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H1 2026 RESULTS PRESENTATION September 2026 IMAGE Gold Coast Light Rail, Australia Photo credit: TransLink, Department of Transport and Main Roads
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IMPORTANT INFORMATION 2026 HALF-YEAR RESULTS PRESENTATION 2 The information in this document has been prepared at the direction of International Public Partnerships Limited (“INPP” or the "Company") solely for use at an information presentation about INPP. This document contains information provided solely as an update on the financial condition, results of operations and business of INPP. Nothing in this document or in any accompanying management discussion of this document constitutes, nor is it intended to constitute: (i) an invitation or inducement to engage in any investment activity, whether in the United Kingdom, the United States or in any other jurisdiction; (ii) any recommendation or advice in respect of the shares in INPP ("Shares"); or (iii) any offer for the sale, purchase or subscription of any Shares. This document does not constitute an offer to sell to or solicitation of an offer to purchase from any investor or in any jurisdiction in which such an offer or solicitation is not permitted or would be unlawful. Each investor must comply with all legal requirements in each jurisdiction in which it purchases, offers or sells INPP’s securities, and must obtain any consent, approval or permission required by it. 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 are not a financial promotion and none of the contents of this document 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. Amber Fund Management Limited (the "Investment Adviser" or "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. This document and its contents are not to be distributed, published, reproduced (in whole or in part) by any medium or in any form, or disclosed or made available by recipients, to any other person. 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. The information in this document was prepared to be supplemental to an oral presentation and can be understood only in that context and against a review of other published information of the Company and not as a freestanding document. No offer of, or invitation to acquire, securities is made by this document. 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 to companies that are associated with the Investment Adviser, that may be acquired by INPP in accordance with agreed conflict management and allocation policies. The projects listed, the bid status, the estimated funding dates, the investment capital requirements and any anticipated returns may all change from time to time before those projects are available for investment or purchase by INPP and accordingly the final investment characteristics of any opportunity are likely to differ from those shown above and no reliance may be placed on this indicative Pipeline. 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. To the fullest extent permitted by law, neither INPP, its investment adviser, AFML, nor 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 has not been approved by the UK Financial Conduct Authority, the Guernsey Financial Services Commission or other relevant regulatory body. 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, nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This document does not constitute a recommendation or personal advice 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 verbal presentation explicitly does not consider specific risk associated with INPP and is not intended or to be taken as a comprehensive overview of the activities of INPP. Potential investors should be aware that any investment in the Company is speculative, involves a high degree of risk, and could result in the loss of all or substantially all of their investment. Results can be positively or negatively affected by market conditions beyond the control of the Company or any other person. If you do require investment advice, please consult a suitably qualified professional adviser. You should take appropriate advice as to any securities, taxation or other legislation affecting you personally. This document and the information contained herein are provided for information in connection with the verbal presentation and do not constitute offering material in respect of an offer to acquire ordinary shares in INPP. This document is not intended in any way to be a substitute for a review of the Semi-Annual and Annual Reports and Accounts of INPP and should not be relied on as such. Any decision to acquire ordinary shares in INPP cannot be made on the basis of this document or any related verbal presentation and must be made on the basis of the Company’s Semi-Annual and Annual Reports and Accounts and not in reliance on this document. Further information is available on INPP's website https://www.internationalpublicpartnerships .com, subject to certain access restrictions. There is no guarantee that any returns set out or referenced in this document can be achieved or can be continued if achieved. The targeted rates of return included in this document are hypothetical returns and are for illustrative purposes only. The past performance of the Company or the shares in the Company cannot be relied upon as a guide to the future performance of the Company, nor are dividends guaranteed. The value of an investment in the Company, and the returns derived from it, if any, may go down as well as up and an investor may not get back the amount invested. The Company’s investment portfolio may not perform as anticipated at the time of investment and may be loss making. The market price of the shares in the Company may fluctuate independently of their Net Asset Value and the shares in the Company may trade at a discount or premium to their Net Asset Value at different times and it may be difficult for shareholders in the Company to realise their investment. The distribution or publication of this document may be restricted by law in certain jurisdictions and therefore persons into whose possession this document comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions could result in a violation of the laws of such jurisdiction. The Company is a closed-ended listed investment company which is incorporated in Guernsey and is recognised as a third country self-managed AIF in very limited EEA jurisdictions under the EU Alternative Investment Fund Managers Directive and in the UK under the UK Alternative Investment Fund Managers Regulations 2013 (SI 2013/1773) as amended. The Ordinary Shares of the Company are excluded from the UK FCA restrictions on promotion that are applicable in the UK to non-mainstream investment products, due to its current investment company structure. This document including any slides and the information contained herein or any related verbal presentation, (the Presentation) 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 the EEA (other than to professional investors in Ireland) Australia, Canada, South Africa, New Zealand, or Japan or in any other jurisdiction where such offer or sale would be unlawful. Therefore, the Presentation or copies, may not be taken into, transmitted or distributed in such jurisdictions, except in compliance with the applicable securities law of that jurisdiction. Failure to comply may result in a violation of that jurisdiction’s national securities laws or that of the United States. In particular the Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, or with any securities regulatory authority of any state or other jurisdiction of the United States. The shares may not be offered, sold, resold, pledged, delivered, distributed or otherwise transferred, directly or indirectly, into or within the United States, or to, for the account or benefit of, “US Persons” (as defined in Regulation S under the Securities Act (“US Persons”)) Outside the United States, the Shares may be sold to persons who are not US Persons”. Any sale of Shares in the United States or to US Persons may only be made to a limited number of persons reasonably believed to be “qualified institutional buyers” (“QIBs”), as defined in Rule 144A under the US Securities Act, that are also “qualified purchasers” (“Qualified Purchasers”), as defined in the US Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company has not been and will not be registered under the Investment Company Act and investors are not and will not be entitled to the benefits of the US Investment Company Act.
