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  • 1. China Equity FundCitywire Wealth Manager Retreat13th & 14th October 2011For Professional Client Use Only(as defined in Annex II of the MiFID Directive)

2. Neuberger Berman Firm OverviewFounded in 1939, today we are among the worlds leading private, employee-controlledasset management companiesIndependent, stable and focused on the long term More than 400 investment professionals average 16 years of industry experience; portfolio managers 24 years Over $198 billion assets under management 26 offices across 11 countriesAttractive long-term investment performance ended 30/06/111 94% of the firms equity and fixed income AUM outperformed over 10 yearsAlignment of interests between investors and clients Employee controlled Up to 25% of annual compensation is contingent/deferred into the same strategies that clients invest___________________________All information as of June 30, 2011, except as otherwise noted. Reflects collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC (the firm). SeeAdditional Disclosures at the end of this piece, which are an important part of this presentation, for the definition of investment professionals" and certain exclusions. As of 30/06/11, 49% of the total firm equity and fixed income Assets Under Management (AUM) outperformed on a 3-year basis and 75% on a 5-year basis. The AUM outperformance results are basedon the overall performance of each individual investment strategy against its respective strategy benchmark and results are asset weighted so strategies with the largest amount of assets undermanagement have the largest impact on the results. Individual strategies may have experienced negative performance during certain periods of time. Hedge fund, private equity and other privateinvestment vehicle assets are not reflected in the outperformance results shown. See Additional Disclosures and the end of the material which are an important part of this presentation and containadditional information regarding AUM outperformance statistics. Unless otherwise indicated, returns reflect reinvestment of dividends and distributions. Investing entails risks, including possible loss ofprincipal. Past performance is no guarantee of future results.1 3. Introduction 4. IntroductionIntroductionGreater China Equity Strategies Award-winning, locally-based team in Shanghai and Hong Kong Yulin (Frank) Yao, Sr. Portfolio Manager, was previously the CIO of Hua An Fund Management Company (FMC)1 and managedapproximately USD $7bn in assets Lihui Tang, Portfolio Manager, was previously one of the top Portfolio Managers at Hua An FMC1 where he managed approximatelyUSD $1bn in assets and where he co-managed a fund that received one of only two Morningstar 5-star rankings in 20072 Dedicated research and portfolio management team among the most tenured in the Chinese equities fund management space Compelling investment landscape China is an important world economy with valuations that we believe are compelling Large but inefficient equity markets Unique and limited offerings Targets to outperform the benchmark with high track error over the market cycle and deep convictions in individual stocks Fundamental, bottom-up and research-intensive investment approach Risk management integrated throughout investment process___________________________Frank Yao was CIO of Hua An FMC from 2004 to 2007; Lihui Tang was a portfolio manager at Hua An FMC from 2004 to 2007.Source: Morningstar. Morningstar Equity Balanced Fund category based on 1-year and 2-years of performance. Rankings based on Morningstar total returns, which include income and capital gains or losses.2 5. Greater China Investment TeamIntroduction Experienced team with extensive knowledge of sectors and companies average of ten years of experience for senior research analysts1 Portfolio ManagementYulin (Frank) Yao Senior Portfolio Manager, Managing Director Lihui Tang, CFAPortfolio Manager, Senior Vice PresidentPortfolio SpecialistsLocal presence in Shanghai and Hong Kong2Ria NovaYuxin Chen Ying Gan Senior Vice President Senior Research Analyst, Vice President Senior Research Analyst, Vice President Real Estate, Construction Materials Consumers including Food & Beverage,Adrianne YuAgriculture, RetailAnalyst Xinyu Gao Senior Research Analyst, Vice President Wei (Kevin) Ke Machinery, Shipping, Auto Research Analyst Internet, Media, Utilities (Gas and Water)Zhe (Peter) Chen OperationsResearch AnalystYingmin (Peyton) Jian Banks, Insurance Research Analyst Pauline HewRetail, Consumer DiscretionaryHead of Operations AsiaGuanglei Li ex-Japan, Senior Vice President Research AnalystYouyi Weng + Consumer Staples and DiscretionaryTrader3 Operations Associates___________________________2. Fund management in mainland China has a 12 year history.3. As of September 30, 2011. Staffing is subject to change without notice.3 6. Extensive