NEUBERGER BERMAN REAL ESTATE INCOME FUND INC.
                                605 Third Avenue
                             New York, NY 10158-0180


                  NEUBERGER BERMAN REAL ESTATE INCOME FUND INC.
                  ANNOUNCES FINAL RESULTS OF SELF TENDER OFFER

NEW YORK, NY, November 4, 2004 -- Neuberger Berman Real Estate Income Fund Inc.
(NYSE: NRL) announced today the final results of its self tender offer. The self
tender offer, which was not fully subscribed, expired at 12:00 Midnight, New
York City time, on Friday, October 29, 2004. Under the terms of the self tender
offer, the Fund accepted 561,401 shares of its common stock, representing
approximately 11.9% of the Fund's total outstanding common stock.

The depositary for the self tender offer, The Bank of New York, will issue
payment promptly for the shares accepted under the self tender offer.


Contact:                                                Media Contact:
Peter Sundman                                           Kerrie Cohen
Chief Executive Officer                                 Lehman Brothers
Neuberger Berman Real Estate Income Fund Inc.           (212) 526-4092
(877) 461-1899


FORWARD-LOOKING STATEMENTS

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 funds, changes in government policy or
regulation, inability of the Fund's investment advisor to attract or retain key
employees, inability of the Fund's investment advisor to implement its
investment strategy, inability of the Fund to manage unforeseen costs and other
effects related to legal proceedings or investigations of governmental and
self-regulatory organizations.

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