HICL Infrastructure Regulatory News (HICL)

21 November 2018

HICL Infrastructure Company Limited

Shareholder Update on Company Domicile

HICL Infrastructure Company Limited ("HICL" or the "Company"), the listed infrastructure investment company advised by InfraRed Capital Partners Limited ("InfraRed" or "the Investment Adviser"), is making this announcement in order to provide shareholders with an update on its ongoing deliberations regarding the Company's domicile.

Following the Company's discussion of domicile in its Interim Results in 2017 and its Annual Results in May 2018, the Investment Adviser has refreshed previously undertaken analysis of the steps that would be required to transfer HICL's domicile from Guernsey to the UK. This work involved input from third-party legal and tax advisers and included an assessment of the economic impact on shareholders of the Company (or a UK incorporated successor vehicle) operating as a UK investment trust. The Company has also consulted informally with a number of institutional shareholders on this matter during investor meetings.

The Board and InfraRed have concluded that it would be in the best interests of both the Company and its shareholders as a whole to change the domicile and tax residency of HICL's investment business to the UK through the creation of a new UK incorporated company whose shares would be listed on the UKLA's Official List and admitted to the main market of the London Stock Exchange to which all of the Company's assets would be transferred.

The proposal will require the prior approval of the Company's shareholders. Accordingly, a shareholder circular will be published in due course setting out full details of the proposal and giving notice of an Extraordinary General Meeting of the Company, to be held on a date in Q1 2019.

Subject to regulatory and other approvals, it is intended that the residency change to the UK be implemented with effect from 31 March 2019 or shortly thereafter.

This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.

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Enquiries

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

Harry Seekings

Keith Pickard

Tulchan Communications +44 (0) 20 7353 4200

David Allchurch

Toby Bates

Canaccord Genuity Limited +44 (0) 20 7523 8000

David Yovichic

HICL Infrastructure Company Limited

HICL Infrastructure Company Limited ("HICL" or the "Company", and together with its subsidiaries the "HICL Group") is a long-term investor in infrastructure assets which are predominantly operational and yielding steady returns. It was the first infrastructure investment company to be listed on the London Stock Exchange.

With a current portfolio of 117 infrastructure investments, HICL is seeking further suitable opportunities, which are positioned at the lower end of the risk spectrum, in three target markets segments: PPP projects; regulated assets; and demand-based assets.

Further details can be found on the HICL website www.hicl.com.

Investment Adviser (InfraRed Capital Partners)

The Investment Adviser to HICL is InfraRed Capital Partners Limited ("InfraRed") which has successfully invested in over 200 infrastructure projects since 1997. InfraRed is a leading international investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul and Sydney. With over 140 professionals it manages in excess of US$10bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed is authorised and regulated by the Financial Conduct Authority.

The infrastructure investment team at InfraRed consists of over 75 investment professionals, all with an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment.

Further details can be found on InfraRed's website www.ircp.com.