<SEC-DOCUMENT>0000902664-24-002991.txt : 20240419
<SEC-HEADER>0000902664-24-002991.hdr.sgml : 20240419
<ACCEPTANCE-DATETIME>20240419172345
ACCESSION NUMBER:		0000902664-24-002991
CONFORMED SUBMISSION TYPE:	DEFC14A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20240419
DATE AS OF CHANGE:		20240419

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		DEFC14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10331
		FILM NUMBER:		24858979

	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
		ORGANIZATION NAME:           	
		IRS NUMBER:				800361690
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFC14A

	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>DEFC14A
<SEQUENCE>1
<FILENAME>p24-1512defc14a.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: center"></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">&#168; </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="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</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">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</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">&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</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">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</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">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</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>Shavar Jeffries</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>&nbsp;</B></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>&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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    <!-- Field: /Page -->

<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="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%">&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</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%">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</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="width: 100%; font: 12pt Times New Roman, Times, Serif; 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="width: 100%; font: 12pt Times New Roman, Times, Serif; 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="width: 100%; font: 12pt Times New Roman, Times, Serif; 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="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</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="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</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="width: 100%; font: 12pt Times New Roman, Times, Serif; 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>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DATED April 22, 2024</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 Statutory 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;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We have submitted the shareholder proposal to
terminate the investment management agreement between the Fund and its current investment manager (the &ldquo;Shareholder
Proposal&rdquo;) and, because we believe that the Board of Trustees of the Fund (the &ldquo;Board&rdquo;) 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 support the Shareholder Proposal and 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
2024 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;), The Fund has not yet publicly disclosed the date, time and location of
the Annual Meeting. Once the Fund publicly discloses such date, time and location, Saba intends to supplement this Proxy Statement with
such information and file revised definitive materials with the Securities and Exchange Commission (the &ldquo;SEC&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">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 April 22, 2024.</P>

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


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<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 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: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 75%; 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 two nominees &mdash;
    Shavar Jeffries and Ilya Gurevich (each, a &ldquo;Nominee&rdquo; and collectively, the &ldquo;Nominees&rdquo;) &mdash; to serve as
    Class II trustees to be voted on by the holders of Common Shares (as defined below) and the Preferred Shares (as defined below),
    voting together as a single class, and hold office until the later of the Fund&rsquo;s 2027 annual meeting of shareholders, or until
    their respective successors are duly elected and qualified as permitted by law.</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 </B>of the Nominees</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <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(b).</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To elect one Class II
    trustee to be voted on by the holders of preferred shares of the Fund (the &ldquo;Preferred Shares&rdquo;) to the Board, with such
    individual, if elected, to serve until the later of the Fund&rsquo;s 2027 annual meeting of shareholders, or until his successor is
    elected and qualified (the &ldquo;Preferred Shares Nominee&rdquo;).</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>No Recommendation</B></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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>2.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To terminate the investment management agreement between the Fund and BlackRock Advisors, LLC (the &ldquo;Manager&rdquo;), dated September 29, 2006, as since amended or novated (the &ldquo;Management Agreement&rdquo;), and all other advisory and management agreements between the Fund and the Manager, including the sub-investment advisory agreement among the Fund, the Manager and BlackRock Financial Management, Inc., dated September 29, 2006, as since amended or novated.</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">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</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 Fund&rsquo;s proxy statement for the
Annual Meeting (the &ldquo;Fund&rsquo;s Proxy Statement&rdquo;) and other public filings, 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, two Class II trustees are to be elected by holders of
the Fund&rsquo;s common shares of beneficial interest, par value $0.001 per share (the &ldquo;Common Shares&rdquo;) and the Preferred Shares,
voting together as a single class, and another Class II trustee to be elected by holders of the Preferred Shares, each for a
three-year term expiring at the Fund&rsquo;s 2027 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 II trustees and the
approval of the Shareholder Proposal.</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 close of business on the date hereof,
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, as amended&nbsp;(the &ldquo;Exchange
Act&rdquo;)), in the aggregate, 5,239,568 Common Shares, including 1,003 Common Shares held in record name. The Fund has not yet
disclosed the record date for determining shareholders entitled to notice of and to vote at the Annual Meeting (the &ldquo;Record
Date&rdquo;) or the number of Common Shares and  Preferred Shares outstanding as of the Record Date. Once the Fund publicly discloses such date and number, Saba intends to
supplement this Proxy Statement with such information and file revised definitive materials with the SEC.</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;<U>FOR ALL</U>&rdquo;</B> of the Nominees in Proposal 1(a) and <B>&ldquo;<U>FOR</U>&rdquo;</B> the Shareholder
Proposal. 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;<B><U>FOR
ALL</U></B>&rdquo; of the Nominees in Proposal 1(a), &ldquo;WITHHOLD&rdquo; on the Preferred Shares Nominee in Proposal 1(b) and
&ldquo;<B><U>FOR</U></B>&rdquo; Proposal 2.</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">According to the <FONT STYLE="background-color: white">bylaws
</FONT>of the Fund, effective as of October 28, 2010 (the &ldquo;Bylaws&rdquo;), in an election of trustees, the qualified nominees receiving
the affirmative vote of a plurality of the &ldquo;Shares&rdquo; (as defined in the Bylaws) 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 Proposal 2, </FONT>the affirmative
vote of a 40 Act Majority (as defined below) shall be required.</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">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 the Shareholder Proposal 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
Proposal. <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>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>If you have already voted using the Fund&rsquo;s
white 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>

