GCP Asset Backed Income Fund Ltd. · LSE:GABI
GCP Asset Backed Income Fund — VT Gravis Clean Energy Income Fund — Investor Presentation (May 2025)
30 slides from GCP Asset Backed Income Fund's investor presentation, May 2025
Slide 1: Gravis Clean Energy Income Fund
GRAVIS CLEAN ENERGY ENERGY INCOME FUND jee oan eee a1 715
Slide 2: Background to the Clean Energy Sector
BACKGROUND TO THE CLEAN ENERGY SECTOR Gravis
Slide 3: What is Clean Energy?
WHAT IS CLEAN ENERGY? The sustainable energy association defines clean energy as ‘energy derived from renewable, zero-emissions sources (“renewables”), as well as energy saved through energy efficiency (“EE”) measures’. Solar Wind Energy Storage ooo ooo = n a Energy Bioenergy Smart Grid Geothermal H
Slide 4: Renewable Power Generation
RENEWABLE POWER GENERATION Renewable power generation accounts for the significant majority within the electricity supply mix by 2050. Installed renewable power generation capacity growth dominated by solar and wind. TWh/yr Gw ‘Source: IRENA Global Renewables Outlook: Energy Transformation 2050 GRAV
Slide 5: Electrification of the Economy Will Result in Higher Electricity Use
ELECTRIFICATION OF THE ECONOMY WILL RESULT IN HIGHER ELECTRICITY USE Illustrative UK final energy use in 2050 Overall electricity use declines owing to energy efficiency initiatives but the electrification of transport and heating results in an approximate doubling of electricity usage, which become
Slide 6: Energy Efficiency & Flexible Power Grids: Significant Investment Required
ENERGY EFFICIENCY & FLEXIBLE POWER GRIDS: SIGNIFICANT INVESTMENT REQUIRED Climate change commitments require significant expenditure on a range of initiatives and related infrastructure in addition to renewable power generation capacity. Opportunities in energy efficiency projects, the electrificati
Slide 7: Corporate Sustainability Ambitions
CORPORATE SUSTAINABILITY AMBITIONS Additionality Corporate sustainability ambitions increasingly focused on emissions, driving investment in sourcing and generating renewable energy. Corporates are making investment decisions that directly result in new renewable energy generation capacity being add
Slide 8: Renewable Energy Is Increasingly Cost Competitive with Fossil Fuels
RENEWABLE ENERGY IS INCREASINGLY COST COMPETITIVE WITH FOSSIL FUELS Global weighted-average Levelised cost of el and PPA/auction prices, 2010-2022 Saeany 0.381 0.340 03 0.162 0.089 01 0.108 ana 7s 0.057 * 0.076 0.043 0.084 0.084 m 0. 0.039 RRERERRSRSRRRRRSSRRRRRSSR RRR RES EE —®-— Auction database —
Slide 9: Introduction to the Fund
INTRODUCTION TO THE FUND Gravis
Slide 10: Fund Guidelines and Characteristics
FUND GUIDELINES AND CHARACTERISTICS Key Information + Adiversified portfolio of global listed securities, listed in OECD nations, including yield co equity, investment companies and traditional equities + Designed to give regular income, preserve capital and protect against inflation + Exposure to >
Slide 11: Investment Philosophy
INVESTMENT PHILOSOPHY Investment Management Portfolio construction ofa Fair valuation Los Low relative volatility Fund construction Ensure diversification across the UK listed infrastructure sector Price awareness Seek opportunities to minimise entry price QD Inflation hedging Risk management Mitiga
Slide 12: Risk Profile of Target Clean Energy Sectors
RISK PROFILE OF TARGET CLEAN ENERGY SECTORS Operational Assets Mid-length fixed PPAs Element of merchant power price exposure Long-dated fixed PPAs Subsidised cash flows Increasing Volatility Construction risk Installed Wind, Decreasing cashflow predictability Solar, Hydro, Biomass GRAVIS CLEAN ENER
Slide 13: Investment Examples
INVESTMENT EXAMPLES Atlantica Sustainable Infrastructure Market Cap - $2.2bn IPO Date — June 2014 edo Renewables Market Cap - €16.0bn IPO Date — June 2008 INNERGEX Market Cap - C$2.0bn IPO Date - December 2008 GRAVIS CLEAN ENERGY >sbluefield Market Cap - £700m IPO Date — July 2013 ENCAVIS Market Cap
