Announcement Regarding Neuberger Berman Closed-end Funds.Business Editors NEW YORK--(BUSINESS WIRE)--July 24, 2003 The following announcement applies to the closed-end funds Closed-end fund An investment company that issues shares like any other corporation and usually does not redeem its shares. A publicly traded fund sold on stock exchanges or over the counter that may trade above or below its net asset value. Related: Open-end fund. indicated below, which are managed by Neuberger Berman Neuberger Berman Inc., through its subsidaries, primarily Neuberger Berman, LLC, is an investment advisory firm founded in 1939 by Roy R. Neuberger and Robert Berman, to manage money for high net worth individuals. Management Inc. and sub-advised by Neuberger Berman, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . ---------------------------------------------------------------------- Fund Name Ticker Symbol ---------------------------------------------------------------------- Neuberger Berman Intermediate Municipal Fund Inc. (AMEX: NBH) ---------------------------------------------------------------------- Neuberger Berman California Intermediate Municipal Fund Inc. (AMEX: NBW) ---------------------------------------------------------------------- Neuberger Berman New York Intermediate Municipal Fund Inc. (AMEX: NBO) ---------------------------------------------------------------------- Neuberger Berman Real Estate Income Fund Inc. (NYSE: NRL) ---------------------------------------------------------------------- Neuberger Berman Realty Income Fund Inc. (NYSE: NRI) ---------------------------------------------------------------------- Neuberger Berman Income Opportunity Fund Inc. (AMEX: NOX) ---------------------------------------------------------------------- Neuberger Berman Inc., the parent company of Neuberger Berman Management Inc. and Neuberger Berman, LLC, announced that it has entered into an agreement with Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. Holdings Inc. whereby Lehman Brothers Holdings Inc. would acquire Neuberger Berman Inc. The agreement is subject to the approval of the stockholders of Neuberger Berman Inc. If the agreement is approved by those stockholders, regulatory approvals and consents are obtained, and certain other conditions are met, it is anticipated that the closing will take place in the fourth quarter of 2003. The acquisition would constitute an "assignment" as defined in the Investment Company Act of 1940, which would automatically terminate the Management and Sub-Advisory Agreements of each Fund. Accordingly, each Fund's Board of Directors will consider a new management agreement and sub-advisory agreement for the Fund. If approved by a Fund's Board, the new agreements will be presented to the Fund's stockholders for their approval. There can of course be no assurance that the Board or the stockholders of any Fund will approve the new agreements. Neuberger Berman Management Inc., the Funds' investment manager, is a subsidiary of Neuberger Berman Inc. (NYSE NYSE See: New York Stock Exchange : NEU NEU Neutral NEU Northeastern University (Boston, MA, USA) NEU Near East University (North Cyprus, Turkey) NEU Northeast University (China) ). Neuberger Berman Inc., through its subsidiaries, is an investment advisory company with $63.7 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , as of June 30, 2003. For 64 years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time firm has provided clients with a broad range of investment products, services and strategies for individuals, families, and taxable and non-taxable institutions. The Company engages in wealth management services including private asset management, tax and financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against , and personal and institutional trust services; mutual funds, institutional management and alternative investments; and professional securities services. Its website, and this news release, can be accessed 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Company's products' performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability of the Company to attract or retain key employees, inability of the Company to implement its operating strategy and acquisition strategy, inability of the Company to manage rapid expansion and unforeseen costs and other effects related to legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. or investigations of governmental and self-regulatory organizations. |
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