FUTURE GENERATION AUSTRALIA LIMITED — Capital/Financing Update 2010

May 6, 2010

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS

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

Australian Infrastructure Fund Limited ABN 97 063 935 553

ASX Announcement

Australian Infrastructure Fund (AIX)

Total pages: 2

7 May 2010

Successful completion of institutional placement

Highlights

• AIX has successfully completed its ~$80 million institutional placement at a price of $1.82 per security

• Funds raised from the placement will be used to fund the acquisition of an additional 2.21 percent stake in APAC

Overview

On 6 May 2010, stapled securities in Australian Infrastructure Fund Limited and Australian Infrastructure Fund Trust (together “AIX”) were placed in trading halt pending an institutional placement. AIX is pleased to announce it has successfully completed this placement of approximately 44 million new securities at an issue price of $1.82 per new security, raising approximately $80 million. The placement was well supported with demand from both existing and new institutional investors. The trading halt is expected to be lifted at the commencement of trading today, Friday 7 May 2010.

As announced to the market on 6 May 2010, AIX will use the funds raised under the placement to acquire an additional 2.21 percent stake in Australia Pacific Airports Corporation (“APAC”). The purchase price of this stake is $75.1 million. The balance of the capital raising will be used for transaction costs and general purposes.

The new securities are expected to settle on 13 May 2010 with quotation on 14 May 2010. New securities issued under the placement will have the same entitlements as existing securities including participation in the final FY10 distribution, to be declared in June.

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

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS

Important Information

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or to, or for the account or benefit of, any “U.S. person” (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”)) (“U.S. Persons”). The New Securities have not been, and will not be, registered under the U.S. Securities Act or the securities laws of any state or other jurisdiction of the United States. Securities may not be offered, sold or resold in the United States or to, or for the account or benefit of, a U.S. Person, except in transactions exempt from the registration requirements of the US Securities Act in reliance on Regulation S thereunder.

This presentation contains general background information about AIX and its activities current at 7 May 2010. It is information in a summary form and does not purport to be complete or comprehensive, and does not purport to summarise all information that an investor should consider when making an investment decision. It should be read in conjunction with AIX’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au.

To the maximum extent permitted by law, AIX, the underwriter, its affiliates, officers, employees, agents and advisors do not make any warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this presentation and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence).

The underwriter has not authorised, permitted or caused the issue, lodgement, submission, dispatch or provisions of this presentation and does not make or purport to make any statement in this presentation and there is no statement in this presentation which is based on any statement by the underwriters.

Neither Hastings, Westpac nor any other member of the Westpac Group give any guarantee or assurance as to the performance of AIX or the repayment of capital. Investments in AIX are not investments, deposits or other liabilities of Hastings, Westpac or other members of the Westpac Group. Members of the Westpac Group may invest in or lend or provide other services to AIX and may be paid fees, and reimbursed for expenses in relation to Hastings’ role as responsible entity or manager.

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