<SEC-DOCUMENT>0000902664-23-003925.txt : 20230712
<SEC-HEADER>0000902664-23-003925.hdr.sgml : 20230712
<ACCEPTANCE-DATETIME>20230712162759
ACCESSION NUMBER:		0000902664-23-003925
CONFORMED SUBMISSION TYPE:	PREC14A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20230712
DATE AS OF CHANGE:		20230712

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		IRS NUMBER:				046608976
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		PREC14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		231084499

	BUSINESS ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

FILED BY:		

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

	FILING VALUES:
		FORM TYPE:		PREC14A

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

	MAIL ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE
		STREET 2:		58TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174
</SEC-HEADER>
<DOCUMENT>
<TYPE>PREC14A
<SEQUENCE>1
<FILENAME>p23-1925prec14a.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME TRUST
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Putnam Managed 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>Boaz R. Weinstein</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"><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>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- 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="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-family: Wingdings; font-size: 15pt; line-height: 85%">&#254;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">No fee required.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-family: Wingdings; font-size: 15pt; line-height: 85%">o</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Fee computed on table below per Exchange Act Rule 14a-6(i)(4) and 0-11.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Putnam Managed Municipal Income Trust</B></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;) and Boaz
R. Weinstein (&ldquo;Mr. Weinstein,&rdquo; and together with Saba Capital, &ldquo;Saba,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or the
&ldquo;Participants&rdquo;), in connection with the solicitation of proxies from the shareholders of Putnam Managed Municipal Income Trust,
a Massachusetts business trust and closed-end management investment company registered under the Investment Company Act of 1940, as amended
(the &ldquo;Fund&rdquo;).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Upon consummation of an anticipated stock and
cash transaction where Putnam Investment Management, LLC, the current investment manager of the Fund (&ldquo;Putnam
Management&rdquo;), and Putnam Investments Limited (&ldquo;PIL&rdquo;), the Fund&rsquo;s subadviser, would each become an indirect
wholly owned subsidiary of Franklin Resources, Inc. (&ldquo;Franklin Templeton,&rdquo; and such transaction, the
&ldquo;Transaction&rdquo;), the current investment management contract between the Fund and Putnam Management and the related
sub-advisory contract with PIL will automatically terminate pursuant to the Investment Company Act of
1940, as amended (the &ldquo;40 Act&rdquo;). In connection therewith, the Board of Trustees of the Fund (the &ldquo;Board&rdquo;)
has scheduled a special meeting of shareholders of the Fund for the purpose of considering and voting on the proposals to approve a
new investment management contract with Putnam Management allowing it to continue to serve as the investment manager to the
Fund, as well as a new sub-advisory contract with PIL allowing PIL to continue
to serve as subadviser to the Fund.</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">Franklin Templeton has, in our view, a poor
corporate governance track record, particularly with respect to the closed-end funds it and its subsidiaries manage.<SUP>1</SUP> For this
reason, among others, Saba believes that  the Fund is in need of a new manager
not affiliated with Franklin Templeton.</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
special meeting of shareholders of the Fund, including any adjournments or postponements thereof (the &ldquo;Special Meeting&rdquo;),
that is scheduled to be held on October 6, 2023 at [11:00 a.m.], Boston time, at 100 Federal Street, Boston, MA 02110.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
Proxy Statement and the enclosed <B><U>GOLD</U></B> proxy card are first being furnished to the Fund</FONT><FONT STYLE="font-family: Malgun Gothic,sans-serif">&rsquo;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">s
shareholders on or about [&#9679;], 2023. </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">Saba is seeking your support at the Special
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 Special Meeting.</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; background-color: white">
    <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></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To