Investment Experience in Greater ChinaIntroductionInvestment professionals with experience investing in bull and bear markets in China Awards Achieved by Hua An FMC Awards Achieved by the FundAwards Achieved by Ying Gan,while Frank Yao was CIO Co-Managed by Lihui Tang at Hua An FMC Yuxin Chen and Xinyu GaoYing Gan 2005 Best Hybrid Fund (1-year) by Lipper12005 Best of Best Performance Award for ChinaEquity (1 & 3 years) by Asia Asset Management, a 2005 Jin Niu Award, Best Performing Fund in China, 2003 & 2004 #1 research analyst (Food & BeverageHong Kong-based independent research firmby China Securities Journal1 industry) ranked by institutional investors in China(New Fortune Magazines Best Analysts Award) Yuxin Chen2006 Jin Niu Award, Best Performing Fund 2006 Jin Niu Award, Best Performing Fund in China,Management Firms in China, by China Securities by China Securities Journal1Journal 2004 & 2005 #2 research analyst (Real Estateindustry) ranked by institutional investors in China(New Fortune Magazines Best Analysts Award) Xinyu Gao One of only two Morningstars five-star balanced funds based on 1-year and 2-years of performance22006 #2 research analyst (Machinery industry) rankedby institutional investors in China (New FortuneMagazines Best Analysts Award)___________________________Sources: Lipper, New Fortune Magazine, Asia Asset Management, China Securities Journal, Morningstar Inc.3.Hua An Baoli Balanced Securities Investment Fund.4.Morningstar as of February 2, 2007 for the Hua An Baoli Balanced Securities Investment Fund. 4 7. Investing In China 8. China and Its Compelling Macroeconomic DynamicsInvesting in China% GDP Growth Forecasts1 Strong growth potential: 20082009 20102011F2012FChina 9.69.2 10.3 9.69.5 China constitutes one of the largest and fastest growingIndia 7.36.8 10.4 8.27.8emerging marketsRussia5.6 -7.84.0 4.84.5ASEAN-524.71.76.9 5.45.7 Higher than average growth rates1 Brazil5.1 -0.67.5 4.54.1 Mexico1.5 -6.15.5 4.64.0 GDP growth forecast for 2011 are over two times higherU.S.0.4 -2.62.8 2.82.9 than those for the United States and Euro Area3Euro Area30.6 -4.11.7 1.61.8 combinedUrban Consumption Expenditure4GDP growth rates are among the highest forecasted for% of Population with Annual Income ofUrban Household Disposable Income (U.S $bn) Asia RMB 40K100K (USD $2.5K13K) We believe that rapid GDP growth offers strong drivers for 60%$2,00059% equity markets and increasing investment opportunities 50% $1,599 $1,50040% Growth has been driven by: $1,00030%21% Increased domestic consumption driven by rapidly-growing20% 9%$637 $500 middle class 10% $48 Increase in higher value-added exports0% 02005A2015F 2025FExport sector is experiencing a rapid structural upgradeMachinery and Transport Equipment China4 Large-scale government investments in infrastructure and % of Total Export50% technology 46% Increased liberalization of foreign direct investment40%33%30%21%20%___________________________2. Source: IMF World Economic Outlook Update, April 2011.10%3. ASEAN-5 includes Indonesia, Malaysia, Philippines, Singapore and Thailand.4. Euro Area includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy,Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain. 0%4. Source: McKinsey & Company, UN CEIC CICC. 1995 200020055 9. China in the World Economy from 1980 2025 Investing in ChinaAs a result of rapid economic growth over the last 30 years, China is now the worldssecond largest economy and is expected to become the largest economy by 2025 Approximate Size of 10 Largest Economies by Percentage1980 200020052010 2015F 2020F 2025F RankUS = 100 US = 100US = 100US = 100US = 100US = 100US = 100 1 US 100US100 US100 US100 US100 US100 China 123 2 Japan38 Japan 47Japan36 China 38China 59China 85US100 3 Germany30 Germany 19Germany22 Japan 36Japan 29Japan 26India 36 4 France 25 UK15UK 18 Germany 25Germany 20India 24Russia25 5 UK 19 France13China18 France20UK17Russia19Japan 24 6 Italy17 China 12France 17 Italy 16France16Germany 19Germany 18 7 China11 Italy 11Italy14 UK16India 16UK17UK18 8 Canada 10 Canada 7Canada9 Brazil13Russia15France15Brazil17 9 Spain 8 Brazil 6Spain 9 Spain 11Brazil14Brazil15France15 10Argentina 7 Mexico 6Brazil7 Russia11Italy 13Italy 12Korea 14__________________________Sources: IMF and Citigroup as of May 31, 2010.6 10. China Consumption has Potential For Growth Investing in ChinaChinas past GDP growth has been mainly driven by investment. To achieve more stablegrowth going forward, the Chinese government intends to promote domesticconsumption. Consumption is expected to gradually become a larger contributor tooverall economic development.Breakdown of Chinas GDP GrowthYoY% of GDP 25 20In 2010, the breakdown of 15Chinas GDP growth was; 10 Consumption: 38%Investment: 54% 5Net export: 8% 0(5)(10)(15)1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010ConsumptionCapital formation Net export___________________________Sources: C