Net Asset Valuation

GCP Infrastructure Investments Limited

 (the "Company")

Net Asset Value of the Company's Shares

03 December 2015

As at close of business on 30 November 2015, the unaudited net asset value per Ordinary Share of the Company was 107.03 pence, an increase of 0.88 pence per Ordinary Share on the previous month. The net asset value takes into account cash, other assets, accrued liabilities and expenses and any leverage employed.

The Company's valuation agent, Mazars LLP ("Mazars"), values the Company's investment portfolio on a monthly basis. In light of current market conditions, as at 30 November 2015 Mazars reduced the discount rate used to value certain of the Company's PFI and wind investments resulting in an increase in the net asset value per Ordinary Share of 0.65 pence. Mazars also increased the discount rate used to value one of the Company's biomass investments (due to the underlying project suffering delays in both grid connection and operational ramp up) resulting in a decrease in the net asset value per Ordinary share of 0.38 pence. The overall impact of these valuation adjustments is a reduction in the weighted average discount rate from 8.31 per cent. to 8.28 per cent. and an increase in the net asset value per Ordinary Share of 0.27 pence.

The latest fact sheet in relation to the Company is available at:

http://www.gcpuk.com/gcp-infrastructure-investments-ltd/investor-reports