FUTURE GENERATION AUSTRALIA LIMITED — AGM Information 2014

Nov 27, 2014

28 November 2014

Chairman’s Address Annual General Meeting

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Delivered by Jonathan Trollip at the Annual General Meeting of shareholders held at the Wesley Centre, 220 Pitt Street Sydney on Friday 28 November 2014

Introduction

Good afternoon and a warm welcome to the first Annual General Meeting of Future Generation Investment Fund Limited (‘FGX’ or ‘the Company’) under its new name and structure, formerly being Australian Infrastructure Fund Limited (‘AIX’).

My name is Jonathan Trollip, I am the Chairman of the Board of Directors and I will be chairing the meeting today. I would like to start by introducing my fellow Board members, Geoff Wilson, Paul Jensen and Gabriel Radzyminski. I would also like to introduce our joint Company Secretaries, Kate Thorley and Mark Licciardo and our audit partner from PWC, Craig Stafford, who will be available to address questions relating to the Company’s Financial Statements.

The 2014 financial year saw the transformation of the Company into Australia’s first listed investment company (‘LIC’) with a philanthropic purpose.

After the successful $200 million capital raising closed early and oversubscribed at the end of August 2014, new shares in FGX were allotted on 8 September 2014. The shares began trading on the Australian Stock Exchange (‘ASX’) on 15 September 2014 under the code FGX, and the options under the code FGXO. The Company is the first LIC with the dual objectives of providing shareholders with diversified exposure to prominent Australian fund managers and investing in Australia’s future generation by supporting Australian charities focused on children at risk.

Ladies and gentlemen, this ground breaking and game changing partnership between the business investment community and philanthropy is an Australian first. And we hope it inspires other similar initiatives.

All participating fund managers have agreed to forgo management and performance fees, and directors and most service providers are working on a pro-bono basis. This will allow the Company to donate to Australian charities an amount equal to 1.0% of its Net Tangible Assets (‘NTA’) for the financial year. The first donation is expected to be paid to charities after the conclusion of the financial year to 30 June 2015.

Update on the Company’s history

The Company originally operated as the Australia Infrastructure Fund Limited and, in conjunction with the Australian Infrastructure Fund Trust (‘AIFT’), it invested in, and managed, infrastructure assets. In December 2012, the then Board announced the proposed sale of all of the Company and AIFT’s assets to the Future Fund, the return of substantially all cash reserves to shareholders and the eventual liquidation of the Company. This sale and cash return process took place through 2013. In October 2013, the previous Board resigned and Paul Jensen, Gabriel Radzyminski and I were appointed and undertook to review options for the Company, including further capital returns to shareholders and a new business direction.

Level 11, 139 Macquarie Street, Sydney NSW 2000 I GPO Box 4658 Sydney NSW 2001 I ABN: 97 063 935 553 Phone 02 9247 9202 I Fax 02 9247 6855 I info@futuregeninvest.com.au I www.futuregeninvest.com.au

28 November 2014

Chairman’s Address Annual General Meeting

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In March 2014 the Board received a proposal from the Wilson Foundation, a charitable entity associated with Geoff Wilson, to transform the Company into an LIC with a charitable purpose. The Board agreed to put this proposal to shareholders, and at an EGM on 7 July 2014, shareholders voted overwhelmingly in support of this, as well as a buy-back and recapitalisation. Subsequently, the Company has also undergone a consolidation of shares and streamlined its shareholder register via an unmarketable parcel facility. It re-listed on the ASX on 15 September 2014 under the new name Future Generation Investment Fund Limited.

Dividends

The Company’s objective is to pay fully franked dividends to shareholders provided it has sufficient profit reserves and franking credits, and it is within prudent business practice. The Board currently expects to declare the first dividend for the period to 30 June 2015 and semi-annually thereafter. The Company has also established a dividend reinvestment plan for shareholders.

