Saba Capital Management, L.P. → ASA Gold and Precious Metals Limited ASA

On May 13, 2026, in response to the process being conducted by the Special Committee of the Board with the assistance of Cantor Fitzgerald & Co., Saba Capital submitted a non-binding proposal to the Board indicating its interest in a potential transaction involving the Issuer. Saba Capital's proposal outlined terms for a transaction that were materially consistent with the proposal Saba Capital previously submitted to the Board on February 19, 2026, which was filed as an exhibit to Saba Capital's Schedule 13D/A on February 19, 2026. The May 13, 2026 proposal also included a proposed management fee and incentive fee structure to be charged to the Issuer for Saba Capital's management, which fee structure is generally in line with the fee structures to which various U.S.-listed BDCs are subject. The proposal includes significant fee waivers during an initial period under new management following the commencement of Saba Capital's management. Saba Capital intends to continue to engage with the Special Committee and its advisors regarding a potential transaction.