Neuberger Berman Closed-End Municipal Funds Announce Extension of Preferred Shares’ Term and Partial Redemption

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NEW YORK, NY, April 2, 2019 — Neuberger Berman Municipal Fund Inc. (NYSE American: NBH), Neuberger Berman California Municipal Fund Inc. (NYSE American: NBW) and Neuberger Berman New York Municipal Fund Inc. (NYSE American: NBO) (each a “Fund” and collectively, the “Funds”) announced today that each Fund has extended the term of its existing Variable Rate Municipal Term Preferred Shares (“VMTP Shares”) to March 31, 2022. Each Fund’s VMTP Shares previously had a term redemption date of on or about June 30, 2019.

In addition, each Fund redeemed a portion of its outstanding VMTP Shares on April 1, 2019. The redemption price for the VMTP Shares was the $100,000 liquidation preference per share plus the final accumulated distribution amounts owed. Neuberger Berman Municipal Fund Inc. redeemed 90 VMTP Shares and has 1704 VMTP Shares outstanding. Neuberger Berman California Municipal Fund Inc. redeemed 40 VMTP Shares and has 550 VMTP Shares outstanding. Neuberger Berman New York Municipal Fund Inc. redeemed 20 VMTP Shares and has 463 VMTP Shares outstanding.

The Funds have not registered any VMTP Shares under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. Unless so registered, no VMTP Shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. The holder of the VMTP Shares has a right to require the Funds to register the VMTP Shares under certain circumstances. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

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 and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 22 countries, Neuberger Berman’s team is more than 2,000 professionals. For five consecutive years, the company 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). Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $304 billion in client assets as of December 31, 2018. For more information, please visit our website at www.nb.com.