Saba Capital Income & Opportunities Fund: Distribution of dividends

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SABA CAPITAL INCOME AND OPPORTUNITY FUND

FOR IMMEDIATE RELEASE

405 Lexington Ave., 58and Ground

April 1, 2022

New York, New York 10174

Phone: 844-460-9411

BRW – March dividend of $0.047

New York, New York – Saba Capital Income & Opportunities Fund (NYSE:BRW) (the “Fund”), a New York Stock Exchange-listed closed-end investment company, has declared a monthly dividend of $0.047 per share on March 31, 2022, payable on April 29, 2022 to shareholders of record on April 11, 2022.

Managed distribution plan. The above distribution has been declared in accordance with the Fund’s Managed Distribution Plan, pursuant to which the Fund will make monthly distributions to shareholders at a minimum annual fixed rate of 12.00%, based on the average monthly net asset value of the common shares of the Funds. The Fund will calculate the average net asset value for the previous month based on the number of business days in that month on which the net asset value is calculated. The distribution will be calculated as 12.00% of the average net asset value of the previous month, divided by twelve. The Fund will generally distribute amounts necessary to satisfy the Fund’s plan and the requirements prescribed by the excise tax rules and Subchapter M of the Internal Revenue Code. The plan aims to provide shareholders with a constant, but not guaranteed, minimum distribution rate each month and aims to reduce the spread between the market price and the net asset value of the common shares of the Fund, but there can be no assurance that the plan will be successful. to do it.

Under the managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital in order to maintain its rate of return. managed distribution. No conclusion should be drawn about the Fund’s investment performance from the amount of the Fund’s distributions or the terms of the Fund’s managed distribution plan. The Board of Trustees (the “Board”) may change the terms of the Plan or terminate the Plan at any time. The amendment or termination of the Plan could have an adverse effect on the market price of the common shares of the Fund. The plan will be subject to periodic review by the Commission, including an annual review of the annual minimum fixed rate to determine if an adjustment should be made.

In accordance with Rule 19a-1 of the Investment Companies Act 1940, shareholders will receive notice detailing the source of income for the above dividend, such as net investment income, gain from sale securities and repayment of principal. However, the determination of the actual source of the foregoing dividend can only be made at the end of the year. The actual source amounts of all Fund dividends will be included in the Fund’s annual or semi-annual reports. In addition, the tax treatment may differ from the accounting treatment used to calculate the source of the Fund’s dividends as shown on shareholder statements. Shareholders should refer to their Form 1099-DIV for the nature and amount of distributions for tax reporting purposes. As each shareholder’s tax situation is unique, it may be advisable to consult a tax advisor as to the appropriate treatment of distributions from the Fund.

Past performance is not indicative of future results. Investment returns and the principal value of an investment in the Fund will fluctuate. Stocks, when sold, may be worth more or less than their original cost.

Main risk factors: The Fund invests in high yield credit on a non-diversified basis and also opportunistically targets other investments, such as registered closed-end funds and special purpose acquisition companies. The Fund will use derivatives where it believes it can achieve attractive risk-adjusted returns. High-yielding investments carry a higher than normal risk that borrowers will fail to pay principal and interest on their bonds or loans on time, which would likely cause the value of the common shares of the Fund to decline. Changes in short-term market interest rateswill directly affect the performance of the common shares of the Fund. If these rates fall, the Fund’s return will also fall. If the interest rate spreads on the Fund’s loans generally decline, the yield on the Fund’s loans will fall and the value of the Fund’s loans may decline. When short-term market interest rates rise, due to the lag between changes in these short-term rates and the resetting of floating rates on loans in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of this discrepancy. Due to the limited secondary market for floating rate senior bank loans, the Fund’s ability to sell its loans in a timely manner and/or at a favorable price may be limited. An increase in the demand for loans may adversely affect the interest rate payable on new loans acquired by the Fund and may also increase the price of loans purchased by the

Funds on the secondary market. A decrease in demand for loans could adversely affect the price of loans in the Fund’s portfolio, which would cause the net asset value of the Fund to decline. The Fund’s use of leverage, if any, through borrowing or the issuance of preferred shares may adversely affect the performance of the Fund’s common shares. Investing in foreign borrowers involves special risks, including potentially less stringent accounting requirements, different legal systems and possible political, social and economic adversity. The Fund may engage in foreign exchange transactions to seek to hedge, as closely as possible, the full economic impact on the Fund arising from foreign currency fluctuations. Other risks include, but are not limited to, the risks associated with the use of leverage (including borrowings or the issuance of preferred stock) to fund investments, the potential lack of diversification of the Fund’s portfolio and the fact that the Fund’s portfolio may be concentrated in a small group of industries or industry sectors from time to time. Investors should consult the Fund’s filings with the Securities and Exchange Commission for a more detailed discussion of the Fund’s risks.

About Saba Capital Income & Opportunities Fund. Saba Capital Income & Opportunities Fund is a listed closed-end management investment company whose investment objective is to provide investors with a high level of current income, with a secondary objective of capital appreciation. The common shares of the Fund trade on the New York Stock Exchange under the symbol “BRW”. The Fund is managed by Saba Capital Management, LP

Forward-Looking Statements. This press release contains forward-looking statements subject to the uncertainties inherent in predicting future results and conditions. All statements that are not statements of historical fact (including statements containing the words “believes”, “plans”, “anticipates”, “expects”, “estimates” and similar expressions) should also be considered as forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors, including the “Primary risk factor(s)”

listed above, are identified from time to time in the Fund’s filings with the Securities and Exchange Commission. The Fund undertakes no obligation to update these statements to reflect subsequent events, except as required by law.

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