Announcement PDF Level 21 333 Collins Street Melbourne VIC 3000 Wurundjeri Country www.abl.com.au 28 June 2024 By electronic lodgement Market Announcements Office ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000 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 604 – Notice of change of interests of 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)(b) of the Corporations Act 2001 (Cth) and Guidance Note 20: Equity Derivatives issued by the Takeovers Panel, we enclose a notice of change of interests of substantial holder for Saba Capital Group in respect of its securityholding in Hearts and Minds Investments Limited (ASX: HM1) (HM1) together with a disclosure of its long equity derivative position in HM1. Yours sincerely Arnold Bloch Leibler 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 Jeremy Leibler Partner Enc ABL/44894920v1 Senior Associates Briely Trollope Laura Cochrane Greg Judd Elly Bishop Mark Macrae David Monteith Lisa Garson Vidushee Deora Luke Jedynak Emily Korda Michael Repse Anna Sapountsis Alexandra Harrison-Ichlov Claire Southwell Luise Squire Ari Bendet Matthew Davies Grace Cho Lucy Eastoe Michelle Ainsworth Micaela Bernfield Crosby Radburn Jessica Wills George Bassil Harriet Craig Ellie Mason Jessica Ortner Cameron Sivwright Andrew Spierings Freeman Zhong Ben Chahoud Ora-Tali Korbl Form 604 Corporations Act 2001 Section 671B Notice of change of interests of substantial holder To Company Name/Scheme Hearts and Minds Investments Limited (HM1) ACN/ARSN 628 753 220 1. Details of substantial holder (1) Name Saba Capital Management GP, L.L.C. and each of the persons listed in Part 4 below (together the Saba Capital Group). ACN/ARSN (if applicable) There was a change in the interests of the substantial holder on 25 June 2024 The previous notice was given to the company on 18 June 2024 The previous notice was dated 18 June 2024 2. Previous and present 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 when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows: Class of securities (4) Fully paid ordinary securities 3. Previous notice Person’s votes Voting power (5) Present notice Person’s votes Voting power (5) 23,957,242 10.4624% 20,741,756 9.0582% Changes in relevant interests Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows: Person whose relevant interest changed Nature of change (6) Consideration given in relation to change (7) Class and number of securities affected Person’s votes affected 17/6/2024 CEF 1 Fund On market acquisition AUD 168,963.83 65,237 fully paid ordinary shares 65,237 18/6/2024 CEF 1 Fund On market acquisition AUD 520,000.00 200,000 fully paid ordinary shares 200,000 24/6/2024 CEF 1 Fund On market acquisition AUD 9,105.51 3,543 fully paid ordinary shares 3,543 25/6/2024 CEF 1 Fund On market acquisition AUD 25,807.68 9,888 fully paid ordinary shares 9,888 Date change of 4. 25/6/2024 Master Fund On market disposition AUD 9,135,000.00 3,500,000 fully paid ordinary shares 3,500,000 26/6/2024 CEF 1 Fund On market acquisition AUD 15,141.14 5,846 fully paid ordinary shares 5,846 Present relevant interests Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows: Holder of relevant interest Registered holder of securities Person entitled to be registered as holder (8) CIO Fund Saba Capital Income & Opportunities Fund (CIO Fund) CIO Fund Saba Capital Income & Opportunities Fund II (CIO Fund II) CIO Fund II CIO Fund II Saba Capital Master Fund, Ltd. (Master Fund) Master Fund Master Fund Saba Capital Partners, L.P. (Feeder 1) Master Fund Master Fund Saba Capital Offshore Fund, Ltd. (Feeder 2) Master Fund Master Fund Saba Capital CEF Opportunities 1, Ltd. (CEF 1 Fund) CEF 1 Fund CEF 1 Fund Saba Capital CEF Opportunities 1 Onshore, L.P. (Feeder 3) CEF 1 Fund CEF 1 Fund Saba Capital CEF Opportunities 1 Offshore, Ltd. (Feeder 4) CEF 1 Fund CEF 1 Fund Saba Capital Bluebird Fund, Ltd. (Blue Fund) Blue Fund Blue Fund Saba Capital, LLC (General Partner 1) Master Fund Master Fund and CEF 1 Fund Saba Capital Management L.P. (Manager) CIO Fund, CIO Fund II, CEF 1 Fund, Blue Fund and Master Holding Funds Nature of relevant interest (6) Class and number of securities Person’s votes Relevant interest under section 608(1)(a) of the Corporations Act 2001 (Cth) (the Act) as the registered holder of shares. Relevant interest under section 608(1)(a) of the Corporations Act 2001 (Cth) (the Act) as the registered holder of shares. Relevant interest under section 608(1)(a) of the Act as the registered holder of shares. 