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30 MARCH 2023

INTERNATIONAL PUBLIC PARTNERSHIPS LIMITED

('INPP', 'the Company')

FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022

A successful year characterised by strong portfolio performance against a persistently volatile economic and geopolitical backdrop.

London - International Public Partnerships (LON: INPP), the FTSE 250-listed infrastructure investment company, is pleased to announce its results for the year ended 31 December 2022.

The Company enjoyed a successful year in 2022. It was characterised by continued strong performance of its investments, and cash generation in line with projections which has enabled the Company to continue its established trend of dividend growth.

HIGHLIGHTS FOR THE YEAR TO 31 DECEMBER 2022

Mike Gerrard, Chair of International Public Partnerships, said: "I am pleased to report that INPP has continued to deliver strong operational and financial performance, despite the current ongoing international economic and political uncertainties. The resilience of INPP's portfolio of essential infrastructure projects and businesses is largely attributable to the predictability of the underlying investment cash flows, the high level of inflation correlation, and the Company's active approach to asset management. The Board is confident in the Company's ability to continue evolving its portfolio in line with its investment objectives, focusing on sustainable and attractive investment opportunities. INPP remains well-positioned for future growth and to continue generating stable, inflation-linked returns that deliver long-term benefits for all its stakeholders."

INVESTMENT ACTIVITY

There was significant investment activity during 2022, with new cash investments and investment commitments totalling over £310 million across the energy, wastewater, social infrastructure and transport sectors. Highlights include:

East Anglia One Offshore Transmission project ('OFTO'), UK: The Company reached financial close for the long-term ownership and ongoing operation of the transmission link to the 714MW East Anglia One ('EA1') offshore wind farm. EA1 is located 50km off the Suffolk coastline and provides the EA1 Wind Farm access to transmit clean power to more than 600,000 UK homes by transmitting electricity generated by 102 offshore wind turbines. The Company owns 100% of the equity and subordinated debt. The investment is the Company's tenth OFTO and will further increase the Company's contribution to a net zero carbon economy.

Thames Tideway, UK: During the year, INPP increased its holding in Tideway to approximately 18%, deploying £42 million of additional capital. Tideway will help to create a healthier environment for London by cleaning up the city's greatest natural asset (further information on Tideway is available in 'Operational Approach and Stewardship' below).

Family Housing for Service Personnel ('FHSP'), US: The Company completed a follow-on investment of c.US$ 45 million (c.£37 million) in FHSP, one of the longest-standing social infrastructure sectors in the US, in December 2022. The investment represents two additional interest-bearing subordinated debt instruments underpinned by security over seven operational P3 FHSP projects, comprising c.21,800 housing units across the US. The additional investment marks the continued growth of the Company's investment portfolio in the US, with approximately 4% of the portfolio by investment fair value invested in the US.

Other: Further investments totalling c.£7.5 million were made during the year, including into several availability-based UK public-private partnership ('PPP') schemes, the Diabolo Rail Link ('Diabolo') and the National Digital Infrastructure Fund ('NDIF').

INVESTMENT COMMITMENTS

Gold Coast Light Rail, Australia: During the year, the Company announced that financial close had been reached on Stage 3 of the Gold Coast Light Rail project, where it will make an additional investment of c.£7.0 million upon construction completion in 2026. The project extends the existing Gold Coast Light Rail network a further 6.7km south from Broadbeach to Burleigh Heads. It will include eight new stations, five additional light rail trams, new bus and light rail connections at Burleigh and Miami, and an upgrade of existing depot and stabling facilities.

PPP portfolio, New Zealand: In December 2022, the Company agreed binding terms to acquire five infrastructure investments in New Zealand for approximately £113 million. The acquisition will mark the Company's first investment in New Zealand and includes three school projects, a correctional facility and a purpose-built student accommodation facility at the Auckland University of Technology. These high-quality infrastructure investments are already operational, delivering long-term stable cash flows linked to inflation. The return profile is significantly based upon government backed revenue streams generated through standard PPP contracts in another highly rated, stable, OECD geography. Financial close is expected to be reached during 2023.

OPERATIONAL APPROACH AND STEWARDSHIP

Responsible investment is a core component of the Company's ability to deliver essential public services, maintain relationships with its clients and local communities, and preserve and grow the long-term value of each investment. The references to SDGs below refer to the contribution of each mentioned asset to defined UN Sustainable Development Goals.

Wastewater | SDGs 6, 8, 9 & 11: clean water and sanitation; decent work and economic growth; industry innovation and infrastructure; sustainable cities and communities

Tideway has continued to make good progress, and achieved a number of milestones during 2022, including reaching the end of the primary tunnelling phase in April 2022, and completing the majority of its secondary lining at the end of the year. Overall construction works were c.85% complete at the end of the year.