    approve a new management contract with Putnam Management (the &ldquo;New Investment Management Contract&rdquo;).</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>AGAINST</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To approve a new sub-advisory
    contract between Putnam Management and PIL (the &ldquo;New Sub-Advisory Contract,&rdquo; and together with the New Investment Management
    Contract, the &ldquo;New Contracts&rdquo;).</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AGAINST</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="background-color: White; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: White; 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 Special Meeting.</FONT></TD>
    <TD STYLE="background-color: White; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>1</SUP> <FONT STYLE="font-size: 10pt"><I>See, e.g.</I>,
ClearBridge Energy Midstream Opportunity Fund, Clearbridge MLP and Midstream Fund Inc. and ClearBridge MLP and Midstream
Total Return Fund Inc., all of which are managed by Legg Mason Partners Fund Advisor, LLC, an indirect wholly-owned subsidiary of Franklin
Templeton and all of which have notable corporate governance failures, including (i) stripping the right to vote from shareholders, (ii)
asserting a near impossible to achieve majority of votes outstanding standard in director elections, and (iii) a classified board, among
others; <I>see </I>
https://www.businesswire.com/news/home/20230418005825/en/Saba-Capital-Demands-Board-Members-Resign-Following-ClearBridge-Energy-Midstream-Opportunity-Fund%E2%80%99s-Annual-Meeting.</FONT></P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Based on the Fund&rsquo;s preliminary proxy statement for the Special Meeting,
filed on June 7, 2023 (the &ldquo;Fund&rsquo;s Proxy Statement&rdquo;), the New Contracts each require approval by holders of common stock
shares of beneficial interest, no par value (the &ldquo;Common Shares&rdquo;) and preferred shares of the Fund (the &ldquo;Preferred Shares&rdquo;),
voting together as a single class.</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 GOLD proxy card, we are soliciting
proxies in opposition to the Fund&rsquo;s proposals to approve the New Contracts. We strongly oppose the approval of the New Contracts
and urge shareholders to vote &ldquo;AGAINST&rdquo; the Proposals. Please refer to the information set forth under the section of this
Proxy Statement titled &ldquo;Reasons for this Proxy Solicitation&rdquo; for a more detailed explanation of our rationale for opposing
the approval of the New Contracts.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund has set the record date for determining shareholders entitled
to notice of and to vote at the Special Meeting (the &ldquo;Record Date&rdquo;) as July 10, 2023. Shareholders of record at the close
of business on the Record Date will be entitled to vote at the Special Meeting. As of the close of business on the Record Date, the Participants
may be deemed to &ldquo;beneficially own&rdquo; (such term as used in Schedule 14A within the meaning of Rule 13d-3 or Rule 16a-1 under
the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;)), in the aggregate, 1,887 Common Shares, as further described in
Annex I. There were [&#9679;] Common Shares and [&#9679;] Preferred Shares outstanding as of the Record Date according to the Fund&rsquo;s
Proxy Statement.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We urge you to sign, date and return the <B><U>GOLD</U></B> proxy card
<B>&ldquo;AGAINST&rdquo;</B> each of the Proposals. 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;AGAINST</B>&rdquo; each of the
Proposals.</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 Fund&rsquo;s Amended and Restated Agreement and Declaration
of Trust (the &ldquo;Charter&rdquo;) and the Fund&rsquo;s Proxy Statement, approval of the New Contracts each require the affirmative
vote of a &ldquo;majority of the outstanding voting securities&rdquo; of the Fund, which is defined under the 40 Act to be the lesser
of (a) more than 50% of the outstanding shares of the Fund, or (b) 67% or more of the shares of the Fund present (in person or by proxy)
at the Special Meeting if more than 50% of the outstanding shares of the Fund are present at the meeting in person or by proxy.</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
oppose each of the Proposals at the Special Meeting and otherwise intends to solicit proxies or votes from shareholders of the Fund in
opposition to the passage of the Proposals. <B>This proxy solicitation is being made by Saba and not on behalf of the Board or management
of the Fund or any other third party.</B> We are not aware of any other matters to be brought before the Special Meeting other than as
described herein. Should other matters be brought before the Special Meeting, the persons named as proxies in the enclosed <B><U>GOLD</U></B>
proxy card will vote on such matters in their discretion to the extent allowed by Rule 14a-4(c)(3) under the Exchange Act.</P>

