Neuberger Berman Announces Ann Benjamin, Co-Portfolio Manager of Neuberger Berman High Yield Strategies Fund, to Retire at Year End

Media Contact:

Alex Samuelson, 212.476.5392, Alexander.Samuelson@nb.com

New York, March 3, 2015 — Neuberger Berman, on behalf of the Neuberger Berman High Yield Strategies Fund Inc. (NYSE MKT: NHS) (the “Fund”), has announced that after a 34-year career, Ann Benjamin plans to retire from the asset management business at the end of 2015 and will cease portfolio management responsibilities at that time. Ms. Benjamin has been a co-portfolio manager to the Fund, along with her business partner Tom O’Reilly, since its inception in 2003.

After Ms. Benjamin’s retirement, Mr. O’Reilly, an industry veteran with 26 years of experience, including the last 18 at Neuberger Berman, will continue to manage the Fund along with current co-Portfolio Managers Russ Covode and Dan Doyle. Additionally, Patrick Flynn, a Managing Director and long-time portfolio manager at Neuberger Berman, will join the team as co-portfolio manager effective January 2016. The Neuberger Berman High Yield team manages $28 billion in High Yield assets.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 18 countries, Neuberger Berman’s team is more than 2,100 professionals and the company was named by Pensions & Investments as a 2013 and 2014 Best Place to Work in Money Management. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $250 billion in client assets as of December 31, 2014. For more information, please visit our website at www.nb.com.

Certain statements in this press release, such as those related to changes in a portfolio management team, constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Fund, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Among other risks and uncertainties are the possibility of differences in the timing or nature of any portfolio manager changes, the adverse effect from a decline in the securities markets or a decline in the Fund’s performance, a general downturn in the economy, competition from other closed end investment companies, changes in government policy or regulation, inability of the Fund’s investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the Fund nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.