Announcement PDF Level 21 333 Collins Street Melbourne VIC 3000 Wurundjeri Country www.abl.com.au 2 November 2023 By electronic lodgement Market Announcements Office ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000 Your Ref File No. 011923603 Contact Luke Jedynak Direct 61 3 9229 9897 ljedynak@abl.com.au Partner Jeremy Leibler Direct 61 3 9229 9744 jleibler@abl.com.au Form 603 - Notice of initial substantial holder We act for Saba Capital Management GP, L.L.C and its controlled entities (Saba Capital Group). In accordance with section 671B(1)(a) of the Corporations Act 2001 (Cth), we enclose a notice of initial substantial holding for Saba Capital Group, in respect of its securityholding in Hearts and Minds Investments Limited (ASX: HM1). Yours sincerely Arnold Bloch Leibler Jeremy Leibler Partner Enc ABL/43885191v1 Partners Mark M Leibler AC Henry D Lanzer AM Joseph Borensztajn AM Leon Zwier Philip Chester Ross A Paterson Stephen L Sharp Kevin F Frawley Zaven Mardirossian Jonathan M Wenig Paul Sokolowski Paul Rubenstein Peter M Seidel John Mitchell Ben Mahoney Jonathan Milner John Mengolian Matthew Lees Genevieve Sexton Jeremy Leibler Nathan Briner Justin Vaatstra Clint Harding Susanna Ford Tyrone McCarthy Teresa Ward Christine Fleer Jeremy Lanzer Bridget Little Gia Cari Jason van Grieken Elyse Hilton Jonathan Ortner Stephen Lloyd Scott Phillips Gavin Hammerschlag Shaun Cartoon Damien Cuddihy Dorian Henneron Rebecca Zwier Ben Friis-O’Toole Raphael Leibler Gabriel Sakkal Consultants Jane C Sheridan Kenneth A Gray Special Counsel Sam Dollard Laila De Melo Emily Simmons Bridgid Cowling Rachel Soh Are Watne Brianna Youngson Senior Associates Kaitilin Lowdon Briely Trollope Laura Cochrane Greg Judd Elly Bishop Mark Macrae David Monteith Lisa Garson Vidushee Deora Luke Jedynak Emily Korda Chris Murphy Michael Repse Anna Sapountsis Alexandra Harrison-Ichlov Claire Southwell Luise Squire Ari Bendet Matthew Davies Grace Cho Lucy Eastoe Naeha Lal Michelle Ainsworth Micaela Bernfield Crosby Radburn Jessica Wills Mark Azfar George Bassil Harriet Craig Ellie Mason Jessica Ortner Sosan Rahimi Cameron Sivwright Andrew Spierings Freeman Zhong DocuSign Envelope ID: 974714DA-2BEB-438D-9B9F-DB650AF87DF5 Form 603 Corporations Act 2001 Section 671B Notice of initial substantial holder To Company Name/Scheme Hearts and Minds Investments Limited (HM1) ACN/ARSN 628 753 220 1. Details of substantial holder (1) Saba Capital Management GP LLC and its controlled and associated bodies corporate and persons listed in Annexure A (together the Saba Capital Group, with each member being a Saba Capital Group Member) Name ACN/ARSN (if applicable) The holder became a substantial holder on 31 October 2023 2. Details of voting power The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows: Class of securities (4) Number of securities Person’s votes (5) Fully paid ordinary shares 11,461,369 11,461,369 Voting power (6) 5.0092 3. Details of relevant interests The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows: Holder of relevant Nature of relevant interest (7) interest Saba Capital Income Relevant interest under section 608(1)(a) of the Corporations Act 2001 (Cth) (the Act) as the & Opportunities Fund (CIO Fund) registered holder of shares. Class and number of securities 836,372 ordinary shares Saba Capital Master Fund, Ltd (Master Fund) Relevant interest under section 608(1)(a) of the Act as the registered holder of shares. 