Redemption of 2020 ZDP Shares - Update

29 October 2020

UIL FINANCE LIMITED

(LEI Number: 213800JPJWZ5P3QJX538)

UIL LIMITED

(LEI Number: 213800CTZ7TEIE7YM468)

Redemption of 2020 ZDP Shares - Update

Further to the announcement on 13 October 2020, UIL Finance Limited (the "Company") announces that the London Stock Exchange this morning enacted a halt in trading in the Company's zero dividend preference shares of 6.0514p each due for redemption on 31 October 2020 ("2020 ZDP Shares") as planned.

The Company also announces that £60.4m (representing the redemption price of 154.9p per 2020 ZDP Share in respect of the 39.0m 2020 ZDP Shares in issue) has been transferred to the Company's registrars and CREST agent, Computershare Investor Services PLC. This will enable settlement of redemption monies on Friday 30 October 2020, being the business day prior to the date of redemption, to holders of 2020 ZDP Shares whose names appear on the register as at the close of business on Wednesday 28 October 2020.

For 2020 ZDP Shares held in uncertificated form, CREST accounts will be credited with the redemption monies on 30 October 2020 and for 2020 ZDP Shares held in certificated form, cheques in respect of the redemption monies will be sent out by first class post.

Name of contact and telephone number for enquiries:

Charles Jillings, Alastair Moreton

ICM Investment Management Limited

Telephone: 01372 271486