Company Press Release

Glickenhaus & Co. To Transition Business To Neuberger Berman

NEW YORK, Oct. 15, 2012 -- Neuberger Berman, a leading independent money manager with $202 billion in assets under management, announced that Glickenhaus & Co., a distinguished investment manager founded in 1961, with roots dating back to 1938, will transition its business to Neuberger Berman. Glickenhaus & Co. manages approximately $900 million in client assets for high net worth individuals and non-profit institutions.

Portfolio management responsibilities will transition to Neuberger Berman's Straus Group, led by senior partner Marvin Schwartz . The Straus Group currently manages approximately $11 billion of client assets. Glickenhaus and the Straus Group share a similar investment philosophy as value investors seeking strong long-term results, while aiming to protect client capital. Glickenhaus & Co. portfolio managers Seth Glickenhaus , James Glickenhaus and Al Feinman will serve as senior advisors to the Straus Group, although direct management of client accounts will be at the sole discretion of Neuberger Berman.

"We have had a close relationship with our friends at Neuberger Berman for decades and we have the greatest admiration for their work as well as for the firm's commitment to partnering with clients,'' Seth Glickenhaus said. "I believe Marvin Schwartz and his team have all the skills, resources and, most importantly, judgment, to successfully continue in our tradition of value investing for our clients."

"We're honored and delighted that Seth Glickenhaus , one of the true legends in our industry, has entrusted us with the opportunity to manage Glickenhaus client accounts,'' said Marvin Schwartz . "Like Glickenhaus & Co., we bring decades of experience in managing money through difficult market environments, focusing on under-appreciated companies with strong, shareholder-friendly management teams. We will endeavor to continue in the Glickenhaus tradition to preserve and grow client wealth.''

"Neuberger Berman has a long history of managing assets for high net worth individuals and institutions," said Joseph Amato , President of Neuberger Berman. "We are excited about the coming together of Seth's long-standing investment history with our own. Both Seth Glickenhaus and the Straus Group share many of the exceptional qualities of our founder, Roy Neuberger , who started our firm in 1939 and successfully managed client portfolios for over six decades." The transfer of client accounts will be subject to client consent. Terms of the transaction were not disclosed.

About Neuberger Berman

Neuberger Berman is a private, independent, employee-controlled investment manager. It partners with individuals, advisors and institutions throughout the world to customize solutions that address their needs for income, growth and capital preservation. With more than 1,700 professionals focused exclusively on asset management, it offers an investment culture of independent thinking. Founded in 1939, the company provides solutions across equities, fixed income, hedge funds and private equity, and had $202 billion in assets under management as of September 30, 2012. For more information, please visit our website at www.nb.com.