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XAI Madison Equity Premium Income Fund Announces Change of Fiscal Year End

1. MCN changed its fiscal year end to September 30 from December 31. 2. The change aligns MCN’s reporting with other funds in its complex. 3. MCN will file a Transition Report for the nine-month period ending September 30, 2025. 4. XAI manages MCN and offers alternative investment strategies. 5. Madison Investments has $29.6 billion in assets under management as of September 30, 2025.

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FAQ

Why Neutral?

The fiscal year change is administrative, unlikely to directly alter MCN’s value.

How important is it?

While the fiscal year end change indicates operational adjustments, it lacks immediate significance for investors.

Why No Impact?

Historical changes in fiscal years often have minimal lasting effects on stock performance.

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XAIMADN
CHICAGO, Nov. 06, 2025 (GLOBE NEWSWIRE) -- XAI Madison Equity Premium Income Fund (the “Fund”) (NYSE: MCN), a diversified, closed-end management investment company, today announced that its board of trustees has determined to change its fiscal year end to September 30 from December 31, effective immediately. The primary purpose of the change is to align the Fund’s reporting calendar with those of other funds in the fund complex. In connection with the fiscal year change, the Fund expects to file a Transition Report on Form N-CSR for the nine-month transition period beginning January 1, 2025 and ending September 30, 2025. About XA Investments XA Investments LLC (“XAI”) serves as the Fund’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust and XAI Madison Equity Premium Income Fund both trade on the New York Stock Exchange and the interval fund, Octagon XAI CLO Income Fund is available via direct subscription and through select broker/dealers and wealth management platforms. In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, and fund management. XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com. About XMS Capital Partners XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com. About Madison Investments Madison Investments is an independent investment management firm based in Madison, WI. The firm was founded in 1974, has approximately $29.6 billion in assets under management as of September 30, 2025, and is recognized as one of the nation’s top investment firms. Madison offers domestic fixed income, U.S. and international equity, covered call, multi-asset, insurance and credit union investment management strategies. For more information, please visit www.madisoninvestments.com. Madison and/or Madison Investments is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC, and Madison Investment Advisors, LLC. Madison Funds are distributed by MFD Distributor, LLC. Madison is registered as an investment adviser with the U.S. Securities and Exchange Commission. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority www.finra.org. XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax. Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before investing. For more information on the Fund, please visit the Fund’s webpage at www.xainvestments.com. This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. NOT FDIC INSURED        NO BANK GUARANTEE        MAY LOSE VALUE Media Contact: Kimberly Flynn, PresidentXA Investments LLCPhone: 888-903-3358Email: kflynn@XAInvestments.comwww.xainvestments.com

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