PRE-CLOSE UPDATE

JOHN LAING GROUP plc

PRE-CLOSE UPDATE

John Laing Group plc ("John Laing" or "the Group"), the international greenfield infrastructure investor, today issues a pre-close update for the year ending 31 December 2019 ahead of the Group's results on 3 March 2020.

Overview

·; In the second half of the year, John Laing has continued to benefit from strong PPP project delivery and ongoing value enhancements

·; The translational effect of Sterling strengthening from 1 July 2019 to 30 November 2019 has negatively impacted the value of the portfolio by c.£50 million

·; There remains uncertainty over a number of factors that will impact the Group's full year results:

o Internally, these include the final level of value enhancements achieved, progress with ongoing transactions and the outcome of discussions on certain PPP projects

o Externally, a decline in power price forecasts - currently expected to have an adverse impact of c.£40 million - and changes in macroeconomic and tax assumptions, expected to have a c.£7 million negative impact

·; As a result, Net Asset Value for the full year, before the above mentioned impact of foreign exchange, is expected to be marginally below market expectations.

Active asset management driving strong PPP project delivery

Good progress on a number of projects, including:

·; IEP Phase 2 (rolling stock) - all 75 trains expected to be delivered on schedule by mid-2020

·; Sydney Light Rail (12km of track and 60 trams) - first passenger service due on 14 December 2019 and full service for both stages expected by Q1 2020

·; New Generation Rollingstock (rolling stock, Brisbane) - all 75 trains expected to be delivered on schedule by the end of 2019

·; New Royal Adelaide Hospital (800 beds facility) - settlement commercially agreed between project company and South Australian government including revised payment mechanism.

Growing pipeline of investment opportunities. On track to reach three-year investment and realisation target of £1bn by 2021

·; £157 million of investment commitments completed in four projects

·; Growing pipeline of investment opportunities in the US, Australia and Latin America. We also continue to assess other asset classes and geographies that may fit our business model

·; Pipeline includes two preferred bidder and several shortlisted and exclusive positions with a potential investment opportunity of £463 million, due to close within the next 18 months

·; £132 million of proceeds from realisations completed to date. Other disposal processes are underway to take advantage of strong secondary markets

- ENDS -

A call for analysts and investors will be held at 8.00am (London time) today.

Conference call details:

Number 0800 358 9473

US number +1 855 85 70686

Pin code 51736751#

Further information

Analyst/investor enquiries:

Luciana Germinario, Chief Finance Officer +44 20 7901 3200

Tejal Patel, Investor Relations & Finance Manager +44 20 7901 3200

www.laing.com

Media enquiries:

Matthew Denham / Camilla Cunningham, Teneo +44 20 7420 3186

Appendix I: Exchange rates at 31 December 2018, 30 June 2019 and 30 November 2019