NOTICE OF GUARANTEED DELIVERY
TO TENDER SHARES OF COMMON STOCK
(INCLUDING THE ASSOCIATED COMMON STOCK PURCHASE RIGHTS)
OF
NEUBERGER BERMAN REAL ESTATE INCOME FUND INC.
AT
$20.00 NET PER SHARE
PURSUANT TO THE OFFER TO PURCHASE
DATED OCTOBER 1, 2004
This form, or a form substantially equivalent to this form, must be used to
accept the Offer (as defined below) if the shares of common stock of Neuberger
Berman Real Estate Income Fund Inc. and all other documents required by the
Letter of Transmittal cannot be delivered to the Depositary by the expiration of
the Offer. Such form may be delivered by hand, facsimile transmission, telex or
mail to the Depositary. See Section 4 of the Offer to Purchase.
The Depositary for the Offer is:
THE BANK OF NEW YORK
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BY MAIL: BY HAND/OVERNIGHT COURIER:
The Bank of New York The Bank of New York
Tender & Exchange Department Tender & Exchange Department
P.O. Box 11248 101 Barclay Street
Church Street Station Receive & Deliver Window--Street Level
New York, NY 10286-1248 New York, NY 10286
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FOR NOTICE OF GUARANTEED DELIVERY
(FOR ELIGIBLE INSTITUTIONS ONLY)
BY FACSIMILE:
(212) 815-6433
TO CONFIRM FACSIMILE TRANSMISSION ONLY:
(212) 815-6212
DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN AS
SET FORTH ABOVE OR TRANSMISSION OF INSTRUCTIONS VIA FACSIMILE TRANSMISSION TO A
NUMBER OTHER THAN AS LISTED ABOVE, DOES NOT CONSTITUTE A VALID DELIVERY.
This Notice of Guaranteed Delivery is not to be used to guarantee
signatures. If a signature on a Letter of Transmittal is required to be
guaranteed by an "eligible guarantor institution" under the instructions
thereto, such signature guarantee must appear in the applicable space provided
in the signature box on the Letter of Transmittal.
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Ladies and Gentlemen:
The undersigned hereby tenders to Neuberger Berman Real Estate Income
Fund Inc. (the "Fund"), a Maryland corporation, upon the terms and subject to
the conditions set forth in the Offer to Purchase dated October 1, 2004 and the
related Letter of Transmittal (which together constitute the "Offer"), receipt
of which is hereby acknowledged, shares of its common stock, par value $0.0001
per share (the "Common Shares"), pursuant to the guaranteed delivery procedure
set forth in Section 4 of the Offer to Purchase. All Common Shares tendered and
purchased will include the tender and purchase of the associated Common Share
purchase rights issued pursuant to the Rights Agreement between the Fund and The
Bank of New York, as rights agent, dated September 23, 2004, and unless the
context otherwise requires, all references herein to Common Shares include the
associated Common Share purchase rights.
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- -------------------------------------------- --------------------------------------------
/ / Check here if shares will be tendered by Signature
book-entry transfer
- -------------------------------------------- --------------------------------------------
Number of Common Shares tendered Name(s) of Tendering Institution
- -------------------------------------------- --------------------------------------------
DRS Transaction Advice Numbers Address
(if applicable)
- -------------------------------------------- --------------------------------------------
Account Number Zip Code
--------------------------------------------
Area Code and Telephone Number
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<Page>
GUARANTEE
(NOT TO BE USED FOR SIGNATURE GUARANTEE)
The undersigned, a firm which is a bank, broker, dealer, credit union,
savings association or other entity which is a member in good standing of a
recognized Medallion Program approved by the Securities Transfer
Association, Inc., including the Securities Transfer Agents Medallion Program
(STAMP), or any other "eligible guarantor institution" (as such term is defined
in Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended),
guarantees (a) that the above named person(s) "own(s)" the Common Shares
tendered hereby within the meaning of Rule 14e-4 under the Securities Exchange
Act of 1934, (b) that such tender of Common Shares complies with Rule 14e-4 and
(c) to deliver to the Depositary the Common Shares tendered hereby, together
with a properly completed and duly executed Letter(s) of Transmittal and, in the
case of a book-entry delivery, an Agent's Message (as defined in the Offer to
Purchase), and any other required documents, all within three trading days of
the New York Stock Exchange of the date hereof.
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- ------------------------------------------------------------
(NAME OF FIRM)
- ------------------------------------------------------------
(AUTHORIZED SIGNATURE)
- ------------------------------------------------------------
(NAME)
- ------------------------------------------------------------
(ADDRESS)
- ------------------------------------------------------------
(ZIP CODE)
- ------------------------------------------------------------
(AREA CODE AND TELEPHONE NUMBER)
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Dated: ____________, 2004.