GCP Asset Backed Income Fund Ltd. · LSE:GABI
GCP Asset Backed Income Fund — VT Gravis Digital Infrastructure Income Fund — Investor Presentation (July 2025)
32 slides from GCP Asset Backed Income Fund's investor presentation, July 2025
Slide 1: VT Gravis Digital Infrastructure Income Fund July 2025
GRAVIS DIGITAL ~ TINFRA VT GRAVIS DIGITAL ~ INFRASTRUCTURE * INCOME FUND July 2025 Gravis $2?
Slide 2: The Opportunity
THE OPPORTUNITY Gravis
Slide 3: Revolutionising Our Lives
REVOLUTIONISING OUR LIVES S 4th Industrial a Revolution — Work Play Live a = ) roy ls ve AN > SharePoint ot TikTok Sainsbury's at slack @ next S amazon | | = al Qo ods (SIS! Esee Data Centres Networks Telecoms Towers 5G Networks Urban Logistics E-commerce Facilities Fulfilment Centres GRAVIS DIGITAL
Slide 4: Data Growth
DATA GROWTH Accelerating growth in data creation. 200 Volume of data/information created, captured, copied and consumed worldwide! 80 ; L ; 2010 200 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022* 2023* 2024* 2025* Volume of data (zettabytes) 3 8 Ros Ss ° Social Media & Cloud Computing Al ‘S
Slide 5: E-Commerce Growth
E-COMMERCE GROWTH Retailing migrating from shops to online. E-Commerce Penetration Online sales as % of total retail sales! 30% 25% 20% 18% 10% : ll lll i | |_| IT ES FR US DE NL UK =™2012 =2019 ™2021 ™2022 * Source: Center for retail research. The figures on this graph relate to retail sales only,
Slide 6: 5G Growth
5G GROWTH More mobile devices, consuming more data, requiring more digital infrastructure. US mobile data traffic per month 70 60 20 : [] l ll 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2G GB/month @ fe} 3G ‘Source: Ericsson, ‘Mobile Subscriptions Outlook’, June 2023. GRAVIS DIGITAL INFR
Slide 7: Uber Spotify Pinterest Instagram TikTok ChatGPT
Uber Spotify Pinterest Instagram TikTok ChatGPT
Slide 8: Digital Infrastructure Assets
DIGITAL INFRASTRUCTURE ASSETS Digital infrastructure companies enable the digital world and are distinct from technology companies. DIGITAL SUB-SECTORS | | Communication towers | - American Tower - - Cellnex - - Crown Castle Intl - » (G) ¢ » ) | | Fibre networks & energy storage | | - Gresham House
Slide 9: Listed Digital Infrastructure Champions
LISTED DIGITAL INFRASTRUCTURE CHAMPIONS Developed markets listed companies championing the digital infrastructure universe. €} PROLOGIS’ Goodman Market Cap — £35.2bn Market Cap — £90.5bn IPO Date — June 1995 IPO Date — November 1997 A CROWN AMERICAN TOWER: Market Cap — £84.9bn IPO Date — July 1998 M
Slide 10: Introduction to the Fund
INTRODUCTION TO THE FUND Gravis
Slide 11: Strategy Overview & Objectives
STRATEGY OVERVIEW & OBJECTIVES Key Information Fund limits + Invests in a diversified portfolio of transferable securities listed in + Min. 22 holdings — currently 32° developed markets + Subject to UK UCITS V regulations, 5/10/40 weighting rule + Exposure to numerous leased infrastructure assets wi
Slide 12: Digital Infrastructure Business Models
DIGITAL INFRASTRUCTURE BUSINESS MODELS Moving from an analogue world to a digital world creates rental income opportunities. Physical asset ® ” sees! E/E = Leasing communications Leasing space for Leasing space for + Leasing space for fart 5 infrastructure or 7 communications equipment servers . - e
Slide 13: Investment Philosophy
INVESTMENT PHILOSOPHY Investment Management Portfolio construction ofa Attractive valuation Fund construction Ensure diversification across the UK listed infrastructure sector Price awareness Seek opportunities to minimise entry price D Growing dividends QD Inflation hedging Risk management Mitigate
Slide 14: Liquidity and Quality
LIQUIDITY AND QUALITY ‘Source: Gravis Advisory Ltd GRAVIS DIGITAL INFRA Global Digital Infrastructure ¢.125 Listed Companies iquid & Tradable 75+ Listed Companies Focused Digital Infrastructure 70+ Listed Companies >£650bn combined market cap >£2bn average daily volume VT Gravis Digital Infrastructu
Slide 15: Building a Diversified Portfolio
BUILDING A DIVERSIFIED PORTFOLIO The Fund invests in multiple REITs, which own or invest in a diversified pool of properties. VT GRAVIS DIGITAL INFRASTI URE INCOME FUND j f Portfolio of REITs & Investment Companies Crown Castle Cogent Comms Keppel DC REIT Goodman Celinex Telecom Equinix Inc 40,000 t
Slide 16: Contractual Rent Growth
CONTRACTUAL RENT GROWTH c.70% of the portfolio benefits from contractual uplifts or inflation-linked escalators. Lease lengths and rent profiles to} 2 4 6 8 10 Weighted Average Unexpired Lease Term (WAULT) "Estimated based on company materials. WAULT and rent profile data taken from Company Data and
Slide 17: Attractive debt financing
