Response to open letter from Saba Capital

Response to open letter from Saba Capital

The Board of Edinburgh Worldwide Investment Trust ("EWIT" or the "Company"), together with its advisers, note the open letter (the "Open Letter") by Saba Capital Management, L.P. ("Saba") setting out their intention to requisition a general meeting of the Company to remove the incumbent Board.

In response, Jonathan Simpson-Dent, Chair of EWIT, said:

"We are disappointed by Saba's open letter. Throughout the last year we have sought to engage with Saba to understand their objectives and to enter into a constructive dialogue regarding options for an equitable and holistic solution, including a return of capital.

"Saba's open letter does not represent the significant progress EWIT has made since this Board reset the Company on a path for growth a year ago. Since then, NAV total return has been +17.5% to date, well ahead of the S&P Global Small Cap Index (+4.8%), the Company's benchmark index. The benchmark cited in Saba's open letter, the FTSE All-Share, is not EWIT's. It makes little sense to judge a global small-cap trust against a UK all-cap benchmark, a point noted by the sell-side analyst community today.

"Furthermore, the Company's actions over the last year have supported a tightly managed discount, currently 5.6%, significantly narrower than the Global Smaller Companies peer group weighted average discount of 10.9%.

"While we are open to discuss Board composition with Saba, we would strongly reject any proposal to replace the entire Board and the ambiguity that would follow.

"The Board continues to seek constructive dialogue with Saba. The Board's Financial Adviser had already requested a meeting with Saba ahead of receiving today's open letter, which Saba had requested be deferred until next week. We will update shareholders on further developments in due course."

For further Information, please contact:

Jonathan Simpson-Dent

Via Deutsche Numis

Deutsche Numis, Financial Adviser and Broker

Nathan Brown / Matt Goss

+44 207 545 8000

Media contacts:

Greenbrook

Rob White / Peter Hewer

+44 207 952 2000

[email protected]

Note: all data sourced from Deutsche Numis Research