BBGI Global Infrastructure Regulatory News (BBGI)

30 August 2013

BILFINGER BERGER GLOBAL INFRASTRUCTURE SICAV S.A.

(the "Company"/"BBGI")

HiGHLIGHTS

For the six months ended 30 June 2013

§ A 2.01% increase in Net Asset Value on an investment basis ("Investment Basis NAV")* to £224.8 million as at 30 June 2013 (£220.3 million - 31 December 2012)

§ Investment Basis NAV per share of 105.5 pence as at 30 June 2013 (103.5 pence - 31 December 2012), which represents an increase of 2.01%

§ International Financial Reporting Standards (IFRS) NAV of £222.5 million (206.6 million - 31 December 2012)**

§ IFRS accounting profit attributable to Shareholders of £8.7 million for the period ended 30 June 2013 (£10.0 million, as restated - 30 June 2012)

§ Portfolio performance and cash receipts were in line with the business plan

§ 2012 final dividend of 2.75 pence per share paid on 31 May 2013

§ 2013 interim dividend of 2.75 pence per share declared today is in line with the target of 5.5 pence for 2013, payable on 4 October 2013

§ Shares continue to trade at a premium to Investment Basis NAV, and stood at a premium of 7.8% as at 30 June 2013

§ Total Shareholder return since listing in December 2011 to 30 June 2013 of 19.98%***

§ Commenced marketing on a new capital raise in H1 which successfully completed on 17 July 2013 raising gross proceeds of £85 million after scaling back investors following from excess demand

§ Agreed in principle during the reporting period to acquire Kelowna & Vernon Hospital and North East Stoney Trail, two Public Private Partnerships ("PPP")/Private Finance Initiative ("PFI") projects in Canada, from Bilfinger SE ("Bilfinger") for CAD$41.3 million; acquisition agreement was signed subsequently and announced on 12 August 2013

§ Entered into discussion with Bilfinger regarding the potential acquisition of additional projects with a potential value in excess of £200 million following the announcement on 28 May 2013 that Bilfinger is proposing to divest of its concession business

§ Agreement signed on 27 August 2013 to acquire four operational PPP/PFI projects in Germany, from Hochtief PPP Solutions GmbH for €13.2 million

* Refer to the Financial Results section for further detail on Investment Basis NAV

**A reconciliation of the balance sheet and income statement under the Investment Basis and under IFRS is shown in the Financial Results section

***Based on share price at 28 June 2013 and after adding back dividends paid since listing

COMPANY OVERVIEW

Bilfinger Berger Global Infrastructure SICAV S.A.

Bilfinger Berger Global Infrastructure SICAV S.A. ("BBGI", or the "Company" or, together with its 100% owned holding company, the "Group") is an investment company incorporated in Luxembourg in the form of a public limited company (société anonyme) with variable share capital (société d'investissement á capital variable, or "SICAV") and regulated by the CSSF under Part II of Luxembourg Law of 17 December 2010 on undertakings for collective investments with an indefinite life. The Company was admitted to the official list of the UK Listing Authority (premium listing, closed-ended investment fund) and to trading on the main market of the London Stock Exchange on 21 December 2011.

\* These are targets only and not profit forecasts, based on the issue price of its ordinary shares at the time of the IPO. There can be no assurance that these targets will be met.

CHAIRMAN'S STATEMENT

Dear Shareholder,

Your Company has enjoyed a successful half year both in managing the current portfolio of assets and in carrying out a great deal of preparatory work for the acquisition of new assets.

Firstly, the current asset portfolio has continued to perform in line with expectations. On an Investment Basis the Net Asset Value increased by 2.01% in the 6 months to the end of June. Cash receipts continue in line with expectations and support the further interim dividend payable in October 2013. Demand for the shares has been both strong and constant throughout the year, highlighted by the premium rating for the shares.

Your management team has been busy not only managing the current portfolio and continuing to explore further acquisitions but also preparing for further growth. Whilst not completed in the first half year, considerable work was carried out for the new capital raise which completed successfully on July 17th 2013 raising gross proceeds of £85 million. It was pleasing that the placing of new shares was significantly over-subscribed and this further evidences the demand for additional stock in the market for global infrastructure exposure with high quality management.

Post this placing, the team carried out assessments and due diligence on a number of potential acquisitions including Kelowna and Vernon Hospital and North East Stoney Trail whose acquisition was announced on 12 August 2013 and four operational assets whose acquisition from Hochtief was announced on 28 August 2013. It is pleasing that the management team are able to demonstrate their ability to source assets from both third parties and Bilfinger SE.

On your behalf, I would like to thank the management team for their considerable work in relation to these successes. The Company has however also entered into discussions with Bilfinger SE to acquire a number of additional projects with an estimated value in excess of £200 million. The second half year is therefore going to be both a busy and exciting time for the Company. There will be a further update on this as we progress through the second half of the year. Needless to say, the incorporation of these additional assets into the existing portfolio, if completed, should reinforce the Company's high quality portfolio of assets with excellent diversification benefits across geography, sector and asset type. In addition to that, investors will reap the benefits of greater scale, additional liquidity and the prospect of a higher yield.

