FUTURE GENERATION AUSTRALIA LIMITED — Capital/Financing Update 2008

Mar 18, 2008

Total pages: 2

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ASX Announcement

Australian Infrastructure Fund (AIX)

19 March 2008

Melbourne Airport successfully completes debt refinancing

APAC (operator of Melbourne and Launceston Airports) today announced it has successfully refinanced its $450 million debt facility, and increased the facility limit to $700 million.

The new facility limit of $700 million matures in 2011 and provides for funding of $250 million of capital expenditure for the Terminal 2 expansion along with car park developments to meet continuing passenger growth. AIX has no other asset refinancings in calendar year 2008.

It is important to note that the capital expenditure is expected to generate strong growth in cash flows in excess of the cost of funding.

Hastings Chief Executive Steve Boulton said, “Melbourne Airport management are to be commended on this achievement. The successful completion of the debt refinancing in the current credit market volatility is a reflection of the quality and strong growth prospects for Melbourne Airport and will provide the necessary financing to develop new revenue streams for one of the world’s best airports.”

Melbourne Airport was recently voted in the top five airports in the world by the Airports Council International (ACI) Airport Service Quality Survey of over 200,000 customers for airports that manage between 15 and 25 million passengers a year.

The refinancing has been rated A- by Standard & Poor’s and A3 by Moody’s. At 31 December 2007 APAC had Net Debt/EV of 31.0 percent and senior interest cover of 3.3x.

AIX owns 10.1 percent of APAC and it represents 24.3 percent of the AIX portfolio.

Please see attached a release from APAC.

For further enquiries, please contact:

Steven Boulton Chief Executive

Hastings Funds Management 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