsible Entity is authorised to amend the Constitution of the Trust by renumbering the existing paragraph in clause 66 as clause 66(1) and inserting the following new clauses after clause 66(1):

• ‘ 66(2) If the Responsible Entity decides that payments will be made by electronic transfer into an account nominated by a Unit Holder, but no such account is nominated by the Unit Holder or an electronic transfer into a nominated account is rejected or refunded, the Responsible Entity may credit the amount payable to an account of the Responsible Entity to be held until the Unit Holder nominates a valid account.

• 66(3) Where a Unit Holder does not have a registered address or the Responsible Entity believes that a Unit Holder is not known at the Unit Holder’s registered address, the Responsible Entity may credit an amount payable in respect of the Unit Holder’s Units to an account of the Responsible Entity to be held until the Unit Holder claims the amount payable or nominates an account into which a payment may be made.

• 66(4) An amount credited to an account under paragraph (2) or paragraph (3) is to be treated as having been paid to the Unit Holder at the time it is credited to that account. The Responsible Entity will not be a trustee of the money and no interest will accrue on the money.’

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Agenda Item 8

• That the Responsible Entity is authorised to amend the Constitution of the Trust with effect from 1 January 2008, by deleting the existing clause 63 and inserting the following as clause 63 in its place:

• ‘ The term of the Trust ends on the earlier of:

• (1) the date determined by an extraordinary resolution of Unit Holders at a meeting of the Trust, convened by the Responsible Entity in accordance with clause 27; and

• (2) the date on which the Trust is terminated under this deed or by law.’

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Agenda Item 9

• That the Responsible Entity is authorised to amend the Constitution of the Trust in the manner set out in Item 9 of the Explanatory Notes.

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Agenda Item 10

• That, subject to the approval of Resolution 9 (“Trust Constitution Amendments – Hastings’ Remuneration Structure”), for the purposes of Listing Rules 7.1 and 10.11 of the Australian Securities Exchange (ASX), Hastings Funds Management Limited (as responsible entity of the Trust and as manager of the Company) is authorised to receive some or all of its performance fee in the form of AIX stapled securities as described in Section 10 of the Explanatory Notes.

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Australian Infrastructure Fund 2007 Annual General Meeting

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14 November 2007
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AGM SCRIPT - WEDNESDAY 14 NOVEMBER 2007, 2.30 P.M.

[SLIDE 1] AIX AGM TITLE PAGE

[SLIDE 2] DISCLAIMER

[SLIDE 3] AGENDA

Welcome (Paul Espie)

Good afternoon Ladies and Gentlemen, my name is Paul Espie. It is my pleasure to welcome you to the eleventh Annual General Meeting of Australian Infrastructure Fund Limited, and to a concurrent meeting of the unitholders of the Australian Infrastructure Fund Trust. As in the past, holding a concurrent meeting of shareholders of the Company and unitholders of the Trust will be appropriate, and subject to your consent we intend to proceed on this basis.

I am Chairman of Australian Infrastructure Fund Limited and will be your Chairman for today’s meeting of Australian Infrastructure Fund Limited and the meeting of Australian Infrastructure Fund Trust.

Later in the proceedings you will have the opportunity to meet and ask questions of Liam Forde and Steve Boulton, respectively Chairman and Managing Director of Hastings Funds Management Limited, the Responsible Entity for the Trust.

Thank you for joining us today. We hope you find the meeting interesting and informative.

Before I begin my remarks, I shall outline today’s agenda and our Chief Operating Officer, Peter McGregor will follow with the investment overview of AIX.

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The formal part of the meeting will follow the agenda sent to you last month.

Now, to introduce you to my colleagues here today commencing on your left with:

• the Company Secretary, Claire Filson;

and my fellow directors:

• John Harvey, who is Chairman of the Audit Committee;

• Mike Hutchinson;

• Robert Humphris;

• Robert Tsenin; and

• Peter McGregor who joined the Board in June and is also the Chief Operating Officer of AIX.

