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For Professional Client Use Only

Neuberger Berman CLO Income Fund October 2018


This Fund is classified as complex under MIFID II (Markets in Financial Instruments Directive) and therefore will not be suitable for all investors. Investors should

familiarise with the risks that are associated with the fund as disclosed within the fund prospectus.

This Fund can accept subscriptions and redemptions on a fortnightly basis, and does not offer daily dealing. Investors should familiarise themselves with the dealing

cycle and terms associated with subscriptions and redemptions as disclosed within the prospectus.

The dealing deadline for the Fund is six days in advance of the dealing date, therefore investors should familiarise themselves with the risks associated with market

movements in the intervening period between dealing cut-off and dealing.

The Fund may invest in instruments that have long settlement periods, such as primary issue Collateralised Loan Obligation (CLO) securities.

The Fund’s investments in CLOs will be frequently subordinate in right of payment to other securities sold by the applicable CLO and may not be readily

marketable. Depending upon the payment and default rates on the collateral of the CLO, the Fund may incur substantial losses on its investments. CLO securities are

generally illiquid and dealer marks and valuations provided may not represent prices where assets can actually be purchased or sold in the market from time to

time. Accordingly, the mark-to-market value of CLOs may be volatile and the value of the Interests could likewise be volatile.

Disclosures

2

FIRM OVERVIEW


Employee-Owned Investment Manager

Partnering with clients to achieve their unique objectives

Long-term Outperformance2 Alignment of Interests

Portfolio managers invest alongside clients

Breadth of Independent Perspectives

601 investment professionals1 connected across public and

private markets, equity, fixed income and alternatives

Experienced and Stable Teams

25+ year average industry experience for lead PMs; 96%

annualized retention rate of senior investment professionals at MD

and SVP level since becoming an independent company in 2009

Innovative Investment Solutions

A track record of client partnerships and long-term performance

90% Institutional-oriented equity

Percentage of institutional-oriented AUM outperforming

benchmark since inception ended June 30, 2018

95% Institutional-oriented fixed income

Percentage of institutional-oriented AUM outperforming

benchmark since inception ended June 30, 2018

74%

Private equity

Percentage of NB Private Equity funds raised between

2005 – 2015 (since inception performance)

outperforming benchmark Net IRR

Deep Resources

Extensive fundamental research, access to management,

innovative ESG research, and sophisticated risk management

1. As of August 31, 2018. 2. Institutional-oriented equity and fixed income assets under management (“AUM”) includes the firm’s equity and fixed income institutional separate account (“ISA”), registered fund, and managed account/wrap (“MAG”) offerings and are based on the overall performance of each individual investment offering against its respective benchmark. High net worth/private asset management (“HNW”) AUM is excluded. If HNW AUM were included, the percentage of AUM outperforming the benchmark since inception period would have been 75% for equities and 84% for fixed income. Equity and Fixed Income AUM outperformance results are asset-weighted so individual offerings with the largest amount of assets under management have the largest impact on the results. Please see additional disclosures for important information regarding Private Equity methodology. All performance data for NB Private Equity funds, public and private indices data is as of December 31, 2017. Results are shown gross of fees. Individual offerings may have experienced negative performance during certain periods of time. See Additional Disclosures for additional information regarding the outperformance statistics shown (including 3-, 5- and 10-yr statistics for institutional-oriented equity and fixed income). Indexes are unmanaged and are not available for direct investment. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results.

4


Employee Ownership Fosters Team Stability and Alignment with Clients

Industry-leading experience, retention and culture

1. Employee assets include current and former employees and their family members.

of clients’ assets managed by

lead PMs who have 20+ years

of industry experience

Manager Experience

Retention Levels For Senior Investment Professionals

Managing Directors

(includes retirements)

Managing Directors

(competitor departures only)

98%

98%

99%

91%

94%

100%

99%

100%

99%

100%

2013

2014

2015

2016

2017

93%

Alignment With Clients

invested by Neuberger Berman employees

alongside clients1 ~$3bn 100% independent,

employee-owned

Ownership Structure

deferred cash compensation directly linked to team

and firm strategies 100%

Our Culture

2013 2014 2015

2016 2017

5

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4nP-UvfrLAhXCJh4KHTelByYQjRwIBw&url=https://www.trsretire.com/industry_awards.jsp&bvm=bv.118443451,d.dmo&psig=AFQjCNFS3swgy264EL-T9uAUy7LzUMo8Og&ust=1460048075527346


