Jeffrey S. Maurer Joins Neuberger Berman as Executive Vice President

NEW YORK--()--Oct. 8, 2003--Neuberger Berman Inc. (NYSE: NEU) announced today that Jeffrey S. Maurer has joined the firm as an Executive Vice President and a senior member of its management team. He will also be on Neuberger Berman's Executive Management Committee.

Previously, Mr. Maurer held the positions of Chairman and Chief Executive Officer of U.S. Trust Corporation which he joined in 1970. He also serves as a director of Forbes.com and the Greater New York Insurance Companies, in addition to several charitable, educational, artistic, and health-care organizations. He holds an M.B.A. from New York University, a J.D. from St. John's University School of Law, and an undergraduate degree from Alfred University.

"Jeffrey Maurer is a seasoned wealth management professional," said Jeffrey B. Lane, President and Chief Executive Officer of Neuberger Berman. "His extensive depth of knowledge and experience in all aspects of the wealth and investment management business will continue to enhance our commitment to serving high net worth individuals, families and family offices."

"I am pleased to be joining a firm of such high integrity, with an exceptional reputation and strong heritage," said Jeffrey Maurer. "Neuberger Berman has the talent and resources essential for delivering premier wealth management services, and I am delighted to become a contributing member of their senior management team."

Neuberger Berman Inc., through its subsidiaries, is an investment advisory company with $63.7 billion in assets under management, as of June 30, 2003. For 64 years, the firm has provided clients with a broad range of investment products, services and strategies for individuals, families, and taxable and non-taxable institutions. The Company engages in wealth management services, including private asset management, tax and financial planning, and personal and institutional trust services; mutual funds, institutional management and alternative investments; and professional securities services. Its website, and this news release, can be accessed at www.nb.com.

On July 22, 2003, the Company announced that it had entered into an agreement and plan of merger with Lehman Brothers Holdings Inc., a global investment bank that serves the financial needs of corporations, governments and municipalities, institutional clients, and high-net-worth individuals worldwide. It is anticipated that the transaction will close during Lehman Brothers' fiscal fourth quarter.

This news release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any Neuberger Berman shares, and is not a solicitation of a proxy. Lehman Brothers has filed with the Securities and Exchange Commission ("SEC"), a Registration Statement on Form S-4 and other relevant documents concerning the proposed transaction. Stockholders of Neuberger Berman are urged to read the Registration Statement, including the proxy statement/prospectus included therein, and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they contain important information. You can obtain a free copy of the Registration Statement on Form S-4, as well as other filings containing information about Neuberger Berman and Lehman Brothers, at the SEC's Web site (http://www.sec.gov). Copies of the definitive proxy statement/prospectus and the SEC filings that are incorporated by reference in the Registration Statement can be obtained without charge, by directing a request to Lehman Brothers, Investor Relations, 745 Seventh Avenue, New York, New York 10019 (tel: 212-526-3267) or to Neuberger Berman, Corporate Communications, 605 Third Avenue, New York, New York 10158 (tel: 212-476-8125).

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 the Company's products' performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability of the Company to attract or retain key employees, inability of the Company to implement its operating strategy and acquisition strategy, inability of the Company to manage rapid expansion and unforeseen costs, other effects related to legal proceedings or investigations of governmental and self-regulatory organizations and risks related to the consummation of the business combination between Neuberger Berman and Lehman Brothers.

Contacts

Neuberger Berman
Jeffrey B. Lane, 212-476-5401
or
TowersGroup
Margaret Towers, 212-354-5020

Contacts

Neuberger Berman
Jeffrey B. Lane, 212-476-5401
or
TowersGroup
Margaret Towers, 212-354-5020