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

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


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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"></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; padding-left: 5.4pt"><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="text-align: justify; margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Saba is committed to improving the Fund for the
benefit of all shareholders and, to this end, is opposing the approval of the New Contracts, which, if approved, would re-install
Putnam Management and PIL, subsidiaries of Franklin Templeton. Franklin Templeton has a poor corporate governance track record,
particularly with respect to the closed-end funds it and its subsidiaries manage.<SUP>2</SUP></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">For the foregoing reasons, we urge you to join us and vote &ldquo;<B>AGAINST</B>&rdquo;
Proposal 1 and 2 on the <B><U>GOLD</U></B> proxy card today.</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">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">___________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT>
<I>See id</I>.</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">&nbsp;</P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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"></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; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: white"><B>PROPOSAL
    1: APPROVAL OF THE NEW INVESTMENT MANAGEMENT CONTRACT </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund&rsquo;s current investment management contract with Putnam Management
will automatically terminate following the consummation of the Transaction because the 40 Act requires management contracts to terminate
automatically upon an &ldquo;assignment&rdquo; of the contract, which includes a &ldquo;change of control&rdquo; affecting an investment
company&rsquo;s investment adviser (including any subadviser). Therefore, the Fund is seeking to put in place the New Investment Management
Contract with Putnam Management allowing it to continue to serve as the investment manager to the Fund. Under Article IV, Section 6 of
the Charter, the New Investment Management Contract would need to be approved by a favorable majority shareholder vote. For this purpose,
and in accordance with the 40 Act, the &ldquo;majority shareholder vote&rdquo; at the Special Meeting means the affirmative vote of 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.</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 oppose the approval of the New Investment Management
Contract as we believe it is not in the best interests of the Fund and its shareholders to allow the Fund to be managed by an investment
manager controlled by Franklin Templeton, due to Franklin Templeton&rsquo;s poor track record of corporate governance and respecting shareholder
rights. If the New Investment Management Contract fails to receive the requisite approval by the shareholders, Putnam Management will
no longer serve as the investment manager to the Fund leaving room for an alternative investment manager not controlled by Franklin Templeton.</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 40 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 (which would be the subject of a separate proxy solicitation). Although the failure to approve an interim or 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">Although a change in investment manager may result in some amount of lost
time, incremental expenses or the appointment of an alternative adviser which may assess a higher (or lower) advisory fee, we believe
these potential costs are far outweighed by the potential benefits of replacing the existing investment manager. For these reasons, we
recommend voting &ldquo;<B>AGAINST</B>&rdquo; Proposal 1. The Participants intend to vote all of their Common Shares &ldquo;<B>AGAINST</B>&rdquo;
Proposal 1.</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>Vote Required</B>. According to the Charter and
the Fund&rsquo;s Proxy Statement, approval of the New Investment Management Contract requires the affirmative vote of a &ldquo;majority
of the outstanding voting securities&rdquo; of the Fund, which is defined under the 40 Act to be the lesser of (a) more than 50% of the
outstanding shares of the Fund, or (b) 67% or more of the shares of the Fund present (in person or by proxy) at the Special Meeting if
more than 50% of the outstanding shares of the Fund are present at the meeting in person or by proxy.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Abstentions and broker non-votes, if any, will have
the same effect as votes &ldquo;against&rdquo; Proposal 1. However, because Saba has initiated a contested proxy solicitation, there
will be no &ldquo;routine&rdquo; matters at the Special Meeting for any broker accounts that are provided with proxy materials by Saba.
As a result, there will be no broker non-votes by such banks, brokers or other nominees with respect to such accounts.</P>

