Releases New Proposal Driven by Shareholder Feedback to Deliver Superior Option vs. Current Board’s Tender Offer Proposal

Raises Concerns Related to Current Board’s Proposal to Force Tendering Shareholders to Accept Untradeable Tracker Shares Tied to the SpaceX Position

Issues Open Letter to Shareholders to Provide the Facts on Performance Conveniently Being Ignored by Chair Jonathan Simpson-Dent and the Incumbent Board in Attempt to Serve Their Own Interests

LONDON--(BUSINESS WIRE)--Mar. 30, 2026-- Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), the largest shareholder of Edinburgh Worldwide Investment Trust PLC (EWI:LSE) (“EWI” or the “Company”), today announced an enhanced liquidity proposal (the “Enhanced Proposal”) that it recommends the new independent Board of Directors (the “Board”), if elected, offer to all EWI shareholders. After listening carefully to shareholder feedback, we believe Saba’s Enhanced Proposal is significantly superior in structure and governance to the Company’s proposed Tender Offer and is in the best interests of all shareholders.

Saba’s Enhanced Proposal is straightforward – if Saba’s nominees are elected, it recommends the new Board offer shareholders three clear options:

• Option 1: Tender immediately and exit at NAV less costs.
• Option 2: Tender following a potential SpaceX IPO or liquidity event – but prior to any potential change in investment mandate – at NAV less costs.
• Option 3: Retain your investment in the Company.

Reducing Complexity, Maximising Optionality

Unlike the current Board’s proposal, which would force tendering shareholders to accept untradeable tracker shares tethered to the SpaceX position, Saba’s Enhanced Proposal would provide shareholders a clean exit, on their own terms, at a time of their own choosing, with no complex instruments and no illiquid securities. We do not believe in creating a self-manufactured urgency designed to push shareholders out the door before they have a chance to evaluate their options.

Allowing Shareholders to Manage Tax Consequences, While Seeing the SpaceX Position Through

Saba’s Enhanced Proposal is designed with tax efficiency in mind. For any shareholder carrying embedded gains in EWI, tendering under the current Board’s proposal could unnecessarily crystallise a capital gains tax liability.¹ To do so now, simply because EWI Chairman Jonathan Simpson-Dent has created a sense of urgency around his own removal, would be an own goal.

By tendering under the current Board’s proposal, many shareholders would be paying a real tax bill in cash, forfeiting the opportunity to see the SpaceX position through to a proper liquidity event, and surrendering the chance to evaluate a prospective new manager – all so that the current Board can serve its own interests and point to redemptions as a vindication of its campaign against Saba. In contrast, Saba’s Enhanced Proposal allows shareholders to choose when to tender – before or after the SpaceX event – and allows them to manage any tax consequences on their own terms.

Saba encourages all EWI shareholders to vote AGAINST the current Board’s proposed Tender Offer ahead of the 8 April deadline, and to vote FOR Saba’s three independent nominees – Gabriel Gliksberg, Michael Joseph and Jassen Trenkow – at the upcoming Annual General Meeting.

In connection with this announcement, Saba also issued the below open letter to all EWI shareholders.

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Fellow Shareholders,

As shareholders in EWI, your interest, like ours, is in maximising the value of your investment. Unfortunately, EWI’s current Board and its Chairman, Jonathan Simpson-Dent, have been attempting to distract from this most fundamental and critical point by painting EWI as a public good. But it is not – it is a listed investment trust that has a fiduciary duty to its shareholders.

This seems an obvious point, but you would be forgiven for forgetting this if you only read comments from Mr. Simpson-Dent, who has taken to describing EWI as a cherished British institution and a national treasure, rather than defending its track record of awful performance. This is because its track record is indefensible and no number of petitions to the FCA by Mr. Simpson-Dent can change that fact.

While our interests are aligned with yours, it is worth being direct about Mr. Simpson-Dent’s own conflicting interests in this matter. Regardless of the language Mr. Simpson-Dent uses to dress it up, the current Board is essentially adopting a ‘take the ball home’ strategy: faced with being removed by EWI’s shareholders, the Board wants to ensure that there is as little value as possible left for anyone else to manage.