Investment Platform

Breadth of independent perspectives across asset classes

1. As of June 30, 2018. Firm assets under management (AUM) includes $103.3 billion in Equity assets, $132.2 billion in Fixed Income assets and $68.9 billion in Alternatives assets. Alternatives “AUM and Committed Capital” includes assets under management for non-Private Equity businesses and Committed Capital since inception for the Private Equity businesses. Committed Capital since inception reflects all contractual commitments, including those still in documentation, to fund investments, including those which have since been realized, advised by NB Alternatives Advisers LLC and its affiliates or predecessors (the oldest mandate of which was founded in 1981). 2. As of August 31, 2018.

EQUITY FIXED INCOME ALTERNATIVES

AUM $304bn1

Investment

Professionals2

$103bn

228

$132bn

176

Risk Parity

Global Tactical Asset Allocation

Global Relative & Absolute Return

Income Focused

Inflation Management

Liability Aware

$77bn AUM and Committed Capital

152

Quantitative Global

U.S.

Emerging Markets

Custom Beta

Risk Premia

Options

Global Macro

Commodities

Fundamental Global Investment Grade

Global Non-Investment Grade

Emerging Markets, Regional EM, China

Multi-Sector, Opportunistic

Municipals

Specialty Strategies

– CLO Mezzanine

– Currency

– Corporate Hybrids

Private Equity:

– Primaries

– Co-Investments

– Secondaries

– Specialty Strategies – Minority stakes in

alternative firms - Dyal

Alternative Credit:

– Private Credit

– Residential Loans

– Special Situations

Hedge Funds:

– Multi-Manager

– Equity Long/Short

– Credit Long/Short

– Event Driven

Quantitative Fundamental

MULTI-ASSET CLASS SOLUTIONS AND STRATEGIC PARTNERSHIPS

Integration of Environmental, Social and Governance Factors

Global, EAFE

U.S. Value, Core, Growth

Emerging Markets

Regional EM, China

Global Thematic, Disruptive Themes

Sustainable Equity

Income Strategies

– MLP

– REITs

6


Fixed Income Organization

Supported by over 150 US and Global Money Managers, Research Analysts and Associates

As of July 31, 2018 Combined investment professionals of the firm and affiliated investment management entities. *As previously announced Andy will be retiring at the end of 2018 and will transition his portfolio management responsibilities to a group of senior portfolio managers across Global Investment Grade and the Multi-Sector Fixed Income Group. Given our team-based approach, each account will continue to be managed by portfolio managers that have a deep understanding of each portfolio and the client’s unique objectives. **As of May 25, 2018, it was announced that Martin Rotheram intends to depart the firm. Martin will work with the members of the investment team to ensure an orderly handover of his credit responsibilities over the next six months.

