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Gore Street Energy Storage Fund | 1 Investor Presentation Vote FOR Resolutions 1-15 and AGAINST the Saba Resolutions 16-17 to Protect Your Investment Annual General Meeting: 16 September 2026 Proxy Voting Deadline: 14 September 2026 *Voting deadlines may close as early as 7 September – Shareholders are advised to submit their votes as soon as possible to ensure they are counted
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Gore Street Energy Storage Fund | 2 Presenters from the Board Angus Gordon Lennox Christine Higgins Norman Crighton Chair Senior Independent Director Non-Executive Director
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Gore Street Energy Storage Fund | 3 Updated strategy is showing good progress The strategy has four components: The updated strategy, announced in March 2026, focused on disciplined value realisation, accretive augmentations, and returns to Shareholders, is underway: Enhanced distributions1 Disposals2 Capital recycling3 Strengthened stakeholder alignment4 Operational Income Releasing Capital through disposals and JVs Capital Pool Enhanced Shareholder Distributions Capital Recycling through development and/or augmentation Re-evaluation of assets for sale Ongoing cost optimisation and reductions
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Gore Street Energy Storage Fund | 4 Saba’s two resolutions risk destroying Shareholder value Your Board's view: both risk destroying value for Shareholders. VOTE AGAINST the Saba Resolutions. EVERY VOTE MATTERS Saba has in the past relied on Shareholders not voting in order to achieve its goals. Your Board believes every Shareholder should have their say on resolutions that affect the future of their Company. Please submit your proxy vote — whether or not you attend the meeting in person. Two resolutions requisitioned by Saba are on the ballot at this year’s AGM: RESOLUTION 16 An ordinary resolution that the Company shall not continue in existence as an investment company RESOLUTION 17 A special resolution that, if Resolution 16 is passed, then within 3 months the Directors shall put forward proposals to Shareholders to the effect that the Company be wound up, liquidated, reorganised or unitised
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Gore Street Energy Storage Fund | 5 Accelerated sales risk crystallising value at its lowest point It is the Board’s view that NAV is not realisable on an accelerated timetable 1 Revenue curves are at a cyclical low The forecast revenue curves that drive asset valuations are at a low point, the lowest in the life of the Company for certain geographies. Accelerating sales risk crystallising asset values at that level. 2 A single whole-portfolio sale is unlikely, and accelerated sales could lower prices In a wind-down the Company could be seen as a forced seller, and unable to invest the capital needed to achieve optimal pricing. Wind-downs of renewable infrastructure funds have been observed elsewhere to be prolonged and challenging. 3 Live sales are being derailed Two selective sale processes are at an advanced stage. Our advisors running the sales inform us that the discontinuation vote is adversely impacting these processes. A vote could reduce transaction certainty, so counterparties may bid lower or withdraw, negatively impacting distributions to Shareholders. THE BOARD’S PERSPECTIVE A measured approach (selective asset sales, timed for value, alongside value-enhancing augmentations) is expected to deliver greater Shareholder value than an accelerated realisation.
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Gore Street Energy Storage Fund | 6 Successful disposals of pre-construction assets, Kilmannock and Mucklagh • First disposals completed under the updated strategy • Sales accomplished at prices no less than the most recent NAV (£13.6m, as of 31 March 2026) • Proceeds of sales allocated toward Shareholder distributions (today) and accretive reinvestments © Microsoft, OpenStreetMap Powered by Bing Kilmannock Mucklagh
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Gore Street Energy Storage Fund | 7 Additional sales and augmentations are underway Two disposals have been achieved at levels above NAV, with other processes underway, and augmentations to increase value and revenue are progressing well AUGMENTATIONS UNDERWAY c.130 MWh Extension of Stony and Ferrymuir to 2- hour durations Augmentations: value before sale Demand for longer-duration assets is significantly greater, supporting stronger buyer interest. Augmentations are expected to materially improve earnings potential and asset value. Current NAV already includes value from projects underway; selling early would risk this value being taken away from Shareholders. 1. Capacity adjusted for ownership (240h MW from Kilmannock, 150 MWh at 51% ownership for Mucklagh, 29 MWh at 90% ownership for Cremzow) DISPOSALS UNDERWAY c.426 MWh Middleton pre-construction (GB) and Cremzow, operational (Germany) Status of Disposals Asset Status MWh Sale Kilmannock Pre- construction 240 Completed Mucklagh1 Pre- construction 76.5 Completed Cremzow1 Operational 26.1 Ongoing Middleton Pre- construction 400 Ongoing
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Gore Street Energy Storage Fund | 8 Accountability is built-in through the KPIs If any disposal, augmentation, or distribution KPI is missed, the Board has committed to bringing the continuation vote forward ANNUAL DISTRIBUTION COMMITMENT 7p per share. Three quarterly distributions already delivered in line with the policy. NEXT CONTINUATION VOTE 2028 A continuation vote is already required to be put to Shareholders every five years. FY26/27 DISPOSAL KPI £25 million In proceeds FY26/27 CAPITAL RECYCLING KPI c.100 MWh Of incremental energy capacity FY27/28: £75 million • FY28/29: £75 million FY27/28: c.100 MWh • FY28/29: c.150 MWh