With regret, Thomas Töpfer, the Bilfinger nominated director who has been a member of the Supervisory Board since the Company's formation, felt he should resign from the Board to avoid any potential conflicts of interest in the assessment of the Bilfinger SE assets. I should like to repeat my thanks to Thomas for his wise counsel during his time on the Supervisory Board.

I would also like to thank Colin and Howard, my colleagues on the Supervisory Board, whose conscientious advice has been of key benefit to the Company over the period.

David Richardson

Chairman

Bilfinger Berger Global Infrastructure SICAV S.A.

29 August 2013

BOARD MEMBERS

Management overview

The Company has a two-tier governance structure which comprises the Supervisory Board and the Management Board.

During the period, Mr. Thomas Töpfer resigned from the Supervisory Board, with effect from 21 May 2013.

Mr Michael Denny has been appointed as a member of the Management Board of the Company with effect from 30 April 2013. With effect from the same date, Mr Arne Speer retired as a member of the Management Board.

INVESTMENT PORTFOLIO

PORTFOLIO INTERESTS

* Entitled to 100% of the cash flow

As at 30 June 2013, BBGI's assets consisted of interests in 20 high quality, operational, availability-based, PPP/PFI infrastructure assets. The assets, in the transport, health, education, justice and emergency services sectors, are located in Europe, Canada and Australia. All of the projects are in operation.

The concessions granted to project entities in the portfolio are predominantly granted by a variety of public sector clients or entities which are government backed. All project entities in the portfolio are located in countries which are highly rated (Aa1/AAA for the UK and Aaa/AAA for Australia, Canada and Germany by Moody's and Standard & Poors.)

REPORT OF THE MANAGEMENT BOARD

BUSINESS REVIEW

We are pleased to report a successful six months for the Company in the period to 30 June 2013. The Company's portfolio of investments has performed well in the first six months of the year with cash flows in line with expectation. The Company will deliver a 2.75 pence per share dividend which is in line with its annual target of 5.5 pence per share. The dividend will be paid in October entirely from project level cash flows.

Investment Performance

The Company's share price has performed well and has maintained a premium to net asset value per share on an investment basis over the period. We continue to believe that a key benefit of the portfolio is the high quality cash flows that are derived from long-term government and government backed contracts. As a result, the portfolio performance is largely uncorrelated to the many wider economic factors which are causing market volatility in other sectors.

The share price closed on 28 June 2013 at £1.1375, which represents a total shareholder return of 7.45% in the first half of 2013. The shares traded at a premium to net asset value throughout the six month period in a range from £1.0675 to £1.1825. The net asset value per share on an investment basis at 30 June 2013 was 105.53 pence. Total Shareholder return since listing on 21 December 2011 to 28 June 2013 was 19.98% which compares favourably to the Company's total return target. The FTSE All Share Index return since 21 December 2011 was 26.51%.

Increase in Capital

The Company announced in June 2013 its intention to complete a capital raise at a target size of £70 million and subsequently published a prospectus setting out details of a placing, open offer and offer for subscription on 26 June 2013.

On 12 July 2013 the Company announced the successful completion of the capital raise. Ultimately the issue was oversubscribed and the issue increased from the target size of £70 million to £85 million before costs.

The Company maintained a disciplined approach to capital raising. Despite the significant demand, the Company limited the size of the fundraising only to fund near term pipeline opportunities, to repay the debt utilised to complete acquisitions, to cover working capital requirements and to finance the acquisition of further near term third party opportunities.

Pipeline Agreement

The Company entered into a Pipeline Agreement with Bilfinger Project Investments GmbH ("BPI") on 6 December 2011. Pursuant to the terms of this agreement, BPI undertakes that, after the date of the agreement and before 31 December 2016, it will notify the Company of any proposal to sell its interest in a PFI/PPP infrastructure asset or similar asset; the Company then has right of first offer and last look.

Acquisitions

On 12 August 2013 the Company announced that it had entered into an acquisition agreement to acquire two Canadian projects from BPI, a social infrastructure and a road project, which have been presented by BPI under the Pipeline Agreement.

The Kelowna & Vernon Hospitals project is a long term PPP concession contract to operate and maintain a new Patient Care Tower, a new University of British Columbia Okanagan Clinical Academic Campus and car park at Kelowna General Hospital and a new Patient Care Tower at Vernon Jubilee Hospital. These facilities are in the cities of Kelowna and Vernon in the interior of British Columbia, Canada. The project is availability-based with no volume risk.

North East Stoney Trail is a long term PPP concession contract to operate and maintain a 21km section of new highway, forming part of a larger ring road developed in Calgary, Alberta, Canada. The project is an availability-based road project with no traffic volume risk.

The total consideration payable by BBGI is CAD 41.3 million or approximately £25.9 million. The acquisition will be funded from the Company`s existing cash and debt resources. The acquisition is conditional on third party consents and is expected to be completed shortly after the consents are obtained, which is anticipated to take place in Q3 2013.

On 28 August 2013 the Company announced that it had signed an agreement to acquire a 50% equity and loan note interest in four operational PPP Projects in Germany from Hochtief PPP Solutions GmbH which currently holds 100% of the interest. The projects are:

· Frankfurt Schools project is a 22 year concession to design, build/refurbish and maintain four schools in the City of Frankfurt am Main with the concession expiring in July 2029.

