Neuberger Berman Closed-End Funds Announce Final Results of Tender Offers

http://www.businesswire.com/news/home/20091023005451/en

NEW YORK--(Business Wire)--
Neuberger Berman California Intermediate Municipal Fund Inc. (NYSE Amex: NBW),
Neuberger Berman Income Opportunity Fund Inc. (NYSE Amex: NOX) and Neuberger
Berman Real Estate Securities Income Fund Inc. (NYSE Amex: NRO) (each, a "Fund"
and, collectively, the "Funds") each announced the final results of its tender
offer.

The tender offers, which expired at 5:00 p.m., New York City time on Friday
October 16, 2009, were oversubscribed. In accordance with the terms of each
Fund`s Offer to Purchase, notwithstanding that its tender offer is
oversubscribed, each Fund will accept all common stock properly tendered by
stockholders holding fewer than 100 shares of common stock who tendered all
their shares and provided appropriate certification as part of their tender
("odd-lot adjustment"). Since the total number of shares tendered exceeds the
number of shares each Fund offered to purchase, each Fund will purchase the
maximum percentage of outstanding common stock previously announced (10% for
each of NOX and NBW and 5% for NRO) on a pro-rata basis, after making the
odd-lot adjustment, based on the number of shares properly tendered, the
"Pro-Ration Factor." The final results of the tender offers are provided in the
table below.

Fund Number of Number of Pro-Ration Purchase Price Number of Outstanding
Shares Tendered Shares Factor (98% of NAV Shares after Tender
Tendered to be Purchased on Expiration Offer
Date)
NBW 1,464,811 611,942 40.69% $14.15 5,507,477
NOX 2,199,723 1,596,095 72.47% $6.38 14,364,850
NRO 4,436,917 3,424,642 77.15% $3.00 65,068,197

The Funds will purchase the common shares that they accept for tender as
promptly as practicable. Stockholders who have questions regarding the tender
offers should contact their financial advisors, or should call Mellon Investor
Services LLC, the information agent for the tender offers, at (866) 223-8669 or
the Funds at (877) 461-1899.

About Neuberger Berman

Neuberger Berman Group LLC is one of the world`s leading independent,
employee-controlled asset management companies. As of September 30, 2009, assets
under management were approximately $168 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 though
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.

Neuberger Berman Management LLC
Investor Information
877-461-1899

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