Two Neuberger Berman Closed-End Funds Announce Stockholder Approval of Proposed Reorganization

Neuberger Berman Income Opportunity Fund Inc. (NYSE Amex: NOX) and Neuberger Berman High Yield Strategies Fund (NYSE: NHS) (each a “Fund” and together, the “Funds”) announced that the stockholders of each Fund have approved the proposal to reorganize each Fund into a newly formed fund, named Neuberger Berman High Yield Strategies Fund Inc. The new fund’s common stock is expected to be listed on the NYSE Amex. The Funds currently anticipate that the reorganization will be completed during the third quarter of 2010. The Funds will issue another press release setting forth the timing and details of the closing.

About Neuberger Berman

Neuberger Berman Group LLC is one of the world’s leading private, independent, employee-controlled asset management companies. As of March 31, 2010, assets under management were approximately $180 billion. Established in 1939, Neuberger Berman is a leader in a broad range of global investment solutions – equity, fixed income, and alternatives – to institutions and individuals through customized separately managed accounts, mutual funds and alternative investment products. For more information please visit our website at www.nb.com.

Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in a Fund’s performance, a general downturn in the economy, competition from other closed-end investment companies, changes in government policy or regulation, inability of a Fund’s investment adviser to attract or retain key employees, inability of a Fund to implement its investment strategy, inability of a Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.

Neuberger Berman Income Opportunity Fund (AMEX:NOX)
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