<SEC-DOCUMENT>0000902664-23-002836.txt : 20230505
<SEC-HEADER>0000902664-23-002836.hdr.sgml : 20230505
<ACCEPTANCE-DATETIME>20230505172736
ACCESSION NUMBER:		0000902664-23-002836
CONFORMED SUBMISSION TYPE:	PREC14A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20230505
DATE AS OF CHANGE:		20230505

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137391
		IRS NUMBER:				510409109
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		PREC14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10331
		FILM NUMBER:		23895123

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Saba Capital Management, L.P.
		CENTRAL INDEX KEY:			0001510281
		IRS NUMBER:				800361690
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PREC14A

	BUSINESS ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE
		STREET 2:		58TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174
		BUSINESS PHONE:		212-542-4635

	MAIL ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE
		STREET 2:		58TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174
</SEC-HEADER>
<DOCUMENT>
<TYPE>PREC14A
<SEQUENCE>1
<FILENAME>p23-1425prec14a.htm
<DESCRIPTION>BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">Filed by the Registrant
</FONT><FONT STYLE="font-family: Wingdings; font-size: 15pt">o</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">Filed by a Party other
than the Registrant </FONT><FONT STYLE="font-family: Wingdings; font-size: 15pt">&#254;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings; font-size: 15pt">&#254;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings; font-size: 15pt">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings; font-size: 15pt">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings; font-size: 15pt">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings; font-size: 15pt">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BlackRock California Municipal Income Trust</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Saba Capital Management, L.P.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Saba Capital Master Fund, Ltd.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Boaz R. Weinstein</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Ravi Bhasin</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Ilya Gurevich</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Emmanuel Werthenschlag</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if other
than the Registrant)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">Payment of Filing Fee (check the appropriate box):</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-family: Wingdings; font-size: 15pt; line-height: 85%">&#254;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">No fee required.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-family: Wingdings; font-size: 15pt; line-height: 85%">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Fee computed on table below per Exchange Act Rule 14a-6(i)(4) and 0-11.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">1)</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Title of each class of securities to which transaction applies:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">3)</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Total fee paid:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-family: Wingdings; font-size: 15pt; line-height: 85%">o</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Fee paid previously with preliminary materials.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings; font-size: 15pt">o</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">filing for which the offsetting fee was paid previously.&nbsp;&nbsp;Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">1)</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Amount Previously Paid:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Filing Party:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Date Filed:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: Red">PRELIMINARY COPY SUBJECT TO
COMPLETION</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DATED [&#9679;], 2023</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>BlackRock California Municipal Income Trust</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>__________________________</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>OF</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 130px; width: 297px"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Saba Capital Management, L.P.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>_________________________</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PLEASE SIGN, DATE AND MAIL THE ENCLOSED <U>GOLD</U>
PROXY CARD TODAY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This proxy statement (this &ldquo;Proxy
Statement&rdquo;) and the enclosed <B><U>GOLD</U></B> proxy card are being furnished by Saba Capital Management, L.P. (&ldquo;Saba
Capital&rdquo;), Saba Capital Master Fund, Ltd. (&ldquo;Saba I&rdquo;), Boaz R. Weinstein (&ldquo;Mr. Weinstein,&rdquo; and together
with Saba Capital and Saba I, &ldquo;Saba,&rdquo; &ldquo;we,&rdquo; or &ldquo;us&rdquo;) and the Nominees (as defined below) named
in Proposal 1(a) (the Nominees together with Saba, the &ldquo;Participants&rdquo;), in connection with the solicitation of proxies from
the shareholders of  BlackRock California Municipal Income Trust, a Delaware Business Trust and closed-end
management investment company registered under the Investment Company Act of 1940, as amended (the &ldquo;Fund&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As a result of what we believe to be the continued
poor investment performance of the Fund and its significant corporate governance failures, both of which we elaborate on below, the Fund&rsquo;s common shares of beneficial interest, par value $0.001 per share (the &ldquo;Common Shares&rdquo;)
trade at a significant discount to the Fund&rsquo;s net asset value (&ldquo;NAV&rdquo;).<FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For these reasons, among others, we have
submitted four shareholder proposals (the &ldquo;Shareholder Proposals&rdquo;) each of which is aimed at addressing the
Fund&rsquo;s NAV discount through corporate governance reformation and strategic value creation. And because we believe that the
Board needs fresh ideas and perspectives to address the Fund&rsquo;s trading discount and corporate governance issues, we have
nominated a slate of highly qualified and independent Nominees for election to the Board, whose election will send a strong message
that the Fund&rsquo;s shareholders are not satisfied with the Fund&rsquo;s management and their approach to shareholder rights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We are convinced that <B><U>NOW</U></B> is the time
to take action to close the Fund&rsquo;s discount and we urge shareholders to elect the Nominees, who we believe, if elected,
would serve the best interests of all shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We are therefore seeking your support at the upcoming
2023 annual meeting of shareholders, including any adjournments or postponements thereof and any special meeting which may be called in
lieu thereof (the &ldquo;Annual Meeting&rdquo;), that we believe will be held on [&#9679;], 2023 at [&#9679;] [a.m./p.m.],
at [&#9679;].</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This Proxy Statement and the enclosed <B><U>GOLD</U></B>
proxy card are first being furnished to the Fund&rsquo;s shareholders on or about [&#9679;], 2023.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Saba is seeking your support at the Annual Meeting with respect to the following
proposals (each, a &ldquo;Proposal&rdquo; and, collectively, the &ldquo;Proposals&rdquo;) and to consider and act upon any other business
that may properly come before the Annual Meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="padding-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">___________________</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>1
</SUP><I>Source</I>: Bloomberg Terminal.</FONT></P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><B>&nbsp;&nbsp;Proposal</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><B>Our Recommendation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 74%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1(a).</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To elect Saba&rsquo;s slate of three nominees &mdash;
    Ravi Bhasin, Ilya Gurevich and Emmanuel Werthenschlag (each, a &ldquo;Nominee&rdquo; and collectively, the
    &ldquo;Nominees&rdquo;) &mdash; to serve as Class I trustees and hold office until the Fund&rsquo;s 2026 annual meeting of
    shareholders, or until their respective successors are duly elected and qualified.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR ALL of the Nominees</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1(b).</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To elect one Class I trustee to be voted on by the holders of Preferred
Shares to the Board, with such individual, if elected, to serve until the Fund&rsquo;s 2026 annual meeting of shareholders, or until his
successor is elected and qualified to serve as a trustee (the &ldquo;Preferred Shares Nominee&rdquo;).</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>No Recommendation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To request that the Board amend the appropriate governing documents of the
Fund to give shareholders the right to adopt, alter, and repeal the Bylaws (as defined below). </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(219,229,241); vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To request that the Board declassify the Board so that all trustees are
elected on an annual basis starting at the next annual meeting of shareholders. &nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>FOR</B></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To request that the Board take all necessary steps in its power to opt-out
of the Delaware Control Share Acquisition Statute.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(219,229,241); vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5. </B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To request that the Board take all necessary steps to merge the Fund with
and into an existing open-end fund.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To transact such other
     business as may properly come before the Annual Meeting.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Based on the semi-annual report on Form N-CSR for the period ended January
31, 2023 filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on April 5, 2023 (the &ldquo;Semi-Annual Report&rdquo;),
as well as other public information, the Board is currently comprised of ten trustees divided into three classes. Each class is elected
for a term of three years, with the term of one class of trustees expiring at each annual meeting of the shareholders. At the Annual Meeting,
three Class I trustees are to be elected by holders of Common Shares and Preferred Shares, voting together as a single class, and another
Class I trustee to be elected by holders of Preferred Shares, each for a three-year term expiring at the Fund&rsquo;s 2026 annual meeting
of shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Through this Proxy Statement and enclosed <B><U>GOLD</U></B>
proxy card, we are soliciting proxies in support of the election of the Nominees to serve as Class I trustees and the approval of the
Shareholder Proposals.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund has set the record date for
determining shareholders entitled to notice of and to vote at the Annual Meeting (the &ldquo;Record Date&rdquo;) as [&#9679;].
Shareholders of record at the close of business on the Record Date will be entitled to vote at the Annual Meeting. As of the close
of business on the Record Date, the Participants may be deemed to &ldquo;beneficially own&rdquo; (such term as used in Schedule 14A
within the meaning of Rule&nbsp;13d-3&nbsp;or Rule&nbsp;16a-1&nbsp;under the&nbsp;Securities Exchange Act of 1934&nbsp;(the
&ldquo;Exchange Act&rdquo;)), in the aggregate, [&#9679;] Common Shares, including 1,000 shares held in record name, as further
described in&nbsp;Annex I. There were [&#9679;] Common Shares outstanding as of the
Record Date according to the Fund&rsquo;s Proxy Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We urge you to sign, date and return the <B><U>GOLD</U></B>
proxy card <B>&ldquo;FOR ALL&rdquo;</B> of the Nominees in Proposal 1(a) and <B>&ldquo;FOR&rdquo;</B> each of the Shareholder Proposals.
We are making no recommendation on Proposal 1(b). By returning the <B><U>GOLD</U></B> proxy card, you are authorizing Saba to vote on
your behalf, and if you do not indicate how you would like to vote, your vote will be counted &ldquo;FOR ALL&rdquo; of the Nominees in
Proposal 1(a), &ldquo;WITHHOLD&rdquo; on Proposal 1(b) and to approve each of the Shareholder Proposals (Proposals 2-5).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">According to the <FONT STYLE="background-color: white">bylaws </FONT>of
the Fund, effective as of October 28, 2010 (the &ldquo;Bylaws&rdquo;), in a contested election of trustees, the qualified nominees receiving
the affirmative vote of a plurality of the Common Shares represented in person or by proxy at any meeting of the shareholders at which
a quorum is present shall be elected<FONT STYLE="background-color: white">. For all other matters, </FONT>the affirmative vote of a majority
of the Common Shares represented in person or by proxy at any meeting of the shareholders at which a quorum is present and entitled to
vote on the subject matter shall be required.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Saba intends to deliver this Proxy Statement and
the accompanying Form of <B><U>GOLD</U></B> Proxy Card to holders of at least the percentage of the Fund&rsquo;s voting
shares required under applicable law to elect the Nominees in Proposal 1(a) and carry each of the Shareholder Proposals at the Annual
Meeting and otherwise intends to solicit proxies or votes from shareholders of the Fund in support of the nominations of
the Nominees and the passage of the Shareholder Proposals. <B>This proxy solicitation is being made by Saba and not on behalf of the Board or
management of the Fund or any other third party.</B> We are not aware of any other matters to be brought before the Annual
Meeting other than as described herein. Should other matters be brought before the Annual Meeting, the persons named as proxies in
the enclosed <B><U>GOLD</U></B> proxy card will vote on such matters in their discretion to the extent allowed by Rule 14a-4(c)(3)
under the Exchange Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>If you have already voted using the Fund&rsquo;s
[&#9679;] proxy card, you have every right to change your vote by completing and mailing the enclosed <U>GOLD</U> proxy card in the enclosed
pre-paid envelope or by voting via Internet or by telephone by following the instructions on the <U>GOLD</U> proxy card. </B> Importantly,
only the latest validly executed proxy that you submit will be counted. In addition, any proxy may be revoked at any time prior to its
exercise at the Annual Meeting by following the instructions under &ldquo;Can I change my vote or revoke my proxy?&rdquo; in the Questions
and Answers section.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>For instructions on how to vote, including the quorum
and voting requirements for the Fund and other information about the proxy materials, see the Questions and Answers section.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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    <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0 0 1pt; text-align: center; color: white"><B>We urge you to promptly sign,
    date and return your <U>GOLD</U> proxy card.</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>If you have any questions or require any assistance
with voting your shares, please contact our proxy solicitor, InvestorCom, toll free at (877) 972-0090 or collect at (203) 972-9300.</B></P>