The amendments to Tideway's licence that were agreed with Ofwat to mitigate the impact of both Covid-19 related cost overruns and the Financing Cost Adjustment Mechanism came into effect in March 2022. The amendments provide greater certainty for the business, and have already previously been reflected within the forecast cash flows.

Gas distribution | SDGs 8, 9 & 11: Decent work and economic growth; industry innovation and infrastructure; sustainable cities and communities

Cadent continues to support the UK Government in meeting its net zero target. It has worked closely with the Department for Energy Security and Net Zero ('DESNZ') in supporting its Heat and Buildings Strategy and Hydrogen Strategy with a view to ensuring hydrogen is an integral part of the future energy mix. Cadent remains actively engaged with the UK Government and regulators to build awareness of the opportunities offered by green gases in the journey towards net zero. The business remains largely insulated from changes in gas prices and the associated energy price caps but the Company continues to closely monitor these and other developments within the sector.

Energy transmission | SDG 7 & 13: Affordable and clean energy; climate action

The Company's OFTO investments are regulated by Ofgem, which has granted those OFTOs a licence to transmit electricity generated by an offshore wind farm to bring it into the onshore grid. The revenues generated are not linked to electricity production or price; the OFTO is paid a pre-agreed availability-based revenue stream for a fixed period of time. The Ofgem consultation regarding the potential regulatory developments underpinning an extension of the OFTO revenue stream is ongoing, and the Investment Adviser remains actively engaged with all relevant industry stakeholders.

OUTLOOK

Together with its infrastructure sector peers and the broader listed investment trust world, the Company's share price has not been immune to market volatility, as financial markets continue to adjust to various political and economic headwinds. The Board notes that this is one of only a few occasions in the Company's 16-year history in which the Company's shares have traded at a discount to NAV and, whilst we will continue to monitor the share price and discount carefully, we remain confident in the robustness and reliability of the Company's future cash flows.

The Board is therefore pleased to reaffirm its dividend guidance for 2023 of 7.93 pence per share and today has issued new guidance for 2024 of 8.13 pence per share[iii], which is consistent with the Company's historic c.2.5% average annual dividend growth.

Persistent high levels of inflation remain a key issue across the economies where the Company invests. The Company, and its investors, continue to be reassured by the strong inflation-linked nature of the cash flows generated by the Company's investment portfolio.

Infrastructure investment and performance remain high priorities for the governments in countries INPP invests in, to help achieve economic growth, improved productivity, decarbonisation targets and resilience to the effects of climate change. As such, the Company remains confident in the role infrastructure will play at the heart of governments' efforts to deliver sustainable, fairer societies.

INPP is well-positioned to lead the response to these challenges, and continues to see attractive investment opportunities across the markets where it is most active, as well as in new priority geographies. The Company continues to work with the Investment Adviser to ensure strong investment stewardship and active risk mitigation.

OTHER INFORMATION

The 2022 Annual Report and financial statements for the year ended 31 December 2022 has today been published on the Company's website, along with a copy of the results presentation, and can be accessed and downloaded at https://www.internationalpublicpartnerships.com/investors/results-reports-presentations-and-circulars/.

In compliance with LR 9.6.1, a copy of the 2022 Annual Report has been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. In accordance with DTR 6.3.5(1A), the regulated information required under DTR 6.3.5 is available in unedited full text within the 2022 Annual Report as uploaded and available on the National Storage Mechanism and on the Company's website as noted above.

ENDS

NOTES TO EDITORS

About International Public Partnerships ('INPP'):

INPP is a listed infrastructure investment company that invests in global public infrastructure projects and businesses, which meets societal and environmental needs, both now, and into the future.

INPP is a responsible, long-term investor in 138 infrastructure projects and businesses. The portfolio consists of utility and transmission, transport, education, health, justice and digital infrastructure projects and businesses, in the UK, Europe, Australia and North America. INPP seeks to provide its shareholders with both a long-term yield and capital growth.

Amber Fund Management Limited ('AFML'), the Investment Adviser to INPP, is part of the Amber Infrastructure Group ('Amber') which consists of approximately 170 staff who are responsible for the management of, advice on and origination of infrastructure investments.

Visit the INPP website at www.internationalpublicpartnerships.com for more information.

Important Information

This announcement contains information that is inside information for the purposes of the UK version of the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018 (as amended and supplemented from time to time).

This announcement does not constitute a prospectus relating to the Company and does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company in any jurisdiction nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract therefor. The issuance programme, as described in Part VI of the Prospectus issued by the Company on 8 April 2022, available on the website, is closed.

Forward-looking statements are subject to risks and uncertainties and accordingly the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, the statements. These forward-looking statements speak only as at the date of this announcement. The Company, Amber and Numis Securities Limited expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Prospectus Regulation Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.