The shareholders of HICL Infrastructure Company Limited authorized a share repurchase program at its Annual General Meeting on July 25, 2012. Under the program, the company will repurchase up to 132,432,485 shares, representing 14.99% of its issued share capital, in case of marker purchase or 15% of its issued share capital in case of tender offer. In case of marker purchase, the minimum price payable per ordinary share will be 0.01p and the maximum price which may be paid for any ordinary share shall not be more than 5% over the average of the middle market price of an ordinary share based on the London Stock Exchange Daily Official List, for the five business days immediately before the day on which the company agrees to buy such ordinary share. In case of tender offer the price will be 97% of the Net Asset Value per share at the close of the business. The company will generally and unconditionally make market purchases for the purpose of Section 701 of the Companies Act 2006. The Board would consider holding as treasury shares any ordinary shares which the company acquires pursuant to the authority provided by this resolution. Unless ordinary shares held in treasury are subsequently cancelled, NAV per ordinary share and earnings per ordinary share will be increased only on a temporary basis until such time as such ordinary shares are subsequently sold out of treasury. The program will be valid till the next Annual General Meeting or 18 months, whichever is earlier.