Title: INPP Fact Sheet URL Source: https://documentscdn.financialexpress.net/Literature/5E315B351EAAD1953B4DE71E00D320B8/240661949.pdf Number of Pages: 4 Markdown Content: NAV 2 # £2.7 bn ## NAV PER SHARE 2 # 151.5 p ## PORTFOLIO INFLATON -LINKAGE 3 # 0.7 % ## AIC ONGOING CHARGES ## PERCENTAGE # 1.09% ## 2025 DIVIDEND GROWTH 4 # 2.5 % ## SHARE PRICE 5 # 125.4 p 1 Our purpose is to invest responsibly in social and public infrastructure that delivers long -term benefits for all stakeholders. We aim to provide our investors with stable, long -term, inflation -linked returns, based on growing dividends and the potential for capital appreciation. We expect to achieve this by investing in a diversified portfolio of infrastructure assets and businesses which, through our active management, meets societal and environmental needs both now and into the future. > 1. As at 31 December 2025. > 2. The methodology used to determine NAV is defined in the 2025 Annual Report. > 3. Calculated by running a ‘plus 1.0%’ inflation sensitivity for each investment and solving each investment’s discount rate to ret urn the original valuation. The inflation -linked return is the > increase in the weighted average discount rate. Please see the 2025 Annual Report for further information. > 4. The Board expects to continue its long -term projected annual dividend growth rate of c.2.5% for the next 25 years. Further infor mation regarding the 2025 dividend and future dividend targets > can be found in the 2025 Annual Report. Please note that future profit projection and dividends cannot be guaranteed. Projections are based on current estimates and may vary in > future. > 5. Bloomberg closing share price as at 31 December 2025. IMAGE Tideway, UK Photo credit: Tideway International Public Partnerships (‘INPP’ or the ‘Company’) is a responsible, long -term investor in over 130 infrastructure projects and businesses with a market capitalisation of £2.2 billion 1. The portfolio consists of projects and businesses within the transport, energy transmission, education, health, justice and digital infrastructure sectors , in the UK, Europe, Australia, New Zealand and North America. DELIVERING LONG -TERM BENEFITS THROUGH: ## SOURCE AND STRUCTURE ▪ Portfolio of cash generative, essential infrastructure assets ▪ Resilient, inflation -linked cash flows with 98% of the portfolio principally backed by regulated or contracted revenues ▪ Geographic and sectoral diversification ## OPTIMISE ▪ Active asset management designed to optimise the performance of investments ▪ Portfolio optimisation achieved through accretive investment and divestment activity ▪ Integration of ESG considerations across the investment lifecycle to protect and enhance value ## DELIVER ▪ Consistently growing dividends and the potential for capital appreciation ▪ Low correlation to other asset classes ▪ Positive environmental and social benefits for individuals and local communities 6. Information provided In the charts is based on 31 December 2025 portfolio investment fair value. 7. ‘Other’ includes Health (4%), Digital (2%), FHSP (2%), and Judicial (1%) among other assets. 8. INPP’s investment case is supported by a highly attractive, secure long - term revenue base. INPP’s revenues are predominantly government or government backed availability or regulated revenues. The portfolio has very little market revenue or retail revenue exposure. 9. Early -Stage Investor – investments developed or originated by the Investment Adviser or predecessor team in primary or early phase investments. 10. Later Stage Investor – investments acquired from a third -party investor in the secondary market. ## LOW RISK AND DIVERSIFIED PORTFOLIO 6 DIVIDENDS HISTORY AND TARGETS Investments are diversified by developed geographies Weighted average portfolio life of c.39 years 11 Early -stage investment gives first mover advantage and maximises capital growth opportunities Preference to hold majority stakes The majority of the portfolio is backed by long -term secure revenues 8 MODE OF ACQUISITION/ INVESTMENT STATUS INVESTMENT OWNERSHIP REVENUE PROTECTIONS 135 investments in infrastructure projects and businesses across a variety of sectors 7 SECTOR BREAKDOWN GEOGRAPHIC SPLIT INVESTMENT LIFE 2026 Target Dividend 12 2027 Target Dividend 12, 13 Dividend Yield 14 Cash Dividend Coverage 15 8.79 pence per share 9.01 pence per share 7.0% 1.1 x 2 Energy Transmission 20 % Waste Water 16% Gas Distribution 16% Education 13% Other 12 % Transport 22% Belgium 9% Australia 7 % Germany 5% New Zealand 3% Canada 1% Ireland <1% UK 72% Denmark <1% Regulated revenue 33% Government backed availability revenue 44% 20 -30 years 19 % >30 years 39% <20 years 42% 100% 47% 50 -100% 5% <50% 48% Construction 18 % Early -Stage Investor 9 69% Later Stage Investor 10 31% Operational 82 % ## SHARE PRICE PERFORMANCE AND TSR The Company’s investments are generally expected to continue to deliver predictable distributions to the Company, owing to the principally contracted or regulated nature of the underlying cash flows . As the Company has a large degree of visibility over the forecast cash flows of its current investments as at 31 December 2025 , the chart below sets out the Company’s forecast investment receipts from its current portfolio before fund -level costs and the line is an illustration of how the NAV of the Company may evolve over time based on the current portfolio remaining static and nothing else changing . ## PROJECTED INVESTMENT RECEIPTS ## AND NAV 17 TSR since IPO 16 Annualised TSR since IPO 16 Share Price 5 Share Price Discount to NAV 5 223.8% 6.3% 125.4p 17.2% Since listing in 2006, the Company has delivered an annualised TSR of 6.3% 16 , broadly in line with the FTSE All Share index at 6.5% over the same period, reflecting consistent delivery of stable long -term returns . 