When evaluating the track record of EWI’s current management, it is also important to weigh the potential alternatives. In the event the new Board elects to run a process to change the Company’s manager, we do intend to submit for consideration as part of the process. As a manager, our track record is clear: Saba Capital has been recognised by Institutional Investor as the leading activist hedge fund manager in 2023 and 2024² – specifically for a closed-end fund discount strategy similar to what we would apply here. We have a demonstrated approach with a verified track record in this asset class over a sustained period.

Unfortunately, Mr. Simpson-Dent would rather many of you pay a capital gains tax bill – a real, cash cost imposed on you by his timeline, not yours – than have the opportunity to remain invested in EWI under a new Board and potentially new management. Mr. Simpson-Dent has framed this as an act of care for shareholders, but we suggest you weigh that framing against the evidence and consider the record he and his fellow directors are so vigorously defending:

1. EWI is a 100% net long fund. It has operated across one of the longest bull markets in modern financial history – yet, over the past five years, it has lost approximately 34% of its value.³For comparison, the Saba Closed-End Funds ETF (“CEFS”) – which applies a strategy of investing in discounted closed-end funds across the US market – has returned approximately 81% over the same five-year period. In the event the new Board were to select Saba as the manager, we would bring our discount-focused approach to bear here, applied entirely to UK investment trusts. As with any strategy, past performance is not a guarantee of future results, and the UK market has its own dynamics. But the underlying discipline – the focus on closing discounts on behalf of long-suffering shareholders – is precisely what this portfolio has needed, and precisely what EWI’s current Board has failed to provide.
   
   
2. EWI has underperformed the S&P Global SmallCap Price Index by 55% and the FTSE All-Share Index Total Return by 100% over the past five years.⁴ In a bull market, in a fund with no structural short positions to blame, this is a disastrous track record against these key benchmarks. The current Board may find it inconvenient that this context exists, but there is no hiding it from shareholders who have lived through it while trusting the Board’s assurances year after year.
   
   
3. SpaceX has been, by some distance, the single best-performing holding in this portfolio. Frankly, it is the reason the five-year loss is “only” 34% rather than something far worse – and yet, in November 2025, the Board approved the sale of a meaningful portion of EWI’s SpaceX stake, shortly before the position was marked up by more than 100%. This is the stewardship of your investment that Mr. Simpson-Dent is defending so loudly.

Over the past year, the boards of other underperforming investment trusts have demonstrated they have the institutional backbone to hold their managers accountable. They have made difficult decisions, and they have acted in the best interests of their shareholders rather than themselves. EWI’s Board has done the opposite – it continues circling the wagons, retaining Baillie Gifford as manager and protecting its directors’ fees. Now, it is urging you to rush for the exit on terms that suit the current Board’s preferred narrative, rather than your financial interests.

Unlike the current Board, we are not taking anything from you. Instead, by nominating new highly qualified, independent directors, we are offering you something new: a credible alternative, a transparent tender process and an independent Board whose sole focus is delivering value.

If Baillie Gifford’s EWI franchise is as valuable as the current Board insists, there is a simple solution: launch a new investment trust and see whether investors queue up to back it.

Sincerely,

Saba Capital Management, L.P.

***

About Saba

Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba has offices in New York City and London. Learn more at www.sabacapital.com.

