<SEC-DOCUMENT>0000921895-21-000568.txt : 20210226
<SEC-HEADER>0000921895-21-000568.hdr.sgml : 20210226
<ACCEPTANCE-DATETIME>20210226153539
ACCESSION NUMBER:		0000921895-21-000568
CONFORMED SUBMISSION TYPE:	PREC14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210226
DATE AS OF CHANGE:		20210226

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEMPLETON GLOBAL INCOME FUND
		CENTRAL INDEX KEY:			0000828803
		IRS NUMBER:				222864496
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PREC14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05459
		FILM NUMBER:		21688081

	BUSINESS ADDRESS:	
		STREET 1:		300 S.E. 2ND STREET
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301-1923
		BUSINESS PHONE:		9545277500

	MAIL ADDRESS:	
		STREET 1:		300 S.E. 2ND STREET
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301-1923

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEMPLETON GLOBAL INCOME FUND INC
		DATE OF NAME CHANGE:	19920703

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>prec14a10769013_02262021.htm
<TEXT>
<HTML>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Rule
14a-101)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">INFORMATION REQUIRED IN PROXY STATEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SCHEDULE 14A INFORMATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
The Securities Exchange Act of 1934</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. )</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant &#9746;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Proxy Statement</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Soliciting Material Under Rule 14a-12</TD></TR></TABLE>



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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><FONT STYLE="text-transform: uppercase">tEMPLETON GLOBAL INCOME
FUND</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified in Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SABA CAPITAL MANAGEMENT, L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SABA CAPITAL MANAGEMENT GP, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SABA CAPITAL MASTER FUND, LTD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BOAZ R. WEINSTEIN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ADITYA BINDAL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FREDERIC GABRIEL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PAUL KAZARIAN</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">PIERRE WEINSTEIN</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant)</P>

</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check the appropriate box):</P>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>No fee required.</TD></TR></TABLE>



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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR></TABLE>



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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<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: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<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: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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

<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: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on
which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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

<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: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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

<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: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Total fee paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee paid previously with preliminary materials:</TD></TR></TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of
its filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

<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: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Amount previously paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

<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: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

<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: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Filing Party:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Date Filed:</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 66pt"><B>Persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a currently valid OMB control number.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>2021 ANNUAL MEETING OF SHAREHOLDERS
OF<BR>
<FONT STYLE="text-transform: uppercase">TEMPLETON GLOBAL INCOME FUND</FONT><BR>
_________________________<BR>
<BR>
PROXY STATEMENT<BR>
OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><IMG SRC="image_001.jpg" ALT="" STYLE="height: 131px; width: 298px"></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Saba
Capital MANAGEMENT, L.P. </B></FONT><B><BR>
_________________________<BR>
<BR>
<I>Please vote the [COLOR] proxy card to elect our slate of highly-qualified nominees and for our proposal to amend the Bylaws
to require a tender offer under certain circumstances</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>Please sign, date
and mail the enclosed [COLOR] proxy card today!</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Saba Capital Management,
L.P., a Delaware limited partnership (&ldquo;Saba Capital&rdquo;), and certain of its affiliates further identified on Appendix
A, namely Saba Capital Master Fund, Ltd. and Saba Capital Management GP, LLC, (collectively, the &ldquo;Saba Entities,&rdquo; together
with Saba Capital, &ldquo;Saba,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; or &ldquo;our&rdquo;) are significant shareholders and
beneficially own in the aggregate approximately 18.3% of the outstanding Common Shares, no par value (the &ldquo;Common Shares&rdquo;),
of Templeton Global Income Fund (the &ldquo;Fund&rdquo;), a Delaware corporation and a closed-end management investment company
registered under the Investment Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;). We are writing to you
in connection with the election of our four (4) Class I nominees to the board of trustees of the Fund (the &ldquo;Board&rdquo;)
and our proposal to amend the Fund&rsquo;s bylaws (the &ldquo;ByLaws&rdquo;), each at the annual meeting of shareholders scheduled
to be held at 12:00 p.m. Eastern time, on May 7, 2021, 2021 at 300 S.E. 2<SUP>nd</SUP> Street, Fort Lauderdale, Florida 33301,
including any adjournments or postponements thereof and any meeting which may be called in lieu thereof (the &ldquo;Annual Meeting&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are therefore
furnishing this proxy statement and the enclosed <B>[COLOR]</B> proxy card to seek your support at the Annual Meeting with respect
to the following (each, a &ldquo;Proposal&rdquo; and, collectively, the &ldquo;Proposals&rdquo;):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">To elect Saba&rsquo;s slate of four trustee nominees, Aditya Bindal, Frederic Gabriel, Paul Kazarian
and Pierre Weinstein (the &ldquo;Nominees&rdquo;), to serve as Class I trustees on the Board until the Fund&rsquo;s 2024 annual
meeting of shareholders and until their respective successors are duly elected and qualified, in opposition to the Fund&rsquo;s
trustee nominees;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">To ratify of the selection of PricewaterhouseCoopers LLP (&ldquo;PwC&rdquo;) as the independent
registered public accounting firm for the Fund for the fiscal year ending December 31, 2021; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">To amend the Bylaws to permit and/or require certain actions to occur in the event that the Common
Shares are trading at a specified discount to net asset value during specified periods, including under certain circumstances specifying
that the Fund commence a tender offer to purchase 20% of the Fund&rsquo;s outstanding shares; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>If you have already
sent a proxy card furnished by the Fund&rsquo;s management to the Fund, you have every right to change your vote by signing, dating
and returning the enclosed [COLOR] proxy card or by following the instructions for telephone or Internet voting detailed thereon.
Only your latest dated proxy card counts!</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Please refer to
the Section below, <I>Information Concerning the Annual Meeting</I> (which is incorporated herein by reference), and the Fund&rsquo;s
proxy materials for additional information concerning the Annual Meeting, including voting and proxy procedures, votes required
for approval of the Proposals and the solicitation of proxies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you have any
questions or require any assistance with voting your shares, please contact our proxy solicitor, InvestorCom, Inc. (&ldquo;InvestorCom&rdquo;),
toll free at (877) 972-0090 or collect at (203) 972-9300. This proxy statement (including the Appendices hereto, the &ldquo;Proxy
Statement&rdquo;) and the enclosed <B>[COLOR]</B> proxy card are first being furnished to shareholders on or about [ ], 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><B>This Proxy Statement and all other solicitation
materials in connection with this proxy solicitation will be available on the Internet, free of charge, at the SEC&rsquo;s website
https://www.edgar.sec.gov. The Edgar file number for the Fund is 811-05459.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><B>______________________</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">IMPORTANT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">YOUR VOTE IS IMPORTANT,
NO MATTER HOW MANY OR HOW FEW SHARES YOU OWN.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">If your shares are registered in your own name, you may vote such shares by signing, dating and
mailing the enclosed <B>[COLOR]</B> proxy card in the enclosed return envelope to Saba, c/o InvestorCom, Inc., in the enclosed
postage-paid envelope today.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">If your shares are held for you by a brokerage firm, bank, bank nominee or other institution on
the Record Date, only they can vote such shares and only upon receipt of your specific instructions. Accordingly, please instruct
your broker or bank to vote the <B>[COLOR]</B> proxy card on your behalf by following the instructions for Internet voting detailed
on the enclosed <B>[COLOR]</B> proxy card, by calling the toll-free number contained therein, or by signing, dating and mailing
the enclosed <B>[COLOR]</B> proxy card in the enclosed return envelope.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>______________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>REASONS FOR OUR SOLICITATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As one of the largest shareholders
of the Fund, Saba Capital has nominated a slate of four highly-qualified and independent Nominees (Proposal 1) and put forth a
proposal to amend the Bylaws (Proposal 3).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As committed investors,
we are looking for the Fund to improve both performance and governance in order to generate maximum returns for all shareholders.
We believe requiring a tender offer under certain circumstances will do exactly that, by narrowing the discount relative to NAV.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">We urge you to support our Proposals by voting
the <B><U>[COLOR]</U></B> proxy card today, which we believe will help hold the Fund accountable to the standards of corporate
governance investors deserve.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>______________________</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROPOSAL NO. 1<BR>
ELECTION OF TRUSTEES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Board is currently
composed of eleven (11) trustees, four (4) of whom are up for election at the Annual Meeting by holders of Common Shares, as Class
I trustees for a term expiring at the annual meeting of shareholders to be held in 2024 (the &ldquo;2024 Annual Meeting&rdquo;)
and until their successors have been duly elected and qualified. We are seeking your support at the Annual Meeting to elect our
four (4) Nominees in opposition to the Fund&rsquo;s Class I trustee nominees, to serve a three-year term expiring at the 2024 Annual
Meeting. Our Nominees, if elected, will constitute a minority of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>OUR NOMINEES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following information
sets forth the name, age, business address, present principal occupation, and employment and material occupations, positions, or
offices for the past five (5) years of each of our Nominees. The nominations were made in a timely manner and in compliance with
the applicable provisions of EFF&rsquo;s governing instruments. The specific experience, qualifications, attributes and skills
that led us to conclude that our Nominees should serve as trustees of EFF are set forth below.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><B><U>Name:</U></B></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><B><U>Age:</U></B></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><B><U>Business Address:</U></B></TD>
    <TD STYLE="width: 54%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><B>Present principal occupation, and employment and material occupations, positions, or offices for the <U>past five (5) years:</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><B>Aditya Bindal</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">44</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">c/o Olshan Frome Wolosky LLP, 1325 Avenue of the Americas, New York, NY 10019, Attn: Adam Finerman</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Mr. Bindal has served as Managing Director
        and Chief Risk Officer at Saba Capital, an investment advisor focused on credit and equity relative value strategies, since October
        2018. Previously, Mr. Bindal served as Chief Risk Officer at Water Island Capital, an event-driven investment firm with over $2.5
        billion in AUM where he was responsible for firm wide risk management, as well as developing quantitative research, from September
        2015 to September 2018. Prior to joining Water Island, Mr. Bindal worked as Senior Risk Manager for Eton Park Capital Management,
        an investment management firm, from July 2008 to September 2015. His primary responsibilities included managing risks for credit
        and derivative portfolios, devising scenario analysis for complex strategies and providing capital market perspectives to senior
        management. Mr. Bindal began his career in 2005 at The Bear Stearns Companies, Inc. (formerly NYSE: BSC), a global investment bank,
        securities trading and brokerage firm, as a risk associate and subsequently traded credit derivatives for the proprietary desk.
        Mr. Bindal has served as a member of the board of trustees of Voya Prime Rate Trust (NYSE: PPR), a diversified closed-end management
        investment company, since July 2020.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Mr. Bindal received a Ph.D. in Chemical
        Engineering from Rutgers University, Masters from Purdue University and a B.Tech from Indian Institute of Technology, Kharagpur
        in India.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Mr. Bindal&rsquo;s qualifications to
        serve as a director include his deep financial expertise and the senior financial management positions he has held at multiple
        asset management firms.</P></TD></TR>
</TABLE>

