FUTURE GENERATION AUSTRALIA LIMITED — Interim / Quarterly Report 2008

May 5, 2008

Australian Infrastructure Fund (AIX)

Total pages: 5

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ASX Announcement

6 May 2008

March Quarter 2008 Operating Results

AIX today announced its operating results for the March quarter 2008 along with comparison data from the same period in 2007.

The highlight for the quarter was the ongoing strong growth in passenger numbers across the airport assets. The key highlights were the performance of Queensland Airports (up 19.3%), Perth Airport (up 14.2%) and APAC (Melbourne and Launceston Airports) (up 11.4%).

AIX Chief Operating Officer, Jeff Pollock said, “ Total passenger numbers across the portfolio increased 8.7 percent for the quarter, building on the 7.6 percent passenger growth announced for the half-year to December 2007. Weighted by value of AIX investment, passenger numbers increased 12.4 percent for the quarter up from 8.2 percent to December 2007. The portfolio is experiencing the benefits of the structural shift in aviation travel from the strong growth of both the domestic and international low cost carriers into the Australian market. In addition the extensive development programs across the portfolio, including major terminal upgrades at Melbourne, Perth and Gold Coast airports, provide a solid platform for longer term growth.”

The following patronage and volume details are available for the major assets in the AIX portfolio:

			Portfolio	Volume Growth
Sector	Asset		Weighting	March QTR
			(%)	(%)
Airports	Perth		27.4	14.2
	APAC (Melbourne & Launceston)		24.6	11.4
	Athens			5.1
	Düsseldorf	HOCHTIEF		4.6
	Hamburg Sydney	AirPort Capital	20.5	6.2 7.1
	Queensland		14.3	19.3
	Northern Territory		5.7	13.3
Seaports	Portland		4.0	(2.0)
	Geelong		1.7	0.4

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

For further enquiries, please contact:

Jeff Pollock

Chief Executive Officer

Australian Infrastructure Fund 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

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Claire Filson Company Secretary Australian Infrastructure Fund

AIX Transport Portfolio – Asset Statistics

March Quarter 2008

Note: Many of AIX’s assets have a policy of not publicly releasing quarterly revenue or EBITDA information and passenger numbers are rounded.

Perth Airport - Airstralia Development Group (ADG-WA)

(000's)		March Quarter
	2008	2007	Growth %
Passengers
- Domestic	1,668	1,451	15.0
- International	652	581	12.2
Total Passengers	2,320	2,031	14.2

Melbourne Airport and Launceston Airport - Australia Pacific Airports Corporation (APAC)

(000's)		March Quarter
	2008	2007	Growth %
Melbourne Passengers
- Domestic	5,069	4,425	14.6
- International	1,247	1,248	(0.1)
Launceston Passengers
- Domestic	309	271	14.0
Total Passengers	6,625	5,944	11.4

Athens Airport - HOCHTIEF AirPort Capital (HTAC)

(000's)		March Quarter
	2008	2007	Growth %
Passengers
- Domestic	1,174	1,181	(0.6)
- International	1,946	1,788	8.8
Total Passengers	3,120	2,969	5.1

Düsseldorf Airport - HOCHTIEF AirPort Capital (HTAC)

(000's)		March Quarter
	2008	2007	Growth %
Passengers
- Domestic	1,052	1,006	4.6
- International	2,668	2,550	4.6
Total Passengers	3,720	3,556	4.6

Hamburg Airport - HOCHTIEF AirPort Capital (HTAC)

(000's)		March Quarter
	2008	2007	Growth %
Passengers
- Domestic	1,340	1,248	7.4
- International	1,502	1,427	5.3
Total Passengers	2,842	2,675	6.2

Sydney Airport - HOCHTIEF AirPort Capital (HTAC)

(000's)		March Quarter
	2008	2007	Growth %
Passengers
- Domestic	5,580	5,136	8.6
- International	2,783	2,676	4.0
Total Passengers	8,363	7,812	7.1

Queensland Airports - Queensland Airports Limited (QAL)

(000's)		March Quarter
	2008	2007	Growth %
Gold Coast Passengers
- Domestic	1,095	918	19.3
- International	71	46	54.3
Townsville & Mount Isa Passengers
- Domestic	395	344	14.8
Total Passengers	1,561	1,309	19.3

Northern Territory Airports - Airport Development Group (ADG-NT)

(000's)		March Quarter
	2008	2007	Growth %
Passengers
- Domestic	445	393	13.2
- International	91	80	13.8
Total Passengers	536	473	13.3

Port of Portland - Portland, Victoria (PoP)

(Tonnes)		March Quarter
	2008	2007	Growth %
Operating Indicators
- Tonnage	695,119	709,000	(2.0)
- Cargo Ships Berthed	86	47	83.0

Port of Geelong - Geelong, Victoria (PoG)

(Tonnes)		March Quarter
	2008	2007	Growth %
Operating Indicators
- Tonnage(1)	2,419,000	2,409,000	0.4

(1) Operating results of Toll GeelongPort Pty Ltd