Preferred Bidder Announcement

21 June 2018

HICL Infrastructure Company Limited

Preferred Bidder Announcement

HICL Infrastructure Company Limited ("HICL" or "the Company"), the listed infrastructure investment company advised by InfraRed Capital Partners Limited, is pleased to announce that Diamond Transmission Partners, a consortium comprising the Company and Diamond Transmission Corporation Limited (a subsidiary of Mitsubishi Corporation), has been selected by Ofgem as the preferred bidder to own and operate the offshore transmission link to the Race Bank Offshore Wind Farm project ("Race Bank OFTO").

The offshore transmission owner ("OFTO") regime covers regulated assets where the OFTO takes ownership of an operational transmission asset and receives contractual, availability-based revenues over a 20-year period. The OFTO does not have exposure to construction risk, electricity production or power price risk. The Race Bank OFTO represents the second successful bid by the partnership of HICL and Diamond Transmission Corporation Limited, the first being the Burbo Bank Extension OFTO which recently reached financial close.

The consideration for HICL's 50% share of the interest in Race Bank OFTO is expected to be up to £30m. Completion of the acquisition is expected in early 2019.

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Enquiries

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

Harry Seekings

Keith Pickard

Tulchan Communications +44 (0) 20 7353 4200

Latika Shah

Canaccord Genuity Limited +44 (0) 20 7523 8000

David 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 118 infrastructure investments, HICL is seeking further suitable opportunities, which are positioned at the lower end of the risk spectrum, in three target markets segments: PPP projects; regulated assets; and demand-based assets.

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

Investment Adviser (InfraRed Capital Partners)

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 130 professionals it manages in excess of US$10bn 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 approximately 70 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.