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

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; width: 18%"><B>Frederic Gabriel</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; width: 6%">46</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; width: 22%">c/o Olshan Frome Wolosky LLP, 1325 Avenue of the Americas, New York, NY 10019, Attn: Adam Finerman</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 54%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Gabriel has served as Founder and Chief
        Executive Officer of Orion Realty NYC LLC, a real estate brokerage firm where he focuses on real estate investment opportunities
        in the United States and specifically, the New York Tri-State area, since June 2014. Prior to that, Mr. Gabriel spent more than
        15 successful years in investment banking, working at some of the highest ranked and most competitive banks at the time, including
        Lehman Brothers, Merrill Lynch, Credit Suisse, and most recently, JP Morgan Chase &amp; Co. (NYSE: JPM), where he served as an
        Executive Director from July 2007 until June 2014. Mr. Gabriel has traded across the three major financial cities: London, Hong
        Kong and New York. Prior to his investment banking career, Mr. Gabriel served 13 months in the French Air Force as a Reserve Officer.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Mr. Gabriel holds a degree in engineering
        from ENSAM/Paris Tech (Arts et M&eacute;tiers) and an MS in International Finance from HEC in Paris.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Mr. Gabriel&rsquo;s qualifications to
        serve as a trustee include his extensive financial experience, his entrepreneurial expertise having founded a real estate investment
        firm, and his leadership experience having served in leadership roles at leading financial institutions.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><B>Paul Kazarian</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">36</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">c/o Olshan Frome Wolosky LLP, 1325 Avenue of the Americas, New York, NY 10019, Attn: Adam Finerman</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Kazarian has served as Managing Director,
        Closed-End Fund Portfolio Manager at Saba Capital, an investment advisor focused on credit and equity relative value strategies,
        since March 2013, and is responsible for Exchange Traded products, including ETF arb and Closed-End Funds. Prior to that, Mr. Kazarian
        worked at RBC Capital Markets, LLC, an investment banking and management company and subsidiary of the Royal Bank of Canada (NYSE:
        RY), where he served as a Director in its Global Arbitrage and Trading Group, from 2007 to March 2013. Prior to that, Mr. Kazarian
        served at Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, an investment banking and management company, where he served
        as a technology analyst, from 2006 to 2007.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Kazarian received his Bachelor of Arts
        in Political Science from Bates College.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Kazarian&rsquo;s qualifications to serve
        as a trustee include expertise in bonds, loans, equities, derivatives, ETFs and Closed-End Funds.</P></TD></TR>
</TABLE>

