NEUBERGER BERMAN CLOSED-END MUNICIPAL FUNDS ANNOUNCE MONTHLY DISTRIBUTIONS

NEW YORK, Sept. 15, 2023 /PRNewswire/ -- The Board of each of Neuberger Berman Municipal Fund Inc. (NYSE:NBH), Neuberger Berman California Municipal Fund Inc. (NYSE:NBW), and Neuberger Berman New York Municipal Fund Inc. (NYSE:NBO) has declared monthly distributions for the dates below. The Funds seek to provide income that is exempt from regular federal income tax. Additionally, Neuberger Berman California Municipal Fund Inc. seeks to provide income that is exempt from California personal income tax and Neuberger Berman New York Municipal Fund Inc. seeks to provide income that is exempt from New York State and New York City personal income tax. Distributions of the Funds may be subject to the federal alternative minimum tax for some stockholders. Each Fund's distribution announced today is payable on October 16, 2023, has a record date of September 29, 2023 and an ex-date of September 28, 2023.

NBH and NBO will make the distributions described above in the following per share amounts, which are unchanged from the per share amounts for the prior monthly distributions:

With respect to NBW, the Fund is declaring a distribution of $0.07191 per share. This distribution amount per share is higher than the amount paid for the prior monthly distribution that was $0.0254 per share. The distribution declared today by NBW was increased in an effort to distribute the Fund's accumulated undistributed net investment income (UNII) prior to the closing of the Funds' previously announced reorganizations, which were approved by stockholders of each Fund.  The reorganizations are currently expected to be completed prior to the Funds' October 31, 2023 fiscal-year ends. Neither NBH nor NBO currently estimate an accumulated UNII balance.

Important Notice Regarding the Distribution Reinvestment Plans of NBO and NBW

In connection with the previously announced reorganizations, each of NBO and NBW will suspend their distribution reinvestment plans for the distributions announced today for all stockholders of record (i.e., stockholders who hold shares of a Fund directly in an account with the Fund's transfer agent).  As such, the distributions announced today by the Funds and payable on October 16, 2023, will be paid in cash and not reinvested in additional shares of common stock of each Fund.

In compliance with Section 19 of the Investment Company Act of 1940, as amended, a notice would be provided for any distribution that does not consist solely of net investment income. The notice would be for informational purposes and not for tax reporting purposes, and would disclose, among other things, estimated portions of the distribution, if any, consisting of net investment income, capital gains and return of capital. The final determination of the source and tax characteristics of all distributions paid in 2023 will be made after the end of the year.

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 $443 billion in client assets as of June 30, 2023. For more information, please visit our website at www.nb.com. 

Statements made in this release that look forward in time involve risks and uncertainties. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other closed end investment companies, changes in government policy or regulation, inability of the Fund's investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.

Contact:                                                                                 

Neuberger Berman Investment Advisers LLC                                                   

Investor Information                                                                           

(877) 461-1899

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