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    <TD STYLE="width: 100%; padding-right: 1.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: white"><B>REASONS FOR THIS PROXY SOLICITATION</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As the Fund&rsquo;s largest shareholder, Saba is
committed to improving the Fund for the benefit of all shareholders and, to this end, has  nominated a slate of
highly-qualified and independent Nominees to the Board and submitted the Shareholder Proposals, which are aimed at addressing the Fund&rsquo;s NAV discount through corporate governance reformation and strategic value creation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>The Fund&rsquo;s Long-Term Underperformance</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Saba believes that the Fund&rsquo;s discount to NAV results, in part, from
significant corporate governance failures, which stifle shareholder rights and entrench trustees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Apparently, BlackRock<SUP>2</SUP> as shareholder has a different sense
of fairness than BlackRock as manager! When BlackRock is the manager, its corporate governance often contradicts the recommendations
and advice that BlackRock, a self-proclaimed leader in corporate governance, provides to investors in its annual stewardship guidelines
(the &ldquo;BlackRock Investment Stewardship Guidelines&rdquo;).<SUP>3</SUP> We provide a brief snapshot below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Fund
Prohibits Shareholders From Amending By-Laws</U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund does not allow shareholders to amend the bylaws, despite the fact
that, in the BlackRock Investment Stewardship Guidelines, BlackRock clearly states that &ldquo;shareholders should have the right to vote
on key corporate governance matters, including &hellip; amendments to the charter/articles/bylaws.&rdquo; The Fund&rsquo;s position forces
Saba to submit all of its proposals as &lsquo;advisory requests&rsquo; to the Board rather than as draft amendments.<SUP>4</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP></SUP>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In the BlackRock Investment Stewardship Guidelines, BlackRock claims it
is so committed to shareholders&rsquo; rights to amend bylaws that it may work to pressure companies that have supermajority shareholder
vote requirements for amending bylaws to remove the supermajority requirement, in BlackRock&rsquo;s words, &ldquo;we think that [a supermajority
requirement to amend bylaws] may not be in the best interests of shareholders over the long-term.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Fund Has a Classified Board</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Saba believes that the annual election of all trustees &ndash; at one time
&ndash; encourages board accountability to shareholders, which, in turn, boosts the board&rsquo;s performance. This view is shared by
many proxy advisory firms, institutional investors and large shareholders. This list includes BlackRock &ndash; except when it is the
manager rather than the shareholder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In fact, BlackRock, in its own Investment Stewardship Guidelines, makes
clear that all &ldquo;directors should be re-elected annually&rdquo; and &ldquo;classification of the board [to stagger directors&rsquo;
elections over multiple years] generally limits shareholders&rsquo; rights to regularly evaluate a board&rsquo;s performance and select
directors.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Again, BlackRock as a shareholder has a different sense of fairness
than BlackRock as manager.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="padding-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">___________________</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><SUP>2</SUP> All references herein made to &ldquo;BlackRock&rdquo; refer
to BlackRock, Inc., the parent of BlackRock Advisors, LLC, which serves as the investment manager of the Fund.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>3
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>See </I>https://www.blackrock.com/corporate/literature/fact-sheet/blk-responsible-investment-guidelines-us.pdf</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>4 </SUP>And
further, the Fund is attempting to invalidate even Saba&rsquo;s advisory proposals, claiming that, pursuant to its Bylaws, no
shareholder is ever allowed to submit any of the governance or value creation oriented proposals that Saba submitted.&nbsp; Saba
believes it submitted the Shareholder Proposals pursuant to and in accordance with the Bylaws that provide that a shareholder of
record, which Saba is, may submit business proposals in advance of an annual meeting so long as it complies with the advance notice
and disclosure provisions therein.&nbsp; Saba provided the Fund with all Bylaw disclosures necessary to submit the Shareholder
Proposals and did so in advance of the Bylaw mandated deadline to submit proposals.&nbsp; More than five weeks after Saba&rsquo;s
submission of the Shareholder Proposals, the Fund sent Saba a letter asserting that the Fund would not allow the Shareholder
Proposals to be presented at the Annual Meeting, citing to a provision of the Fund&rsquo;s organizational documents that the Fund
purports to bar all shareholders from ever submitting, pursuant to its Bylaws, any of the governance and value creation
oriented proposals submitted by Saba.&nbsp; Saba disagrees with the Fund&rsquo;s interpretation and believes it and other
shareholders had and have the right to submit the Shareholder Proposals and that such proposals were validly submitted pursuant to
the Bylaws.&nbsp; Saba reserves its rights and is considering all options in connection with this matter.&nbsp; To the extent the
Fund continues to assert that shareholders are not allowed to vote on the Shareholder Proposals and Saba is unsuccessful in any
action it may seek and/or decides to forego its right to pursue the presentation of the Shareholder Proposals, the Shareholder
Proposals may not be considered at the Annual Meeting and therefore, in such event, any proxies granted to us that voted on the
Shareholder Proposals will not have such votes presented on the Shareholder Proposals at the Annual Meeting.&nbsp; For the avoidance
of doubt, on such proxies, only the votes pertaining to the Shareholder Proposals will not be presented &ndash; all other votes on
such proxies, including those pertaining to the nomination of directors, will be valid and presented at the Annual
Meeting.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"></P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Fund Strips Votes from Stock Owned by Certain of Its Shareholders</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund has failed to take necessary steps to opt out of the Delaware
Control Share Acquisition Statute (the &ldquo;Statute&rdquo;), which is a corporate entrenchment statute that purports to strip
voting rights from shareholders.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">It is, in our view, quite rich that the BlackRock Investment Stewardship
Guidelines explicitly call out boards and directors who &ldquo;take action to unreasonably limit shareholder rights&rdquo; when the Fund&rsquo;s
own failure to opt out of the Statute literally strip shareholders of their most fundamental right, the right to vote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>BlackRock Wants to Have Its Cake and Eat It Too</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The world&rsquo;s largest asset manager says one thing as a
shareholder and does another as manager. Shareholders should not
allow this.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Shareholders should also be aware that the &ldquo;independent&rdquo; trustees
on this Board also serve as directors on at least 69 other boards, consisting of at least 99 investment portfolios, in addition to the
other professional occupations and responsibilities they have. <SUP>6</SUP> We believe the Board&rsquo;s trustees, whom are each paid
as much as $478,750 by BlackRock,<SUP>7</SUP> rubber stamps whatever BlackRock puts in front of it, as we believe it impracticable for
appropriate analysis, thought and judgement to be applied by anyone who serves on ~70 boards overseeing ~100 investment portfolios.&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>The Fund&rsquo;s Directors Serve on 48 Other Public Boards</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The headline is not a typo. The directors on this Board also serve as public
company directors on 48 other boards, all of them being separate BlackRock funds.&nbsp; This is in addition to any other professional
occupations and responsibilities they might have.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Saba does not believe it possible for anyone to adequately oversee a public
company&rsquo;s management, while doing the same for 48 other companies, and believes this fact alone should disqualify every director
on this Board from serving.&nbsp; Market practice supports this, as it is common for companies to have over boarding polices in their
corporate governance guidelines that prohibit directors from serving on more than four, sometimes five, public boards.&nbsp; The reasoning
is simple.&nbsp; They do not believe it possible to be a proper fiduciary who devotes the necessary time to overseeing management and
the investment of shareholder capital while serving on more than a small handful of boards.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">___________________</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt"><SUP>5</SUP> See Proposal 5 below, elaborating on this.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>6
                                            </SUP></FONT>See pages 9 &ndash; 13 of the Fund&rsquo;s 2022 proxy statement.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><SUP>7</SUP> See Appendix B of the Fund&rsquo;s 2022 proxy statement.</P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We agree and we believe that because of this reality, the Board rubber stamps
whatever its manager puts in front of it, as it is, in our view, impracticable for appropriate analysis, thought and judgement, let alone
independence, to be applied by anyone who serves on 49 boards.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">In addition to this, shareholders should also know that two of the incumbent
Board&rsquo;s trustees are also employees of BlackRock.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Shareholders Have an Opportunity To Right The Ship</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We believe that corporate governance reformation and significant Board refreshment
are necessary to reverse the Fund&rsquo;s trading discount and set it on a path to growth and value creation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Saba is committed, on behalf of all shareholders, to improving the Board
and the corporate governance of the Fund for the benefit of all shareholders. We urge you to join us and support our proposals by voting
on the <B><U>GOLD</U></B> proxy card today</FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
    Fund&rsquo;s Common Shares currently trade at a value significantly less than what the securities held by the Fund are worth.<SUP>8</SUP>&nbsp;We
    recommend voting &ldquo;<B><U>FOR ALL</U></B>&rdquo; three of the Nominees in Proposal 1(a) who, if nominated, will endeavor to close
    the Fund&rsquo;s discount to NAV. We believe voting &ldquo;FOR&rdquo; each of Proposals 2-4 will help improve the Fund&rsquo;s corporate
    governance practices for the benefit of all shareholders. Additionally, we believe voting &ldquo;FOR&rdquo; Proposal 5  will help
    close the Fund&rsquo;s discount to NAV and unlock shareholder value. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="padding-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">____________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>8
</SUP>From [&#9679;] to [&#9679;], the Fund&rsquo;s average discount to NAV was [&#9679;]%. <I>Source</I>: Bloomberg Terminal.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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  <TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: white"><B>PROPOSAL 1: ELECTION OF CLASS I TRUSTEES</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">According to the Semi-Annual Report, as well as other
public information, the Board is currently comprised of ten trustees divided into three classes. The members of each class are elected
to serve three-year terms with the term of office of each class ending in successive years, and according to the proxy statement for
the Fund&rsquo;s 2022 annual meeting of the shareholders and other public information, there will be three Class I trustees elected by
holders of Common Shares and Preferred Shares, voting together as a single class, at the Annual Meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We are soliciting proxies to elect the Nominees&mdash;Ravi
Bhasin, Ilya Gurevich and Emmanuel Werthenschlag&mdash;to serve as trustees with a term expiring at the 2026 annual
meeting of shareholders (Proposal 1(a)). The Nominees, if elected, would constitute three of ten members, a minority, of the Board. The Participants
intend to vote all of their Common Shares in favor of the Nominees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">According to <FONT STYLE="background-color: white">the proxy statement on
Schedule 14A for the annual meeting of the shareholders on July 25, 2022 filed with the SEC on June 3, 2022</FONT>, holders of Preferred
Shares are entitled, as a class, to the exclusion of the holders of all other classes of stock of the Fund, to elect two trustees of the
Fund at all times. These trustees are Class I and Class II trustees and are up for election, one per year, in 2023 at the Annual Meeting
and 2024, respectively. This year the Preferred Shares Nominee is up for election as the Class I trustee who may be elected by the holders
of the Preferred Shares (Proposal 1(b)). We are making no recommendation with respect to Proposal 1(b).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Nominees, if elected, will serve a three-year
term until the 2026 annual meeting of shareholders, or until their successors have been duly elected and qualified. There is no
assurance that any of the Fund&rsquo;s nominees will serve as a trustee if one or more of the Nominees are elected to the
Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Even if all three of the Nominees are elected, because
the Nominees would only represent a minority of the members of the Board, there can be no assurance that they would be able to implement
the actions that they believe are necessary to enhance shareholder value without the support of the other members of the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The age and other information related to the Nominees
shown below are as of the date of this Proxy Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Nominees:</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I></I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2)</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3)</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4)</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(5)</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(6)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Name, Address,</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>and Age</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Position(s) Held</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>with Fund</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal Occupation(s) During Past 5 Years</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Number of Portfolios in Fund</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Complex Overseen by Trustee or Nominee for Trustee</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Directorships Held by Trustee or Nominee for Trustee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>RAVI BHASIN</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Address</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">c/o Saba Capital Management, L.P., 405 Lexington Avenue, 58th Floor, New
    York, New York 10174</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Age</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">50</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">Ravi Bhasin has been a private investor since 2019. Mr. Bhasin
    previously served as Senior Product Manager of Uber Money Financial Products at Uber Technologies, Inc. (NYSE: UBER), a multinational
    transportation technology platform, in 2019. Prior to this, Mr. Bhasin served as a Senior Product Manager of Buyer Fraud Risk at Amazon.com,
    Inc. (NASDAQ: AMZN), an international online retailer and web service provider, from 2016 to 2018. From 2002 to 2014, Mr. Bhasin worked
    at American Express Company (NYSE: AXP), a multinational payment and financing services provider, in various capacities, including as
    a Senior Manager of International Lending Product Management and Delta SkyMiles Small Business Credit Card Portfolio and a Manger of External
    Direct Mail Acquisitions Marketing. Prior to American Express, Mr. Bhasin served as a Lead Strategist of Strategic Planning Group at Blast
    Radius, Inc., an advertising agency, from 2000 to 2002. From 1998 until 2000, Mr. Bhasin served as an Assistant Economist at the Federal
    Reserve Bank of New York. Mr. Bhasin also served as an Analyst and Consultant at Accenture plc (NYSE: ACN), a management and technology
    consulting services provider, from 1995 until 1998.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mr. Bhasin has not held any directorships during the past five years.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I></I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I></I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mr.
Bhasin earned a B.A. in Economics and Mathematics from Columbia University.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Bhasin&rsquo;s qualifications to serve as a trustee
include his decades of experience in the financial services industry and his senior management experience across a diverse mix of large
businesses and organizations.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2)</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3)</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4)</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(5)</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(6)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Name, Address,</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>and Age</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Position(s) Held</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>with Fund</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal Occupation(s) During Past 5 Years</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Number of Portfolios in Fund</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Complex Overseen by Trustee or Nominee for Trustee</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Directorships Held by Trustee or Nominee for Trustee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>ILYA GUREVICH</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Address</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">c/o Saba Capital Management, L.P., 405 Lexington Avenue, 58th Floor, New
    York, New York 10174</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Age</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">51</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">Ilya Gurevich has served as Principal and Retirement Planner of
    Northeast Retirement Planning, a retirement planning firm, since 2012. Previously, Mr. Gurevich served as Principal and Trader at Dreadnought
    Trading, an equity derivatives trading firm, from 2007 until 2012. From 1996 to 2007, Mr. Gurevich served as an equity derivatives trader
    at various companies.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">Mr. Gurevich became a Chess Grandmaster in 1993. In 1990, as an
    18-year old, he won the World Junior Chess Championship.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mr. Gurevich has not held any directorships during the past five years.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Gurevich earned a B.S. in Finance from New York
University.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Gurevich&rsquo;s qualifications to serve as a
trustee include his extensive experience in the investment and finance industries.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2)</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3)</B></FONT></TD>
    <TD STYLE="width: 35%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(5)</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(6)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Name, Address,</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>and Age</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Position(s) Held</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>with Fund</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal Occupation(s) During Past 5 Years</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Number of Portfolios in Fund</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Complex Overseen by Trustee or Nominee for Trustee</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Directorships Held by Trustee or Nominee for Trustee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Emmanuel Werthenschlag</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Address</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">c/o Saba Capital Management, L.P., 405 Lexington Avenue, 58th Floor, New
    York, New York 10174</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Age</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">46</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">Emmanuel Werthenschlag has served as the Founder, Managing Partner
    and Art Director of House on Fire, LLC, a consulting and graphic design company, since 2012. Mr. Werthenschlag served as the Director
    of Marketing and Communication at The Klein Group, LLC, a retail real estate investment company, from 2012 to 2021, as Development Manager
    Art Director and Partner at Agewize, LLC, an app/website that helps build a mobile circle of caregivers from 2012 to 2015, and as an Art
    Director at Worth&amp;Chlag and MaisonM&egrave;re, consulting, motion graphics and graphic design companies based in NY, Paris and Miami,
    from 2010 to 2013. Prior to this position, Mr. Werthenschlag served as the Chief Executive Officer of VingthuitA, web/app development
    and design in France, from 2005 to 2010. Prior to this, he served as the Managing Partner and Art Director of Estrella, a French graphic
    design company, from 2003 to 2006. In addition, from 2005 to 2016, Mr. Werthenschlag served as an art director, creative and development
    consultant to various companies, including HQ &ndash; Creative and Pirovision.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">For the past several years, Mr. Werthenschlag has primarily focused
