GCP Asset Backed Income Fund Limited announced that the Board of Directors (the "Board") will be commencing a strategic review to consider how it may best deliver value to shareholders (the "Strategic Review"). This follows the Company's announcement on 18 September 2023 that it had ceased merger discussions with GCP Infrastructure Investments Limited ("GCP Infra") and that the Board would propose a continuation vote at its Annual General Meeting to be held in May 2024 (the "2024 AGM"). The decision to commence the Strategic Review follows extensive engagement by the Company with its shareholders in connection with the merger discussions with GCP Infra, through which shareholders expressed views on both the proposed merger and the future of the Company.

Further, the Board is mindful of the importance of market liquidity to many shareholders, the discount to asset value at which the Company's shares trade and the limited scope for growing the Company under current market conditions. The Board also notes the opportunity for GABI to lend to borrowers in the prevailing higher interest rate environment. The Board will consider all options for the future of the Company with the aim of maximising value for shareholders including, but not limited to: - undertaking some form of consolidation, combination, merger or comparable corporate action; - selling the entire issued share capital of the Company; - selling all or substantially all of the assets of the Company; - a continuation of the Company under its current investment policy, alongside potential cash exit opportunities for shareholders, including as a one-off event and/or at regular intervals and which may be conducted by way of one or more share repurchases, tender offers and/or the creation of a new realisation share class which would return capital to holders of those shares as investments are realised over time; and - an orderly wind-down of the Company.

As part of the Strategic Review, the Company will seek shareholder feedback to inform the Board's decision-making process. Key shareholders will be contacted in early January 2024, ahead of which further information relating to the options set out above will be announced by the Company. During the Strategic Review, the Company's existing investment policy and strategy will continue to be applied.

As announced on 20 October 2023, no new investment activity is planned ahead of the 2024 AGM. In addition, no material amendments or extensions of facilities to existing borrowers will be made without the Board's prior consent. Gravis Capital Management Limited, the Company's Investment Manager, will continue to work to maximise value for the Company.

In October 2024, three of the Company's Directors will have served on the Board for a period of nine years. Accordingly, subject to the outcome of the Strategic Review, the Board will recommence its process of succession planning once the Strategic Review is complete.