Saba Capital Releases Presentation Detailing Plan to Deliver Enhanced Shareholder Value at 10 BlackRock Closed-End Funds

Saba Capital Management, L.P. (together with its affiliates, “Saba” or “we”) today issued a presentation detailing its plan to deliver shareholder value at 10 BlackRock Advisors, LLC (“BlackRock”) closed-end funds (collectively, the “Funds”).¹ The presentation can be viewed here.

As a reminder, Saba has submitted proposals to (i.) elect new, independent directors to each of the Funds’ Boards of Trustees, and (ii.) terminate the management agreement between BlackRock and six of the Funds at the upcoming 2024 Annual Meetings of Shareholders.

Saba Founder and CIO Boaz Weinstein will be hosting a live webinar today, Monday, May 20^th at 11AM EST where he will detail why BlackRock and its hand-picked directors must be held accountable, unveil Saba’s plans to improve the Funds and take questions from the audience.

To gain access to the webinar and sign up for important campaign updates, visit www.HeyBlackRock.com.

***

VOTE “FOR” BOTH OF SABA’S PROPOSALS ON THE GOLD PROXY CARD:

• The election of Saba’s highly qualified and independent nominees: Athanassios Diplas, Ilya Gurevich, Shavar Jeffries, David Littlewood, David Locala, Jennifer Raab and Alexander Vindman.

• The termination of BlackRock’s investment management agreement at BFZ, BCAT, ECAT, BMEZ, BIGZ and BSTZ.

***

About Saba Capital

Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba is headquartered in New York City. Learn more at www.sabacapital.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The information herein contains “forward-looking statements.” Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “intends,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “potential,” “targets,” “forecasts,” “seeks,” “could,” “should” or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements relate to future events or future performance and involve known and unknown risks, uncertainties, and other factors that may cause actual results, levels of activity, performance or achievements or those of the industry to be materially different from those expressed or implied by any forward-looking statements. Each of the BlackRock Funds (as defined below) has also identified additional risks relating to its business in its public filings with the Securities and Exchange Commission (the “SEC”). Saba Capital Management, L.P. (“Saba Capital”), and as applicable the other participants in the proxy solicitation, have based these forward-looking statements on current expectations, assumptions, estimates, beliefs, and projections. While Saba Capital and the other participants, as applicable, believe these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the participants’ control. There can be no assurance that any idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties materialize, or if the underlying assumptions of Saba Capital or any of the other participants described herein prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Saba Capital that the future plans, estimates or expectations contemplated will ever be achieved. You should not rely upon forward-looking statements as a prediction of actual results and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Except to the extent required by applicable law, neither Saba Capital nor any participant will undertake and specifically declines any obligation to disclose the results of any revisions that may be made to any projected results or forward-looking statements herein to reflect events or circumstances after the date of such projected results or statements or to reflect the occurrence of anticipated or unanticipated events.