15. Cash dividend payments to investors are paid from net operating cash flow before capital activity as detailed in the Investor Returns section of the 2025 Annual Report. 16. Since inception in November 2006. Source: Bloomberg. Share price appreciation plus dividends assumed to be reinvested. 17. This chart is not intended to provide any future profit forecast. Cash flows and NAV shown are projections based on the current individual asset financial models and may vary in future. Only investments committed as at 31 December 2025 are included. 11. Includes non -concession entities which have potentially a perpetual life but assumed to have finite lives for this illustration. 12. Future profit projection and dividends cannot be guaranteed. Projections are based on current estimates and may vary in future. 13. The Company reconfirms that the projected cash receipts from the Company’s portfolio are such that even if no further investments are made, the Company currently expects to be able to continue to meet its existing progressive dividend policy for at least the next 25 years. 14. The 2026 projected dividend target of 8.79p divided by the Company’s share price as at 31 December 2025. US 2% The Company has a strong track record of delivering dividend growth, having increased the dividends by at least 2.5% per annum since IPO in 2006. The Board is targeting continued annual growth of c.2.5% moving forward 12,13 . We have also increased the frequency of dividend payments, from semi -annual to quarterly, in order to provide investors with a more regular income stream from 2025. Low carbon energy 1% Government backed with revenue adjustment mechanisms 11% Long -term contracted revenues 10% Market revenue 2%RESPONSIBLE ## INVESTMENT ## In support of its purpose, the Company is ## committed to responsible investment that is ## beneficial to its shareholders, communities, ## society and wider stakeholders. The Company believes that the financial performance of its investments is linked to environmental and social success and, as such, the Company considers issues that have the potential to impact the performance of its investments, both now and in the future . ▪ The Company is categorised as an ‘Article 8’ financial product ▪ The Company’s Investment Adviser, Amber Infrastructure is a signatory of the UN -backed PRI ▪ The Company supports the 2030 Agenda for Sustainable Development adopted by the UN Member States in 2015 . Alignment with the SDGs is a key part of the Company’s approach to ESG integration ▪ The Company has taken steps to strengthen the alignment of its investment activity with the objectives of the Paris Agreement and is a supporter of the recommendations of the TCFD ## RELATIONSHIP WITH THE ## INVESTMENT ADVISER ## The Company has a long -standing relationship ## with the Investment Adviser. Amber has sourced, ## managed and optimised the Company’s assets ## since IPO in 2006. This operating model contrasts with that of other market participants, who often use investment advisers with smaller teams, and outsource asset management activities . Amber adopts a full -service approach and is a leading investment originator, asset and fund manager with a strong track record . Amber has a team of global investment professionals, with a local presence of personnel and offices across the geographies in which the Company invests, who are responsible for actively managing and optimising the portfolio throughout the full lifecycle, including pursuing investment and divestment opportunities . In August 2024 , Amber reached formal completion on a strategic transaction with Boyd Watterson 18 creating a leading global alternatives investment platform with over $36 bn combined assets under management and over 300 employees across 12 countries . The chart above shows the alignment of the Company’s portfolio with the core SDGs described below, by Investments at Fair Value (presented clockwise from the top) 318. Amber is part of Boyd Watterson Global Asset Management Group LLC, a global diversified infrastructure, real estate and fixed in come business with over $36 billion in assets under > management and over 300 employees with offices in eight US cities and presence in twelve countries. For further information: https://www.amberinfrastructure.com/about -us/amber - > ownership/ > 3 Good Health and Well Being 3% > 4Quality Education 13% > 6 Clean Water & Sanitation 16% > 7 Affordable & Clean Energy 21 % > 9 Industry, Innovation and Infrastructure 18 % > 11 Sustainable Cities & Communities 25 % > 17 Peace, Justice & Strong Institutions 4% The information in this document has been prepared at the direction of International Public Partnerships Limited (“ INPP ”) solely for use at an information presentation about INPP . This document does not constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for any securities, it does not constitute marketing or promotional material, nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever . The information contained in this document is not comprehensive and may be partial, incomplete or on its own be at risk of being taken out of context . This document is not intended in any way to be a substitute for a review of the annual and semi -annual reports and accounts of INPP and should not be relied on as such . The information in the section dealing with Pipeline is indicative only of