AIX’s auditor Mr Jim Power of PricewaterhouseCoopers is also with us today, Jim please stand. Jim will be available to answer any queries you may have when we consider the Financial Statements.

Secretary, do we have a quorum present?

[Claire Filson to reply]:

Mr Chairman, I can confirm that there is a quorum present for each of the meetings of Australian Infrastructure Fund Limited and Australian Infrastructure Fund Trust.

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I formally open the Annual General Meeting of the Company, and the concurrent meeting of the unitholders of the Trust.

The Company Secretary has advised me that over 1500 valid proxies have been received for today’s meeting representing approximately 174 million securities in relation to which votes may be cast at the meeting.

CHAIRMAN’S ADDRESS - Opening Comments

[SLIDE 4]

Ladies and Gentlemen

In March 2007, AIX celebrated ten years as a listed fund. There have been a number of key milestones in the growth of AIX over this ten-year period, and we would like to show a brief video highlighting some of these.

[Video shown, signal for DVD to be shown]

[SLIDE 5]

In August, AIX announced its annual results for the year to June 2007. Net profit after tax grew 54% to $168 million, a record for the fund. This strong result reflected both an improved level of cash flow from our asset portfolio and significant unrealised gains in the value of AIX investments. The improved cash flow allowed the Directors to declare distributions for the full year of 15.5 cents, whilst the book value of our investments increased by 12% over the course of the year.

[SLIDE 6]

The growth in distributions and book value was consistent with the recent trend of increasing cash flow and capital growth enjoyed by AIX. Over the

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past three financial years, distributions per security have increased by 35%, whilst the book value of our portfolio has increased by 38%.

[SLIDE 7]

These strong financial results were also reflected in a significant re-rating of AIX’s security price during the year. Over the 12 months to 30 June 2007, the AIX price increased 59% to $3.29 and total securityholder return, including distributions, was 67%. Your Directors are pleased that this has occurred, better reflecting the underlying value of our assets and cash flow.

[SLIDE 8]

Now a few brief comments on the operating environment over the last year.

The last twelve months have been a very good time to be in the airport business. We have seen strong passenger growth across the portfolio, and benefitted from having ownership stakes in some of the fastest growing airports in Australia. Peter McGregor will talk more about this during his Chief Operating Officer’s report.

At last year’s meeting, I commented on the fact that passenger growth was being constrained by delays in delivery of new generation aircraft, and Federal Government policy which continued to favour incumbent carriers. I’m pleased to report that some progress has been made on both of these issues. Whilst we saw no benefit in the 2007 results from the new Airbus A380, deliveries have now commenced, and Singapore Airlines will operate the first commercial flight of an A380 next month.

We were also encouraged by the announcement in March of additional landing rights for the three UAE carriers - Emirates, Etihad and Qatar. The additional 56 services per week to Australia that these carriers will be

Page 4 of 16

allowed to introduce, mean a significant boost in capacity. We are optimistic that this signals a longer-term trend of deregulation and access.

The Federal Government’s decision to adopt the recommendations of the Productivity Commission during the year was also a positive development. The continuation of a light-handed regulatory approach to airports creates the platform for continued investment and for a commercial approach by both airlines and airports towards the provision of services by the airport industry to the airlines.

Our capital expenditure programs now reflect this and these are a priority given recent growth and the pressure on airport facilities.

[SLIDE 9]

The investment environment remains very competitive. A number of new competitors have entered the international infrastructure market in recent years, and this has continued to push asset prices higher, with acquirers assuming additional risk for returns. Suitable new opportunities in Australia have continued to be slow in coming and AIX has continued to look internationally for new opportunities.

The announcement this month of the acquisition, originating from our preemptive arrangements, of further interests in APAC (Melbourne and Launceston Airports), Perth Airport and NT Airports has been well received by the market and illustrates the longer term strategies of AIX, as a transport infrastructure fund, and its manager Hastings.