· Cologne Schools project is a 25 year concession to design, build and maintain seven schools at five locations in the City of Cologne with the concession expiring in December 2029.

· Cologne-Rodenkirchen Comprehensive School consists of a comprehensive school serving 1,200 students. The project is a 25 year concession which expires in November 2034.

· Fürst Wrede Military Base Munich consists of various accommodation, office and training buildings, vehicle depots and gymnasiums in the Munich region. The project is a 20 year concession which expires in March 2028.

All of the projects are availability-based with no volume risk.

The total consideration payable by BBGI is €13.2 million or approximately £11.4 million which is in line with the current valuations in the portfolio. The acquisition will be funded from the Company`s existing cash and debt resources. The acquisition is conditional on, inter alia, third party consents and is expected to be the completed by year end.

These projects are all operational and are supported by contracted, public sector-backed revenue streams, with inflation-protection characteristics.

Pipeline update

In May 2013 Bilfinger announced that it intended to divest its concession business unit which currently comprises PPP/PFI projects in Australia, North America and Europe. Under the terms of the Pipeline Agreement entered into between the Company and Bilfinger at the time of the IPO, the Company has the right of first offer and last look for all PPP/PFI projects developed by Bilfinger. The Company is currently actively engaged with Bilfinger with respect to this opportunity. The Bilfinger assets that have been identified by the Management Board as attractive to the Company are in respect of the 11 projects that are listed below:

Australia

Southern Way (PenLink)

Northern Territories Secure Facilities

Canada

Golden Ears Bridge (remaining interest)

Women's College Hospital

USA

Ohio River Bridges

Norway

E 18 Roadway

UK

DBFO-1 Road Service (M1 Westlink)

Lagan College

Tor Bank School

Avon & Somerset Police HQ

Mersey Care Mental Health Hospital

The 11 projects include five within the roads sector, two in the health sector, two in the justice sector and two in the education sector and are expected to have an estimated investment value in excess of £200 million.

The Management Board of the Company believe that the acquisition of these PPP/PFI projects within the concession business unit would be consistent with the Company's investment policy and would essentially be an acceleration of the acquisition of the assets contemplated under the Pipeline Agreement. Such an acquisition would result in an increase in the asset base and would likely result in both a decrease in the on-going charges ratio and greater project diversification. This anticipated transaction is seen as a very positive step for BBGI.

If the Company is successful in acquiring these assets, it anticipates raising suitable equity capital to finance any such acquisition and/or financing it under the Company's debt facility.

In addition, the Company has been actively monitoring the secondary market for potential acquisitions of projects which meet the investment criteria of the Company and is in discussions to acquire other projects.

Hedging

The Management Board continues to implement its policy of hedging forward a significant portion of its anticipated foreign currency cash flows. In June 2012 the Company hedged future AUD and CAD cash flows over a four year timeline. The Company is currently seeking to enter into additional hedge contracts to maintain the four year hedging programme. It is intended to complete this process in Q3 2013. The Company seeks to provide protection to the level of GBP dividends that the Company aims to pay on the ordinary shares, and in order to reduce the risk of currency fluctuations and the volatility of returns that may result from such currency exposure. The Company does not currently hedge the future Euro cash flows as it is envisaged that these cash flows will be used to cover the fund's running costs which are largely Euro denominated. Management are currently reviewing this position following the announced acquisition on 28 August of the four PPP/PFI projects in Germany.

Financing

As at 30 June 2013 the Company had net cash and short term deposits of £1.8 million. In addition, the Company has a £35 million revolving credit facility and letter of credit option with three lenders (The Royal Bank of Scotland plc, National Australia Bank Limited and KfW IPEX-Bank GmbH) to finance acquisitions, to provide letters of credit for outstanding equity obligations or for working capital purposes. The aggregate amount drawn under the credit facility to provide letters of credit or for working capital purposes shall not exceed £5 million. As at 30 June 2013 the balance drawn under the facility was £12.9 million. On 24 July 2013 the Company used part of the capital raise proceeds to repay £11.5 million of the £12.9 million drawn under the credit facility.

Additionally, following shareholder approval at the April 2013 AGM, the Company is able to issue up to 10% of its issued share capital via tap issues in order to finance further acquisitions. The Company does not use structural gearing.

Apart from the Royal Women's Hospital, the individual PFI/PPP projects in the portfolio all have long term amortising debt in place which does not need to be refinanced. The Royal Women's Hospital has one tranche of debt (approx. 4% of the total long term debt of the project entities), which needs to be refinanced between 2017 and 2021.

Dividends

On 31 May 2013, the Company paid a final dividend for the year ended 31 December 2012 of 2.75 pence per share, giving a total distribution per share of 5.5 pence for the year.

The Board is pleased to confirm its intention to pay an interim dividend of 2.75 pence per share which is scheduled for payment on 4 October 2013.

This interim dividend is consistent with the Company's target dividend payment of at least 5.5% p.a. by reference to the Issue Price as set out in the Company's Prospectus dated 6 December 2011.