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HALF-YEAR FINANCIAL HIGHLIGHTS AS AT 30 JUNE 2026 3 NAV PER SHARE1 31 December 2025: 151.5p per share Movement 1.3% 8.79p 2025: 8.58p per share 2026 DIVIDEND TARGET PER SHARE3 1.3x CASH DIVIDEND COVER4 31 December 2025: 1.1x ONGOING CHARGES6 1.11% 31 December 2025: 1.09% 1. The methodology used to determine the NAV is set out in the 2026 Interim Report. The full NAV history is available on page 20 . 2. Total NAV return is calculated as the closing NAV per share plus dividends paid during the period, divided by the opening NAV per share, with the resulting six-month return annualised. 3. Future profit projection and dividends cannot be guaranteed. Projections are based on current estimates and may vary in futur e. 4. Cash dividend payments to investors are paid from net operating cash flows before capital activity. 153.4p 5. All else being equal, a 1.0% increase in inflation over the forecast period, is expected to increase the net return by 0.8% o r NAV per share by c.12p. 6. The Ongoing Charges is prepared in accordance with the Association of Investment Companies’ recommended methodology, noting t his excludes non-recurring costs. For more information, please refer to The Efficient Financial Management section of the 2026 Interim Report. NAV1 31 December 2025: £2.7bn Movement 0.1% £2.7bn 9.1% 31 December 2025: 9.1% WEIGHTED AVERAGE DISCOUNT RATE 8.2% 31 December 2025: 10.6% TOTAL NAV RETURN (ANNUALISED)2 0.8% 31 December 2025: 0.7% INFLATION-LINKAGE5
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IN OUR 20TH ANNIVERSARY YEAR 2026 HALF-YEAR RESULTS PRESENTATION 4 Track record of reliable and progressive income with long-term capital growth Capital allocation targets primary market assets, including first-of-kind projects ~20 years Track record of progressive dividend growth ~25 years Dividend projections at existing growth rate1 <9.1% Realisations of >£440m priced at an average implied return2 >11% Average return on >£480m investment commitments2 Dividends grown by at least 2.5% for ~20 years, with the existing asset base supporting similar growth for the next ~25 years >200bps uplift for every pound recycled; access to a strong pipeline of opportunities to continue to enhance portfolio quality and the return profile Highly predictable income from long-term contracted cash flows 99% Portfolio backed by long-term secure revenues 0.8% Inflation linkage3 Portfolio resilience across economic cycles; a reliable source of income and long-term capital growth 1. Future profit projection and dividends cannot be guaranteed. Projections are based on current estimates and may vary in futur e. There can be no assurance that these targets will be met or that the Company will make any distributions at all. 2. Across the three-year period from June 2023 to the date of this presentation. The commitments also include the Company’s preferred bidder position on Moray West OFTO. There is no certainty this will translate into an actual investment. 3. All else being equal, a 1.0% increase in inflation over the forecast period, is expected to increase the net return by 0.8% o r NAV per share by c.12 pence. Differentiated portfolio composition of low-risk essential infrastructure assets 135 Assets across 9 OECD countries c.41years Weighted average life of the portfolio Active asset management has optimised the value of the overall portfolio 1 2 3 4
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2026 HALF-YEAR RESULTS PRESENTATION 5 TRACK RECORD OF RELIABLE AND PROGRESSIVE INCOME UNINTERRUPTED, PROGRESSIVE DIVIDEND GROWTH SINCE IPO 1. Future profit projection and dividends cannot be guaranteed. Projections are based on current estimates and may vary in futur e. There can be no assurance that these targets will be met or that the Company will make any distributions at all. 2. The 2026 projected dividend target of 8.79p divided by the Company’s share price as at 4 September 2026. 3. This is reflective of the 2026 and 2027 dividend targets, and c.2.5% annual dividend growth thereafter. A dividend grown by at least 2.5% annually for ~20 years, with a minimum annual dividend cover of 1.1x 1 8.79p | 9.01p 2026 and 2027 Dividend Targets1 2.5% 2026 and 2027 Dividend Growth Targets1 6.4% Dividend Yield2 ~25 years Sustainable Future Dividend Growth3
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CAPITAL ALLOCATION TARGETS PRIMARY MARKET ASSETS >11% AVERAGE RETURN ON INVESTMENT COMMITMENTS SINCE MID-2023 2026 HALF-YEAR RESULTS PRESENTATION 6 >£480m Capital committed and invested1 >11.0% Average return on recent investment commitments1 >1.0% Inflation linkage2 >6.0% Five-year cash yield3 1. The commitments also include the Company’s preferred bidder position on Moray West OFTO. There is no certainty this will tran slate into an actual investment. 2. All else being equal, a 1.0% increase in inflation over the forecast period is expected to increase the weighted average inve stment return by more than 1.0%, calculated by applying that increase in inflation to each investment committed or deployed since mid -2023, holding capital invested constant, and re -solving each investment's IRR. 3. The weighted average five-year cash yield of investments made since mid-2023, weighted by capital invested. CAPITAL COMMITTED OR DEPLOYED SINCE MID-2023 (£m) 2 77 77 29 254 65 40 480 0 50 100 150 200 250 300 350 400 450 500 2024 Moray East OFTO 2024 BeNEX 2023-2026 Long-standing commitments (pre June 2023) 2025-2030 Sizewell C 2026 Moray West OFTO 2026-2030 BeNEX (RVMF) Total 15
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72026 HALF-YEAR RESULTS PRESENTATION >£440m Realised or committed to be realised 1.9p NAV accretion from share buybacks Up to £225m Current share buyback programme c.£150m Shares bought back as at September 2026 CUMULATIVE REALISATION ACTIVITY SINCE MID-2023 (£m) 216 44 8 81 40 58 447 0 50 100 150 200 250 300 350 400 450 500 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 H2 2026 Total Digital disposal & OFTO refinancing Health disposal & FHSP disposal PPP refinancing and Angel Trains disposal OFTO disposal Education disposal In line with NAV At a premium to NAV At a significant premium to NAV Education disposal 1. This includes the c.£58m PPP realisation announced in August 2026, expected to reach financial close in Q4 2026. 1 1 REALISATIONS AT AN IMPLIED RETURN OF <9.1% SINCE THE MARKET SHIFT IN LATE 2022, INPP HAS BEEN PRIORITISING REALISING CAPITAL FROM SELECTIVE MATURE ASSETS AND REDEPLOYING INTO HIGHER RETURNING ASSETS AND SHARE BUYBACKS 2
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DIFFERENTIATED PORTFOLIO COMPOSITION OF LOW-RISK ESSENTIAL INFRASTRUCTURE ASSETS 8 SUPPORTING KEY PORTFOLIO METRICS AND SHAREHOLDER VALUE Portfolio as at 30 June 2023 Portfolio as at 30 June 2026 37 years 41 years (+4 years) 0.7%1 0.8%1 (+0.1%) 8.0% 9.1% (+110 basis points) 20 years 25 years2 (+5 years) 22% 18% 16% 15% 13% 16% 2026 HALF-YEAR RESULTS PRESENTATION 3.7m homes (+1.0m)2.7m homes Three years of disciplined capital allocation 1. Asset disposals: ▪ >£440m ▪ At or above NAV 2. New investment commitments: ▪ c.£480m ▪ Average IRR of >11% 3. Share buybacks: ▪ Target of up to £225m ▪ c.£150m shares bought back to date ▪ 1.9p NAV accretion 4. Consistently paid and covered dividends 23% 18% 16% 16% 12% 12% Weighted average discount rate of the portfolio Weighted average life of the portfolio Inflation-linked cash flows Progressive, fully covered dividends Homes capable of being powered by renewable energy transmitted through OFTOs Portfolio breakdown by NAV 98% 99% (+1%) Portfolio protected by long-term secure revenues 3 1. All else being equal, a 1.0% increase in inflation over the forecast period, is expected to increase the net return by 0.8% o r NAV per share by c.12p. 2. The projected investment receipts from the existing portfolio forecasts the dividend growth to be sustainable for at least th e next 25 years without the need for further investment.
