ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND, INC. REPORTS THIRD QUARTER EARNINGS

AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB), a registered closed‑end investment company, today announced earnings for the Fund's third fiscal quarter ended July 31, 2025.

Total net assets of the Fund* on July 31, 2025 were $322,750,581 as compared with $337,926,439 on April 30, 2025, and $363,570,286 on July 31, 2024. On July 31, 2025, the net asset value per share of common stock was $11.23 based on 28,744,936 shares of common stock outstanding.

July 31, 2025 April 30, 2025 July 31, 2024Total Net Assets $322,750,581 $337,926,439 $363,570,286NAV Per Share $11.23 $11.77 $12.65Shares Outstanding 28,744,936 28,744,936 28,744,936

For the period May 1, 2025 through July 31, 2025, total net investment income was $4,015,722 or $0.14 per share of common stock. The total net realized and unrealized loss was ($15,775,819) or ($0.55) per share of common stock for the same period.

Third Quarter Second Quarter Third Quarter Ended Ended Ended July 31, 2025 April 30, 2025 July 31, 2024Total Net Investment $4,015,722 $3,360,878 $3,056,703IncomePer Share $0.14 $0.12 $0.11Total Net Realized/ ($15,775,819) ($19,051,276) $12,753,214Unrealized Gain (Loss)Per Share ($0.55) ($0.66) 0.44

* Total net assets include assets attributable to both common and preferred shares.

AllianceBernstein National Municipal Income Fund, Inc. is managed by AllianceBernstein L.P.

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SOURCE AllianceBernstein National Municipal Income Fund, Inc.

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