XAI Octagon Floating Rate & Alternative Income Term Trust Adjourns Special Meeting of Shareholders to Permit Further Solicitation of Proxies

XAI Octagon Floating Rate & Alternative Income Term Trust (the “Trust”) (NYSE: XFLT) announced today that its special meeting of shareholders (the “Special Meeting”) has been adjourned to January 24, 2024 at 10:00 a.m. Central time with respect to all proposals to allow more time for shareholders to vote.

At the Special Meeting, Trust shareholders are being asked (i) to approve a new investment sub-advisory agreement among the Trust, XA Investments LLC and Octagon Credit Investors, LLC (“Proposal 1”) and (ii) to approve an amendment to the Trust’s Agreement and Declaration of Trust to cause the Trust to become a perpetual fund by eliminating the requirement that it terminate operations on or about December 31, 2029, unless extended as permitted by the Declaration of Trust (“Proposal 2” and, together with Proposal 1, the “Proposals”).

The reconvened Special Meeting will be held at offices of the Trust’s investment adviser, XA Investments LLC, 321 North Clark Street, Suite 2430, Chicago, Illinois 60654.

The October 25, 2023 record date for shareholders entitled to vote at the adjourned Special Meeting remains unchanged. Information about the reconvened Special Meeting appears below.

At the time the Special Meeting was adjourned, proxies had been submitted by shareholders representing approximately 40.35% of the Trust’s shares outstanding and entitled to vote. At the time the Special Meeting was adjourned, approximately 92.66% of the votes cast on Proposal 1 were voted in favor of its approval, and approximately 92.08% of the votes cast on Proposal 2 were voted in favor of its approval.

During the adjournment, the Trust continues to solicit votes from its shareholders with respect to the Proposals. Proxies previously submitted with respect to the Special Meeting will be voted on the Proposals at the reconvened Special Meeting unless properly revoked in accordance with the procedures described in the Trust’s proxy statement, and shareholders who have previously submitted a proxy or otherwise voted need not take any action.

If, as of October 25, 2023, you were a Trust shareholder and have not yet voted, the Trust urges you to submit your vote in advance of the reconvened Special Meeting. Shareholders can vote by any of the following convenient methods:

1. Vote by phone with a representative: You may cast your vote by telephone with a proxy representative by calling toll-free [phone]. Representatives are available Monday through Friday, 9 a.m. to 10 p.m. Eastern time.
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 your proxy card(s).
3. Vote online: You may cast your vote by visiting www.proxyvote.com 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 with your proxy materials.

The Trust’s proxy statement is available online at https://vote.proxyonline.com/XAI/docs/proxy2023.pdf.