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The chart captures a number of scenarios: ▪ The projected cash flows for the next 30 years, with no changes to the portfolio as at 30 June 2026; as well as the projected cash flows for the next 30 years, assuming that surplus cash expected to be generated is reinvested ▪ The projected NAV line as at 30 June 2026; with two reinvestment scenarios: at the current discount rate of 9.1%; and at 11%, in line with the Company’s investment activity over the last three years ▪ The reinvestment case includes projected incremental cash flows assuming any surplus cash post payment of forecast dividends, generated by the portfolio is deployed into new investments. These projections do not account for additional capital sources that may become available in the future, such as proceeds from equity raises or future realisations A RELIABLE SOURCE OF INCOME AND PROJECTED LONG-TERM CAPITAL GROWTH PROJECTED INVESTMENT PORTFOLIO RECEIPTS AND ILLUSTRATIVE NAV GROWTH WITH REINVESTMENT 2026 HALF-YEAR RESULTS PRESENTATION 9 This chart is not intended to provide any future profit forecast or dividend projections as neither can be guaranteed. These projections are not a reliable indicator of future results. The market price of the shares in the Company may fluctuate independently of the NAV and the shares in the Company may trade at a discount or premium to the NAV. 4
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FINANCIAL PERFORMANCE IMAGE BeNEX, Germany Photo credit: agilis I Dietmar Denger
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1. Foreign exchange rate impact is presented net of hedging. 2. The NAV return represents amongst other things, (i) variances in both realised and forecast investment cash flows, (ii) the u nwinding of the discount factor applied to those future investment cash flows, and (iii) changes in the Company’s net assets. Note: The Company’s approach to calculating NAV has been set out on slide 20 of this presentation and the Company’s full NAV history can be seen on page 21. NAV MOVEMENTS 112026 HALF-YEAR RESULTS PRESENTATION ▪ The yields on the government bonds used as part of the valuation process increased from the last reported period, reducing the NAV by £59.7m ▪ This negative impact was fully offset by a reduction in the investment risk premia, ensuring that valuations continue to reflect the strong operational performance of the investments and recent market-based evidence of pricing for infrastructure ▪ Two interim dividends of 2.15 pence per share were paid in the period in line with forward guidance, accounting for £77.4m of the movement, while short- term inflation assumptions were updated to reflect the current macroeconomic environment, adding £20.1m in aggregate ▪ The NAV return of £79.7m reflects, among other factors, the unwinding of the discount rate, updates to cash flow assumptions and distributions received above forecast levels as a result of active portfolio management 1 1 2 2 3 3 4 4
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VALUATION DISCOUNT RATE OVERVIEW 2026 HALF-YEAR RESULTS PRESENTATION 12 ▪ Transaction volumes are beginning to pick up, with the Company active in a number of processes ▪ Improving market activity gives greater visibility on asset pricing, though buyers remain price disciplined ▪ Discount rate ranges are unchanged across all three sub- sectors, with the movement in the period driven by portfolio weighting rather than any repricing of individual assets ▪ The weighted average government bond yield increased 30bps to 4.9% (31 December 2025: 4.6%), offset by a 30bps tightening in the weighted average risk premium to 4.2% (4.5%), leaving the weighted average discount rate unchanged at 9.1% ▪ The discount to NAV at which the Company’s shares trade continues to undervalue the Company 1. Discount rates are being represented to 50 bps increments. 2. The Company’s approach to calculating the NAV is set out on page 20 of this presentation and the Company’s full NAV history c an be seen on page 21. 3. This represents the weighted average of the discount rates used to determine all of the Company’s investments. 30 Jun 2026 31 Dec 2025 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% businesses Operating investments Regulated projects PPP PortfolioPortfolio DISCOUNT RATE RANGES 1 3 NAV PER SHARE 2 153.4p 31 December 2025: 151.5p Variance: 1.9p | 1.3% 9.1% WEIGHTED AVERAGE DISCOUNT RATE3 31 December 2025: 9.1% 15.8p / (13.3p) NAV SENSITIVITY TO -/+100BPS DISCOUNT RATE CHANGES 31 December 2025: 15.9p / (13.4p) Variance: (0.1p) / (0.1p)
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2026 HALF-YEAR PORTFOLIO REVIEW IMAGE Moray East OFTO, UK
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▪ Strong operational performance during the period with availability of 99.8% against a target of >98.0%, with performance deductions of 0.2% against a target of <3.0% ▪ Post period-end, in August, the Company committed to divest nine Building Schools for the Future (‘BSF’) projects for c.£58m. Expected to reach financial close in Q4 2026 PORTFOLIO HIGHLIGHTS – H1 20261 2026 HALF-YEAR RESULTS PRESENTATION 14 PPPs 35% portfolio (Education, healthcare, justice and other social infrastructure sectors across 9 countries) Operating businesses 12% portfolio (Angel Trains, BeNEX and digital infrastructure) ▪ During the period, Angel Trains continued to perform well. To date, the nationalisation of train operating companies has had no material impact on Angel’s operations ▪ A further new concession was awarded to BeNEX during H1 2026 comprising 1.6m train km per annum from December 2027. This concession did not require further investment. Post period-end, in July, BeNEX was awarded another new concession and INPP expects to invest up to €46m to fund this commitment with the majority required between 2029-2030 ▪ Following structural headwinds the UK altnet market is facing, it was announced post-period end, in August, that INPP has elected not to commit further capital to toob and subject to final terms, will transfer its equity interest to the debt holders for a de minimis amount. INPP continues to hold c.1% of the portfolio in digital infrastructure 1. For further information please refer to the Asset Management section of the INPP 2026 Interim Report. Regulated investments 53% portfolio (Cadent, Tideway, Sizewell C and a portfolio of 11 OFTOs) ▪ Having performed strongly against its RIIO-2 commitments, Cadent is now focused on delivering its RIIO-3 objectives ▪ Post period-end, in August, Tideway successfully achieved ‘Handover’ - the point at which the operator takes over operational responsibility for the tunnel ▪ Sizewell C construction is progressing in line with expectations, with more than 2,000 people on site each day ▪ The portfolio of 11 OFTOs continue to perform well and in live with expectations with c.£40m received during the period for the sale of the minority stake in Moray East OFTO