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

<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>AGAINST</U> Proposal
     1 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>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: white"><B>PROPOSAL 2: APPROVAL OF A NEW SUB-ADVISORY CONTRACT BETWEEN PUTNAM MANAGEMENT AND PIL</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under the 40 Act, the Fund&rsquo;s current sub-advisory
contract between Putnam Management and PIL will automatically terminate following the consummation of the Transaction. Therefore, Putnam
Management is seeking to put in place the New Sub-Advisory Contract with PIL, allowing PIL to continue to serve as subadviser to the Fund.
According to the Fund&rsquo;s Proxy Statement, it may not be necessary for shareholders to approve the New Sub-Advisory Contract. However,
the Board has determined to seek shareholder approval of the New Sub-Advisory Contract, which will be obtained if the affirmative vote
of a &ldquo;majority of the outstanding voting securities&rdquo; of the Fund is received. For this purpose, and in accordance with the
40 Act, the &ldquo;majority shareholder vote&rdquo; at the Special Meeting means the affirmative vote of 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.</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 oppose the approval of the New Sub-Advisory Contract
as we believe it is not in the best interests of the Fund and its shareholders to allow the Fund to be managed by a subadviser controlled
by Franklin Templeton, due to Franklin Templeton&rsquo;s poor track record of corporate governance and respecting shareholder rights.
If the New Sub-Advisory Contract fails to receive the requisite approval by the shareholders, PIL will no longer serve as the subadviser
to the Fund leaving room for an alternative sub-advisor not controlled by Franklin Templeton.</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 40 Act provides a temporary exemption
to the approval requirements of a management agreement, including a sub-advisory contract, 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 sub-advisory contract.
Such an interim contract is required to be approved within ten business days after the date that the termination of the prior sub-advisory
contract becomes effective, with the compensation received under the interim contract to be no greater than the compensation the sub-adviser
would have received under the previous contract. The Board would then have 150 days to obtain shareholder approval for that new sub-advisory
contract at a subsequent meeting of shareholders (which would be the subject of a separate proxy solicitation).</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">Although a change in subadviser may result in some
amount of lost time, incremental expenses or the appointment of an alternative sub-adviser which may assess a higher (or lower) sub-advisory
fee, we believe these potential costs are far outweighed by the potential benefits of replacing the existing subadviser. For these reasons,
we recommend voting &ldquo;<B>AGAINST</B>&rdquo; Proposal 2. The Participants intend to vote all of their Common Shares &ldquo;<B>AGAINST</B>&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"><B><I>Vote Required.</I></B> According to the Charter
and the Fund&rsquo;s Proxy Statement, approval of the New Sub-Advisory Contract requires the affirmative vote of a &ldquo;majority of
the outstanding voting securities&rdquo; of the Fund, which is defined under the 40 Act to be the lesser of (a) more than 50% of the outstanding
shares of the Fund, or (b) 67% or more of the shares of the Fund present (in person or by proxy) at the Special Meeting if more than 50%
of the outstanding shares of the Fund are present at the meeting in person or by proxy.</P>

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

<P STYLE="text-align: justify; margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Abstentions and broker non-votes, if any, will have
the same effect as votes &ldquo;against&rdquo; Proposal 2. However, because Saba has initiated a contested proxy solicitation, there
will be no &ldquo;routine&rdquo; matters at the Special Meeting for any broker accounts that are provided with proxy materials by Saba.
As a result, there will be no broker non-votes by such banks, brokers or other nominees with respect to such accounts.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="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>AGAINST</U> Proposal 2 on
    the <U>GOLD</U> proxy card.</B></P>
    <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></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; padding-left: 5.4pt"><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 SPECIAL 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>

<!-- 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">&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 Special 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 Special 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>

<!-- 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">&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>AGAINST </B>each of the Proposals</U>. Please follow the instructions to vote provided on the enclosed
<B><U>GOLD</U></B> voting instruction form. If your broker, bank, dealer, trust company or other nominee provides for proxy instructions
to be delivered to them by telephone or Internet, instructions will be included on the enclosed <B><U>GOLD</U></B> voting instruction
form. We urge you to confirm in writing your instructions to the person responsible for your account and provide a copy of those instructions
by emailing them to&nbsp;<U>Saba@investor-com.com</U>&nbsp;or mailing them to Saba Capital Management, L.P., c/o InvestorCom, 19 Old
Kings Highway S., Suite 130, Darien, CT 06820, so that we will be aware of all instructions given and can attempt to ensure that such
instructions are followed.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Note:</B> Shares represented by properly executed
<B><U>GOLD</U></B> proxy cards will be voted at the Special Meeting as marked and, in the absence of specific instructions, &ldquo;<B>AGAINST</B>&rdquo;
each of the Proposals.</P>

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

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

<!-- 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 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; text-align: justify; text-indent: 0.5in"><B>&ldquo;AGAINST&rdquo;</B>
the Proposal to approve the New Investment Management Contract (Proposal 1).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><B>&ldquo;AGAINST&rdquo;
</B>the Proposal to approve the New Sub-Advisory Contract (Proposal 2).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">According to
the Charter, 30% of Shares entitled to vote on a particular matter shall constitute a quorum for the transaction of business on that matter
at the Special Meeting. Abstentions and broker non-votes, if any, are treated as votes present for purposes of determining a quorum. Because
Saba has initiated a contested proxy solicitation, there will be no &ldquo;routine&rdquo; matters at the Special Meeting for any broker
accounts that are provided with proxy materials by Saba. As a result, there will be no broker non-votes by such banks, brokers or other
nominees with respect to such accounts. For more information on broker non-votes, see &ldquo;<I>What are &ldquo;broker non-votes&rdquo;
and what effect do they have on the Proposals?</I>&rdquo; below.</FONT></P>