Market Developments

As a global investor in PPP projects, BBGI benefits from diversification and is not overly exposed to the activity in any one PPP market.

The Company continues to look for further acquisitions in the UK and Northern Europe, North America and Australia/New Zealand which meet its investment criteria and its stated return objectives

Globally the secondary market for social and transportation infrastructure investments remains active with a reasonably steady flow of assets available for sale, consisting of individual assets and portfolios. The supply of secondary investment opportunities typically comes from construction contractors, banks, infrastructure investment companies and other funds.

While the supply of investment opportunities has remained reasonably stable, the number of prospective purchasers has increased resulting in upward pressure on pricing. Increasingly, investor attention has turned to the social infrastructure space, and particularly to operational PPPs. For investors chasing conservative inflation-linked returns, operational PPPs, which do not involve construction risk, are seen as an attractive asset class. Furthermore, in the secondary market, investors do not have to pay or devote resources to lengthy government tenders, where there is typically a one in three or one in four chance of success.

European Union

Although procurement of new infrastructure projects in the first half of 2013 in Europe and the UK has slowed from recent years, the current pipeline of secondary infrastructure opportunities remains reasonable and the Company is evaluating a number of investments opportunities.

United Kingdom

In December 2012, the UK Government announced its renewed approach to PPPs, known as "Private Finance 2" or "PF2". As expected, existing PFI contracts with Government agencies were left largely unchanged with no effect on the Company's portfolio.

The Government announced in December that it will be able to invest in a share of the equity in future PF2 projects - its preferred model of public private partnership. As a shareholder, the public sector will have a seat on the board of PF2 project companies and will have a stronger voice on the decisions concerning the management of those companies, marking an important step towards more transparent, better value partnerships.

It is envisaged that the PF2 projects will have less leverage - probably a debt/equity ratio of 75/25 per cent. compared to around 90/10 per cent. at present. It is also intended to introduce a funding competition for a portion of the private sector equity, to enable long-term equity providers to invest in projects before financial close. This may create additional attractive opportunities for the Company in the future.

With the announcement of the new PF2 procurement framework, the UK Government increased the size of the National Infrastructure Plan to £310 billion consisting of over 550 projects. While it will take time for these new projects to develop, it suggests there will be a continued role for the private sector to continue to invest capital in the infrastructure sector.

The first scheme to implement the reforms will be the privately financed element of the Priority Schools Building Programme ("PSBP"). 46 schools in five batches will be rebuilt using PF2, with a total funding requirement of approximately £700 million. Procurement for the first batch of schools was launched by the Education Funding Authority in June 2013 and the remaining batches will follow over the next 12 months.

Overall, the Management Board believes that the proposed reforms are largely positive for the sector and the Company, and demonstrate the importance of the UK Government's further encouragement of private sector investment in infrastructure.

Canada and the USA

Canada still has a large infrastructure gap according to analysts and there is little indication that the level of PPP opportunity currently on offer is likely to tail off, with most sectors currently active (currently 30 projects at the pre-launch stage or in procurement across all sectors).

Unsurprisingly, Canada was rated the top country globally for PPP activity for both the past and the next 12 months, according to a recent Deloitte report.

The Canadian secondary market is expected to be active in 2013 and 2014 as a number of projects developed over the last couple of years come into operation. During the period 2009-2011, 39 PPP deals reached financial close culminating in a combined capital investment of approximately CAD 21.7 billion.

Observers note that jurisdictions across the USA are increasingly looking to the PPP model due to shortfalls in state and municipal budgets for public works and the declining performance of transportation networks. Currently, 33 States have enacted PPP enabling legislation in the transportation sector alone.

In those States that have not enacted PPP-enabling legislation, some have broad municipal authority to procure PPPs on their own. It is believed that over 20 major PPP projects with an aggregate project cost of more than US$30 billion are currently in procurement.

A transaction of note is the Ohio River Bridges transaction which reached financial close in April 2013 and is being developed by a consortium which included Bilfinger whose equity investment in the availability-based concession is subject to the Pipeline Agreement between BBGI and Bilfinger and therefore represents a potential future investment opportunity for the Company.

Australia & New Zealand

The project pipeline in Australia remains strong with in excess of AUD$11 billion of projects that are ready to proceed and meet Infrastructure Australia's project criteria. Prisons, healthcare and transport infrastructure projects remain a focus. The Australian secondary market has also become more active recently with operational PPP assets being offered for sale.

The New Zealand Government has outlined a plan for infrastructure development over a 20 year timeframe. The plan outlines a program of spending worth approximately NZ$17 billion and sets out that for all new capital projects greater than NZ$25 million an alternative procurement method such as PPP must be considered. Of the NZ$17 billion expenditure, NZ$7.6 billion will be spent on social assets such as schools, hospitals, housing and prisons, NZ$6.5 billion on roads and approximately NZ$1.5 billion each on fast broadband and rail services. A further National Infrastructure Plan is due for release in 2014.

New Zealand is now an early stage PPP market and in 2012 the first two projects reached financial close: a schools project and a custodial prison project. The outlook for New Zealand remains positive with a number of PPP projects across different sectors including health, emergency telecommunications and roads either underway or expected to come to market in the near term.