The recent volatility in global markets as a result of the issues within the US sub-prime credit market have had some impact on the sector, in terms of the availability and cost of funding. For AIX, our conservative balance

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sheet structure and disciplined approach to investments have meant that the volatility in markets have had no material impact on our business, events around our proposed exchangeable bond issue this week notwithstanding.

Through 2005 and 2006, AIX undertook a program of asset refinancings, with over 70% of the assets in the portfolio being refinanced. This allowed us to put in place the funding required for several capital expenditure programs across the asset base, and to lock in longer-term debt funding at competitive rates. Revenue streams across our businesses are linked to inflation, which means that cash flow generated by the portfolio can be expected to remain strong in a rising interest rate environment.

This recent volatility potentially provides other opportunities with the field of buyers becoming more limited as lenders become more selective and terms change. As a longer term investor in transport infrastructure assets, balancing a diversified portfolio of airports, tollroads and ports, growth and sustainable yield, we anticipate new opportunities in the coming year.

[SLIDE 10]

To bring you up to date on changes to the Board and Management team, Tim Poole retired from the Board in June. In both his capacity as an AIFL Director, and a longstanding senior executive at Hastings, Tim was instrumental in the development and growth of AIX throughout its entire tenyear history. On behalf of my fellow Directors, I acknowledge and thank Tim for his very significant contribution to AIX.

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Our Chief Operating Officer, Peter McGregor, was appointed to the Board in June. Also in June, our Manager, Hastings, announced the appointment of Steve Boulton as CEO. Steve is an experienced asset manager and investor, having held senior roles in the infrastructure and utilities sector. The Board looks forward to working closely with Steve and his team at Hastings as we continue to execute our strategy and grow AIX.

Ladies and Gentlemen, that concludes my opening comments and I’d now like to ask Peter McGregor to deliver his Chief Operating Officer’s report.

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AIX AGM - 14 November 2007

COO REPORT

[SLIDE 11]

Thank you Chairman, and good afternoon Ladies and Gentlemen.

I’d like to comment briefly on three issues: the performance of the portfolio for 2007 financial year, some of the key factors contributing to this performance, and finally some comments on the outlook for 2008 and beyond.

[SLIDE 12]

I’m pleased to advise that the portfolio generated very strong returns over the past year. The total return, comprising cash flow, tax credits and valuation gains, was over 23%. This compares favourably with the longer term returns generated by the assets in the portfolio of 19.5% during the period in which they have been in the portfolio. This result is well in excess of market benchmarks, and importantly is also well above our cost of capital.

Looking at the individual assets, you can see there is a very strong return from Queensland Airports of 62% for the year, reflecting the fact that Gold Coast Airport in particular continues to benefit from the growth in the low cost carrier market in Australia, and the fact that a number of major capital expenditure initiatives over recent years are now paying dividends. Both Melbourne and Perth Airports also performed strongly during the year, with APAC benefiting from consistent passenger growth and a substantial increase in the contribution of car parking, amongst other key commercial

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initiatives. The Perth results reflect the continued strength of the underlying Western Australian economy together with the continued development of the substantial commercial and industrial precinct on Perth Airport land. Our European airport investments also performed well. You will note here the overall return of only 3% from our investment in HOCHTIEF AirPort Capital. This largely reflects the impact of currency movements over the year. The strength of the Australian dollar meant that, while the valuation increased in Euro terms, it was down slightly in Australian dollar terms. This led to an overall return in Australian dollar terms of only 3%. We have continued our approach of not hedging against currency movements as we see AIX as a long-term investor and short-term currency impacts on unrealised gains are not, in our view, of particular concern.

Finally, the pie chart on the right highlights that the four key airport assets, HTAC, Perth, APAC and QAL account for some 85% of the portfolio by value and contribute a similar proportion of portfolio returns. These assets were, and continue to be, the key drivers of portfolio performance.

