GCP Asset Backed Income Fund : Net Asset Value(s)

GCP Asset Backed Income Fund Limited

(the 'Company' and/or 'GCP Asset Backed')

LEI 213800FBBZCQMP73A815

Net Asset Value

17 January 2018

GCP Asset Backed, which invests in asset backed loans, ispleased to announce that as at close of business on 31 December 2017, the unaudited net asset value per ordinary share of the Company (including current period revenue) was 100.85 pence and the unaudited net asset value per C share of the Company (including current period revenue) was 98.64 pence.

For further information, please contact:

Gravis Capital Management Limited +44 (0) 20 3405 8500

Notes to Editors

The Company

GCP Asset Backed, which invests in asset backed loans, is a closed ended investment company traded on the London Stock Exchange's main market for listed securities. Its investment objective is to generate attractive risk-adjusted returns primarily through regular, growing distributions and modest capital appreciation over the long term.

The Company seeks to meet its investment objective through a diversified portfolio of investments secured against contracted, predictable medium to long term cash flows and/or physical assets which are predominantly UK based.