Neuberger Berman High Yield Strategies Fund Inc. Announces Monthly Distribution

Neuberger Berman High Yield Strategies Fund Inc. (NYSEAmex: NHS) (the “Fund”) announced a distribution declaration of $0.11 per share of common stock that is payable on August 31, 2010, has a record date of August 16, 2010 and an ex-date of August 12, 2010.

The Fund was formed as the result of the reorganization of Neuberger Berman Income Opportunity Fund Inc. and Neuberger Berman High Yield Strategies Fund, which was effective after the close of business on August 6, 2010. The Fund intends to make regular monthly cash distributions to its common stockholders at a fixed rate per share based on its projected performance, subject to adjustment from time to time (“Level-Rate Distribution Policy”).

Under its Level Rate Distribution Policy, the Fund anticipates that it will make regular monthly distributions, subject to market conditions, of $0.11 per share, unless further action is taken to determine another amount. There is no assurance that the Fund will always be able to pay a distribution of any particular size, or that a distribution will consist of only net investment income. The Fund’s ability to maintain its current distribution rate will depend on a number of factors, including the stability of income received from its investments, availability of capital gains, the cost of leverage and the level of other Fund expenses.

The distribution announced today, as well as future distributions, may consist of net investment income, realized capital gains and return of capital. In compliance with Section 19 of the Investment Company Act of 1940, as amended, a notice will be provided for any distribution that does not consist solely of net investment income. Any notice so provided would be for informational purposes, and would disclose, among other things, estimated portions of the distribution consisting of net investment income, capital gains and/or return of capital.

Neuberger Berman Group LLC is one of the world’s leading independent, employee-controlled asset management companies. As of June 30, 2010, assets under management were approximately $169 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 the Fund’s performance, a general downturn in the economy, competition from other closed-end investment companies, changes in government policy or regulation, inability of the Fund’s investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.