<img src="https://ml.globenewswire.com/Resource/Download/3a4c7cb1-dd6e-440c-942d-2dae47f71842?size=2" nborder="0" align="left" hspace="5" vspace="5" title="image2.png" alt="XAI Floating Rate & Alternative Income Trust"/>ISS Recommends XFLT Shareholders Vote on the WHITE Card to Approve the King Street Sub-Advisor Ahead of July 30th Special Meeting of Shareholders CHICAGO, July 22, 2026 <a href="https://www.globenewswire.com" target="_blank">(GLOBE NEWSWIRE)</a> -- XA Investments LLC, manager of XAI Floating Rate &amp; Alternative Income Trust (XFLT) (the “Fund”), announced today that Institutional Shareholder Services Inc. (“ISS”), a leading independent proxy advisory firm, recommended that shareholders of XFLT vote on the WHITE card “FOR” the approval of a new investment sub-advisory agreement among the Fund, XA Investments LLC and Rockford Tower Asset Management, L.L.C. (the “King Street Sub-Adviser”), a wholly owned subsidiary of King Street Capital Management, L.P. (“King Street”) (the “King Street Sub-Advisory Agreement”) at the upcoming Special Meeting of Shareholders on July 30, 2026. <table align="center" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; border-collapse: collapse; width:100%; border-collapse:collapse ;"><tr><td colspan="3" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">ISS Recommends Shareholders Vote “FOR”</td></tr><tr><td rowspan="2" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">Approve King Street Sub-Advisory Agreement </td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">Board Recommendation</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">ISS Recommendation</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">FOR</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; ">FOR</td></tr></table> “We commend ISS for recognizing the Board’s thorough diligence process and merits of approving the King Street Sub-Advisory Agreement,” said Kimberly Flynn, President of XA Investments. "We believe that shareholders deserve a qualified sub-adviser, and the King Street Sub-Adviser is ideally positioned to potentially enhance distributions and performance over time. Further, we completely agree that XFLT shareholders should be spared the disruption and uncertainty that would result from rejecting the proposal. We are confident in recommending the King Street Sub-Advisory Agreement as the best path forward for XFLT." Important statements by ISS in issuing its recommendation include1: <ul type="disc"><li>“The board evaluated King Street's investment capabilities, experience and qualifications as an investment adviser, fee structure, and historical performance managing comparable investment strategies.” </li><li>“Based on this review, the board concluded that the potential benefits associated with retaining King Street, particularly its broader, more opportunistic and global investment mandate, outweighed any potential drawbacks and determined that the proposed sub-advisory agreement was in the best interests of the trust and its shareholders.” </li><li>“[King Street] continues to manage a substantial alternative credit business, including CLOs, private credit, and special situations strategies.” </li><li>“Furthermore, it does not appear prudent at this time to incur potential disruption and uncertainty associated with rejecting this proposal and pursuing an alternative course of action.” </li><li>“… the board correctly notes that NAV has eroded considerably since inception.” </li></ul> VOTE “FOR” THE APPROVAL OF THE KING STREET SUB-ADVISOR AGREEMENT ON THE WHITE PROXY CARD TODAY How to Vote The Board urges XFLT shareholders to vote “FOR” the King Street Sub-Adviser on the WHITE Card. Use one of the following options to vote: <ul type="disc"><li>By Internet: Visit the website listed on your WHITE proxy card, enter your control number and follow the simple on-screen instructions. </li><li>By Phone: Call the toll-free number listed on your WHITE proxy card. </li><li>By Mail: Sign and return the enclosed WHITE proxy card in the enclosed postage-paid envelope. </li></ul> If you have any questions or need assistance voting your shared, please contact our proxy solicitation firm, Okapi Partners LLC, toll-free at (855) 305-0855 or by email at <a href="https://www.globenewswire.com/Tracker?data=Ck9y66u9HqVQirnv9iN0KoBdNfwSv86_-a4fO6i0qJ4GGKbWmmlui-hH-YuWDHho-Q1f_50w0xscaAYqGZwTcMKXWCDOndooBWND785JBO875J2ovvbfod85S7wyzPw0kOlwBQTMlIgy9kqmAzGBGQrxcYWGZVLpIYHR02aDSfFS_9lEX-B-8XORvVJ9ittOPw7ocxfiuqRAVlHQR0KczLs3ULzOldKtSGSESMhKd-Be-TYfaPeqg7knN7-ywgh-IZEJC9yCfH9u4wtV-Xr_fw==" rel="nofollow" target="_blank" title="">XAI@OkapiPartners.com</a>. About XA Investments XA Investments LLC 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. 