8,681,704 ordinary shares Saba Capital Partners, L.P. (Feeder 1) Relevant interest under section 608(3)(a) of the Act as a result of holding over 20% of the issued share capital of the Master Fund. 8,681,704 ordinary shares Saba Capital Offshore Fund, Limited (Feeder 2) Relevant interest under section 608(3)(a) of the Act as a result of holding over 20% of the issued share capital of the Master Fund. 8,681,704 ordinary shares Saba Capital Bluebird Fund, Ltd (Blue Fund) Relevant interest under section 608(1)(a) of the Act as the registered holder of shares. 1,943,293 ordinary shares DocuSign Envelope ID: 974714DA-2BEB-438D-9B9F-DB650AF87DF5 Saba Capital LLC (General Partner 1) Relevant interest under paragraph 608(3)(b) of the Act, being a relevant interest arising from having the power to control in its capacity as general partner of Feeder 1 and Feeder 2. Saba Capital Management L.P. (Manager) Relevant interest under paragraph 608(1)(b) and/or 608(1)(c) of the Act, being a relevant interest arising from having the power to control the exercise of the right to vote attached to securities and/or to control the exercise of the power to dispose of securities in its capacity as investment manager of the CIO Fund, Master Fund and Blue Fund. 11,461,369 ordinary shares Saba Capital Management GP LLC (General Partner 2) Relevant interest under paragraph 608(3)(b) of the Act, being a relevant interest arising from having the power to control in its capacity as general partner of the Manager. 11,461,369 ordinary shares Boaz R. Weinstein (Weinstein) Relevant interest under section 608(3)(b) of the Act as a result of controlling, General Partner 2. 11,461,369 ordinary shares 8,681,704 ordinary shares 4. Details of present registered holders The persons registered as holders of the securities referred to in paragraph 3 above are as follows: Holder of relevant interest Class and number of securities Registered holder of securities Person entitled to be registered as holder (8) Saba Capital Group CIO Fund CIO Fund 836,372 ordinary shares Saba Capital Group Blue Fund Blue Fund 1,943,293 ordinary shares Saba Capital Group Master Fund Master Fund 8,681,704 ordinary shares 5. Consideration The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows: Holder of relevant Interest Date of acquisition Consideration (9) Class and number of securities See Annexure A 6. Associates The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows: Name and ACN/ARSN (if Nature of association applicable) Each entity set out in Annexure B These entities are associated pursuant to section 12(2)(a)(iii) of the Act as they are under the common control of General Partner 2. DocuSign Envelope ID: 974714DA-2BEB-438D-9B9F-DB650AF87DF5 7. Addresses The addresses of persons named in this form are as follows: Name Address Each member part of the Saba Capital Group 405 Lexington Ave #58, New York, NY 10174, United States Each entity listed in Annexure B 405 Lexington Ave #58, New York, NY 10174, United States Signature print name Benjamin Vice capacity Senior Compliance Officer, Legal Counsel sign here date 2/11/2023 | 9:10 AM AE DocuSign Envelope ID: 974714DA-2BEB-438D-9B9F-DB650AF87DF5 ANNEXURE A This is Annexure A of 2 pages referred to in Form 603 – Initial Notice of Substantial Holding