Saba Capital Management LP

FEES AND COMPENSATION

A. Advisory Fees and Compensation

      i. Fixed Advisory Fees

The fees applicable to each Client are outlined in and detailed in each Client’s respective
offering documents. A summary of those fees and compensation is provided below.

Saba Capital generally is paid an asset-based fee annually on assets under management for the
Clients, either monthly or quarterly in advance. The management fee charged to the Clients
will be prorated for any capital contribution or subscription that is effective other than as of the
first day of the month or quarter, as applicable, or for any withdrawal or redemption that is
effective other than as of the last business day of a month or quarter, as applicable.

In certain cases, and as disclosed in the Clients’ offering documents, Saba Capital may, from
time to time, charge an administrative fee to cover expenses during periods in which the assets
of the Clients are treated as “plan assets” for purposes of ERISA (as defined below). Saba also
charges a fixed fee as disclosed in certain Clients’ offering documents.

     ii. Incentive Compensation

Generally, for certain Clients, Saba Capital or its affiliates share in profits based on the
performance of the assets under management for each Client pursuant to the terms of the
relevant Client agreement. For certain Clients, Saba Capital will receive a percentage of the
profits generated at the end of the fiscal year for certain Clients.

Saba Capital or its affiliates reserve the right to waive or impose different fees or incentive
compensation or otherwise modify the fee and incentive compensation arrangements of an
existing investor with the consent of such investor. In addition, Saba Capital, the Clients, and
their respective General Partners, Special Shareholder, or boards of directors reserve the right
to impose different fees on future investors.

Generally, Saba Capital and its personnel invest in one or more of the Clients. Partners,
members or Employees (as defined below) of Saba Capital and its affiliates, such person’s
family members and trusts or other entities established primarily for the benefit of such persons,
or for charitable purposes and certain acquaintances of Saba Capital or its affiliates (or trusts
or other entities established primarily for the benefit of such persons) or certain acquaintances
of Saba Capital and its affiliates are not charged a management fee or incentive compensation.

Additionally, in certain instances, a Client will pay incentive compensation by issuing shares
or general partner interests to Saba Capital or its affiliates (i.e., an “Incentive Allocation”). In
order for Saba Capital or its affiliates to collect compensation from an Incentive Allocation,
Saba Capital or its affiliates will need to redeem shares or withdraw general partner interests
from the Client. Such redemptions or withdrawals will not be subject to the redemption or
withdrawal terms of the Client, including but not limited to, notice requirements, limitations
on the frequency and days on which such redemptions or withdrawals are permitted to occur,
investor-level or fund-level gates, as applicable, or selling restrictions, as applicable.

Any performance-based fees will be charged in accordance with Section 205 of the Advisers
Act and Rule 205-3 thereunder.

B. Payment of Fees

Fees and compensation paid to Saba Capital or its affiliates by the Clients are deducted from
the assets of such Clients or invoiced. As discussed above, management fees are generally
deducted or invoiced in advance on a quarterly or monthly basis and incentive compensation
is generally deducted on an annual basis.

C. Additional Fees and Expenses

The following is a list of expenses that are charged by Saba Capital to one or more (but not
necessarily all) of the Clients.

Subject to the terms outlined in the applicable offering documents, each Client will bear its
own expenses, including, without limitation, the Client’s investment-related expenses whether
relating to investments that are consummated or unconsummated (e.g., trading expenses,
brokerage commissions, expenses relating to short sales, trading platform and seat fees, fees
and expenses of any counterparty or broker (which shall be at normal commercial rates), due
diligence costs including consultant, valuation and appraisal fees, expenses relating to short
sales, investment banking fees, sourcing or finder’s fees (which may include a management fee
component and/or a performance compensation component), borrowing charges on securities
sold short, custodial fees and expenses and nominee fees); bank service fees, regulatory
expenses (including filing fees and legal expenses relating to filings attributable in whole or in
part to such Client, clearing and settlement charges, interest expense and investment-related
travel and lodging expenses); expenses relating to proxy contest and solicitation fees and
expenses; management fees; incentive fees; Investment Team Expenses (as defined herein);
fees and expenses incidental to the purchase and sale of interests in, and the fees and expenses
of, closed-end funds (“CEFs”) private funds, and special purpose acquisition companies
(“SPACs”) in which certain Clients invest; expenses and fees associated with arranging,
maintaining, and repayment of borrowings of the Client; expenses relating to software tools,
programs or other technology utilized in managing the Client (including, without limitation,
third-party software licensing, implementation, data management and recovery services and
custom development costs); expenses relating to proxy contests, tender offers and solicitation
fees and expenses; trading platform and seat fees; public relations firms; research-related
expenses, including, without limitation, news and quotation equipment and services; fees for
data and software providers; fees for other software tools including, without limitation, third-
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TYPES OF CLIENTS

Saba Capital provides either investment advisory or sub-advisory services to the following
groups of Clients:

       Private investment companies that are exempt from registration under Section 3(c)(7)
        of the Investment Company Act, as described in Item 4. Interests in the Clients are
        offered to qualified investors in the U.S. and elsewhere on a private placement basis.
        Such investors may include financial institutions, individuals, investment companies
        or partnerships, trusts, family offices, endowments, pension funds, and others.

       Registered Investment Companies (“RICs”) under the Investment Company Act for
        which Saba Capital serves as adviser or sub-adviser;

       An open-ended Irish collective asset management vehicle under the EU UCITS
        Directive for which Saba Capital serves as delegated investment manager; and

       Separately managed accounts.