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Gore Street Energy Storage Fund | 9 Experienced Board of Directors Chair Angus Gordon Lennox Corporate broking and board chairing Non-Executive Director Simon Merriweather Technical, infrastructure and energy project management Non-Executive Director Norman Crighton Investment funds, BESS funds and asset management Infrastructure management and accounting Accounting and senior infrastructure banking Senior Independent Director Christine Higgins Audit Committee Chair Keith Pickard The Board has been entirely refreshed over the past year, with new members bringing extensive experience across investment trusts, renewable energy, and banking
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Gore Street Energy Storage Fund | 10 Voting guidance Your Board recommends VOTE FOR Resolutions 1–15 All resolutions proposed by your Board VOTE AGAINST Saba Resolutions 16–17 The two requisitioned resolutions Platform voting deadlines are as early as 7 September 2026. We recommend voting as soon as possible. If you hold shares through a platform, check its own earlier deadline. 2026 AGM Microsite A J Bell Voting Deadline Fidelity Voting Deadline Hargreaves Lansdown Voting Deadline Interactive Investor Voting Deadline 9 September 2026 9 September 2026 10 September 2026 11 September 2026
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Gore Street Energy Storage Fund | 11 Disclaimer Important information This presentation is issued by and on behalf of the Board of Gore Street Energy Storage Fund plc (the "Company"). The views, opinions and voting recommendations expressed in it are those of the Board. It has been prepared at the Board's direction, with the assistance of the Company's advisers and of Gore Street Investment Management Limited ("Gore Street"), which is authorised and regulated by the Financial Conduct Authority (firm reference number 1018207) and acts as Alternative Investment Fund Manager ("AIFM") to the Company. It is provided for information purposes only. It does not constitute an offer or invitation to buy or sell shares in the Company and should not be relied upon as the basis for any investment decision, or as legal, tax, accounting or investment advice. If you are unsure whether an investment is right for you, please seek independent financial advice. Interests of the Investment Manager Shareholders should note that Gore Street has a financial interest in the outcome of Resolutions 16 and 17. Gore Street receives management and related fees from the Company under the AIFM Agreement. If those resolutions are passed and the Company does not continue in existence as an investment company, Gore Street's appointment and the fees payable to it would be expected to cease or to reduce. Gore Street has assisted in the preparation of this presentation at the Board's direction. The voting recommendations set out in it are the Board's own, and the Board has taken its own advice upon them. This presentation should be read together with the Notice of Annual General Meeting and the Company's published announcements, which contain the full terms of the resolutions. The information in this document, including information obtained from third-party sources, has not been independently verified. No representation or warranty, express or implied, is given as to its accuracy, completeness or fairness, and it is subject to revision without notice. This document may contain forward-looking statements, which can be identified by words such as "expect", "estimate", "intend", "will", "may" and similar expressions. Such statements involve known and unknown risks and uncertainties, and actual results may differ materially from those expressed or implied. Any targets, commitments or key performance indicators referred to in this presentation are statements of current intention and are not guarantees or forecasts. No reliance should be placed on them and, save as required by law or regulation, neither the Company nor Gore Street undertakes any obligation to update them. Capital at risk. The value of investments and the income from them can fall as well as rise, and an investor may not get back the amount originally invested. Past performance is not a reliable indicator of future results. The Company's shares are traded on the London Stock Exchange; returns to investors are based on the share price, which may trade at a discount or premium to the Company's net asset value ("NAV"). As at 27 August 2026 the Company is trading at a discount of 35.9% to the NAV as at 31 March 2026. This document is not for release, publication or distribution, in whole or in part, in or into any jurisdiction where to do so would be unlawful, including the United States, Canada, Australia, New Zealand, South Africa or Japan.
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Gore Street Energy Storage Fund | 12 Contact Company Secretary Benjamin Hanley Tel: +44 (0) 20 4583 6354 Amy King Tel: +44 (0) 20 4526 1283 Shore Capital and Corporate Limited and Shore Capital Stockbrokers Limited (“Shore Capital”) – Joint Corporate Broker Anita Ghanekar (Corporate Advisory) Fiona Conroy (Corporate Broking) Tel: +44 (0) 20 7408 4090 J.P. Morgan Cazenove – Joint Corporate Broker William Simmonds/ Rupert Budge (Corporate Finance) Tel: +44 (0) 20 3493 8000