FUTURE GENERATION AUSTRALIA LIMITED — Capital/Financing Update 2011

Dec 20, 2011

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Hastings Funds Level 27, 35 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)

Total pages: 2

21 December 2011

Queensland Airports Limited – Senior Debt Facility Refinancing

Queensland Airports Limited (QAL) has announced the successful completion of its $532 million senior debt refinancing.

The new facility refinances existing debt totalling $468 million and provides capacity for QAL to fund further expansion and upgrade works at its three airports in Gold Coast, Townsville and Mount Isa. The funding is spread across three and five year terms.

As part of the refinancing, it is likely that an equity contribution of $15 million will be made over a three year period. AIX’s pro rata share of this equity contribution would be $7.4 million, which can be funded from currently available sources.

QAL's media release is attached.

AIX Chief Executive Officer, Jeff Pollock, said, “This refinancing again demonstrates confidence in the underlying quality of QAL’s assets, and it has been achieved on attractive pricing and terms. We congratulate the QAL management team on its successful completion."

AIX owns 49.07 percent of QAL, which represents 15.4 percent of the AIX portfolio (based on the independent valuations conducted as at 30 June 2011).

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 8650 3600	Tel: +61 3 8650 3600
Fax: +61 3 8650 3701	Fax: +61 3 8650 3701
Email: investor_relations@hfm.com.au	Email: investor_relations@hfm.com.au
Website: www.hfm.com.au/aix	Website: www.hfm.com.au/aix

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Jefferson Petch 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 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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MEDIA RELEASE

20 December 2011

- QUEENSLAND AIRPORTS LIMITED SENIOR DEBT FACILITY REFINANCING

Queensland Airports Limited (QAL) has completed a major $532m refinancing of its senior debt facilities.

QAL has secured funding from a group of four banks made up of Commonwealth Bank of Australia, National Australia Bank, Westpac and Royal Bank of Canada. The funding is spread across three and five year terms. The new facility refinances exiting debt totalling $468m and provides capacity for QAL to fund further expansion and upgrade works at its three airports in Gold Coast, Townsville and Mount Isa.

“The strong interest shown by both domestic and international banks for participation in these facilities reflects the underlying strength of the QAL Group, its track record of continued growth and a prudent approach to capital management,” said QAL Managing Director Dennis Chant.

QAL was assisted by Orrong Advisory as financial adviser during the refinance process.

ENDS

Media enquiries:

Melissa Pearce, Communications Manager Ph: 07 5589 1196 Mb: 0408 606 802