NEUBERGER BERMAN MLP AND ENERGY INCOME FUND ANNOUNCE INCREASE IN DISTRIBUTION RATE AND DECLARATION OF NEXT MONTHLY DISTRIBUTION

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NEW YORK, March 14, 2022 /PRNewswire/ — Neuberger Berman MLP and Energy Income Fund Inc. (US NYSE: NML) (the “Fund”) announced an increase in its monthly distribution rate to $0.0206 per common share compared to the previous monthly distribution rate of $0.0179 per share, an increase of approximately 15%. The Fund has also declared its next monthly distribution at the new rate, which is payable on April 29, 2022has a record date of April 18, 2022 and has an ex date of April 14, 2022.

The new monthly distribution rate of $0.0206 per share represents an annualized distribution per share of $0.2472 compared to the previous annualized amount of $0.2148 and results in a distribution rate of approximately 3.30% and 4.26%, respectively, of the net asset value and the market price of the Fund, at the March 142022. In addition, the distribution rate increase announced today represents an overall increase of approximately 76% in the Fund’s monthly distribution rate since June 2020.

Management and the Board of Directors of the Fund (the “Board”) have closely monitored the Master LP (“MLP”) and energy markets, as well as the expected impact of market conditions on the profits of the Fund. In recommending and approving, respectively, the increase in the Fund’s monthly distribution rate, management and the Board considered, among other factors, the amount of distributable cash flow expected from the Fund’s investments, including increases recently announced rates of distribution by certain of the Fund’s investments, the amount of leverage the Fund currently employs, the expected cost of leverage and the level of other expenses of the Fund. Management and the Board will continue to closely monitor market conditions and the Fund’s ability to generate distributable cash flow.

The Fund remains committed to its investment strategy based on analysis of high-quality MLPs and energy companies, with an emphasis on the natural resources midstream sector. The Fund currently intends to make regular monthly cash distributions to holders of its common stock at a fixed rate per share, which will be determined based on the projected net rate of return on the Fund’s investments and other factors, subject to continuous review and adjustment. from time to time. The Fund currently intends to pay its regular monthly distributions out of its distributable cash flow, which generally consists of (1) cash and in-kind distributions from MLPs or their affiliates, dividends on common stock , interest on debt securities and income from other investments held by the Fund less (2) current or payable operating expenses, including debt costs, if any, and taxes on its income taxable.

The Fund expects a portion of its distributions to shareholders to be a non-taxable return of capital. A “return of capital” is a distribution by the Fund which represents a return on an ordinary shareholder’s initial investment, and should not be confused with a dividend. To the extent that the Fund pays a return of capital, a common shareholder’s base of shares in the Fund will be reduced, which will increase a capital gain or reduce a capital loss on the sale of such shares. There can be no assurance that the Fund will always be able to pay distributions of a particular size, or that a distribution will consist solely of current and accrued income and profits of the Fund.

Pursuant to Section 19 of the Investment Company Act of 1940, as amended, notice would be provided for any distribution which does not consist solely of income. The notice would be for informational purposes and not for tax reporting purposes, and would disclose, among other things, the estimated portions of the distribution, if any, consisting of net investment income, capital gains and refund capital. The final determination of the source and tax characteristics of all distributions paid in 2022 will be made after the end of the year.

The Fund is subject to federal income tax on its taxable income, unlike most investment companies. Any taxes paid by the Fund will reduce the amount available to pay distributions to shareholders and therefore investors in the Fund are likely to receive lower distributions than if they invested directly in MLPs.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies, including equities, fixed income, quantitative and multi-asset classes, private equity, real estate and hedge funds, on behalf of institutions, advisors and individual investors in the whole world. With offices in 25 countries, Neuberger Berman’s diverse team includes more than 2,400 professionals. For eight consecutive years, the company has been named first or second in the Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 or more employees). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to less than 1% of investment companies for excellence in environmental, social and governance (ESG) practices. The PRI also gave Neuberger Berman an A+ in each qualifying category for our approach to ESG integration across all asset classes. The company manages $460 billion in customer assets at December 31, 2021. For more information, please visit our website at www.nb.com.

Statements made in this release that relate to the future involve risks and uncertainties. These risks and uncertainties include, but are not limited to, the adverse effect of a decline in the securities markets or decline in the performance of the Fund, a general downturn in the economy, competition from other companies closed-end investment plan, changes in government policy or regulations, the inability of the Fund’s investment advisor to attract or retain key employees, the Fund’s inability to implement its investment strategy, the Fund’s inability to manage rapid expansion and unexpected costs and other effects related to legal proceedings or investigations by governmental and self-regulatory agencies.

Contact:

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

SOURCENeuberger Berman

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