Salient MLP & Energy Infrastructure Fund Announces its Net Asset Value as of July 29, 2011 and Provides Fund Update

Salient MLP & Energy Infrastructure Fund (the 'Fund?) (NYSE: SMF)
announced today its net asset value as of July 29, 2011 and provided an
update on the investment of net proceeds from its initial public
offering. As of July 29, 2011 the Fund′s net assets were $147.8 million
and the net asset value per share was $24.12. The Fund′s net asset value
per share was $24.30 on June 30, 2011.

Gregory A. Reid, President and CEO of the MLP business of Salient
Capital Advisors, LLC, advisor to the Fund, said, 'We are very pleased
with the results of our hedging program in July which helped protect the
net asset value of the fund during a market correction. Our actively
managed hedging program helped to limit the fund′s losses in net asset
value to only 0.74% during July compared to a loss of 1.70% for the
Alerian MLP Index and a loss of 2.03% for the S&P 500 Index.

In July, the Fund also announced its initial cash distribution of $0.40
to be paid on August 25 to shareholders of record on August 19, 2011.
This annualized distribution amounts to a 6.40% yield on the $25 IPO
price. We currently anticipate that the majority of this distribution
will be considered return of capital for 2011 for tax purposes.?

As described in the Fund′s offering materials, the Fund has been
invested in long-term investments as shown in Figure 1 as of July 29,
2011.

Investors may also obtain the prospectus free of charge from the
Securities and Exchange Commission′s ('SEC?) website at www.sec.gov.

This press release does not constitute an offer to sell or a
solicitation to buy the securities described herein, 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. A
registration statement relating to these securities was filed with, and
has been declared effective by, the SEC.

Salient MLP & Energy Infrastructure Fund is a newly organized
Delaware statutory trust registered as a non-diversified, closed-end
management investment company under the Investment Company Act of 1940,
as amended. The Fund′s investment objective is to provide a high level
of total return with an emphasis on making quarterly cash distributions
to shareholders. The Fund seeks to achieve that objective by investing
at least 80% of its total assets in securities of MLPs and energy
infrastructure companies. There can be no assurance that the Fund will
achieve its investment objective.

This press release contains 'forward-looking statements' as defined
under the U.S. federal securities laws. Generally, the words 'believe,'
'expect,' 'intend,' 'estimate,' 'anticipate,' 'project,' 'will,' and
similar expressions identify forward-looking statements, which generally
are not historical in nature. Forward-looking statements are subject to
certain risks and uncertainties that could cause actual future results
to differ significantly from the Fund′s present expectations or
projections indicated in any forward-looking statements. These risks
include, but are not limited to, changes in economic and political
conditions; regulatory and legal changes; leverage risk; valuation risk;
interest rate risk; tax risk; the volume of sales and purchase of
shares; the continuation of investment advisory, administration and
other service arrangements; and other risks discussed in the Fund′s
filings with the Securities and Exchange Commission. You should not
place undue reliance on forward-looking statements, which speak only as
of the date they are made. The Fund undertakes no obligation to publicly
update or revise any forward-looking statements made herein. There is no
assurance that the Fund′s investment objective will be attained.

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Salient Capital Advisors, LLC

Investor Relations: 800-809-0525

mlpinfo@salientpartners.com