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

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

<!-- 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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Proposals 1 and 2</B> &ndash; <B>Approval of
the New Contracts. </B>According to the Charter and the Fund&rsquo;s Proxy Statement, approval of the New Contracts each requires
the affirmative vote of a &ldquo;majority of the outstanding voting securities&rdquo; of the Fund, which is defined under the 40 Act
to be the lesser of (a) more than 50% of the outstanding Shares, or (b) 67% or more of the shares of the Fund present (in person or
by proxy) at the Special Meeting if more than 50% of the outstanding Shares are present at the meeting in person or by proxy.
Abstentions and broker non-votes, if any, will have the same effect as votes &ldquo;against&rdquo; each of the Proposals because
they represent shares entitled to vote.  However, because  Saba has initiated a contested proxy solicitation, there will be no
&ldquo;routine&rdquo; matters at the Special Meeting for any broker accounts that are provided with proxy materials by Saba. As a
result, there will be no broker non-votes by such banks, brokers or other nominees with respect to such accounts.</P>

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

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

<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"></P>

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

<!-- 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">&nbsp;</P>

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

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

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

<!-- 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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white"><B>We recommend
that you discard any proxy card or solicitation materials that may be sent to you by the Fund. If you have already voted using the Fund&rsquo;s
[&#9679;] proxy card, you have every right to change your vote by using the enclosed <U>GOLD</U> proxy card by signing, dating and returning
the enclosed <U>GOLD</U> proxy card in the postage-paid envelope provided. Only the latest validly executed proxy that you submit will
be counted; any proxy may be revoked at any time prior to its exercise at the Special Meeting by following the instructions below under
&ldquo;<I>Can I change my vote or revoke my proxy?</I>&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 Special Meeting. Proxies may be revoked
by any of the following actions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">delivering a written revocation to the secretary
of the Fund; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">attending the Special Meeting and voting by ballot
in person (although attendance at the Special Meeting will not, by itself, revoke a proxy).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">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 Special
Meeting and you beneficially own Shares but are not the record owner, your mere attendance at the Special 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">&nbsp;</P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<!-- 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; 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
opposition of the 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 $[&#9679;]
based upon the campaign services provided. In addition, Saba will advance costs and reimburse InvestorCom for reasonable out-of-pocket
expenses and will indemnify InvestorCom against certain liabilities and expenses, including certain liabilities under the federal securities
laws. InvestorCom will solicit proxies from individuals, brokers, banks, bank nominees and other institutional holders. It is anticipated
that InvestorCom will employ approximately [&#9679;] persons to solicit the Fund&rsquo;s shareholders as part of this solicitation. InvestorCom
does not believe that any of its owners, managers, officers, employees, affiliates or controlling persons, if any, is a &ldquo;participant&rdquo;
in this proxy solicitation.</P>

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

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

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

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

<!-- 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: 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 0 12pt; text-align: justify; background-color: white">The SEC has adopted rules
that permit companies and intermediaries (such as brokers and banks) to satisfy the delivery requirements for proxy statements and annual
reports with respect to two or more shareholders sharing the same address by delivering a single proxy statement addressed to those shareholders.
Some banks and brokers with account holders who are shareholders of the Fund may be householding our proxy materials.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: justify; background-color: white">A single copy of
this Proxy Statement (and of the Fund&rsquo;s Proxy Statement) will be delivered to multiple shareholders sharing an address unless contrary
instructions have been received from one or more of the affected shareholders. Once you have received notice from your bank or broker
that it will be householding communications to your address, householding will continue until you are notified otherwise or until you
revoke your consent. If, at any time, you no longer wish to participate in householding and would prefer to receive a separate proxy statement,
please notify your bank or broker and direct your request to the Fund at P.O. Box 219697, Kansas City, MO 64121-9697, or by calling toll free at
1-800-225-1581. Shareholders who currently receive multiple copies of this Proxy Statement at their address and would like to request
householding of their communications should contact their bank or broker.</P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to Rule 14a-5(c) promulgated under the Exchange
Act, we have omitted from this Proxy Statement certain disclosure required by applicable law to be included in the Fund&rsquo;s Proxy
Statement. We take no responsibility for the accuracy or completeness of any information that we expect to be contained in the Fund&rsquo;s
Proxy Statement. Except as otherwise noted herein, the information in this Proxy Statement concerning the Fund has been taken from or
is based upon documents and records on file with the SEC and other publicly available information.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.8pt 0 0; background-color: #00355B"><FONT STYLE="color: White">This Proxy
Statement and all other solicitation materials in connection with this proxy solicitation will be available on the internet, free of
charge, on the SEC&rsquo;s website at https://www.edgar.sec.gov. The Edgar file number for the Fund is 811-05740.</FONT></P>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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"></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; padding-left: 5.4pt"><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: 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: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 130px; width: 297px"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</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>
  <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>Boaz R. Weinstein</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</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>[&#9679;], 2023</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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"></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) 1,887 Common Shares in the
aggregate. Of the 1,887 Common Shares owned in the aggregate by the Participants, such Common Shares may be deemed to be beneficially
owned as follows: (a) 1,887 Common Shares 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) 1,887 Common Shares may be
deemed to be beneficially owned by Mr. Weinstein by virtue of his status as the principal of Saba.</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 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">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>

