An representative of Artemis reports

CITADEL INCOME FUND SETS MEETING DATE

The trustee of Citadel Income Fund, Artemis Investment Management Ltd., has called a meeting of unitholders, to be held on Sept. 11, 2023, in response to a third unitholder requisition submitted by Saba Capital Management LP. Saba had previously submitted two requisitions, each of which the fund determined were invalid as they failed to comply with the fund's declaration of trust and applicable law.

In connection with the requisition, Saba has also requested that Artemis unilaterally waive the provisions in the declaration of trust that prohibited Saba and its connected parties (as defined in the declaration of trust) from voting on the matters of business to be considered at the meeting. However, those provisions were approved by unitholders at a meeting of unitholders held on Aug. 7, 2012, prior to Artemis serving as trustee and manager of the fund, for the purpose of protecting minority unitholders.

The fund will provide further information on the meeting in due course and unitholders are not required to take any action at this time.

Despite the unnecessary time and money that Saba's action will require, the fund remains committed to acting in the best interest of all unitholders and continues to welcome constructive recommendations for strategies that have the potential to create value.

Advisers

The fund has retained Kingsdale Advisors as its strategic unitholder and communications adviser and Norton Rose Fulbright Canada LLP as its legal adviser.

We seek Safe Harbor.