Re-opening of Master Fund to further subscriptions

GCP Infrastructure Investments Limited

(the 'Company')

Re-opening of the Master Fund to further subscriptions

The Company has been notified by GCP Infrastructure Fund Limited (the 'Master Fund') that the temporary policy put in place by the Master Fund following the Company's December 2011 C Share Issue of rejecting net subscriptions for new Master Fund shares has been lifted with immediate effect.

As a result of the re-opening of the Master Fund to further subscriptions, and in light of the continuing flow of potentially attractive investment opportunities, the Company is considering raising further equity by way of a tap issue. The Company currently has authority to issue up to approximately 11.1 million new ordinary shares under its existing share authorities and any tap issue would be undertaken at a price that represents a premium to the Company's net asset value.

The full announcement made by the Master Fund is copied below.

Contact details:

Gravis Capital Partners LLP

Stephen Ellis +44 (0)20 7518 1495

Rollo Wright +44 (0)20 7518 1493

Oriel Securities

Emma Griffin +44 (0)20 7710 7600

Joe Winkley

Neil Winward

Gareth Price

"GCP Infrastructure Fund Limited

(the 'Company ' or the 'Master Fund')

Temporary Policy and Supplemental Dealing Day

In accordance with their discretion under the Company's Articles of Association (the "Articles"), on 13 January 2012 the Directors of the Company adopted a policy whereby applications for subscriptions of shares were to be rejected unless or until there were approximately equivalent redemptions which could be processed on the same dealing date (the 'Temporary Policy').

As a result of the substantially fully-invested position of the Company, and of the continuing flow of potentially attractive investment opportunities being presented to the Company, the Directors of the Company have terminated the Temporary Policy with immediate effect.

Moreover, the Directors of the Company are pleased to announce that they have exercised their discretion under the Articles to assign 20 June 2012 as a supplemental dealing day (the 'Supplemental Dealing Day'), additional to those specified in the Company's Information Memorandum. It is proposed that any Shares in the Company issued/and or redeemed on the Supplemental Dealing Day be issued at the net asset value per share as at close of business on 20 June 2012.

END OF ANNOUNCEMENT