GLOBAL FIXED INCOME BRAD TANK

EMERGING MARKETS DEBT

ROB DRIJKONINGEN

GORKY URQUIETA

Hard Currency

Bart van der Made

Local Currency

Raoul Luttik

Corporates

Jennifer Gorgoll

Nish Popat

Research

Puay Yeong Goh

Vera Kartseva

Kaan Nazli

Asian Fixed Income

Prashant Singh

GLOBAL NON-INVESTMENT

GRADE

TOM O’REILLY

High Yield

Russ Covode

Dan Doyle

Patrick Flynn

Joseph Lind

Tom O’Reilly

Senior Floating Rate Loans /

Structured Credit

Stephen Casey

Joseph Lynch

Martin Rotheram**

Pim van Schie

Research

Chris Kocinski

Steve Ruh

European High Yield

Vivek Bommi

Martin Rotheram**

GLOBAL INVESTMENT

GRADE

DAVE BROWN

ANDREW JOHNSON*

Rates

Thanos Bardas

Anthony Woodside

Credit

Dave Brown

Julian Marks

Bob Summers

Securitized

Jason Smith

Tom Sontag

Currency

Ugo Lancioni

Research

Steve Flaherty

Dmitry Gasinsky

Core/Core Plus

Thanos Bardas

Dave Brown

Nate Kush

Tom Marthaler

MUNICIPALS

JAMES ISELIN

Cash/Short Duration

Kristian Lind

Intermediate

James Iselin

S. Blake Miller

High Income

James Iselin

S. Blake Miller

Eric Pelio

Research

James Lyman

ALTERNATIVES

Global Credit

Long / Short

Rick Dowdle

Norman Milner

Special Situations

Michael Holmberg

Brendan McDermott

Ravi Soni

Residential Loans

Terry Glomski

MULTI-SECTOR

SOLUTIONS

BRAD TANK

Global / US Opportunistic

Strategies

Thanos Bardas

Ashok Bhatia

Dave Brown

Andrew Johnson

Jon Jonsson

Tom Marthaler

Research

David Tang

Insurance Solutions

Jason Pratt

Inflation / Liability Aware

Thanos Bardas

Olumide Owolabi

Ronit Walny

China Fixed Income

Peter Ru

7


Fixed Income Platform Overview

$132bn across a spectrum of investment styles

1. As of August 31, 2018. 2. Fixed Income assets under management excludes fixed income assets ($3 bn) managed by equity investment teams and includes alternative credit assets ($5 bn). 3. “Lead Portfolio Managers” are defined as those individuals who head a Fixed Income investment team. Percentages are rounded to the whole number. “Additional Investment Professionals” include Fixed Income research analysts, traders, product specialists, and team-dedicated economists/strategists.

• Consistency of leadership: 100% assets managed by lead PMs who have

20+ years of industry experience

• 176 investment professionals with sector specialization; 8 global locations1

• Best in class capabilities across global universe, public and private markets

Breadth and depth of capabilities

• Investment teams share insights and information across a global platform

• Multi-site platform ensures local perspective incorporated into portfolios

• Rigorous risk management framework includes independent oversight

Global integrated platform

• Proprietary tools drive portfolio construction; examples include State Space

analysis, Credit Best Practices (proprietary credit analysis framework), Torpedo

Monitoring (credit deterioration risk management) and Everest (identify, select

and monitor portfolio positions)

Fundamental research driven approach

Global Investment

Grade $51

Global Non-Investment

Grade Credit $40

Emerging Markets Debt

$18

Multi-Sector & Opportunistic

$11

Municipals $11

Alternative Credit

$5

AUM ($bn)

Broad Style Range2

Highly Experienced Managers3

100%

60%

20 Years

Industry Experience

Tenure at Neuberger Berman

Supported by Additional

Investment Professionals

with an average of 13

years industry experience

and 7 years at the firm 10 years tenure at

Neuberger Berman

by AUM

86%

Percentage of client assets under management by experienced Lead Portfolio Manager

8


Global Non-Investment Grade Credit Platform

___________________________ 1. This material is intended as a broad overview of the portfolio managers’ style, philosophy and investment process and is subject to change. Typical credit quality ranges are provided for reference only and do not reflect any actual credit quality rating

associated with any product or investment. 2. Not all investment vehicles are available to all investors or in all jurisdictions. 3. As of June 30, 2018. Includes Alternative capabilities and Non-Investment Grade assets managed within Opportunistic / Unconstrained Strategies. For illustrative purposes only provided for one on one presentation. The observations set forth including portfolio characteristics are neither investment advice nor a legal opinion. They are presented only to provide information on our view of the referenced investment strategies.

Disciplined credit process driven by what we believe to be one of the largest dedicated global credit

research teams

U.S.

HIGH YIELD STRATEGY

QUALITY BIAS

HIGH YIELD STRATEGY

SHORT DURATION

HIGH YIELD STRATEGY

EUROPEAN

HIGH YIELD STRATEGY

GLOBAL

HIGH YIELD STRATEGY

SENIOR FLOATING

RATE LOANS / STRUCTURED

CREDIT STRATEGY

Portfolio Managers

Tom O’Reilly

Russ Covode

Dan Doyle

Patrick Flynn

Joe Lind

Tom O’Reilly

Russ Covode

Dan Doyle

Patrick Flynn

Joe Lind

Tom O’Reilly

Russ Covode

Dan Doyle

Patrick Flynn

Joe Lind

Vivek Bommi

Martin Rotheram

Tom O’Reilly

Patrick Flynn

Vivek Bommi

Jennifer Gorgoll

Nish Popat

Joe Lynch

Stephen Casey

Martin Rotheram

Pim Van Schie

Investments US $ high-yield corporate

bonds

US $ high-yield corporate

bonds

US $ shorter term high-

yield corporate bonds

European currency high-

yield corporate bonds

US $ and European currency

high-yield corporate bonds;

