Company Press Release

NEW YORK, July 23, 2009 – Neuberger Berman Group LLC, a leading independent money manager for institutions and individuals with approximately $158 billion in assets under management as of June 30, 2009, today announced that it has agreed to acquire the businesses of Lehman Brothers Trust Company, N.A. and Lehman Brothers Trust Company of Delaware (collectively, the “Trust Company”). When the transactions close, the spectrum of Neuberger Berman's wealth management services will once again include a wholly owned trust business.

As part of Neuberger Berman, the Trust Company professionals will continue to provide trust, estate and investment services to individuals and institutions. Robert J. Laughlin, the current president of the Lehman Brothers Trust Company, N.A., will lead the Neuberger Berman Trust Company upon the closing of the transactions.

"We are looking forward to continuing our partnership with the talented professionals of the Trust Company, working together to meet the needs of our clients," said George Walker, chairman and chief executive officer of Neuberger Berman. "We and our clients have seen firsthand the value the Trust Company provides, making this acquisition a logical and important step for our firm."

"Reuniting with an independent Neuberger Berman, which has 70 years of demonstrated commitment to achieving superb results for its clients, creates an ideal home for the Trust Company," said Mr. Laughlin. "We look forward to continuing to draw upon Neuberger Berman's considerable investment strengths and a shared dedication to providing the highest level of client service."

"Being with a broad-based asset management firm enables us to offer estate planning services as part of an array of client-services capabilities," said Diane Lederman, managing director and general counsel. "It is also nice to be home again, since the trust businesses were launched and grew as part of Neuberger Berman from 1994 until 2005."

The transaction is expected to be completed later this year. Completion of the transaction is subject to conditions, including approvals by the regulatory authorities and the bankruptcy court. Terms were not disclosed. The professional services firm of Alvarez & Marsal is overseeing the restructuring of Lehman Brothers Holdings Inc. and working to maximize value for creditors.

About Neuberger Berman

Established in 1939, Neuberger Berman is a leading private, independent employee controlled asset management company, managing approximately $158 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.