Believes the Current EWI Board Has Not Taken Decisive Action to Turn Around the Company’s Five Years of Underperformance

Proposes New, Qualified Independent Director Candidates Who Bring Objectivity and Are Committed to Addressing EWI’s Persistent Underperformance

LONDON--(BUSINESS WIRE)--Dec. 3, 2025-- Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”) today announced that it has requisitioned the Board of Directors (the “Board”) of Edinburgh Worldwide Investment Trust PLC (EWI:LSE) (“EWI” or the “Company”) to convene a General Meeting of shareholders (the “General Meeting”). At the General Meeting, shareholders will be asked to vote on resolutions to remove the incumbent Board and appoint three new qualified, independent directors committed to delivering long-term value.

In connection with its requisition, Saba issued the below open letter to its fellow shareholders.

Saba also published the following statement regarding its opposition to the proposed merger with Baillie Gifford US Growth Trust plc (USA:LSE) that the Company announced on 2 December 2025.

“By pushing for a merger that benefits Baillie Gifford rather than shareholders, EWI’s Board has confirmed where its loyalties truly lie. Shareholders deserve a Board that puts them first — not another cosy deal that entrenches an unaccountable manager.”

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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3 December 2025

Dear Shareholder,

As the largest shareholder in Edinburgh Worldwide Investment Trust PLC (EWI:LSE) (“EWI” or the “Company”), Saba Capital Management, L.P. (together with certain of its affiliates, “Saba” or “we”), a beneficial owner of interests in approximately 30% of the shares, remains profoundly disappointed with EWI’s performance.

Nearly a year ago, we raised serious concerns that led us to requisition a General Meeting and launch a campaign to reconstitute the Board of Directors (the “Board”). At that time, the incumbent Board urged shareholders to “Protect your Trust” by rejecting our proposals. Many shareholders gave the Board the benefit of the doubt, enabling the directors to remain. The Board’s Chair, Jonathan Simpson-Dent, then acknowledged the need for improvements when he stated: “Our job now is to deliver the performance our shareholders rightly expect.”

Unfortunately, the Board has since failed to take the actions necessary to combat the Company’s years of underperformance. The magnitude of value destruction at EWI over the last five years remains unprecedented among peer UK equity investment trusts¹ over this period.

For this reason, we have requisitioned another General Meeting, which we expect to be scheduled by early 2026. There, shareholders will be asked to vote on resolutions to remove the incumbent directors and appoint three new qualified, independent directors committed to delivering long-term value.

We are relaunching this campaign because shareholders deserve a Board that protects capital, addresses persistent underperformance and focuses on long-term value creation with the same intensity seen from other trusts’ boards. This past year, we worked constructively with the boards of six other UK investment trusts² to help deliver shareholder-friendly outcomes that allowed thousands of retail investors to exit at or near Net Asset Value (“NAV”). EWI shareholders deserve that same opportunity.

EWI’s Track Record Proves Change Is Necessary

Despite the Board’s assurances, the Company’s results remain disappointing. Recent modest gains and slight discount narrowing are insufficient to offset years of value erosion:

• Consistent Underperformance: Over the past five years, EWI’s NAV return (-30.6%) and share price return (-35.6%) lagged the FTSE All-Share Index Total Return³ (+73.7%) by more than 100 percentage points and the S&P Global SmallCap Price Index (+33.6%) by more than 60 percentage points.

Source: Bloomberg. Data is in GBP and as of 26 November 2025.

• Inadequate Buybacks: EWI’s buyback activity over the past three years has been below the average for UK investment trusts executing buybacks over the same period⁴, highlighting the Board’s lack of decisive action to narrow the prolonged discount to NAV.

Simply put, the Board requested more time to make improvements but failed to generate adequate performance. We have no confidence that the incumbent directors can meaningfully improve EWI’s outlook and protect shareholder capital.

The Opportunity: Elect a Board That Delivers for Shareholders and Maximises Value

EWI needs a Board that will take swift action to change its trajectory. We have therefore nominated three independent directors with extensive investment experience who are committed to maximising long-term value for all shareholders:

• Gabi Gliksberg: Founder & Managing Partner of ATG Capital Management, with 15+ years of investment management experience and prior service as a board member at SafeAuto and the Tortoise Energy Independence Fund.

• Michael Joseph, CFA: Portfolio Manager & Deputy CIO at Stansberry Asset Management and author of “A Dollar for Fifty Cents: Proven Strategies to Outperform the Market with Closed-End Funds,” with 15+ years of experience overseeing multi-asset portfolios with diverse strategies.

• Jassen Trenkow: Former finance and banking executive with 20+ years of experience, including senior positions at Barclays and Goldman Sachs Asset Management.

To source these nominees, we intentionally avoided the traditional small UK network of repeat non-executive directors who often sit together on multiple trust boards. This entrenched system of familiarity and industry ‘cosiness’ often weakens accountability and contributes to persistent underperformance, double-digit discounts and decisions that protect the interests of managers rather than shareholders.

We also made several changes in response to shareholder feedback from our previous campaign:

• Fully Independent Directors: All nominees are independent; none have any current or former relationship with Saba that would lead them to be considered non-independent.

• Odd-Numbered Board: A Board of three directors (versus the two we previously proposed) enhances accountability and enables decisive action.

Importantly, decisions regarding EWI’s future, including the Company’s manager, will be made solely by the new, independent directors – not by Saba or any other shareholder. As a shareholder, however, we would encourage the new directors to evaluate all available options to improve share price performance and maximise value, just as we have successfully encouraged other trusts’ boards to do.

Based on the positive, transformative outcomes we helped deliver across the UK trust market this year, we believe change is urgently needed at EWI. Shareholders deserve a Board that champions their best interests every day – not only when a campaign puts it in the spotlight.

If you agree and believe EWI needs a meaningful change, we strongly encourage you to VOTE FOR Saba’s resolutions at the General Meeting to remove the incumbent Board and elect a new fully independent, qualified Board committed to maximising long-term value creation.

Sincerely,

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 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 Based on an assessment of global equity trusts over the last five years.
² Saba helped deliver shareholder-friendly outcomes at six trusts in 2025: SSON, MCT, ESCT, KPC, HOT, CYN.
³ In EWI’s October 2024 Annual Report and Financial Statements, it compared Company performance to the FTSE All-Share Index on page 79, citing it as “a widely used measure of performance for UK listed companies.”
⁴ Based on Saba’s review of Bloomberg data.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251203005041/en/

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

Source: Saba Capital Management, L.P.