the range of opportunities that may be available to INPP in the future in the event that certain projects are awarded to INPP or its Investment Adviser, Amber Fund Management Limited (the “Investment Adviser ” or “AFML ”) or its associated companies, AFML disposes of those investments and INPP acquires those interests from AFML . This document explicitly does not consider risk associated with INPP and is not intended or to be taken as a comprehensive overview of the activities of INPP . No warranty or guarantee is given by the Company, AFML nor any of INPP’s advisors or representatives, nor may any reliance be placed on any returns or other performance indicators or targets which may be used in this document . There is no compensation or guarantee scheme in place that applies to the Company, nor any protection from future market performance . If you invest in the Company, you should be prepared to assume the risk that you could lose some or all of your investment . This document does not constitute a recommendation nor personal advice regarding the securities of INPP . Please consult your financial or professional advisers . This document has not been approved by the UK Financial Conduct Authority, the Guernsey Financial Services Commission or other relevant regulatory body . This document has not been approved by a person authorised under the Financial Services & Markets Act 2000 (" FSMA ") for the purposes of section 21 FSMA . The contents of this document is not a financial promotion, nor does it constitute an invitation or inducement to engage in investment activity . If and to the extent that this document or any of its contents are deemed to be a financial promotion, INPP is relying on the exemption provided by Article 69 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 /1529 in respect of section 21 FSMA . AFML will not be responsible to a third party for providing the protections afforded to clients of the Investment Adviser and will not be advising a third party on investing in INPP . Other than in the UK, this document and the information contained is not intended for retail investors . No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, projections or opinions contained herein . Neither INPP, its investment adviser, AFML, not any of its associates, nor any of INPP’s advisers or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document . Without prejudice to the foregoing no responsibility is taken for any errors or omissions in this document . The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially without notice from time to time . This document does not constitute a recommendation regarding the securities of INPP . The information communicated in this document contains certain statements, graphs and projections (“ Statements ”) that are or may be forward looking . These pieces of information typically contain words such as “expects” and “anticipates” and words of similar import . Where the Statements are graphical such words are implied in that information through the shape and size of graphed information relating to future years . By their nature forward looking Statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future . These circumstances may or may not transpire and accordingly no reliance or expectation should be formed based on these Statements . This document and the information contained herein, are not for publication or distribution, directly or indirectly, to persons in the United States (within the meaning of Regulation S under the US Securities Act of 1933 , as amended (the “Securities Act ”) or to entities in Canada, Australia or Japan . The ordinary shares of INPP have not been and will not be registered under the Securities Act and may not be offered or sold in the United States except to certain persons in offshore jurisdictions in reliance on Regulation S. Neither this document nor any copy may be taken or transmitted into or distributed in the EU, Canada, Australia, Japan or any other jurisdiction which prohibits the same except in compliance with applicable securities laws . Any failure to comply with this restriction may constitute a violation of the United States or other national securities laws . DISCLAIMER ## COMPANY CONTACTS CHAIR Mike Gerrard ## ADVISERS INVESTMENT ADVISER Amber Fund Management Limited 3 More London Riverside London, SE1 2AQ ADMINISTRATOR AND COMPANY SECRETARY Ocorian Administration (Guernsey) Limited PO Box 286, Floor 2, Trafalgar Court Les Banques, Guernsey, Channel Islands, GY1 4LY PUBLIC RELATIONS FTI Consulting 200 Aldersgate Aldersgate Street London, EC1A 4HD INDEPENDENT AUDITOR PricewaterhouseCoopers CI LLP PO Box 321, Royal Bank Place 1 Glategny Esplanade St Peter Port, Guernsey, Channel Islands, GY1 4ND DIRECTORS Giles Adu Julia Bond Stephanie Coxon Sally -Ann David Meriel Lenfestey Sarah Whitney # COMPANY INFORMATION LISTING ## LONDON STOCK EXCHANGE INDEX INCLUSION ## FTSE ALL -SHARE, FTSE 250 ELIGIBILITY ## ELIGIBLE FOR ISA/PEPS ## AND SIPP TRANSFERS SECURITIES ON ISSUE 19 ## 1,900 MILLION DIVIDEND PAYMENTS ## QUARTERLY FINANCIAL YEAR -END ## 31 DECEMBER ISIN NUMBER ## GB00B188SR50 SED0L ## B188SR5 TICKER ## INPP .L REGISTERED OFFICE PO Box 286 Floor 2, Trafalgar Court Les Banques Guernsey, Channel Islands GY1 4LY CORPORATE BROKERS Deutsche Numis 21 Moorfields London EC2Y 9DB CORPORATE BANKER Royal Bank of Scotland International 1 Glategny Esplanade St Peter Port Guernsey, Channel Islands GY1 4BQ LEGAL ADVISER Carey Olsen PO Box 98, Carey House Les Banques Guernsey, Channel Islands GY1 4BZ 4 IMAGE Haeata Community Campus, Christchurch, New Zealand