GCP Asset Backed Income Fund Ltd. · LSE:GABI
GCP Asset Backed Income Fund — TM Gravis Clean Energy Income Fund — Investor Presentation (October 2025)
30 slides from GCP Asset Backed Income Fund's investor presentation, October 2025
Slide 1: Gravis Clean Energy Income Fund October 2025
GRAVIS CLEAN ENERGY ENERGY INCOME FUND jee Pie === OCTOBER 2025
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 . 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 BD 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 Ca
Slide 14: Fund Characteristics
FUND CHARACTERISTICS Gravis
Slide 15: Portfolio Construction
PORTFOLIO CONSTRUCTION Portfolio as at 30 September 2025 Company Greencoat UK Wind PLC Renewables Infrastructure Group Ltd HA Sustainable Infrastructure Capital Inc Clearway Energy Inc Brookfield Renewable Corp Greencoat Renewables PLC Northland Power Inc Meridian Energy Ltd Foresight Environmental
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 2.0% 2.1% 2.9% Energy Infrastructure: Construction Power
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 oie els oc fn TM 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 September 2025. 220 —MSCI World Infra TR — Gravis Clean Energy Income Fund TR 200 180 160 140 120 100 80 Dec 17 Jul 20 Returns Sep 25 Since 5 3 12 Inception Year Year Month TM Gravis Clean Energy Income Fund 41.00% -7.11% -23.89% 6.39% MS
Slide 19: Since Launch Risk & Reward
SINCE LAUNCH RISK & REWARD Data as at 30 September 2025. § 220 ® 200 180 160 140 120 100 80 MSCI World e MSCI World Infrastructure ° Average volatility (17.1%) Average return (70.6%) 60 40 20 0 to} 5 e TM Gravis Clean C Ace GBP 10 18 Return 20 Since Launch” e iShares Global Clean Energy 25 30 Volati
Slide 20: Dividends
DIVIDENDS Quarterly since inception to 30 September 2025. 2017 0.3220p =Q =™Q2 2021 5.4997 as Ps i ° iS wo ~ a o ~ © Past performance is not necessarily a guide to future performance. ‘TheFund launched on 18 December 2017. Data as at 30 September 2025, C Inc GBP share class. Ex date for published di
Slide 21: Appendix
APPENDIX Gravis
Slide 22: Securities Team
SECURITIES TEAM William Argent, CFA —- Fund Manager Will is a Fund Manager at Gravis having joined the company in 2017. He is the fund manager of the TM Gravis UK Infrastructure Income Fund and TM Gravis Clean Energy Income Fund. Will has 20 years’ experience working as a buyside analyst and portfol
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 £192.46m Dividend Yield Yield C | shares 6.24% (as at 30 September 2025) Share Classes Clean & Institutional / Income & Accumulation / GBP, USD & EURO Minimum Investment £100 AMC |: 0.70% | C: 0.80% OCF* |: 0.70% | C: 0.80% Issue Price £1 (as at 18/12/2017) Valuation and trading
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 William Argent, Fund Manager william.argent@graviscapital.com James Peel, Senior Research Analyst james.peel@graviscapital.com Shayan Ratnasingam, Senior Research Analyst shayan.ratnasingam
Slide 30: Gravis
Gravis INVESTMENT IDEAS FOR THE LONG RUN
TM Gravis Clean Energy Income Fund — Investor Presentation (October 2025) on 6ix