Australian Infrastructure Fund Ltd. : Ceasing to be a substantial holder

Form 605

Corporations Law

Section 671B

Notice of ceasing to be a substantial holder

Te: Cempany Name/Scheme Australian lnfrastructure Fund

ACN/ARSN _:0:..::8-=-9-=8-=-89::.:_:76::..:1'------------------------

1. Details of substantial holder (1)

Name Bank of America Corperation and its related bodies corporale

ACN/ARSN (if applicable):

The holder ceased te be a substantial sharehelder en

The previeus netice was given te the company on

The previeus netice was dated

7 January 2013

8 January 2013

3 January 2013

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required lo give a substantial holding notice lo the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of Change (4)	Consideration given in relation !o change (5)	Class (6) and Numberof securities affected	Person's votes affected
4-Jan-13	Merrill Lynch (Australia) Futures Ltd	Buy	3,123,100	Ordinary 1,000,000	1,000,000
4-Jan-13	Merrill Lynch (Australia) Futures Ltd	Buy	25,905	Ordinary 8,303	8,303
7-Jan-13	Merrill Lynch (Australia) Futures Ltd	Seli	37,440,000	Ordinary (12,000,000)	(12,000,000)
4-Jan-13	Merrill Lynch lnternational	Securities returned	N/A	Ordinary (85,685)	(85,685)
7-Jan-13	Merrill Lynch lnternational	Securities borrowed	N/A	Ordinary 804,532	804,532

3. Changes in association

The persons who have become associates (3) of, ceased lo be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:
Name and ACN/ARSN (if applicable) Nature of association

N/A N/A

4. Addresses

The addresses of persons named in this form are as folows:

Name	Addresses
Bank of America Corporation	100 North Tryon Street, Charlotte, North Carolina, 28255, USA
Merri1 Lynch (Australia) Futures Ltd	Level 38, Governar Phillip Tower, 1 Farrer Piace, Sydney NSW 2000, Australia
Merrill Lynch lnternational	2 King Edward Street, London EC1A 1HQ, United Kingdom
Merrill Lynch (Australia) Nominees Pty Lld	Level 19, 120 Collins SI, Melbourne Vie 3000, Australia

SIGNATURE

Print Name: Roland Chan Capacity: Authorised signatory

Sign Here: Date: 9 January 2013

Appendix: Prescribed information

Type of agreement	Prime Brokerage Agreementl Global Master Secur ies Lending Agreement
Parties to agreement	Merrill Lynch lntemational and Virtu Financial Asia Pty Ltd	Merrill Lynch lntemational, Merrill Lynch lntemational (Australia) Limited and Susquehanna Pacific Pty Limiled
Transfer date	For lhe period from 4 January 2013 lo 7 January 2013.
Holder of voting rights	Securities borrower. Securilies lender may instruclthe registered holder lo vele on securities.
Are there any restrictions on voting rights?	No
Ilyes, delail	N/A
Scheduled retum date (if any)	On recall olhe securilies loan by lhe secur ies lender.
Does the borrower have the right to retum early?	Yes
Ilyes, delail	Secur ies borrower wili have righilo relurn assels alany lime.
Does the lender have the right to recali early?	Yes
Ilyes, detail	Secur ies lender will have righilo recall assels alany lime.
Will the securities be retumed on settlement?	Yes
Ilyes, delail any exceplions	N/A