HICL Infrastructure Regulatory News (HICL)

18 March 2014

HICL Infrastructure Company Limited

Changes in management fees

HICL Infrastructure Company Limited ("HICL", the "Company", and together with its subsidiaries the "Group"), the listed infrastructure investment company, is pleased to announce a further reduction and simplification of its management fee structure with effect from 1 April 2014.

As a result of proposals submitted to the Board of HICL by the Company's Investment Adviser, InfraRed Capital Partners Limited ("InfraRed"), the Directors have agreed to implement the following amendments to the contracts between the Group and InfraRed:

· Removal of the differentiated and higher annual management fee for assets in construction (currently 1.5% p.a.), so that the fee payable to the Investment Adviser will be the same for all investments, regardless of whether they are operational, in ramp-up or under construction; and

· Extension of the taper in the annual management fee, with incremental investments under management in excess of £2.25 billion attracting a lower charge of 0.8% p.a.

Other components of the fee structure with InfraRed remain unchanged.

InfraRed charges no performance-related fees. No fees are paid to InfraRed (or affiliated entities) from any of the Group's investment entities including any directors' fees earned from investments in the Group's portfolio. In aggregate such fees are equivalent to an annual fee of c. 0.3% of the Group's assets under management, are credited to the Group, thus adding value for HICL's shareholders.

Graham Picken, Chairman, HICL said:

"HICL has always enjoyed a transparent and competitive fee structure. The Board regularly reviews the Company's expenses and appreciates InfraRed's willingness to lead by example in ensuring that for value and efficiency the Company remains at the forefront of the sector."

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Enquiries

InfraRed Capital Partners Limited +44 (0) 20 7484 1800

Tony RoperKeith PickardRobin Hubbard

Tulchan Communications +44 (0) 20 7353 4200

Martha WalshVictoria Huxster

Canaccord Genuity +44 (0) 20 7523 8000

Dominic WatersNeil BrierleyWill BarnettDavid Yovichic

HICL Infrastructure Company Limited

The Company is a long term investor in infrastructure projects which are predominantly in their operating phase and yielding steady returns. It was the first infrastructure investment company to be listed on the London Stock Exchange. It currently owns a portfolio of 93 social and transportation infrastructure investments and is seeking further suitable investment opportunities which fit its stated Investment Strategy.

Further details of the Company can be found on its website www.hicl.com.

Investment Adviser

The Investment Adviser to the Company is InfraRed Capital Partners Limited, whose infrastructure investment team has successfully invested in over 160 infrastructure projects since 1997. InfraRed manages specialised funds and co-investment capital on behalf of a broad range of investors from around the world, creating value through investing in infrastructure and real estate projects. The head office is in London, with offices in Hong Kong, New York, Paris and Sydney. InfraRed is authorised and regulated in the UK by the Financial Conduct Authority.

Further details of the Investment Adviser can be found on its website www.ircp.com.