emerging market bonds

US $ and European currency

floating rate senior secured loans,

CLO debt

Credit focus1

Credit Quality Range

Opportunistic

B to BB

BBB, CCC, senior floating

rate loans

BB

BBB, senior floating

rate loans

BB

BBB, CCC, senior

floating rate loans

B to BB

BBB, CCC, senior floating

rate loans

B to BB

BBB, CCC, senior

floating rate loans

B to BB

BBB, CCC, secured bonds

Typical Maturity 8 to 10 yrs 8 to 10 yrs < 5 yrs 8 to 10 yrs 8 to 10 yrs 5 to 7 yrs

Typical Duration 4 yrs 4 yrs < 2 yrs 4 yrs 4 yrs Floating Rate

Other Vehicles2

UCITS Fund

40 Act Fund

Commingled Fund

CIT

–

–

–

–

–

–

–

–

UCITS Fund

40 Act Fund

–

–

–

–

UCITS Fund

–

–

–

–

–

UCITS Fund

–

–

–

–

–

UCITS Fund

QIF (Dublin-based)

LSE Listed Fund

40 Act Fund

Commingled Fund

NB Managed CLOs

Third Party CLOs

AUM ($MM)3 $15,794 $1,661 $5,691 $400 $2,498 $16,372

For Professional Client Use Only 9


EUROPEAN HIGH YIELD

Name Experience

Vivek Bommi, CFA* 20 years

Martin Rotheram* 18 years

Approximately $400 million AUM

Global Non-Investment Grade Credit Team

Experienced team of over 40+ investment professionals managing approximately $42 billion

_______________________ Employee data as of August 31, 2018. AUM data as of June 30, 2018. AUM Represents assets under management of Neuberger Berman Investment Advisers LLC and Neuberger Berman Loan Advisors LLC. Includes Alternative capabilities and Non-Investment Grade assets managed within Opportunistic / Unconstrained Strategies. Years of experience are shown in parentheses for research, client PM, traders, and risk management. Investment professionals with an asterisk (*) by their name sit on the Credit Committee.

Consumer Telecom / Media / Tech

Ian Bates, CFA (13 years)

Robert Gephardt, CFA (13 years)

Alex Hankin, CFA (5 years)

Steven Ruh, CFA* (13 years)

Energy / Utilities Portfolio Analysts

Cyclicals (inc. Financials)

Brian Bunker, CFA (8 years)

Adam Howaniec (5 years)

Christopher Kocinski, CFA (13 years)

Brandon Mulroe, CFA (11 years)

Henry Reukauf (29 years)

Martin Rotheram (18 years)

David DeCoste, CFA (18 years)

Neil Frank, CFA (14 years)

Brian Giffney (19 years)

Hardik Makkar, CFA (8 years)

Christopher Miller (21 years)

Allison Norman, CFA (6 years)

Rachel Young (11 years)

Jared Feeney, CFA (10 years)

Laura Homsy (11 years)

Jonathan Levine (18 years)

Mark Menapace, CFA (18 years)

Rick Veitch (2 years)

Wen Yao, CFA (8 years)

Colin Donlan (23 years)

Tyler Gile, CFA (6 years)

Michael Keegan, CFA (7 years)

Ophelia Ng (2 years)

Paul Raskin, CFA (5 years)

TOM O’REILLY, CFA* Global Head of Non-Investment Grade Credit

SENIOR FLOATING RATE LOANS /

STRUCTURED CREDIT

Name Experience

Stephen Casey, CFA* 23 years

Joe Lynch* 23 years

Martin Rotheram* 18 years

Pim van Schie 16 years

Approximately $16.4 billion AUM

U.S. HIGH YIELD

Name Experience

Tom O’Reilly, CFA* 30 years

Russ Covode* 31 years

Dan Doyle, CFA* 34 years

Patrick Flynn, CFA* 27 years

Joe Lind, CFA* 19 years

Approximately $23.1 billion AUM

Christopher Kocinski, CFA* (13 years) & Steven Ruh, CFA* (13 years) Co-Directors of Research

