Neuberger Berman Income Opportunity Fund and Neuberger Berman High Yield Strategies Fund Complete Reorganization

After the close of business on Friday, August 6, 2010, Neuberger Berman Income Opportunity Fund Inc. (NYSE Amex: NOX) and Neuberger Berman High Yield Strategies Fund (NYSE: NHS) (each a “Fund”) completed their reorganization into a newly formed fund, Neuberger Berman High Yield Strategies Fund Inc. (the “New Fund”).

NOX common stockholders received a number of New Fund shares based on the relative net asset values per share of NOX and NHS on Thursday, August 5, 2010. Thursday’s NAV for NOX was $7.5768 and for NHS was $13.1247. This generated a conversion ratio that resulted in former NOX common stockholders receiving 0.577293 shares of New Fund common stock for each share of NOX common stock they previously held. NOX common stockholders generally will receive cash payments in lieu of fractional shares. NHS common shareholders received the same number of New Fund shares as the NHS shares they held immediately prior to the reorganization. Additionally, holders of NHS preferred shares and NOX preferred stock received the same number of shares of New Fund preferred stock as the shares they held immediately prior to the reorganization.

New Fund’s common stock is listed on the NYSE Amex under the ticker symbol NHS. The CUSIP number for New Fund’s common stock is 64128C106, which is the same CUSIP number as NHS’s common shares prior to the reorganization.

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.