Saba Capital Issues Letter Sent to Chair of European Opportunities Trust Board Regarding its Opposition to the Proposed Tender Offer

Reaffirms Opposition to the Fund’s Continuation Resolution Until Size of Tender Offer is Increased

Requests that the Fund Offer a 50% Tender of the Shares Outstanding

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”) regarding its opposition to the proposed tender offer the Fund announced on November 6, 2023. Until the size of the tender offer is increased, Saba recommends that shareholders reject the 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.

November 6, 2023

Matthew Dobbs

Chair of the Board

European Opportunities Trust

12 Victoria Street

London

SW1E 6DE

Re: European Opportunities Trust

Dear Chairman Dobbs,

In light of the Fund’s announcement of a proposed tender offer today, we thought it would be helpful to share our assessment with you and the Fund’s other shareholders ahead of the vote on the continuation resolution next week.

For over a decade, our firm, Saba Capital, has been fighting for the interests of shareholders in closed-end funds and investment trusts. We have negotiated dozens of shareholder-friendly corporate actions (i.e., tenders, restructurings, discount management plans) in funds like EOT, whose shareholders have suffered from sustained underperformance and prolonged discounts to net asset value.

In our experience, when a fund proposes a modest tender offer instead of taking more significant action, it raises significant concerns. In EOT’s case, we believe that following completion of your proposed 25% tender, the share price would then fall and the discount to NAV would grow to at least -15% -- a level common in UK investment trusts that do not have a continuation vote. This could lead to all shareholders suffering a net loss in value, even the ones who participate in the tender!

In order to create a positive outcome, we request that the Fund offer a 50% tender of the shares outstanding, to allow a significant portion of dissatisfied shareholders to exit. In our view, a 50% tender will lead to a better price post tender than your proposal whilst keeping the Fund’s size viable for investors who wish to remain.

Accordingly, we strongly recommend that our fellow investors reject the continuation of the Fund until the size of the tender is increased.

Sincerely,

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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