Scrip Share Reference Price

GCP Asset Backed Income Fund Limited

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

LEI: 213800FBBZCQMP73A815

Scrip Share Reference Price

8 November 2018

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 July 2018 to 30 September 2018 (the "Q3 Dividend") of 105.25 pence (the "Scrip Reference Price").

On the basis of the Scrip Reference Price and the price per share of the Q3 Dividend, a holder of 69 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 1 November 2018 and the four subsequent dealing days.

Further details of the scrip dividend alternative can be found in the Scrip Dividend Circular 2018 which was published by the Company on 26 April 2018, 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 Q3 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 30 November 2018.

For further information, please contact:

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

David Conlon david.conlon@graviscapital.com

Dion Di Miceli dion.dimiceli@graviscapital.com

Cenkos Securities plc +44 (0) 20 7397 8900

Tom Scrivens tscrivens@cenkos.com

Oliver Packard opackard@cenkos.com

Sapna Shah sshah@cenkos.com

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.