Company Press Release

NEUBERGER BERMAN NAMES RICHARD WORLEY, LARRY ZICKLIN AS INDEPENDENT DIRECTORS

Worley Former CEO of Morgan Stanley Dean Witter Investment Management; Zicklin Former Chairman of Neuberger Berman

NEW YORK, August 10, 2009 – Neuberger Berman Group LLC, one of the world’s largest employee-controlled money managers, said Richard Worley and Larry Zicklin have been named to its seven-member Board of Directors, effective immediately. Mr. Zicklin helped lead Neuberger Berman for almost 35 years before retiring as chairman in 2003. Mr. Worley served as chief executive officer of Morgan Stanley Dean Witter Investment Management prior to his retirement from that firm in 2002 and was previously chairman of Miller Anderson & Sherrerd. New York-based Neuberger Berman became independent in May with its acquisition by a group consisting of portfolio managers and senior professionals.

“The addition of these exceptional individuals to our Board of Directors is an important milestone in our independence and concludes a careful process in which we spoke with dozens of superb candidates,’’ said George Walker, chairman and chief executive officer of Neuberger Berman. “With the selection of Rich and Larry, we have formed an extremely strong board.”

Richard Worley is founder, managing director and partner of Permit Capital LLC, an independent investment firm in West Conshohocken, Pa. Before retiring from Morgan Stanley, he was president, CEO and chief investment officer of Morgan Stanley Dean Witter Investment Management. Formerly, he was chairman of Miller Anderson & Sherrerd, an independent investment management partnership acquired by Morgan Stanley in 1996. Mr. Worley is chairman-elect of the Philadelphia Orchestra, trustee of the Robert Wood Johnson Foundation, the Colonial Williamsburg Foundation and the National Constitution Center, and an independent director on the mutual funds board of Putnam Investments.

Mr. Zicklin joined Neuberger Berman as a partner in 1969, and became managing partner and chairman of the executive committee in 1974 and non-executive chairman after the firm’s initial public offering in 1999. He stepped down following the firm’s acquisition by Lehman Brothers in 2003. Mr. Zicklin began his career in the institutional sales department at Merrill Lynch and spent 10 years with that firm. With his wife, Carol, Mr. Zicklin endowed the Zicklin School of Business at Baruch College as well as its Center for Financial Integrity.

A former president of the UJA Federation of New York, Mr. Zicklin is a visiting professor at the Stern School at New York University and a senior fellow at the Wharton School.

Along with Messrs. Walker, Worley and Zicklin, the Neuberger Berman Board of Directors includes Robert D'Alelio, Joseph Amato, William Fox and Jack McCarthy.