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

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

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Disclaimer</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">Except as set forth in this Proxy Statement
(including the Appendices hereto), (i) during the past 10 years, no Participant in this solicitation has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors); (ii) no Participant and no associate or &ldquo;Immediate
Family Member&rdquo; (as defined in Item 22 of Schedule 14A under the Exchange Act (&ldquo;Item 22&rdquo;)) of any Participant, is a
record owner or direct or indirect beneficial owner of any securities of the Fund, any parent or subsidiary of the Fund, any
investment adviser, principal underwriter, 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 Company, or affiliated person of the Fund; (iii) no Participant in this
solicitation directly or indirectly beneficially owns any securities of the Fund which are owned of record but not beneficially;
(iv) no Participant in this solicitation has purchased or sold any securities of the Fund or the Fund&rsquo;s investment adviser
during the past two years, nor from either entity&rsquo;s &ldquo;Parents&rdquo; or &ldquo;Subsidiaries&rdquo; (as defined in Item
22); (v) no Participant has any &ldquo;family relationship&rdquo; for the purposes of Item 22 whereby a family member is an
&ldquo;Officer&rdquo; (as defined in Item 22), director (or person nominated to become an Officer or director), employee, partner,
or copartner of the Fund, the Fund&rsquo;s investment adviser and/or a principal underwriter of any of the foregoing, or any
Subsidiary or other potential affiliate of any of the foregoing; (vi) no part of the purchase price or market value of the
securities of the Fund owned by any Participant in this solicitation is represented by funds borrowed or otherwise obtained for the
purpose of acquiring or holding such securities; (vii) no Participant in this solicitation is, or within the past year was, a party
to any contract, arrangements or understandings with any person with respect to any securities of the Fund, including, but not
limited to, joint ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profit, division of
losses or profits, or the giving or withholding of proxies; (viii) no associate of any Participant in this solicitation owns
beneficially, directly or indirectly, any securities of the Fund; (ix) no Participant in this solicitation owns beneficially,
directly or indirectly, any securities of any parent or subsidiary of the Fund; (x) no Participant and no Immediate Family Member of
any Participant in this solicitation or any of his or its associates was a party to, or had a direct or indirect material
relationship in, any transaction or series of similar transactions since the beginning of the Fund&rsquo;s last fiscal year, or is a
party to any currently proposed transaction, or series of similar transactions in which the amount involved exceeds $120,000 and for
which any of the following was or is a party: (a) the Fund or any of its subsidiaries; (b) an Officer of the Fund; (c) an investment
company, or a person that would be an investment company but for the exclusions provided by sections 3(c)(1) and 3(c)(7) of the 40
Act, having the same investment adviser, principal underwriter, or Sponsoring Insurance Company as the Fund or having an investment
adviser, principal underwriter, or Sponsoring Insurance Company that directly or indirectly controls, is controlled by or is under
common control with the investment adviser, principal underwriter, or Sponsoring Insurance Company of the Fund; (d) an investment
adviser, principal underwriter, Sponsoring Insurance Company, or affiliated person of the Fund; (e) any Officer or any person
directly or indirectly controlling, controlled by, or under common control with any investment adviser, principal underwriter,
Sponsoring Insurance Company, or affiliated person of the Fund; (f) an Officer of an investment adviser, principal underwriter, or
Sponsoring Insurance Company of the Fund; or (g) an Officer of a person directly or indirectly controlling, controlled by, or under
common control with an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Fund; (xi) during the last
five years, no Participant and no Immediate Family Member of any Participant has had a position or office with: (a) the Fund; (b) an
investment company, or a person that would be an investment company but for the exclusions provided by Sections 3(c)(1) and 3(c)(7)
of the 40 Act, having the same investment adviser, principal underwriter, or Sponsoring Insurance Company as the Fund or having an
investment adviser, principal underwriter, or Sponsoring Insurance Company that directly or indirectly controls, is controlled by,
or is under common control with an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Fund; or (c) an
investment adviser, principal underwriter, Sponsoring Insurance Company, or affiliated person (xii) 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; (xiii) 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 Special Meeting; (xiv) 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 (xv) 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.</P>