[SLIDE 13]

Digging a little deeper into the underlying performance of our airport portfolio, the total increase in passenger movements across the airports in which we have an investment was 7.1%. This compares very favourably with the longer-term trend in passenger growth within Australia and internationally of 4 to 5% per annum. We saw strong growth from Perth Airport, again reflecting its position at the heart of the fastest growing economic region in Australia, and from Northern Territory Airports reflecting strong increases in airline capacity being dedicated to the Darwin market in particular. The growth in Athens was driven by a strong international and

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tourism market and also by the growth of Aegean airlines as the clear number two behind Olympic in the Greek market. It is also very encouraging that the balance of the portfolio also recorded consistent growth, in all cases at or above the historical trend level. We have no problem assets in the airport portfolio.

[SLIDE 14]

In addition to strong passenger growth, the other key highlight was the significant development pipeline during the year. A number of major projects were completed, with immediate effect on the growth prospects of the portfolio.

Gold Coast Airport completed a 458 metre extension of its runway to accommodate international carriers and larger aircraft. The benefits of this runway extension are already being seen with the announcement that Air Asia Express’s first international destination will be Gold Coast.

[SLIDE 15]

At Darwin Airport, the completion of the Bunnings Warehouse project represents not only a significant new tenant in its own right, but also becomes the anchor tenant for the continued development of a major retail precinct on Darwin Airport land.

[SLIDE 16]

At the Port of Portland, the new mineral sands facility was completed and is now fully operational, handling exports of mineral sands under a long term contract with Iluka resources. In addition to the immediate impact on revenue, this development diversifies Portland’s business base away from its traditional and cyclical agricultural commodity focus.

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[SLIDE 17]

At Melbourne Airport, the home base and passenger facilities for Australia’s new domestic carrier, Tiger, have now been completed and are ready for Tiger’s inaugural flight to the Gold Coast in late November.

[SLIDE 18]

We also saw a continued steady stream of new projects on Melbourne Airport land, including the Mercedes dealership and ABC childcare centre being completed, the new Emirates and Qantas First Class lounges, and further expansion of the car parking facilities.

[SLIDE 19]

Similarly at Perth, the development of the industrial precinct continued, with over 350 hectares of land now having been developed for non-aeronautical purposes, and the Perth Airport team managing in excess of 200 buildings on airport land.

The key point to note with all of these projects is that they all represent new business opportunities. This is not about stay in business capex, but rather about continuing to broaden and deepen the revenue streams across the portfolio.

[SLIDE 20]

Before I turn to the outlook, let me make a couple of comments about our Port assets. With both Geelong and Portland having a substantial proportion of their tonnages representing agricultural commodities, the drought had an impact during 2007. In the case of Portland, grain volumes fell substantially, reflected here in the 14% decline in overall tonnage handled by the Port. The positive news is that this decline in volume was

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more than offset by the revenue generated by lower-volume, higher margin tonnages, particularly the new mineral sand facility. Overall revenue and earnings increased as a result.

In the case of Geelong, fertiliser imports weakened significantly, but again were more than offset by growth in other tonnages, particularly crude oil imports and refined petroleum exports from the Shell refinery.

[SLIDE 21]

Turning now to the outlook. I’m pleased to say that the positive momentum we saw in passenger growth through 2006/07 has continued into the current financial year. For the September quarter, total passenger movements were up 7.6%, slightly ahead of the 7.1% achieved last year. Perth continues to lead the pack, with exceptionally strong growth of over 15% for the quarter. Across the portfolio, all airports are performing to expectations at this stage of the current financial year.

[SLIDE 22]

We are extremely optimistic that this growth in passenger movements will continue on a two to three year view. We expect the commencement of operations by Tiger Airways to usher in a new level of competition in the domestic airfare market. Coupled with the very significant fleet expansions announced by Qantas, JetStar and Virgin, the outlook for domestic passenger movements is positive.