    on his career as an abstract painter. Based in New York City, Mr. Werthenschlag has exhibited his work in the United States, Europe and
    Asia. Alongside his Fine Arts career Mr. Werthenschlag still consults on specific projects as a creative director or manages teams of
    developers for agencies, companies and startups.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mr. Werthenschlag has not held any directorships during the past five years.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Werthenschlag earned a Bachelor&rsquo;s degree
in Biochemistry from Universit&eacute; Louis Pasteur and a French Diploma of Fine Arts, Painting, Video and Illustration from Ecole Sup&eacute;rieure
des Arts D&eacute;coratifs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Werthenschlag&rsquo;s qualifications to serve as
a trustee includes his entrepreneurial experience, strong analytical skills, and the fresh perspective he will bring to the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Nominees do not currently hold, and have not at
any time held, any position with the Fund. The Nominees do not oversee any portfolios in the Fund&rsquo;s Fund Complex
(as defined in the Investment Company Act of 1940 (the &ldquo;40 Act&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As of the date of this Proxy Statement, the dollar
range of the equity securities of the Fund beneficially owned by the Nominees and the aggregate range of equity securities in
all funds to be overseen by the Nominees, are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Name of Nominee</B></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Dollar Range of Equity Securities in the Fund</B></FONT></TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Aggregate Dollar Range of Equity Securities in All Companies to be Overseen by the Nominee in a Family of Investment Companies</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ravi Bhasin</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ilya Gurevich</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emmanuel Werthenschlag</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify">None of the organizations or corporations referenced
above is a parent, subsidiary, or other affiliate of the Fund. We believe that, if elected, the Nominees will be considered
independent trustees of the Fund under (i) the pertinent <FONT STYLE="background-color: white">listing standards of the New
York Stock Exchange</FONT>, and (ii) paragraph (a)(1) of Item 407 of Regulation S-K. In addition, we believe that the Nominees are not
and will not be &ldquo;interested persons&rdquo; of the Fund within the meaning of section 2(a)(19) of the 40 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">We refer shareholders to the Fund&rsquo;s proxy statement (the &ldquo;Fund&rsquo;s Proxy Statement&rdquo;), when it becomes available, for the
names, background, qualifications and other information concerning the Fund&rsquo;s trustee nominees. The Fund&rsquo;s
Proxy Statement and form of proxy will become available free of charge on the SEC&rsquo;s website at www.sec.gov.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">Each of the Nominees has entered
into a nominee agreement (the &ldquo;Nominee Agreements&rdquo;) pursuant to which Saba Capital has agreed to defend and indemnify the
Nominees against, and with respect to, any losses that may be incurred by such Nominee in the event he becomes a party to litigation based
on his nomination as a candidate for election to the Board and the solicitation of proxies in support of his election. If elected or appointed,
the Nominees will be entitled to such compensation from the Fund as is consistent with the Fund&rsquo;s practices
for services of non-employee trustees. The Nominees will not receive any compensation from Saba for their services as trustees of the Fund if elected or for any other reason.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">The Nominees
have agreed to being nominated as nominees in this Proxy Statement and have confirmed their willingness to serve on the Board if elected.
We do not expect that the Nominees will be unable to stand for election, but, in the event that a Saba Nominee is unable to or for good
cause will not serve, the Common Shares represented by the</FONT> <B><U>GOLD</U></B> <FONT STYLE="background-color: white">proxy card
will be voted for a substitute candidate selected by Saba, a right that Saba has reserved in its nomination notice. In the case of any
of the foregoing, Saba will give prompt written notice to the Fund if it chooses to nominate any such additional or substitute
nominee and Saba will file and deliver supplemental proxy materials, including a revised proxy card, disclosing the information relating
to such additional person that is required to be disclosed in solicitations for proxies for the election of directors pursuant to Section
14 </FONT>of the Exchange Act<FONT STYLE="background-color: white">. If Saba determines to add nominees, whether because the Fund expands the size of the Board subsequent to the date of this Proxy Statement or for any other reason, Saba will supplement this Proxy
Statement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Vote Required.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">According to the Bylaws, in
a contested election of trustees, the qualified nominees receiving the affirmative vote of a plurality of the Common Shares represented in person or by proxy at any
meeting of the shareholders at which a quorum is present.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white">&ldquo;Withhold&rdquo; votes and broker
non-votes, if any, will have no effect on the outcome of Proposal 1. Because Saba has initiated a contested proxy solicitation, in which
more nominees are up for election than there are trustee seats available, there will be no &ldquo;routine&rdquo; matters at the Annual
Meeting for any broker accounts that are provided with proxy materials by Saba. As a result, there will be no broker non-votes by such
banks, brokers or other nominees with respect to such accounts.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>We urge you to sign and return our <U>GOLD</U> proxy
card.</B> If you have already voted using the Fund&rsquo;s [&#9679;] proxy card, you have every right to change your vote by
completing and mailing the enclosed <B><U>GOLD</U></B> proxy card in the enclosed pre-paid envelope or by voting via Internet or by telephone
by following the instructions on the <B><U>GOLD</U></B> proxy card. Only the latest validly executed proxy that you submit will be counted;
any proxy may be revoked at any time prior to its exercise at the Annual Meeting by following the instructions under &ldquo;Can I change
my vote or revoke my proxy?&rdquo; If you have any questions or require any assistance with voting your shares, please contact our proxy
solicitor, InvestorCom, toll free at (877) 972-0090 or collect at (203) 972-9300.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: #366091; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>We Recommend a Vote <U>FOR ALL</U> of the Nominees for election at the Annual Meeting on the <U>GOLD</U> proxy card.&nbsp;&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 4.5pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 100%; padding-right: 1.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: white"><B>PROPOSAL 2: SHAREHOLDER RIGHT TO AMEND BY-LAWS</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund does not allow shareholders to amend the bylaws,
despite the fact that in the BlackRock Investment Stewardship Guidelines, BlackRock clearly states that &ldquo;shareholders should have
the right to vote on key corporate governance matters, including &hellip; amendments to the charter/articles/bylaws.&rdquo;<SUP>9</SUP>
The Fund&rsquo;s position forces Saba to submit all of its proposals as &lsquo;advisory requests&rsquo; to the Board rather than as draft
amendments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In its Investment Stewardship Guidelines, BlackRock
claims it is so committed to shareholders&rsquo; right to amend bylaws that it may work to pressure companies that have supermajority
shareholder vote requirements for amending bylaws to remove the supermajority requirement, in BlackRock&rsquo;s words, &ldquo;we think
that [a supermajority requirement to amend bylaws] may not be in the best interests of shareholders over the long-term.&rdquo;<SUP>10
</SUP>Apparently, BlackRock as shareholder has a different sense of fairness than BlackRock as manager.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Saba is committed, on behalf all shareholders, to improving the corporate
governance of the Fund for the benefit of all shareholders. If you wish to have the right to submit bylaw proposals, vote <B><U>FOR</U></B>
this Proposal 2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Accordingly, shareholders are being asked to vote on the following resolution on a non-binding, advisory basis:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&ldquo;RESOLVED, that the shareholders
of BlackRock California Municipal Income Trust (the &ldquo;Fund&rdquo;) request that the Board of Trustees of the
Fund take all necessary steps in its power, subject to its fiduciary duties, to amend the appropriate governing documents of the
Fund (including, as applicable, the Agreement and Declaration and Bylaws of Fund) to provide that shareholders of the Fund have the
power to adopt, alter, and repeal the Bylaws by the affirmative vote of a majority of the Shares (as such term is defined in the
Bylaws) cast.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Participants intend to vote all of their Common
Shares <B><U>FOR</U></B> this Proposal 2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Vote Required.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">According to the Bylaws, the approval of Proposal 2
requires the affirmative vote of a majority of the Common Shares represented in person or by proxy at the Annual Meeting and entitled
to vote on the subject matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Abstentions will have the same effect as votes &ldquo;against&rdquo;
Proposal 2, because they represent shares entitled to vote. Broker non-votes, if any, will have no effect on the outcome of Proposal 2,
because they are not entitled to vote on the matter. <FONT STYLE="background-color: white">Because Saba has initiated a contested proxy
solicitation, there will be no &ldquo;routine&rdquo; matters at the Annual Meeting for any broker accounts that are provided with proxy
materials by Saba. As a result, there will be no broker non-votes by such banks, brokers or other nominees with respect to such accounts.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: #366091; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; color: white"><B>&nbsp;We Recommend a Vote <U>FOR</U> Proposal 2 on the
    <U>GOLD</U> proxy card.</B></P>
    <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="padding-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">____________________</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; background-color: white"><SUP>9
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">BlackRock, <I>BlackRock Investment Stewardship: Proxy voting guidelines for U.S. securities</I>, 23 (Jan. 2023).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; background-color: white"><SUP>10
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Id. At 21.</FONT>&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: white"><B>PROPOSAL 3: DECLASSIFICATION PROPOSAL</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Saba believes that the annual election of all trustees
&ndash; at one time &ndash; encourages board accountability to shareholders, which in turn boosts the board&rsquo;s performance. This
view is shared by many proxy advisory firms, institutional investors and large shareholders, including BlackRock &ndash; except when
it is the manager rather than the shareholder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">In fact, its own Investment Stewardship Guidelines, BlackRock makes clear
that all &ldquo;directors should be re-elected annually&rdquo; and &ldquo;classification of the board [to stagger directors&rsquo; elections
over years] generally limits shareholders&rsquo; rights to regularly evaluate a board&rsquo;s performance and select directors.&rdquo;
<SUP>11</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>&nbsp;</SUP></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For a greater voice in the Fund&rsquo;s corporate governance
and to increase the accountability of the Board to shareholders, Saba urges you to vote FOR this Proposal 3.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Accordingly, shareholders are being asked to vote on
the following resolution on a non-binding, advisory basis:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&ldquo;RESOLVED, that the shareholders
of BlackRock California Municipal Income Trust (the &ldquo;Fund&rdquo;) request that the Board of Trustees of the
Fund take all necessary steps in its power, subject to its fiduciary duties, to declassify the Board so that all trustees are
elected on an annual basis starting at the next annual meeting of shareholders. Such declassification shall be completed in a manner
that does not affect the unexpired terms of the previously elected trustees.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Participants intend to vote all of their Common
Shares <B><U>FOR</U></B> this Proposal 3.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Vote Required.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">According to the Bylaws, the approval of Proposal 3
requires the affirmative vote of a majority of the Common Shares represented in person or by proxy at the Annual Meeting and entitled
to vote on the subject matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Abstentions will have the same effect as votes &ldquo;against&rdquo;
Proposal 3, because they represent shares entitled to vote. Broker non-votes, if any, will have no effect on the outcome of Proposal 3,
because they are not entitled to vote on the matter. <FONT STYLE="background-color: white">Because Saba has initiated a contested proxy
solicitation, there will be no &ldquo;routine&rdquo; matters at the Annual Meeting for any broker accounts that are provided with proxy
materials by Saba. As a result, there will be no broker non-votes by such banks, brokers or other nominees with respect to such accounts.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: #366091; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; color: white"><B>&nbsp;We Recommend a Vote <U>FOR</U> Proposal 3 on the
    <U>GOLD</U> proxy card.</B></P>
    <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="padding-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">___________________</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; background-color: white"><SUP>11
</SUP>BlackRock, <I>BlackRock Investment Stewardship: Proxy voting guidelines for U.S. securities</I>, 5 (Jan. 2023).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: white"><B>PROPOSAL
    4: OPT OUT OF DELAWARE CONTROL SHARE ACQUISITION STATUTE</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund has failed to take necessary steps to opt
out of the Delaware Control Share Acquisition Statute (the &ldquo;Statute&rdquo;) that strip voting rights from shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is, in our view quite rich that the BlackRock
Investment Stewardship Guidelines explicitly call out boards and directors who &ldquo;take action to unreasonably limit shareholder
rights&rdquo; when the Fund&rsquo;s own failure to opt out of the Statute literally strip shareholders of their most fundamental
right, the right to vote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">So that shareholders are aware, on January 21, 2023,
the Suffolk County Superior Court in Massachusetts issued a ruling declaring a control share provision that certain Eaton Vance funds
purportedly relied upon to strip &gt;10% shareholders of their &gt;10% voting rights to be in open violation of the &ldquo;unambiguous&rdquo;
requirement of Section 18(i) of the 40 Act, which mandates that every share of stock issued by a registered investment company &ldquo;be
a voting stock and have equal voting rights with every other outstanding voting stock.&rdquo;<SUP>12</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Massachusetts court&rsquo;s decision followed a
summary judgement ruling by the United States District Court for the Southern District of New York in a separate case focused on the legality
of a control share provision. In that case, the court stated in no uncertain terms that &ldquo;it is hereby declared that the control
share amendment violates Section 18(i) of the Investment Company Act of 1940.&rdquo;<SUP>13</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Saba encourages shareholders who care about voting
rights, which are at the very core of a functioning shareholder democracy, and who don&rsquo;t want the Fund to be engaging in legally
questionable practices, to vote <B><U>FOR</U></B> this Proposal 4.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Accordingly, shareholders are being asked to vote on
the following resolution on a non-binding, advisory basis:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&ldquo;RESOLVED, that the shareholders of
BlackRock California Municipal Income Trust (the &ldquo;Fund&rdquo;) request that the Board of Trustees of the Fund take all necessary
steps in its power (including by way of amending the appropriate governing documents of the Fund), subject to its fiduciary duties, to
opt-out of the Delaware Control Share Acquisition Statute under &sect; 3881-3888 of the Delaware Statutory Trust Act, which, if a board
of trustees does not take steps to opt out of, strips voting rights from certain shareholders.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Participants intend to vote all of their Common
Shares <B><U>FOR</U></B> this Proposal 4.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Vote Required.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">According to the Bylaws, the approval of Proposal 4
requires the affirmative vote of a majority of the Common Shares represented in person or by proxy at the Annual Meeting and entitled
to vote on the subject matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Abstentions will have the same effect as votes &ldquo;against&rdquo;
Proposal 4, because they represent shares entitled to vote. Broker non-votes, if any, will have no effect on the outcome of Proposal 4,
because they are not entitled to vote on the matter. <FONT STYLE="background-color: white">Because Saba has initiated a contested proxy
solicitation, there will be no &ldquo;routine&rdquo; matters at the Annual Meeting for any broker accounts that are provided with proxy
materials by Saba. As a result, there will be no broker non-votes by such banks, brokers or other nominees with respect to such accounts.</FONT></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>12
</SUP></FONT><FONT STYLE="font-size: 8pt">Eaton Vance Senior Income Trust vs. Saba Capital Master Fund, Ltd., No. 2084CV01533-BLS2 (Mass.
Super. Ct. Jan. 21, 2023).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>13
</SUP></FONT><FONT STYLE="font-size: 8pt">Saba Capital CEF Opportunities 1, LTD., <I>et al </I>v. Nuveen Floating Rate Income Fund, 21-CV-327
(JPO) (S.D.N.Y. Feb. 17, 2022).</FONT>&nbsp;</P>
<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: #366091; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; color: white"><B>&nbsp;We Recommend a Vote <U>FOR</U> Proposal 4 on the
    <U>GOLD</U> proxy card.</B></P>
    <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: white"><B>PROPOSAL
    5: MERGER WITH OPEN-END PROPOSAL</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Saba believes that the Fund&rsquo;s steeply
discounted price (compared to its net asset value) is proof that the market has lost faith in BlackRock&rsquo;s ability to create shareholder
value. Further, Saba believes that the Board has not done enough to address the Fund&rsquo;s poor performance or its discount price. Shareholders
should have the opportunity to realize a price for their shares at their true value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Shareholders should have the opportunity to
realize a price for their Common Shares that is, at the very least, close to NAV. Merging the Fund into an existing open-end fund could
achieve this and other benefits, benefits that BlackRock itself has previously expressed public support for. BlackRock, in a previous
public filing made in connection with a merger of BlackRock New York Municipal Bond Trust, a closed-end fund, into BlackRock New York
Municipal Opportunities Fund, an open-end fund, went on record stating that the merger could provide a boost for shareholders, as they
&ldquo;may benefit from (i) the ability to achieve liquidity for their common shares at net asset value &hellip;, (ii) the combination
of the [closed-end fund]&rsquo;s assets with the significantly larger asset base of the [open-end fund], and (iii) the lower expense ratio
of the Combined Fund following the Merger.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Accordingly, shareholders are being asked to vote on
the following resolution on a non-binding, advisory basis:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&ldquo;RESOLVED, that the shareholders of
BlackRock California Municipal Income Trust (the &ldquo;Fund&rdquo;) request that the Board of Trustees of the Fund, take all necessary
steps to merge the Fund with and into an existing open-end fund.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Participants intend to vote all of their Common
Shares <B><U>FOR</U></B> this Proposal 5.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Vote Required.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">According to the Bylaws, the approval of Proposal 5
requires the affirmative vote of a majority of the Common Shares represented in person or by proxy at the Annual Meeting and entitled
to vote on the subject matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Abstentions will have the same effect as votes &ldquo;against&rdquo;
Proposal 5, because they represent shares entitled to vote. Broker non-votes, if any, will have no effect on the outcome of Proposal 5,
because they are not entitled to vote on the matter. <FONT STYLE="background-color: white">Because Saba has initiated a contested proxy
solicitation, there will be no &ldquo;routine&rdquo; matters at the Annual Meeting for any broker accounts that are provided with proxy
materials by Saba. As a result, there will be no broker non-votes by such banks, brokers or other nominees with respect to such accounts.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: #366091; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; color: white"><B>&nbsp;We Recommend a Vote <U>FOR</U> Proposal 5 on the
    <U>GOLD</U> proxy card.</B></P>
    <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="padding-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><BR STYLE="clear: both">
</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: white">QUESTIONS AND ANSWERS ABOUT THE PROXY MATERIALS AND THE ANNUAL MEETING</FONT></B></TD></TR>
  </TABLE>
<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>Who is entitled to vote?</I></B></P>