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

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

<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">
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Side</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Common Shares</B></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1/24/2022</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1/25/2022</P></TD>
    <TD STYLE="width: 6%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Buy</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Buy</P></TD>
    <TD STYLE="width: 9%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">34,557*</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">12,017*</P></TD>
    <TD STYLE="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt">
    <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>&nbsp;</B></P></TD>
    <TD STYLE="width: 18%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">3/11/2022</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">4/6/2022</P></TD>
    <TD STYLE="width: 8%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Buy</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Buy</P></TD>
    <TD STYLE="width: 10%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">4,800*</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">21,273*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1/12/2022</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,915</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1/27/2022</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43,172*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9/26/2022</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,224*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1/19/2022</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,261*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1/31/2022</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,200*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/28/2022</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,450*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1/20/2022</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,369*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2/7/2022</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,949*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5/4/2023</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">195*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1/21/2022</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,915*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2/8/2022</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5/31/2023</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,887</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1/21/2022</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sell</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,915)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2/14/2022</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buy</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,509*</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, 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">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*
Represents a purchase to cover a short position entered into by Saba in 2020, with the counterparty being an unaffiliated third party
financial institution.</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">**
Saba does not currently have any short position in the Fund.</FONT></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">&nbsp;</P>


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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;AGAINST&rdquo; </B>the Proposals by taking three steps:</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 0 0 0.5in; text-align: justify"></P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">By returning the <B><U>GOLD</U></B> proxy card, you
are authorizing Saba to vote on your behalf, and if you do not indicate how you would like to vote, your vote will be counted &ldquo;<B>AGAINST</B>&rdquo;
the Proposals.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If you have previously signed, dated and returned a
[&#9679;] proxy card to the Fund, you have every right to change your vote. Only your latest dated proxy card will count. You may revoke
any proxy card already sent to the Fund by signing, dating and mailing the enclosed <B><U>GOLD</U></B> proxy card in the postage-paid
envelope provided or by voting by telephone or Internet. Any proxy may be revoked at any time prior to the Special Meeting by delivering
a written notice of revocation or a later dated proxy for the Special Meeting to the secretary of the Fund or by voting in person at the
Special Meeting. Attendance at the Special 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>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: red"><B>PRELIMINARY COPY SUBJECT TO COMPLETION</B></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; text-align: center"><B>Putnam Managed Municipal Income Trust</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Proxy Card for the Special Meeting of Shareholders
(the &ldquo;Special 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 0 12pt; text-align: center"><B>THIS PROXY SOLICITATION IS BEING MADE BY SABA CAPITAL
MANAGEMENT, L.P. (&ldquo;SABA CAPITAL&rdquo;) AND <FONT STYLE="text-transform: uppercase">Boaz R. Weinstein</FONT></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
PUTNAM MANAGED 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, Pierre Weinstein and John Grau and each of them, attorneys and agents with full power of substitution to vote
all common shares of Putnam Managed Municipal Income Trust, a Massachusetts business 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 Special 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 Special Meeting (including any adjournments or postponements thereof).</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>If this proxy is signed, dated and returned, it
will be voted in accordance with your instructions. If you do not specify how the proxy should be voted, this proxy will be voted &ldquo;AGAINST&rdquo;
each of the Proposals.</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;<FONT STYLE="font-family: Wingdings">&#110;</FONT>&rdquo; </B>IN BLACK OR BLUE INK</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, 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 recommend that you vote
&ldquo;AGAINST&rdquo; Proposal 1 and Proposal 2:</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><B>Proposal 1 </B>&ndash; To approve a new
management contract     with Putnam Investment Management, LLC.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 36%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ABSTAIN </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 34%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AGAINST</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><B>Proposal 2</B> &ndash; To approve a new sub-advisory contract between
Putnam Management, LLC and Putnam Investments Limited.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify"><B>&nbsp;<FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FOR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 36%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ABSTAIN </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 34%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AGAINST</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Wingdings; background-color: white">q</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify"><B><FONT STYLE="letter-spacing: -0.1pt"></FONT></B></P>