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STRONG TRACK RECORD OF DISTRIBUTIONS RECEIVED AGAINST THE PRIOR YEAR FORECAST 2026 HALF-YEAR RESULTS PRESENTATION 15 Tideway, Cadent, Sizewell C Regulated revenues ▪ The regulator sets the return on the asset's value for a multi-year price control ▪ Shielded from volume, price and competition risk ▪ Returns are inflation-linked ▪ Opex, debt and other variables mitigated through the RAB model 11 OFTOs (offshore transmission) Government-backed availability ▪ Revenue paid on cable availability rather than use or power price ▪ Government-backed counterparty for the licence term ▪ Revenue is inflation-linked ▪ Fully mitigated interest rate and refinancing risk, limited opex risk Schools, hospitals, courts Government-backed availability1 ▪ Government pays for building availability, not levels of use ▪ Payments run for the life of the concession ▪ Payments partly inflation-linked ▪ Fully mitigated interest rate and refinancing risk, opex risk typically passed down or limited Regulated investments (53%) PPPs (35%) ▪ With 99% of the portfolio backed by long-term contracted or regulated revenues, distributions depend principally on asset availability rather than on market volumes, prices, or wider economic conditions ▪ This underpins the strong visibility of the underlying cash flows ▪ Investment Adviser's stewardship across >130 investments helps convert this low-risk structure into the forecast cash actually received 0% 20% 40% 60% 80% 100% 120% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 DISTRIBUTIONS RECEIVED AGAINST PRIOR YEAR FORECAST (%) Distributions deliberately held back at project level during Covid-19 to preserve liquidity. Underlying cash generation in line with expectations and dividend paid in full at 1.2x cover 1. With the exception of Diabolo and Family Housing for Service Personnel (‘FHSP’) which are categorised as government-backed with revenue adjustment mechanisms revenues. Diabolo receives a mix of passenger-linked revenues and fixed availability payments. FHSP operates as mezzanine debt. Angel Trains, BeNEX Long-term contracted revenues ▪ Trains leased or operated under long-term contracts with operators and transport authorities ▪ Revenue contracted and partly inflation-linked, then re-let or re- tendered ▪ Track record of renewals, with re- contracting risk and upside Operating businesses (12%)
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RESPONSIBLE APPROACH TO INVESTMENT 2026 HALF-YEAR RESULTS PRESENTATION 16 ANNUAL STUDENTS ATTENDING SCHOOLS DEVELOPED AND MANAGED BY THE COMPANY >183,000 TONNES OF SEWAGE DIVERTED FROM THE RIVER THAMES INTO THE LONDON TIDEWAY TUNNEL SYSTEM SINCE AUGUST 2024 >21,700,000 ESTIMATED EQUIVALENT HOMES CAPABLE OF BEING POWERED BY RENEWABLE ENERGY TRANSMITTED THROUGH OUR OFTO INVESTMENTS >3,700,000 ANNUAL PASSENGER JOURNEYS THROUGH OUR RAIL TRANSPORT INVESTMENTS >244,700,000 INFRASTRUCTURE IS INHERENTLY LINKED TO REAL -WORLD OUTCOMES. ESSENTIAL ASSETS SUCH AS TRANSPORT, HEALTHCARE, EDUCATION AND UTILITIES ENABLE THE DELIVERY OF PUBLIC SERVICES AND SUPPORT THE FUNCTIONING OF LOCAL COMMUNITIES AND ECONOMIES ANNUAL PATIENTS TREATED IN HEALTHCARE FACILITIES DEVELOPED AND MANAGED BY THE COMPANY >706,000 JOBS SUPPORTED ACROSS ALL INVESTMENTS DURING THE YEAR >14,000
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RESPONSIBLE INVESTMENT PROGRESS 17 THE COMPANY CONTINUES TO FOCUS ON ITS APPROACH TO RESPONSIBLE IN VESTMENT AND MADE GOOD PROGRESS AGAINST ITS ESG POLICY OBJECTIVES 2026 HALF-YEAR RESULTS PRESENTATION DELIVERED IN H1 2026 Disclosure and regulation ▪ The Company released the fifth edition of the Sustainability Report, including updated TCFD, SFDR and EU Taxonomy disclosures KPIs ▪ The Company, through its Investment Adviser continued to make progress against its ESG KPIs during H1 2026, including engagement with investments on diversity equality an inclusion (‘DEI’), climate risk and net zero Building asset decarbonisation ▪ The Company advanced its decarbonisation initiatives across its social infrastructure portfolio, including 80 solar feasibility studies to date and air source heat pumps projects reaching the construction stage at two Calderdale Schools KPIs ▪ The Company, through its Investment Adviser will continue its programme of Investment Company stewardship to make continued progress against its ESG KPIs during H2 2026 Building asset decarbonisation ▪ The Investment Adviser will continue to work with its facilities management partners to undertake further solar feasibility studies across our PPP projects and deliver where financially attractive Social Disclosures ▪ Through our various reporting channels, we will look to further draw out the link between our projects and the communities around them PLANNED FOR H2 2026
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18 Differentiated portfolio composition of low-risk essential infrastructure assets Track record of reliable and progressive income with long-term capital growth Capital allocation targets primary market assets, including first-of-kind projects INVESTMENT CASE Highly predictable income from long-term contracted cash flows 2026 HALF-YEAR RESULTS PRESENTATION ~20 years Track record of progressive dividend growth >11% Average return of recent investment commitments1 99% Portfolio backed by long-term secure revenues 135 Assets across 9 OECD countries 1 2 3 4 1. Across the three-year period from June 2023 to the date of this presentation. The commitments also include the Company’s preferr ed bidder position on Moray West OFTO. There is no certainty this will translate into an actual investment.
