Believes a New Board Is Needed to Improve EWI’s Share Price Performance for the Benefit of All Shareholders

Highlights that EWI’s NAV Return and Share Price Performance Have Trailed its Self-Selected Benchmark by More Than 100% Over the Past Five Years

LONDON--(BUSINESS WIRE)--Nov. 27, 2025-- Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), the beneficial owner of interests in approximately 30% of Edinburgh Worldwide Investment Trust PLC (EWI:LSE) (the “Company”), today released the following letter sent to the Company’s Board of Directors (the “Board”) regarding its intention to requisition a general meeting of the Company to provide shareholders the opportunity to vote on a resolution to remove the entire incumbent Board and, in its place, appoint a new board composed solely of qualified, independent directors who are committed to delivering long-term value for all shareholders.

LEGAL DISCLAIMER: 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 OR REGULATIONS OF THAT JURISDICTION

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Edinburgh Worldwide Investment Trust PLC
Calton Square
1 Greenside Row
Edinburgh, EH1 3AN
United Kingdom

Attention: The Board of Directors (the “Board” or “you”)

27 November 2025

Dear Members of the Board,

Saba Capital Management, L.P. (“Saba”), a beneficial owner of interests in approximately 30% of the shares of Edinburgh Worldwide Investment Trust PLC (the “Company”), is writing to formally notify you of our intent to requisition a general meeting of the Company for the purpose of reconstituting the Board.

As you know, we have been profoundly disappointed with the share price performance of the Company for some time, which led us to requisition a general meeting nearly a year ago. At that time, you vigorously rejected our legitimate concerns and encouraged shareholders to dismiss them, imploring them to “Protect your Trust.” Following last year’s general meeting, Mr. Simpson-Dent, as Chair of the Board, appeared to belatedly acknowledge the validity of our campaign, stating: “…Our job now is to deliver the performance our shareholders rightly expect.”

The Board has since objectively and categorically failed to execute that job. Despite the trust shareholders placed in you to “protect” their investment, your failure to deliver is undeniable:

• Five-Year Total Returns: The Company'sNet Asset Value (“NAV”) return of -30.8% and Share Price return of -35.0% have massively underperformed its self-selected benchmark, the FTSE All-Share Index (+71.4%), by more than 100 percentage points! The magnitude of this value destruction is unprecedented among peer UK equity investment trusts over this period.
  
  
• Consistent Underperformance: This failure is not isolated; the Company has consistently underperformed across the one-, three-, and five-year periods.
  

• Inadequate Buybacks: The Company's buyback activity over the past three years has fallen below the average for UK investment trusts executing buybacks over the same period, further demonstrating a lack of decisive action to narrow the prolonged discount to NAV.

We remain profoundly frustrated by the Board's prolonged inertia, especially given the decisive actions taken by the boards of several other UK investment trusts to increase share prices and narrow persistent discounts to NAV.

We do not have faith in the current Board's ability to implement the necessary strategic changes. As the Company's largest shareholder, we feel a duty to our fellow shareholders to drive this essential change.

Therefore, we will requisition a general meeting of the Company to remove the entire incumbent Board and, in its place, appoint a new board composed solely of qualified, independent directors who are committed to delivering long-term value for all shareholders. Given the positive, transformational effect our engagement has helped drive across the UK investment trust market this past year, similar improvements at the Company are urgently required. Shareholders deserve a Board that champions and fights for their interests every single day.

Formal requisition documents will be sent to you in due course, and we request that the requisitioned meeting be convened as soon as you are lawfully able.

Yours faithfully,

Boaz Weinstein
Founder and Chief Investment Officer
For and on behalf of Saba Capital Management, L.P.

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White & Case LLP is acting as legal adviser to 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 Trust or any other trust 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 Trust. 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 Trust, 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 Trust or any other trust 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 Trust or any member of their respective groups 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.

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

Source: Saba Capital Management, L.P.