KEY INFORMATION DOCUMENTAS AT 31 DECEMBER 2024 KEY INFORMATION DOCUMENT PURPOSE INTERNATIONAL PUBLIC PARTNERSHIPS LIMITED – ORDINARY SHARES This document provides you with key information about this PRIIP manufacturer: International Public Partnerships Limited investment product. It is not marketing material. The information is designed to help you understand the ISIN:GB00B188SR50 nature, risks, costs, potential gains and losses of this Website: www.internationalpublicpartnerships.com product and to help you compare it with other products. Call:+44 (0) 1481 742742 for more information This document has been prepared in accordance with The Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024. The cost calculations contained herein therefore no longer follow the methodology and language prescribed by Articles 50 and 51 of the MiFID Org Regulation or the Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (‘UK PRIIPs’), and the content of this document may differ to that of other Key Information Documents produced for other products. This Key Information Document (‘KID’) was produced as at 27 March 2025, prepared by reference to 31 December 2024 data. WHAT IS THIS PRODUCT? TYPE INTENDED INVESTOR Ordinary Shares (‘Ordinary Shares’) in International Public The Company is not primarily targeted at retail investors. Typical Partnerships Limited (‘INPP’, ‘the Company’), a closed-ended investors in the Company are UK based asset and wealth investment company incorporated in Guernsey. managers regulated or authorised by the FCA, other institutional and sophisticated investors and private individuals (some of The Ordinary Shares are denominated in Pounds Sterling. whom may invest through brokers), private clients of experienced They are traded on the main market wealth managers or execution-only retail brokers. of the London Stock Exchange (‘LSE’). There is no maturity date for the Ordinary Shares however the Company may, but is underAn investment in the Company is suitable only for investors who no obligation to, repurchase Ordinary Shares in certain are capable of evaluating the merits and risks of such an circumstances. There is no entitlement on the part of anyinvestment; who have a long-term investment horizon and investor or shareholder to any repayment or return of capital. understand that there may be limited liquidity in the underlying The only way of achieving value is by disposing of Ordinary investments of the Company; for whom an investment in the Shares by way of sale or transfer to another party in accordance Ordinary Shares constitutes part of a diversified investment with the Company’s Articles of Incorporation from time to time. portfolio; who fully understand and are willing to assume the risks The terms and any value achievable on that transfer are involved in investing in the Company; and who have sufficient inherently uncertain and subject to market conditions. resources to be able to bear losses (which may equal the whole amount invested) that may result from such an investment. OBJECTIVES The Ordinary Shares (not acquired through a placement) are eligible for Individual Savings Accounts (‘ISAs’) and Self-Invested The Company aims to provide shareholders with returns derivedPersonal Pensions (‘SIPPs’). The Ordinary Shares are excluded through the Company investing directly or indirectly in from the FCA restrictions on promotion which apply to non- infrastructure assets and related businesses, internationally. mainstream investment products. This is on the basis of the The Company derives earnings from these investments directly exemption for non-UK resident companies that are equivalent to or indirectly in the form of dividends and interest. The Company investment trusts and the Ordinary Shares can therefore be may make prudent use of leverage for the purposes of making recommended by independent financial advisers to their clients. new investments and its group’s outstanding borrowings is limited to 50% of gross asset value (or up to 66% on a short-term basis if considered appropriate). Through its Investment Adviser, Amber Fund Management Limited, the Company actively manages the portfolio and is able to access further investment opportunities. 1 WHAT ARE THE RISKS AND WHAT COULD I GET IN RETURN? RISK INDICATOR The Risk Indicator assumes you hold the Ordinary Shares1 2 34 5 67for five years for illustrative purposes (as there is no maturity date). The actual risk may be different for different holding periods. Ordinary Shares may be illiquid if there is no active third-party market of buyers and sellers. The LOWER RISK HIGHER RISK Ordinary Shares are denominated in Pounds Sterling (‘GBP’). The return when expressed in a currency other than GBP may change depending on currency fluctuations. The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the WHAT COULD HAPPEN IN SEVERLY ADVERSE MARKET markets or because the Company is not able to pay you. CONDITIONS? The Company have classified this product as 4 out of 7, which is Whilst the Company has contingences in place to manage any a medium risk class. This rates the potential losses from future discount to NAV at which the Company’s share trade in the performance at a medium level and assumes that poor market market, there is no guarantee that the Company will use these conditions could impact the value of the Ordinary Shares.methods, or that they will always be successful. Therefore, under severely adverse market conditions, there is a risk that the value Other risks materially relevant to the Ordinary Shares that are of an investment in the Company’s shares could reduce not included in the summary risk indicator include: significantly, potentially down to zero. – The Company is exposed to risks generally affecting the infrastructure sector and risks that may affect individual WHAT HAPPENS IF THE COMPANY IS UNABLE TO PAY OUT? investments; The Company is not required to make any payment to you – The assets that the Company invests in (whether directly orin respect of your investment. indirectly) will typically be subject to third party leverage ranking ahead of the Company’s investment; and If the Company were liquidated, you would be entitled to receive a distribution equal to your share of the Company’s net assets, – While the Company may seek to manage any discount to net i.e. after payment of all of its creditors. asset value at which the Ordinary Shares trade, there is no guarantee that the Company can or will use these methods orNo service provider to the Company has any obligation to make that it will be successful.any payment to you in respect of the Ordinary Shares. There is no compensation or guarantee scheme in place that applies to The Risk Indicator is calculated according to a prescribed the Company and, if you invest in the Company, you should be quantitative methodology set out in the UK PRIIPS Regulationsprepared to assume the risk that you could lose all of your as defined below (the ‘Regulations’) which is