Title: Documents.aspx URL Source: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=packet_fund_unit_doc_priip_kid&docid=d59ccc8f-a59e-45ed-be55-792307302584&user=UvjZ3haZvlV2zNofmqro596mq4oRnFUo4dFguBug7JM= Published Time: Wed, 17 Dec 2025 12:59:45 GMT Number of Pages: 4 Markdown Content: KEY INFORMATION DOCUMENT # 17 Dec em ber 20 25 # PURPOSE This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you comp are it with other products. # PRODUCT GCP Asset Backed Income Fund Limited (“GCP Asset Backed”, the “Company”) ISIN : JE00BPCSN748 (ordinary share class) LEI: 213800FBBZCQMP73A815 gcpassetbacked.com Investment Manager: Gravis Capital Management Ltd (“Gravis”) Tel: +44 (0)20 3405 8500 graviscapital.com Gravis is authorised and regulated by the FCA and has prepared this Key Information Document. The date of this document is 17 Dece mber 202 5. You are about to purchase a product that is not simple and may be difficult to understand. # WHAT IS THIS PRODUCT? Type GCP Asset Backed is a closed - ended investment company incorporated in Jersey. The ordinary shares were admitted to the Official List of the UK Listing Authority and to trading on the main market of the London Stock Exchange on 23 October 2015. Ordinary shares of GCP Asset Backed are bought and sold via the main market of the London Stock Exchange. Typically, the price an investor pays for an ordinary share will be higher than the price at which that share could be sold. The return to investors is dependent on the performance of the share price and the dividends paid by the Company, which is largely determined by the performance of the underlying investments. On 20 May 2024 , at the Extraordinary General Meeting (the “EGM”) , the ordinary resolution facilitating the implementation of the managed wind - dow n (“Managed Wind - down”) of the Company wa s duly passed by shareholders. Please refer to the EGM circular (the “Circular”) in the “ Literature ” section of the Company’s website for more information: www.graviscapital .com/funds/gcp - asset - backed /literature . Objectives GCP Asset Backed invests in a diversified portfolio of loans secured against assets across a range of sectors predominantly within the UK. For the Company to follow the process set out in the EGM Circular , its investment objective was amended to realise all existing assets in the Company's portfolio in an orderly manner. The Company pays dividends on a quarterly basis. In respect of the 12 - month period ended 3 1 December 20 24, the Company paid dividends totalling 6. 30 pence per ordinary share. Intended retail investor An investment in GCP Asset Backed is only suitable for long - term investors who are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses (which may be equal to the whole amount inve sted) which may result from such an investment. Accordingly, typical retail investors in the ordinary shares of GCP Asset Backed are expected to be private clients and sophisticated investors and investors capable of making an informed investment decision. Term The Company has an indefinite life. It is undergoing a Managed Wind - down as passed at the EGM on 20 May 2024. Insurance benefits – Not applicab le WHAT ARE THE RISKS AND WHAT COULD I GET IN RETURN ? # 1 2 3 4 5 6 7 Lower risk Higher risk The risk indicator assumes that you keep the product for five years. The actual risk can vary significantly if you cash in at an early stage and you may get back less. The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because the Company is not able to pay you. We have classified this product as 5 out of 7, which is a medium - high risk class. This rates the potential losses from future performance at a medium - high level, and poor market conditions will likely impact the value of the ordinary shares in the Company. This product does not include any protection from future market performance so you could lose some or all of your investment. Further details of the risks relevant to GCP Asset Backed are set out in its annual report available at www.graviscapital.com/funds/gcp - asset - backed/literature Performance information The main factors likely to affect investors’ future returns and have a material impact on determining the outcome of performance will be the Company’s ability to provide shareholders with regular, sustained, long - term distributions and preserve capital over the long term by generating exposure to UK infrastructure debt and related and/or simila r assets. The Company achieves this by primarily targeting investments in infrastructure projects with long - term, public sector - backed, availability - based revenues. The market value and interest income generated from these investments will materially impac t performance and the outcome of the investment. This product does not monitor or identify any comparable index, benchmark, or proxy. For investors’ information, a dividend target may be detailed in Company publications from time to time, which can be compared to published results. Further details are av ailable at www.graviscapital.com/funds/gcp - asset - backed/literature . What could affect my return positively? Your returns will be positively impacted by increases in the Company’s share price and payment of its dividends, which are largely determined by the performance of the underlying investments. The performance of the underlying investments can be affected by many macro - economic factors, including, but not limited to, higher than expected inflation, higher interest rates over the long term , increased property valuations and a favourable regulatory and legal environment. Positive performance of the Company is a lso driven by