FUTURE GENERATION AUSTRALIA LIMITED — Capital/Financing Update 2010

Nov 24, 2010

Total pages: 7

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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, San Antonio, Sydney ABN 97 063 935 553

ASX Announcement

Australian Infrastructure Fund (AIX)

25 November 2010

AIX welcomes Perth Airport planned redevelopment

Australian Infrastructure Fund is pleased to note today‟s announcement by Westralia Airports Corporation regarding its planned $500 million redevelopment of Perth Airport over the next three years.

The planned redevelopment, which will be underpinned by an aeronautical pricing agreement currently being negotiated with airline customers, will comprise a number of projects, which are planned for completion by the end of 2014.The redevelopment is expected to significantly enhance Perth Airport‟s functionality and customer experience and optimise the asset‟s long-term value for AIX and its securityholders.

The planned redevelopment comprises the following major elements:

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• $270 million expansion of the international terminal including the addition of a shared pier to cater for larger twin aisle aircraft;

• $120 million construction of a new domestic terminal, Terminal WA, to meet the needs of Western Australia‟s rapidly expanding regional market;

• $50 million expansion of airfield aprons, taxiways and aircraft parking areas;

• Expanded retail facilities;

• Further investments in roads and car parking.

AIX CEO Jeff Pollock said, “This is the most exciting development at Perth Airport since we acquired our original stake in the asset more than a decade ago. The recent redevelopment of Queensland Airports Limited‟s Gold Coast Airport, in which AIX holds a 49.1 per cent stake, is a compelling example of the value uplift created by a well planned and executed redevelopment. AIX strongly supports the redevelopment of Perth Airport, which, similar to Gold Coast Airport, boasts a strong and growing underlying business.”

“The $500 million redevelopment announced today which forms part of Perth Airport‟s broader long-term growth plans, will be funded from a combination of asset level debt facilities and shareholder equity contributions. At this stage, it is expected that AIX‟s equity contribution will be funded from existing reserves and debt facilities at the fund level. AIX has in place an undrawn $30 million stand-by facility to fund organic growth initiatives.”

Perth Airport released its original „Vision for the Future‟ in May 2008 and has refined this vision, in consultation with its airline customers, as part of today‟s $500 million redevelopment announcement.

AIX owns 29.7 per cent of Perth Airport, which represents 28.1 per cent of the fund‟s portfolio.

For more information, see the attached Westralia Airports Corporation media release.

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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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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Jane Frawley Company Secretary Australian Infrastructure Fund

No. of pages: 5

Thursday 25 November 2010

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$500 MILLION REDEVELOPMENT FOR PERTH AIRPORT

Westralia Airports Corporation (WAC), the owner and operator of Perth Airport, today announced that it expects to invest up to $500 million over the next three years to deliver new and expanded passenger terminals, expanded aircraft parking areas and expanded public access infrastructure.

Continuing growth in passenger numbers has contributed to today’s announcement with an overall growth rate of 7.5 per cent for FY 09/10 to a record of 10.4 million passenger movements. Perth Airport Chief Executive Officer, Brad Geatches said that a number of key drivers continued to underpin the higher growth in air service demand in Western Australia compared to other states.

“Demand for airport services continues to grow primarily due to population growth, relatively high disposable income and employment levels in Western Australia and our State’s reliance on air travel for both business and leisure.

We have been working closely with our airline partners over the past 18 months to agree on the key features of the airport redevelopment. With 23 airlines servicing more than 75 intrastate, interstate and international ports, extensive consultation has been required and we have made good progress”, Mr Geatches said.

“The discussions with airlines and the detailed design has proceeded to a point where we decided it was important to release updated information on the major redevelopment we plan to undertake, commencing next year” he continued.

Westralia Airports Corporation was pleased with Virgin Blue’s announcement yesterday that they will increase their services to Perth by 2012, with the introduction of a further two wide-body Airbus A330 aircraft to its domestic fleet. Virgin has also indicated that they planned to invest in infrastructure at Perth Airport and move to the international precinct by 2013.

In order to ensure WAC makes effective use of the existing assets, delivers expanded capacity and optimises the customer experience, Perth Airport’s redevelopment plans are based on making a phased transition to a consolidated airport precinct over the next decade.