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APPENDICES IMAGE Sizewell C, UK
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VALUATION METHODOLOGY NAV CALCULATION1 ▪ Sum-of-the-parts’ aggregation of the present value of each of the Company’s investments plus other balance sheet items ▪ The highly predictable nature of future cash flows justifies a discounted cash flow valuation of the Company’s investments ▪ NAV is externally reviewed as part of each year-end audit ▪ The Company reports the range of discount rates used to value its Risk Capital2 investments, as well as a weighted average of all the discount rates used ▪ The majority of the Company’s portfolio is invested in concessions or licenses with finite lives and the value of these investments should be expected to amortise over time 2026 HALF-YEAR RESULTS PRESENTATION 20 ADDITIONAL VALUE DRIVERS We believe additional value may exist relative to that captured in our valuation process. These items are not captured within the formal NAV assessment: High degree of inflation-linkage Size and risk diversification premium Possibility of additional investments3 Possibility of future cost savings on PPPs 1. See the Investor Returns section of the Company’s 2026 Interim Report for NAV methodology. 2. Risk Capital includes both equity and subordinated shareholder debt. 3. Other than those contractually committed as at the valuation date.
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1. The Company’s approach to calculating the NAV is set out on page 20. HISTORIC NAV PERFORMANCE NAV PER SHARE – LAST FIVE YEARS 2026 HALF-YEAR RESULTS PRESENTATION 21 NAV RETURN – SINCE INCEPTION 30 Jun 22 30 Jun 23 30 Jun 24 30 June 25 30 June 26 NAV1 PER SHARE 157.3p 155.2p 149.5p 148.7p 153.4 0 50 100 150 200 250 300 Dec 06 Jun 07 Dec 07 Jun 08 Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19 Dec 19 Jun 20 Dec 20 Jun 21 Dec 21 Jun 22 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24 Jun 25 Dec 25 Jun 26 Total Shareholder Return Total NAV Return
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INVESTMENTS AT FAIR VALUE 221. The Portfolio Return represents, amongst other things, ( i) variances in both realised and forecast investment cash flows and (ii) the unwinding of the discount factor applied to those future investment cash flows. 2026 HALF-YEAR RESULTS PRESENTATION 1 2 3 4 ▪ An increase of £43.4m due to new investments made during the period, alongside divestments of £40.5m as the Company continues its active capital recycling programme ▪ A decrease of £117.7m due to distributions paid out from the portfolio during the period ▪ The Portfolio Return of £89.6m captures broadly the same items as the NAV Return (see slide 11) with the principal exception being the fund-level operating costs and portfolio working capital movements ▪ An uplift of £4.6m due to movements in discount rates applied to the portfolio valuations, driven by movements in government bond yields was partially offset by a reduction in the investment risk premia ▪ Over the period, Sterling weakened against the Euro, Australian Dollar and Danish Krone, while strengthening against the Company's other foreign currency exposures ▪ Short term inflation assumptions have been updated to reflect the current environment, while the Company’s long-term inflation assumptions remain unchanged, with the exception of a modest adjustment to UK CPIH incorporated as part of the June 2025 update. See slide 30 1 2 3 4 5 5 6 6
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FUTURE OPPORTUNITIES 2026 HALF-YEAR RESULTS PRESENTATION 23 CURRENT COMMITMENTS PIPELINE The pipeline presented in the graphics includes nearer-term and shortlisted investments. These opportunities offer attractive investments aligned with the Company’s risk appetite and potential for enhanced returns, whilst sharing the resilient characteristics of our existing portfolio, including stable long-term cash flows, strong contractual protections, and low-market correlation, with additional upside through active asset management and operational improvements. This overview is indicative only and there is no assurance that these opportunities will result in commitments. The Company has access to a wider and longer-term pipeline of opportunities, totalling £3.0bn. 1. This timeframe reflects the anticipated 60 years of operations following construction, which together is expected to end in 2 099. 2. Represents the Company’s preferred bidder position. There is no certainty this will translate into an actual investment. The Board and the Investment Adviser continue to monitor market conditions closely, assessing investment and divestment opportunities to ensure the portfolio remains aligned with the Company’s long-term strategic objectives. PIPELINE EQUITY VALUE (£m) GEOGRAPHIC BREAKDOWN (£m) c.£290m Current commitments2 1. The opportunities included within the PPP pipeline typically include greenfield investments.
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24 TOP 10 INVESTMENTS NAME OF INVESTMENT LOCATION SECTOR % HOLDING AT 30 JUNE 2026 % INVESTMENT FAIR VALUE AT 30 JUNE 2026 % INVESTMENT FAIR VALUE AT 31 DEC 2025 FAIR VALUE MOVEMENT DURING THE PERIOD PRIMARY SDG SUPPORTED CADENT UK Gas Distribution 7% 16.1% 15.6% 3.9% Cadent's fair value increased by c.3.9% during the first half of 2026. This movement reflects a modest reduction in the discount rate and the roll-forward of cash flows, with the RIIO-3 Final Determination, previously announced in December 2025 now fully embedded within the forecasts. TIDEWAY UK Wastewater 18% 16.1% 15.8% 2.7% Tideway delivered a fair value uplift of c.2.7% over the first half of 2026, underpinned by continued construction progress and operational performance in line with expectations, alongside resilient RAB linked cash flow expectations. With the discount rate remaining stable, the balance of the movement reflects the time value of money as forecast cash flows draw nearer. DIABOLO Belgium Transport 100% 8.8% 8.8% 0.4% Diabolo's fair value increased slightly, as adopting a more cautious forecast for future passenger volumes reduced the risk of the Revenue Adjustment Mechanism (‘RAM’) moving against Diabolo, allowing a slight reduction in its discount rate premium. The RAM is a scheme that provides Diabolo with a contractual right to request an adjustment to the passenger supplement to ensure investor returns are protected where passenger volumes fall below prescribed levels. ANGEL TRAINS UK Transport 8% 6.1% 6.1% 1.6% Angel Trains delivered a fair value uplift of c.1.6% over the first half of 2026. With the discount rate unchanged, the movement primarily reflects the unwind of the discount as forecast cash flows draw nearer, partially offset by distributions received during the period. Following the partial realisation completed in the second half of 2025, which reduced the Company's holding from 10% to 8%, the retained interest continues to be valued consistently with the pricing evidenced by that transaction. BeNEX Germany Transport 100% 4.3% 4.2% 4.5% The fair value uplift reflects updated cash flow forecasts incorporating recent concession wins and renewals, a modest reduction in the discount rate and operational performance and actual distributions in line with expectations, partially offset by adverse euro foreign exchange movements and distributions received during the period. These developments reinforce BeNEX's operating scale and long-term revenue visibility. 2026 HALF-YEAR RESULTS PRESENTATION
