QIC And Ullico Complete Acquisition Of CenTrio, Leading U.S. District Energy Platform

NEW ORLEANS,July 17,2021 – QIC and Ullico have completed their previously announcedacquisition of CenTrio (formerly known as Enwave Energy US),the largest pure-play district energy platform in the U.S.,which is poised for accelerating growth.

CenTrio delivers reliable,cost-effective,and sustainable energy to customers across the U.S.,providing critical heating,cooling,and electricity solutions to more than 400 buildings in urban centers,universities,and hospitals. CenTrio is a market leader in district energy with operations in New Orleans,Houston,Chicago,Los Angeles,Seattle,Portland,Syracuse,and Denver. The company has established its new corporate headquarters in New Orleans,where it employs 30 of its 170 staff nationwide.

CenTrio's sustainable district energy operations include North America's largest ice thermal storage facility,which is located in Chicago,and the largest sewer heat recovery system in the U.S.,currently under construction in Denver.

"Our team is energized to work with our new owners QIC and Ullico in order to continue providing the resilient,sustainable energy solutions we are known for while identifying new ways to deliver even more value to our customers," said Doug Castleberry,President and COO of CenTrio. "Our partnership with QIC and Ullico will help us speed our expansion,in both current and new markets,as we capitalize on the many opportunities before us and further differentiate ourselves as an energy transition partner. We are very pleased to set up our headquarters in New Orleans,where we have built longstanding partnerships with the city and the state,and we look forward to growing together."

Ross Israel,Head of Global Infrastructure,QIC,added,"CenTrio enhances QIC's focus on investments in innovative distributed energy solutions.We look forward to working with CenTrio's outstanding team,which has pioneered low-carbon district energy solutions including ice batteries and sewer heat recovery. In doing so,we will leverage our energy sector expertise to further accelerate the company's growth across the U.S. and build long-term value for our investors."

Rohit Syal,Head of Acquisitions of Ullico Infrastructure Fund,commented,"Ullico is delighted to reach this milestone with QIC and CenTrio. Our collaboration will help CenTrio expand the reach and impact of its sustainable critical infrastructure services,bringing meaningful benefits to more customers and communities across the country. We look forward to building enduring partnerships with customers,their stakeholders,and the communities in which we operate."

About CenTrio:

As the largest core-competency U.S. district energy provider,CenTrio provides innovative,sustainable energy solutions. CenTrio owns and operates intelligent thermal energy systems to provide centralized cooling,heating and power solutions covering more than 130 million square feet of space. CenTrio's solutions are custom tailored to empower customers by reducing costs,freeing up space,and providing the peace of mind of proactive,reliable service. To learn more or to submit an inquiry,visit CenTrio online: www.centrioenergy.com.

About QIC:

QIC is a long-term specialist manager in alternatives offering infrastructure,real estate,private capital,liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia,with A$85bn (US$65bn) in funds under management1. QIC has over 800 employees and serves more than 115 clients. Headquartered in Brisbane,Australia,QIC also has offices in Sydney,Melbourne,New York,San Francisco,London and Copenhagen. For more information,please visit: www.qic.com.

1As at 31 Dec 2020

About QIC Global Infrastructure:

QIC is a long-term infrastructure investor with an established global platform,an active management approach and a proven,15-year track record. With a global team of more than 61 professionals across five offices (including an office in New York)1,QIC Global Infrastructure manages A$21.4bn (US$16.1bn) across 20 global direct investments and has realised in excess of A$12 billion (US$9bn) back to its clients2. Its sector-centric and thematic-based investment strategy deconstructs risk across sector value chains identifying relative value for investment across market cycles. This drives a targeted origination approach,enabling the firm to build diversified portfolios for its clients.

QIC's other investments in decentralized energy infrastructure include,in the U.S.,Generate Capital,a San Francisco-based sustainability-focused distributed energy platform and,in Australia,Pacific Energy,a remote generation platform in Perth. QIC's acquisition of CenTrio expands its global infrastructure footprint to 20 assets in six countries across the transport,energy and utilities,and social/PPP sectors.

1As at 15 July 2021

2As at 30 June 2021. USD values converted using 30 June 2021 FX rates

About Ullico:

For more than 90 years,Ullico has been a proud member of the labor movement,keeping union families safe and secure. In 2010,the Ullico Infrastructure Fund (UIF) was established to assist in the construction,maintenance and refurbishment of America's infrastructure. As of December 31,2020,UIF had approximately $3.26 billion in commitments on behalf of 215 investors,with 18 portfolio investments comprising all major sectors.

From insurance products that protect union members,leaders and employers,to investments in building and infrastructure projects that have created thousands of union jobs,our customers continue to trust us with protecting their families,employees and investments. The Ullico Inc. Family of Companies includes The Union Labor Life Insurance Company; Ullico Casualty Group,LLC; Ullico Investment Company,LLC (Member FINRA/SIPC); Ullico Investment Advisors,Inc.; and Ullico Benefit Solutions,LLC. For additional information,visit Ullico.com.

Important Information

QIC Limited ACN 130 539 123 ("QIC") is a wholesale funds manager and its products and services are not directly available to,and this document may not be provided to any,retail clients. QIC is a company government owned corporation constituted under the Queensland Investment Corporation Act 1991 (Qld). QIC is regulated by State Government legislation pertaining to government owned corporations in addition to the Corporations Act 2001 (Cth) ("Corporations Act"). QIC Private Capital Pty Ltd ("QPC"),a wholly owned subsidiary of QIC,has been issued with an AFS licence and other wholly owned subsidiaries of QIC are authorised representatives of QPC. QIC's subsidiaries are required to comply with the Corporations Act. QIC does not hold an Australian financial services ("AFS") licence and certain provisions (including the financial product disclosure provisions) of the Corporations Act do not apply to QIC. QIC also has wholly owned subsidiaries authorised,registered or licensed by the United Kingdom Financial Conduct Authority ("FCA"),the United States Securities and Exchange Commission ("SEC") and the Korean Financial Services Commission.

For more information about QIC,our approach,clients and regulatory framework,please refer to our website www.qic.com or contact us directly.

The statements and any opinions in this document (the "Information") are for commentary purposes only and do not take into account any investor's personal,financial or tax objectives,situation or needs. The Information is not intended to constitute personal legal or investment advice and it does not constitute,and should not be construed as,an offer to sell or solicitation of an offer to buy,securities or any other investment,investment management or advisory services.

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