signed by me and dated 2 November 2023. Signature Benjamin Vice_________________________ Name Senior Compliance Officer, Legal Counsel Capacity Holder of Interest Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund CIO Fund CIO Fund CIO Fund CIO Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Relevant Date of Acquisition Consideration 16/01/2023 17/01/2023 18/01/2023 20/01/2023 23/01/2023 24/01/2023 25/01/2023 31/01/2023 1/02/2023 2/02/2023 13/02/2023 14/02/2023 16/02/2023 17/02/2023 20/02/2023 21/02/2023 22/02/2023 23/02/2023 9/03/2023 13/03/2023 16/03/2023 17/03/2023 18/03/2023 22/03/2023 23/03/2023 24/03/2023 27/03/2023 7/04/2023 8/06/2023 9/06/2023 12/06/2023 14/06/2023 15/06/2023 16/06/2023 19/06/2023 20/06/2023 21/06/2023 22/06/2023 23/06/2023 26/06/2023 27/06/2023 28/06/2023 AUD 221,949.74 AUD 307,937.59 AUD 93,891.35 AUD 5,644.80 AUD 119,881.91 AUD 910,031.44 AUD 323,256.30 AUD 231,865 AUD 1,265,026.93 AUD 449,568.06 AUD 108,233.68 AUD 144,366.86 AUD 198,854.06 AUD 250,435.50 AUD 921,060.82 AUD 46,230.54 AUD 75,573.63 AUD 89,067.35 AUD 309,350.00 AUD 292,527.77 AUD 119,852.87 AUD 141,321.25 AUD 2,009,946.50 AUD 271,429.47 AUD 223,813.30 AUD 42,120.00 AUD 6,361.45 AUD 276,602.40 AUD 812,061.19 AUD 480,217.89 AUD 317,815.14 AUD 626,585.34 AUD 426,792.00 AUD 389,308.45 AUD 568,016.27 AUD 127,330.30 AUD 374,590.40 AUD 363,138.75 AUD 394,491.46 AUD 241,342.18 AUD 217,005.93 AUD 454,183.35 Number and Class Securities 92,866 ordinary shares 125,735 ordinary shares 38,323 ordinary shares 2,304 ordinary shares 49,326 ordinary shares 372,399 ordinary shares 131,405 ordinary shares 92,746 ordinary shares 506,193 ordinary shares 179,856 ordinary shares 42,226 ordinary shares 57,062 ordinary shares 78,289 ordinary shares 98,210 ordinary shares 362,551 ordinary shares 18,201 ordinary shares 29,871 ordinary shares 35,485 ordinary shares 123,740 ordinary shares 117,255 ordinary shares 51,439 ordinary shares 61,067 ordinary shares 874,384 ordinary shares 116,219 ordinary shares 95,831 ordinary shares 18,000 ordinary shares 2,707 ordinary shares 115,251 ordinary shares 364,153 ordinary shares 214,450 ordinary shares 142,518 ordinary shares 278,879 ordinary shares 190,057 ordinary shares 174,234 ordinary shares 253,409 ordinary shares 56,105 ordinary shares 164,800 ordinary shares 161,395 ordinary shares 176,902 ordinary shares 107,718 ordinary shares 97,347 ordinary shares 204,109 ordinary shares of DocuSign Envelope ID: 974714DA-2BEB-438D-9B9F-DB650AF87DF5 Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Blue Fund Blue Fund Blue Fund Blue Fund Blue Fund Blue Fund Blue Fund Blue Fund Blue Fund Blue Fund Blue Fund Master Fund Blue Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund Master Fund 29/06/2023 30/06/2023 3/07/2023 4/07/2023 5/07/2023 6/07/2023 7/07/2023 11/07/2023 18/07/2023 19/07/2023 20/07/2023 24/07/2023 23/08/2023 24/08/2023 25/08/2023 30/08/2023 8/09/2023 11/09/2023 13/09/2023 14/09/2023 15/09/2023 22/09/2023 25/09/2023 26/09/2023 26/09/2023 18/10/2023 20/10/2023 23/10/2023 25/10/2023 26/10/2023 30/10/2023 31/10/2023 AUD 265,908.36 AUD 321,968.31 AUD 2,308,065.44 AUD 75,330.32 AUD 158,367.43 AUD 65,635.98 AUD 176,062.70 AUD 113,488.65 AUD 112,169.68 AUD 287,594.23 AUD 480,145.15 AUD 97,564.16 AUD 192,306.27 AUD 108,615.65 AUD 142,164.22 AUD 298,047.69 AUD 108,368.22 AUD 24,018.06 AUD 1,120,072.16 AUD 