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25 TOP 10 INVESTMENTS CONTINUED NAME OF INVESTMENT LOCATION SECTOR % HOLDING AT 30 JUNE 2026 % INVESTMENT FAIR VALUE AT 30 JUNE 2026 % INVESTMENT FAIR VALUE AT 31 DEC 2025 FAIR VALUE MOVEMENT DURING THE PERIOD PRIMARY SDG SUPPORTED EAST ANGLIA ONE OFTO UK Energy Transmission 100% 4.2% 4.3% (1.6%) The fair value decreased by c.1.6% over the first half of 2026. The asset’s discount rate was unchanged from the prior period. The decline in fair value reflects the asset's strong cash yield, with much of its value returned through distributions in the period rather than retained, while partly being offset by the unwind of the discount. The divestment of a minority stake in Moray East OFTO during the period, at a price slightly above the published NAV, continues to provide supportive market evidence for the valuation. LINCS OFTO UK Energy Transmission 100% 3.6% 3.6% 0.5% The fair value increased modestly over the first half of 2026. The asset’s discount rate was unchanged from the prior period. The shift in fair value reflects the asset's strong cash yield, with much of its value returned through distributions in the period rather than retained, while partly being offset by the unwind of the discount. The divestment of a minority stake in Moray East OFTO during the period, at a price slightly above the published NAV, continues to provide supportive market evidence for the valuation. SIZEWELL C UK Low Carbon Energy 3% 2.9% 1.3% See below The fair value increase principally reflects a further equity injection as part of INPP's committed investment. Excluding this injection, the underlying valuation was broadly stable, increasing marginally. No distributions were paid during the period, with the first distribution being paid post-period end in July 2026. As scheduled equity injections continue, the investment is expected to grow into one of the portfolio's top three assets. RELIANCE RAIL Australia Transport 33% 2.7% 2.6% 3.5% Reliance Rail's fair value increased over the first half of 2026. Strong operational performance and high rolling stock availability continue to support stable, contracted cash flows. The movement reflects operational performance in line with expectations and a marginally lower discount rate, partially offset by distributions received during the period and foreign exchange movements on the Australian dollar-denominated investment. FAMILY HOUSING FOR SERVICE PERSONNEL US Other 100% mezzanine notes 2.3% 2.3% 0.2% The fair value was broadly stable, increasing c.0.2% over the first half of 2026. The asset continues to demonstrate strong occupancy and covenant headroom, supporting predictable, contracted cash flows. The valuation reflects the unwind of discounting offset by an increase in the discount rate, largely driven by higher underlying US Treasury yields, together with distributions received and US dollar foreign exchange movements during the period. 2026 HALF-YEAR RESULTS PRESENTATION
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PORTFOLIO ANALYSIS AS AT 30 JUNE 2026 262026 HALF-YEAR RESULTS PRESENTATION 1. The majority of assets and businesses benefit from availability-based or regulated revenues. ‘Other’ includes Health (4%), FHSP (2%), Digital (1%), and Judicial (1%) among other assets. 2. 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 exposure. 3. Early Stage Investor – investments developed or originated by the Investment Adviser or predecessor team in primary or early pha se investments. 4. Later Stage Investor – investments acquired from a third-party investor in the secondary market. 5. Includes non-concession entities which potentially have a perpetual life but are assumed to have finite lives for this illustrat ion. 26 2
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53% 24% 11% 12% 35% 18% 12% 9% 6% 6% 3% 2%2%2%2% REGULATED INVESTMENTS (CADENT, TIDEWAY, SIZEWELL C) REGULATED INVESTMENTS (OFTOs)2 OTHER ROLLING STOCK & DIGITAL INFRASTRUCTURE2 OCS HONEYWELL INTERNATIONAL 1% REVENUE TYPE AND SERVICE PROVIDERS PORTFOLIO BY REVENUE TYPE1 27 OTHER ROLLING STOCK & DIGITAL INFRASTRUCTURE4 AVAILABILITY- BASED PPPs2 REGULATED INVESTMENTS PPPs WITH REVENUE RISK MECHANISMS3 1. Based on percentage of Investments at Fair Value as at 30 June 2026. 2. These Availability-based PPPs include an insignificant amount of third -party income risk. 3. Includes investments in Diabolo Rail and Family Housing for Service Personnel. 4. Includes investments in Angel Trains, BeNEX and Digital Infrastructure assets. 1. Based on percentage of Investments at Fair Value as at 30 June 2026. 2. These investments operate with no significant exposure to any one service provider or delivery partner. 3. The recently announced acquisition of Mitie PLC by OCS vehicle, will on its conclusion result in 5% of the portfolio having exposure to the combined group. This exposure will reduce over time as the relevant PPP concessions expire, and in this context the consolidation will ensure INPP continues to be important customer for the group. 3 SERVICE PROVIDERS1 INFRABEL NV VAN PUBLIEK RECHT OTHERS DOWNER & SPOTLESS MITIE3 BOUYGUES HUNT MILITARY COMMUNITIES AMEY 1% KIER 1%
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PORTFOLIO INFLATION- LINKAGE1 0.8% (31 December 2025: 0.7%) VALUATION SENSITIVITIES AND DISCOUNT RATE TRENDS 2026 HALF-YEAR RESULTS PRESENTATION 28 HISTORICAL WEIGHTED AVERAGE DISCOUNT RATE ESTIMATED IMPACT OF CHANGES IN KEY VARIABLES BASED ON NAV OF 153 .4 PENCE PER SHARE AS AT 30 JUNE 2026 1. All else being equal, a 1.0% increase in inflation over the forecast period, is expected to increase the net return by 0.8% o r NAV per share by c.12 pence. 0% 2% 4% 6% 8% 10% Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Weighted Average Government Bond Yield Weighted Average Investment Premium