Investment portfolio

Since the capital raising, funds were received in early September 2014, FGX has invested in 15 funds managed by 14 managers. The allocation to the managers has been structured to provide a spread between three broad equity strategies: long equities, absolute bias, market neutral; and cash. The composition of the portfolio will vary over time in terms of strategies, funds and managers. Any adjustments to the portfolio will occur at the discretion of the Company’s investment committee, comprising directors Geoff Wilson and Gabriel Radzyminski in addition to Matthew Kidman, and taking into consideration the medium and long term goals of the Company. As at 31 October 2014, the portfolio was broadly 49% long equities, 20% market neutral, 16% absolute bias and 15% cash. Net Tangible Assets before tax were 106.7 cents per share and 107.8 cents per share on an after tax basis.

Charitable objectives

The objectives of the Company are to provide shareholders with an attractive investment and to provide a source of funding for Australian children’s charities, with a focus on children at risk. Being a shareholder in this Company is also supporting investment in the future generation of Australia.

This is a step-up from more traditional corporate social responsibility where companies typically focus their support on the local community in which they are based. The Company’s structure promotes giving as well as wealth creation, and we hope this initiative will inspire the next generation of Australian corporate philanthropy.

The Company has initially partnered with 14 designated charities that provide a significant benefit to Australian children. These charities are: Act for kids, Australian Children’s Music Foundation, Australian Indigenous Education Foundation, Lighthouse Foundation, Kids Helpline, Raise, the Mirabel Foundation, Variety, United Way, Father Chris Riley’s Youth Off The Streets, Youth Focus, Giant Steps, Debra and Diabetes Kids Fund. Shareholders will decide annually on a pro-rata basis on the amount donated to each charity, with the Board having the residual discretion if shareholders decline to make any election.

Level 11, 139 Macquarie Street, Sydney NSW 2000 I GPO Box 4658 Sydney NSW 2001 I ABN: 97 063 935 553 Phone 02 9247 9202 I Fax 02 9247 6855 I info@futuregeninvest.com.au I www.futuregeninvest.com.au

28 November 2014

Chairman’s Address Annual General Meeting

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Appreciation

I would like to thank each of the participating fund managers, without whom there would be no Future Generation Investment Fund. I would also like to thank our service providers, whose pro-bono participation and generosity has helped make this fund a reality.

I would also like to acknowledge my fellow Board members and Investment Committee for their valued contributions leading to the launch of Future Generation Investment Fund and for their ongoing support, all provided on a pro-bono basis. And a particular acknowledgment to Geoff Wilson, who is the visionary and driving force behind the Future Generation Investment Fund, and Kate Thorley for her seemingly tireless efforts over the past several months in the launch and then initial operations.

Finally, on behalf of the Board, I extend my thanks and welcome to all our shareholders, whose support through their investment has made the Future Generation Investment Fund possible.

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About Future Generation Investment Fund Limited

Future Generation Investment Fund Limited (ASX: FGX) offers investors the opportunity to gain unprecedented access to prominent Australian fund managers through a single ASX-listed investment vehicle and also support Australian children’s charities. The Company offers diverse exposure to Australian equities through a range of different investment styles and strategies employed by its fund managers. Future Generation Investment Fund Limited charges 0.0% management fees and 0.0% performance fees and intends to donate 1.0% of its assets each year to Australian charities, particularly those supporting children at risk. The Company’s investment objectives are to: provide a stream of fully franked dividends; to achieve capital growth; and preserve shareholder capital.

For more information visit www.futuregeninvest.com.au

“Together, we are investing in Australia’s future generation”

For further information, please contact:

Jonathan Trollip Geoff Wilson Kate Thorley Melanie Shaw Chairman Director Company Secretary Corporate Affairs 0411 644 737 0412 242 712 (02) 9258 4908 (02) 9258 4904

Level 11, 139 Macquarie Street, Sydney NSW 2000 I GPO Box 4658 Sydney NSW 2001 I ABN: 97 063 935 553 Phone 02 9247 9202 I Fax 02 9247 6855 I info@futuregeninvest.com.au I www.futuregeninvest.com.au