NOX Neuberger Berman Income Opportunity Fund

Neuberger Berman Income Opportunity Fund Inc. (“NOX” or “Fund”) (NYSEAmex: NOX) has announced a change in its investment strategy and objective. Additionally, NOX and Neuberger Berman High Yield Strategies Fund (“NHS” or “Fund” and together with NOX, the “Funds”) (NYSE: NHS) have each announced that its Board of Directors/Trustees approved a proposal to reorganize each Fund into a newly formed closed-end fund (the “New Fund”) pursuant to an Agreement and Plan of Reorganization, pending shareholder approval.

Change in Investment Strategy and Objective

Under NOX’s new investment strategy it will invest primarily in high-yield debt securities of U.S. and foreign issuers. Previously, NOX employed an investment strategy whereby at least 80% of its total assets would be invested in a combination of: (1) high-yield corporate debt securities; and (2) income-producing equity securities issued by real estate companies, including real estate investment trusts (REITs). Under its new investment strategy NOX is no longer required to invest at least 20% of its total assets in the securities of real estate companies. NOX’s Board also modified the Fund’s investment objective so that it will seek high total return (income plus capital appreciation). Its prior investment objectives were to seek high current income with capital appreciation as a secondary objective.

In determining to change NOX’s investment strategy and objective, NOX’s Board considered challenges associated with the Fund’s unique hybrid investment strategy, the performance record of the high-yield debt portion of the Fund’s portfolio and the discount at which the Fund’s market price has historically traded to its net asset value (“NAV”). The Board also considered that the Fund would still pursue a similar investment objective under its new investment strategy.

Proposed Reorganization

The Funds’ Boards also approved a proposal to reorganize each Fund into the New Fund, which is currently expected to be organized as a Maryland corporation and to employ an investment strategy that is substantially the same as NHS’ strategy. Approval by both Funds’ shareholders is required to complete the proposed reorganization. It is expected that both Funds’ shareholders will vote on the proposal at their 2010 annual shareholder meetings, which will both be held on June 1, 2010. The record date for determining shareholders eligible to vote at the annual meetings is April 1, 2010.

In determining to approve the proposed reorganization of the Funds, the Boards considered the potential benefits that each Fund’s shareholders will derive from the larger combined fund, including a lower total expense ratio and enhanced liquidity.

Tender Offer Program

As previously announced, each Fund has implemented a tender offer program consisting of up to four tender offers over a two-year period. Under each Fund’s tender offer program, if a Fund’s common stock trades at an average daily discount to NAV of greater than 10% during a 12-week measurement period, the Fund would conduct a tender offer for between 5% and 20% of its outstanding common stock at a price equal to 98% of its NAV determined on the day the tender offer expires. Each Fund has already conducted one of the four measurement periods under its respective tender offer program.

As a result of the proposed reorganization, each Fund will delay commencing the next measurement period under its tender offer program. If the Funds’ shareholders do not approve the proposed reorganization, each Fund will announce the dates for its second measurement period under its respective tender offer program. If the Funds’ shareholders do approve the proposed reorganization, the New Fund will adopt its own tender offer program, with substantially the same terms as the Funds’ tender offer programs, and conduct three measurement periods.

Neuberger Berman Group LLC is one of the world’s leading independent, employee-controlled asset management companies. As of December 31, 2009, assets under management were approximately $173 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.

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