New investment and an incremental acquisition

6 May 2014

HICL Infrastructure Company Limited

New investment and an incremental acquisition

HICL Infrastructure Company Limited (the "Company", and together with its subsidiaries the "Group"), the listed infrastructure investment company, is pleased to announce a new investment in the form of a 10% interest in the N17/N18 Gort to Tuam PPP Scheme (the "N17/N18 Project"). The project is located in the Republic of Ireland, and the investment is made alongside a consortium comprising the Marguerite Fund, John Sisk and Son (Holdings) Limited, Lagan Projects Investments Limited, Roadbridge and Strabag SE. The Company is also pleased to announce the acquisition of a further 16.5% interest (equity only) in the Miles Platting Social Housing PFI Project ("Miles Platting Project") in Manchester from Adactus Housing Association Limited.

· The N17/N18 Project, which has just reached financial close, involves the financing, design, construction and operation of a new 57km dual carriageway section of the N17/N18 near Galway for the National Roads Authority of Ireland (the "NRA"). Construction of the new road will commence in June 2014 and is expected to be completed in November 2017. The construction works will be undertaken by a joint venture of John Sisk and Son (Holdings) Limited, Lagan Construction Group Limited, Roadbridge and Strabag AG with the subsequent routine maintenance of the road being undertaken by a joint venture of Lagan Operations and Maintenance Limited and A-Way Infrastructure Project Development and Operations GmbH (Strabag). During the 25 year operating period of the concession the N17/N18 Project will receive availability payments from the NRA.

The Group's financial commitment to the N17/N18 Project comprises an obligation to subscribe for 10% of shareholder loans at the end of the construction works and a conditional commitment to acquire a further 32% interest in early 2019.

· The Miles Platting Project is a 30 year concession, to redesign and refurbish approximately 1,500 occupied properties. It reached financial close in 2007 and construction, which was undertaken by Lovell Partnerships Limited (a Morgan Sindall subsidiary), was completed in 2012. Adactus Housing Association Limited will continue to provide the on-going management and maintenance of the properties.

The total investment for the initial 10% interest in the N17/N18 Project and the additional 16.5% interest in the Miles Platting Project was approximately £5.1m.

David Foot, Director, Infrastructure, at InfraRed Capital Partners Limited (the Company's Investment Adviser) said:

"We are pleased that InfraRed's relationship with Strabag has given the Company the opportunity to invest in a new road project in Ireland supporting the development of the country's infrastructure. This is part of the Group's stated strategy of holding a small proportion of investments in their construction phase.

We look forward to working with our consortium partners in constructing the new road and achieving successful operations. We are confident in our ability to increase the Group's shareholding in the N17/N18 Project in due course."

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Enquiries

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

Tony RoperKeith PickardRobin Hubbard

Tulchan Communications +44 (0) 20 7353 4200

Martha WalshPeter Hewer

Victoria Huxster

Canaccord Genuity +44 (0) 20 7523 8000

Dominic WatersNeil BrierleyWill BarnettDavid Yovichic

HICL Infrastructure Company Limited

The Company is a long-term investor in infrastructure projects which are predominantly in their operating phase and yielding steady returns. It was the first infrastructure investment company to be listed on the London Stock Exchange. It currently owns a portfolio of 94 social and transportation infrastructure investments and is seeking further suitable investment opportunities which fit its stated Investment Strategy.

Further details of the Company can be found on its website www.hicl.com.

Investment Adviser

The Investment Adviser to the Company is InfraRed Capital Partners Limited ("InfraRed"), whose infrastructure investment team has successfully invested in over 160 infrastructure projects since 1997. InfraRed manages specialised funds and co-investment capital on behalf of a broad range of investors from around the world, creating value through investing in infrastructure and real estate projects. The head office is in London, with offices in Hong Kong, New York, Paris and Sydney. InfraRed is authorised and regulated in the UK by the Financial Conduct Authority.

Further details of the Investment Adviser can be found on its website www.ircp.com.