Boards of Neuberger Berman Real Estate Securities Income Fund Inc. and Neuberger Berman Realty Income Fund Inc. Announce Extensi

  
    
  
  
    
      Neuberger Berman Real Estate Securities Income Fund Inc. (AMEX: NRO) and 
      Neuberger Berman Realty Income Fund Inc. (NYSE: NRI) announced today 
      that in order to move the deadline beyond the scheduled vote to 
      reorganize NRI into NRO, the Boards of Directors have extended to 
      February 15, 2008 the deadline by which stockholder nominations and 
      proposals must be received to be considered at the 2008 annual 
      stockholder meeting. The Boards made this determination to simplify the 
      dynamics of corporate governance relating to the potential 
      reorganization of the Funds.
    
    
      In light of the current real estate market conditions and the upcoming 
      stockholder vote on the reorganization, the Investment Performance 
      Committees and Closed-End Fund Committees of the Funds’ 
      Boards of Directors today held the latest in a series of meetings to 
      review, among other things, performance of real estate funds managed by 
      Neuberger Berman Management Inc. (“Neuberger 
      Berman”). Among the factors that the 
      Committees considered were the current real estate markets, the 
      tightness of credit, the general economic climate and concerns over the 
      possibility of a recession. The Committees, each of which contains a 
      majority of independent directors, noted that for the three-year period 
      and the quarter ending December 31, 2007, the Funds outperformed the 
      Lipper Real Estate Closed-End Funds Category average on both an NAV and 
      a market basis, and for the year ended December 31, outperformed the 
      peer group on a market basis. The Committees also found that for the 
      same periods, both Funds outperformed on both a market and an NAV basis 
      a group of 12 real estate closed-end funds selected by Neuberger Berman 
      as being more comparable than the Lipper group. Finally, the Committees 
      considered performance of exchange traded funds (“ETFs”) 
      relative to that of the Funds and concluded that such a comparison is 
      inappropriate because ETFs, unlike NRI and NRO, generally do not invest 
      to provide significant income nor do they typically make significant use 
      of leverage. The Committees discussed strategies, alternatives, and the 
      advisability of taking actions that would require significant selling of 
      portfolio securities into the current market.
    
    
      The Committees, including all of the independent members, continue to be 
      satisfied with Neuberger Berman’s 
      appropriately careful and thoughtful approach to a difficult market. The 
      Boards determined to continue to recommend the reorganization of NRI 
      into NRO, which would result in a significantly larger domestic real 
      estate closed-end fund managed by Neuberger Berman.
    
    
      Neuberger Berman Management Inc., each Fund’s 
      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; and professional securities services. 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 Firms' 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. A Fund’s 
      past performance is no guarantee of its future performance on either an 
      absolute or a relative basis.