Agreement of Acquisition

23 October 2017

John Laing Infrastructure Fund Limited

Agreement of Acquisition

JLIF, the FTSE 250 listed infrastructure investment company, is pleased to announce that it has signed Sale and Purchase Agreements with respect to the acquisition of a portfolio of five UK PPP projects from John Laing Group plc. The portfolio comprises:

· An additional 9% indirect interest in the Intercity Express Programme Phase 1 ("IEP Phase 1") project (taking JLIF's total shareholding in the project to 15%);

· A 50% interest in the Lambeth Social Housing project;

· A 5% interest in the City-Greenwich-Lewisham Docklands Light Railway ("CGL") project;

· A 100% interest in the Coleshill Parkway railway station project; and

· A 50% interest in the Aylesbury Vale Parkway railway station project.

JLIF has also signed a Sale and Purchase Agreement with The John Laing Pension Trust Limited in respect of its entire interests in two of the above projects, as follows:

· A 47% interest in the CGL project; and

· A 50% interest in the Aylesbury Vale Parkway railway station project.

The combined consideration of approximately £141.2 million (including an element of deferred consideration in respect of one project) will be financed by drawing on JLIF's revolving credit facility. All of the projects except CGL are availability-based and the weighted average discount rate used to value the portfolio was approximately 7.7%. Completion of the acquisitions is subject to certain conditions that are expected to be met in the coming weeks.

The weighted average remaining concession length of the five projects is 19.3 years, in line with the existing portfolio. All the projects are fully operational with exception of the IEP Phase 1 project which remains in its delivery phase (and is expected to become fully operational in Q4 2018).

David MacLellan, Chairman of JLIF, said:

"We are pleased to have agreed the acquisition of this portfolio of five UK PPP projects, including an incremental interest in the landmark IEP Phase 1 project. We remain confident in the UK market and in the contractual structures and legal frameworks that govern UK PPP contracts. We continue to manage actively our current portfolio and to pursue selectively opportunities for further investment where these align with our investment objectives and offer value for shareholders."

For further information, please contact:

John Laing Capital Management 020 7901 3326

David Hardy

Gianluca Mazzoni

Jamie Pritchard

Finsbury 020 7251 3801

Nidaa LonePhilip Walters

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014). Upon the publication of this announcement via Regulatory Information Service this inside information is now considered to be in the public domain.

JLIF is one of Europe's largest listed infrastructure funds, with a Premium Listing on the London Stock Exchange. JLIF invests in the equity and subordinated debt issued predominantly with respect to operational Public-Private Partnership ("PPP") projects. JLIF's purpose is to support governments, cities and communities meet their infrastructure needs, from delivery and financing through to operations and management. Our objective is to make available for use high-quality infrastructure assets that meet or exceed the expectations of our clients, and in so doing, provide our shareholders with a source of stable, predictable income.