On April 18, 2023, Saba Capital Management, L.P. commented on the preliminary voting results of Clearbridge Energy Midstream Opportunity Fund Inc?s 2023 Annual Meeting of Shareholders. As a result of the extensive measures the Fund has taken to disenfranchise common shareholders ? including a dilutive private placement, adoption of a control share acquisition provision and an impossible to achieve voting standard ?

Saba Capital?s director nominee Paul Kazarian will not be seated on the Fund?s Board of Directors despite having received 64% of the vote from all shareholders. However, the Board?s entrenchment mechanisms and the Funds?s flawed corporate governance structure ensured that this would be a sham election and that Saba?s nominee would never be seated. Saba Capital stated that while the Board claims to be ?committed to acting in the best interests of all stockholders,?

its refusal to accept that shareholders rejected their incumbent shows their determination to do the opposite. Saba Capital belief that this Board has abandoned its fiduciary obligation to shareholders and will do everything in its power to avoid being held accountable for the gross mismanagement and historic underperformance of the Fund. In addition, Saba stated that it is committed to pursuing all available paths to continue to defend the rights of closed-end fund shareholders at the Fund going forward, and it calls for the full board to resign effective immediately.