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. 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. Relevant interest under section 608(1)(a) of the Act as the registered holder of shares. Relevant interest under section 608(3)(a) of the Act as a result of holding over 20% of the issued share capital of the CEF1 Fund. Relevant interest under section 608(3)(a) of the Act as a result of holding over 20% of the issued share capital of the CEF1 Fund. Relevant interest under section 608(1)(a) of the Act as the registered holder of shares. 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 3. 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 836,372 836,372 1,524,301 1,524,301 14,019,718 14,019,718 14,019,718 14,019,718 14,019,718 14,019,718 2,418,072 2,418,072 2,418,072 2,418,072 2,418,072 2,418,072 1,943,293 1,943,293 16,437,790 16,437,790 20,741,756 20,741,756 Holder of relevant interest Registered holder of securities Person entitled to be registered as holder (8) Fund (Holding Funds) 5. Saba Capital Management GP L.L.C. (General Partner 2) Holding Funds Holding Funds Boaz R. Weinstein (Weinstein) Holding Funds Holding Funds Nature of relevant interest (6) 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 Holding Funds. 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. Relevant interest under section 608(3)(b) of the Act as a result of controlling General Partner 2. Class and number of securities Person’s votes 20,741,756 20,741,756 20,741,756 20,741,756 Changes in association The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows: Name and ACN/ARSN (if applicable) 6. Nature of association Addresses The addresses of persons named in this form are as follows: Name Address Each member of the Saba Capital Group and each entity listed in Part 5 405 Lexington Ave #58, New York, NY 10174, United States Signature print name David Han capacity Deputy Chief Compliance Officer _____________________________________________________________________ sign here date 28 June 2024 _______________________________________________________ For announcement to the ASX 28 June 2024 Attention: Hearts and Minds Investments Limited (ASX: HM1) Disclosure of Long Equity Derivative Positions We refer to Guidance Note 20: Equity Derivatives (GN20), issued by the Australian Takeovers Panel. Terms not defined in this notice have the meanings given to them in GN20. GN20 relevantly provides that the non-disclosure of long positions, including long equity derivative positions, may give rise to unacceptable circumstances. Saba Capital Management GP, L.L.C (Saba Capital) discloses the following information on behalf of it and its controlled entities: Identity of the taker: Saba Capital Management, L.P. Relevant securities: Shares in Hearts and Minds Investments Limited Price (including reference price, strike price, option price etc as appropriate): N/A Entry date: Number of securities to which the derivative relates: 3,500,000 shares Type of derivative (e.g. contract for difference, cash settled put or call option): Total Return Swap Any material changes to information previously disclosed: The entry into this derivative position does not result in any material change in the relevant interests in securities of Saba Capital or its controlled entities from those which are described in the Form 604 filed by Saba Capital on 28 June 2024. Relevant interests in securities: None Long equity derivative positions and relevant interests held by the taker and its associates: Saba and its associates have no other long equity derivative positions in Hearts and Minds Investments Limited. Short equity derivative positions that offset physical positions: None Short positions of more than 1% that have been acquired after a long position is disclosed, whether by notice or substantial holding notice: None Yours sincerely David Han Deputy Chief Compliance Officer Saba Capital Management, L.P. Saba issued a Form 604 in relation to shares it holds in the entity on 28 June 2024, which disclosed its relevant interests in 20,741,756 ordinary shares in Hearts and Minds Investments Limited (Equities).