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Board of Trustees of Salient MLP & Energy Infrastructure Fund Approve Reorganization

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Salient Capital Advisors, LLC announced today that the Boards of Trustees of Salient MLP & Energy Infrastructure Fund (NYSE: SMF) and Salient Midstream & MLP Fund (NYSE: SMM) (together, the "Funds" and each a "Fund") have approved a proposed reorganization, subject to shareholder approval, under which shareholders of SMF will receive SMM common shares and SMM would acquire substantially all of the assets and liabilities of SMF. Such transaction would occur on the basis of relative net asset value of the Funds.

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The Funds have similar portfolios and operations and the Boards of Trustees believe that the transaction presents the opportunity for enhanced long-term market liquidity through increased trading volume, potential cost savings through increased economies of scale, and similar size-related benefits and flexibility.

The Funds currently expect to file with the Securities and Exchange Commission a joint proxy statement/prospectus on Form N-14 with respect to the reorganization in the coming weeks. The reorganization is conditioned upon the approval of the Funds' shareholders. Subject to such shareholder approval and the satisfaction of certain conditions, the transaction is currently expected to close later in 2014.

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