FUTURE GENERATION AUSTRALIA LIMITED — Capital/Financing Update 2012

May 16, 2012

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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: 1

17 May 2012

AIX divests its 50 percent interest in Port of Portland

Australian Infrastructure Fund (AIX) today announced that it had entered into an agreement for the sale of its 50 percent equity interest in the Port of Portland to Palisade Ports Pty Limited.

The agreement for the sale is unconditional, and is expected to complete on 23 May 2012. AIX is to receive consideration of $66.5 million for the sale, to be paid in cash at completion. The value independently attributed to AIX’s interests in Port of Portland at 31 December 2011 was $71.2 million.

The divestment by AIX of its interests in Port of Portland follows the successful divestment by AIX of its interests in both Port of Geelong and Metro Transport Sydney earlier this year. Taken together, AIX is expected to receive total consideration of $100.8 million from the divestment of these non-core assets. This compares favourably to the total value of $100.4 million that was independently attributed to these assets at 31 December 2011.

The Chief Executive Officer, Jeff Pollock, said “With the divestment of AIX’s interests in the Port of Portland, AIX has successfully completed the divestment of its non-core assets for appropriate value and on appropriate terms. We are pleased with the value that has been achieved for securityholders. We remain committed to actively pursuing all further opportunities to enhance securityholder value.”

The initial investment by AIX in Port of Portland was completed in March 2000 for total consideration of approximately $17 million (including costs). Upon completion of the sale, AIX’s investment in Port of Portland is expected to have generated a total average return since inception of approximately 24 percent per annum.

At this stage, AIX intends to retain the proceeds from this transaction, to provide it with enhanced funding

flexibility.

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

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

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.