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

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; width: 18%"><B>Pierre Weinstein</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; width: 6%">45</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; width: 22%">c/o Olshan Frome Wolosky LLP, 1325 Avenue of the Americas, New York, NY 10019, Attn: Adam Finerman</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 54%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Weinstein has served as Partner and Portfolio
        Manager at Saba Capital, an investment advisor focused on credit and equity relative value strategies, since launch in April 2009.
        Previously, Mr. Weinstein served as a Portfolio Manager at Saba Principal Strategies, the proprietary credit trading group at Deutsche
        Bank, from January 2005 to March 2009, where he managed the equity derivatives and international convertible bond strategies. Mr.
        Weinstein started his investment career at Soci&eacute;t&eacute; G&eacute;n&eacute;rale in Paris in 1998 as an equity derivatives
        market maker and had various roles until 2004, including as Vice President and also as a convertible bond proprietary trader in
        New York.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Weinstein holds a Ms in Engineering from
        &Eacute;cole Centrale Lyon and a Ms in Finance from &Eacute;cole HEC in Paris.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Weinstein&rsquo;s qualifications to serve
        as a director include his decades of experience leading various asset and wealth management platforms and his deep knowledge of
        portfolio management, and his expertise in credit and derivatives trading.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in">Your
vote to elect the Nominees will have the legal effect of replacing four incumbent trustees of the Fund with our Nominees. The election
of the Nominees requires the affirmative vote of a plurality of the shares present and entitled to vote at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in">In the event that
our Nominees are not elected to the Board at the Annual Meeting, Saba intends to consider all available options in the future with
respect to the Fund, including, without limitation, nominating trustee candidates or submitting shareholder proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 22pt 0 0; text-align: justify; background-color: white; text-indent: 0.5in">For
additional information concerning our Nominees, see <I>Appendix A &ndash; Information Concerning the Nominees and Participants
</I>(which is incorporated herein by reference).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>WE URGE YOU TO VOTE FOR THE ELECTION
OF OUR NOMINEES ON THE ENCLOSED [COLOR] PROXY CARD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>______________________</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROPOSAL NO. 2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white"><B>RATIFICATION
OF THE SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As discussed in
further detail in the Fund&rsquo;s proxy statement, the Fund has proposed that the shareholders ratify the Audit Committee&rsquo;s
appointment of <FONT STYLE="background-color: white">PricewaterhouseCoopers LLP</FONT> as the Fund&rsquo;s independent registered
public accounting firm for the fiscal year ending December 31, 2021. Additional information regarding this proposal is contained
in the Fund&rsquo;s proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>WE MAKE NO RECOMMENDATION
WITH RESPECT TO THE RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM OF THE COMPANY FOR ITS FISCAL YEAR ENDING DECEMBER 31, 2021 AND INTEND TO VOTE OUR SHARES &ldquo;FOR&rdquo; THIS PROPOSAL.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>PROPOSAL NO. 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>PROPOSAL TO AMEND THE BYLAWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Saba believes that
requiring a tender offer under certain circumstances will improve performance and governance and, ultimately, generate maximum
returns for all shareholders by narrowing the Fund&rsquo;s discount relative to NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Accordingly, we
have submitted the following proposal for shareholder approval at the Annual Meeting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><U>Proposal</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;RESOLVED, consistent with
rights granted by Article VIII Section 1 of the By-Laws of the Fund, the By-Laws should be amended to add the following provision
as Section 11 to Article VII:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;Section 11. Share Discount.
If, following the initial public offering of the Trust&rsquo;s Shares, the Trust&rsquo;s Shares are trading, on the principal
securities exchange where listed, at a discount to the Shares&rsquo; net asset value (&ldquo;NAV&rdquo;), the Board of Trustees
may consider taking various actions designed to eliminate the discount, including periodic repurchases, tenders for shares or
converting the Trust to an open-end investment company. If in any calendar year, starting with the calendar year ended December
31, 2020, the average daily discount to NAV at which the Shares traded was greater than 8%, the Trust will commence a tender offer
to purchase 20% of its outstanding Shares, which tender offer shall commence during the fourth quarter of the following calendar
year and close no later than December 31 of such calendar quarter, and the tender shall be at a price equal to 99.5% of NAV per
Share on the expiration date of the tender offer, unless the Board obtains shareholder approval by the affirmative &ldquo;vote
of a majority of the outstanding voting securities&rdquo; (as defined herein) of the Trust at the annual meeting or a special
meeting of shareholders to cancel the required tender offer or determines that the tender offer would cause a violation of state
or federal law.&rsquo;&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><B>WE RECOMMEND A
VOTE <U>FOR</U> SABA&rsquo;S PROPOSAL TO AMEND THE BYLAWS ON THE ENCLOSED <U>[COLOR]</U> PROXY CARD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>______________________</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>INFORMATION CONCERNING
THE ANNUAL MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>VOTING AND PROXY PROCEDURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Fund has set
the close of business on February 5, 2021 as the record date for determining shareholders entitled to notice of and to vote at
the Annual Meeting (the &ldquo;Record Date&rdquo;). Shareholders of record at the close of business on the Record Date will be
entitled to vote at the Annual Meeting. According to The Fund&rsquo;s proxy statement for the Annual Meeting, which was filed with
the Securities and Exchange Commission on February 24, 2021, as of the Record Date there were 134,144,158 Common Shares outstanding
and entitled to vote at the Annual Meeting as of the Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Shareholders, including
those who expect to attend the Annual Meeting, are urged to vote their shares today by following the instructions for Internet
voting detailed on the enclosed <B>[COLOR]</B> proxy card, by calling the toll-free number contained therein, or by signing, dating
and mailing the enclosed <B>[COLOR] </B>proxy card in the enclosed return envelope to Saba Capital Management, L.P., c/o InvestorCom,
Inc., in the enclosed postage-paid envelope.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Authorized proxies
will be voted at the Annual Meeting as marked and, in the absence of specific instructions, will be voted <B>FOR</B> the election
of Saba&rsquo;s Nominees, <B>FOR</B> the ratification of the selection of PricewaterhouseCoopers LLP as the independent registered
public accounting firm, <B>FOR</B> Saba&rsquo;s proposal to amend the Bylaws, and in the discretion of the persons named as proxies
on all other matters as may properly come before the Annual Meeting.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">QUORUM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A majority of the
Fund&rsquo;s shares entitled to vote at the Annual Meeting&mdash;present in person or represented by proxy&mdash;constitutes a
quorum at the Annual Meeting. The shares over which broker-dealers have discretionary voting power, the shares that represent &ldquo;broker
non-votes&rdquo; (<I>i.e.</I>,&nbsp;shares held by brokers or nominees as to which (i)&nbsp;instructions have not been received
from the beneficial owners or persons entitled to vote and (ii)&nbsp;the broker or nominee does not have discretionary voting power
on a particular matter), and the shares whose proxies reflect an abstention on any item will all be counted as shares present and
entitled to vote at the Annual Meeting for purposes of determining whether the required quorum of shares exists.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If your shares are
owned directly in your name with the Fund&rsquo;s transfer agent, you are considered a registered holder of those shares. If you
are the beneficial owner of shares held by a broker or other custodian, you hold those shares in &ldquo;street name&rdquo; and
are not a registered shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>VOTES REQUIRED FOR APPROVAL </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Election of Trustees
</I>&ndash; Provided a quorum is present or represented at the Annual Meeting, Proposal 1, the election of Trustees, requires the
affirmative vote of a plurality of the Fund&rsquo;s shares present in person or represented by proxy and voting on Proposal 1 at
the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Proposal to Amend
the Bylaws </I>&ndash; Provided that a quorum has been established, Proposal 3 requires the affirmative vote of (i) sixty-seven
percent (67%) or more of the voting securities present in person or represented by proxy at the Annual Meeting, if the holders
of more than fifty percent (50%) of the outstanding voting securities of the Fund are present or represented by proxy; or (ii)
more than fifty percent (50%) of the outstanding voting securities of the Fund, whichever is less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The information
set forth above regarding the vote required to elect trustees is based on information contained in the Fund&rsquo;s proxy statement
for the Annual Meeting.&nbsp; The incorporation of this information in this Proxy Statement should not be construed as an admission
by us that such process and procedures are legal, valid or binding.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>ABSTENTIONS; BROKER NON-VOTES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Abstentions and
broker non-votes will be treated as votes present at the Meeting, but will not be treated as votes cast for Proposals 1 and 3.
Abstentions and broker non-votes, therefore, will have no effect on Proposal 1, but may have the effect of an &ldquo;against&rdquo;
vote on Proposal 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Because the Fund
anticipates that the election of Trustees and Proposal 1 and Proposal 3 will be contested, the Fund expects that broker-dealer
firms holding shares of the Fund in &quot;street name&quot; for their customers will not be permitted by NYSE rules to vote on
the election of trustees or the Shareholder Proposal on behalf of their customers and beneficial owners in the absence of voting
instructions from their customers and beneficial owners. However, Proposal 2, the ratification of the auditor, is a routine proposal
for which broker-dealer firms may vote on behalf of their customers. Accordingly, the Fund expects to receive &quot;broker non-votes&quot;
(i.e., shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or persons
entitled to vote and (ii) the broker or nominee does not have discretionary voting power on a particular matter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>However, because
of the contested nature of Proposal 1 and Proposal 3, we do not believe there should be any broker non-votes for those proposals.
Additional information regarding when a &ldquo;broker non-vote&rdquo; occurs with respect to non-routine matters may be found in
the Fund&rsquo;s proxy statement. We urge you to instruct your broker or other nominee to vote your shares for the [COLOR] proxy
card so that your votes may be counted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Broker-dealers who
are not members of the NYSE may be subject to other rules, which may or may not permit them to vote your shares without instruction.
We urge you to provide instructions to your broker or nominee to vote your shares for the <B>[COLOR]</B> proxy card so that your
votes may be counted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>DISCRETIONARY VOTING </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Broker-dealer firms
holding shares of the Fund in &ldquo;street name&rdquo; for their customers will request voting instructions from their customers
and beneficial owners. If these instructions are not received by the date specified in the broker-dealer firms&rsquo; proxy solicitation
materials, then current NYSE rules permit the broker-dealers to vote on the proposals on behalf of their customers and beneficial
owners. Certain broker-dealers may exercise discretion over shares held in their name for which no instructions are received by
