Subscription for Master Fund Shares

GCP Infrastructure Investments Limited

(the "Company")

Subscription for Master Fund Shares

22 June 2012

The Company announces that, further to the issue of equity by the Company on 14 June 2012, it has invested the issue proceeds of £11,257,216 into GCP Infrastructure Fund Limited (the "Master Fund") on 20 June 2012 (the "Subscription").

Subsequently, and as a result of the Subscription, the Company acquired 10,961,261.94 Ordinary Redeemable Income shares in the Master Fund at a price of 102.70 pence per share being the unaudited net asset value per Ordinary Redeemable Income Share of the Master Fund as at 20 June 2012.

The Company now holds 116,108,226.94 Ordinary Redeemable Income shares in the Master Fund which equates to 78.28 per cent of the Master Fund's issued share capital.