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<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Only holders of Common Shares at the close of business
on the Record Date are entitled to notice of and to vote at the Annual Meeting. Shareholders who sold their Common Shares before the Record
Date (or acquire them without voting rights after the Record Date) may not vote such Common Shares. Shareholders of record on the Record
Date will retain their voting rights in connection with the Annual Meeting even if they sell such Common Shares after the Record Date
(unless they also transfer their voting rights as of the Record Date).</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>How do I vote my shares?</I></B></P>

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<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Common Shares held in record name.</B> If your Common
Shares are registered in your own name, please vote today by signing, dating and returning the enclosed <B><U>GOLD</U></B> proxy card
in the postage-paid envelope provided. Execution and delivery of a proxy by a record holder of Common Shares will be presumed to be a
proxy with respect to all shares held by such record holder unless the proxy specifies otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Common Shares beneficially owned or held in &ldquo;street&rdquo;
name.</B> If you hold your Common Shares in &ldquo;street&rdquo; name with a broker, bank, dealer, trust company or other nominee, only
that nominee can exercise the right to vote with respect to the Common Shares that you beneficially own through such nominee and only
upon receipt of your specific instructions. <U>Accordingly, it is critical that you promptly give instructions to your broker, bank, dealer,
trust company or other nominee to vote <B>FOR</B> the Nominees and <B>FOR</B> each of the Shareholder Proposals</U>. Please follow the
instructions to vote provided on the enclosed <B><U>GOLD</U></B> voting instruction form. If your broker, bank, dealer, trust company
or other nominee provides for proxy instructions to be delivered to them by telephone or Internet, instructions will be included on the
enclosed <B><U>GOLD</U></B> voting instruction form. We urge you to confirm in writing your instructions to the person responsible for
your account and provide a copy of those instructions by emailing them to&nbsp;<U>Saba@investor-com.com</U>&nbsp;or mailing them to Saba
Capital Management, L.P., c/o InvestorCom, 19 Old Kings Highway S., Suite 130, Darien, CT 06820, so that we will be aware of all instructions
given and can attempt to ensure that such instructions are followed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Note: </B>Common Shares represented by properly
executed <U>GOLD</U> proxy cards will be voted at the Annual Meeting as marked and, in the absence of specific instructions, FOR Saba&rsquo;s
Nominees, WITHHOLD on Proposal 1(b) and FOR each of the Shareholder Proposals.</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B><I>How should I vote
on the Proposals?</I></B></P>