voting these shares in the same proportion as they vote shares for which they received instructions. The shares over which broker-dealers
have discretionary voting power, the shares that represent &ldquo;broker non-votes&rdquo; (<I>i.e.</I>,&nbsp;shares held by brokers
or nominees as to which (i)&nbsp;instructions have not been received from the beneficial owners or persons entitled to vote and
(ii)&nbsp;the broker or nominee does not have discretionary voting power on a particular matter), and the shares whose proxies
reflect an abstention on any item will all be counted as shares present and entitled to vote at the Annual Meeting for purposes
of determining whether the required quorum of shares exists. Abstentions will be considered to be present at the Annual Meeting
for purposes of determining the existence of a quorum.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">REVOCATION OF PROXIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Shareholders of
the Fund may revoke their proxies at any time prior to exercise by attending the Annual Meeting and voting in person (although
attendance at the Annual Meeting will not in and of itself constitute revocation of a proxy), by delivering a later-dated proxy
or by delivering a written notice of revocation. The delivery of a later-dated proxy which is properly completed will constitute
a revocation of any earlier proxy. The revocation may be delivered either to Saba in care of InvestorCom, Inc. (&ldquo;InvestorCom&rdquo;)
at the address set forth on the back cover of the Proxy Statement or to the Fund&rsquo;s Secretary c/o Templeton Global Income
Fund, 300 S.E. 2<SUP>nd</SUP> Street, Fort Lauderdale, Florida 33301, or to any other address provided by the Fund. Although a
revocation is effective if delivered to the Fund, Saba requests that either the original or photostatic copies of all revocations
be mailed to Saba Capital Management, L.P., c/o InvestorCom, 19 Old Kings Highway S., Suite 210, Darien, CT 06820, so that Saba
will be aware of all revocations and can more accurately determine if and when proxies have been received from the holders of record
on the Record Date of a majority of the outstanding shares. If you hold your shares in street name, please check your voting instruction
card or contact your bank, broker or nominee for instructions on how to change or revoke your vote. Additionally, InvestorCom may
use this information to contact shareholders who have revoked their proxies in order to solicit later-dated proxies for the election
of the Nominees and approval of other proposals described herein.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">SOLICITATION OF PROXIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The solicitation
of proxies pursuant to the Proxy Statement is being made by Saba. Proxies may be solicited by mail, facsimile, telephone, Internet,
in person and by advertisements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Saba has entered
into an agreement with InvestorCom for solicitation and advisory services in connection with this solicitation, for which InvestorCom
will receive a fee not to exceed $25,000, together with reimbursement for its reasonable out-of-pocket expenses, and will be indemnified
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. Saba has requested 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. It is anticipated that InvestorCom will employ up to [25] persons to solicit the Fund&rsquo;s shareholders for
the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The entire expense
of soliciting proxies is being borne by Saba. Because Saba believes that the Fund&rsquo;s shareholders will benefit from this solicitation,
Saba intends to seek reimbursement from the Fund, to the fullest extent permitted by law, of all expenses it incurs in connection
with this solicitation. Saba does not intend to submit the question of such reimbursement to a vote of security holders of the
Fund unless otherwise required by law. Costs of this solicitation of proxies are currently estimated to be approximately $200,000.
We estimate that through the date hereof, Saba&rsquo;s expenses in connection with this solicitation are approximately $75,000.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">SHAREHOLDER PROPOSALS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">According to the
Fund&rsquo;s proxy statement, to be considered for presentation at the Fund&rsquo;s 2022 Annual Meeting of Shareholders, a shareholder
proposal submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 must be received at the Fund&rsquo;s principal
office c/o the Secretary on or before November, 29, 2021. Written notice of a shareholder proposal submitted outside of the processes
of Rule 14a-8 must be delivered to the Fund&rsquo;s principal office c/o the Secretary no later than the close of business on January
26, 2022 and no earlier than December 27, 2021. In order to be included in the Fund&rsquo;s proxy statement and form of proxy,
a shareholder proposal must comply with all applicable legal requirements. Timely submission of a proposal does not guarantee that
such proposal will be included.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The information
set forth above regarding the procedures for submitting shareholder proposals for consideration at the 2022 Annual Meeting is based
on information contained in the Fund&rsquo;s proxy statement for the Annual Meeting. The incorporation of this information in the
Proxy Statement should not be construed as an admission by us that such procedures are legal, valid or binding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>______________________</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>OTHER MATTERS AND ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Saba is unaware
of any other matters to be considered at the Annual Meeting. However, should other matters, which Saba is not aware of a reasonable
time before this solicitation, be brought before the Annual Meeting, the persons named as proxies on the enclosed <B>[COLOR]</B>
proxy card will vote on such matters in their discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are asking you
to vote <B>FOR</B> the election of our Nominees and <B>FOR</B> our proposal to amend the Bylaws. The enclosed <B>[COLOR]</B> proxy
card may only be voted for our Nominees and does not confer voting power with respect to the Fund&rsquo;s nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>Saba has omitted
from this Proxy Statement certain disclosure required by applicable law that is already included in the Fund&rsquo;s proxy statement.
This disclosure includes, among other things, biographical information on the Fund&rsquo;s trustees and executive officers, the
dollar range of shares owned by trustees of the Fund, information regarding persons who beneficially own more than 5% of the Fund&rsquo;s
Common Shares, information on committees of the Board and other important information. Shareholders should refer to the Fund&rsquo;s
proxy statement in order to review this disclosure. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">According to the
Fund&rsquo;s proxy statement, the Fund&rsquo;s investment administrator is Franklin Templeton Services, LLC (the &ldquo;Adviser&rdquo;),
located at 300 S.E. 2<SUP>nd</SUP> Street, Fort Lauderdale, Florida 33301. The Adviser is a subsidiary of Franklin Resources, Inc.,
and an affiliate of Franklin Advisers, Inc., an investment management firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">See <I>Appendix
C - Security Ownership of Certain Beneficial Owners</I> (which is incorporated herein by reference) for information regarding persons
who beneficially own more than 5% of the shares of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The information
concerning the Fund contained in this Proxy Statement and the appendices attached hereto has been taken from, or is based upon,
publicly available information.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>SABA CAPITAL MANAGEMENT, L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>SABA CAPITAL MASTER FUND, LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>SABA CAPITAL MANAGEMENT GP, LLC&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>BOAZ R. WEINSTEIN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ADITYA BINDAL</B></P>
</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>FREDERIC GABRIEL</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>PIERRE WEINSTEIN</B></P>
</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">[ ], 2021&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">THIS SOLICITATION IS BEING MADE BY SABA
AND NOT ON BEHALF OF THE BOARD OF TRUSTEES OR MANAGEMENT OF THE FUND. SABA IS NOT AWARE OF ANY OTHER MATTERS TO BE BROUGHT BEFORE
THE ANNUAL MEETING. SHOULD OTHER MATTERS, WHICH SABA IS NOT AWARE OF WITHIN A REASONABLE TIME BEFORE THIS SOLICITATION, BE BROUGHT
BEFORE THE ANNUAL MEETING, THE PERSONS NAMED AS PROXIES IN THE ENCLOSED <B>[COLOR]</B> PROXY CARD WILL VOTE ON SUCH MATTERS IN
THEIR DISCRETION. SABA URGES YOU TO VOTE IN FAVOR OF THE ELECTION OF SABA&rsquo;S NOMINEES, EITHER BY TELEPHONE OR BY INTERNET
AS DESCRIBED IN THE ENCLOSED <B>[COLOR]</B> PROXY CARD OR BY SIGNING, DATING AND RETURNING THE ENCLOSED <B>[COLOR]</B> PROXY CARD
TODAY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>______________________</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>APPENDIX A</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION CONCERNING THE NOMINEES AND PARTICIPANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Saba has nominated four
(4) highly-qualified individuals for election as trustees at the Annual Meeting: Aditya Bindal, Frederic Gabriel, Paul Kazarian
and Pierre Weinstein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This proxy solicitation
is being made by (i) Saba Capital Management, L.P. (&ldquo;Saba Capital&rdquo;); (ii) Saba Capital Master Fund, Ltd. (&ldquo;SCMF&rdquo;);
(iii) Saba Capital Management GP, LLC (&ldquo;Saba Management&rdquo; and, together with Saba Capital and SCMF, the &ldquo;Saba
Entities&rdquo;); (iv) Boaz R. Weinstein, principal of Saba Capital (&ldquo;Mr. Weinstein,&rdquo; and together with Saba Capital
and the Saba Entities, &ldquo;Saba&rdquo;); and (v) the Nominees. The entities and individuals listed in this paragraph may each
be deemed a &ldquo;Participant&rdquo; and, collectively, the &ldquo;Participants.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of the close of business
on the date hereof, the Participants may be deemed to &ldquo;beneficially own&rdquo; (within the meaning of Rule 13d-3 or Rule
16a-1 under the Exchange Act for the purposes of this Appendix A), in the aggregate, 24,565,016 Common Shares (including 1,000
Common Shares held in record name by the Record Holder), no par value, of the Fund (the &ldquo;Common Shares&rdquo;), representing
approximately 18.3% of the Fund&rsquo;s outstanding Common Shares. The percentages used herein are based upon 134,144,158 Common
Shares outstanding as of February 5, 2021. Saba Capital may be deemed to beneficially own 24,565,016 Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of the date of this
Proxy Statement, none of the Nominees beneficially own any Common Shares, nor do any of the Nominees beneficially own any other
securities of the Fund and have not engaged in any transactions in securities of the Fund during the past two (2) years. None of
the Nominees nor any of their Immediate Family Members owns beneficially or of record any class of securities in (i) the Fund&rsquo;s
investment adviser, principal underwriter or Sponsoring Insurance Company; or (ii) any person (other than a registered investment
company) directly or indirectly controlling, controlled by, or under common control with the Fund&rsquo;s investment adviser, principal
underwriter, or Sponsoring Insurance Company. Each of our Nominees specifically disclaims beneficial ownership of the securities
that he does not directly own. For information regarding purchases and sales of securities of the Fund during the past two (2)
years by certain members of Saba, see <I>Appendix B &ndash; Transactions in Securities of the Fund During the Past Two Years</I>
(which is incorporated herein by reference).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Since the beginning
of the Fund&rsquo;s last two completed fiscal years, no officer of an investment adviser, principal underwriter, or Sponsoring
Insurance Company of the Fund, or of a person directly or indirectly controlling, controlled by, or under common control thereby,
serves, or has served, on the board of directors of a company of which any of the Nominees is an officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">None of the Nominees
nor any of their Immediate Family Members (as such term is defined in the Investment Company Act) has or has had any direct or
indirect interest, the value of which exceeded or is to exceed $120,000, during the past five years, in (i) EFF&rsquo;s investment
adviser, principal underwriter or Sponsoring Insurance Company; or (ii) any person (other than a registered investment company)
directly or indirectly controlling, controlled by, or under common control with EFF&rsquo;s investment adviser, principal underwriter,
or Sponsoring Insurance Company. In addition, none of the Nominees or any of their Immediate Family Members has, or has had since
the beginning of EFF&rsquo;s last two completed fiscal years, or has currently proposed, any direct or indirect relationship, in
