FUTURE GENERATION AUSTRALIA LIMITED — Capital/Financing Update 2009

Jun 21, 2009

Hastings Funds Management Limited ABN 27 058 693 388 AFSL No. 238309 Australian Infrastructure Fund Limited ABN 97 063 935 553

Total pages: 2

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Level 16, 90 Collins Street Melbourne VIC 3000 Australia T +61 3 9654 4477 F +61 3 9650 6555 www.hfm.com.au

ASX Announcement

Australian Infrastructure Fund (AIX)

22 June 2009

AIX announces completion of institutional component of equity raising to raise approximately $106 million

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

The Institutional Entitlement Offer has raised approximately $106 million from the issue of 96.7 million stapled securities (“New Securities”) at an issue price of $1.10 per stapled security.

The Institutional Entitlement Offer was oversubscribed with strong demand from existing Australian and international institutional investors.

AIX Chief Executive Officer, Jeff Pollock said: “AIX is very pleased with the support shown by existing securityholders, as well as a number of new institutions who have become securityholders through the offer”.

Settlement of the New Securities is scheduled to take place on Friday 3 July 2009, with trading expected to commence on Monday 6 July 2009.

Retail entitlement offer

Further announcements will be made shortly in relation to the retail component of the entitlement offer (“Retail Entitlement Offer”). The Retail Entitlement Offer has been fully underwritten and will raise approximately $105 million through the issue of approximately 95.5 million New Securities. Existing securityholders will have the opportunity to subscribe for New Securities in excess of their pro rata entitlements, subject to any scale back or cap determined by the underwriters in consultation with AIX, in their absolute discretion.

The Retail Entitlement Offer will proceed according to the timetable set out in the announcement released to the ASX on 18 June 2009. A retail information booklet will be released to the market and mailed to security holders on Friday 26 June 2009.

AIX requests that the trading halt be lifted with effect from open of market today.

For further enquiries, please contact:

For further enquiries, please contact:
Jeff Pollock	Simon Ondaatje
Chief Executive Officer	Head of Investor Relations
Australian Infrastructure Fund	Hastings Funds Management
Tel:+61 3 9654 4477	Tel:+61 3 9654 4477
Fax:+61 3 9650 6555	Fax:+61 3 9650 6555
Email:investor_relations@hfm.com.au	Email:investor_relations@hfm.com.au
Website: www.hfm.com.au/aix	Website: www.hfm.com.au/aix

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

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Hastings Funds Management Limited ABN 27 058 693 388 AFSL No. 238309 Australian Infrastructure Fund Limited ABN 97 063 935 553

Level 16, 90 Collins Street Melbourne VIC 3000 Australia T +61 3 9654 4477 F +61 3 9650 6555 www.hfm.com.au

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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 forward-looking 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.

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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