HICL Infrastructure Regulatory News (HICL)

5 January 2017

HICL Infrastructure Company Limited

Completion of Two Acquisitions

HICL Infrastructure Company Limited ("HICL" or the "Company"), the listed infrastructure investment company advised by InfraRed Capital Partners Limited ("InfraRed"), is pleased to announce that it has acquired equity interests in two Dutch PPP projects from Ballast Nedam ("Ballast"):

· a 20% interest in the A9 Gaasperdammerweg Road Project in the Netherlands (the "A9 Project"); and

· an incremental 25% interest in the Zaanstad Penitentiary Project (the "Zaanstad Project").

The total consideration of €21.3 million includes a loan stock subscription obligation payable following the substantial completion of construction of the A9 Project.

The A9 Project, an availability-based road PPP, has a capital value of €574 million and forms part of the Schiphol - Amsterdam - Almere Corridor Programme which is intended to increase the capacity of the motorways to the south and east of Amsterdam. Construction and maintenance works are being undertaken by a single joint venture contractor comprising Ballast, Heijmans and Fluor, with construction scheduled to be substantially completed in 2018. The concession ends in 2038. Ballast retains a 5% shareholding and provides management services to the project company.

The Zaanstad Project, an availability-based PPP, comprises the construction and operation of a new correctional facility with a capacity of approximately 1,000 detainees. The facility reached construction completion in March 2016 and maintenance works are being undertaken by Ballast. Custodial services do not form part of the project's scope of services. HICL acquired a 75% interest in the Zaanstad Project in March 2015 and with this incremental investment now owns 100% of the equity and loan stock.

The consideration paid for the projects was funded from existing cash resources. The letter of credit associated with the loan stock subscription obligation for the A9 project was provided using the Company's existing revolving credit facility.

The Company currently has a funding surplus of approximately £6m but also has commitments of approximately £200m in aggregate in respect of the conditional acquisitions of the A63 motorway project and Northwest Parkway, which were announced during 2016. Those commitments will become payable upon completion of the respective acquisitions, both of which are expected to occur during the first half of 2017.

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Enquiries

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

Tony RoperKeith PickardHarry Seekings

Tulchan Communications +44 (0) 20 7353 4200

David AllchurchLatika Shah

Canaccord Genuity Limited +44 (0) 20 7523 8000

Dominic WatersNeil BrierleyWill BarnettDavid Yovichic

HICL Infrastructure Company Limited

HICL Infrastructure Company Limited ("HICL" or the "Company", and together with its subsidiaries the "HICL Group") is a long term investor in infrastructure assets which are predominantly operational and yielding steady returns. It was the first infrastructure investment company to be listed on the London Stock Exchange. With a current portfolio of 114 infrastructure investments (including the A63 and Northwest Parkway commitments with limited conditions to completion), HICL is seeking further suitable opportunities, which are positioned at the lower end of the risk spectrum, in three target markets segments: PPPs; regulated assets; and demand-based assets.

Further details can be found on the HICL website, www.hicl.com.

Investment Adviser

The Investment Adviser to HICL is InfraRed Capital Partners Limited ("InfraRed") which has successfully invested in over 200 infrastructure projects since 1997. InfraRed is a leading international investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul and Sydney. With over 120 professionals it manages in excess of USD 9bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed is authorised and regulated by the Financial Conduct Authority.

The infrastructure investment team at InfraRed consists of 60 investment professionals, all with an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment.

Further details can be found on InfraRed's website, www.ircp.com.