which the amount involved exceeds $120,000, with any of the persons specified in paragraphs (b)(8)(i) through (b)(8)(viii) of Item
22 of Schedule 14A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Saba believes that each
Nominee presently is, and if elected as a trustee of the Fund, will be, an &ldquo;independent director&rdquo; within the meaning
of (i) applicable NYSE listing standards applicable to board composition, including Rule 303A.02, and (ii) Section 301 of the Sarbanes-Oxley
Act of 2002, as amended. No Nominee is a member of the Fund&rsquo;s compensation, nominating or audit committees that is not independent
under any such committee&rsquo;s applicable independence standards.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each of the Nominees has
entered into a nominee agreement pursuant to which Saba has agreed to pay the costs of soliciting proxies in connection with the
Annual Meeting and to defend and indemnify such Nominees against, and with respect to, any losses that may be incurred by them
in connection with their nomination as candidates for election to the Board and the solicitation of proxies in support of their
election. Each of the nominee agreements provide customary confidentiality obligations and other restrictions, on the part of the
Nominees, including that such Nominees will not transact in securities of the Fund without the prior consent of Saba Capital. Pursuant
to the nominee agreements and in connection with their nominations, the Nominees may receive a one-time payment of $2,500, the
purposes of which is to cover the reimbursement of fees in connection with each such Nominee&rsquo;s nomination, subject to termination
for cause. The Nominees will not receive any compensation from Saba for their services as trustees of the Fund if elected for any
other reason. If elected, the Nominees will be entitled to such compensation from the Fund as is consistent with the Fund&rsquo;s
practices for services of trustees who are not &ldquo;interested persons&rdquo; of the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Participants entered
into a Joint Filing and Solicitation Agreement (the &ldquo;Joint Filing and Solicitation Agreement&rdquo;) in which, among other
things, (i) the Participants agree to the joint filing on behalf of each of them of statements on Schedule 13D, and any amendments
thereto, with respect to the Common Shares, (ii) the Participants agree to solicit proxies or written consents in favor of the
election of the Nominees to the Board at the Annual Meeting, (iii) each of the Nominees agree to provide Saba advance notice prior
to effecting any purchase, sale, acquisition or disposal of any securities of the Fund of which he has, or would have, direct or
indirect beneficial ownership so that Saba has an opportunity to review the potential implications of any such transaction in the
securities of the Fund and pre-clear any such potential transaction in the securities of the Fund by the Nominees, (iv) each of
the Nominees agree that he shall not undertake or effect any purchase, sale, acquisition or disposal of any securities of the Fund
without the prior consent of Saba, and (v) Saba agrees to pay directly all pre-approved expenses in connection with the solicitation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each of the Nominees (other
than Mr. Kazarian) has signed a power of attorney pursuant to which Michael D&rsquo;Angelo and Paul Kazarian were appointed as
attorney-in-fact to execute on behalf of each Nominee certain SEC filings and other documents in connection with the solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.5pt">&#9;Other than as stated
herein, there are no arrangements or understandings among members of Saba and any of the Nominees or any other person or persons
pursuant to which the nomination of our Nominees described herein is to be made, other than the consent by each Nominee to be named
in this Proxy Statement and to serve as a trustee of the Fund, if elected as such at the Annual Meeting. None of our Nominees is
a party adverse to the Fund, or any of its subsidiaries, or has a material interest adverse to the Fund, or any of its subsidiaries,
in any material pending legal proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We do not expect
that any of our Nominees will be unable to stand for election, but, in the event that any Nominee is unable to serve or, for good
cause, will not serve, the shares represented by the enclosed <B>[COLOR]</B> proxy card will be voted for substitute nominee(s),
to the extent this is not prohibited under the Bylaws and applicable law. In addition, we reserve the right to nominate substitute
person(s) if the Fund makes or announces any changes to the Bylaws or takes or announces any other action that has, or if consummated
would have, the effect of disqualifying any Nominee, to the extent this is not prohibited under the Bylaws and applicable law.
In any such case, the shares represented by the enclosed <B>[COLOR]</B> proxy card will be voted for such substitute nominee(s).
We reserve the right to nominate additional person(s), to the extent this is not prohibited under the Bylaws and applicable law,
if the Fund increases the size of the Board above its existing size or increases the number of trustees whose terms expire at the
Annual Meeting. Additional nominations made pursuant to the preceding sentence are without prejudice to the position of Saba that
any attempt to increase the size of the current Board or to change the classifications of the Board would constitute an unlawful
manipulation of the Fund&rsquo;s corporate machinery.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The principal business
of Mr. Weinstein is investment management and serving as the Managing Member of Saba Management, a Delaware limited liability company
by virtue of its status as the general partner to Saba Capital. The principal business of Saba Capital is to serve as investment
manager to the Saba Entities. The principal business of the Saba Entities is to invest in securities. Information on the principal
occupation of each of the Nominees is set forth in <I>Proposal 1: Election Of Trustees</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The principal business
address of each of Mr. Weinstein, Saba Management, Saba Capital and the Saba Entities is 405 Lexington Avenue, 58th Floor, New
York, New York 10174. In addition, the Record Holder has a business address at c/o Walkers Corporate Limited, Cayman Corporate
Centre, 27 Hospital Road, George Town, Grand Cayman, KY1-9008, Cayman Islands. The principal business address of each of Messrs.
Bindal, Gabriel, Kazarian and Weinstein is c/o Olshan Frome Wolosky LLP, 1325 Avenue of the Americas, New York, NY 10019, Attn:
Adam Finerman.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Mr. Bindal is a citizen
of India. Messrs. Gabriel and Kazarian are citizens of the United States of America. Mr. Weinstein is a citizen of France.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The relevant information
provided above has been furnished to Saba by the Nominees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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. During the time in which the Common Shares have been
held in such margin accounts, the Saba Entities have retained the right to vote or dispose of the Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 EFF, 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, or affiliated person of the Fund; (iii) no
Participant in this solicitation owns any securities of the Fund which are owned of record but not beneficially; (iv) no Participant
in this solicitation has purchased or sold any securities of the Fund or the Fund&rsquo;s investment adviser during the past two
years, nor from either entity&rsquo;s &ldquo;Parents&rdquo; or &ldquo;Subsidiaries&rdquo; (as defined in Item 22); (v) no Participant
has any &ldquo;family relationship&rdquo; for the purposes of Item 22 whereby a family member is an &ldquo;Officer&rdquo; (as defined
in Item 22 ), director (or person nominated to become an Officer or director), employee, partner, or copartner of the Fund, the
Fund&rsquo;s investment adviser and/or a principal underwriter of any of the foregoing, or any Subsidiary or other potential affiliate
of any of the foregoing; (vi) no part of the purchase price or market value of the securities of the Fund owned by any Participant
in this solicitation is represented by funds borrowed or otherwise obtained for the purpose of acquiring or holding such securities;
(vii) no Participant in this solicitation is, or within the past year was, a party to any contract, arrangements or understandings
with any person with respect to any securities of the Fund, including, but not limited to, joint ventures, loan or option arrangements,
puts or calls, guarantees against loss or guarantees of profit, division of losses or profits, or the giving or withholding of
proxies; (viii) no associate of any Participant in this solicitation owns beneficially, directly or indirectly, any securities
of the Fund; (ix) no Participant in this solicitation owns beneficially, directly or indirectly, any securities of any parent or
subsidiary of the Fund; (x) during the last five years, no Nominee has had any arrangement or understanding with any other person
pursuant to which he was selected to be a nominee for election as a trustee to the Fund other than the nominee agreements described
herein; (xi) no Participant and no Immediate Family Member of any Participant in this solicitation or any of his or its associates
was a party to, or had a direct or indirect material relationship in, any transaction or series of similar transactions since the
beginning of the Fund&rsquo;s last two completed fiscal years, 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: the Fund
or any of its subsidiaries, an Officer of the Fund, an investment company, or a person that would be an investment company but
for the exclusions provided by sections 3(c)(1) and 3(c)(7) of the 1940 Act, having the same investment adviser, principal underwriter,
or Sponsoring Insurance Company as the Fund or having an investment adviser, principal underwriter, or Sponsoring Insurance Company
that directly or indirectly controls, is controlled by or is under common control with an investment adviser, principal underwriter,
or Sponsoring Insurance Company of the Fund (an investment adviser, principal underwriter, Sponsoring Insurance Company, or affiliated
person of the Fund, or any Officer or any person directly or indirectly controlling, controlled by, or under common control with
any investment adviser, principal underwriter, Sponsoring Insurance Company, or affiliated person of the Fund; (f) an Officer of
an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Fund; or (g) an Officer of a person directly
or indirectly controlling, controlled by, or under common control with an investment adviser, principal underwriter, or Sponsoring
Insurance Company of the Fund; (xii) during the last five years, no Participant and no Immediate Family Member of any Participant
has had a position or office with: (a) the Fund; (b) an investment company, or a person that would be an investment company but
for the exclusions provided by Sections 3(c)(1) and 3(c)(7) of the 1940 Act, having the same investment adviser, principal underwriter,
or Sponsoring Insurance Company as the Fund or having an investment adviser, principal underwriter, or Sponsoring Insurance Company
that directly or indirectly controls, is controlled by, or is under common control with an investment adviser, principal underwriter,
or Sponsoring Insurance Company of the Fund; (c) an investment adviser, principal underwriter, Sponsoring Insurance Company, or
affiliated person (xiii) no Participant in this solicitation or any of his or its associates has any arrangement or understanding
with any person with respect to any future employment by the Fund or its affiliates, or with respect to any future transactions
to which the Fund or any of its affiliates will or may be a party; (xiv) no Participant in this solicitation has a substantial
interest, direct or indirect, by securities holdings or otherwise, in any matter to be acted on at the Annual Meeting; (xv) there
are no material pending legal proceedings to which any Nominee or any of his or its associates is a party adverse to the Fund or,
to the best of Saba&rsquo;s knowledge after reasonable investigation, any affiliated person of the Fund, nor does any Nominee have
a material interest in such proceedings that is adverse to the Fund or, to the best of the Saba&rsquo;s knowledge after reasonable
investigation, any affiliated person of the Fund; (xvi) since the beginning of the last two completed fiscal years, no Participant
(and no Immediate Family Member of a Participant) has served on the board of directors or trustees of a company or trust where
an Officer of an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Fund, or any person directly
or indirectly controlling, controlled by, or under common control with any of those, serves on the board of directors or trustees;
and (xvii) no Participant has withheld information that is required to be disclosed under the following Items under Regulation
S-K under the Exchange Act: Item 401(f) with respect to involvement in certain legal proceedings, Item 401(g) with respect to promoters
and control persons, and Item 405 with respect to beneficial ownership and required filings.</P>

