DETAILED PRESENTATION & SUPPLEMENTARY INFORMATION John Laing Group plc Capital Markets & Strategy Update 25 November 2020 Agenda Section 1 Strategic Review page 3 2 The Opportunity page 19 3a Areas for Growth – PPP & Greenfield Projects page 27 3b North America – PPP & Greenfield Projects page 33 3c Australia – PPP & Greenfield Projects page 40 4 Areas for Growth – Core-plus Economic Infrastructure page 48 5 Optimise and Enhance page 56 6 Vision and Conclusion page 100 Appendix 1 Supplementary information page 110 2 John Laing Group plc Capital Markets & Strategy Update November 2020 1 Strategic Review Positioning John Laing for sustainable growth 3 John Laing Group plc Capital Markets & Strategy Update November 2020 Value proposition Strong and growing infrastructure market and investment opportunity Leading international greenfield PPP business Proven investment track record Resilient and valuable PPP portfolio Strong balance sheet and liquidity Opportunity to optimise business and enhance returns Responsible and sustainable focus 4 John Laing Group plc Capital Markets & Strategy Update November 2020 Our business model Our Capabilities Value creation Experienced and local teams We actively manage our portfolio and generate strong Access to permanent and flexible capital returns through realisations capital Generating shareholder distributions and capital to re-invest in new opportunities Extensive network of partnerships International footprint Strong reputation Realise £ Realise Invest Our Approach £ investments to Selective and maximise value for disciplined approach Strong corporate governance, culture and values our shareholders Effective risk management and robust processes Responsible and sustainable focus Manage and Grow Manage actively and grow value of our portfolio 5 John Laing Group plc Capital Markets & Strategy Update November 2020 Our competitive strengths Sourcing and Project International Balance sheet winning Track record management skills footprint capital greenfield projects • Extensive network of • Experienced team • Good footprint in key • Strong investment • Strong balance sheet partnerships with managing complex Infrastructure track record of and liquidity industry leaders construction markets successful PPP • Access to permanent programmes realisations, achieving • Strong credentials • Local teams and and flexible capital >3x our investment and reputation with • Actively managing resources on the clients stakeholder ground • Invested in 150 relationships to ensure projects globally • Recognised successful delivery structuring expertise Strong and proven greenfield projects business 6 John Laing Group plc Capital Markets & Strategy Update November 2020 Our strong PPP investment track record Realised money multiples1 10x 9x 8x 7x 6x 5x Realised value 2 >£75m 4x £25m-75m 3x <£25m 2x 1 Post-IPO realisations 2 Achieved value at disposal in GBP converted at the FX rate of the date of 1x disposals. 0x 2015 Year of disposal 2020 Strong track record of value creation with weighted average money multiple of over 3x 7 John Laing Group plc Capital Markets & Strategy Update November 2020 Our partners: past successes create future opportunities Examples of existing projects Current opportunities • I-66 • I-495 & I-270 Phase 1 • I-77 (Maryland Managed Lanes) • Ruta del Cacao • East Rockingham • Georgia SR-400 Express Lanes • Sydney Light Rail • Hurontario • I-4 Ultimate • North East Link • Jefferson Parkway • I-75 • I-495 & I-270 Phase 1 (Maryland Managed Lanes) Extensive network of international and local partnerships 8 John Laing Group plc Capital Markets & Strategy Update November 2020 Delivering responsible infrastructure solutions Responsible investment and asset management Delivering Diverse and sustainable Good engaged talent growth corporate citizenship Growth underpinned by focus on sustainable investments, responsible asset management, and diverse and engaged talent 9 John Laing Group plc Capital Markets & Strategy Update November 2020 A clear vision and strategy A leading international investor and manager of balance sheet and third-party capital across a range of infrastructure sectors, delivering attractive and sustainable shareholder returns over the longer term Diversified Efficient Strong financial Integrated ESG & scalable operating & funding principles platform model model Over time, developing Cost competitive Investing our balance Growth underpinned by scale through a broad operating platform, sheet alongside a focus on sustainable range of investment common to all managing third-party investments, mandates across investment businesses, funds, generating a responsible asset complementary with disciplined combination of capital management, and infrastructure sectors with