35,201.32 AUD 68,243.97 AUD 1,184,777.02 AUD 780,944.54 AUD 611,321.88 AUD 559,514.30 AUD 11,350 AUD 14,8148 AUD 147,550 AUD 198,900 AUD 718,592.88 AUD 93,273.08 AUD 502,591.42 119,204 ordinary shares 141,481 ordinary shares 1,021,042 ordinary shares 33,332 ordinary shares 69,268 ordinary shares 28,662 ordinary shares 76,549 ordinary shares 49,995 ordinary shares 48,349 ordinary shares 123,431 ordinary shares 204,980 ordinary shares 41,778 ordinary shares 82,535 ordinary shares 46,029 ordinary shares 60,006 ordinary shares 127,421 ordinary shares 45,020 ordinary shares 9,966 ordinary shares 462,848 ordinary shares 14,546 ordinary shares 28,317 ordinary shares 500,000 ordinary shares 330,477 ordinary shares 257,992 ordinary shares 236,128 ordinary shares 5,000 ordinary shares 65,000 ordinary shares 65,000 ordinary shares 90,000 ordinary shares 325,700 ordinary shares 43,593 ordinary shares 232,703 ordinary shares DocuSign Envelope ID: 974714DA-2BEB-438D-9B9F-DB650AF87DF5 ANNEXURE B This is Annexure B of 1 pages referred to in Form 603 – Initial Notice of Substantial Holding signed by me and dated 2 November 2023. ___________________________ Signature Benjamin Vice_________________________ Name Senior Compliance Officer, Legal Counsel Capacity Entity Name Saba Capital Management, L.P. Boaz R. Weinstein Saba Capital LLC Saba Capital II LLC Saba Capital III LLC Saba Capital Carry Neutral Tail Hedge Master Fund, Ltd. Saba Capital Carry Neutral Tail Hedge Partners, L.P. Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd. Saba Capital Partners, L.P. Saba Capital Offshore Fund, Ltd. Saba Capital Master Fund, Ltd. Saba Capital CEF Opportunities 1 Onshore, L.P. Saba Capital CEF Opportunities 1 Offshore, Ltd. Saba Capital CEF Opportunities 1, Ltd. Saba Capital CEF Opportunities 2 Offshore, Ltd. Saba Capital CEF Opportunities 2, Ltd. Saba Capital CEF 3 Opportunities, Ltd. Saba Capital W Fund, Ltd. Saba R Fund, Ltd. Saba Capital Bluebird Fund, Ltd. Saba Capital Matador Fund, Ltd. Saba Capital CEF Special Opportunities Onshore Fund 1, LP. Saba Capital CEF Special Opportunities Offshore Fund 1, Ltd. Saba Capital CEF Special Opportunities Onshore Fund 2, LP. Saba Capital CEF Special Opportunities Offshore Fund 2, Ltd. Saba Capital CEF Special Opportunities Master Fund 1, Ltd. Saba Capital CEF Special Opportunities Master Fund 2, Ltd Saba II Aggregator Vehicle, LLC. Saba Capital Offshore Fund II Ltd. Saba II AIV, L.P. Saba Capital Master Fund II Ltd. Saba Capital Offshore Fund III, L.P. Saba Capital Master Fund III L.P. Saba Capital Income & Opportunities Fund Saba Capital Closed-End Funds ETF DS Liquid Div DRC Saba LLC IMAP Cayman SBA LP Country of incorporation United States of America N/A United States of America United States of America United States of America Cayman Islands United States of America Cayman Islands United States of America Cayman Islands Cayman Islands United States of America Cayman Islands Cayman Islands Cayman Islands Cayman Islands Cayman Islands Cayman Islands Cayman Islands Cayman Islands Cayman Islands United States of America Cayman Islands United States of America Cayman Islands Cayman Islands Cayman Islands United States of America Cayman Islands United States of America Cayman Islands Cayman Islands United States of America United States of America United States of America United States of America Cayman Islands