SABA CAPITAL MANAGEMENT
OPEN LETTER TO SHAREHOLDERS
Date: [REDACTED FOR LEGAL REASONS]

Dear Valued Shareholder,

We have reviewed the situation thoroughly. We have made spreadsheets. We have had meetings about the spreadsheets. We then had a meeting about the meeting about the spreadsheets.

Our conclusion: the numbers go up. Sometimes they go down. When they go down, we have more meetings.

We remain fully committed to:
  - Maximising shareholder value (we Googled this phrase)
  - Disrupting paradigms (unclear which ones, TBD)
  - Synergising our synergies
  - Not losing your money (best efforts basis only)

In summary, everything is fine. Please do not call us.

Yours in finance,

Saba Capital Management
(actual letter coming soon)

P.S. Past performance is not indicative of future results. Neither is this letter.