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MACROECONOMIC ASSUMPTIONS 2026 HALF-YEAR RESULTS PRESENTATION 29 1. Where insufficient protections exist within project agreements or through regulatory precedent, Retail Price Index (‘RPI’) is assumed to align with CPIH post -2030. 2. The Company’s US investment is in the form of subordinated debt and therefore not directly impacted by inflation rate, deposi t rate or tax rate assumptions. 3. Actual current deposit rates being achieved are assumed to be maintained until 31 December 2027 before adjusting to the long -term rates noted in the table above from 1 January 2028. The 30 June 2026 valuation adjusted to the longer -term assumption from 1 January 2027. 4. Tax rates reflect those substantively enacted as at the valuation date or those that could reasonably be expected to be subst antively enacted shortly after the valuation date. 30 JUNE 2026 31 DECEMBER 2025 INFLATION RATES UK RPI: 4.00% until Dec 2026, RPI: 3.50% until Dec 2027, 3.60% until Dec 2027, 2.75% thereafter1, 2.75% thereafter1 CPIH: 3.30% until Dec 2026, CPIH: 3.00% until Dec 2026, 2.75% until 2027, 2.75% until 2027, 2.50% thereafter 2.50% thereafter Australia 4.00% until Dec 2026, 3.00% until Dec 2026, 3.00% until Dec 2027, 2.50% thereafter 2.50% thereafter New Zealand 3.00% until Dec 2026 2.15% until Dec 2026 2.25% thereafter 2.25% thereafter Europe 2.75% until Dec 2026, 2.25% until Dec 2026, 2.00% thereafter 2.00% thereafter Canada 2.50% until Dec 2026, 2.10% until Dec 2026, 2.00% thereafter 2.00% thereafter US2 N/A N/A LONG-TERM DEPOSIT RATES3 UK 2.75% 2.75% Australia 2.75% 2.75% New Zealand 2.50% 2.50% Europe 1.50% 1.50% Canada 2.50% 2.50% US2 N/A N/A FOREIGN EXCHANGE RATES GBP/AUD 1.93 2.01 GBP/NZD 2.35 2.33 GBP/DKK 8.67 8.56 GBP/EUR 1.16 1.15 GBP/CAD 1.88 1.84 GBP/USD 1.33 1.35 TAX RATES4 UK 25.00% 25.00% Australia 30.00% 30.00% New Zealand 28.00% 28.00% Europe Various (12.50% - 32.28%) Various (12.50% - 32.28%) Canada Various (23.00% - 26.50%) Various (23.00% - 26.50%) US2 N/A N/A
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. HIGH LEVELS OF PROTECTION TO INCREASING BASE RATES 2026 HALF-YEAR RESULTS PRESENTATION 30 COMPANY LEVEL DEBT ▪ As at 30 June 2026, there were no cash drawings under the Company's £300m CDF, with £215.2m utilised by way of letters of credit, the majority issued in support of the Company's commitment to Sizewell C. ▪ Subsequent to the period end, the Company exercised a further £50m accordion option, taking total commitments to £350m and providing additional capacity to support the near-term investment pipeline. The upsizing was effected under the terms already set out in the existing CDF agreement, with support from across the existing lending syndicate, and accordingly no legal or advisory fees were incurred. ▪ As further equity injections into Sizewell C complete, the related letters of credit will reduce, releasing additional headroom within the facility. The CDF remains available until April 2028, and the Company may also make short-term use of it as an investment bridging facility, managing the timing difference between the deployment of capital into new investments and the receipt of realisation proceeds. ASSET LEVEL DEBT ▪ Asset level debt is non-recourse to the Company ▪ Weighted average asset leverage of c.66%1 88% of portfolio by fair value benefits from mitigations in relation to changes in base rates 1. Excludes the Company’s senior and mezzanine debt investments. 2. SONIA is the effective reference for overnight indexed swaps for unsecured transactions in the Sterling market. HEDGED FOR THE FULL TERM (PPPS & OFTOS; 53%) ▪ Generally fixed-term, fixed-rate debt ▪ Principal generally amortises to nil over the concession term REGULATORY MECHANISMS (CADENT, TIDEWAY & SIZEWELL; 35%) ▪ Long-term assets where debt financing generally comprises various fixed rate tranches with differing maturity dates. Debt will normally be refinanced upon maturity ▪ Regulated revenues include an allowance for the cost of debt. This mitigates the impact of changes in base rates at future refinancings OTHER (OPERATING BUSINESSES; 12%) ▪ Long-term assets where debt financing generally comprises various fixed rate tranches with differing maturity dates. Debt will normally be refinanced upon maturity ▪ Changes in base rates are ultimately expected to be passed on to the customer over time HEDGED FOR THE FULL TERMREGULATORY MECHANISMS OTHER 53% 35% 12%
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CASH GENERATION AND OPERATING COSTS 31 SUMMARY OF CASH FLOWS Six months to 30 June 2026 £(m) Six months to 30 June 2025 £(m) Opening cash balance 54.5 76.5 Cash from investments 158.3 106.7 Includes cash proceeds from realisation activity Corporate costs (15.1) (16.8) Net financing costs (1.1) (3.0) Reflects the costs of renewal, and level of utilisation of the debt facility over the year Net operating cash flows before capital activity 142.1 86.9 Cost of new investments (43.4) (6.7) Reflects levels of new investment activity during the year Investment transaction costs (0.6) - Working capital advanced - (0.3) Net movement of CDF - - Facility remained undrawn during current year Dividends paid (77.4) (78.0) Cash dividends paid to shareholders in the year Share buybacks (28.0) (36.6) Closing cash balance 47.2 54.5 Cash dividend cover (total) 1.8x 1.1x Cash dividend cover (excluding cash from realisation activity) 1.3x 1.1x 2026 HALF-YEAR RESULTS PRESENTATION
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DISCLOSURE CATEGORY POSITIVE ENVIRONMENTAL AND SOCIAL CHARACTERISTICS SUSTAINABILITY INDICATORS CLIMATE RISKS AND OPPORTUNITIES FRAMEWORK SDG SFDR TCFD KPIs AND DISCLOSURES Sector-specific disclosures to demonstrate positive SDG contribution and portfolio alignment Sustainability indicators as per Annex I of the final Regulatory Technical Standard. Disclosures, including: ▪ Greenhouse Gas Emissions ▪ Impacts on biodiversity ▪ Unadjusted gender pay gap Disclosures relating to governance, strategy, risk management, metrics and targets. Greenhouse gas emissions intensity metrics also disclosed REPORTING KPIs and disclosures are available in the INPP Sustainability Report1 INPP-specific ESG KPIs to reflect ESG integration, investment decision making and active management performance BESPOKEINPP ESG KPIS INPP SEEKS TO PROVIDE ESG KPIS AND DISCLOSURES, WHICH HAVE BEEN DESIGNED TO SUPPORT INVESTOR REPORTING REQUIREMENTS AND TO HIGHLIGHT THE POSITIVE IMPACT OF THE FUND’S APPROACH TO ESG ESG REPORTING FRAMEWORK 322026 HALF-YEAR RESULTS PRESENTATION 1 https://www.internationalpublicpartnerships.com/investors/reports -and-publications/.