Market Opportunities

BBGI's investment policy is to invest in infrastructure projects that have predominantly been developed under the PFI/PPP or similar procurement models. BBGI makes investments mainly at the operational phase but also looks at construction stage assets.

The Management Board expects the market for secondary infrastructure assets will remain active and the upward pressure on pricing is expected to continue, most notably in auction processes. This trend has implications for the Company.

If this observed trend continues, this could lead to reductions in the sector's assumed discount rate and hence higher valuations which will positively impact the Company's valuation of the portfolio going forward.

BBGI will continue to pursue a disciplined growth strategy and will not pursue growth simply for growth's sake. As an internally managed fund, there is no incentive to grow the portfolio simply to increase assets under management. BBGI intends to make accretive acquisitions which will diversify the portfolio, contribute to an increase in the dividend per share over the long term and help reduce the Company's on-going charges percentage. This discipline also means staying focused on our key geographies of Australia, North America and Northern Europe where the sovereign governments enjoy high credit ratings and have a well-established history with PPP availability infrastructure.

While BBGI will continue to selectively participate in auction processes, the Company will focus most of its energies and attention on opportunities where it has the ability to acquire assets using some form of strategic advantage. These strategic advantages could include the Pipeline Agreement with Bilfinger, pre-emption rights, operational synergies, or the Company's reputation for transacting quickly and reputably. In this regard our immediate primary focus in the near term will be to move forward with the pipeline opportunity to acquire 11 highly attractive assets from Bilfinger in Australia, Canada, USA, Norway and the UK.

As our portfolio grows we may look to add construction exposure when appropriate. As members of our team have experience managing PPP assets through the construction phase, we believe some exposure (less than 25%) can be attractive. We will make sure the dividend target is not compromised, but see this as an opportunity to increase the NAV over time.

The strong interest in PPP assets has meant that there is strong demand from investors for BBGI shares as demonstrated by the Company's recent capital raise being substantially oversubscribed.

Overall, the Management Board is optimistic about the outlook for the Company. As noted above, in August the Company signed an acquisition agreement with Hochtief to acquire a 50% equity and loan note interest in four operational PPP Projects in Germany. In addition to this the Company has also signed in August an acquisition agreement with Bilfinger for the acquisition of two high quality, operation PPP assets in Canada. As per the terms of the Pipeline Agreement with Bilfinger we are actively engaged in discussions for the acquisition of the further 11 PPP pipeline assets noted above, and we are in advanced discussion with third parties regarding the potential acquisition of other PPP assets.

VALUATION

The Management Board is responsible for carrying out the fair market valuation of the Company's investments, which it then presents to the Supervisory Board. The valuation is carried out on a six monthly basis as at 30 June and 31 December each year. An independent third party has reviewed the valuation as at 30 June 2013.

The valuation is determined using discounted cash flow methodology. The cash flows forecasted to be received by the Company or its subsidiaries, generated by each of the underlying assets, and adjusted as appropriate to reflect the risk and opportunities, have been discounted using project specific discount rates. The valuation methodology is the same one used for the valuation of the portfolio of the Company at 31 December 2012.

The Company uses the following macroeconomic assumptions for the cash flows:

Deposit rate sensitivity

The project cash flows are correlated with the deposit rates. The table below demonstrates the effect of a change in deposit rates compared to the macroeconomic assumptions above.

1 Sensitivity in comparison to the assumptions as set out in the macroeconomic assumptions above

The Management Board and the Supervisory Board have approved the net asset value calculation on an Investment Basis as at 30 June 2013. During the period, the reported net asset value increased by £4.4 million or 2.01%.

FINANCIAL RESULTS

At 30 June 2013, the Group had 11 projects, out of a total of 20 projects, which it was deemed to control by virtue of having the ability to govern, directly or indirectly, the financial and operating policies of the project entities. Under IFRS, the results of these project entities (subsidiaries) are required to be consolidated in the Group's consolidated financial statements on a line-by-line basis. However, these project entities form part of a portfolio of similar investments which are held for investment purposes and managed as a whole and there is no distinction made between those investments classified as subsidiaries and those which are not. In order to provide shareholders with further information regarding the Group's Investment Basis NAV, coupled with greater transparency in the Company's capacity for investment and ability to make distributions, the results have been restated in a pro forma balance sheet and income statement. The pro forma tables show all investments accounted for on an investment basis ("Investment Basis"), which is reconciled to the consolidated IFRS basis ("Consolidated IFRS Basis").

Cash received from the portfolio of investments during the reporting period was predominantly made up of dividends and interest receipts from debt servicing, which amounted to £9.0 million. After deducting cash outflow for Group level corporate costs the net cash receipts for the period were £6.4 million.

The tables below summarise the cash received by the holding companies from the investments net of the cash outflows for the Group level corporate costs.

