Divestment update

31 March 2021

DIVESTMENT UPDATE

John Laing announces the sale of its interest in the New Royal Adelaide Hospital

John Laing Group plc ("John Laing" or the "Group") today announces that it has completed the sale of its 17.26% interest in the New Royal Adelaide Hospital ("NRAH") to funds managed by AMP Capital (the "Transaction").

The consideration received for NRAH represents a good uplift to John Laing's book value of £69 million as at 31 December 2020.

The NRAH project represents a mature operational project within the Group's secondary portfolio, having been operational since 2017, and this Transaction is consistent with the Group's strategy to realise these types of secondary investments and re-invest the proceeds in new opportunities in greenfield projects and in economic infrastructure businesses and platforms. This Transaction also accelerates and crystalises NAV accretion, some of which was due over the course of the rest of 2021, and further de-risks the portfolio.

John Laing's investment in NRAH in 2011 marked the Group's entry into the Australian PPP market. NRAH was successfully delivered by Celsus, a consortium in which John Laing holds a 17.26% share. The availability-based project consisted of the financing, design, construction and operation of non-clinical services for 35-years, and the hospital entered into operation in 2017. Since investing in NRAH in 2011, John Laing has worked closely with its partners on this AUD1.85 billion project through the construction phase, successfully bringing it into operation in 2017. Since first investing in the project in 2011, John Laing has invested £37 million in total in NRAH.

Shareholders participate in the success of realisations through the special dividend, with the Group paying out approximately 5-10% of gross proceeds received from the sale of investments on an annual basis. This Transaction further strengthens visibility on the 2021 special dividend, with total proceeds eligible to be included in the 2021 special dividend calculation to date amounting to £433 million[1], consisting of expected proceeds from this Transaction and the sales of the Australian wind farm portfolio, the second stage of IEP East and the Rammeldalsberget wind farm.

Ben Loomes, Chief Executive of John Laing, said:

"We are delighted to have successfully completed the sale of the New Royal Adelaide Hospital to funds managed by AMP Capital. Our investment in 2011 marked our entry into the Australian market, and the hospital today plays an integral part in the community. The New Royal Adelaide Hospital is an example of how state-of-the art healthcare infrastructure can improve the provision of essential services to deliver the best healthcare outcomes. We are proud to have played a role in bringing the facility into operations working alongside our partners and the Government of South Australia."

About John Laing

John Laing is a leading international investor across a range of infrastructure sectors. We seek to deliver attractive and sustainable returns over the medium-term. We are a responsible investor, committed to delivering critical and enduring infrastructure which responds to public needs and improves the lives of the communities we serve.

About NRAH

Located in Adelaide, NRAH is South Australia's flagship hospital. This 800-bed facility provides a comprehensive range of complex clinical services and care to an estimated 85,000 inpatients and 400,000 outpatients each year. The hospital is a state-of-the-art, innovative facility with patient care and sustainability at the heart of the design. Patient care is enhanced by the use of natural light, fresh air and single occupancy overnight rooms. One of Australia's more technologically advanced healthcare facilities, the hospital integrates innovations across health, education and research to deliver high quality care. The site incorporates approximately 3.8 hectares of landscaped environment, including approximately 1.6 hectares of green space within the hospital, comprising internal courtyards and sky gardens.

NRAH has been awarded a 4 Star Green Star by the Green Building Council of Australia, recognising the hospital's commitment to environmentally sustainable design and building practices.

ENDS