FUTURE GENERATION AUSTRALIA LIMITED — Capital/Financing Update 2012

May 22, 2012

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

Total pages: 1

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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)

23 May 2012

AIX completes the divestment of its 50 percent interest in Port of Portland

Australian Infrastructure Fund (AIX) today confirms that it has completed the divestment of its 50 percent equity interest in Port of Portland, following execution of the sale arrangements on Thursday 17 May 2012.

The AIX portfolio now comprises only airport assets, with the exception of a passive holding in Statewide Roads, which comprises less than 0.1 percent of the AIX portfolio (please see the note below).

AIX was advised on the transaction by RBC Capital Markets and Freehills.

Statewide Roads

AIX holds a 6.25 percent interest in Statewide Roads, which compromised less than 0.1 percent of AIX’s portfolio by value as at 31 December 2011. Statewide Roads held a concession to operate the M4 Motorway in Sydney, which expired on 15 February 2010, resulting in the return of the M4 assets to the NSW Roads and Traffic Authority. Statewide Roads also has a 25 year service centre concession, which expires in 2017. While AIX remains entitled to a share of any future revenue earned from the service centre concession, this is expected to be negligible.

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.