Cube Highways to acquire KNR Walayar Tollways

SINGAPORE, January 9, 2020 Cube Highways and Infrastructure III Pte. Ltd., (Cube Highways), a
portfolio company of I Squared Capital through its ISQ Global Infrastructure Fund II, has entered into an
agreement to acquire a 100 percent stake of KNR Walayar Tollways Private Limited (KWTPL), an
operating toll road in the state of Kerala, India. Following the transaction, the Cube Highways group
portfolio will have 28 projects and over 8,600 lane-kilometers of highways across India, including assets
under various stages of closing.
KWTPL operates a four-lane 53.5-kilometer toll road connecting Walayar with Vadakkancherry on
National Highway (NH) 47. The project is a 20-year concession granted in 2013 for strengthening and
widening the highway from its original two lanes. Tolling commenced in October 2015.

“With this acquisition, Cube Highways continues its disciplined growth strategy and further expands its
lead as the preeminent owner-operator in the Indian Highways sector,” said Gautam Bhandari, Director
of Cube Highways and Managing Partner at I Squared Capital. “Importantly, with this repeat transaction
with KNR Group, Cube Highways has demonstrated that it is the partner of choice for leading road
construction companies.” Cube Highways had earlier entered into an agreement with KNR to purchase
three Hybrid Annuity projects.
KWTPL forms a part of NH 47, an integral gateway between the states of Kerala and Tamil Nadu,
connecting major industrial and population centers of South India, including Coimbatore, Palakkad,
Thrissur and Kochi
The completion of the transaction is contingent upon fulfilment of certain customary regulatory and
lender approvals.

About Cube Highways: Cube Highways and Infrastructure III Pte. Ltd. (Cube Highways) is a Singapore-based company
investing in road and highway projects, along with other select infrastructure sectors in India. Cube Highways is an
independent, professionally managed platform leveraging the extensive transportation experience of its management
and execution advisory teams. Shareholders of Cube Highways are leading international investors consisting of I Squared
Capital and a wholly owned subsidiary of the Abu Dhabi Investment Authority.

Contact: Andreas Moon, Managing Director and Head of Investor Relations, I Squared Capital, +1 (786) 693-5739,
andreas.moon@isquaredcapital.com and investor.relations@cubehighways.com