Neuberger Berman Selects State Street to Provide Taxable Money Market Funds to Its Clients

NEW YORK--(Business Wire)--
Neuberger Berman Group LLC, a leading privately held, independent money manager,
has chosen State Street Global Advisors (SSgA), the investment management arm of
State Street Corporation (NYSE: STT), as a provider of taxable money market
funds to Neuberger Berman fund shareholders and clients commencing next month.
The firm said it is focusing on its longstanding equity, fixed income and
alternative investment strategies to best serve its clients` goals and
objectives over the long term.

On or about Aug. 14, shareholders of Neuberger Berman taxable money market funds
will acquire shares of State Street Institutional Trust funds with comparable
investment objectives. Shareholders will receive letters informing them of the
change.

"After extensive due diligence and analysis, we have decided to engage State
Street as a provider of these products to our clients," said George Walker,
chairman and CEO of Neuberger Berman. "With nearly $500 billion (as of March 31,
2009) in liquidity assets under management, we believe State Street Global
Advisors, one of the largest global cash managers in the industry, has the
necessary expertise and financial resources to fulfill this role, with a
portfolio management style that follows a conservative, prudent approach to
investing."

"Our goal as always is to ensure that our clients are in safe hands and that
their needs will be fully met," said Joseph Amato, president of Neuberger
Berman. "We look forward to working with State Street Global Advisors to provide
our clients with premier options for their liquidity investment needs."

"Clients of Neuberger Berman should notice little change after this transition
takes place," added Robert Conti, president and CEO, Neuberger Berman Mutual
Funds. "We will continue to work hard to provide top-notch service to our
shareholders and access to our continuing array of fund products."

The specific funds involved are: Neuberger Berman Government Money Fund (Ticker:
NBGXX); NB Institutional Cash Fund (NBAXX); NB Cash Reserves (NBCXX); and NB
Treasury Fund (NTHXX). The AUM of those funds was approximately $4.6 billion as
of June 30, 2009.

Neuberger Berman continues to manage four municipal money market funds and also
offers cash management to institutional separate account clients.

"Neuberger Berman is one of State Street`s longstanding clients and we are
delighted that they have opted to build on the strength of this relationship by
awarding SSgA with this new mandate for our money market funds," said James Ross
senior managing director at State Street Global Advisors. "We look forward to
helping Neuberger Berman and its clients by demonstrating our expertise in
managing money market funds that seek to preserve capital and liquidity for
investors."

About Neuberger Berman

Established in 1939, Neuberger Berman is one of the world`s largest private,
independent employee-controlled asset management companies, managing
approximately $162 billion in assets as of June 30, 2009. Neuberger Berman is a
leader in providing a broad range of global investment solutions 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.

Neuberger Berman Group LLC
Randall Whitestone, 212-476-5392

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