GCP Asset Backed Income Fund Ltd. · LSE:GABI
GCP Asset Backed Income Fund — VT Gravis UK Infrastructure Income Fund — Investor Presentation (July 2025)
27 slides from GCP Asset Backed Income Fund's investor presentation, July 2025
Slide 1: For professional investors only
For professional investors only G ravis [je@-)
Slide 2: Introduction to Infrastructure
INTRODUCTION TO INFRASTRUCTURE Gravis
Slide 3: What is Infrastructure?
WHAT IS INFRASTRUCTURE? Infrastructure assets provide the services and facilities necessary for a society and economy to function successfully. They range from small single assets such as GP surgeries to projects as complex as Crossrail. go00 a 00) 0000 }00 ooo oo) oo00)o0 F 3 oo or 4qo{o0 at [1 le
Slide 4: Key Investible Areas in Infrastructure
KEY INVESTIBLE AREAS IN INFRASTRUCTURE Operational & cash generative assets such as student accommodation, power networks, transport, renewables, schools and hospitals. GRAVIS Listed UK Purpose Investment INFRA Vehicle Company aoe [1 Doe GRAVIS UK INFRA
Slide 5: Investment Examples
INVESTMENT EXAMPLES | GREENCoATS" 2 UK WIND “awe Market Cap - £3.4bn IPO Date — June 2014 At RENEWABLES INFRASTRUCTURE GROUP. Market Cap — £2.7bn IPO Date — July 2013 Bluefield | Solar Income Fund Market Cap— £703.2m IPO Date — July 2013 GRAVIS UK INFRA = Gresham House Specialis| sset management Mar
Slide 6: Introduction to the Fund
INTRODUCTION TO THE FUND Gravis
Slide 7: Fund Guidelines and Characteristics
FUND GUIDELINES AND CHARACTERISTICS Key information * Invests in UK listed infrastructure equities, bonds and investment companies and REITs + Designed to give regular income, preserve capital and protect against inflation * Net yield 5.87%! * Charges capped at the AMC + UKUCITS V OEIC Fund guidelin
Slide 8: Investment Philosophy
INVESTMENT PHILOSOPHY Investment Management Portfolio construction of Fair/attractive valuation Fund construction Ensure diversification across the UK listed infrastructure sector Price awareness Seek opportunities to minimise entry price Los Low relative volatility BD Inflation hedging Risk managem
Slide 9: Cashflow Volatility in UK Infrastructure
CASHFLOW VOLATILITY IN UK INFRASTRUCTURE GRAVIS UK INFRA Availability Regulated Power Health Education Energy distribution i Emergency services Wastewater Council buildings Renewable energy @ s > < OG @ 2 g Toll roads De-regulated utilities ~ Rail Infrastructure equities Ports Satellites Airports Te
Slide 10: Fund Characteristics
FUND CHARACTERISTICS Gravis
Slide 11: Performance Since Launch January 2016 – June 2025
PERFORMANCE SINCE LAUNCH 25 January 2016 — 30 June 2025 240 220 200 180 160 140 120 100 80 Jan 16 Mar 17 May 18 Returns Jul 19 Sep 20 Nov 21 ——MSCI UK —-VT Gravis UK Infrastructure Income Fund Jan 23 Mar 24 Jun 25 Since 7 Inception* Year VT Gravis UK Infrastructure Income Fund MSCI UK 42.70% 22.65%
Slide 12: Dividends
DIVIDENDS Quarterly since inception to 30 June 2025. 20¢ TTT i 4.5940p 200 LS i 5.2558p 21 nn 5.8183p 201 a 5.1096p 200 I DTT iii 5.1441p al =Q2 202) 4.2808 =O3 a4 2022 A 5.0085p 2023 nnn 5.4671p 2024 LS La 5.4038p 2025 2.5842) 0 1 2 3 4 5 6 7 Past performance is not necessarily a guide to future pe
Slide 13: Fund Performance
FUND PERFORMANCE Fund performance vs. a selection of indices during greatest drawdown period for those indices. Review period 25 January 2016 to 30 June 2025. 50% 40% 30% 20% 10% 17/01/2020 — 23/03/2020 20/02/2020 — 16/03/2020 20/02/2020 — 23/03/2020 0% -10% -20% -30% -40% 12/08/2016 Past performanc
