Pip Infrastructure Investments (No 5) Limited

The Company was established and operates as an investment holding company for its parent, to invest in primary social and economic infrastructure projects in the UK which offer investors the opportunity to earn attractive risk adjusted returns with a low correlation to economic cycles and other investment classes for its projected life. The Company invests in social and economic infrastructure projects (including health, defence, education, social housing, government accommodation, custodial facilities, roads, bridges, rail and waste management) underpinned by long term secure government contracts characterised by stable, predictable, availability based cash flows. There has been no change in the activity of the Company during the year. The Company holds an equity portfolio in high quality, Private Finance Initiative (''PFI'')/Public Private Partnerships (''PPP'') assets. The Directors do not expect any significant changes or developments to occur regarding the Company's business at the time of approval of the financial statements.