Saba Capital Issues Letter Sent to Chair of European Opportunities Trust Board Regarding its Opposition to Insufficient Conditional Tender

Affirms Opposition to the Fund’s Continuation Resolution Unless a Full Liquidity Option at NAV is Provided to Shareholders

Saba Capital Management, L.P. (“Saba” or “we”), one of the largest shareholders of the European Opportunities Trust PLC (LSE: EOT) (the "Fund" or the "Trust"), today issued a letter it sent to the Chairman of the Fund’s Board of Directors (the “Board”) making clear its opposition to the Board’s recommendation that shareholders vote in favor of the conditional tender and a continuation resolution at the Fund’s Annual General Meeting scheduled to be held on November 15, 2023.

The full text of the letter is below.

October 19, 2023

Matthew Frederick Dobbs Chairman of the Board European Opportunities Trust 12 Victoria Street London SW1E 6DE

Re: European Opportunities Trust

Dear Chairman Dobbs,

I appreciate your response to my email and the continued dialogue on the path forward for the Fund. After careful consideration, it is our view that the Board’s conditional tender is woefully insufficient.

The Fund has underperformed its benchmark by 40% over the last five years. The idea that an investment advisor should only provide an option for shareholders to redeem 25% of their investment, if the Fund underperforms for another three years, puts the interest of the Fund’s manager ahead of shareholders.

There is no reason to keep investors in this Fund trapped for the benefit of the manager. While I appreciate your confidence in the manager’s investment thesis, shareholders who share the same confidence should remain, and shareholders who do not should have an opportunity to exit at NAV. This is a fund of liquid holdings imminently capable of providing liquidity to its shareholders.

We affirm our position against continuation, unless a full liquidity option at NAV is provided to shareholders, and would encourage other shareholders to vote against continuation.

Best Regards,

Paul Kazarian Saba Capital

About Saba Capital

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 is headquartered in New York City. Learn more at www.sabacapital.com.

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