Neuberger Berman Income Opportunity Fund Announces Special Distribution in Anticipation of Its Pending Reorganization

Neuberger Berman Income Opportunity Fund Inc. (NYSE Amex: NOX) has announced a special distribution of $0.0583 per share of common stock (the “Special Distribution”) in anticipation of its pending reorganization into Neuberger Berman High Yield Strategies Fund Inc. The Special Distribution is payable on August 4, 2010, has a record date of August 2, 2010 and an ex-date of July 29, 2010.

The Fund will pay the Special Distribution to comply with the Federal tax laws. The Special Distribution is in addition to the Fund’s previously declared regular monthly distribution, which is payable on July 30, 2010. As previously announced, the Fund currently anticipates that the reorganization will be completed during the third quarter of 2010 and will issue another press release setting forth the timing and details of the closing.

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

About Neuberger Berman

Neuberger Berman Group LLC is one of the world’s leading private, 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 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.