Slide 14: Portfolio Snapshot
PORTFOLIO SNAPSHOT Portfolio as at 30 June 2025. Company Renewables Infrastructure Group Ltd HICL Infrastructure Company Ltd Sequoia Economic Infrastructure Income Fund Ltd Greencoat UK Wind PLC GCP Infrastructure Investments Ltd International Public Partnerships Ltd Foresight Environmental Infrastr
Slide 15: Appendix
APPENDIX Gravis
Slide 16: Fund Investment Team
FUND INVESTMENT TEAM William Argent, CFA — Fund Manager Will is a Fund Manager at Gravis having joined the company in 2017. He is the adviser to the VT Gravis UK Infrastructure Income Fund and VT Gravis Clean Energy Income Fund. Will has 18 years’ experience working as a buyside analyst and portfoli
Slide 17: 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 18: Project Finance Model in Operation
PROJECT FINANCE MODEL IN OPERATION Special purpose vehicle (SPV) established with the specific purpose of segregating and handling cash flows Financial structure of SPV Equity GRAVIS UK INFRA Capital in Regular and long dated payments such as: * Contracted (unitary) payments * Rent + Subsidies Payme
Slide 19: Project Finance Cashflows
PROJECT FINANCE CASHFLOWS Uses of unitary payments arising from UK Infrastructure Project 250 200 =z 150 xe} = 6 Operations and Maintenance OQ 100 + = Debt m Equity 50 5 o- 18 19 20 21 22 23 24 25 1°23 4 5 6 7 8 9 0 N 12 8 14 15 6 17 Years Unitary payments service the cost of operations and maintena
Slide 20: Depth of Projects within Investment Companies
DEPTH OF PROJECTS WITHIN INVESTMENT COMPANIES Investment companies own and invest in multiple Special Purpose Vehicles. GRAVIS UK INFRA Greencoat UK 49 projects 20
Slide 21: Depth of Projects within the Fund
DEPTH OF PROJECTS WITHIN THE FUND The Fund invests in multiple companies, which own and invest in a diversified pool of SPV’s Multiple individual projects/assets | \s ee GCP Infra HICL Bluefield Greencoat Primary Health 3i Renewables JLEN Environmental 50 projects M8 projects Solar UK Properties: In
Slide 22: Valuations & Premiums
VALUATIONS & PREMIUMS Company Name NAV Premium/Discount 3l Infrastructure PLC 386.2 -11.3% Assura PLC 49.3 1.9% Bluefield Solar Income Fund Ltd 123.0 -21.0% Cordiant Digital Infrastructure Ltd 124.4 =22.0% Foresight Environmental Infrastructure 107.4 25.3% Foresight Solar Fund Limited 1.0 -22.4% GCP
Slide 23: Key Terms
KEY TERMS Fund Size* Dividend Yield (Inc)* Inflation Protection Share Classes Minimum Investment AMC & capped OCF** Valuation and trading Investment Association Sector Holdings Number of holdings* Distribution Dates GBP ISINs & SEDOLs £524.54m Net Yield C shares 5.87% Yes Clean & Institutional / Inc
Slide 24: Platforms & Wrappers
PLATFORMS & WRAPPERS Available on the following platforms: 7IM Aegon AJ Bell Allfunds Alliance Trust Amber Ascentric Aviva Axa Elevate Canada Life (Dublin)* Cofunds FNZ Fidelity Funds Network Fusion Hargreaves Lansdown Hubwise Interactive Investor James Hay Moventum * Offshore bond wrappers GRAVIS U
Slide 25: 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 Wal
Slide 26: Contact Information
GRAVIS UK 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 107075
Slide 27: Investment Ideas for the Long Run
Gravis INVESTMENT IDEAS FOR THE LONG RUN
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