FUTURE GENERATION AUSTRALIA LIMITED — Capital/Financing Update 2011

Nov 1, 2011

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 8650 3600 F +61 3 8650 3701 www.hfm.com.au Melbourne, London, San Antonio, Sydney

ASX Announcement

Australian Infrastructure Fund (AIX)

2 November 2011

Perth Airport completes major debt financing

Perth Airport today announced the successful completion of a major $1.23 billion senior debt financing.

Perth Airport has secured $915 million of revolving facilities spread across four, six and seven year terms, along with a $300 million bank facility to backstop a future capital markets issue. An additional $15 million working capital facility has also been put in place.

Part of the revolving facilities will refinance all current bank debt on improved margins and lending terms while increasing the average maturity term of the bank facilities from 2.6 years to 5.3 years. The balance of the facilities will be used to ensure the funding of capital expenditure through to 2015.

Perth Airport's media release is attached.

Perth Airport intends to seek up to an additional $175 million in equity commitments from Perth Airport shareholders. Current equity commitments totalling $53 million would be cancelled, resulting in a net commitment of up to $122 million. AIX’s pro-rata share of this net new equity commitment would be $36 million, which can be funded from currently available sources.

AIX Chief Executive Officer, Jeff Pollock, said, “The new facilities provide Perth Airport with improved diversification in its debt capital structure and substantial flexibility going forward, and has been achieved on attractive pricing and terms. This is a fantastic outcome and we commend management on their efforts to secure and complete these arrangements."

AIX owns 29.7 percent of Perth Airport Development Group Pty Ltd, the holding company for Perth Airport, which represents 29.8 percent of the AIX portfolio (based on the independent valuations conducted as at 30 June 2011).

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 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.

Date: Wednesday 2 November 2011

No. of pages: 1

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PERTH AIRPORT MAJOR FUNDING INITIATIVE - SECURING THE FUTURE

Perth Airport Pty Ltd has completed a major $1.23 billion debt funding initiative

Working with Macquarie Capital as financial adviser and a consortium of nine banks, Perth Airport has secured $915 million of revolving facilities spread across four, six and seven year terms. Part of the facilities will refinance all current bank debt on improved margins and lending terms while increasing the average maturity term of the bank facilities from 2.6 years to 5.3 years. The balance of the bank revolver facilities, along with a $300 million bank facility to backstop a future capital markets issue, will be used to ensure the funding of capital expenditure through to 2015. An additional $15 million working capital facility has been implemented. The credit wrapped bonds issued in 2006 will be kept in place to maturity due to their efficient pricing.

These funds will be directed to Perth Airport’s $750 million expansion plan, which includes:

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• A new domestic terminal to service regional Western Australia,

• The expansion of the international terminal with a new arrivals area, check-in hall and expanded departures lounge,

• A new domestic pier for Virgin Australia with a dedicated check-in area, a spacious departure lounge and 12 aerobridges,

• Expanded aircraft parking and taxiways, and

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

Perth Airport Chief Executive Officer Brad Geatches is pleased with the strong support for Perth Airport’s future developments.

“It provides a robust financial platform for the future and reflects the solid and growing nature of the Perth Airport business as it meets the demands of the dynamic Western Australian economy. The strong level of interest by lenders and the improved pricing and commercial terms underline the credit strength and strong outlook of Perth Airport”, said Mr Geatches.

Perth Airport’s credit rating is BBB- by Standard & Poors and Baa3 by Moody’s.

MEDIA CONTACT:

Fiona Lander General Manager, Corporate Affairs Perth Airport Pty Ltd Media Line: 08 9478 8877

Perth Airport 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