Westralia Airports Corporation Pty Ltd A.C.N 077 153 130 A.B.N 24 077 153 130 2 George Wiencke Drive, Perth Airport PO Box 6 Cloverdale Western Australia 6985 Telephone: +61 8 9478 8888 Fax: +61 8 9277 7537 E-Mail: perthairport@wac.com.au Web Site: www.perthairport.com

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The first stage of the redevelopment will commence in early 2011 and will include:

• Significant expansion of the International Terminal, including facilities for the A380 aircraft, which is currently in the fleet of three of Perth Airport’s airline customers (Emirates, Qantas and Singapore Airlines).

• Adding a shared domestic/international pier to the current International Terminal, making greater use of the existing terminal assets and allowing airlines to swing aircraft between domestic and international markets.

• A new terminal designed to meet the needs of the growing Western Australian regional market, including the resource sector.

• Expanded aircraft parking and taxiways.

• Further investments in roads and car parking, including better access to and from the airport.

The capacity created by this redevelopment program is expected to meet projected demand for the next eight to 10 years, at which time further consolidation developments will proceed.

The expansion of Perth Airport is underpinned by delivering a safe and efficient road network to allow greater access to and from the estate. WAC is working closely with the Western Australian Government to plan for a major upgrade to the arterial road network around Perth Airport as part of the ‘Gateway WA’ project, which is expected to see a major investment in the arterial roads in the vicinity of Perth Airport.

-ENDS-

Att. Explanatory Notes

Westralia Airports Corporation Pty Ltd A.C.N 077 153 130 A.B.N 24 077 153 130 2 George Wiencke Drive, Perth Airport PO Box 6 Cloverdale Western Australia 6985 Telephone: +61 8 9478 8888 Fax: +61 8 9277 7537 E-Mail: perthairport@wac.com.au Web Site: www.perthairport.com

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EXPLANATORY NOTES

A NEW TERMINAL FOR WA

To increase capacity for our airlines to cater for the particular needs of regional WA services, including the resource sector, we are building a new terminal adjacent to the current International Terminal.

The new terminal will be a single story building, much larger than our current Domestic Terminal, and will feature:

• Access via a ‘walk-in’ landscaped plaza.

• A check-in hall with 16 check-in counters and space for new check-in technology, including self-service and bag drop.

• A large central passenger security screening zone accessing a spacious Departure Lounge.

• Access to 14 aircraft gates via high quality covered walkways, providing full protection from the elements.

• Three large baggage reclaim belts.

• Easy access to parking, taxis and buses for arriving and departing passengers.

The new terminal will also feature a number of environmental features including:

• Rainwater harvesting and re-use.

• Underground delivery of ventilation to reduce energy costs.

The aircraft parking area supporting the new terminal can park up to 36 aircraft and is the size of approximately five Subiaco Ovals.

Construction of the new Domestic Terminal will commence in mid 2011 and, together with its supporting infrastructure, will cost approximately $120 million.

PERTH AIRPORT AND THE RESOURCE SECTOR

The new Domestic Terminal will primarily cater for intrastate travel, as well as have capacity for interstate movements. Approximately 75 per cent of all Perth Airport’s intrastate passenger movements are now related to the resource sector. In addition, the number of intrastate passengers using Perth Airport during the past five years has leapt by 90 per cent.

The Perth-Karratha route is Perth Airport’s fourth busiest, with up to 10 flights each day taking workers to and from this regional centre.

Perth Airport now acts as a base for flights to more than 54 regional ports across Western Australia, directly related to the resource sector.

Westralia Airports Corporation Pty Ltd A.C.N 077 153 130 A.B.N 24 077 153 130 2 George Wiencke Drive, Perth Airport PO Box 6 Cloverdale Western Australia 6985 Telephone: +61 8 9478 8888 Fax: +61 8 9277 7537 E-Mail: perthairport@wac.com.au Web Site: www.perthairport.com

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The airport not only plays a critical role in transporting workers to Western Australia’s resource projects; the Perth Airport estate has also become a location of choice in its own right for a range of companies within the sector. BHP and Rio Tinto have both established significant operations at Perth Airport and other companies related to the resources sector are now looking to do similar. Perth Airport also serves as a training site for fly-in fly-out resources sector workers.

EXPANDING OUR INTERNATIONAL TERMINAL

All of the main passenger processing areas of the International Terminal will be expanded and enhanced. Features of the International Terminal expansion will include:

• An expanded check-in hall delivering an additional 16 counters and space for new check-in technology, including self-service and bag drop.

