Gore Street Energy Storage Fund (GSF) Investor update summary

Board and governance changes

• Board fully refreshed since January, bringing in expertise in infrastructure, real assets, and technical operations.

• New marketing and communications committee established to improve shareholder engagement.

• Investment management agreement revised: performance and exit fees removed, management fee now split between NAV and market cap.

• Stronger alignment with shareholders through fee structure and governance KPIs; board will benchmark manager performance and monitor progress against KPIs for disposals and augmentations.

• Continuation vote brought forward if KPIs, including dividend payments, are not met; scheduled for 2028.

Strategic shift and portfolio management

• Transitioning from buy-and-hold to a construct, augment, dispose, and recycle strategy focused on asset optimisation.

• Focus on short-term capital return over long-term cash flows due to higher interest rates.

• Asset sales planned to fund distributions and reposition the portfolio, including operational and pre-construction assets; targets: £25m in year one, £75m in each of the following two years.

• Capital recycling will focus on augmenting viable assets and forming selective JVs, targeting at least 15% IRR and incremental capacity increases.

• Multiple assets to be marketed simultaneously to avoid forced or value-destructive sales.

Dividend and capital return policy

• Committing to a quarterly dividend of 1.75p per share, totaling 7p annually, partly funded by operational revenues (~2p) and partly by asset sales (~5p).

• Additional 1.5p per share linked to imminent U.S. tax credits.

• Tactical share buybacks considered if excess capital is available or if deemed more accretive than reinvestment.