FUTURE GENERATION AUSTRALIA LIMITED — Capital/Financing Update 2009

Jul 16, 2009

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS

Hastings Funds Level 16, 90 Collins Street Management Limited Melbourne VIC 3000 Australia ABN 27 058 693 388 T +61 3 8650 3600 AFSL No. 238309 F +61 3 8650 3701 Australian Infrastructure www.hfm.com.au Fund Limited Melbourne, London, New York, Sydney ABN 97 063 935 553

ASX Announcement

Australian Infrastructure Fund (AIX)

Total pages: 2

17 July 2009

Successful completion of retail component of equity raising of approximately $104 million

AIX has completed the Retail Entitlement Offer, the final component of the accelerated non-renounceable 1 for 2 entitlement offer (“Entitlement Offer”), announced to the market on 18 June 2009.

The Retail Entitlement Offer was fully underwritten and has raised approximately $104 million from the issue of 94.6 million stapled securities (“New Securities”) at an issue price of $1.10 per stapled security. Together with the proceeds from the Institutional Entitlement Offer, the gross proceeds raised from the Entitlement Offer are approximately $211 million.

AIX Chief Executive Officer, Jeff Pollock said: “We are very pleased with the strong support shown by AIX retail securityholders. As announced on 18 June 2009, the equity raised from the Entitlement Offer will be used to repay and cancel the existing Multi-Option Facility and fund organic growth initiatives in the existing Australian airport portfolio.”

AIX will scale back applications for additional New Securities made by existing retail securityholders, to ensure fairness among all securityholders.

All securityholders who applied for New Securities in excess of their original entitlement will receive the additional New Securities applied for, up to a maximum of the lesser of 5 times their entitlement or 500,000 New Securities.

By adopting this scaling policy, the vast majority (approximately 88%) of eligible retail securityholders who applied for additional New Securities will receive the full amount for which they applied.

Following application of the scaling policy, approximately 77 million New Securities will be issued to eligible retail securityholders (including applicants under the early retail allotment), with the remaining approximately 18 million New Securities taken up under the terms of the underwriting agreement.

Allotment of the New Securities is scheduled to take place today, with trading expected to commence on Monday 20 July 2009 and holding statements expected to be dispatched on Tuesday 21 July 2009. Securityholders should confirm their holding before trading in New Securities. Any securityholder who sells New Securities before receiving confirmation of their holding in the form of a holding statement will do so at their own risk.

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 including Westpac Banking Corporation ABN 33 007 457 141, 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.

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NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS

For further enquiries, please contact:

Jeff Pollock Chief Executive Officer Australian Infrastructure Fund Tel: +61 3 8650 3600 Fax: +61 3 8650 3701 Email: investor_relations@hfm.com.au Website: www.hfm.com.au/aix

Simon Ondaatje Head of Investor Relations Hastings Funds Management Tel: +61 3 8650 3600 Fax: +61 3 8650 3701 Email: investor_relations@hfm.com.au Website: www.hfm.com.au/aix

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Kim Rowe

Company Secretary Australian Infrastructure Fund

Important information:

This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or to any "U.S. person" (as defined in Regulation S under the Securities Act of 1933, as amended (the "U.S. Securities Act")) (“U.S. Person”). This document may not be distributed or released in the United States or to any U.S. Person. The securities in the capital raising have not been and will not be registered under the U.S. Securities Act, or under the securities laws of any state or other jurisdiction of the United States. Accordingly, the securities in the capital raising may not be offered, or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. Persons, except in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any applicable securities laws of any state or other jurisdiction of the United States.

This announcement contains certain “forward-looking statements”. The words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan” and other similar expressions are intended to identify forwardlooking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Any forecast or other forward looking statement contained in this announcement are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. While due care and attention have been used in the preparation of forecast information, such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of AIX, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. You are cautioned not to place undue reliance on forward looking statements.