FUTURE GENERATION AUSTRALIA LIMITED — Net Asset Value 2007

Jul 12, 2007

Total pages: 2

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ASX Announcement

Australian Infrastructure Fund (AIX)

13 July 2007

Notification of Net Tangible Asset Backing and Change to NTA Reporting

The unaudited Net Tangible Asset (NTA) backing of the Australian Infrastructure Fund (the combined Australian Infrastructure Fund Limited (AIFL) and the Australian Infrastructure Fund Trust) (collectively AIX) as at 30 June 2007 is 265.21 cents per stapled security after taking into account taxation on realised and unrealised gains including deferred tax assets and liabilities, and a provision for the estimated distribution of 8.0 cents per stapled security.

The NTA reflects the draft June 2007 independent valuation by KPMG of assets within the portfolio. Final valuations will be determined prior to the announcement of AIX full year results on 29 August 2007.

Following this release, AIX intends to discontinue the practice of announcing monthly NTA figures. This change is consistent with recent confirmation by the Australian Stock Exchange, that AIX will cease to be classified as an ‘investment entity’ for the purposes of the Listing Rules.

AIX Chief Operating Officer, Peter McGregor said, “The decision to discontinue monthly NTA announcements reflects two factors. Firstly, our portfolio is independently valued every six months and in the normal course of business there is little variation in the monthly NTA during the intervening months. Secondly, whilst an independent valuation of the portfolio is an important process, determining the unrealised gains and losses reported in half-yearly profit results, and the level of base management fees payable to Hastings Funds Management, it is not intended to convey either AIFL Directors’ or Hastings’ views of the market value of the portfolio. This will be impacted by a variety of factors, including the characteristics of the underlying assets, competitive environment and general market conditions, that may not be captured in the independent valuation process”.

AIX will therefore announce the independent valuation of the portfolio when half-yearly results and annual results are available. AIFL Directors consider this to be appropriate in today’s market.

The cessation of AIX’s ‘investment entity’ status also means that AIX will no longer be strictly required under the ASX Listing Rules to include certain specific information in its annual reports regarding such matters as numbers of transactions made during the relevant reporting period, lists of investments held and details of its management arrangements. AIX will continue to make appropriate disclosure of this information to the extent that Directors consider it relevant to investors.

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

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For further enquiries, please contact:

Peter McGregor Chief Operating 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

www.hfm.com.au

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