investment, asset upside as well as engaged and diverse different risk and return management and risk sustainable and growing talent characteristics, which processes underpinning annual profits together provide an performance attractive balance of capital gains and income yield for our shareholders Positioning John Laing for sustainable growth 10 John Laing Group plc Capital Markets & Strategy Update November 2020 Vision: leading international infrastructure investment platform Future shape of JLG – building out the platform Investment mandate Greenfield PPP Projects Adjacent Greenfield Projects Mid-market Core-plus Asset type Project Project Growth business or platform Client / Public sector, e.g. ‘Public sector like’, e.g. subsidies, Private sector / businesses, e.g. utility, counterparties government, local authority guaranteed off-take internet services provider Waste-to-energy, Campus energy, Transport: roads, rail, bridges Economic infrastructure across a range Example sectors Specialised accommodation, of sectors, including Transport, Digital, Social: hospitals, education Decarbonisation of Transport, Water and Energy Transition Construction of project through to Construction of project through to operation, Growth and de-risking of business over Value creation operation, delivering value delivering value enhancements and return time into Core economic infrastructure enhancements and return shift shift Exit to secondary market or hold for Exit to secondary market or hold for yield further growth and yield Exit to secondary market or hold for yield Typical equity £25-75 million £25-75 million £100-300 million investment range Growth Re-focus and optimise US, Further growth through Significant opportunity to scale opportunity Australia & Colombia adjacencies and leveraging existing platform Building a diversified and scalable platform 11 John Laing Group plc Capital Markets & Strategy Update November 2020 Strategy: developing a broader infrastructure investment platform Building out JLG’s platform: Adjacent Greenfield Projects and Core-plus Economic Infrastructure Strategic objectives: Platform benefits: Build range of investment Shared sector expertise and mandates in complementary relationship networks infrastructure sectors across Capitalise on international footprint risk/return spectrum Adjacent Allocation of balance sheet across Develop scalable and replicable Greenfield Greenfield Core-plus range of mandates, combined with model, capable of adding new PPP Projects third-party funds teams and investment mandates Attraction of broader talent Achieve scale and cost competitive operating platform ESG embedded across business and processes Generate platform value for shareholders Common support infrastructure Building a diversified and scalable platform 12 John Laing Group plc Capital Markets & Strategy Update November 2020 Market segmentation and investment focus Greenfield projects and Core-plus businesses generate similar financial returns Return Traditional Private Equity Value creation: Projects: return shift between greenfield (development and construction risk) to brownfield Core-plus (operational and yielding) Economic Infrastructure Greenfield PPP Core-plus businesses: return shift & Adjacent Projects between growth businesses or platforms (potentially with a greenfield Core Economic element) to larger and lower risk Core Infrastructure “return shift” assets Brownfield PPP Projects “return shift” Risk Large and growing pool of capital seeking secondary infrastructure assets with long-term stable yield 13 John Laing Group plc Capital Markets & Strategy Update November 2020 Vision: attractive balance of capital returns and income Business line PPP & Projects Economic Infrastructure Investment mandate Greenfield PPP Brownfield PPP Mid-market Core & Projects & Projects Core-plus Primary Capital return Income yield Capital return Income yield return type Maximise value: Growth and de-risking of Maximise value: Development and Value creation Hold for yield, or business over time to Hold for yield, or construction of project develop into Core economic strategy through to operation Exit to secondary market Exit to secondary market or managed funds infrastructure or managed funds Illustrative funding model and capital allocation Balance sheet: Third-party: Financial model: Income yield Capital return Fee income Capital return return drivers for JLG Fee income Fee income Income yield Providing an attractive financial model with a balance of capital return and income to shareholders 14 John Laing Group plc Capital Markets & Strategy Update November 2020 Context for the strategic review – my assessment Growth and scale Focus and centralisation Add and develop capabilities and talent Improve consistency