<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: 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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<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>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">&nbsp;</P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
believe that BlackRock and the Fund&rsquo;s trustees must be held accountable for the Fund&rsquo;s large and persistent trading discount
and its anti-shareholder governance practices.</FONT></P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Saba&rsquo;s
highly qualified slate of Nominees will ensure the Board has the right mix of experience to address the Fund&rsquo;s critical challenges.
Our Nominees possess markets experience, a deep understanding of retail investors&rsquo; needs, corporate governance expertise and capital
allocation skills.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
recommend voting &ldquo;<B><U>FOR ALL</U></B>&rdquo; of Saba&rsquo;s Nominees, and &ldquo;<B><U>FOR</U></B>&rdquo; its Shareholder Proposal.</FONT></P>


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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 3pt"></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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 1: ELECTION OF CLASS II 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 Fund&rsquo;s Proxy Statement,
the Board is currently comprised of ten trustees divided into three classes. The members of each class are elected to serve
three-year terms or until their successors have been duly elected and qualified as permitted by law with the term of office of each
class ending in successive years, and according to the Fund&rsquo;s Proxy Statement, there will be two Class II 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;Shavar Jeffries and Ilya Gurevich&mdash;to serve as trustees with a term expiring at the 2027 annual meeting of
shareholders (Proposal 1(a)). The Nominees, if elected, would constitute two of ten members, a minority, 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">According to <FONT STYLE="background-color: white">the
Fund&rsquo;s Proxy Statement</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 II and Class I trustees and
are up for election, one per year, in 2024 at the Annual Meeting and 2026, respectively. This year the Preferred Shares Nominee is up
for election as the Class II 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 later of the 2027 annual meeting of shareholders, or until their successors have been duly elected and qualified as
permitted by law. 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 both 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"></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"><B><I>Nominees:</I></B></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: 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: 34%; 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: 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>SHAVAR JEFFRIES</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">49</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-top: 0.35pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shavar Jeffries has served as CEO of the KIPP Foundation, a non-profit organization, since 2023, a culmination of his many years as a champion for KIPP schools and educational opportunity more broadly. From 2015 to 2023, Mr. Jeffries served as the President of Education Reform Now, a non-profit organization, where he led the organization in passing well over 100 policies at the federal and state level that expanded educational opportunities for low-income students of color. Mr. Jeffries served on the board of Pzena Investment Management, Inc., an investment management firm, from 2021 to 2022. </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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None.</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&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: 17%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</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: justify">&nbsp;</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: justify">&nbsp;</TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; 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">Mr. Jeffries also served as a Partner of Lowenstein Sandler LLP,
    a law firm, from 2014 to 2023. Prior to Lowenstein Sandler, Mr. Jeffries taught as an Associate Professor of Law at Seton Hall Law School
    Center for Social Justice from 2010 to 2014 and from 2004 to 2008. In between stints at Seton Hall, Mr. Jeffries served as Counsel to
    the Attorney General in the Office of the New Jersey Attorney General from 2008 to 2010. From 2001 to 2004, Mr. Jeffries served as a Gibbons
    Fellow in Public Interest Law. Prior to his time as a Gibbons Fellow, Mr. Jeffries served as an Associate at Wilmer Cutler Pickering Hale
    and Dorr LLP from 2000 to 2001. Prior to Wilmer, Mr. Jeffries served as Law Clerk to Judge Nathaniel R. Jones of the United States Court
    of Appeals for the Sixth Circuit from 1999 to 2000.</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. Jeffries served as a member of the boards of directors for
    MENTOR National since 2019, and prior board service on diverse organizations including Pzena Investment Management, KIPP Foundation, New
    Classrooms, and Duke University.</P></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: justify">&nbsp;</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">&nbsp;</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. Jeffries graduated from Duke University with a
B.A. in History and English in 1996 and Columbia Law School with a J.D. in 1999, where he concentrated on civil rights law and policy.</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. Jeffries&rsquo;s qualifications to serve as a
trustee of the Fund include his extensive experience in senior management and as a director in various businesses and leadership
roles across education, politics, and law.</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: 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: 34%; 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: 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">52</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-top: 0.35pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ilya Gurevich has served as President of G&amp;G Retirement Planning, a retirement planning firm, since 2023 and 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. </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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None.</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 8; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&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: 17%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</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: justify">&nbsp;</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: justify">&nbsp;</TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; 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">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">In 2023, Mr. Gurevich was nominated by Saba for election to the
    board of trustees of BlackRock Innovation and Growth Term Trust, BlackRock ESG Capital Allocation Term Trust and BlackRock California
    Municipal Income Trust, in connection with the 2023 annual shareholder meetings of such funds.</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></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: justify">&nbsp;</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">&nbsp;</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. 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 0 12pt; text-align: justify">Mr. Gurevich&rsquo;s qualifications to serve as a trustee
of the Fund include his extensive experience in the investment and finance industries.</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, as amended (the &ldquo;1940 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="width: 100%; font: 12pt Times New Roman, Times, Serif; 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">Shavar Jeffries</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>
  </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 0 12pt; 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 1940 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 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>


