Update to Previously Announced Special Dividend and Monthly Dividend

Update to Previously Announced Special Dividend and Monthly Dividend

Saba Capital Income & Opportunities Fund II (NYSE: SABA) (the “Fund”), a registered closed-end management investment company listed on the New York Stock Exchange, previously announced: (a) on October 1, 2026 a regular dividend (the “October Regular Dividend”) of $0.058 per share, declared on September 30, 2026, and payable on October 30, 2026 to shareholders of record as of October 9, 2026 and (b) on October 27, 2026, a special dividend (the “October Special Dividend”) of $0.155 per share, declared on October 27, 2026, and payable on October 30, 2026 to shareholders of record as of October 29, 2026. With respect to the form of payment, the Fund is providing notice that each of the October Regular Dividend and October Special Dividend will be paid in cash only to all shareholders of record entitled to receive such payment.