<P STYLE="font: 10pt Arial Unicode MS; margin: 0 0 12pt; text-align: center"><B>______________________</B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial Unicode MS; margin: 0 0 12pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><U>[APPENDIX B]</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TRANSACTIONS IN SECURITIES OF THE FUND DURING
THE PAST TWO YEARS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><B><U>Nature of the Transaction</U></B></TD>
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><B>Amount of Securities<BR>
<U>Purchased/(Sold)</U></B></TD>
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><B>Date of<BR>
<U>Purchase/Sale</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Saba</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">237,058</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/17/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10,099</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/18/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">40,444</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/28/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">121,319</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/29/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">133,687</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/02/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">40,686</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/05/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">28,685</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/07/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">40,237</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/08/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">105,490</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/09/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">80,634</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/12/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14,109</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/13/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">109,197</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/15/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">114,559</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/16/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">125,345</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/19/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">79,043</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/20/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">93,507</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/21/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10,892</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/23/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Sale of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(67,251)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/27/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">16,264</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/29/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">175,065</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10/30/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">46,731</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/04/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Sale of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(432,228)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/06/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">35,835</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/09/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">373,274</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/10/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">51,012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/11/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">23,639</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/12/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">199,644</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/13/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">57,906</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/17/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">112,014</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/30/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">779,545</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/01/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">46,629</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/02/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14,589</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/03/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">82,407</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/04/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">437,333</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/07/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1,000,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/08/2021</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">510,529</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/09/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">464,195</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/10/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">231,687</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/11/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356,501</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/14/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">143,988</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/15/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2,685</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/17/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">64,052</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/18/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">429,543</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/21/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">803,884</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/22/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">500,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/23/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">30,703</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/24/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">410,773</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/28/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">160,027</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/29/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">263,455</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/30/2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">215,088</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12/31/2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">212,402</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/04/2021</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">301,404</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/05/2021</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9,097</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/06/2021</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">75,021</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/08/2021</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">61,483</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/11/2021</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">200,360</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/12/2021</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">275,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/14/2021</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">190,976</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/15/2021</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">178,785</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/19/2021</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">225,467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/20/2021</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">193,953</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/21/2021</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">120,564</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/22/2021</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;40,179</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/25/2021</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">49,489</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/26/2021</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">351,979</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/27/2021</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">523,473</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/28/2021</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354,685</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/29/2021</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;68,233</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">02/01/2021</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">272,554</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">02/02/2021</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">343,438</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">02/03/2021</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>______________________</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><U>APPENDIX C</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B><I>The following
table is reprinted from the Fund&rsquo;s Preliminary Proxy Statement filed with the Securities and Exchange Commission on February
24, 2021.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify">According to filings made on Schedule 13D
and 13G pursuant to Sections 13(d) and 13(g) of the Securities Exchange Act of 1934, as amended, the following shareholders own
5% or more of the Fund&rsquo;s Common Shares.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-top: 3pt; padding-bottom: 6pt; padding-left: 2.9pt"><U>Fund Name and Title of Class</U></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 6pt; padding-left: 2.9pt; text-align: center"><U>Name and Address of Owner</U></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 6pt; padding-left: 2.9pt; text-align: center"><U>Aggregate Share Amount Owned</U></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 6pt; text-align: center"><U>Percent</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-top: 3pt; padding-bottom: 6pt; padding-left: 2.9pt">Templeton Global Income Fund &ndash; Common</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 6pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Saba Capital Management, L.P.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">405 Lexington Avenue, 58<SUP>th</SUP> Floor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, NY 10174</P></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 6pt; text-align: center">24,565,016</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 6pt; text-align: center">18.31%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-top: 3pt; padding-bottom: 6pt; padding-left: 2.9pt">Templeton Global Income Fund &ndash; Common</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 6pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">First Trust Portfolios LP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">120 East Liberty Drive, Suite 400</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Wheaton, IL 60187</P></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 6pt; text-align: center">9,392,159</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 6pt; text-align: center">7.00%</TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0">* As of February 5, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify">To the knowledge of the Fund, no other
person owned 1% or more of the outstanding Common Shares of the Fund as of February 5, 2021.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>______________________</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>IMPORTANT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Tell your Board
what you think! Your vote is important. No matter how many shares you own, please give Saba your proxy <B>FOR</B> the election
of Saba&rsquo;s Nominees and <B>FOR</B> the shareholder proposal by voting your shares by telephone or Internet as described in
the enclosed <B>[COLOR]</B> proxy card or by signing and dating the enclosed <B>[COLOR]</B> proxy card, and returning it in the
postage-paid envelope provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any of your shares
are held in the name of a brokerage firm, bank, bank nominee or other institution, only it can vote such shares and only upon receipt
of your specific instructions. Accordingly, please contact the person responsible for your account and instruct that person to
execute the <B>[COLOR]</B> proxy card. In addition, if you hold your shares in a brokerage or bank account, your broker or bank
may allow you to provide your voting instructions by telephone or Internet. Please consult the materials you receive from your
broker or bank prior to authorizing a proxy by telephone or Internet. Saba urges you to confirm in writing your instructions to
Saba in care of InvestorCom, Inc. at the address provided below so that Saba will be aware of all instructions given and can attempt
to ensure that such instructions are followed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you have any
questions or require any additional information concerning this Proxy Statement, please contact InvestorCom at the address and
telephone numbers set forth below:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>If you have any questions, require assistance
in voting your <B>[COLOR] </B>proxy card, </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>or need additional copies of Saba&rsquo;s
proxy materials, </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>please contact InvestorCom at the phone numbers
listed below.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I><IMG SRC="image_002.jpg" ALT="NewCo Signature3 (002)" STYLE="height: 82px; width: 285px"></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">19 Old Kings Highway S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Suite 210</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Darien, CT 06820</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shareholders call toll free at (877) 972-0090</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Banks and Brokers may call collect at (203)
972-9300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>You may also contact Saba via email at</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SabaProxy@sabacapital.com</B></P>

