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Ullico Invests in 38.5 MWac Renewable Energy Portfolio

Washington D.C. (August 31, 2018) – Ullico Inc. today announced the closing of its acquisition of a portfolio of four solar power generation projects owned by DIF Infrastructure III, a fund managed by DIF Management B.V. ("DIF"). Ullico is now the sole owner of the Canadian portfolio, marking the first time Ullico has been a majority investor in a portfolio of renewable energy assets. The solar farms are all contracted to sell power under standardized Feed-in Tariff or Renewable Energy Standard Offer Programme contracts to Ontario's Independent Electricity System Operator.

"The transaction marks Ullico's first investment in Canada while continuing our investment momentum in the renewable sector" said Rohit Syal, head of acquisitions for Ullico's infrastructure business. "This opportunity reinforces our strategy of identifying high quality investments with fixed priced, long-term contracts and strong counterparties."

"Through this investment, Ullico once again demonstrates its commitment to projects that provide clean, sustainable energy across North America," said Edward M. Smith, President and CEO of Ullico Inc.

The portfolio is Ullico's fourth investment in renewable energy assets. In 2013, Ullico invested in the 69 MWac Kawailoa Wind Farm in Hawaii. Then in 2017, Ullico invested in a 921 MWac portfolio of wind and solar generation projects, spread across the US. Finally, earlier this year, Ullico invested in a 642 MWac portfolio of wind and solar generation projects, spread across the US.

"The long-term stable cash flow and high cash yields expected from these operating assets fits with Ullico's infrastructure fund objectives," said Jeff Murphy, portfolio manager for Ullico's infrastructure business, "As our fourth investment in renewable energy, we are pleased to grow this section of our portfolio steadily and look forward to integrating these assets in our portfolio."

Ullico Inc., through its infrastructure business, currently has investments in the water, waste water, electricity transmission, power generation, and transportation sectors and is exploring opportunities in all core sectors.

Raymond James acted as financial advisor and Osler acted as legal advisor to DIF. Norton Rose Fulbright acted as legal advisors and Black & Veatch acted as technical advisor to Ullico.

About Ullico

For more than 85 years, Ullico, the only labor-owned insurance and investment company, has been a proud partner of the labor movement, keeping union families safe and secure. From insurance products that protect union members, leaders and employers, to investments in building 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, Inc.; Ullico Investment Company, Inc.; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.

About DIF

DIF is a leading independent fund management company with ca. € 5.6 billion of funds raised. Through seven investment funds, DIF invests in high-quality infrastructure assets that generate long-term, stable cash-flows, including Public Private Partnership projects (PPP/PFI/P3), regulated assets, long term contracted renewable energy projects and other core infrastructure projects in the telecom, rail and energy sectors in Europe, North America and Australia. DIF has over 100 employees across 8 offices around the globe. Please see www.dif.eu for further information on DIF.


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