Closing of Initial Public Offering of Neuberger Berman Income Opportunity Fund Inc. Postponed until July 2, 2003.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 27, 2003

The closing of the initial public offering of Neuberger Berman Income Opportunity Fund Inc., originally scheduled for June 27, 2003, has been postponed to Wednesday, July 2, 2003.

Neuberger Berman Management Inc., the Fund's investment manager, is a subsidiary of Neuberger Berman Inc. (NYSE: NEU). Neuberger Berman Inc., through its subsidiaries, is an investment advisory company with $56.3 billion in assets under management, as of March 31, 2003. For 63 years, the 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, 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 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 or investigations of governmental and self-regulatory organizations.