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<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, the
election of trustees requires the affirmative vote of a plurality of the shares represented in person or by proxy at any meeting at which
a quorum is present. <FONT STYLE="background-color: white">&ldquo;Withhold&rdquo; votes will have no effect on the outcome of Proposal
1. </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 white 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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, 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 2: TERMINATE THE MANAGEMENT AGREEMENT BETWEEN THE FUND AND THE MANAGER</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Record Holder is seeking to terminate the Management
Agreement in accordance with the provisions of Section 12 thereof. Under Section 12 of the Management Agreement and pursuant to the 1940
Act, the Management Agreement may be terminated at any time, by either the trustees of the Fund or a majority of the outstanding securities
of the Fund upon sixty (60) days&rsquo; prior written notice to the Manager.</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">Rule 15a-4 under the 1940 Act provides a temporary exemption
to the approval requirements of an investment management agreement, in the event that a prior advisory contract is terminated, which allows
the Board (including a majority of the independent trustees) to approve an interim investment management contract. Such an interim contract
is required to be approved within ten business days after the date that the termination of the prior advisory contract becomes effective,
with the compensation received under the interim contract to be no greater than the compensation the adviser would have received under
the previous contract. The Board would then have 150 days to obtain shareholder approval for that new investment management contract at
a subsequent meeting of shareholders. Although the failure to approve a permanent investment
management agreement could potentially require the Fund to become internally managed, we believe any reasonably designed process to select
a new manager would identify a number of suitable, alternative advisers willing to advise the Fund on attractive terms.</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 the proposal to terminate the Management Agreement
is approved by shareholders, the Board will have the ability to appoint an interim manager and/or long-term manager of its choosing, the
latter being subject to shareholder approval. In such instance, Saba Capital would stand ready to assist in any way it can to help the
Board ensure that a capable manager is installed, and may at such time offer its services to the Board to act as an interim or long-term
manager to the Fund and/or recommend to the Board various third-party manager candidates for the Board to consider at its discretion.
For the avoidance of doubt, termination of the Management Agreement will not require the Fund to pursue any agreement with Saba relating
to the appointment of a new manager, be it Saba Capital or any other potential manager replacement, and shareholders will have the final
say on the appointment of any long-term manager.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;&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:</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 investment management
agreement between BlackRock California Municipal Income Trust (the &ldquo;Fund&rdquo;) and BlackRock Advisors, LLC (the &ldquo;Manager&rdquo;),
dated September 29, 2006, the form of which is attached to the Fund&rsquo;s Form N-14 8C, filed with the Securities and Exchange Commission
on June 23, 2009, as since amended or novated (the &ldquo;Management Agreement&rdquo;), and all other advisory and management agreements
between the Fund and the Manager, including the sub-investment advisory agreement among the Fund, the Manager and BlackRock Financial
Management, Inc., dated September 29, 2006, as since amended or novated, shall be terminated by the Fund, pursuant to the right of shareholders
as embodied in Section 12 of the Management Agreement and Section 15(a)(3) of the Investment Company Act of 1940, such termination to
be effective no more than sixty days following the date hereof.&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"></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; background-color: white">The approval of Proposal
2 requires the affirmative vote of a &ldquo;majority of the outstanding voting securities&rdquo; of the Fund, which is defined under
the 1940 Act to be the lesser of: (i) 67% or more of shares of the voting securities present at such meeting, if the holders of more than
50% of the outstanding shares of voting securities are present or represented by proxy, or (ii) more than 50% of the outstanding shares
of voting securities (a &ldquo;40 Act Majority&rdquo;). Abstentions will have the same effect as votes &ldquo;against&rdquo; 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">&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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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 and Preferred
Shares (together with the Common Shares, the &ldquo;Shares&rdquo;) 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 Shares before the Record Date (or acquire them without
voting rights after the Record Date) may not vote such Shares. Shareholders of record on the Record Date will retain their voting
rights in connection with the Annual Meeting even if they sell such 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>Shares held in record name.</B> If your 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 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>Shares beneficially owned or held in &ldquo;street&rdquo;
name.</B> If you hold your 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 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> the Shareholder Proposal</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>Shares represented by properly executed
<B><U>GOLD</U></B> proxy cards will be voted at the Annual Meeting as marked and, in the absence of specific instructions, <B><U>FOR
</U></B>ALL of Saba&rsquo;s Nominees, WITHHOLD on the Preferred Shares Nominee and <B><U>FOR</U></B> the Shareholder Proposal.</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> of the Nominees
standing for election to the Board named in this Proxy Statement (Proposal 1(a)); 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 termination
of the Management Agreement between the Fund and the Manager and all other advisory and management agreements between the Fund and the
Manager, including the sub-investment advisory agreement among the Fund, the Manager and BlackRock Financial Management, Inc. (Proposal
2).</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">The Participants intend to vote all of
their Common Shares &ldquo;FOR ALL&rdquo; of the Nominees in Proposal 1 and &ldquo;FOR&rdquo; Proposal 2, except for a small percentage of Common
Shares owned by certain of the Saba Entities (as defined in Annex I) that, pursuant to internal proxy voting policies, will be
echo-voted (i.e. meaning they will be voted in the same proportion as the votes of all other shareholders).</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>