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

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

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" "" 2D# 2(  A$! Q$!_\0
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MHH **** "BBB@ HHHH **** "BBB@ HHHH **A6[A><PI(&D7[P7G;]?2IJ
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH *SM<NGM-,D:(XD<A%/H36C6/XF_Y!
MT7_7=?ZT ,M ]M</90D)':PAW(',CD9Y/I6C$6N[6&9)GCWH&PH!ZCW%48_^
M0WJ?_7%/Y5)I7FR:':F.381'CA<DXH LFTN#TOY1_P  3_"J]REY:0O,-00A
M!G$T8 /MD8JO>"_:(^5/=A^W[E<?IS2Z;9V5P 9Y#=72??\ -+94_P"Z>E %
M^POA>6<,K@1O(,[":MUF:M"S26WDJA>1C'A^A&"><>F,BGZ7--F>UN'\R2W8
M#S/[P(R* -"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "L?Q-_R#HO^NZ_UK8K'\3?\@Z+_KNO
M]: "/_D-ZG_UQ3^53Z!_R!+;Z'^9K/N)YXM<ODM81)))&HR3\J #DFF6-\/[
M,M+2W>9IBIRD( /4]6/2F!T,LT<"%Y75%'=CBL-;R&?6/MX94@BC,:DD RGZ
M'M5Z/1K5U#7, >3OOD9_U-2?V-I__/I#_P!\T@*<^MM#Y,S6JO;NQ5720,V?
MH*L:3;S(LUS=+MFN7W%/[H["K<-K!;HJ11(BJ<@ =#4U !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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MFRLK?3;.*TLX5AMXEVHB] *<FM103=F^AS]__P E+TC_ *\)_P#T):V]9_Y
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6BBB@ HHHH **** "BBB@ HHHH __V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" "" 2D# 2(  A$! Q$!_\0
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MHH **** "BBB@ HHHH **** "BBB@ HHHH **A6[A><PI(&D7[P7G;]?2IJ
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MSGG\J]&1M\:MC&X XHE"4=Q1J1EL5[O_ (^++_KL?_0'JU56Z_X^++_KL?\
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M\0_\BWJG_7I+_P"@&FVFU8232=RGX*^S'P9I/V/;Y7V9<[?[V/FS[[LYJEX
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< !1110 4444 %%%% !1110 4444 %%%% '__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_003.jpg
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M 0$! 0$!         0(#! 4&!P@)"@O_Q "U$0 " 0($! ,$!P4$!  ! G<
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MIK6GGR=1@0]"!]_^=?EE\;OVIOB=^T%H-AI7C*PM9X+2;SXI+'2'A=*^E_\
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MG%WA C%4IPHZGZ.?\$U_@GIO@OX+VOBR6S5]>UYWG>X?[ZP_P!*^QHX_E_\
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M_P!K;XP:!INJ:)IGB34]6U?6W2&&1W\Z=/\ KC7VU^W%J5SJ7["GA*[NI_\
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M 'IO^_+T?\)[I?\ >F_[\O72[:-O^S1R3_F YK_A/=+_ +TW_?EZ/^$]TO\
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M\_T"2U"?)#L=_OI]^O&?V9OV8O /Q:\9?&34O&_A7^TKU/%4R0O=HZ?)6O\
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M:9'3]W_MI7S!:_#7Q3XP_P""?_P_GT#3;BZ\1>%M5AUU-+D39--Y+OOCV?\
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?C9_R&-"_S_RT2MKX6_\ (2\3_P#7U'_Z!115D'__V0$!

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