Page 1 of 3

Vote on restructuring proposal

BNRG Gorse is asking all investors to vote on a proposal that would change the structure of the interest payments paid to you. Instead of the current inflation-linked structure (the amount of interest paid is linked to the rate of inflation in the previous year), the company is proposing changing this to a fixed interest schedule.

Due to recent periods of high inflation, the current interest payments alongside increases in other costs have made the company unsustainable. The proposal aims to:

• Give investors the same effective rate return as originally forecasted (7.35% IRR). Investors will continue to receive 6-monthly payments of capital and interest.

• Provide certainty for the company and investors on future interest amounts to be paid.

• Put the company back on a sustainable footing for the long term.

If you have not done so already, please read the proposal from the company (available here).

In order for the proposal to pass, investors holding 75% or more of the debentures must vote in favour of the Special Resolution.

Please place your vote before 31 October 2025.