Three Neuberger Berman Closed End Funds Announce Refinancing of Auction Preferred Shares

NEW YORK--(BUSINESS WIRE)--Today, Neuberger Berman Dividend Advantage Fund Inc. (AMEX: NDD), Neuberger Berman Income Opportunity Fund Inc. (AMEX: NOX) and Lehman Brothers First Trust Income Opportunity Fund (NYSE: LBC) (each a “Fund” and collectively, the “Funds”), each announced new financing that it intends to use to redeem 100% of its outstanding auction preferred shares (“APS”).

Each Fund’s Board of Directors/Trustees has approved a private placement of debt and a private placement of preferred shares with a major unaffiliated financial institution. The new financings provide each Fund with the ability to redeem its outstanding APS at a price equal to the per share liquidation preference plus any accumulated and unpaid dividends. The planned redemptions remain subject to completion of final documentation and satisfaction of the notice and other requirements applicable to APS redemptions.

Peter Sundman, Chairman and President of the Funds stated, “We are pleased to have been successful in initiating a solution that will allow each of these Funds to redeem all of its outstanding APS.” Mr. Sundman added, “Combined with the prior announcement relating to Neuberger Berman Real Estate Securities Income Fund Inc. (AMEX: NRO), Neuberger Berman sponsored closed end funds have now announced the planned redemption of over $500 million of APS or approximately 50% of the outstanding APS issued by Neuberger Berman sponsored closed end funds. We reiterate that we remain focused on developing additional solutions for APS issued by those remaining funds within our closed-end fund platform.”

Upon completion of this refinancing, the Funds’ leverage ratios are not currently expected to change materially and the Funds will continue to satisfy the asset coverage requirements of the Investment Company Act of 1940. A table setting forth the Funds’ outstanding APS and each series’ CUSIP number is at the end of the press release. Additional details and information, including a redemption schedule, are expected to be announced over the coming weeks.

Neuberger Berman will be holding a conference call on Wednesday, September 24, 2008 at 4 p.m. (EST) to discuss the refinancing of the Funds’ APS. Those interested in participating can access the call by dialing (866) 253-5757. Neuberger Berman does anticipate a high call volume, and as a result will only be able to address questions that are submitted via email to NB_CEF@nb.com in advance of the call.

A replay will be available for 14 days after the call and can be accessed by dialing 703-925-2533 or 888-266-2081 and using access code 1287508. Additionally, information about how to access this replay will be made available on the closed-end fund section of Neuberger Berman’s website, www.nb.com.

Neuberger Berman Management LLC, the Funds’ investment manager, is a subsidiary of Neuberger Berman Holdings LLC, an investment advisory company serving individuals, families, and taxable and non-taxable institutions with a broad range of investment products, services and strategies. Neuberger Berman engages in wealth management services including private asset management, tax and financial planning, mutual funds, institutional management and alternative investments. For further information about Neuberger Berman please visit 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 forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Fund undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

The following factors, among others, could cause actual results to differ materially from forward-looking statements: (1) the ability of Neuberger Berman closed-end funds that have issued APS to develop and finalize fund-by-fund specific proposals to restructure the leverage of such funds; (2) the need for such Neuberger Berman closed-end funds to obtain formal fund-by-fund approval from the funds’ Boards of Directors/Trustees for certain types of specific proposals as they are developed and finalized; (3) the ability of such Neuberger Berman closed-end funds to negotiate and obtain from third parties the necessary debt facilities and other commitments and agreements necessary for the funds to refinance all or a portion of the leverage on terms and conditions acceptable to the funds and in a timely manner; (4) the effects of changes in market and economic conditions, including higher costs and expenses associated with refinancing; (5) other legal and regulatory developments; and (6) other additional risks and uncertainties.

NEUBERGER BERMAN DIVIDEND ADVANTAGE FUND INC.
APS Series		CUSIP
Series A		64127J201
Series B		64127J300

NEUBERGER BERMAN INCOME OPPORTUNITY FUND INC.
APS Series		CUSIP
Series A		64126L207
Series B		64126L306

LEHMAN BROTHERS FIRST TRUST INCOME OPPORTUNITY FUND
APS Series		CUSIP
Series A		52519M205