Intention to undertake equity fundraising

NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL OR TO U.S. PERSONS (WITHIN THE MEANING OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933 - AS AMENDED).

This announcement is for information purposes only and does not constitute an invitation to subscribe for or otherwise acquire or dispose of securities in the Company (defined below) in any jurisdiction, including the United States. Securities of the Company, including any offering of its Ordinary Shares (defined below), may not be offered or sold in the United States absent registration under U.S. securities laws or unless exempt from registration under such laws. The intended offering of JLIF securities described in this press release has not been and will not be registered under U.S. securities laws, and accordingly, any intended offer or sale of these securities may be made only in a transaction exempt from registration.

The information contained in this announcement is for background purposes, is subject to updating and amendment, and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. This announcement does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any investments nor shall it (or the fact of its distribution) form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Any decision to purchase shares should be made solely on the basis of the information contained in the final prospectus issued by the Company.

27 August 2013

JLIF Limited (the "Company" or "JLIF")

Intention to undertake equity fundraising

The Board of JLIF, the FTSE 250 international PPP infrastructure investment company, is pleased to announce that it intends to proceed with a Placing, Open Offer and Offer for Subscription of Ordinary Shares (the "Issue") in the coming months.

The Company announced on 23 August 2013, that it had completed on the £123 million portfolio acquisition from Investors in the Community LP, the largest since the fund's launch in 2010, and has entered in to an agreement to acquire an additional 5% in LUL Connect (CityLink). The Company has approximately £123 million drawn on its existing bank facility and is seeking to refinance this by the proposed Issue.

JLIF benefits from the First Offer Agreement into which it has entered with John Laing giving it the right of first offer to a significant pipeline of infrastructure projects. The Company is confident that further investment opportunities matching the Company's stringent investment criteria will become available to JLIF in the near future, from the John Laing pipeline, the wider market and further stakes in existing investments.

The Board is keen to avoid holding material excess cash balances so as not to act as a drag on shareholders' returns. Accordingly, the Issue will be limited in size to the aggregate of (i) the Company's funding requirements at the time of publication of the prospectus and (ii) the consideration payable for further investments made or expected to be made by the Company (whether on a conditional or unconditional basis). The inclusion of an Open Offer will ensure, as with previous follow on fundraisings with a prospectus, that the Issue is reserved in the first instance exclusively for shareholders.

In light of JLIF's current level of drawn debt, and in anticipation of further investments being made, it is the Board's intention to publish a prospectus in relation to the Issue. Further details on the quantum of the offering will be published in due course, however, it is expected that a prospectus will be published in September 2013 with the new Ordinary Shares being issued and admitted to trading in October 2013.

A further announcement giving full details of the Issue will be made at the time of publication of the prospectus.

For further information, please contact:

John Laing Capital Management 020 7901 3326

David Marshall

Andrew Charlesworth

RLM Finsbury 020 7251 3801

Faeth Birch

Philip Walters