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ABOUT THE INVESTMENT ADVISER (AMBER INFRASTRUCTURE) IMAGE Tideway, UK Photo credit: Tideway 2026 HALF-YEAR RESULTS PRESENTATION 33
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342026 HALF-YEAR RESULTS PRESENTATION Differentiating characteristics: • Amber has market-leading expertise in infrastructure investment • Amber has proactive relationships with government, and a strong track record of innovation in project structuring • A first mover into the energy transmission sector and one of the first to invest in projects structured under the RAB model • Local presence across Europe, Australia, New Zealand and North America Over the past year, Amber has demonstrated value to the Company through: • Identifying and structuring the Sizewell C opportunity, positioning INPP as a first mover in deploying capital into RAB projects • Proactive asset management that ensured all portfolio assets performed in line with or ahead of expectations • Leading sustainability and ESG integration, with Amber achieving the highest PRI rating of five stars The Board remains confident in Amber's ability to optimise the existing portfolio by originating and executing attractive investment opportunities, through its differentiated platform, whilst ensuring that the risk profile of new investments remains closely aligned with the Company's established risk appetite SOURCED AND MANAGED THE COMPANY’S INVESTMENTS SINCE IPO 2006 GLOBAL EMPLOYEES 1 >300 COMBINED ASSETS UNDER MANAGEMENT 1 >$39bn COUNTRIES WITH LOCAL PRESENCE1 11 1. In August 2024, Amber announced it had reached formal completion on a strategic transaction with Boyd Watterson1 creating a leading global alternatives investment platform with $39bn combined assets under management and over 300 global employees. AN OVERVIEW OF AMBER INFRASTRUCTURE YEARS OF TRACK RECORD 15 + INVESTMENTS MADE TO DATE >200
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AMBER’S MANAGED OR ADVISED FUNDS 35 Amber manages or advises nine funds and managed accounts1 2026 HALF-YEAR RESULTS PRESENTATION FUND SIZE OVERVIEW GEOGRAPHY SECTORS VINTAGE INVESTMENTS £2.7bn NAV (30 June 2026) FTSE 250-listed investment Company investing in long-term public infrastructure assets OECD Public/social infrastructure and low risk regulated assets 2006 >130 $200.5m1 A renewable energy FTSE listed Investment Company that invests in a diversified portfolio of utility-scale solar power plants North America Renewable energy, utility scale solar power plants 2019 41 £100m2 First dedicated Digital Infrastructure fund in Europe UK Digital infrastructure 2017 4 ~€100m2 Managed account investing in supercore with an allocation to core plus OECD Supercore projects 2019 3 €1.1bn3 Greenfield fund enhancing key infrastructure across the CEE region CEE Transport, energy & digital 2020 5 Fundraising4 Perpetual Fund targeting investments in essential infrastructure New Zealand Digital, energy transition, social & transport 2025 - £56m2 One of the largest industrial and business real estate investor in Scotland5 Scotland Urban regeneration, district heating & CHP 2011 18 £500m2 Follow-on appointment to manage the second London efficiency fund London, UK Energy efficiency, low carbon transport, decentralised energy & renewables 2018 24 Realised One of the first dedicated UK Energy Efficiency fund7 London, UK Energy efficiency and decentralised energy 2011 11 Realised Provides finance to the public sector and SMEs to help the region reach net zero8 North of Tyne, UK Energy efficiency, low carbon transport, decentralised energy & renewables 2021 4 SAIF5 1. NAV at 31 December 2025 2. As at 31 December 2025, investor funds under management including available contingent facilities 3. Based on capital raised and US Development Finance Corporation financing facility 4. As at 31 December 2025. The fund is currently fundraising and is managed by Amber NZ Fund Management Limited. 5. Since 2011, based on industrial and business real estate which does not rely on pre -letting 6. Assets were held on Amber Balance Sheet until 31 Aug 2024, following this they were moved into an AFML client advisory mandate (SMA). 7. The Fund was wound up effective November 2024. The Fund life terminated on 31 March 2023. 8. The Fund terminated on 31 December 2025 and is now being wound up. Amber developed ~£3bn of assets including from its own managed account 6 to demonstrate ‘proof of concept’ and an entrepreneurial approach to investors APINZ
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CONTACTS IMAGE Shirley Boys' and Avonside Girls' Schools, New Zealand 2026 HALF-YEAR RESULTS PRESENTATION 36
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CONTACT DETAILS 2026 HALF-YEAR RESULTS PRESENTATION 37 AMBER FUND MANAGEMENT (INVESTMENT ADVISER) INPP Portfolio Manager: Jamie Hossain Telephone: +44 (0)20 7939 0550 Email: Jamie.Hossain@amberinfrastructure.com INPP CFO and Head of Valuations: Muhammad Anwer Telephone: +44 (0)20 7939 0550 Email: Muhammad.Anwer@amberinfrastructure.com Capital Solutions & Investor Relations: Erica Sibree, Lauren Deeble Telephone: +44 (0)20 7939 0550 Email: CSIR@amberinfrastructure.com Head of Sustainability: Daniel Watson Telephone: +44 (0)20 7939 0550 Email: Daniel.Watson@amberinfrastructure.com Chief Executive Officer: Gavin Tait Email: Gavin.Tait@amberinfrastructure.com FTI CONSULTING (COMMUNICATIONS ADVISORS) Mitch Barltrop Telephone: +44 (0)78 0729 6032 INPP.SC@fticonsulting.com DEUTSCHE NUMIS (BROKER) Corporate: Hugh Jonathan Telephone: +44 (0)20 7260 1345 Email: H.jonathan@dbnumis.com Sales: James Glass Telephone: +44 (0)20 7260 1369 Email: J.Glass@dbnumis.com Research: Colette Ord / Andrew Rees Telephone: +44 (0)20 7260 1290 / 1217 Email: C.Ord@dbnumis.com / A.Rees@dbnumis.com