better than expected operational results from higher revenue and/or lower costs. What could affect my return negatively? Your returns will be negatively impacted by decreases in the Company’s share price and any non - payment of its dividends, which are largely determined by the performance of the underlying investments. The performance of the underlying investments can be aff ected by many macro - economic factors, including, but not limited to, lower than expected inflation, lower interest rates over the long term , deceased property valuations and an unfavourable regulatory and legal environment. Negative performance is also dri ven by worse than expected operational results from lower revenue and/or higher costs. This product cannot be encashed or redeemed and does not include any protection from future adverse market conditions so you could lose some or all of your investment. # WHAT HAPPENS IF GCP ASSET BACKED IS UNABLE TO PAY OUT? As a shareholder of GCP Asset Backed you would not be able to make a claim for compensation to the Financial Services Compensation Scheme in the event the Company is unable to pay out. # WHAT ARE THE COSTS? This disclosure has been prepared with reference to the Financial Conduct Authority’s Statement on forbearance in relation to investment trust disclosure requirements dated 19 September 2024. It does not seek to comply with the requirements of the PRIIPS R egulation in this regard. The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one - off, ongoing and incidental costs. The amounts that are shown here are the cumulative costs of th e product itself, for three differing holding periods . The figures assume you invest £10,000. The figures are estimates and may change in the future. Operating and interest expenses paid by the Company, which are disclosed in the Company’s Annual Report and Accounts, have not been included on the basis that the return that you may receive will depend on the Company’s share price performance and there is no direct link between the Company’s share price and the expenses that it incurs. The operating and interest expenses incurred by the Company (together with other market factors) can affect the share price of the Company. C osts over time The person selling you or advising you about this product may charge you other costs. If so, this person will provide you with information about these costs, and show you the impact that all costs will have on your investment over time. If you cash in after 1 year If you cash in after 3 years If you cash in after 5 years (recommended holding period) 1 Total costs ( £) £0 £0 £0 Impact on return (RIY) per year 0.00% 0.00% 0.0 0% Composition of costs Th e table below shows the impact each year of the different types of costs on the investment return you might get at the end of the illustrative recommended holding period and what the different cost categories mean. One - off costs Entry costs 0.00% No entry costs are payable to the Company or its investment manager when you acquire ordinary shares, although you may be required to pay your own broker fees or commissions. Exit costs 0.00% No exit costs are payable to the Company or its investment manager when you dispose of ordinary shares, although you may be required to pay your own broker fees or commissions. Ongoing costs Portfolio transaction costs 0.00% No portfolio transaction costs, relating to the buying and selling of underlying investments, are payable by you to the Company or its investment manager . You should be aware that portfolio transaction expenses are incurred by the Company, as set out in the Company’s Annual Report and Accounts. Other ongoing costs 0.00% No management or advisory fees are payable by you to the Company, its investment manager or other service providers. You should be aware that management, advisory and administrative expenses are incurred by the Company, as set out in the Company’s Annual Report and Accounts. Incidental costs Performance fees 0.00% The Company does not pay a performance fee. Carried interest 0.00% The Company does not pay carried interest. > 1It is expected that GCP Asset Backed will be wound -up prior to the recommended holding period of 5 years # HOW LONG SHOULD I HOLD IT AND CAN I TAKE MONEY OUT EARLY? GCP Asset Backed seeks to provide shareholders with attractive risk - adjusted returns through regular, growing distributions and modest capital appreciation over the long term. Therefore, the recommended holding period for this product is at least five year s. The Company is a closed - ended investment company whose shares are traded on the main market of the London Stock Exchange. The Company does not have a redemption facility. Shareholders wishing to realise their investment may do so by selling their shares on the market. The Company’s objective is to undertake a Managed Wind - down of the Company and realise all existing assets in the Company's portfolio in an orderly manner. # HOW CAN I COMPLAIN? Complaints about the Company or the Key Information Document should be sent to: The Compliance and Risk Officer, Gravis Capital Management Limited, 24 Savile Row, London W1S 2ES. For further information please refer to the Gravis website at graviscapital.com . # OTHER RELEVANT INFORMATION The cost, performance and risk calculations included in this Key Information Document follow the methodology prescribed by EU Regulations. Further information relevant to GCP Asset Backed is available at gcpassetbacked.com . Such information includes details of the Company’s share price and copies of the report and accounts and other documents published by the Company as well as announcements released by it.