not separately investment. endorsed or approved by the Company. This product does not include any protection from future market performance so you could lose some or all of your investment. However, investors in WHAT ARE THE COSTS? Ordinary Shares are not liable to additional financial This disclosure has been prepared in accordance with The commitments or obligations, including contingent liabilities. TaxPackaged Retail and Insurance-based Investment Products legislation of the investor’s home Member State may have an (Retail Disclosure) (Amendment) Regulations 2024. impact on the actual amounts of any returns on Ordinary Shares. The Reduction in Yield (‘RIY’) shows what impact the costs paid by the Company will have on the investment return you might get. The total costs take into account one-off, ongoing and PERFORMANCE INFORMATION incidental costs. The amounts shown here are the cumulative Future returns will depend on a number of factors, including the costs of the product itself, for three different holding periods. performance of the Company’s investments, changes to market The figures assume you invest £10,000. The figures are rates of interest, inflation, foreign exchange movements,estimates and may change in the future. Portfolio transaction changes to discount rates, changes to political policies, as wellcosts, borrowing costs and other ongoing costs are incurred by as regulatory and legal changes. the Company, and these are set out in INPP’s Annual Report This product does not track or compare itself to an index, and Accounts. These costs, together with other market factors, benchmark, target or proxy. However, if you hold the product can affect the share price of INPP and may therefore impact the through an investment adviser/ investment manager, that person return on your investment. There is no direct link between the may set an appropriate benchmark against which you could Company’s share price and the costs that it pays. compare its performance. WHAT COULD AFFECT MY RETURN POSITIVELY? The factors that are most likely to impact returns positively, include improvements in the macroeconomic environment in the geographies in which the Company invests, the performance of the Company’s investments exceeding expectations, inflationary changes, and improvements in the foreign exchange rates where the Company’s portfolio has exposure. WHAT COULD AFFECT MY RETURN NEGATIVELY? The factors that are likely to impact returns negatively are negative impacts on the Company’s portfolio in relation to operational issues, a decrease in demand for infrastructure assets, inflationary changes, deterioration to currencies in which the Company is exposed to, and adverse market conditions whereby the NAV and share price are adversely impacted. 2 TABLE 1: COSTS OVER TIME The person advising you about this product and / or the product distributor may charge you other costs. If so, this person and / or the product distributor will provide you with information about these costs and show you the impact that all costs will have on your investment over time. The figures shown include all the costs of the product itself but exclude operating and interest expenses incurred by the Company and its portfolio of investments, and do not include any of the costs that you may pay to your advisor and / or distributor. INVESTMENT OF £10,000 SCENARIOSIF YOU CASH IN AFTER 1 YEARIF YOU CASH IN AFTER 3 YEARS IF YOU CASH IN AFTER 5 YEARS Total costs £0 £0 £0 Impact on return (‘RIY’) per year 0%0% 0% TABLE 2: COMPOSITION OF COSTS The table below describes: – the impact each year of the different types of costs on the investment return that you might get at the end of the recommended holding period; – the meaning of the different cost categories. THIS TABLE SHOWS THE IMPACT ON RETURN PER YEAR One-off costs Entry Costs N/A No entry costs are payable when you acquire Ordinary Shares, although you may be required to pay brokerage fees or commissions.Exit Costs N/A No exit costs are payable when you dispose of Ordinary Shares, although you may be required to pay brokerage fees or commissions. Ongoing costs Portfolio transaction N/A No portfolio transaction costs, relating to the buying and selling of underlyingcostsinvestments, are payable by you to the Company. Portfolio transaction costs are incurred by the Company, and these are set out in INPP’s Annual Report and Accounts.Other ongoing costs N/A No ongoing operational or advisory fees are payable by you to the Company. Borrowing costs and other ongoing costs are incurred by the Company, and these are set out in INPP’s Annual Report and Accounts. Incidental costs Performance feesN/A No performance fees are charged by the Company Carried interestN/A No carried interest is paid by the Company HOW LONG SHOULD I HOLD IT AND CAN I TAKE MONEY OUT EARLY? There is no cooling off or cancellation period in respect of acquiring Ordinary Shares. There is no recommended minimum or maximum holding period for Ordinary Shares which is a decision for investors. The Company has no obligation to redeem or repurchase Ordinary Shares and the only way to dispose of Ordinary Shares is by sale or transfer to a third party. This may happen at any time in accordance with the Company’s Articles of Incorporation. The Ordinary Shares are currently listed and tradable on the main market of the LSE. The Company charges no fees or penalties on sale of Ordinary Shares, but you may be required to pay fees or commissions to any person arranging the sale on your behalf. HOW CAN I COMPLAIN? OTHER RELEVANT INFORMATION If you have any complaints about The risk, performance, cost calculations and language included in this KID have the product or conduct of the product been prepared in accordance with The Packaged Retail and Insurance-based manufacturer, you may lodge your Investment Products (Retail Disclosure) (Amendment) Regulations 2024. Ordinary complaint via the Company’s website atShares are held on the terms of the Company’s Articles of Incorporation availablewww.internationalpublicpartnerships.com from the Company’s Administrator. Ordinary Shares are issued on the terms of or with the Company’s Administrator, and subject to the disclosures (including risk factors) contained in the documents Ocorian Administration(Guernsey) required by the Company to be issued (inter alia) under the Listing Rules, the Limited, byemail at inppteam- Disclosure Guidance and Transparency Rules of the FCA and the Alternative GG@ocorian.com or by postInvestment Fund Managers Directive (including UK implementing rules). Persons at PO Box 286, Trafalgar Court, Les acquiring Ordinary Shares should be familiar with such documents and with the Banques, St. Peter Port, Guernsey,Company’s most recently published Report and Accounts and Regulated News GY1 4LY, Channel Islands. Service announcements. If you have a complaint about a person who is advising on, or selling, the product you should pursue that complaint with the relevant person. 3