Temporary Dealing Policy of the Master Fund



GCP Infrastructure Investments Limited

(the 'Company')

Temporary Dealing Policy of the Master Fund

The Company has been notified by GCP Infrastructure Fund Limited (the "Master Fund") that the Directors of the Master Fund have exercised their discretion under the Articles of Association (the "Articles") of the Master Fund to adopt a policy with immediate effect, whereby applications to subscribe for new shares will be rejected unless either (a) there are approximately equivalent applications for redemptions which can be processed on the same dealing date or (b) the Directors of the Master Fund are satisfied that the Master Fund will be able to deploy funds arising from new subscriptions within a timescale that will not reduce returns to existing shareholders (the "Temporary Policy").

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

Contact details:

"GCP Infrastructure Fund Limited 

(the "Company") 

Headline: Temporary Dealing Policy

The Directors of the Company have exercised their discretion under the Company's Articles of Association (the "Articles") to adopt a policy with immediate effect, whereby applications to subscribe for new shares will be rejected unless either (a) there are approximately equivalent applications for redemptions which can be processed on the same dealing date or (b) the Directors are satisfied that the Company will be able to deploy funds arising from new subscriptions within a timescale that will not reduce returns to existing shareholders (the "Temporary Policy").

The Temporary Policy will continue to be in place until further notice.

The Temporary Policy may then be terminated, and subsequently reintroduced, from time to time at the discretion of the Directors. All prospective investors will immediately be informed of the Temporary Policy should they attempt to subscribe for shares while such Temporary Policy is in place. In accordance with the Articles, all shareholders shall be promptly notified upon termination of the Temporary Policy."