1 This amount is predominantly made up of interest receipts on debt servicing

2 The total cash receipts for the six months to 30 June 2012 included the cash generated on the acquired seed portfolio from 1 October 2011, and as such was not typical of a normal a six month period. Cash generated per share for the six months to 30 June 2013 has returned to normal levels

3 This amount reflects the net cash outflow for the period ending and excludes those accrued expenses on the balance sheet at the period end

1 The Fund is internally managed with no fees payable to external managers

1 The calculation of the average undiluted net asset value at 30 June 2013 does not include the £85 million capital raise that completed in July

2013. This capital raise will have a positive effect on the on-going charges percentage as it will increase the average undiluted net asset value of the Company. Management forecast the on-going charge percentage to be approx. 1.19% by June 2014.

2 The on-going charges (%) was calculated using the AIC methodology and excludes all non-recurring costs i.e. costs of acquisition/disposal of

investments, financing charges and gains/losses arising on investments. The on-going charges include an accrual for payments to certain members of the management team under the Short Term Incentive Plan ("STIP") and the Long Term Incentive Plan ("LTIP").

The Investment Basis NAV includes the investments at fair value of £223.6 million. The fair value of these investments is based on the discounted value of their expected future cash flows. For further details refer to the Valuation section in the report of the Management Board.

The analysis below compares the Investment Basis NAV and the net asset value on a Consolidated IFRS basis:

Unaudited pro forma balance sheet reconciliation

1. The Investment Basis accounts for all investments in the project entities at fair value and as a one-line item, irrespective of whether the project entities are controlled or not. The consolidated IFRS basis includes only those project entities where the Group does not exercise control. For the project entities where the Group exercises control, the individual assets and liabilities are presented separately, line by line.

2. These represent the receivables from service concession agreements at the level of the project entities where the Group exercises control and as such the amounts are fully consolidated.

3. The net cash/ (borrowings) under the Investment Basis reflects the cash and borrowings at the Group level, whereas the consolidated IFRS amount includes all cash and borrowings both at the Group and controlled project entity level.

4. The Investment Basis records investments in project entities based on the cash flows attributable to the Fund, whereas the consolidated IFRS basis reflects 100% of the assets and liabilities of project entities where control exists. The "non-controlling interests" represents the portion of the net assets to which the Group is not entitled.

5. Under the Investment Basis, the total return realised during the reporting period amounted to £10 million (pre-dividend) as compared with a total comprehensive income amounting to £21.8 million under the Consolidated IFRS basis. The difference between the two amounts is largely due to the comprehensive income on the fair valuation of the interest rate swaps and the deferred tax expenses, both of which were recorded on a Consolidated IFRS basis but are not taken into consideration in computing the Investment Basis return.

The analysis below compares the return under the Investment Basis and the net profit under Consolidated IFRS basis:

1The figure under the Investment Basis includes total corporate costs of £2.6 million in the reporting period. Finance income for the same

period was insignificant.

2Under IFRS the net finance income includes interest income on the service concession receivables and interest expense on external

loans granted to the project entities.

3See Note 1 of the Condensed Consolidated Interim Financial Statements

Risks and Uncertainties

The principal risks and uncertainties facing the Company are set out in the Prospectus dated 26 June 2013. The Board believes the principal risks and uncertainties have not changed since the publication of the Prospectus. These are expected to remain relevant to the Company for the next six months of its financial year and include credit risk, country risk, inflation risk, foreign exchange risk and counterparty risk.

The Board believes that these do not represent a significant threat to the Company as its income is generated from a portfolio of PFI/PPP concessions which are supported by highly rated government backed cashflows with inflation correlation. Furthermore the Company has entered into a hedging program to reduce foreign exchange risk.

MANAGEMENT BOARD RESPONSIBILITIES STATEMENT

The Management Board of the Company is responsible for preparing this half-yearly financial report in accordance with applicable law and regulations. The Management Board confirms that to the best of their knowledge:

· The condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union; and

· The Chairman's Statement and the Report of the Management Board meets the requirements of an interim management report and includes a fair review of the information required by

o DTR 4.2.7R (indication of important events during the first six months and description of the principal risks and uncertainties for the remaining six months of the year); and

o DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

Luxembourg, 29 August 2013

Duncan Ball, Co-CEO Frank Schramm, Co-CEO Michael Denny, Director

Report of the Réviseur d'Entreprises agrééon the review of condensed consolidated interim financial information

We have reviewed the accompanying condensed consolidated interim statement of financial position of Bilfinger Berger Global Infrastructure SICAV S.A. ("the Company") as at 30 June 2013, the condensed consolidated interim income statement, condensed consolidated interim statement of comprehensive income, condensed consolidated interim statement of changes in equity and condensed consolidated interim statement cash flows for the six month period then ended, and notes to the condensed consolidated interim financial statements ("the condensed consolidated interim financial information"). Management is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, "Interim Financial Reporting" as adopted by the EU. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" as adopted, for Luxembourg, by the Institut des Réviseurs d'Entreprises. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information as at 30 June 2013 is not prepared, in all material respects, in accordance with IAS 34, "Interim Financial Reporting" as adopted by the EU.

Luxembourg, 29 August 2013 KPMG Luxembourg S.à r.l. Cabinet de révision agréé

Frauke Oddone

*As restated - see Note 1

The accompanying notes form an integral part of the condensed consolidated interim financial statements.

* As restated - see Note 1

The accompanying notes form an integral part of the condensed consolidated interim financial statements.

