NRI Neuberger Berman Rlty Fd

After the close of business on Friday, March 7, 2008, Neuberger Berman Realty Income Fund Inc. (NYSE: NRI) merged with and into Neuberger Berman Real Estate Securities Income Fund Inc. (AMEX: NRO). Friday�s net asset value (NAV) per share of common stock for NRI was $14.3754 and for NRO was $10.2028. As the merger was based on relative NAV, this generated a merger conversion ratio that resulted in former NRI common stockholders receiving 1.409 shares of NRO common stock for each share of NRI common stock they previously held. Common stockholders will subsequently receive cash payments in lieu of fractional shares not held in the Distribution Reinvestment Plan (DRIP). NRO�s monthly distribution remains $0.15308 per share. As a result of the merger, preferred stockholders of NRI received an equivalent number of shares of new series of NRO preferred stock. The CUSIP numbers of the new NRO preferred stock are different from the CUSIP numbers of the NRI preferred stock previously held. The table below shows the name and CUSIP number of the NRO preferred stock that each NRI preferred stockholder has received. The respective dates for auctions and payments of distribution for the new series of NRO preferred stock will not differ from those of the currently outstanding series of NRI preferred stock. Pre-Merger Name/CUSIP # Post-Merger New Name/CUSIP NRI Auction Preferred Shares NRO Auction Preferred Shares Pre-Merger CUSIP Number � Pre-Merger Series Name � Post-Merger New CUSIP Number � Post-Merger New Series Name 64126G208 Series A ? 64190A608 Series B 64126G307 Series B ? 64190A707 Series D 64126G406 Series C ? 64190A806 Series E 64126G505 Series D ? 64190A889 Series F In connection with the merger, the names (but not the CUSIP numbers) for several series of NRO preferred stock have changed. Neither the name nor the CUSIP number (64190A202) will change for NRO, Auction Preferred Shares, Series A. The table below shows the name changes. Pre-Merger Name/CUSIP # Post-Merger New Name NRO Auction Preferred Shares NRO Auction Preferred Shares Pre-Merger CUSIP Number � Pre-Merger Series Name � Post-Merger New Series Name 64190A301 Series B ? Series C 64190A400 Series C ? Series G 64190A509 Series D ? Series H The dates for auctions and payments of distribution will not change. Please contact your broker with questions relating to the effect of the merger on your account. Neuberger Berman Management Inc., the Funds� investment manager, is a subsidiary of Neuberger Berman Inc., an investment advisory company serving individuals, families, and taxable and non-taxable institutions with a broad range of investment products, services and strategies. A Lehman Brothers company, Neuberger Berman engages in wealth management services including private asset management, tax and financial planning, and personal and institutional trust services; mutual funds, institutional management and alternative investments. For further information about Neuberger Berman please visit www.nb.com. Lehman Brothers (ticker symbol: LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients and high-net-worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity. The Firm is headquartered in New York, with regional headquarters in London and Tokyo, and operates in a network of offices around the world. For further information about Lehman Brothers� services, products and recruitment opportunities, visit the Firm's Web site at www.lehman.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.