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<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">We recommend that you vote your shares on the
<B><U>GOLD</U></B> proxy card as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.25in; text-align: justify"><B>&ldquo;FOR ALL&rdquo;</B> three of
the Nominees standing for election to the Board named in this Proxy Statement (Proposal 1(a));</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.25in; text-align: justify"><B>&ldquo;FOR&rdquo;</B> the proposal
to request that the Board amend the appropriate governing documents of the Fund to provide that shareholders of the Fund have the power to adopt, alter, and repeal the Bylaws by the affirmative vote of a majority of the Shares (as such term is defined
in the Bylaws) cast (Proposal 2);</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.25in; text-align: justify"><B>&ldquo;FOR&rdquo;</B> the proposal
to request that the Board declassify the Board so that all trustees are elected on an annual basis starting at the next annual meeting
of shareholders (Proposal 3);</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.25in; text-align: justify"><B>&ldquo;FOR&rdquo;</B> the proposal
to request that the Board take all necessary steps in its power (including by way of amending the appropriate governing documents of the
Fund) to opt-out of the Delaware Control Share Acquisition Statute (Proposal 4); and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.25in; text-align: justify"><B>&ldquo;FOR&rdquo;</B> the proposal
to request that the Board conduct quarterly tender offers for a minimum of 10% of the outstanding Common to request that the Board take
all necessary steps to merge the Fund with and into an existing open-end fund (Proposal 5).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.25in; text-align: justify">We are making no recommendation with
respect to the Preferred Shares Nominee standing for election to the Board (Proposal 1(b)).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">Each Proposal is a separate proposal. You may
vote on each separately and in accordance with your discretion.</P>


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<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white"><B><I>How many shares must be present
to hold the Annual Meeting?</I></B></FONT></P>

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<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">According to
the Bylaws, the holders of a majority of the Common Shares entitled to vote on any matter at a meeting present in person or by proxy shall
constitute a quorum at the Annual Meeting. Abstentions and broker non-votes, if any, are treated as votes present for purposes of determining
a quorum. Because Saba has initiated a contested proxy solicitation, there will be no &ldquo;routine&rdquo; matters at the Annual Meeting
for any broker accounts that are provided with proxy materials by Saba. As a result, there will be no broker non-votes by such banks,
brokers or other nominees with respect to such accounts. For more information on broker non-votes, see &ldquo;<I>What are &ldquo;broker
non-votes&rdquo; and what effect do they have on the proposals?</I>&rdquo; below. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B><I>What vote is needed
to approve the Proposals?</I></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>Proposal 1 &ndash; Election
of Class I Trustees.</B> &nbsp;According to the <FONT STYLE="background-color: white">Bylaws</FONT>, in
a contested election of trustees, the qualified nominees receiving the plurality vote of the Common Shares represented in person or by
proxy at any meeting of the shareholders at which a quorum is present. &ldquo;Withhold&rdquo; votes and broker non-votes, if any, will
have no effect on the outcome of Proposal 1. B<FONT STYLE="background-color: white">ecause Saba has initiated a contested proxy solicitation,
there will be no &ldquo;routine&rdquo; matters at the Annual Meeting for any broker accounts that are provided with proxy materials by
Saba. As a result, there will be no broker non-votes by such banks, brokers or other nominees with respect to such accounts.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>THE ONLY WAY TO SUPPORT ALL OF THE NOMINEES FOR
ELECTION AT THE ANNUAL MEETING IS TO SUBMIT YOUR VOTING INSTRUCTIONS &ldquo;FOR ALL&rdquo; THREE OF THE NOMINEES ON THE ENCLOSED <U>GOLD</U>
PROXY CARD. PLEASE DO NOT SIGN OR RETURN A [&#9679;] PROXY CARD FROM THE FUND, EVEN IF YOU INSTRUCT TO &ldquo;WITHHOLD&rdquo;
YOUR VOTES. DOING SO WILL REVOKE ANY PREVIOUS VOTING INSTRUCTIONS YOU PROVIDED ON THE <U>GOLD</U> PROXY CARD.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Proposals 2-5 &ndash; The Shareholder Proposals.
</B>According to the Bylaws, the approval of each of the Shareholder Proposals requires the affirmative vote of a majority of the Common
Shares represented in person or by proxy at the Annual Meeting and entitled to vote on the subject matter. Abstentions will have the same
effect as votes &ldquo;against&rdquo; the Shareholder Proposals, because they represent shares entitled to vote. Broker non-votes, if
any, will have no effect on the outcome of the Shareholder Proposals, because they are not entitled to vote on the matter. Because Saba
has initiated a contested proxy solicitation, there will be no &ldquo;routine&rdquo; matters at the Annual Meeting for any broker accounts
that are provided with proxy materials by Saba. As a result, there will be no broker non-votes by such banks, brokers or other nominees
with respect to such accounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white"><B><I>What are &ldquo;broker non-votes&rdquo;
and what effect do they have on the Proposals?</I></B></FONT></P>

