Neuberger Berman Realty Income Fund Announces Monthly Distributions

  
    
  
  
    
      The Board of Directors of Neuberger Berman Realty Income Fund Inc. (the “Fund”), 
      which trades on the New York Stock Exchange under ticker symbol NRI, has 
      declared monthly distributions of $0.203325 per share for January 2008, 
      February 2008 and March 2008.
    
    
      The following dates apply to the Fund’s 
      distribution declarations:
    
    
      
        
          
            Record Date
          
        
        
           
        
        
          
            Ex-Date
          
        
        
           
        
        
          
            Payable Date
          
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          January 15, 2008
        
        
        
        
          January 11, 2008
        
        
        
        
          January 31, 2008
        
      
      
        
          February 15, 2008
        
        
        
        
          February 13, 2008
        
        
        
        
          February 29, 2008
        
      
      
        
          March 17, 2008
        
        
        
        
          March 13, 2008
        
        
        
        
          March 31, 2008
        
      
    
    
      Under its level distribution policy, the Fund anticipates that it will 
      make subsequent regular monthly distributions, subject to market 
      conditions, of $0.203325 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 a stable distribution will depend on a number of 
      factors, including the stability of income received from its 
      investments, availability of capital gains, distributions paid on 
      preferred shares and the level of Fund expenses.
    
    
      Due to an effort to maintain a stable distribution amount, the 
      distributions 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 would be provided for any distribution that does not 
      consist solely of net investment income. The notice would be for 
      informational purposes, and would disclose, among other things, 
      estimated portions of the distribution, if any, consisting of net 
      investment income, capital gains and return of capital.
    
    
      Neuberger Berman Management Inc., the 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 Firm's 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 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.