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Press Release

Neuberger Berman Introduces New York Municipal Income Fund

Media Contact:

Alexander Samuelson, 212.476.5392, Alexander.Samuelson@nb.com

NEW YORK, March 25, 2013 – Neuberger Berman Group LLC, one of the world's leading employee-owned money managers, has introduced the Neuberger Berman New York Municipal Income Fund (the "Fund") (ticker: NMIIX), a fund that seeks high current income exempt from federal income tax and New York State and New York City personal income taxes. The Fund may invest a portion of its portfolio in securities which may be subject to federal income tax and New York State and New York City personal income taxes.

The Fund employs a disciplined investment process built on fundamental in-house research that is consistent with low risk to principal. The Fund seeks to add value through security selection with a focus on capital preservation and high tax-effective income. Total return is a secondary goal. The Fund invests predominantly in intermediate maturity securities, and will normally maintain an average duration of between three and seven years.

The Fund's managers, James Iselin and Blake Miller, have a combined 45 years of experience in managing tax-exempt assets, and have spent the vast majority of their time in the industry working together. The portfolio managers, supported by a team of 14 research analysts and traders, employ an active strategy that looks to provide consistent returns over evolving market conditions.

In total, the team manages over $11 billion in tax-exempt strategies for institutions and individuals. Mr. Iselin and Mr. Miller also co-manage three intermediate term closed-end funds and a nationally diverse open-end intermediate term fund, totaling $900 million.

"We believe the Neuberger Berman New York Municipal Income Fund can provide investors with a tax-effective vehicle for their fixed income allocation," said Blake Miller. "We continue to have a positive outlook for intermediate-term, investment grade municipals, based on current fundamentals and spread levels."

"We're excited to offer the Neuberger Berman New York Municipal Income Fund." said James Iselin, co-manager of the Fund and Head of Municipal Fixed Income at Neuberger Berman. "Research and risk management are cornerstones of a process that allows us to pursue consistent and superior long-term performance. These traits are hallmarks of our team, and reflect our firm's enduring and distinctive culture."

About Neuberger Berman

Neuberger Berman is a private, independent, employee-controlled investment manager. It partners with institutions, advisors and individuals throughout the world to customize solutions that address their needs for income, growth and capital preservation. With more than 1,700 professionals focused exclusively on asset management, it offers an investment culture of independent thinking. Founded in 1939, the company provides solutions across equities, fixed income, hedge funds and private equity, and had $205 billion in assets under management as of December 31, 2012. For more information, please visit our website at www.nb.com.