Neuberger Berman Income Opportunity Fund & Neuberger Berman High Yield Strategies Fund Announce Expected Closing of Reorganiz...

Neuberger Berman Income Opportunity Fund Inc. (NYSE Amex: NOX) and Neuberger Berman High Yield Strategies Fund (NYSE: NHS) (each a “Fund”) announced that they anticipate the reorganization of each Fund into a newly formed fund, Neuberger Berman High Yield Strategies Fund Inc. (the “New Fund”), will be effective after the close of business on Friday, August 6, 2010.

NHS common shareholders will receive the same number of New Fund shares as the NHS shares they held immediately prior to the reorganization. NOX common stockholders will receive a different number of New Fund shares than the NOX shares they held immediately prior to the reorganization. The number of New Fund shares issued to NOX common stockholders will be based on the relative net asset value per share of NOX and New Fund (the “share conversion factor”). NOX common stockholders will generally receive cash in lieu of any fractional New Fund shares. To facilitate the operational processing of the reorganization in a timely manner, the share conversion factor for NOX common stockholders will be determined after the close of business on Thursday, August 5, 2010, using each Fund’s net asset value per share calculated that day. Details of the share conversion factor along with other important information relating to the closing of the reorganization will be communicated by press release on Monday, August 9, 2010. The New Fund’s common stock will be listed on the NYSE Amex under the ticker symbol NHS.

It is currently expected that New Fund will declare its initial monthly distribution after the completion of the reorganization. This initial monthly distribution is expected to be payable on August 31, 2010, with a record date of August 16, 2010, and an ex-date of August 12, 2010.

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.