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 product development and market research, 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. For more information, please visit <a href="https://www.globenewswire.com/Tracker?data=pHlnD2-LysVDtyb2CrwgYklCvGiW24psi7dOIzb16sK00ChoWDGARm-greb9gIE6eV09Z1stwns3sS_PRnp4vyajedrS6BbigUqcftR6eRU=" rel="nofollow" target="_blank" title="www.xainvestments.com">www.xainvestments.com</a>. About King Street Capital Management King Street is a global alternative investment firm founded in 1995 that manages $30 billion in assets across public and private markets. The firm marries rigorous fundamental research with tactical trading and differentiated sourcing capabilities to identify investment opportunities across asset classes, up and down the capital structure. For more information, please visit <a href="https://www.globenewswire.com/Tracker?data=ClA98_4bUHXWilE2HdUvcH1VbkjrIkUjtY3gz7PqxQ4bkgLLfep5ZGF2R1pMYytR7Z2Q2E2WXdUBSj5QWl_lt9h-m_QqNu_jvzS3yOo2rzA=" rel="nofollow" target="_blank" title="www.kingstreet.com">www.kingstreet.com</a>. Follow <a href="https://www.globenewswire.com/Tracker?data=oOlPGfxPKhka07D6-jHNHWa43Xr6aCcIF3m62vrNrRLTivwcuLnA5rGCnnJhU79BFIktfwAqSePaRdbE0pbv-Akpiv8xYkIeWh4xtfLq4v5YWKfqs3Jxa-zDDmu0hEJREQ6mPoUzhsZGbQNhMPktIYEYaYX1cRa3zfmykBIBmka9qhKItAiLbk1aRc77kwwywzjQ3VRPPrrGIoCny_qBazw5djSx5mP98FOtJForqjpYph5GdT7rStmb7PE1OT2fm8k-uT9wvNQORSjjOQcTa7Z0DfygO59qW8TcqTeZD9SbVQHqDfvZN0xl6Tumk8Iy" rel="nofollow" target="_blank" title="King Street Capital Management">King Street Capital Management</a> on LinkedIn. Forward-Looking Statements This press release contains certain statements that may include “forward-looking statements.” Forward-looking statements can be identified by the words “may,” “will,” “intend,” “expect,” “estimate,” “continue,” “plan,” “anticipate,” and similar terms and the negatives of such terms. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. Many factors that could materially affect the Fund’s actual results are the performance of the portfolio of securities held by the Fund, the conditions in the U.S. and international financial and other markets, the price at which Fund shares trade in the public markets and other factors. Although the Fund believes that the expectations expressed in such forward-looking statements are reasonable, actual results could differ materially from those expressed or implied in such forward-looking statements. The Fund’s future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which are made as of the date of this press release. Except for the Fund’s ongoing obligations under the federal securities laws, the Trust does not intend, and the Fund undertakes no obligation, to update any forward-looking statement. 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. Past performance is no guarantee of future results. An investment in the Fund involves risk, including the possible loss of principal. Investors should consider the Fund’s investment objectives, risks, charges, and expenses carefully before investing. Please refer to the Fund’s filings with the Securities and Exchange Commission for additional information. Media Contact:  XA Investments LLC Kim Shepherd Senior Consultant <a href="https://www.globenewswire.com/Tracker?data=ADgy1oQL4acWFELWYtmfOnszQ8GUxkn5ATmeOYfd8NRSRu4Hu8GqW-jyL8k-Hx_qX42P52szX6_pPyXLNE31yWN4vVWPHl_0k9AwrFZu-eqAFnT5ioDpDXV-XBNRGECG" rel="nofollow" target="_blank" title="kshepherd@xainvestments.com">kshepherd@xainvestments.com</a> 312-623-5123 <a href="https://www.globenewswire.com/Tracker?data=pHlnD2-LysVDtyb2CrwgYklCvGiW24psi7dOIzb16sKt7pHh6XgFTZVR1HJ05xMh5T2eoRzL3Y1zOJfJLzsPx9p8jciVbG2-W90N27_S10M=" rel="nofollow" target="_blank" title="www.xainvestments.com">www.xainvestments.com</a> Prosek Partners <a href="https://www.globenewswire.com/Tracker?data=xjVeHqKoUSHGjWU1xW1dlPzZZNb9EUjwgVTJ56GHQQCyYYpwCJfLtg0u0cs5sjN0UfzHxUkNsnFCjkvA-C9915uVm6yROP4oUQslzNAbe7A=" rel="nofollow" target="_blank" title="Pro-XAI@Prosek.com">Pro-XAI@Prosek.com</a> 1 Permission to use quotes was neither sought nor obtained. <img alt="" src='https://ml.globenewswire.com/media/NGJiNjhhYWItZDA4Yi00NDQ5LWFiNWQtNzlhZjhjMTZiMjgxLTUwMDEzMzQ5OC0yMDI2LTA3LTIyLWVu/tiny/XAI-Floating-Rate-Alternative-.png' referrerpolicy='no-referrer-when-downgrade' />

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Leading Independent Proxy Advisory Firm ISS Agrees That Shareholders Should Vote “FOR” the King Street Sub-Adviser

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