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<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">Generally, broker
non-votes occur when shares held by a broker, bank or other nominee in &ldquo;street name&rdquo; for a beneficial owner are not voted
with respect to a particular proposal because the broker, bank or other nominee has not received voting instructions from the beneficial
owner and lacks discretionary voting power to vote those shares with respect to that particular proposal. If your shares are held in the
name of a brokerage firm, and the brokerage firm has not received voting instructions from you, as the beneficial owner of such shares
with respect to that proposal, the brokerage firm cannot vote such shares on that proposal unless it is a &ldquo;routine&rdquo; matter.
Under the rules and interpretations of the New York Stock Exchange, if you receive proxy materials from or on behalf of both Saba and
the Fund, brokers, banks and other nominees will not be permitted to exercise discretionary authority regarding any of the proposals
to be voted on at the Annual Meeting, whether &ldquo;routine&rdquo; or not. Because Saba has initiated a contested proxy solicitation,
there will be no &ldquo;routine&rdquo; matters at the Annual Meeting for any broker accounts that are provided with proxy materials by
Saba. As a result, there will be no broker non-votes by such banks, brokers or other nominees with respect to such accounts. If you do
not submit any voting instructions to your broker, bank or other nominee with respect to such accounts, your shares in such accounts will
not be counted in determining the outcome of any of the proposals at the Annual Meeting, nor will your shares be counted for purposes
of determining whether a quorum exists.</FONT></P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white"><B><I>What should I do if I receive
a proxy card from the Fund?</I></B></FONT></P>

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<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">You may receive
proxy solicitation materials from the Fund, including an opposition proxy statement and a [&#9679;] proxy card. We are not responsible
for the accuracy of any information contained in any proxy solicitation materials used by the Fund or any other statements that
it may otherwise make.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white"><B>We recommend
that you discard any proxy card or solicitation materials that may be sent to you by the Fund. Voting &ldquo;ABSTAIN&rdquo;
on its [&#9679;] proxy card is not the same as voting for the Nominees or the Shareholder Proposals because an abstain vote on the Fund&rsquo;s [&#9679;] proxy card will revoke any previous voting instructions that you submitted. If you have already voted using the Fund&rsquo;s [&#9679;] proxy card, you have every right to change your vote by using the enclosed <U>GOLD</U> proxy card by
signing, dating and returning the enclosed <U>GOLD</U> proxy card in the postage-paid envelope provided. Only the latest validly executed
proxy that you submit will be counted; any proxy may be revoked at any time prior to its exercise at the Annual Meeting by following the
instructions below under &ldquo;Can I change my vote or revoke my proxy?&rdquo;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white"><B>If you have
any questions or require any assistance with voting your shares, please contact our proxy solicitor, InvestorCom. Shareholders may call
toll free at (877) 972-0090 or collect at (203) 972-9300.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B><I>Can I change my vote
or revoke my proxy?</I></B></P>

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<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">If you are the shareholder of record, you may
change your proxy instructions or revoke your proxy at any time before your proxy is voted at the Annual Meeting. Proxies may be revoked
by any of the following actions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">signing, dating and returning
the enclosed <B><U>GOLD</U></B> proxy card in the postage-paid envelope provided or signing, dating and returning a [&#9679;] proxy card
(the latest dated proxy is the only one that counts); </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">delivering a written revocation
to the secretary of the Fund; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">attending the Annual Meeting
and voting by ballot in person (although attendance at the Annual Meeting will not, by itself, revoke a proxy).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If your shares are held in a brokerage account by a broker, bank or other
nominee, you should follow the instructions provided by your broker, bank or other nominee. If you attend the Annual Meeting and you beneficially
own Common Shares but are not the record owner, your mere attendance at the Annual Meeting WILL NOT be sufficient to revoke any previously
submitted proxy card. You must have written authority from the record owner to vote your shares held in its name at the meeting in the
form of a &ldquo;legal proxy&rdquo; issued in your name from the bank, broker or other nominee that holds your shares. If you have any
questions or require any assistance with voting your shares, please contact our proxy solicitor, InvestorCom, toll free at (877) 972-0090
or collect at (203) 972-9300.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>IF YOU HAVE ALREADY VOTED USING THE FUND&rsquo;S
[&#9679;] PROXY CARD, WE URGE YOU TO REVOKE IT BY FOLLOWING THE INSTRUCTIONS ABOVE.</B> Although a revocation is effective if delivered
to the Fund, we request that a copy of any revocation be mailed to Saba Capital Management, L.P., c/o InvestorCom, 19 Old Kings
Highway S., Suite 130, Darien, CT 06820, so that we will be aware of all revocations.</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B><I>Who is making this
Proxy Solicitation and who is paying for it? </I></B></P>

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<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The solicitation of proxies
pursuant to this proxy solicitation is being made by the Participants. Proxies may be solicited by mail, facsimile, telephone, telegraph,
Internet, in person or by advertisements. Saba will solicit proxies from individuals, brokers, banks, bank nominees and other institutional
holders. Saba will request banks, brokerage houses and other custodians, nominees and fiduciaries to forward all solicitation materials
to the beneficial owners of the Common Shares they hold of record. Saba will reimburse these record holders for their reasonable out-of-pocket
expenses in so doing. It is anticipated that certain regular employees of Saba will also participate in the solicitation of proxies in
support of the Nominees and the Shareholder Proposals. Such employees will receive no additional consideration if they assist in the solicitation
of proxies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">Saba has retained InvestorCom
to provide solicitation and advisory services in connection with this solicitation. InvestorCom will be paid a fee not to exceed $[&#9679;]
based upon the campaign services provided. In addition, Saba will advance costs and reimburse InvestorCom for reasonable out-of-pocket
expenses and will indemnify InvestorCom against certain liabilities and expenses, including certain liabilities under the federal securities
laws. InvestorCom will solicit proxies from individuals, brokers, banks, bank nominees and other institutional holders. It is anticipated
that InvestorCom will employ approximately [&#9679;] persons to solicit the Fund&rsquo;s shareholders as part of this solicitation.
InvestorCom does not believe that any of its owners, managers, officers, employees, affiliates or controlling persons, if any, is a &ldquo;participant&rdquo;
in this proxy solicitation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The entire expense of
soliciting proxies is being borne by Saba. Costs of this proxy solicitation are currently estimated to be approximately $[&#9679;].
We estimate that through the date hereof, Saba&rsquo;s expenses in connection with the proxy solicitation are approximately
$[&#9679;]. <B>If successful in its proxy solicitation through the election of the Nominees listed in Proposal 1(a) or the passage of
any of the Shareholder Proposals, Saba may seek reimbursement of these costs from the Fund.</B> For the avoidance of doubt, such
reimbursement is not guaranteed. In the event that Saba decides to seek reimbursement of its expenses, Saba does not intend to
submit the matter to a vote of the Fund&rsquo;s shareholders. The Board, which will consist of the three Nominees, if
elected, and seven incumbent trustees of the Fund, would be required to evaluate the requested reimbursement consistent with
their fiduciary duties to the Fund and its shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>What is Householding of Proxy Materials?</I></B></P>

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<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The SEC has adopted rules
that permit companies and intermediaries (such as brokers and banks) to satisfy the delivery requirements for proxy statements and annual
reports with respect to two or more shareholders sharing the same address by delivering a single proxy statement addressed to those shareholders.
Some banks and brokers with account holders who are shareholders of the Fund may be householding our proxy materials.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">A
single copy of this Proxy Statement (and of the Fund&rsquo;s Proxy Statement and Semi-Annual Report) will be delivered to multiple
shareholders sharing an address unless contrary instructions have been received from one or more of the affected shareholders. Once
you have received notice from your bank or broker that it will be householding communications to your address, householding will
continue until you are notified otherwise or until you revoke your consent. If, at any time, you no longer wish to participate in
householding and would prefer to receive a separate proxy statement and annual report, please notify your bank or broker and direct
your request to the Fund at 100 Bellevue Parkway, Wilmington, DE 19809, or by calling&nbsp;toll free at 1-800-882-0052.
Shareholders who currently receive multiple copies of this Proxy Statement at their address and would like to request householding
of their communications should contact their bank or broker.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">Because Saba
has initiated a contested proxy solicitation, we understand that banks and brokers with account holders who are shareholders of the Fund will not be householding our proxy materials.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B><I>Where can I find additional
information concerning the Fund?</I></B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: #00355B 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to Rule 14a-5(c) promulgated under the
Exchange Act, we have omitted from this Proxy Statement certain disclosure required by applicable law to be included in the Fund&rsquo;s definitive proxy statement in connection with the Annual Meeting. Such disclosure includes information
regarding securities of the Fund beneficially owned by the Fund&rsquo;s trustees, nominees and management; the Fund&rsquo;s investment manager and administrator; the Audit Committee of the Board; certain shareholders&rsquo;
beneficial ownership of more than 5% of the Fund&rsquo;s voting securities; information concerning the Fund&rsquo;s trustees who are not up for election at the Annual Meeting; information concerning executive compensation; and
information concerning the procedures for submitting shareholder proposals and trustee nominations intended for consideration at the
2024 annual meeting of shareholders and for consideration for inclusion in the proxy materials for that meetings. We take no
responsibility for the accuracy or completeness of any information that we expect to be contained in the Fund&rsquo;s
definitive proxy statement. Except as otherwise noted herein, the information in this Proxy Statement concerning the Fund
has been taken from or is based upon documents and records on file with the SEC and other publicly available information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.8pt 0 0; background-color: #00355B"><FONT STYLE="color: White">This Proxy
Statement and all other solicitation materials in connection with this proxy solicitation will be available on the internet, free of
charge, on the SEC&rsquo;s website at https://www.edgar.sec.gov. The Edgar file number for the Fund is 811-10331.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: white"><B>CONCLUSION</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We urge you to carefully consider the information contained
in this Proxy Statement and then support our efforts by signing, dating and returning the enclosed <B><U>GOLD</U></B> proxy card today.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Thank you for your support,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: -13.5pt; text-align: center"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 130px; width: 297px"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -13.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Saba Capital Management, L.P.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -13.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Saba Capital Master Fund, Ltd.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Boaz R. Weinstein</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Ravi Bhasin</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Ilya Gurevich</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Emmanuel Werthenschlag</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -13.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>[&#9679;], 2023</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 8.1pt 0 0; background-color: #00355B; color: white"><B>ANNEX I: INFORMATION
ON THE PARTICIPANTS</B></P>

