Saba Capital Management, L.P. → BlackRock ESG Capital Allocation Term Trust ECAT

Item 4 is hereby amended and supplemented as follows: On February 24, 2025, Saba Capital Master Fund, Ltd., a private fund advised by Saba Capital, submitted to the Issuer a notice of intent to nominate a slate of eight independent trustee candidates comprised of (i) Ilya Gurevich, Shavar Jeffries, and Athanassios Diplas to serve as Class III Nominees (the "Class III Nominees"), (ii) David Littlewood and David Locala to serve as successors to two of the trustees who are currently serving as Class II holdover trustees (the "Class II Holdover Seat Nominees"), and (iii) Jennifer Raab, Thomas H. McGlade, and Elizabeth Groo to serve as successors to three of the trustees who are currently serving as Class I holdover trustees (the "2025 Class I Holdover Seat Nominees" and, together with the Class III Nominees and the Class II Holdover Seat Nominees, the "2025 Nominees"), for election to the Board at the Issuer's 2025 annual meeting of shareholders (the "2025 Annual Meeting"). In connection with the 2025 Annual Meeting, each of the 2025 Nominees has entered into a nomination agreement (collectively, the "2025 Nominee Agreement") with Saba Capital substantially in the form attached as Exhibit 10 to this Schedule 13D/A, whereby such 2025 Nominees agreed to become members of a slate of nominees and stand for election as trustees of the Issuer in connection with a proxy solicitation which may be conducted in respect of the 2025 Annual Meeting, and Saba Capital agreed to defend and indemnify such 2025 Nominees against, and with respect to, any losses that may be incurred by such 2025 Nominees in the event they become a party to litigation based on their nomination as candidates for election to the Board and the solicitation of proxies in support of their election. The foregoing summary of the 2025 Nominee Agreement is not complete and is qualified in its entirety by reference to the full text of the form of 2025 Nominee Agreement, a copy of which is attached as Exhibit 10 and is incorporated by reference herein.