International Public Partnerships 2015 interim results

DividendMax Ltd.

International Public Partnerships 2015 interim results

Financial Highlights (as at 30 June 2015 unless otherwise stated)

Continued Net Asset Value ('NAV') growth of 1.5% to £1,077.7 million (31 December 2014: £1,062.1 million) with NAV per share increasing 1.3% to 128.6 pence (31 December 2014: 127.0 pence)1

Half year 2015 fully covered cash dividend of 3.225 pence per share declared (30 June 2014: 3.15 pence per share)

Minimum target dividend for 2015 financial year of 6.45 pence per share and 2016 of 6.65 pence per share, an average annual increase of c.2.5%3

IFRS profit before tax of £38.4 million (30 June 2014: £35.9 million)

Total Shareholder Return since listing in 2006 of 104.4%, compared to 52.2% on the FTSE All Share over that same period4

Successful renegotiation of the Company's corporate debt facility from £175 million to £300 million with substantially reduced margins and fees charged

Rupert Dorey, Chairman of International Public Partnerships Limited, commented: "I am pleased to announce an excellent set of results for the Company which delivers another period of earnings growth for our shareholders."

"The upward trend in secondary market pricing continues to demonstrate the value of assets currently held in the Company's portfolio, which now numbers 118 across a variety of sectors. With the support of the Investment Adviser, we have grown our leading position in the offshore transmission sector over the period.

"The Company's ability to position itself as an early stage investor and gain accretive returns from low-risk, government-backed construction assets has also been further demonstrated by our licence to own and finance the Thames Tideway Tunnel, as a leading member of the Bazalgette Consortium. Forming part of one of the largest UK infrastructure projects is an important milestone for the Company and is a clear sign of the confidence in our prospects to grow the Company's portfolio and continue to deliver risk adjusted returns for our shareholders."

Companies mentioned