<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0 8.1pt 0 0; background-color: #00355B">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Beneficial Ownership and Other Information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-style: normal; font-weight: normal">This
proxy solicitation is being made by the Participants. As of the date of this Proxy Statement, the Participants may be deemed to &ldquo;beneficially
own&rdquo; (such term as used in Schedule 14A within the meaning of Rule 13d-3 or Rule 16a-1 under the Exchange Act for the purposes
of this Annex I) [4,032,388] Common Shares in the aggregate, representing [13.23]% of the outstanding Common Shares. The percentage used
herein is based upon 30,471,902 Common Shares outstanding as of January 31, 2023, as disclosed in the Semi-Annual Report. Of the [4,032,388]
Common Shares owned in the aggregate by the Participants, such Common Shares may be deemed to be beneficially owned as follows: (a) [4,032,388]
Common Shares (including 1,000 Common Shares held in record name by Saba I) may be deemed to be beneficially owned by Saba Capital by
virtue of its status as the investment manager of various funds and accounts, such funds and accounts, the (&ldquo;Saba Entities&rdquo;);
and (b) [4,032,388] Common Shares (including 1,000 Common Shares held in record name by Saba I) may be deemed to be beneficially owned
by Mr. Weinstein by virtue of his status as the principal of Saba.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As of the date of this Proxy Statement, none of the
Nominees beneficially own any Common Shares or any other securities of the Fund.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The principal business of Saba Capital is to serve
as investment manager to the Saba Entities. The principal business of Saba I is to serve as a private investment fund. The principal business
of Mr. Weinstein is investment management and serving as the principal of Saba Capital. The principal business of the Saba Entities is
to invest in securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The business address of each member of Saba and the
Saba Entities is 405 Lexington Avenue, 58th Floor, New York, New York 10174.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The principal occupation and business address of each
of the Nominees are disclosed in the section of this Proxy Statement titled &ldquo;PROPOSAL 1: ELECTION OF CLASS I TRUSTEES&rdquo;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Unless otherwise noted as shares held in record name
by the Saba Entities, the Common Shares held by the Saba Entities are held in commingled margin accounts, which may extend margin credit
to such parties from time to time, subject to applicable federal margin regulations, stock exchange rules and credit policies. In such
instances, the positions held in the margin account are pledged as collateral security for the repayment of debit balances in the account.
The margin accounts bear interest at a rate based upon the broker&rsquo;s call rate from time to time in effect. Because other securities
are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported
herein since margin may have been attributed to such other securities and since margin used is not disclosed on an individual per-security
basis.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><BR>
<BR STYLE="clear: both">
<B>Disclaimer</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 9.5pt"><FONT STYLE="font-size: 9.5pt">Except as set forth in this Proxy Statement
(including the Appendices hereto), (i) during the past 10 years, no Participant in this solicitation has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors); (ii) no Participant and no associate or &ldquo;Immediate Family Member&rdquo;
(as defined in Item 22 of Schedule 14A under the Exchange Act (&ldquo;Item 22&rdquo;)) of any Participant, is a record owner or direct
or indirect beneficial owner of any securities of the Fund, any parent or subsidiary of the Fund, any investment adviser, principal underwriter</FONT><FONT STYLE="font-size: 9pt">,
or &ldquo;Sponsoring Insurance Company&rdquo; (as defined in Item 22) of the Fund, or in any registered investment companies overseen
or to be overseen by the Participant within the same &ldquo;Family of Investment Companies&rdquo; (as defined in Item 22) that directly
or indirectly controls, is controlled by or is under common control with an investment adviser, principal underwriter, or Sponsoring Insurance,
or affiliated person of the Fund</FONT><FONT STYLE="font-size: 9.5pt">; (iii) no Participant in this solicitation directly or indirectly
beneficially owns any securities of the Fund which are owned of record but not beneficially; (iv) no Participant in this solicitation
has purchased or sold any securities of the Fund or the Fund&rsquo;s investment adviser during the past two years, nor from either entity&rsquo;s
&ldquo;Parents&rdquo; or &ldquo;Subsidiaries&rdquo; (as defined in Item 22); (v) no Participant has any &ldquo;family relationship&rdquo;
for the purposes of Item 22 whereby a family member is an &ldquo;Officer&rdquo; (as defined in Item 22), director (or person nominated
to become an Officer or director), employee, partner, or copartner of the Fund, the Fund&rsquo;s investment adviser and/or a principal
underwriter of any of the foregoing, or any Subsidiary or other potential affiliate of any of the foregoing; (vi) no part of the purchase
price or market value of the securities of the Fund owned by any Participant in this solicitation is represented by funds borrowed or
otherwise obtained for the purpose of acquiring or holding such securities; (vii) no Participant in this solicitation is, or within the
past year was, a party to any contract, arrangements or understandings with any person with respect to any securities of the Fund, including,
but not limited to, joint ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profit, division
of losses or profits, or the giving or withholding of proxies; (viii) no associate of any Participant in this solicitation owns beneficially,
directly or indirectly, any securities of the Fund; (ix) no Participant in this solicitation owns beneficially, directly or indirectly,
any securities of any parent or subsidiary of the Fund; (x) during the last five years, no Nominee has had any arrangement or understanding
with any other person pursuant to which he was selected to be a nominee for election as a trustee to the Fund other than the Nominee Agreements
described herein; (xi) no Participant and no Immediate Family Member of any Participant in this solicitation or any of his or its associates
was a party to, or had a direct or indirect material relationship in, any transaction or series of similar transactions since the beginning
of the Fund&rsquo;s last fiscal year, or is a party to any currently proposed transaction, or series of similar transactions in which
the amount involved exceeds $120,000 and for which any of the following was or is a party: (a) the Fund or any of its subsidiaries; (b)
an Officer of the Fund; (c) an investment company, or a person that would be an investment company but for the exclusions provided by
sections 3(c)(1) and 3(c)(7) of the 40 Act, having the same investment adviser, principal underwriter, or Sponsoring Insurance Company
as the Fund or having an investment adviser, principal underwriter, or Sponsoring Insurance Company that directly or indirectly controls,
is controlled by or is under common control with the investment adviser, principal underwriter, or Sponsoring Insurance Company of the
Fund; (d) an investment adviser, principal underwriter, Sponsoring Insurance Company, or affiliated person of the Fund; (e) any Officer
or any person directly or indirectly controlling, controlled by, or under common control with any investment adviser, principal underwriter,
Sponsoring Insurance Company, or affiliated person of the Fund; (f) an Officer of an investment adviser, principal underwriter, or Sponsoring
Insurance Company of the Fund; or (g) an Officer of a person directly or indirectly controlling, controlled by, or under common control
with an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Fund; (xii) during the last five years, no Participant
and no Immediate Family Member of any Participant has had a position or office with: (a) the Fund; (b) an investment company, or a person
that would be an investment company but for the exclusions provided by Sections 3(c)(1) and 3(c)(7) of the 40 Act, having the same investment
adviser, principal underwriter, or Sponsoring Insurance Company as the Fund or having an investment adviser, principal underwriter, or
Sponsoring Insurance Company that directly or indirectly controls, is controlled by, or is under common control with an investment adviser,
principal underwriter, or Sponsoring Insurance Company of the Fund; or (c) an investment adviser, principal underwriter, Sponsoring Insurance
Company, or affiliated person; (xiii) no Participant in this solicitation or any of his or its associates has any arrangement or understanding
with any person with respect to any future employment by the Fund or its affiliates, or with respect to any future transactions to which
the Fund or any of its affiliates will or may be a party; (xiv) no Participant in this solicitation has a substantial interest, direct
or indirect, by securities holdings or otherwise, in any matter to be acted on at the Annual Meeting; (xv) there are no material pending
legal proceedings to which any Nominee or any of his or its associates is a party adverse to the Fund or, to the best of Saba&rsquo;s
knowledge after reasonable investigation, any affiliated person of the Fund, nor does any Nominee have a material interest in such proceedings
that is adverse to the Fund or, to the best of the Saba&rsquo;s knowledge after reasonable investigation, any affiliated person of the
Fund; (xvi) since the beginning of the last two completed fiscal years, no Participant (and no Immediate Family Member of a Participant)
has served on the board of directors or trustees of a company or trust where an Officer of an investment adviser, principal underwriter,
or Sponsoring Insurance Company of the Fund, or any person directly or indirectly controlling, controlled by, or under common control
with any of those, serves on the board of directors or trustees; and (xvii) no Participant has withheld information that is required to
be disclosed under the following Items under Regulation S-K under the Exchange Act: Item 401(f) with respect to involvement in certain
legal proceedings, Item 401(g) with respect to promoters and control persons, and Item 405 with respect to beneficial ownership and required</FONT>
filings.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>Transactions by the Participants with respect
to the Fund&rsquo;s securities</I></B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: #00355B 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following tables set forth all transactions effected
during the past two years by Saba, by virtue of Saba Capital&rsquo;s direct and indirect control of the Saba Entities, with respect to
securities of the Fund. The Common Shares reported herein are held in either cash accounts or margin accounts in the ordinary
course of business. Unless otherwise indicated, all transactions were effected on the open market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Common Shares: </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Saba Capital, in its capacity as investment manager of the Saba Entities
(including Saba I)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Side</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Shares</B></P></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Side</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Shares</B></P></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Side</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Shares</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5/25/2021</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Sell</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(17,108)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8/15/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">40,507</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4/14/2023</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">25,908</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5/27/2021</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Sell</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(52)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8/16/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">14,136</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4/17/2023</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5,400</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5/28/2021</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Sell</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(50,075)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8/17/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">23,169</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4/18/2023</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">25,694</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6/1/2021</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Sell</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(10,989)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8/25/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5,013</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4/19/2023</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">18,829</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6/2/2021</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Sell</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(17,531)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8/26/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8,349</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4/28/2023</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">38,783</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10/29/2021</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Sell</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(1,026)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8/30/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1,004</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/4/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">300,439</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11/2/2021</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Sell</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(9,252)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8/31/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1,815</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11/4/2021</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Sell</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(697)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">9/1/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">30,043</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">12/14/2021</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Sell</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(100)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10/7/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">13,383</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">12/30/2021</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Sell</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(4,703)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10/14/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">100</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">12/31/2021</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Sell</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(22,361)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10/18/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3,709</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3/21/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2,010</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10/19/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">20,501</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3/22/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3,369</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10/20/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">33,516</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3/23/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2,304</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10/21/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">600</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4/6/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6,650</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10/24/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">43,530</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4/18/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6,027</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11/1/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">13,092</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4/19/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">9,525</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11/2/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">79,097</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4/20/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">22,225</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11/3/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6,530</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4/22/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Sell</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(14,815)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11/9/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">252,938</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5/3/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6,832</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11/11/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11,287</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5/31/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">17,763</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11/15/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">21,815</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6/3/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">66,788</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11/16/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2,690</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6/6/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11,387</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11/17/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">9,785</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6/7/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">36,012</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11/18/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">500,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6/9/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">29,869</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11/29/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8,600</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6/10/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">68,042</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11/30/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">14,244</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6/21/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">12,443</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">12/2/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">105,008</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7/11/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2,280</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">12/5/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">642,650</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7/12/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1,995</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">12/6/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11,479</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7/13/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">13,665</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">12/7/2022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">520,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7/21/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7,073</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3/2/2023</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">71,453</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7/22/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">46,881</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3/21/2023</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">54,414</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7/25/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1,400</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3/22/2023</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">32,479</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7/27/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">17,511</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3/23/2023</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">27,924</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">7/28/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">16,881</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3/24/2023</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">51,144</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8/2/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3,171</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3/28/2023</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">26,517</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8/3/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8,457</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3/29/2023</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">185,610</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8/4/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">155</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4/3/2023*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8/5/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">24,078</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4/4/2023</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">15,288</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8/10/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">18,044</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4/5/2023</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">66,512</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8/12/2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">14,328</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4/6/2023</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">9,210</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><P STYLE="padding-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">___________________</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>*
</SUP>Represents share dividend.</FONT></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;&nbsp;&nbsp;</B></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>IMPORTANT</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Tell your Board what you think! YOUR VOTE IS VERY IMPORTANT,
no matter how many or how few shares you own. Please give us your vote <B>&ldquo;FOR&rdquo; </B>the Nominees by taking three steps:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&#9679;&#9;SIGNING the enclosed <B><U>GOLD</U></B>
proxy card,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&#9679;&#9;DATING the enclosed <B><U>GOLD</U></B>
proxy card, and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD STYLE="text-align: justify">MAILING the enclosed <B><U>GOLD</U></B> proxy card TODAY in the envelope provided (no postage is required
if mailed in the United States).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>If any of your shares are held in the name of a
broker, bank, bank nominee or other institution, only it can vote your shares and only upon receipt of your specific instructions.</B>
Depending upon your broker or custodian, you may be able to vote either by toll-free telephone or by the Internet. You may also vote by
signing, dating and returning the enclosed <B><U>GOLD</U></B> voting instruction form in the postage-paid envelope provided, and to ensure
that your shares are voted, you should also contact the person responsible for your account and give instructions for a <B><U>GOLD</U></B>
voting instruction form to be issued representing your shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">By returning the <B><U>GOLD</U></B> proxy card, you
are authorizing Saba to vote on your behalf, and if you do not indicate how you would like to vote, your vote will be counted &ldquo;FOR
ALL&rdquo; of the Nominees in Proposal 1(a), &ldquo;WITHHOLD&rdquo; on Proposal 1(b) and to approve each of the Shareholder
Proposals (Proposals 2-5).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">After signing the enclosed <B><U>GOLD</U></B> proxy
card, <B>DO NOT SIGN OR RETURN THE FUND&rsquo;S [&#9679;] PROXY CARD UNLESS YOU INTEND TO CHANGE YOUR VOTE</B>, because only
your latest dated proxy card will be counted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If you have previously signed, dated and returned a
[&#9679;] proxy card to the Fund, you have every right to change your vote. Only your latest dated proxy card will count. You
may revoke any proxy card already sent to the Fund by signing, dating and mailing the enclosed <B><U>GOLD</U></B> proxy card
in the postage-paid envelope provided or by voting by telephone or Internet. Any proxy may be revoked at any time prior to the Annual
Meeting by delivering a written notice of revocation or a later dated proxy for the Annual Meeting to the secretary of the Fund
or by voting in person at the Annual Meeting. Attendance at the Annual Meeting will not in and of itself constitute a revocation.</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>If you have any questions concerning this Proxy Statement,
would like to request additional copies of this Proxy Statement, or need help voting your shares, please contact our proxy solicitor:</I></P>