The accompanying notes form an integral part of the condensed consolidated interim financial statements.

*As restated - See Note 1

The accompanying notes form an integral part of the condensed consolidated interim financial statements

*As restated - See Note 1

The accompanying notes form an integral part of the condensed consolidated interim financial statements

1. Reporting entity

Bilfinger Berger Global Infrastructure SICAV S.A. (the 'Company' or the 'Group' if referred to together with its subsidiaries) is an investment company domiciled in Luxembourg that was incorporated on 3 October 2011 under the law of 17 December 2010 concerning undertakings for collective investment. The address of the Company's registered office is the Aerogolf Centre, Heienhaff 1A, 1736 Senningerberg, Luxembourg. The Company is admitted to the official list of the UK Listing Authority (premium listing, investment company) and to trading on the main market of the London Stock Exchange.

The Company is a closed-ended investment company that seeks to invest in a diversified portfolio of operational (or near operational) Private Finance Initiative (PFI) / Public Private Partnership (PPP) infrastructure assets or similar assets.

The Group had 9 employees as of 30 June 2013 (8 as of 30 June 2012).

Reporting period

The Company's reporting period runs from 1 January to 31 December, every year. The condensed consolidated interim statement of financial position includes comparative figures as at 31 December 2012. The condensed consolidated interim income statement, statement of comprehensive income, statement of changes in equity, and statement of cash flows include comparative figures for the six-month period ended 30 June 2012.

The amounts presented as non-current in the condensed consolidated interim statement of financial position are those which are expected to be settled after more than one year. The amounts presented as current are those which are expected to be settled within one year.

 "Measurement period" restatement

As disclosed in the condensed consolidated interim financial statements for the six months ended 30 June 2012, the amounts and items recognized due to the acquisition of the subsidiaries was subsequently assessed for any additional components of assets and liabilities that would need to be considered before recognizing any amounts of goodwill and/or negative goodwill. In accordance with IFRS 3 such an assessment should be concluded within one year from the date of the acquisition of the subsidiaries ("measurement period").

 The result of further assessment during the measurement period, and after 30 June 2012, resulted in a recognition of:

a) income from negative goodwill amounting to £6,465,000 - adjustment to purchase price allocation under IFRS 3

b) recognition of deferred tax expense of £1,799,000 and

c) additional other comprehensive loss recognized for the effective portion of cash flow hedges amounting to £5,054,000 and the related deferred tax benefit of £ 1,516,000 - adjustment to purchase price allocation under IFRS 3

The above resulted in a net increase in the profit from continuing operations during 30 June 2012 of £4,666,000, an increase in the other comprehensive loss of £3,538,000 and an increase in the total equity attributable to the owners of the Company of £1,128,000.

2. Basis of preparation

Statement of compliance

The condensed consolidated interim financial statements of the Company have been prepared in accordance with IAS 34 Interim Financial Reporting in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) and do not include all information required for full annual financial statements.

The annual consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) and the provisions of the Standard of Recommended Practices issued by the Association of Investment Companies (AIC SORP).

The accounting policies, measurement and valuation principles applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its annual consolidated financial statements as at and for the year ended 31 December 2012, except for the adoption of new accounting policies during the period.

The Group has adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with a date of initial application of 1 January 2013:

· IFRS 10 Consolidated Financial Statements (2011)

· IFRS 11 Joint Arrangements

· IFRS 13 Fair Value Measurements (see (a))

· Presentation of Items of Other Comprehensive Income (Amendments to IAS 1) (see (b))

· Annual improvements to IFRS 2009 - 2011

The adoption of the abovementioned standards did not have any significant impact on the condensed consolidated interim financial statements of the Group except for the following:

a) Fair value measurement

IFRS 13 establishes a single framework for measuring fair value and making disclosures about fair value measurements, when such measurements are required or permitted by other IFRSs. In particular, it unifies the definition of fair value as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date. It also requires and expands the disclosure requirements about fair value measurements in other IFRSs, including IFRS 7 Financial Instruments: Disclosures. Some of these disclosures are specifically required in interim financial statements for financial instruments; accordingly the Group has included additional disclosures in this regard (see Note 15).

In accordance with the transitional provisions of IFRS 13, the Group has applied the new fair value measurement guidance prospectively, and has not provided any comparative information for new disclosures. Notwithstanding the above, the change had no significant impact on the measurements of the Group's assets and liabilities.

b) Presentation of items of other comprehensive income

As a result of amendments to IAS 1, the Group has modified the presentation of items of other comprehensive income in its condensed consolidated interim income statement and comprehensive income, to present separately items that would be reclassified to profit or loss in the future from those that would never be. Comparative information has also been re-presented accordingly. The adoption of the amendment to IAS 1 has no impact on the recognised assets, liabilities and comprehensive income of the Group.

Supplementary information has been provided analysing the income statement between those items of a revenue nature and those of a capital nature, in order to reflect better the Group's investment activities.

Those items of income and expenditure which relate to normal operations of entities considered as subsidiaries are shown as "revenue". Those items of income and expenditure which arise from (1) changes in the fair value of investments at fair value through profit or loss and the resulting deferred tax assets and liabilities from such and (2) negative goodwill recognized from acquisition of subsidiaries are recognized as "capital".

