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26 March 2018

John Laing Group successfully launches £210m rights issue

Olivier Brousse, Chief Executive Officer said:

"2017 was a strong year for John Laing. We made record investment commitments, driven in large part by our success in our core Asia Pacific and North America markets. We continued to grow our pipeline, 95% of which is now made up of opportunities outside the UK, and to scale up our business. We are exclusively focused on investment in greenfield projects that meet our strict criteria, and our strategy remains to generate value for shareholders through growth in NAV and dividends. We are today [8 March 2018] launching a rights issue to take advantage of more of our pipeline of opportunities, and we hope all shareholders will support it."

The Rights Issue enabled the Group to take advantage of a higher proportion of the attractive investment opportunities currently available to the Group and maintain its appeal to international partners. It will also give the Group increased flexibility on the timing of realisations of investments in operating assets ("secondary assets") to allow maximisation of value creation for shareholders. The increased equity base resulting from the Rights Issue will also facilitate more debt funding should that be required.

As at 31 December 2017, the Group's total pipeline comprised 84 projects giving a total investment opportunity of £2,150 million, made up of £1,585 million in PPP projects and £565 million in renewable energy projects. Within these totals, the Group's primary investment teams have been successful in securing one preferred bidder position with an investment opportunity of approximately £20 million, nine shortlisted PPP positions, with an investment opportunity of approximately £200 million, and exclusive positions on four potential renewable energy investments, with an investment opportunity of approximately £150 million.

John Laing will use the proceeds of the Rights Issue to make investment commitments in PPP projects, in renewable energy projects and in other appropriate greenfield infrastructure investments which fit its business model and meet its investment criteria.

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Media Contact:

James Isola / Robbie Hynes,
Maitland

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