<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 Shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute
a quorum at the Annual Meeting. Withhold votes and abstentions are treated as votes present for purposes of determining a quorum. For
information on the treatment of broker non-votes, if any, in connection with the Annual Meeting, please see the Fund&rsquo;s Proxy Statement.</FONT></P>

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


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<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 II Trustees.</B> According to the Bylaws, the election of trustees requires the affirmative vote of a plurality of the shares
represented in person or by proxy at any meeting at which a quorum is present. &ldquo;Withhold&rdquo; votes will have no effect on the
outcome of Proposal 1.</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; OF THE NOMINEES ON THE ENCLOSED <U>GOLD</U>
PROXY CARD. PLEASE DO NOT SIGN OR RETURN A WHITE 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>Proposal 2 &ndash; Termination of the Management
Agreement. </B> The approval of Proposal 2 requires the affirmative vote of a 40 Act Majority. Abstentions will have the same effect
as votes &ldquo;against&rdquo; Proposal 2.</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 white 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>

<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 that may be sent to you by the Fund. Voting &ldquo;WITHHOLD&rdquo;, &ldquo;ABSTAIN&rdquo;
or &ldquo;AGAINST&rdquo; on its white proxy card is not the same as voting for the Nominees or the Shareholder Proposal because a
vote on the Fund&rsquo;s white proxy card will revoke any previous voting instructions that you submitted on the <U>GOLD</U> proxy
card. If you have already voted using the Fund&rsquo;s white 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>

<!-- 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: 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 white 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 at 50 Hudson Yards, New York, NY 10001; 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="text-align: justify; 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 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
WHITE 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>


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<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 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 Proposal. 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 $20,000
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 25 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>

<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 $150,000. We estimate that
through the date hereof, Saba&rsquo;s expenses in connection with the proxy solicitation are approximately $75,000. Saba does not intend
to seek reimbursement of these costs from the Fund.</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; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">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 50 Hudson Yards, New York, NY 10001, or by calling toll free at 1-800-882-0052.</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; information concerning executive compensation; and information concerning the procedures for submitting shareholder
proposals and trustee nominations intended for consideration at the 2025 annual meeting of shareholders and for consideration for inclusion
in the proxy materials for that meeting. 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.sec.gov/edgar. 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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 130px; width: 297px"></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Saba Capital Master Fund, Ltd.</B></P>

<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>Shavar Jeffries</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"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0"><B>April 22,
2024</B></P>

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

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">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)
5,239,568 Common Shares in the aggregate, representing 17.43% of the outstanding Common Shares. The percentage used herein is based
upon 30,063,645 Common Shares outstanding as of January 31, 2024, as disclosed in the Fund&rsquo;s Semi-Annual Report for the
reporting period ended January 31, 2024 filed with the SEC on April 3, 2024. Of the 5,239,568 Common Shares owned in the
aggregate by the Participants, such Common Shares may be deemed to be beneficially owned as follows: (a) 5,239,568 Common Shares
(including 1,003 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) 5,239,568 Common Shares (including 1,003 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 Capital.</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 II 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">Except as set forth
in this Proxy Statement (including the Appendices hereto), (i) within 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 within 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), trustee (or person nominated to become an Officer or trustee), 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) within 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 1940 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 1940 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 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 filings.</FONT></P>

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

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


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<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>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="width: 15%; 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>Date</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 5%; 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>Side</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; 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>Common Shares</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">11/01/2022</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;13,092 </TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">09/12/2023</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;30,073 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">11/02/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;79,097</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">09/13/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;61,369</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">04/19/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;9,525 </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">11/03/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;6,530 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">09/14/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;10,434 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">04/20/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;22,225 </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">11/09/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;252,938 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">09/19/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;20,500 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">04/22/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Sell</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;(15,826)</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">11/11/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;11,287 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">09/26/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;90,004 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">05/03/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;6,832 </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">11/15/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;21,815 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">09/27/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;97,636 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">05/31/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;17,763 </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">11/16/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;2,690 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10/02/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;22,053 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">06/03/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;66,788 </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">11/17/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;9,785 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10/03/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;21,813 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">06/06/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;11,387 </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">11/18/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;500,000 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10/04/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;500 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">06/07/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;36,012 </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">11/29/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;8,600 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10/05/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;4,363 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">06/09/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;29,869 </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">11/30/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;14,244 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10/06/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;510 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">06/10/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;68,042 </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">12/02/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;105,008 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10/09/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;16,763 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">06/21/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;12,443 </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">12/05/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;642,650 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10/10/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;1,600 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">07/11/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;2,280 </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">12/06/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;11,479 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10/12/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;17,703 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">07/12/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;1,995 </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">12/07/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;520,000 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10/13/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;515 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">07/13/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;13,665 </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">03/02/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;79,910 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10/16/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;38,677 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">07/21/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;7,073 </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">03/07/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Sell</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;(18,568)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10/17/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;18,495 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">07/22/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;46,881 </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">03/07/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;18,568 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10/31/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;39,865 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">07/25/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;1,400 </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">03/21/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;54,414 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">11/01/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;500 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">07/27/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;17,511 </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">03/22/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;32,479 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">11/02/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;44,509 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">07/28/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;16,881 </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">03/23/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;27,924 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">11/03/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;14,008 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">08/02/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;3,171 </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">03/24/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;51,144 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">11/06/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;29,563 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">08/04/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;155 </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">03/28/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;26,517 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">11/07/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;2,857 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">08/05/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;24,078 </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">03/29/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;185,610 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">11/08/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;11,821 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">08/10/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;18,044 </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">04/03/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;3 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">11/09/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;121,457 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">08/12/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;14,328 </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">04/04/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;15,288 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">11/10/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;6,888 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">08/15/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;40,507 </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">04/05/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;66,512 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">11/13/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;28,441 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">08/16/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;14,136 </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">04/06/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;9,210 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">11/22/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;2,000 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">08/17/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;23,169 </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">04/14/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;25,908 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">11/28/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;8,907 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">08/25/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;5,013 </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">04/17/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;5,400 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">11/29/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;1,648 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">08/26/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;8,349 </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">04/18/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;25,694 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">11/30/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;15,803 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">08/30/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;1,004 </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">04/19/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;18,829 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">12/06/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;109,141 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">08/31/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;1,815 </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">04/28/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;38,783 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">03/12/2024</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;35,703 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/01/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;30,043 </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">05/04/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;300,439 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">03/21/2024</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;14,317 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/07/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;13,383 </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">05/05/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;116,015 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">03/22/2024</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;17,184 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/14/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;100 </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">05/08/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;19,758 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">03/25/2024</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;23,774 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/18/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;3,709 </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">05/09/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;896 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">03/28/2024</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;40,094 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/19/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;20,501 </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">05/10/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;18,138 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">04/01/2024</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;6,109 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/20/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;33,516 </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">05/15/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Sell</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;(4)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">04/02/2024</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;8,359 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/21/2022</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;600 </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">06/07/2023</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;7,097 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/24/2022</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Buy</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;43,530 </TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">06/08/2023</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Buy</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;9,324 </TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3">&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>