Internationally, additional flights by the middle-eastern carriers together with additional flights already announced by a number of the international carriers should ease some of the capacity constraints that have impacted on the Australian market in recent years. These capacity constraints should

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also be eased by the arrival of new generation larger aircraft. The first commercial flights on the new Airbus A380 have now commenced, with Singapore Airlines operating the first A380 into Australia, and with Emirates and Qantas expected to take delivery of their first aircraft in the next 12 months. Our portfolio is extremely well placed to benefit also from the growth of new long-haul low cost carriers. The announcement by AirAsiaX of their service into Gold Coast represents, we believe, the early stages of a trend of new Asian low cost operators servicing the Australian market.

Overall, the prospects are very good for continued growth in passenger movements over the next three years.

[SLIDE 23]

The pace of development of new business opportunities across the portfolio will also continue in the current year. Amongst the highlights recently announced are the $330 million, five year expansion of the international terminal at Melbourne Airport which will add both increased aeronautical capacity but importantly also a major increase in the commercial and retail facilities in the terminal. At Gold Coast Airport, planning for the $100 million terminal redevelopment is now well advanced, and again this will add significant new aeronautical and commercial opportunities. At Perth, capital expenditure on the property precinct will continue, and plans are now being developed for the longer term terminal configuration at the airport. As was the case in 2007, we expect this significant pipeline of new development opportunities to be a major factor in underpinning the longer term growth of the portfolio.

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[SLIDE 24]

Finally, AIX is well placed to capitalise on these new opportunities. The low level of gearing and the strong interest cover in the portfolio, as well as being an important factor in mitigating against the risk of interest rate movements as Paul has already mentioned, give us considerable flexibility in terms of thinking about how we fund the growth opportunities for AIX. With average portfolio gearing of 41% at 30 June, availability of funding should not be a constraining factor in continuing to build for the future.

Ladies and Gentlemen, that concludes my comments. Thank you for your time, and I’ll now hand you back to the Chairman.

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AIX AGM - 14 November 2007

CHAIRMAN’S ADDRESS - Outlook and Business of Meeting

[SLIDE 25]

[SLIDE 26] THANK YOU, PETER.

I’d like to make a few comments now regarding our strategy for AIX, particularly in terms of new acquisitions. In a highly competitive environment such as we currently live in, a clear and focused strategy is very important. AIX strategy can best be summarised as follows:

• We seek new opportunities in transport infrastructure that ensure the portfolio is balanced between mature investments generating strong cash flows, and growth opportunities to drive investment values in the longer term and underpin cash flows into the future;

• We seek negotiated and non-competitive opportunities, not relying on an ability to outbid others to acquire new assets;

• Existing pre-emptive rights, current and potential strategic partnerships are a key source of opportunities; and

• We aim to retain flexibility in capital structure and funding to ensure that the capital base of AIX is actively managed to optimise the value of our underlying investments; not beholden to any particular market at any point in time.

Our announcement last week that AIX has acquired further interests in each of APAC, Perth and Northern Territory Airports is a good example of this strategy at work. The opportunity to acquire the stakes resulted from a strategic partnership forged with BAA many years ago. The pre-emptive

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rights within the asset structures gave us the opportunity to negotiate this acquisition directly with BAA and our partners; our balance sheet strength and flexibility has allowed us to consider all options for funding the acquisition.

[SLIDE 27]

In summary, Ladies and Gentlemen, your fund is in very good shape. Results for the year to June 2007 were strong - particularly in terms of cash flow. Overall your Directors are pleased with the current state of the portfolio and the diversity of returns and growth opportunities that exist within the business. We see continuing opportunities ahead for AIX: continuing to invest in the existing assets, more actively managing the capital base, and new acquisitions.

[SLIDE 28]

Before we move to the formal business of the meeting, there will now be an opportunity for you to ask questions of the Board or to make any comments. At the end of formal business I will invite you to ask any questions of Liam Forde or Steve Boulton.

Microphones are available, would you please proceed to the microphone and state your name before asking your question or comment.

Please note also that there will be an opportunity to ask questions on the specific resolutions being considered at today’s meeting a little later.

Are there any questions or comments?

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