Attractive debt financing. High rated, low coupon, long tenor and mostly fixed. Credit Rating Non-rated, 17.0% Sub-Investment Grade, 7.0% Investment Grade, 74.0% Av. Cost of Av. Debt % Fixed or Investment Debt Tenor capped Grade 3.0% 5.lyears 85% 74% ‘Source: Bloomberg LP, Gravis Advisory Ltd. VT Gr
Slide 18: Reversionary Rental Growth
REVERSIONARY RENTAL GROWTH Market rents above current rents, offering potential for future growth 35% 32% 30% 28% 25% 20% - ; } ; 0% €; PROLOGIS’ SEGRO EL Industrial Rent reversion spread a & 3 R aa TRITAX BIG BOX ‘Source: Gravis Advisory Ltd. Company accounts and investor presentations, March 25. R
Slide 19: Optimistic Management Outlook
OPTIMISTIC MANAGEMENT OUTLOOK pees) IE vi Data Centres Logistics Cell Towers Networks ‘Source: Gravis Advisory Ltd research. GRAVIS DIGITAL INFRA 19 “2024 was a remarkable year for Digital Realty, with record leasing driving impressive growth in our revenue backlog and providing compelling visibilit
Slide 20: Dividend growth and upside potential of holdings
Years of Company Sector Country of Listing Consecutive Dividend Yield! Dividend Growth? Upside Potential? Dividend Growth EASTGROUP meas oS 8 3.4% 2.7% 16% A «ae? E> 12 3.2% 2.8% 1% AMERICAN TOWER’ ) =— => — aa 12 5.4% 3.5% 8% wDPpP oan, === N 5.5% 5.7% 33% TDARGAN maaa | | é SEGRO — sz 8 4.2% 3.0%
Slide 21: Private Equity Acquiring Public Equity
PRIVATE EQUITY ACQUIRING PUBLIC EQUITY The Gravis Digital Infrastructure Income Fund has benefited from private equity takeover activity. Portfolio Holding Bidder Announcement Date Takeover Premium! 1 Diikert arty Summit | REIT Summit Industrial Income REIT VANTAGE TOWERS gsms Capital at risk. Past
Slide 22: Portfolio Exposure and Top Holdings
PORTFOLIO EXPOSURE AND TOP 10 HOLDINGS High conviction portfolio focused on infrastructure types with favourable fundamentals. Company Goodman Group Equinix Inc Prologis Inc Digital Realty Trust Inc SBA Communications Corp American Tower Corp NEXTDEC Ltd SEGRO PLC Keppel DC REIT. Infrastructure Wire
Slide 23: Reliable Distributions
RELIABLE DISTRIBUTIONS Quarterly since inception to 30 June 2025. 202T* 1.2196p =Qi 2022 2.5606p =Q2 2023 2.7174p =Q3 2024 2.8209p Q4 2025 1.4602p - 0.5 1.0 1.5 2.0 25 3.0 Past performance is not indicative of future performance, the value of your investment may go down as welllas up. “The Fund laun
Slide 24: Performance Since Launch
PERFORMANCE SINCE LAUNCH Performance from 31 May 2021 to 30 June 2025. 140 ——MSCI World IMI Core Real Estate 130 — VT Gravis Digital Infrastructure Income Fund 120 110 100 90 80 May 21 Dec 21 Jul 22 Feb 23 Sep 23 Apr 24 Nov 24 Jun 25 Returns Since 3 12 3 1 Annualised Since i , Inception Year Month M
Slide 25: Appendix
APPENDIX Gravis
Slide 26: Fund Investment Team
FUND INVESTMENT TEAM Matthew Norris, CFA — Director of Real Estate Securities & Fund Manager Matthew is the lead manager to the VT Gravis UK Listed Property Fund and the VT Gravis Digital Infrastructure Income Fund. He has more than two decades investment management experience and has a specialist f
Slide 27: Distribution Team
DISTRIBUTION TEAM Cameron Gardner — Director, Head of Distribution Cameron is a Director at Gravis and is Head of Distribution. She is a member of the Responsible Investment Committee. She joined Gravis in April 2019 from Neptune Investment Management. where she was responsible for covering the Sout
Slide 28: Key Terms
KEY TERMS Fund Size* Yield (C Inc GBP)* Share Classes Minimum Investment Annual Management Charges Fund operating charges** Launch Date Launch Price Valuation and trading Investment Association Sector Holdings Number of holdings* Distributions Classification Currencies £ISINs & SEDOLs £20.08 3.02% I
Slide 29: Platforms and Wrappers
PLATFORMS AND WRAPPERS Available on the following platforms Aegon Allfunds Aviva Barclays Canada Life Citi Bank Close Brothers Embark Ifidelity FNZ Hargreaves Lansdown Hubwise Interactive Investor J Brearley Novia GRAVIS DIGITAL INFRA Nucleus Old Mutual/Quilter Pershing Raymond James Seven IM Standa
Slide 30: Important Notice
IMPORTANT NOTICE Warning This presentation is issued by Gravis Advisory Limited (“GAL" or the “Firm’)), which is authorised and regulated by the Financial Conduct Authority. GAL's registered office address is 24 Savile Row, London, United Kingdom, WIS 2ES. The company is registered in England and Wa
Slide 31: Contact Information
GRAVIS DIGITAL INFRA Gravis Advisory Ltd 24 Savile Row London WIS 2ES www.graviscapital.com CONTACT INFORMATION Cameron Gardner - Director, Head of Distribution cameron.gardner@graviscapital.com 020 3405 8555 Jonathan Feely - Sales Director, North & Midlands jonathan.feely@graviscapital.com 07894 10
Slide 32: Investment Ideas for the Long Run
Gravis INVESTMENT IDEAS FOR THE LONG RUN
VT Gravis Digital Infrastructure Income Fund — Investor Presentation (July 2025) on 6ix