<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<DIV STYLE="padding: 1pt 1pt 6pt; border: Black 1.5pt solid">

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><IMG SRC="image_003.jpg" ALT="" STYLE="height: 81px; width: 285px"><BR>
<BR>
</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>19 Old Kings Highway S., Suite 130</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Darien, CT 06820<BR>
Shareholders Call Toll-Free at: (877) 972-0090</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>E-mail: Saba@investor-com.com</B></P>

</DIV>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: Red"><B>PRELIMINARY COPY SUBJECT
TO COMPLETION</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Form of <U>GOLD</U> Proxy Card</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 1pt; text-align: center"><B>BlackRock California Municipal Income Trust</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Proxy Card for 2023 Annual Meeting of Shareholders
(the &ldquo;Annual Meeting&rdquo;)</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>THIS PROXY SOLICITATION IS BEING MADE BY SABA CAPITAL
MANAGEMENT, L.P. (&ldquo;SABA CAPITAL&rdquo;), SABA CAPITAL MASTER FUND, LTD., <FONT STYLE="text-transform: uppercase">Boaz R. Weinstein</FONT>
AND THE INDIVIDUALS NAMED IN PROPOSAL 1(a)</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>THE BOARD OF TRUSTEES (THE &ldquo;BOARD&rdquo;) OF
BLACKROCK <FONT STYLE="text-transform: uppercase">California Municipal Income</FONT> TRUST IS NOT SOLICITING THIS PROXY </B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The undersigned appoints Michael D&rsquo;Angelo,
Paul Kazarian, Eleazer Klein, Pierre Weinstein and John Grau and each of them, attorneys and agents with full power of substitution
to vote all common shares of BlackRock California Municipal Income Trust, a Delaware Business Trust and a
closed-end management investment company registered under the Investment Fund Act of 1940, as amended (the &ldquo;Fund&rdquo;), that
the undersigned would be entitled to vote at the Annual Meeting, including at any adjournments or postponements thereof, with all
powers that the undersigned would possess if personally present, upon and in respect of the instructions indicated herein, with
discretionary authority, subject to applicable law, as to any and all other matters that may properly come before the meeting or any
adjournment, postponement, or substitution thereof that are unknown to us a reasonable time before this solicitation.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The undersigned hereby revokes any other proxy or proxies
heretofore given to vote or act with respect to said shares, and hereby ratifies and confirms all action the herein named attorneys and
proxies, their substitutes, or any of them may lawfully take by virtue hereof. This proxy will be valid until the sooner of one year from
the date indicated on the reverse side and the completion of the Annual Meeting (including any adjournments or postponements thereof).</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>If this proxy is signed, dated and returned, it
will be voted in accordance with your instructions. If you do not specify how the proxy should be voted, this proxy will be voted
&ldquo;FOR ALL&rdquo; of the nominees in Proposal 1(a) (the &ldquo;Nominees&rdquo;), &ldquo;WITHHOLD&rdquo; on Proposal
1(b), &ldquo;FOR&rdquo; Proposal 2, &ldquo;FOR&rdquo; Proposal 3, &ldquo;FOR&rdquo; Proposal 4 and &ldquo;FOR&rdquo; Proposal 5. </B>A vote &ldquo;against&rdquo; Saba&rsquo;s Nominees will not have the same effect as a vote
&ldquo;for&rdquo; the Fund&rsquo;s nominee. None of the matters currently intended to be acted upon pursuant to this proxy are
conditioned on the approval of other matters.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>INSTRUCTIONS:
</B>FILL IN VOTING BOXES &ldquo;&#9744;&rdquo; IN BLACK OR BLUE INK</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt"><B>We recommend that you vote &ldquo;<U>FOR ALL</U>&rdquo; of the
Nominees in Proposal 1(a):</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><B>Proposal 1(a) </B>&ndash; Election at the Annual
Meeting of the individuals nominated by Saba Capital.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 48%">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Nominees:</B></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Ravi Bhasin</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Ilya Gurevich</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Emmanuel Werthenschlag</P></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR ALL</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>WITHHOLD ALL</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR ALL EXCEPT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><FONT STYLE="background-color: white"><B></B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><FONT STYLE="background-color: white"><B>(INSTRUCTIONS: To withhold
authority to vote for any individual Nominee, mark the &ldquo;For All Except&rdquo; box above and write the name of the nominee(s) from
which you wish to abstain in the space provided below.) </B>Abstentions will be treated as shares that are present and entitled to vote
and therefore will count as votes against the proposals below.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><FONT STYLE="background-color: white"><B>We make no recommendation
on Proposal 1(b):</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><B>Proposal 1(b)</B> &ndash; Election by the holders
of preferred shares at the Annual Meeting of the individual nominated by the Fund (the &ldquo;Preferred Shares Nominee&rdquo;).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR><TD ROWSPAN="2" STYLE="vertical-align: top; width: 48%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>2023
Preferred Share Nominees:</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR ALL</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>WITHHOLD </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR ALL EXCEPT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD></TR></TABLE>


<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><FONT STYLE="background-color: white"><B>We recommend that you vote
&ldquo;FOR&rdquo; Proposal 2:</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><B>Proposal 2</B> &ndash; To request that
the Board amend the appropriate governing documents of the Fund to give shareholders the right to adopt, alter, and repeal
the bylaws of the Fund.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 36%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ABSTAIN* </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 34%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AGAINST</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><FONT STYLE="background-color: white"> </FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>We recommend that you vote &ldquo;<U>FOR</U>&rdquo; Proposal 3:</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Proposal 3 </B>&ndash; To request that
the Board declassify the Board so that all trustees are elected on an annual basis starting at the next annual meeting of shareholders. </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 36%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ABSTAIN* </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 34%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AGAINST</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>We recommend that you vote &ldquo;<U>FOR</U>&rdquo; Proposal 4:</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Proposal 4 </B>&ndash; To request that the Board take all necessary steps in its power to opt-out
of the Delaware Control Share Acquisition Statute.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 36%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ABSTAIN* </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 34%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AGAINST</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>We recommend that you vote &ldquo;<U>FOR</U>&rdquo; Proposal 5:</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>Proposal 5 </B>&ndash; To request that the Board take all necessary steps to merge the Fund with
and into an existing open-end fund.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 36%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ABSTAIN* </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 34%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AGAINST</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><P STYLE="text-align: justify; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">*<FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt"><B>As
                                                                    disclosed in the Proxy Statement, to the extent the Fund continues to assert that shareholders are not allowed to vote on proposals
                                                                    2-5 (the &ldquo;Shareholder Proposals&rdquo;) and Saba is unsuccessful in any action it may seek and/or decides to forego its right
                                                                    to pursue the presentation of the Shareholder Proposals, the Shareholder Proposals may not be considered at the Annual Meeting and
                                                                    therefore, in such event, any proxies granted to us that voted on the Shareholder Proposals will not have such votes presented on
                                                                    the Shareholder Proposals at the Annual Meeting.&nbsp; For the avoidance of doubt, on such proxies, only the votes pertaining to the
                                                                    Shareholder Proposals will not be presented &ndash; all other votes on such proxies, including those pertaining to the nomination of
                                                                    directors, will be valid and presented at the Annual Meeting.&nbsp;&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 70%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 27%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Signature (Capacity)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Date</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Signature (Joint Owner) (Capacity/Title)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Date</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NOTE: </B>Please sign exactly as your name(s) appear(s) on stock certificates or on the label affixed hereto.&nbsp;&nbsp;When signing as attorney, executor, administrator or other fiduciary, please give full title as such.&nbsp;&nbsp;Joint owners must each sign personally.&nbsp;&nbsp;<B>ALL HOLDERS MUST SIGN. </B>&nbsp;If a corporation or partnership, please sign in full corporate or partnership name by an authorized officer and give full title as such.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>PLEASE <U>SIGN</U>, <U>DATE</U> AND <U>PROMPTLY RETURN</U> THIS PROXY
IN THE ENCLOSED RETURN ENVELOPE THAT IS POSTAGE PREPAID IF MAILED IN THE UNITED STATES.</B></P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
