FUTURE GENERATION AUSTRALIA LIMITED — Capital/Financing Update 2007

Oct 22, 2007

Australian Infrastructure Fund (AIX)

Total pages: 2

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ASX Announcement

23 October 2007

Solid international growth at Melbourne Airport for first quarter of 2007/2008

Melbourne Airport has reported a promising start to 2007/2008 with overall passenger numbers up five percent, compared to the same period last year and international traffic rising by a strong eight percent.

AIX Chief Operating Officer Peter McGregor said, “The growth in passenger numbers at Melbourne Airport reflects a positive start to the new financial year. The strong international passenger growth is particularly pleasing. The combination of the arrival of new generation larger aircraft, and recent announcements of additional flights by international carriers, should see continued growth in international passenger movements in the medium term. The outlook for domestic passenger movements is also positive, with Tiger Airways set to commence services in November, and the other domestic carriers expanding their fleets considerably. Together with the recently announced major expansion of the international terminal, this passenger growth gives us confidence that Melbourne Airport will continue to be a significant contributor to the growth of AIX.”

Attached is a release from Melbourne Airport.

Melbourne Airport (APAC) represents 20.6 percent of the AIX portfolio.

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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Kim Rowe 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\October\AIX - Melbourne Airport.doc

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BUSINESS UPDATE

Monday, 22 October 2007

SOLID INTERNATIONAL GROWTH AT MELBOURNE AIRPORT FOR FIRST QUARTER OF 2007/2008

The first quarter of the 2007/2008 financial year has seen Melbourne Airport’s international and domestic passenger numbers grow at a promising rate.

Overall passenger numbers were up five percent, compared to the same quarter last year.

International traffic rose by a strong eight percent. This growth is likely to continue with increased capacity from Air China, Cathay Pacific, China Southern, Korean Air and Norfolk Air. Transit passengers saw a marked decrease as direct point-to-point international services increased.

On the local front, domestic passengers increase by a solid four percent during this first quarter of 2007/2008. As Melbourne Airport prepares to welcome two new domestic carriers – Tiger Airways and Skywest – in the coming weeks, domestic passenger numbers at Melbourne Airport are likely to see a greater boost further into 2007/2008.

MELBOURNE AIRPORT PASSENGER NUMBERS 2007/2008

	Quarter 1	Quarter 1		Year to date	Year to date
	2007/ 2008 (‘000)	2006/ 2007 (‘000)	% Change	2007/ 2008 (‘000)	2006/ 2007 (‘000)	% Change
International	1,158	1,074	8%	1,158	1,074	8%
Domestic	4,626	4,446	4%	4,626	4,446	4%
Transit	30	42	-29%	30	42	-29%
Total	5,814	5,562	5%	5,814	5,562	5%

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Media enquiries: For further information, contact the Melbourne Airport media unit: media@melair.com.au / (+61 3) 9335 3666