28 March 2024

2023 Second Half-Year Dividend

The Board of International Public Partnerships Limited ('INPP', 'the Company'), the FTSE 250 listed infrastructure investment company, declares the following distribution:

Acknowledging the recent higher levels of inflation, the Company decided to increase its 2023 dividend to 8.13 pence per share, representing a 5% increase compared to the 2022 dividend. The dividend in respect of the six months to 31 December 2023 of 4.07 pence per share is expected to be paid on 13 June 2024.

2024 and 2025 Full Year Distributions

Inflation remained elevated during 2023 and although it has now moderated, the Board has decided to increase the 2024 dividend target to 8.37 pence per share reflecting growth of 3% (previously 2.5%) compared to the 2023 dividend. The increase in the target dividend for 2024 takes into account the Company's ambitions to sustainably grow dividends over the long term, whilst providing full dividend cash coverage from net operating cash flow before capital activity.

Beyond 2024, the Board is forecasting to continue its long-term projected annual dividend growth rate of 2.5% such that the 2025 dividend target is 8.58 pence per share.

Scrip Dividend Alternative

As at 27 March 2024, the Company's shares were trading at 125.6 pence per share, which is lower than the last published Net Asset Value ('NAV') of 152.6 pence per share as at 31 December 2023. Accordingly, the Board does not consider it to be in the best interests of shareholders to offer a scrip dividend alternative on this occasion. All shareholders entitled to receive a dividend of 4.07 pence per share on the record date (12 April 2024) will receive their dividend in cash.

Note: The above distribution guidance is provided by the Company in consultation with its Investment Adviser as a target only and is not a profit forecast. There can be no assurance that this target will be met or that the Company will make any distributions whatsoever. The times and dates in this announcement are expected times and dates only and are subject to change. The Board will continue to review whether scrip dividends are appropriate for future dividends. Any such changes will be notified to shareholders through a regulatory information service.

For further information:

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 over 140 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, New Zealand and North America. INPP seeks to provide its shareholders with both a long-term yield and capital growth.

Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists of over 180 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.