Scrip Share Reference Price

GCP Asset Backed Income Fund Limited

(the "Company" or "GCP Asset Backed")

LEI: 213800FBBZCQMP73A815

Scrip Share Reference Price

10 May 2019

GCP Asset Backed, which invests in asset backed loans, today announces the reference price of a new ordinary share under the scrip dividend alternative for the period 1 January 2019 to 31 March 2019 (the "Q1 Dividend") of 108.85 pence (the "Scrip Reference Price").

On the basis of the Scrip Reference Price and the price per share of the Q1 Dividend, a holder of 71 ordinary shares will receive 1 new ordinary share.

The Scrip Reference Price was calculated by taking the average of the Company's closing middle market quotations of an ordinary share for the ex-dividend date of 2 May 2019 and the four subsequent dealing days.

Further details of the scrip dividend alternative can be found in the Scrip Dividend Circular 2019 which was published by the Company on 24 April 2019, a copy of which is available for inspection at www.morningstar.co.uk/uk/NSM and on the Company's website at www.graviscapital.com/funds/gcp-asset-backed/literature.

The Q1 Dividend payment date and the date for admission and dealing of the new ordinary shares to be issued pursuant to the scrip dividend alternative is expected to be 5 June 2019.

For further information, please contact:

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

David Conlon

Dion Di Miceli

Cenkos Securities plc +44 (0) 20 7397 8900

Tom Scrivens

Oliver Packard

Sapna Shah

Buchanan/Quill +44 (0)20 7466 5000

Helen Tarbet

Nick Croysdill

Henry Wilson

Notes to editors

GCP Asset Backed is a closed ended investment company traded on the Main Market of the London Stock Exchange. 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 by making investments in a diversified portfolio of predominantly UK based asset backed loans which have contracted, predictable medium to long term cash flows and/or physical assets.