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Saba Capital Comments on Herald Investment Trust PLC’s Requisitioned General Meeting

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NEW YORK, January 22, 2025--(BUSINESS WIRE)--Saba Capital Management, L.P. (together with certain of its affiliates, "Saba" or "we") today issued the following statement regarding the announced outcome of Herald Investment Trust PLC’s (HRI:LSE) (the "Trust") Requisitioned General Meeting on 22 January 2025.

"We appreciate the thoughtful engagement from fellow HRI shareholders in recent weeks, which only reinforces the dire state of the U.K. investment trust industry and need for Saba’s presence in the market. Over a brief period, our campaign has already enhanced value for shareholders and incited positive change at HRI – and elsewhere in the U.K. market – as evidenced by discounts to net asset value narrowing and numerous trusts announcing shareholder-friendly actions.

While these developments are encouraging, more change is required. As told in countless U.K. financial press articles over the past three years, the industry's failure to protect shareholders from losses due to poor performance and widening discounts cannot remain unaddressed. At HRI, we will continue to pursue the changes that we believe are necessary to improve the Trust after three years of poor returns and two decades of abysmal discount management by Katie Potts.

Saba remains committed to putting shareholders’ interests first, delivering returns for U.K. trust investors and ultimately rehabilitating this broken sector. We urge shareholders of the six other trusts at which we have requisitioned General Meetings to support Saba’s resolutions in order to set these trusts on the path to meaningful value creation."

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As a reminder, Saba has requisitioned General Meetings of six other trusts (the "Trusts") to provide shareholders the opportunity to vote on resolutions to remove the Trusts’ existing directors and appoint highly qualified directors to replace them.1 Saba is convening the General Meetings because we believe the current boards and investment managers have failed to perform versus their benchmarks, resulting in deep trading discounts to net asset value, which we believe have only recently narrowed as a result of Saba’s investment.

These Trusts have scheduled their Requisitioned General Meetings for:

USA: 3 February 2025 at 12p.m. GMT
KPC: 3 February 2025 at 12p.m. GMT
CYN: 4 February 2025 at 11a.m. GMT
HOT: 4 February 2025 at 10a.m. GMT
ESCT: 5 February 2025 at 12:30p.m. GMT
EWI: 14 February 2025 at 11:45a.m. GMT

Note: The voting deadlines for each Trust will be earlier than the dates of the General Meetings.