• Expanded border agency and security screening areas.

• A major expansion of the departure lounge, including access to new aircraft gates and expanded retail offerings.

• Aircraft gates able to efficiently service new era aircraft, including the A380 aircraft.

• Major enhancements to the arrivals experience with an upstairs customs/immigration zone, a larger arrivals duty free store and an expanded baggage reclaim and quarantine processing hall.

• Redevelopment of the front of the expanded terminal, including dedicated pick-up and dropoff, taxi and public transport lanes.

Redevelopment of the International Terminal is expected to commence in late 2011 and be completed in 2013.

A NEW PIER ADDED TO THE INTERNATIONAL TERMINAL

To meet the needs of larger domestic airlines, particularly Virgin Blue, we are adding a major new shared pier to the International Terminal. This new pier will deliver high quality and high capacity domestic services to meet the growing use of larger twin aisle aircraft on interstate services (for example, the introduction of Virgin Blue’s A330 aircraft to their Sydney and Melbourne services).

The new domestic pier will include:

• 14 domestic check-in counters and space for new check-in technology, including self-service and bag drop.

• A dedicated domestic passenger security screening zone.

• A new domestic departure lounge, including new retail outlets.

• A high quality airline club lounge.

• Up to 12 new aerobridge aircraft gates, a number of which can be configured for wide-bodied domestic aircraft and to swing aircraft seamlessly between domestic and international routes.

• Two large domestic baggage reclaim belts.

Westralia Airports Corporation Pty Ltd A.C.N 077 153 130 A.B.N 24 077 153 130 2 George Wiencke Drive, Perth Airport PO Box 6 Cloverdale Western Australia 6985 Telephone: +61 8 9478 8888 Fax: +61 8 9277 7537 E-Mail: perthairport@wac.com.au Web Site: www.perthairport.com

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The expansion of the International Terminal and the addition of the domestic pier to the terminal will involve an investment of approximately $270 million.

IMPROVED ROAD ACCESS

Perth Airport is working closely with the Western Australian Government to help plan for a major upgrade to the arterial road network around Perth Airport. The Gateway WA project has been identified as a national infrastructure priority and will underpin the expansion and success of Perth Airport by delivering a safe, efficient and welcoming local road network.

Work has commenced on a project master plan and business case to investigate a series of road and bridge improvements within the stretch of Tonkin Highway between the Great Eastern Highway and Roe Highway, as well as Leach Highway from Orrong Road to Perth Airport. Key features of the upgrade will include:

• An upgrade to Tonkin Highway between Roe Highway and Great Eastern Highway.

• A major freeway to freeway interchange at Leach Highway-Tonkin Highway, including a new primary access road to the consolidated airport terminals.

• Planning for a new interchange at Tonkin Highway-Boud Avenue.

• A grade-separated interchange at the intersection of Horrie Miller Drive/Kewdale Road-Tonkin Highway.

• Grade separation of the Leach Highway-Abernethy Road intersection.

• An upgraded interchange at Tonkin Highway-Roe Highway.

• Upgrade and control of access along Leach Highway between Orrong Road and Tonkin Highway.

The project master plan is scheduled to be completed by early 2012. Subject to funding, construction is anticipated to start in 2014 to enable completion before Perth Airport terminal consolidation.

EXPANDING THE AIRFIELD

Over the next three years, approximately $50 million will be invested in expanded airfield aprons, taxiways and aircraft parking area. These investments will increase airfield capacity, reduce fuel burn and assist on-time performance.

FURTHER INFORMATION

For further information, images or to arrange an interview with Brad Geatches, Chief Executive Officer, Perth Airport please contact:

Fiona Lander

General Manager, Corporate Affairs & Organisation Development Perth Airport (Westralia Airports Corporation) Media Line: +61 8 9478 8877 Mobile: 0417 178 186

Westralia Airports Corporation Pty Ltd A.C.N 077 153 130 A.B.N 24 077 153 130 2 George Wiencke Drive, Perth Airport PO Box 6 Cloverdale Western Australia 6985 Telephone: +61 8 9478 8888 Fax: +61 8 9277 7537 E-Mail: perthairport@wac.com.au Web Site: www.perthairport.com