TINC Comm VA : grows its portfolio in the Netherlands and Ireland - Covid-19 update

TINC grows its portfolio in the Netherlands and Ireland

Covid-19 update

Regulated information

Antwerp, under embargo till 19 May 2020, 7h30 CET

TINC, the infrastructure investor listed on Euronext Brussels, invests in a social housing PPP in Ireland and a lock PPP in the Netherlands

TINC, the infrastructure investor listed on Euronext Brussels, is pleased to announce that it entered into a partnership with Macquarie Capital according to which TINC will hold a minority economic interest in an Irish public private partnership (PPP) of social housing facilities in the Dublin Region (Ireland). During the construction and the transition to operations, Macquarie Capital will retain lead responsibility for active management and oversight of the project. The € 120 million project is an availability-based PPP with a 25 year contract term consisting of 6 social housing locations (534 units) all close to Dublin on the east coast of Ireland. The project is the first bundle within the Social Housing

1. Programme announced by the Irish Minister for Public Expenditure and Reform in 2015, which in total is proposed to deliver 1.500 additional social housing units. Availability of the project is scheduled by 2021, after which TINC's minority economic interest will become a majority interest subject to contractually agreed parameters. TINC's investment commitment of in total ca. € 16 million will be funded after availability of the project.

TINC further increased its participation in the operational public private partnership (PPP) Princess Beatrix Lock (the Netherlands) from 3.75% to 37.5%, representing an additional investment by TINC of circa € 5.0 million. The Princess Beatrix Lock is an availability based PPP with a contract term of 27 years consisting of the realisation, financing and long-term maintenance at the Beatrix Lock in Nieuwegein of a third lock chamber, the renovation of the two existing lock chambers, the widening of the Lek canal, and the construction of lock approaches and additional berths in the Lek canal. The PPP reached project completion in November 2019.

With these new investments, TINC further diversifies its portfolio of quality infrastructure companies and grows its presence in Ireland.

Covid-19

TINC is monitoring the impact of the evolving Covid-19 crisis on its portfolio companies closely.

The investment portfolio of TINC is highly diversified, both in terms of geography and type of infrastructure. Overall, the portfolio companies show a strong operational resilience through this health crisis and continue to operate without material disruption. Where necessary, the operational

TINC Comm. VA - Karel Oomsstraat 37, 2018 Antwerpen, Belgium - T [phone] - www.tincinvest.com Page | 1

continuity of the services is reviewed and adapted in function of the Covid-19 measures. This is typically done together with the various stakeholders such as public authorities, customers, subcontractors and suppliers. Regular maintenance work is often postponed or rescheduled in order to safeguard the health and safety of subcontractors and of those who use the infrastructure. Portfolio companies with ongoing construction work may experience delays, temporary work suspensions at building sites and/or increased costs because of the Covid-19 crisis, however this will not put the successful realisation in jeopardy. Power production continues at the wind- and solar participations. As a result of the Covid-19 crisis, power prices have dropped and this is expected to have an adverse impact on the valuation of these participations. Also, portfolio companies with a demand-based revenue model are temporarily expected to experience the impact of a customer decrease because of the Covid-19 measures.

TINC has a strong balance sheet and liquidity position: it is debt free, and it has sufficient cash to cover all of its outstanding contractual investment commitments. Although it is currently not possible to fully assess the length and depth of this health crisis, and hence the impact on its activity and portfolio, TINC does not expect the Covid-19 crisis to have a material impact on the anticipated cash flows from its diversified investment portfolio and confirms the projected shareholder distribution of € 0.51 per share for the current financial year.

Contact:

Manu Vandenbulcke, CEO TINC

T [phone] [e-mail]

Bruno Laforce, Investor Relations TINC

T [phone] [e-mail]

About TINC

TINC is a listed investment company, participating in companies that realise and operate infrastructure. TINC holds a diversified investment portfolio of participations in Public Infrastructure, Energy Transition and Demand Based Infrastructure, located in Belgium, the Netherlands and Ireland. This investment portfolio generates cash flows of a long term sustainable nature, which form the basis for TINC's distribution policy. The participations are actively monitored by an experienced team of investment and infrastructure professionals with offices in both Antwerp and the Hague. TINC is listed on Euronext Brussels since May 12, 2015.

For more information please visit www.tincinvest.com.

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