GCP Infrastructure Investments Limited

("GCP Infra" or the "Company")

LEI 213800W64MNATSIV5Z47

Quarterly investor update

9 May 2023

GCP Infra is pleased to announce the publication of its investor report, which is available at https://www.graviscapital.com/funds/gcp-infra/literature.

At 31 March 2023:

·    The net asset value was, as previously announced, 112.24 pence per ordinary share;

·    The Company was exposed to a diversified and partially inflation protected portfolio of 49 investments with an unaudited valuation of £1.1 billion; and

·    The portfolio had a weight-adjusted average annualised yield of 7.9%, principal outstanding of £1.0 billion and an average life of ten years.

In the quarter to 31 March 2023, the Company made two investments totalling £10.5 million in the electric vehicle sector, further diversifying the Company's portfolio. This included a new investment of £7.3 million through a senior loan to finance the purchase of a fleet of electric taxis and a follow-on investment of £3.2 million to grow an existing fleet.

Share buyback programme

On 14 March 2023 the Company announced a proactive programme of share buybacks in response to the persistent discount at which the Company's share price is trading relative to the published net asset value. The Company remains committed to pursuing buyback opportunities in line with the strategy that has been set out previously, and to benefit from the investment opportunity that the Company's shares offer at the current price.

Investor events

The Board, and Gravis, are available to meet with the Company's shareholders. Gravis has scheduled an investor day at the Birmingham Biopower Limited waste wood biomass project on the 23 May 2023, which investors are welcome to attend.

Gravis will be holding a webinar on 15 May 2023 at 11.00am to provide more detail on the portfolio. For investors interested in joining either event, please e-mail [email protected].

For further information, please contact:

Notes to the Editor

About GCP Infra

GCP Infra is a closed-ended investment company and FTSE-250 constituent, its shares are traded on the main market of the London Stock Exchange. The Company's objective is to provide shareholders with regular, sustained, long-term distributions and to preserve capital over the long term by generating exposure to UK infrastructure debt and related and/or similar assets.

The Company primarily targets investments in infrastructure projects with long term, public sector-backed, availability-based revenues. Where possible, investments are structured to benefit from partial inflation protection. GCP Infra is advised by Gravis Capital Management Limited.

GCP Infra has been awarded with the London Stock Exchange's Green Economy Mark in recognition of its contribution to positive environmental outcomes.