6 May 2022

Sequoia Economic Infrastructure Income Fund Limited

(the "Company")

Suspension of Scrip Dividend Alternative
Update on Investment Adviser Shares

On 21 April 2022, the Board of Directors of the Company declared that an interim dividend of 1.5625p per share would be payable to holders of Ordinary Shares in respect of the three-month period ended 31 March 2022 (the "Q4 Dividend"). The Q4 Dividend had an ex-dividend date of 28 April 2022 and a Record Date of 29 April 2022. As part of the Q4 Dividend, the Board of Directors had the intention of offering a Scrip Dividend Alternative at a Scrip Share Reference Price to be announced on 6 May 2022.

The Scrip Share Reference Price for the Q4 Dividend has been calculated as 97.6p, being the average of the middle market prices of the Company's Ordinary Shares for the ex-dividend date and the four subsequent dealing days. The Scrip Share Reference Price is below the Company's NAV per share of 98.9p being the last announced NAV of 100.5p as at 31 March 2022 adjusted for the shares trading ex-dividend with effect from 28 April 2022. Accordingly, the Board has exercised its discretion to suspend the decision to offer Scrip Shares for the time being and will instead offer the Full Cash Dividend in respect of the Q4 Dividend and future quarters. All shareholders will therefore be paid the Q4 Dividend in cash at an earlier payment date of 27 May 2022 and, should they so wish, can choose to apply the cash dividend in acquiring Ordinary Shares in the secondary market. The revised timetable in respect of the Q4 dividend is set out below:

Ex-Dividend date:                 28 April 2022

Record Date:                        29 April 2022

Payment Date:                     27 May 2022

The Board will keep under consideration the re-instatement of the Scrip Dividend Alternative in respect of future quarterly dividends, subject to an assessment of the relevant prices and costs and determination that doing so would be accretive to the Company's NAV for the benefit of shareholders as a whole.

Further information on the Company's scrip dividend scheme can be found in the scrip dividend circular (the "Scrip Circular") which is available on the Company's website to view and/or download at http://www.seqifund.com. The Scrip Circular is also available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Copies of the Scrip Offer Circular are also available for inspection at Sarnia House, Le Truchot, St Peter Port, Guernsey.

Terms used and not defined in this announcement shall have the meanings given to them in the Scrip Circular.

Update on Investment Adviser Shares

The Company further announces that in consideration of the suspension of the Scrip Dividend Alternative, and in accordance with the terms of the Investment Advisory Agreement between the Company and Sequoia Investment Management Company Limited (the "Investment Adviser"), the Board has considered the issue of shares to the Investment Adviser for the relevant portion of the fees payable to the Investment Adviser for the three month period ended 31 March 2022. As the closing price for the Company's ordinary shares on 5 May 2022 (being the last trading day prior to the Board considering the issue of shares to the Investment Adviser) was at a discount to the last published NAV per share, the relevant portion of the fees payable to the Investment Adviser for the three month period ended 31 March 2022 which would otherwise have been issued as shares, will instead be paid by the Company to the Investment Adviser in cash in the amount of £296,185.79. The Investment Adviser has committed to issue an irrevocable instruction upon receipt of the funds to utilise such cash to acquire ordinary shares of the Company in the market without delay, and such shares will be subject to a three-year rolling lock-up in accordance with the terms of the Investment Advisory Agreement. A further announcement will be released in the coming days once the shares have been acquired by the Investment Adviser.

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About Sequoia Economic Infrastructure Income Fund Limited

The Company is a Guernsey registered closed-ended investment company that seeks to provide investors with regular, sustained, long-term distributions and capital appreciation from a diversified portfolio of senior and subordinated economic infrastructure debt investments. The Company is advised by Sequoia Investment Management Company Limited.

LEI: 2138006OW12FQHJ6PX91