FUTURE GENERATION AUSTRALIA LIMITED — Capital/Financing Update 2008

Jul 10, 2008

Total pages: 5

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ASX Announcement

Australian Infrastructure Fund (AIX)

11 July 2008

Expansion plans for Darwin International Airport

Following strong growth over a number of years, Darwin International Airport has announced details of a $60 million expansion plan. The redevelopment is designed to cater for forecast passenger growth to 2015 and includes a 65 percent increase in terminal floor space with an improved retail precinct, two new aircraft parking bays, and additional car parking facilities.

Attached is a release from Darwin International Airport.

AIX owns 28.2 percent of Northern Territory Airports (the holding company for Darwin, Alice Springs and Tennant Creek airports) and it represents 5.7 percent of the AIX portfolio.

For further enquiries, please contact:

Jeff Pollock Chief Executive 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

MEDIA RELEASE

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10 July 2008

ANNIVERSARY CELEBRATED WITH EXPANSION PLANS ANNOUNCEMENT

Darwin International Airport celebrates the 10[th] anniversary of privatisation today, with the announcement of the biggest expansion in the airport’s history.

Chief Executive Officer Ian Kew said the airport planned to expand the passenger terminal by about 65 per cent to meet growing air traffic through Darwin.

The $60 million investment will:

• Expand the passenger terminal floor space by 65 per cent in a modern, three‐storey building to the east of the current terminal;

• Build two new aircraft parking bays for planes;

• Relocate staff carparking facilities

• Create another 160 carparking spaces (this part of the project has already begun).

“This is the first major capital investment in the passenger terminal since it opened in 1991,” said Mr Kew.

“In the past 10 years, the Airport Development Group has spent over $100 million on capital investment on the airport, the vast majority of it on aviation related projects” Ian Kew said.

“We have modernised the exterior, refurbished the terminal, improved traffic flow, provided covered walkways and refurbished lounges, however there has been no change to the size and layout of the terminal, leading to sub‐standard service,” he said.

The expansion project will allow for projected growth to 2015, providing an extra 11,000 square metres of floor space and a new goods delivery area.

The expanded terminal facilities will include better security screening, an improved retail precinct, separate baggage reclaim and arrivals areas for domestic and international passengers, more boarding gates to allow for simultaneous boarding and disembarking of passengers and a dedicated goods delivery precinct from Cecil Cook Avenue.

Until 1991, civil aviation facilities at the airport were shared with the Department of Defence on the other side of the runway.

In 1998, as part of the privatisation of Australia’s airports, the Airport Development Group took over the operations of Darwin, Tennant Creek and Alice Springs International Airports.

In the years since privatisation, passenger numbers have grown from approximately 1.1 million to 1.8 million at Darwin International Airport with strong growth of 12 per cent a year experienced in the past three years.

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As part of the airport’s Master Plan, land not required for aeronautical purposes has been progressively used for conservation zones and commercial developments such as the ABC Childcare Centre, the highly successful Airport Resort, and the Bunnings development that opened last year.

Late last year, it was announced that the next major development on airport land would be a home and lifestyle supercentre developed by joint venture partners Darwin International Airport and Ticor Developments.

Major Development Plans will be submitted shortly to the Federal Minister for Infrastructure for both the terminal expansion project and the home and lifestyle super centre, triggering an extensive community consultation process.

Media contacts

Ian Kew, Chief Executive Officer, Darwin International Airport 8920 1811 Jane Munday, Michels Warren Munday on 8981 6445 or 0427 880 083

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BACKGROUND: AIRPORT IMPROVEMENTS

Aircraft Parking Upgrade

2004 saw reconstruction of two aircraft parking positions to accommodate larger aircraft. This project also saw the completion of the Ground Service Equipment Area and led the way for further expansion of aircraft parking in 2005 by relocating airline equipment essential for the servicing of aircraft.

Aircraft Parking Expansion

In July 2005, Darwin International Airport completed a $1.4m project to expand aircraft parking facilities. The upgrade included two new parking positions (Bay 11 and 12) for Boeing 737 size aircraft. Included in this project was the installation of upgraded apron floodlighting along the entire apron area. This project greatly increased the peak capacity of the airport allowing Darwin International Airport to attract a wider range of services to Darwin.

Covered Walkways

In May 2005, Darwin International Airport constructed an undercover walk way to aircraft parking positions that are not serviced by aerobridges. This allowed passengers to keep dry when boarding and disembarking from aircraft that were previously exposed to the elements.

Checked Bag Screening

On 11 October 2005 Darwin International Airport commissioned the $11 million Checked Bag Screening system for both international and domestic travellers.

Darwin International Airport became the first airport in Australia to deliver checked baggage screening for both domestic and international departures, well in advance of regulatory requirements.

The Checked Bag Screening project also included the upgrade of check in counter facilities at the airport, allowing improved processing times for passengers.

Retheming Project

2006 saw the completion of the retheming of the Darwin International Airport terminal building, including locally inspired design carpets and redesign of the front of terminal building. In 2007 the project continued with the replacement of all seating throughout the terminal building. This project worked towards developing the airport into the gateway to the Top End experience while providing the public with a relaxing environment when visiting the airport either before boarding a flight or when meeting friends and relatives at the airport.

Car parking

2006 also saw the completion of a $2.4 million Stage 2 expansion of the public car park and improvements to the entrance roads of the terminal. The expansion of the car park provided additional space which met the projected demand requirements at the time. Darwin International Airport will provide another 160 parking position in the latter half of 2008.

Smoke Spill Project

In 2007, Darwin International Airport under took a major upgrade of the smoke spill system of the terminal. The smoke spill project cost $1.2 M and improved fire safety of the terminal building through the upgrade of system that extracts and compartmentalizes smoke in the event of a fire.

Bay 1 Aerobridge

Late 2007 saw the official opening of the $4 million expansion of the Bay 1 aircraft parking facility. A pavement was constructed to accommodate the Airbus A380, which started services to Australia in October 2007. The project also saw the installation of a new Apron Drive Aerobridge to Bay 1 that provided passengers with further amenities and improved processing of passengers at the Airport for domestic and international flights. This was the first additional aerobridge facility since the terminal opened in 1991.

Refurbishment of Aerobridge

The construction of the terminal in 1991 included the provision of three fixed aerobridges. In 2007 $0.8M was spent on refurbishing the interior and exterior of the bridges as well as the control systems modernised to current industry standards.

Runway Resurfacing Project

In a joint venture with the Department of Defence, Darwin International Airport spent $12 to surface the main runway to extends its life by 15 years.

Terminal Refurbishment

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Recent work at the terminal includes:

• $1.3M refurbishment of existing toilets and the installation of new toilets on the Ground and First floors.

• Improved retail offerings including a new Duty Free Store and refurbished Ground Floor Café

• A $2M project to install two new paralleled 1.6MVA 11KV generators next to the existing High Voltage intake sub‐station to provide backup supplies to whole airport in the event of a complete supply failure. This is an important part of the Airport’s contingency planning Wet Season cyclones.

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