Slide 14: Fund Characteristics
FUND CHARACTERISTICS Gravis
Slide 15: Portfolio Construction
PORTFOLIO CONSTRUCTION Portfolio as at 30 April 2025 Company Greencoat UK Wind PLC Renewables Infrastructure Group Ltd Clearway Energy Inc Brookfield Renewable Corp Innergex Renewable Energy Inc HA Sustainable Infrastructure Capital Inc Greencoat Renewables PLC Bluefield Solar Income Fund Ltd Foresi
Slide 16: Portfolio Cash Flow Resilience
PORTFOLIO CASH FLOW RESILIENCE Bias towards operational energy infrastructure assets underpinned by contracted pricing Operational Assets Revenue Characteristics Energy Non- Cash Infrastructure Commercial Regulated Revenues Cash 0.6% Revenues 12% 5.0% 4.1% Energy Infrastructure: Construction Power P
Slide 17: Depth of Projects Within the Fund - Sample
DEPTH OF PROJECTS WITHIN THE FUND - SAMPLE The Fund invests in multiple closed ended funds; which own or invest in a diversified pool of SPVs POD EDEL SDP ED a ee me ees cme fn VT GRAVIS CLEAN ENERGY INCOME FUND. > 2,500 PROJECTS | The aim is to generate 4.5% income net of charges per annum * Gravis
Slide 18: Fund Performance
FUND PERFORMANCE C GBP Net Accumulation 18 December 2017 — 30 April 2025. 220 —MSCI World Infra —-VT Gravis Clean Energy Income Fund 200 180 160 140 120 100 80 Dec 17 Aug 18 Apr 19 Dec 19 Aug 20 Apr 21 Dec 21 Aug 22 Apr 23 Dec 23 Aug 24 Apr 25 Returns Since 6 3 72 3 7 ‘Annualised since " , Inception
Slide 19: Since Launch Risk & Reward
SINCE LAUNCH RISK & REWARD Data as at 30 April 2025. 220 200 180 160 140 120 100 80 60 Return MSCI World Infrastructure e Average volatility (1735%) MSCI World e Average return (48.92%) T Gravis Clean CAccGBP @ 10 18 Return Since Launch” 20 iShares Global Clean Energy @ 25 30 Volatility Volatility S
Slide 20: Dividends
DIVIDENDS Quarterly since inception to 31 March 2025. 2017 0.8220p nat =Q2 7? ES. 5.4997 a 2025 IT 3240 0 1 2 3 4 5 7 8 Past performance is not necessarily a guide to future performance. ‘The Fund launched on 18 December 2077. Data a at SLMarch 2025, Ine GBP share class GRAVIS CLEAN ENERGY 20
Slide 21: Appendix
APPENDIX Gravis
Slide 22: 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 23: 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 24: Key Investible Areas in Clean Energy Sector — SPV Focused
KEY INVESTIBLE AREAS IN CLEAN ENERGY SECTOR — SPV FOCUSED Operational & Cash generative Renewable Energy assets such as Wind, Solar, Hydro & Biomass plants. GRAVIS CLEAN ENERGY Investment company GRAVIS CLEAN ENERGY Soe 24
Slide 25: Project Finance Model in Operation
PROJECT FINANCE MODEL IN OPERATION Equity GRAVIS CLEAN ENERGY Regular and long dated payments from: * Contracted payments * Sale of energy output * Public sector support + Subsidies/Tax incentives ! Finance Debt Capital in Construction of asset 114% RR [|= Special purpose vehicle established with th
Slide 26: Key Terms
KEY TERMS Fund Size* £222.23m Dividend Yield* Yield C shares 6.79% Share Classes Clean & Institutional / Income & Accumulation / GBP, USD & EURO Minimum Investment £100 AMC |: 0.70% | C: 0.80% OcF** 1:.0.70% | C: 0.80% Issue Price £1 (as at 18/12/2017) Valuation and trading Daily 12pm Investment Ass
Slide 27: Platforms & Wrappers
PLATFORMS & WRAPPERS Available on the following platforms 7IM Aegon AJ Bell Allfunds Alliance Trust Savings Ascentric Aviva Barclays Co Funds Fidelity Funds Network FNZ Hargreaves Lansdown Hubwise James Hay Novia Nucleus GRAVIS CLEAN ENERGY Old Mutual/Quilter Pershing Prudential Raymond James SEI St
Slide 28: 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 29: Contact Information
GRAVIS CLEAN ENERGY 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 107
Slide 30: Gravis
Gravis INVESTMENT IDEAS FOR THE LONG RUN
VT Gravis Clean Energy Income Fund — Investor Presentation (May 2025) on 6ix