Neuberger Berman High Yield Strategies Fund Announces Monthly Distribution

Neuberger Berman High Yield Strategies Fund Inc. (NYSEAmex: NHS) has announced a distribution declaration of $0.10 per share of common stock. The distribution announced today is payable on October 31, 2011, has a record date of October 17, 2011 and an ex-date of October 13, 2011.

Under its level distribution policy, the Fund anticipates that it will make regular monthly distributions, subject to market conditions, of $0.10 per share, unless further action is taken to determine another amount. The Fund’s ability to maintain its distribution will be dependent on several factors, including the stability of income received from its investments, the cost of leverage and the level of other Fund expenses. There is no assurance that the Fund will always be able to pay a distribution of any particular rate or that a distribution will consist only of net investment income.

The distribution declared, as well as future distributions, may consist of net investment income, realized capital gains and return of capital. In compliance with Section 19 of the Investment Company Act of 1940, as amended, a notice would be provided for any distribution that does not consist solely of net investment income. This notice would be for informational purposes, and would disclose, among other things, estimated portions of the distributions, if any, consisting of net investment income, capital gain and return of capital.

Neuberger Berman Group LLC is one of the world’s leading independent, employee-controlled asset management companies. As of June 30, 2011, assets under management were approximately $198 billion. Established in 1939, Neuberger Berman provides a broad range of global investment solutions – equity, fixed income, and alternatives – 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.

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 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.