About Portfolio Investors Media Contact 118.20p As at 8:49 am, May 25, 2018 About Home | About | Investment policy Investment policy JLIF’s investment policy is to invest predominantly in the equity and subordinated debt issued with respect to infrastructure projects that are predominantly PPP projects. The Company predominantly invests in projects that have completed construction and that are in their operational phase. Investment capital in projects that are under construction is limited to 30% of the Total Assets of the Fund (calculated at the time of investment). The Fund will predominantly invest in projects whose revenue streams are: public sector or government-backed; and predominantly “availability based” (where the payments received by the Project Entities do not generally depend on the level of use of the project asset); other projects being “demand based” (where the payments received by the Project Entities depend on the level of use made of the project assets). A project is availability based or demand based for these purposes if the Investment Adviser deems that 75% or more of payments from the relevant Project Entity over the concession period do not generally depend on the level of use of the project asset. Whilst it is envisaged that further acquisitions will be of operational PPP projects with availability-based revenues, it may be possible that a limited number of projects in construction and/or with demand based revenue mechanisms may be acquired. Investment capital in projects which are considered to be demand-based or in infrastructure assets that are not government-backed PPP assets but that have substantially the same risk profile and characteristics as PPP assets, will limited to 25% of the Total Assets of the Fund (calculated at the time of investment). For the purposes of this restriction, the shadow toll mechanisms for the investments in the M40 and M6/M74 motorway projects and the A55 road project are not regarded as carrying demand risk due to their relative insensitivity to traffic movement. About Overview Key events The team Investment policy Risk management Corporate social responsibility Portfolio Investment Portfolio Asset Breakdown Investors Share Information Regulatory news Dividends Publications Financial Calendar Media Press Coverage Contact Investment advisers Administrators Shareholder enquiries Public relations © 2018 John Laing Infrastructure Fund