Statement from Saba Capital Management regarding Gore Street Energy Storage Fund Plc

LONDON, August 26, 2026--Saba Capital Management, L.P. (together with certain of its affiliates, "Saba") urges shareholders of Gore Street Energy Storage Fund plc (GSF:LSE) (the "Company") to vote FOR Resolutions 16 (the continuation proposal) and 17 (the follow-on proposals on the Company's future) at the Company's AGM on 16 September.

Saba wrote privately to the Board twice this year, first asking it to run a tender for a new manager, then warning that its revised strategy would not fix the discount. Both requests were ignored. Six months later, even after the Board cut NAV by 27% over the year, the shares still trade at a discount of around 35% to that reduced figure, and the dividend is covered just 0.28 times by operational earnings. That is the record the Board asks shareholders to endorse.

Now consider how the Board sells assets. Its cherry-picked sale of the Kilmannock and Mucklagh projects was to another fund managed by the Company's own investment manager. The same manager stood on both sides of the deal, acting for the seller and the buyer. The Board says the sale followed a competitive, independent process. If that is right, it has nothing to hide, so let it show shareholders the evidence. It will not disclose the price, only that it was "no less than the values ascribed for these assets in the most recently published NAV". That is a weak assurance, because the Board has been cutting carrying values across the book, with group NAV down around 15% in the last quarter alone. It has not said how many parties bid, or why a competitive process ended with a sale to a fund run by its own manager. The adviser the Board calls independent, Alexa Capital, has had commercial dealings involving Gore Street since at least 2020.

A sale to a fund run by the Company's own manager, at a price shareholders are not allowed to see, cannot be taken on faith. Saba calls on the Board to publish the price achieved and the full details of how the sale was run, including the assets' valuation over the last three years. If the process was as robust as the Board says, disclosure costs it nothing.

The Board says Saba's resolutions would force a fire sale. They would not. Resolution 16 asks one question: should the Company continue as an investment company? If shareholders decide it should not, how and over what period value is returned stays in the Board's hands, subject to shareholder approval. The real risk to value is the status quo, an uncovered dividend funded by disposals at prices shareholders never see.