Guernsey Portfolios PCC Ltd

Re: Kestrel Opportunities – Return of Capital and Orderly Realisation

Further to the announcement of 14 November 2025 we now attach the Kestrel Opportunities circular in relation to the return of capital and orderly realisation proposals.

Shareholders are requested to complete and return the Form of Proxy (Appendix 2) and the Form of Election (Appendix 3). These should be returned via email as an attachment to the Administrator at zpcc@zedra.com by 9.20am on 17 December 2025. However, we recommend you return the Forms as soon as possible.

Both the Form of Proxy and Form of Election require you to include your holder number. This can be found in your capital statement, the most recent of which was sent to you on or around 17 November 2025.

In relation to the Form of Proxy you should mark your vote in respect of each class meeting for which you qualify.

All shareholders qualify to attend and vote at the Cell meeting. In addition:

• • Shareholders with no redemption requests in place qualify to attend and vote at the ongoing shareholder class meeting
  • Shareholders with full redemptions in place qualify to attend and vote at the redeemer class meeting in respect of their redeemer shares; and
  • Shareholders with partial redemptions in place qualify to attend and vote at both the ongoing shareholder class meeting in respect of their ongoing shares and the redeemer class meeting in respect of their redeemer shares.

If you have any queries in relation to the attached or are unable to send the forms to the Administrator, please contact Kestrel Partners, the Investment Manager as follows:

Amy Hill, Investor Relations

Amy@Kestrelpartners.com

0203 371 6118

Or

Angie Chung, Head of Business Development

Angie@Kestrelpartners.com

0203 371 6104