FUTURE GENERATION AUSTRALIA LIMITED — Director's Dealing 2008

Feb 27, 2008

Total pages: 5

==> picture [151 x 39] intentionally omitted <==

==> picture [151 x 39] intentionally omitted <==

==> picture [276 x 131] intentionally omitted <==

ASX Announcement

Australian Infrastructure Fund (AIX)

28 February 2008

Appendix 3Y – Change of Director’s Interest Notice

Attached are Appendix 3Y Change of Directors’ Interest Notice forms in accordance with Listing Rule 3.19A for the following directors:

• Paul Espie

• Robert Tsenin

For further enquiries, please contact:

Steven Boulton Chief Executive

Hastings Funds Management Tel: +61 3 9654 4477 Fax: +61 3 9650 6555 Email: investor_relations@hfm.com.au Website: www.hfm.com.au

Simon Ondaatje

Head of Investor Relations

Hastings Funds Management Tel: +61 3 9654 4477 Fax: +61 3 9650 6555 Email: investor_relations@hfm.com.au Website: www.hfm.com.au

==> picture [136 x 81] intentionally omitted <==

Claire Filson 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, 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.

www.hfm.com.au

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity	Australian Infrastructure Fund Limited
ABN	97 063 935 553

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Paul Robertson Espie
Date of last notice	3 September 2007

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	The securities are held by Pacific Road Provident Pty Ltd of which director is a beneficiary
Date of change	26 February 2008 27 February 2008
No. of securities held prior to change	486,180
Class	Ordinary fully paid stapled securities
Number acquired	26 Feb 08 27 Feb 08 27 Feb 08	31,688 18,312 1,137 (DRP) 51,137
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	26 Feb 08 27 Feb 08 27 Feb 08	$ 82,155.04 $ 48,243.68 $ 3,365.52 (DRP) $133,764.24
No. of securities held after change	537,317

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	26 Feb 08 on-market trade 27 Feb 08 on-market trade 27 Feb 08 issue of securities under Distribution Reinvestment Plan

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity	Australian Infrastructure Fund Limited
ABN	97 063 935 553

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Robert Tsenin
Date of last notice	3 September 2007

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest		Direct and Indirect	Direct and Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.		The indirect securities are held by Mr Robert Eugene Tsenin & Ms Estelle Tsenin Tsenin Super Fund A/C>
Date of change		27 February 2008
No. of securities held prior to change		11,271 57,802 69,073	Mr Robert Tsenin Mr Robert Eugene Tsenin & Ms Estelle Tsenin Fund A/C>
Class		Ordinary	fully paid stapled securities
Number acquired		27/02/08 27/02/08	305 Mr Robert Tsenin 1,562 Mr Robert Eugene Tsenin & Ms Estelle Tsenin A/C> 1,867

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Number disposed		0
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation		27/02/08 305 27/02/08 1,562	$902.80 $4,623.52 $5,526.32
No. of securities held after change		11,576 Mr Robert Tsenin 59,364 Mr Robert Eugene Tsenin & Ms Estelle Tsenin \ Fund A/C> (DRP) 70,940
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back		Issue of securities under Distribution Reinvestment Plan

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

==> picture [433 x 327] intentionally omitted <==

----- Start of picture text -----

Detail of contract
Nature of interest
Name of registered holder
(if issued securities)
Date of change
No. and class of securities to
which interest related prior to
change
Note: Details are only required for a contract in relation
to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration
Note: If consideration is non-cash, provide details and
an estimated valuation
Interest after change
----- End of picture text -----

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002