Neuberger Berman Realty Income Fund Inc. ('NRI') Completes Merger with Neuberger Berman Real Estate Securities Income Fund Inc.
March 10 2008 - 8:00AM
Business Wire
After the close of business on Friday, March 7, 2008, Neuberger
Berman Realty Income Fund Inc. (NYSE: NRI) merged with and into
Neuberger Berman Real Estate Securities Income Fund Inc. (AMEX:
NRO). Friday�s net asset value (NAV) per share of common stock for
NRI was $14.3754 and for NRO was $10.2028. As the merger was based
on relative NAV, this generated a merger conversion ratio that
resulted in former NRI common stockholders receiving 1.409 shares
of NRO common stock for each share of NRI common stock they
previously held. Common stockholders will subsequently receive cash
payments in lieu of fractional shares not held in the Distribution
Reinvestment Plan (DRIP). NRO�s monthly distribution remains
$0.15308 per share. As a result of the merger, preferred
stockholders of NRI received an equivalent number of shares of new
series of NRO preferred stock. The CUSIP numbers of the new NRO
preferred stock are different from the CUSIP numbers of the NRI
preferred stock previously held. The table below shows the name and
CUSIP number of the NRO preferred stock that each NRI preferred
stockholder has received. The respective dates for auctions and
payments of distribution for the new series of NRO preferred stock
will not differ from those of the currently outstanding series of
NRI preferred stock. Pre-Merger Name/CUSIP # Post-Merger New
Name/CUSIP NRI Auction Preferred Shares NRO Auction Preferred
Shares Pre-Merger CUSIP Number � Pre-Merger Series Name �
Post-Merger New CUSIP Number � Post-Merger New Series Name
64126G208 Series A ? 64190A608 Series B 64126G307 Series B ?
64190A707 Series D 64126G406 Series C ? 64190A806 Series E
64126G505 Series D ? 64190A889 Series F In connection with the
merger, the names (but not the CUSIP numbers) for several series of
NRO preferred stock have changed. Neither the name nor the CUSIP
number (64190A202) will change for NRO, Auction Preferred Shares,
Series A. The table below shows the name changes. Pre-Merger
Name/CUSIP # Post-Merger New Name NRO Auction Preferred Shares NRO
Auction Preferred Shares Pre-Merger CUSIP Number � Pre-Merger
Series Name � Post-Merger New Series Name 64190A301 Series B ?
Series C 64190A400 Series C ? Series G 64190A509 Series D ? Series
H The dates for auctions and payments of distribution will not
change. Please contact your broker with questions relating to the
effect of the merger on your account. Neuberger Berman Management
Inc., the Funds� investment manager, is a subsidiary of Neuberger
Berman Inc., an investment advisory company serving individuals,
families, and taxable and non-taxable institutions with a broad
range of investment products, services and strategies. A Lehman
Brothers company, Neuberger Berman 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. For
further information about Neuberger Berman please visit www.nb.com.
Lehman Brothers (ticker symbol: LEH), an innovator in global
finance, serves the financial needs of corporations, governments
and municipalities, institutional clients and high-net-worth
individuals worldwide. Founded in 1850, Lehman Brothers maintains
leadership positions in equity and fixed income sales, trading and
research, investment banking, private investment management, asset
management and private equity. The Firm is headquartered in New
York, with regional headquarters in London and Tokyo, and operates
in a network of offices around the world. For further information
about Lehman Brothers� services, products and recruitment
opportunities, visit the Firm's Web site at www.lehman.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 risks and uncertainties include, without limitation, the
adverse effect from a decline in the securities markets or a
decline in a Fund�s performance, a general downturn in the economy,
competition from other closed-end investment companies, changes in
government policy or regulation, inability of a Fund�s investment
adviser to attract or retain key employees, inability of a Fund to
implement its investment strategy, inability of a Fund to manage
rapid expansion and unforeseen costs and other effects related to
legal proceedings or investigations of governmental and
self-regulatory organizations.
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