These condensed consolidated interim financial statements were approved by the Management Board and Supervisory Board on 29 August 2013.

Basis of measurement

These condensed consolidated interim financial statements have been prepared on historical cost basis, except for derivative financial instruments and investments at fair value through profit or loss which are reflected at fair value.

Functional and presentation currency

These condensed consolidated interim financial statements are presented in Pounds Sterling, which is the Company's functional currency.

Going concern basis of accounting

The Management Board has examined significant areas of possible financial risk including cash and cash requirements. They have not identified any material uncertainties which would cast significant doubt on the Company's ability to continue as a going concern for a period of not less than 12 months from the date of approval of the condensed consolidated interim financial statements. The Management Board has satisfied itself that the Company has adequate resources to continue in operational existence for the foreseeable future. After due consideration, the Management Board believes it is appropriate to adopt the going concern basis in preparing the condensed consolidated interim financial statements.

3. Segment reporting

IFRS 8 - Operating segments adopts a 'through the eyes of the management' approach to an entity's reporting of information relating to its operating segments and also requires an entity to report financial and descriptive information about its reportable segments.

Based on a review of information provided to the Management Board, the Group has identified four (4) reportable segments based on the geographical risk. The main factor used to identify the Group's reportable segments is the geographical location of the projects. The Management Board has concluded that the Group's reportable segments are (1) Europe (including UK), (2) Australia, (3) Canada, and (4) Holding activities. These reportable segments are the basis on which the Group reports information to its Management Board.

Segment information for the year ended 30 June 2013 is presented below:

Segment information as of 30 June 2013 is presented below:

Segment information for the period ended 30 June 2012 (as restated - see Note 1) is presented below:

Segment information as of 31 December 2012 is presented below:

The Holding activities of the Group include the activities of the Group which are not specifically related to a certain project. The total current assets classified under Holding Activities mainly represent cash and cash equivalents.

Transactions between reportable segments are conducted at arm's length and are accounted in a similar way to the basis of accounting used for third parties. The accounting method used for the amounts presented for the segments are similar and comparable with that of the Company and the other segments.

Information about major customers

Currently, the Group's clients are government; government owned and controlled corporations, and agencies. Such clients represent 100% of the Group's revenues. For the six months ended 30 June 2013, more than 10% of the revenues of the Group are derived from each of the grantors of the Victoria Prisons Project, Royal Women's Hospital Project and Burg Project.

4. Revenue

The Group's operations are not subject to seasonal fluctuations.

5. Administration expenses

The Group has engaged the services of certain entities to provide, legal, custodian, audit, tax and other services to the Group. The expenses incurred in relation to such services are treated as administration expenses.

6. Finance income

7. Finance cost

8. Intangible assets and goodwill

The movement in the goodwill during the six month period ended 30 June 2013 represents the impact of foreign currency exchange rate changes.

The Group did not recognize any impairment for the goodwill for the six months ended 30 June 2013.

For the purpose of impairment testing, goodwill is allocated to the Group's geographical segments and further broken down into each project (SPC). Each project is considered as a cash generating unit (CGU) for the Group.

A key assumption in the calculation of the fair value of the projects is the discount rate. The discount rates used for the individual assets range between 8.05% and 9.0% which, on a weighted average basis, is approximately 8.40%. The discount rate used for individual project entities is based on the Management Board's knowledge of the market, discussions with advisors and publicly available information on relevant transactions.

9. Investment at fair value through profit or loss

The movements of investments at fair value through profit or loss are as follows:

There were no acquisitions or disposals of investments at fair value through profit or loss during the six months ended 30 June 2013.

10. Receivables from service concession agreements

Receivables from service concession agreements represent all services provided in connection with the construction of PFI/PPP projects for which fixed payments ("Unitary Payments") have been agreed, irrespective of the extent of use. The receivables are measured at amortised cost using the effective interest rate method. The decrease in the total amount of receivables from service concession agreements of £25,886,000 is mainly due to the conversion of foreign currency denominated receivables to Pounds Sterling and the amount collected from projects during the period. The Unitary Payments received by the project companies are applied to the outstanding receivables after settlement of effective interest income and the operating revenues recognized for the six months ended 30 June 2013.

11. Taxes

The Company is exempt from paying income and/or capital gains taxes in Luxembourg. It is however liable to an annual subscription tax of 0.05% of its total net assets.

The income tax for the six month period ended 30 June 2013 includes a current tax benefit of £263,000 and a deferred tax charge of £1,395,000.

Also deferred tax expense recognized directly in equity due to movement in the fair value of derivative financial instruments treated as cash flow hedges amounted to £5,161,000.

12. Capital and reserves

The Company's ordinary shares issued and outstanding are as follows

Share capital

The share capital of the Company as of 30 June 2013 is composed of the following:

Translation reserves

The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.

Hedging reserves

The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedges related to hedged transactions that have not yet affected profit or loss.

Dividends

The following dividends were declared and paid by the Company during the six month period ended 30 June 2013:

13. Earnings per share

The basic and diluted earnings per share at 30 June 2013 are calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding.