1

Full Year 2016Results Presentation7 March 2017

[New images that match annual report design for background]

2

Olivier BrousseChief Executive Officer

2

www.laing.com

3

14% increase in NAV to £1,017m

NAV of 277p per share (2015:242p)

Investment commitments of £182m

BE THE BEST MARKETING COMPANYFinal dividend of 6.3p per share(Total dividend for 2016 of 8.15p)

Highlights

Pipeline at £1.86 billion

Importance of active asset management

Realisations for dividend purposes of £127m

30% increase in external assets under management to £1.47bn

4

Projects under construction – active management

New Royal Adelaide Hospital,

Australia

Manchester Waste VLCo,

UK

5

Projects under construction – steady progress

Intercity Express

Programme, UK

Speyside Biomass,

UK

Hornsdale

Wind Farm, Aus

I-77 Managed Lanes,

US

6Growing and well diversified pipelineR

en

ew

ab

le E

nerg

yP

PP

£1,135m

Asia Pacific31%

Europe 32%

North America

37%

31 Dec 2015

Asia Pacific14%

Europe73%

North America

13%

£359m

31 Dec 2015

Asia Pacific35%

Europe 33%

North America

32%

£1,408m

31 Dec 2016

Asia Pacific31%

Europe47%

North America

22%

£451m

31 Dec 2016

Asia Pacific23%

Europe 42%

North America

35%£1,067m

31 Dec 2014

31 Dec 2014

Europe100%

£264m

7Shortlisted PPP projects at 31/12/16

North America:• Central 70 Road

• George Massey Bridge

• Gordie Howe International Bridge

• MBTA Fare Collection

Europe:• National Broadband, Rol

John Laing offices Shortlisted projects

Asia Pacific:• Grafton Prison NSW

• NZ Schools III

• Plus one bid not yet disclosable

8

International spread of investment commitments

Project Region PPP (£m) RE (£m) Total (£m)

IEP Phase 1 (additional shareholding) UK 37.0 --- 37.0

Llynfi wind farm UK --- 24.9 24.9

A6 Parkway Europe 9.0 --- 9.0

Nordergründe offshore wind farm Europe --- 36.7 36.7

Sommette wind farm Europe --- 11.7 11.7

Horath wind farm Europe --- 14.3 14.3

Saint-Martin-L’Ars wind farm Europe --- 5.1 5.1

I-77 Managed Lanes (additional investment) US 1.1 - 1.1

Sterling wind farm US --- 15.7 15.7

Hornsdale wind farm (Phase 2) Asia Pacific --- 6.0 6.0

Kiata wind farm Asia Pacific --- 20.4 20.4

Total 47.1 134.8 181.9

9

Realisations of assets ahead of guidance

ProjectHolding

sold

JLEN

£m

JLIF

£mOther

Total

£m

British Transport Police (BTP)

Oldham Housing

54.17%

95%--- 19.5

---19.5

Dungavel Wind Farm 100% 38.2 --- --- 38.2

New Albion Wind Farm 100% 11.8 --- --- 11.8

A55 Wales 100% --- 28.3 --- 28.3

IEP (Phase 1) 6% --- 42.4 --- 42.4

Shareholding in JLEN 2.2% --- --- 6.4 6.4

Total 50.0 90.2 6.4 146.6

• Realisation of A1 Poland investment completed in March 2017

10

Growth in external assets under management (AuM)

£537m

£796m

£1,020m£1,136m

£1,472m

2012 2013 2014 2015 2016

£8.2m

£10.3m£12.0m

£15.8m

Fees:

AuM:

£5.7m

• Successful secondary issues by JLIF and JLEN in 2016

• 30% increase in external AuMto £1.47 billion

• 32% growth in external AuMrevenues

• Important contribution towards cost base from AuM fee income

11

Patrick O’D BourkeGroup Finance Director

11

www.laing.com

12

Summary Balance Sheet – re-presented

Key line items31 December 2016

(£m)

31 December 2015

(£m)

Portfolio value 1,175.9 841.4

Cash collateral 23.7 123.9

Non-portfolio assets 0.3 0.5

Total investments 1,199.9 965.8

Other long term assets 3.7 5.6

Cash 53.1 5.5

Total Assets 1,256.7 976.9

Working capital and provisions (5.6) (22.1)

Cash borrowings (165.0) (19.0)

Pension deficit (IAS 19) (61.3) (38.9)

Other retirement benefit obligations (8.0) (7.3)

Total Liabilities (239.9) (87.3)

Net Assets 1,016.8 889.6

Asse

tsL

iab

ilities

13NAV growth of 14%

Net asset value movement – year ended 31 December 2016

889.6

1,016.8

214.4

(11.9)

(39.2)(9.9) (26.2)

200

300

400

500

600

700

800

900

1,000

1,100

1,200

31 December2015

Fair valuemovement on

portfolio

Cost of FXhedges

Pension deficit Other P&L items Dividends paid in2016

31 December2016

(£m

)

14

Investment portfolio at 31 December 2016 Value

Weighted Average Discount

Rates

31 December

2016

31 December

2015

£696.3m 9.1% 9.7%

£469.6m 8.4% 8.9%

£10.0m - -

£1,175.9m 8.9% 9.5%

Primary

Investments(projects under construction)

Balanced investment portfolio

Secondary

Investments(projects inoperation)

11 PPP projects

10 Renewable

Energy projects

15 PPP projects

6 Renewable Energy

projects

Shareholding in JLEN

(at 31 December 2016

share price)

21

21

15

NZ dollar

Sterling

Euro

Australian dollar

US dollar

Diversified and balanced portfolio at 31 December 2016

Shadow Toll

JLEN

Availability

Volume (including RE investments)

By Revenue

JLEN

Transport - other

Transport -rolling stock

Environmental - wind

Social

Environmental -waste and biomass

By Sector By Currency

16

Components

Year ended

31 December 2016

(£m)

Year ended

31 December 2015

(£m)

Unwinding of discounting 77.1 61.0

Reduction of construction risk premia 52.7 22.8

Foreign exchange movements 74.7 (9.2)

Macro-economic impacts (13.8) (9.4)

Change in power and gas price

forecasts(17.6) (10.7)

Change in operational benchmark

discount rates 27.5 19.5

Uplift on financial closes 31.0 27.1

Value enhancements and other

changes(17.2) 31.0

Fair value movement 214.4 132.1

Strong value creation

• Embedded value released as

assets move through

construction phase and

cashflows draw closer

• Positive impact from FX, partly

offset by macroeconomic

changes and lower energy

prices

• Other changes include reduced

valuations for New Royal

Adelaide Hospital and

Manchester Waste VL Co

investments.

17

Pension deficit under IAS19

• IAS19 deficit on JLPF: £64.2 million at 31 December

2016 (£38.9 million at 31 December 2015)

– Decrease in IAS19 discount rate from 3.75% at 31

December 2015 to 2.80% at 31 December 2016

– Increase in RPI assumption from 3.0% at 31

December 2015 to 3.20% at 31 December 2016

– £18.1 million scheduled cash contribution

• Actuarial valuation of JLPF as at 31 March 2016

– Agreed actuarial deficit of £171m

– Average contributions of £26m per annum over

seven year repayment period

£million IAS19

(deficit)/

surplus

John Laing Pension Fund (64.2)

John Laing Pension Plan 2.9

Summary Balance Sheet (61.3)

18Summary Cash Flow – re-presented

1 include cash collateral balances and are net of cash borrowings

Key line items

Year ended

31 December 2016

(£m)

Year ended

31 December 2015

(£m)

Cash yield 36.8 44.3

Operating cash flow (10.9) (15.9)

Net FX impact (18.2) 2.8

Total operating cash flow 7.7 31.2

Cash investments in projects (301.5) (142.9)

Proceeds from realisations 146.6 85.9

Net investing cash flow (154.9) (57.0)

Finance charges (6.8) (13.4)

Cash contributions to JLPF (incl. PPF levy) (18.4) (47.5)

Capital raise (net of costs) - 123.0

Dividend payments (26.2) (5.9)

(51.4) 56.2

Cash (outflow)/inflow (198.6) 30.4

Opening cash1 (net) 110.4 80.0

Closing (net debt)/ cash1 (net) (88.2) 110.4

19Income Statement – re-presented

Re

ve

nu

eC

os

ts

Key line items

Year ended

31 December 2016

(£m)

Year ended

31 December 2015 *

(£m)

Movement in fair value – investment portfolio 214.4 132.1

Investment fees from projects 7.0 7.7

Investment Management Services (IMS) revenue 17.8 13.4

Project Management Services (PMS) revenue 14.9 17.0

Bid cost recoveries on financial close 7.5 3.4

Movement in fair value – other (3.2) (7.5)

Total Income 258.4 166.1

Third party costs (7.7) (6.6)

Staff costs (34.1) (32.5)

General overheads (13.2) (11.7)

Other and exceptional charges (0.7) (3.6)

EBIT 202.7 111.7

Finance charges (7.7) (6.6)

Pension and other charges (2.9) (4.2)

Profit before tax from continuing operations 192.1 100.9

Earnings per share (basic) 51.9p 27.6p

Oth

er

*pro forma

20

Dividends up 7%

• Dividend policy

– Base dividend of £20m in 2015 growing with inflation

– Special dividends of 5%-10% of realisations, subject to specific investment

requirements

• Final dividend of 6.3p for 2016

– Base dividend of 3.7p per share

– Special dividend of 2.6p per share calculated as 7.5% of realisations of

£127m

• Total dividend of 8.15p for 2016 (2015: 6.9p)

– 7% increase (after adjusting 2015 base dividend for timing of IPO)

21

Outlook

Platform capable of handling growth while controlling risks and costs

Recognised as an expert international investor in greenfield infrastructure

Well positioned to take advantage of increased public investment in infrastructure in our three regions

Portfolio of investments will continue to grow and diversify across countries and asset classes.

Guidance for 2017:• c10% increase in investment

commitments versus 2016• Realisations at broadly similar level to

investment commitments

Strong focus on• Origination• Risk management• Projects under construction

Confident outlook

22

Q & A

23

Appendices

24

By remaining construction period - Primary

120.5

75.4

275.2

225.2

0

50

100

150

200

250

300

3+ years 2-3 years 1-2 years 0-1 year

£m

illio

n

Total £696.3m

By value of each investment

10

442.7

59.7

362.1

301.4

050

100150200250300350400450500

Listed < £25m £25-£50m £50-£75m £75m-£125m

£m

illio

n

Total £1,175.9m

By project discount rate - Primary

125

305

249.2

17.10

50

100

150

200

250

300

350

7-8% 8-9% 9-11%Discount rate

11-13%

£m

illio

n

Total £696.3m

By project discount rate – Secondary *

50.4

130.2 135.4 113.4

21.90

20

40

60

80

100

120

140

160

6-7% 7-8% 8-9% 9-11%Discount rate

11-13%

£m

illio

n

Total £451.3m*

*excluding assets not valued on a DCF basis valued at £28.3m

Portfolio at 31 December 2016

25

8.4% 8.3%7.8%

7.3%

7.9% 7.9%8.5% 8.7%

8.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

John LaingSecondaryInvestment

Portfolio

Balfour BeattyInvestments

Bilfinger BergerGlobal

Infrastructure

HICLInfrastructure

Company Limited

InternationalPublic

PartnershipsLimited

John LaingInfrastructure

Fund

Greencoat UKWind

The RenewablesInfrastructure

Group

John LaingEnvironmentalAssets Group

(JLG) (BBGI) (HICL) (INPP) (JLIF) (TRIG) (JLEN)

Listed PPP Infrastructure Funds Listed Environmental Funds

(BBY) (UKW)

___________________________

Publicly reported discount rates at 30/06/2016 for BBGI, INPP and JLIF. For Balfour Beatty’s UK portfolio at 31/12/15 and for JLG’s secondary portfolio at 31/12/2016, Greencoat and TRIG reported discount rates are at 30/06/16 and JLEN at 30/09/16.

Secondary discount rate benchmarks

26

Year ended

31 December 2016

Primary

Investment

£m

Secondary

Investment

£m

Asset

Management

£m

Central

£m

Total

£m

Total income 151.9 66.9 32.7 6.9 258.4

Third party costs (6.3) --- (1.4) --- (7.7)

Staff costs (9.6) --- (17.1) (7.4) (34.1)

General overheads (2.1) --- (5.0) (6.1) (13.2)

Intra-group reallocation1 (15.3) (7.6) 10.6 12.3 ---

Other and exceptional charges --- --- 0.1 (0.8) (0.7)

Operating profit 118.6 59.3 19.9 4.9 202.7

Finance charges (5.5) (2.2) --- --- (7.7)

Pension and other charges --- --- --- (2.9) (2.9)

Profit before tax 113.1 57.1 19.9 2.0 192.1

• Asset Management: includes revenue of £7.9 million and costs of c£6.0 million attributable to UK

activities of PMS at 30 November 2016

Positive contribution from each division

1 internal fees/charges and reallocation of certain central costs

27Financial resources available31 December 2016

(£m)

31 December 2015

(£m)

Committed facilities 450.0 350.0

Letters of credit issued under corporate banking facilities (112.6) (154.2)

Letters of credit issued under additional surety facilities (50.0) ---

Other guarantees / commitments (6.5) (1.1)

Short term borrowings (165.0) (19.0)

Utilisation of facilities (334.1) (174.3)

Headroom on committed facilities 115.9 175.7

Cash and bank deposits 53.1 5.5

Unavailable cash (0.9) (1.1)

Net available financial resources 168.1 180.1

Total letters of credit issued 162.6 154.2

Cash collateral 23.7 123.9

Future cash investment into projects 186.3 278.1