FUTURE GENERATION AUSTRALIA LIMITED — Regulatory Filings 2012

May 1, 2012

Total pages: 1

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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)

2 May 2012

AIX strategy update

Further to our announcement of 21 February 2012, the Boards of Australian Infrastructure Fund Limited and Hastings Funds Management Limited as responsible entity of the Australian Infrastructure Fund Trust (Boards) continue to consider the future strategy of AIX.

The work of the Boards to date has clarified several of the issues associated with the possible role of management internalisation in a range of potential future strategies for AIX.

Discussions are continuing and the Boards will further update securityholders as soon as it is appropriate to do so. There remains no assurance that these discussions will result in any transaction involving AIX or its management.

For further enquiries, please contact:

Paul Espie Alan Cameron Chairman AIFL Chairman HFML 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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Jane Frawley

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.