Gore Street Energy Storage Fund (GSF) Investor update summary

Board expertise and strategic review

• Board members have extensive experience in closed-end funds, infrastructure, financial services, investment trusts, renewable energy, and banking sectors.

• A subcommittee oversees asset sales and operations, leveraging deep sector knowledge.

• The board conducted a comprehensive strategic review, considering all options including management changes and mergers.

Updated strategy and progress

• Strategy updated to focus on disciplined asset sales, value augmentation, cost optimisation, and shareholder distributions.

• Recent actions include the sale of two Irish assets, Kilmannock and Mucklagh, at or above NAV, with proceeds allocated to distributions and reinvestments.

• Commitment to a 7p annual distribution, funded by orderly asset disposals and augmentations, with future continuation votes every five years.

• Asset augmentations and extensions to asset durations are underway, with some projects expected to complete by year-end or early next year.

Saba resolutions and board position

• Saba proposed resolutions to wind up or reorganize the company, which the board opposes, citing risks to shareholder value.

• Board argues accelerated asset sales would crystallize value at a cyclical low, disrupt ongoing processes, and harm distributions.

• Board recommends voting for resolutions 1-15 and against Saba's resolutions 16-17 to protect investment value.