Neuberger Berman Closed-End Municipal Funds Announce Completion of Reorganizations

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Neuberger Berman Investment Advisers LLC
Investor Information
(877) 461-1899

NEW YORK, October 23, 2023 — The reorganizations of each of Neuberger Berman California Municipal Fund Inc. (NYSE American: NBW) and Neuberger Berman New York Municipal Fund Inc. (NYSE American: NBO) with and into Neuberger Berman Municipal Fund Inc. (NYSE American: NBH) were successfully completed prior to the opening of the New York Stock Exchange American on Monday, October 23, 2023.

In the reorganizations, NBH acquired the assets and liabilities of each of NBO and NBW in tax-free transactions, and common stockholders of NBO and NBW received an amount of NBH common stock equal to the aggregate net asset value of their holdings of NBO and NBW common stock as determined at the close of business on October 20, 2023. Fractional shares of NBH common stock were not issued in the reorganizations and consequently cash will be distributed for any such fractional shares.

Relevant details pertaining to the reorganizations are as follows:

In addition, NBO and NBW preferred stockholders received on a one-for-one basis NBH preferred stock in an amount equal to the aggregate preferred stock liquidation preference held by NBO and NBW preferred stockholders immediately prior to the reorganizations.

This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the Neuberger Berman funds, including NBH, the surviving fund in the reorganizations. Investors should consider NBH’s investment objective, risks, charges and expenses carefully and consider in its entirety the Joint Proxy Statement/Prospectus relating to the reorganizations, which contains important information regarding the investment objectives and policies, risks, charges, expenses and other important information about NBH.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. Neuberger Berman’s investment philosophy is founded on active management, engaged ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than 1% of investment firms. With offices in 26 countries, the firm’s diverse team has over 2,750 professionals. For nine consecutive years, Neuberger Berman has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). The firm manages $439 billion in client assets as of September 30, 2023. For more information, please visit our website at www.nb.com.