</DIV>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>[COLOR]</B> PROXY CARD</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>TEMPLETON
GLOBAL INCOME FUND</B></FONT><B><BR>
<BR>
<FONT STYLE="text-transform: uppercase">2021 Annual Meeting</FONT> OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SCHEDULED FOR MAY 7, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>THIS PROXY IS SOLICITED ON BEHALF
OF SABA CAPITAL MANAGEMENT, L.P. AND THE OTHER PARTICIPANTS NAMED IN THIS PROXY SOLICITATION (COLLECTIVELY, &ldquo;SABA&rdquo;)<BR>
<BR>
THE BOARD OF TRUSTEES OF <FONT STYLE="text-transform: uppercase">TEMPLETON GLOBAL INCOME FUND</FONT><BR>
IS NOT SOLICITING THIS PROXY<BR>
<BR>
<BR>
P&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned
appoints Michael D&rsquo;Angelo, Paul Kazarian, Pierre Weinstein, Adam Finerman and John Grau and each of them, attorneys and agents
with full power of substitution to vote all common shares of Templeton Global Income Fund (the &ldquo;Fund&rdquo;), a Delaware
corporation and a closed-end management investment company registered under the Investment Company Act of 1940, as amended, that
the undersigned would be entitled to vote at the 2021 annual meeting of shareholders of the Fund scheduled to be held at the principal
office of the Fund, 300 S.E. 2<SUP>nd</SUP> Street, Fort Lauderdale, Florida 33301, on May 7, 2021 at 12:00 p.m. (Eastern Time),
including at any adjournments or postponements thereof (the &ldquo;Annual Meeting&rdquo;), with all powers that the undersigned
would possess if personally present, upon and in respect of the instructions indicated herein, with discretionary authority 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: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned
hereby revokes any other proxy or proxies heretofore given to vote or act with respect to the shares of the Fund held by the undersigned,
and hereby ratifies and confirms all action the herein named attorney and proxy, his substitutes, or any of them may lawfully take
by virtue hereof. If properly executed, this Proxy will be voted as directed on the reverse and in the discretion of the herein
named attorney and proxy or his substitutes with respect to any other matters as may properly come before the Annual Meeting that
are unknown to Saba at a reasonable time before this solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><B>IF NO DIRECTION
IS INDICATED WITH RESPECT TO THE PROPOSALS ON THE REVERSE, THIS PROXY WILL BE VOTED &ldquo;FOR&rdquo; PROPOSAL 1, PROPOSAL 2 AND
<FONT STYLE="text-transform: uppercase">PR</FONT>OPOSAL 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Proxy will
be valid until the completion of the Annual Meeting. This Proxy will only be valid in connection with Saba&rsquo;s solicitation
of proxies for the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>IMPORTANT: PLEASE SIGN, DATE AND MAIL
THIS PROXY CARD PROMPTLY!</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CONTINUED AND TO BE SIGNED ON REVERSE
SIDE</B></P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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 Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"><B>[COLOR]</B> PROXY CARD&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left">&nbsp;<B>[X] Please mark vote as in this
example</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SABA STRONGLY RECOMMENDS THAT <FONT STYLE="text-transform: uppercase">SHAREHOLDERS</FONT>
VOTE &ldquo;FOR&rdquo; OUR NOMINEES LISTED BELOW IN PROPOSAL 1</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Saba&rsquo;s proposal to elect Aditya Bindal, Frederic Gabriel, Paul Kazarian and Pierre Weinstein as Class I trustees of the
Fund.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.5in; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>FOR ALL NOMINEES</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>WITHHOLD AUTHORITY TO VOTE FOR ALL NOMINEES</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>FOR ALL EXCEPT NOMINEE(S) WRITTEN BELOW</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt">Nominees</P></TD>
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.6pt; text-align: justify; text-indent: -48.6pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.6pt; text-align: justify; text-indent: -48.6pt">Aditya Bindal</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.6pt; text-align: justify; text-indent: -48.6pt">Frederic Gabriel</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.6pt; text-align: justify; text-indent: -48.6pt">Paul Kazarian</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.6pt; text-align: justify; text-indent: -48.6pt">Pierre Weinstein</P></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 4.5pt">[&#9;]</TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 4.5pt">[&#9;]</TD>
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">[&#9;]</P>

