Jack Rivkin Joins Neuberger Berman as EVP; Will Head Up Research, Research Sales, and Equity Trading; Named to Executive Management Committee

Business Wire, August 26, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 26, 2002

Neuberger Berman Inc. (NYSE:NEU) today announced that Jack L. Rivkin has joined the firm as Executive Vice President and head of research, research sales, and equity trading.

He will also sit on Neuberger Berman's Executive Management Committee. Neuberger Berman is an investment advisory firm with approximately $59 billion in assets under management.

In his position at Neuberger Berman, Mr. Rivkin, who has built research departments at several major securities firms, will be in charge of the firm's equity business, which includes the Research Department's staff of 33 analysts and associates, who follow approximately 500 companies, and the 19-member research sales and trading group. The research is augmented by an established program of on-site visits to Neuberger Berman by the senior management teams of corporations. Hundreds of such meetings occurred in 2001.

"No one in the financial services industry has Jack's ability or track record in building world-class research operations," said Neuberger Berman President and Chief Executive Officer Jeffrey B. Lane. "We're proud to welcome him to our firm, and I look forward to renewing a working relationship with Jack, which began earlier in our careers."

Over the course of his career, which began in 1968, Mr. Rivkin built and managed three large and respected equity research departments: the Mitchell Hutchins department (acquired by PaineWebber), which he led to a number one industry ranking (Institutional Investor); Shearson Lehman American Express, which he took from a 15th position to a number one ranking in three years; and the research department at Smith Barney, after it acquired Shearson. His research management success at Shearson Lehman is the subject of a Harvard Business School case study. Mr. Rivkin also held the positions of CFO of PaineWebber, CEO of PaineWebber Mitchell Hutchins, President of PaineWebber Capital, and prior to his retirement in December 2001, head of Citigroup Investments Technology Venture Capital.

Mr. Rivkin decided to join Neuberger Berman because of the Company's stellar reputation and strong heritage. "Investors are experiencing a crisis of confidence in the integrity of corporate management and investment advice," said Mr. Rivkin. "There is now an opportunity and, to some extent, an obligation to create something special and viable in the analytical world to better serve high-net-worth and institutional investors. Neuberger Berman offers an ideal non-conflicted research platform. Its long-time reputation for high quality and performance, independence, resources, and reach within the investment community make it a very attractive place to develop these capabilities.

"A significant equity capability already exists within Neuberger. We want to expand on the existing strengths and build a resource that fills today's needs. I know there are many professionals in our business who would welcome being a part of such an effort."

About Neuberger Berman

Neuberger Berman Inc. through its subsidiaries is an investment advisory company with $58.7 billion in assets under management as of June 30, 2002. For 63 years, the firm has provided clients with a broad range of investment products, services and strategies. The Company engages in private asset management, wealth management services, tax planning and personal and institutional trust services, mutual funds and institutional management, and professional securities services for individuals, institutions, corporations, pension funds, foundations and endowments. Its website, and this news release, can be accessed 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 Company's products' performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability of the Company to attract or retain key employees, inability of the Company to implement its operating strategy and acquisition strategy, inability of the Company to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.