X0202 4 2005-05-26 0 0001187520 NEUBERGER BERMAN REAL ESTATE INCOME FUND INC NRL 0001091477 ERNEST HOREJSI TRUST NO 1B 3601 C STREET, SUITE 600 ANCHORAGE AK 99503 0 0 1 0 0001247992 LOLA BROWN TRUST 1B 3601 C STREET, SUITE 600 ANCHORAGE AK 99503 0 0 1 0 0001246903 HOREJSI STEWART R 200 SOUTH SANTA FE SALINA KS 67401 0 0 1 0 Common Stock 2005-05-26 4 S 0 4900 19.85 D 463200 D The Ernest Horejsi Trust No. 1B (the "Ernest Trust") sold the 4,900 shares of the Fund it held directly on May 26, 2005. Following this transaction, the Ernest Trust owns zero shares of the Fund. The Lola Brown Trust No. 1B (the "Lola Trust"), a trust affiliated with the Ernest Trust, owns 463,200 shares of the Fund. The trustees of the Lola Brown Trust No. 1B and the Ernest Brown Trust No. 1B (the "Trusts") are Badlands Trust Company LLC ("Badlands"), Susan L. Ciciora and Larry L. Dunlap (collectively, the "Trustees"). The Trustees may be deemed to control the Trusts and may be deemed to possess indirect beneficial ownership of the Shares held by the Trusts. However, none of the Trustees, acting alone, can vote or exercise dispositive authority over Shares held by the Trusts. Accordingly, the Trustees disclaim beneficial ownership of the Shares beneficially owned, directly or indirectly, by the Trusts. As a result of his advisory role with the Trusts, Mr. Horejsi may be deemed to have indirect beneficial ownership over the Shares directly beneficially owned by the Trusts. However, Mr. Horejsi disclaims beneficial ownership of the Shares directly beneficially held by the Trusts. Stephen C. Miller, President, Badlands Trust Company LLC, trustee of the Trusts 2005-05-27 Stewart R. Horejsi 2005-05-27