FUTURE GENERATION AUSTRALIA LIMITED — Capital/Financing Update 2012

Jul 26, 2012

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

Total pages: 3

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Level 27, 35 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)

27 July 2012

Perth Airport Update

Perth Airport today announced that it has:

• Successfully issued $US 270m and $AUD 30m of senior secured notes in a Private Placement issue to US investors. As a consequence the $300m ‘back stop’ debt facility negotiated in November 2011 will not be required. The proceeds of the Private Placement will be used as part of Perth Airport’s $750m airport expansion plans.

• Recorded an increase of 10.3% in passenger numbers for the year ended 30 June 2012.

• Concluded comprehensive ‘Prices and Services Agreements’ from airlines representing 97 percent of passenger movements at Perth Airport. These agreements will conclude by July 2018 and further details are provided in the Perth Airport release, which is attached.

AIX CEO Jeff Pollock said, “Brad Geatches and the management team at Perth Airport are to be congratulated on achieving these important milestones. The Perth Airport announcement demonstrates the value of both the airport asset generally and the management team specifically.”

AIX owns 29.7 percent of Perth Airport Development Group Pty Ltd, the holding company for Perth Airport.

Attached is the release from Perth Airport.

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/asxlisted/funds/aif

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/asxlisted/funds/aif

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Jefferson Petch

Company Secretary

Australian Infrastructure Fund

27 July 2012

No. of pages: 2

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PERTH AIRPORT DIVERSIFIES FUNDING SOURCES THROUGH

$300 MILLION US PRIVATE PLACEMENT

Perth Airport Pty Ltd has issued US$270 million and A$30 million of senior secured notes in a private placement issue to US Investors. The proceeds will be used as part of the funding of Perth Airport’s $750 million expansion plans and, as a consequence of this successful capital market issue, the $300 million back stop facility negotiated in November 2011 will not be required. The private placement market in the US is an active market for the provision of competitively priced long term funds to issuers, and US investors recognise that Perth Airport is a sound, well managed business in a growing and dynamic environment.

Business Growth

Passenger growth for the year ended 30 June 2012 has been strong with 12.6 million passengers travelling through the terminals. This represents an overall increase of 10.3 per cent, comprising international passenger numbers up 6.9 per cent and domestic passenger numbers up 11.7 per cent.

The passenger growth is being managed with a major expenditure on new infrastructure, including a new domestic terminal specifically designed to meet the needs of passengers flying within WA. The new terminal is 60 per cent complete and is on track to be completed by the end of 2012. This development is part of $750 million expansion including increases in international arrivals and departure capacity and a new domestic pier to meet the needs of Virgin Australia. The private placement has been implemented as part of the funding of the expanded facilities.

Summary of Debt Private Placement

The US$270 million is composed of US$50 in 10 year at 4.47 per cent coupon, US$80 in 12 year at a 4.57 per cent coupon and US$140 million in 15 year at a 4.77 per cent coupon. The A$30 million is for 10 years at a 7.32 per cent coupon.

The private placement issue completes the second stage of Perth Airport’s funding program that was commenced in November 2011, and represents a welcome funding base diversification along with a significant increase in the average duration of debt maturities and a decrease in future refinance risk.

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 9478 8889 Email: perthairport@perthairport.com.au Website: www.perthairport.com.au

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New Tripartite Deed Executed

The support of the Commonwealth Government through its agreement to extend the term of the Tripartite Deed has enabled Perth Airport to issue debt for 15 years. The Tripartite Deed between the Commonwealth Government, Perth Airport and financiers, clarifies the legal framework for airport funding and is an important protection for all parties in the finance arrangements for Perth Airport.

The effect of the extended Tripartite Deed is to enable ongoing access to a variety of capital markets for long term debt in support of future airport capital expenditure.

The Sole Lead arranger for the issue was the Commonwealth Bank. Perth Airport has a 99 year lease over Perth Airport and is rated BBB- by Standard & Poors and Baa3 by Moody’s.

Commercial Agreements in Place with Airlines

Perth Airport has now concluded comprehensive Prices and Services Agreements with airlines representing 97% of passenger movements. These agreements apply until 30 June 2018 and provide the commercial, infrastructure access and service level certainty needed to support the continued success of both Perth Airport and airlines. The agreements also signify airline support for Perth Airport’s major investments in expanded infrastructure.

-ENDS-

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 9478 8889 Email: perthairport@perthairport.com.au Website: www.perthairport.com.au