<P STYLE="text-align: center; margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0">________________<BR>
________________<BR>
________________</P>

</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">Saba does not expect that any
of the Nominees will be unable to stand for election, but, in the event that any Nominee is unable to serve or for good cause will
not serve, the shares represented by this proxy card will be voted for substitute nominee(s), to the extent this is not prohibited
under the Fund&rsquo;s Bylaws and applicable law. In addition, Saba has reserved the right to nominate substitute person(s) if
the Fund makes or announces any changes to its Bylaws or takes or announces any other action that has, or if consummated would
have, the effect of disqualifying any Nominee, to the extent this is not prohibited under the Bylaws and applicable law. In any
such case, shares represented by this proxy card will be voted for such substitute nominee(s). Saba intends to use this proxy to
vote &ldquo;FOR&rdquo; Messrs. Bindal, Gabriel, Kazarian and Weinstein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">_______________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><B>SABA MAKES NO RECOMMENDATION WITH RESPECT
TO PROPOSAL 2 AND INTENDS TO VOTE ITS SHARES &ldquo;FOR&rdquo; THIS PROPOSAL</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>The ratification of the selection of PricewaterhouseCoopers LLP (&ldquo;PwC&rdquo;) as the independent registered public accounting
firm for the Fund for the fiscal year ending December 31, 2021</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 26%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>FOR</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>AGAINST</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>ABSTAIN</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><B>SABA STRONGLY RECOMMENDS THAT <FONT STYLE="text-transform: uppercase">SHAREHOLDERS</FONT>
VOTE &ldquo;FOR&rdquo; PROPOSAL 3</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Saba&rsquo;s proposal to amend the Bylaws to permit and/or require a tender offer under certain specified circumstances.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 26%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>FOR</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>AGAINST</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>ABSTAIN</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Signature, if held jointly)</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">WHEN SHARES ARE HELD JOINTLY, JOINT
OWNERS SHOULD EACH SIGN. EXECUTORS, ADMINISTRATORS, TRUSTEES, ETC., SHOULD INDICATE THE CAPACITY IN WHICH SIGNING. PLEASE SIGN
EXACTLY AS NAME APPEARS ON THIS PROXY.&nbsp;</P>

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