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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>

<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: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SIGNING the enclosed <B><U>GOLD</U></B> proxy card,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DATING the enclosed <B><U>GOLD</U></B> proxy card, and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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).</FONT></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 <B>&ldquo;<U>FOR
ALL</U>&rdquo;</B> of the Nominees in Proposal 1(a), &ldquo;WITHHOLD&rdquo; on Proposal 1(b) and to approve the Shareholder Proposal (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">After signing the enclosed <B><U>GOLD</U></B> proxy
card, <B>DO NOT SIGN OR RETURN THE FUND&rsquo;S WHITE 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
white 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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: red"></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 2024 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., SABA CAPITAL MASTER FUND, LTD., <FONT STYLE="text-transform: uppercase">Boaz R. Weinstein</FONT>
(COLLECTIVELY, &ldquo;SABA&rdquo;) 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 CALIFORNIA MUNICIPAL INCOME 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, Abraham Schwartz, Pierre Weinstein and John Grau and each of them, attorneys and agents with full power of substitution
to vote all shares of BlackRock California Municipal Income Trust, a Delaware Statutory Trust and a closed-end management investment company
registered under the Investment Company 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>With respect to the Proposals, 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 the Preferred Shares Nominee (as defined below) in Proposal 1(b), and &ldquo;FOR&rdquo; Proposal 2. </B>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"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>INSTRUCTIONS:</B>
FILL IN VOTING BOXES <B>&ldquo;</B></FONT><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#110;</FONT></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&rdquo;</B>
IN BLACK OR BLUE INK</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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.</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">Shavar Jeffries</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Ilya Gurevich</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: top; 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>&nbsp;</B></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  withhold in the space provided below.) </B></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"><FONT STYLE="background-color: white"><B>________________________________________________________________________________________________</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</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 of the Fund 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: 59%">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>2024 Preferred Shares Nominee</B></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; width: 19%; 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: 22%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>WITHHOLD </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></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>&nbsp;</B></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; Termination of the investment
management agreement between the Fund and BlackRock Advisors, LLC (the &ldquo;Manager&rdquo;), dated September 29, 2006, as since amended
or novated, and all other advisory and management agreements between the Fund and the Manager, including the sub-investment advisory agreement
among the Fund, the Manager and BlackRock Financial Management, Inc., dated September 29, 2006, as since amended or novated.</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>AGAINST</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>ABSTAIN*</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">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><FONT STYLE="background-color: white">*Abstentions will be treated
as shares that are present and entitled to vote and therefore will count as votes against Proposal 2.</FONT></P>

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