NEW YORK, May 12, 2008 (BUSINESS WIRE) -- Performance data as of April 30, 2008, for Lehman Brothers First
Trust Income Opportunity Fund (NYSE:LBC) is now available. The
information will be posted to the Fund's website at
www.lbftincomeopportunity.com.

About Lehman Brothers First Trust Income Opportunity Fund

Lehman Brothers First Trust Income Opportunity Fund is a
closed-end management investment company whose investment objective is
to seek high total return (income plus capital appreciation). The Fund
pursues its investment objective by investing its assets primarily in
high yield debt securities. These securities are generally lower rated
and may involve greater risk of loss. There can be no assurance that
the Fund will achieve its investment objective. The Fund's common
shares began trading on the New York Stock Exchange under the ticker
symbol LBC on July 28, 2003. Neuberger Berman Management Inc. serves
as the Fund's investment advisor and Lehman Brothers Asset Management
LLC (formerly known as Lincoln Capital Fixed Income Management
Company, LLC) serves as the Fund's sub-advisor. For more complete
information about the Fund, please call the Fund at 1-800-988-5196 or
visit the Fund's Web site at www.lbftincomeopportunity.com.

Lehman Brothers (ticker symbol: LEH), an innovator in global
finance, serves the financial needs of corporations, governments and
municipalities, institutional clients and high-net-worth individuals
worldwide. Founded in 1850, Lehman Brothers maintains leadership
positions in equity and fixed income sales, trading and research,
investment banking, private investment management, asset management
and private equity. The Firm is headquartered in New York, with
regional headquarters in London and Tokyo, and operates in a network
of offices around the world. For further information about Lehman
Brothers' services, products and recruitment opportunities, visit the
Firm's Web site at www.lehman.com.

Lehman Brothers Inc. Member SIPC

SOURCE: Lehman Brothers First Trust Income Opportunity Fund

Media Contact:
Lehman Brothers
Brian Finnegan, 212-526-0061
brfinneg@lehman.com

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