Transaction in Own Shares

24 March 2020

GCP Asset Backed Income Fund Limited

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

LEI: 213800FBBZCQMP73A815

Transaction in own shares

GCP Asset Backed, which invests in asset backed loans, today announces that pursuant to the general authority granted by shareholders of the Company at the annual general meeting on 23 May 2019 to make market purchases of its own ordinary shares, it repurchased 150,000 ordinary shares at a price of 68.33 pence per share, to be held in treasury, on 23 March 2020.

Following this transaction, the Company has in issue 442,033,518 ordinary shares of which 450,000 are held in treasury.

For reporting purposes under the FCA's Disclosure Guidance and Transparency Rules the market should exclude any shares held in treasury and should use the figure of 441,583,518 voting rights when determining if they are required to notify their interest in, or a change to their interest in the Company.

For further information, please contact:

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

David Conlon

Dion Di Miceli

Investec Bank plc +44 (0) 20 7597 4000

Helen Goldsmith

Denis Flanagan

Neil Brierley

Buchanan/Quill +44 (0)20 7466 5000

Helen Tarbet

Sarah Gibbons-Cook

Henry Wilson

Notes to Editors

The Company

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