Neuberger Berman Municipal Fund Inc.

Neuberger Berman California Municipal Fund Inc.

Neuberger Berman New York Municipal Fund Inc.

1290 Avenue of the Americas

New York, New York 10104

Dear Valued Stockholder,

Thank you for being an investor in Neuberger Berman Municipal Fund Inc. (NBH), Neuberger Berman California Municipal Fund Inc. (NBW) and / or Neuberger Berman New York Municipal Fund Inc. (NBO).

You are a significant stockholder, and your vote is critical. You were recently sent proxy materials for the upcoming Joint Special Meeting of Stockholders. If you have not yet cast your important vote, please do so today.

As discussed in more detail in the Joint Proxy Statement/Prospectus, stockholders of each Fund are being asked to consider and vote to approve an Agreement and Plan of Reorganization which is fully detailed in the Joint Proxy Statement/Prospectus. For more information, please refer to the Joint Proxy Statement/Prospectus, which can be found at https://vote.proxyonline.com/nb/docs/2023proxy.pdf.

Each Fund’s Board of Directors believes that the proposals are in the best interests of its Fund’s stockholders and recommends that stockholders vote “FOR” the proposals.

If you have any proxy related questions, or would like to cast your vote by phone, please call 1-866-387-0017 for assistance. Representatives are available Monday through Friday 9 a.m. to 10 p.m. Eastern time.

We very much appreciate your attention to this matter. Please help us by casting your vote today.

Sincerely,

Joseph V. Amato

President and CEO

How do I vote? There are four convenient methods for casting your important vote:

1. Vote by Phone with a Representative: You may cast your vote by telephone with a proxy representative by calling toll-free 1-866-387-0017. Representatives are available Monday through Friday 9 a.m. to 10 p.m. ET.

2. Vote by touch-tone phone: You may cast your vote by telephone using an automated system by calling the toll-free number found on the enclosed proxy card(s).

3. Vote online: You may cast your vote by visiting the web address located on the attached proxy card(s) and following the instructions on the website.

4. Vote by mail: You may cast your vote by signing, dating and mailing the enclosed proxy card(s) in the postage-prepaid return envelope provided.