SABA Announces Notification of Sources of Distributions

Saba Capital Income & Opportunities Fund II (NYSE: SABA) (the “Fund”), a registered closed-end management investment company listed on the New York Stock Exchange, is notifying shareholders, prospective shareholders, and third parties of the sources of distributions pursuant to Section 19(a) of the Investment Company Act of 1940 (the “Investment Company Act”).

IMPORTANT INFORMATION REGARDING MONTHLY DISTRIBUTION

Distribution Notice. Pursuant to Section 19(a) of the Investment Company Act, the Fund is providing its shareholders with an estimate of the source of the Fund's monthly distribution as required by current securities laws.

The Fund’s estimated sources of the distribution paid on March 28, 2024 and for the fiscal year 2024 year-to-date are as follows:

Estimated Allocations for the distribution paid on March 28, 2024 (estimated as of March 21, 2024):

Distribution Per Share	Net Investment Income Per Share and Percentage of Such Distribution Amount	Net Realized Short-Term Capital Gains Per Share and Percentage of Such Distribution Amount	Net Realized Long-Term Capital Gains Per Share and Percentage of Such Distribution Amount	Return of Capital Per Share and Percentage of Such Distribution Amount
$0.02900	$0.00000 (0.00%)	$0.00000 (0.00%)	$0.00000 (0.00%)	$0.02900 (100.00%)

Cumulative Estimated Allocations fiscal year-to-date as of February 29, 2024, for the fiscal year ending October 31, 2024:

Distribution Per Share	Net Investment Income Per Share and Percentage of Such Distribution Amount	Net Realized Short-Term Capital Gains Per Share and Percentage of Such Distribution Amount	Net Realized Long-Term Capital Gains Per Share and Percentage of Such Distribution Amount	Return of Capital Per Share and Percentage of Such Distribution Amount
$0.18470	$0.11830 (64.05%)	$0.00000 (0.00%)	$0.00000 (0.00%)	$0.06640 (35.95%)