Disclaimer

This announcement is not intended to be and does not constitute or contain any investment recommendation as defined by Regulation (EU) No 596/2014 (as it forms part of the domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018). No information in this announcement should be construed as recommending or suggesting an investment strategy. Nothing in this announcement or in any related materials is a statement of or indicates or implies any specific or probable value outcome in any particular circumstance. This announcement is provided merely for general informational purposes and is not intended to be, nor should it be construed as (1) investment, financial, tax or legal advice, or (2) a recommendation to buy, sell or hold any security or other investment, or to pursue any investment style or strategy. Neither the information nor any opinion contained in this announcement constitutes an inducement or offer to purchase or sell or a solicitation of an offer to purchase or sell any securities or other investments in the Company or any other company by Saba or any of its affiliates in any jurisdiction. This announcement does not consider the investment objective, financial situation, suitability or the particular need or circumstances of any specific individual who may access or review this announcement and may not be taken as advice on the merits of any investment decision. This announcement is not intended to provide the sole basis for evaluation of, and does not purport to contain all information that may be required with respect to, any potential investment in the Company. Any person who is in any doubt about the matters to which this announcement relates should consult an authorised financial adviser or other person authorised under the UK Financial Services and Markets Act 2000. To the best of Saba’s ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources that Saba believes to be accurate and reliable. However, such information is presented “as is”, without warranty of any kind, whether express or implied, and Saba has not independently verified the data contained therein. All expressions of opinion are subject to change without notice, and Saba does not undertake to update or supplement any of the information, analysis and opinion contained herein.

Saba may continue transacting in the shares and securities of the Company, and/or derivatives referenced to them (which may include those providing long and short economic exposure) for an indefinite period following the date of this announcement and may increase or decrease its interests in such shares, securities and/or derivatives at any time.

Forward-Looking Statements

This announcement contains certain forward-looking statements and information that are based on Saba’s beliefs, as well as assumptions made by, and information currently available to, Saba. These statements include, but are not limited to, statements about strategies, plans, objectives, expectations, intentions, expenditures and assumptions and other statements that are not historical facts. When used herein, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan” and “project” and similar expressions (or their negative) are intended to identify forward-looking statements. These statements reflect Saba’s current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual results, performance or achievements may vary materially and adversely from those described herein. There is no assurance or guarantee with respect to the prices at which any securities of the Company or any other company will trade, and such securities may not trade at prices that may be implied herein. Any estimates, projections or potential impact of the opportunities identified by Saba herein are based on assumptions that Saba believes to be reasonable as of the date hereof, but there can be no assurance or guarantee that actual results or performance will not differ, and such differences may be material and adverse. No representation or warranty, express or implied, is given by Saba or any of its officers, employees or agents as to the achievement or reasonableness of, and no reliance should be placed on, any projections, estimates, forecasts, targets, prospects or returns contained herein. Neither Saba nor any of its directors, officers, employees, advisers or representatives shall have any liability whatsoever (for negligence or misrepresentation or in tort or under contract or otherwise) for any loss howsoever arising from any use of information presented in this announcement or otherwise arising in connection with this announcement. Any historical financial information, projections, estimates, forecasts, targets, prospects or returns contained herein are not necessarily a reliable indicator of future performance. Nothing in this announcement should be relied upon as a promise or representation as to the future. Nothing in this announcement should be considered as a profit forecast.

Permitted Recipients

In relation to the United Kingdom, this announcement is being issued only to, and is directed only at, (i) investment professionals specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”), (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order and (iii) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities of the Company or any member of its group may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Permitted Recipients”). Persons who are not Permitted Recipients must not act or rely on the information contained in this announcement.

Distribution

Not for release, publication or distribution, in whole or in part, directly or indirectly, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of that jurisdiction. The distribution of this announcement in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. Saba disclaims all responsibility where persons access this announcement in breach of any law or regulation in the country of which that person is a citizen or in which that person is residing or is domiciled.

¹ Page 49 of Edinburgh Worldwide Circular and Notice of General Meeting dated 16 March 2026.
²Institutional Investor, The 21st Annual Hedge Fund Industry Award, dated 1 May 2024; Institutional Investor, 20 Annual Hedge Fund Industry Awards, dated 11 May 2023. View full disclaimer here: https://www.sabacapital.com/
³ Bloomberg. Data is in GBP and as of 27 March 2026.
⁴ Bloomberg. Data is in GBP and as of 27 March 2026. EWI’s factsheet compares the Company’s performance to the S&P Global SmallCap Index on page 1. EWI’s October 2025 Annual Report and Financial Statements compares the Company’s performance to the FTSE All-Share Index on page 75.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260330314273/en/

Longacre Square Partners
Kate Sylvester / Bence Szechenyi
ksylvester@longacresquare.com / bszechenyi@longacresquare.com

Source: Saba Capital Management, L.P.