Client PM, Traders, and Risk

Management

Ravi Chintapalli, CFA (15 years)

Alex Gitnik, PhD (21 years)

Adam Grotzinger, CFA (15 years)

John Abendroth, CFA (27 years)

John Lingbeck (16 years)

Quinn Murphy (3 years)

Bill O’Connor, CFA (21 years)

John Sun, CFA (24 years)

10

CLO MEZZANINE DEBT OPPORTUNITY


Investment Thesis For CLO Mezzanine Debt

CLO Debt can offer economic and fundamental advantages over other asset classes

_______________________

Historical trends do not imply, forecast, or guarantee future results. Please see the Risk Considerations section of this presentation. 1. Source: Bloomberg, JP Morgan, as of 9/30/2018. Data shown represents CLO yield to maturity, loan yield to maturity, bond yield to worst. Benchmarks used were the BAML Corporate Bond Indices and JP Morgan CLO

Index. You cannot invest directly in an index. Excludes defaulted issuers.

Why CLO Debt?

• Yield - CLO debt can provide attractive risk-adjusted

yield relative to comparably rated corporates1

• Floating Rate - CLO debt is generally indexed to 3m

LIBOR

• Credit Quality - Underlying loan portfolio contains at

least 90-95% first-lien senior secured loans

• Diversification - CLOs typically contain 150-200 loans

from different issuers across a diversified set of industries

• Structural Protection - Significant credit enhancement

against losses in the underlying loan portfolios

• Rating Stability - Very limited downgrade risk

CLO Debt Can Provide Attractive Yields1

4.2% 4.2% 3.4% 3.5%

8.8%

5.2% 4.8%

5.9%

4.4% 4.1%

0%

2%

4%

6%

8%

10%

CLO Bonds Loans CLO Bonds Loans

BB rated BBB rated

Credit Loss

Assuming 50% and 70% recovery on bonds and loans, respectively

12


Market Sizes Of Non-Investment Grade Credit Sectors

US CLO market size is approximately half of the loan market

_______________________

Please see the risks of investing in CLOs in the Disclosures section of this presentation. For illustrative purposes only. 1. Source: Bloomberg, S&P Global Market Intelligence, Neuberger Berman as of 9/28/2018. Market size is the face value of the ICE BofAML US High Yield Index, S&P/LSTA Leverage Loans Index, and outstanding CLO

securities collateralized by broadly-syndicated loans.

Common Stock

Preferred Stock

High Yield Bond

Senior Secured Loan

Highest

Lowest

Pri

ori

ty o

f P

aym

ent

Sample Issuer Capital Structure US CLO market size1

US High Yield

$1.25 trillion

US Senior Secured Loans

$1.1 trillion

US CLO

$544 billion

13


How Does A CLO Work?

CLOs attempt to capture the excess spread between the coupon on the assets and the

cost of debt for the benefit of the CLO equity investors

_______________________

Please see the risks of investing in CLOs in the Disclosures section of this presentation. For illustrative purposes only.

CLO Balance Sheet

Liabilities:

CLO Senior &

Mezzanine Debt

Tranches

Residual:

CLO Equity

Class A Notes (AAA)

Class B Notes (AA)

Class C Notes (A)

Class D Notes (BBB)

Class E Notes (BB)

Class F Notes (B)

CLO debt tranches:

• Generally pay a floating

rate coupon

• Collateralized by the Senior Floating Rate

Loan portfolio

• Benefit from structural protections

CLO equity:

• Receives residual cashflows from the

Senior Floating Rate Loan portfolio

• Obtains non-mark-to-market term financing

Assets:

Loan Portfolio

14


Liabilities Assets

Assets:

Loan Portfolio

Illustrative Coupon

L+3.30%

CLO Structural Protections: Credit Enhancement

CLO debt tranches benefit from significant structural credit enhancement

Losses absorbed in

reverse order of

Seniority

Interest + Principal

(in order of Seniority)

Thickness

Par

Subordination

Breakeven Asset

Loss1 Typical Coupon

65% 35% 54% L+115

12% 23% 40% L+165

5% 18% 32% L+220

5% 13% 25% L+300

5% 8% 20% L+575

10% 0% N/A N/A

_______________________

Capital structure and indicative portfolio are presented for illustrative purposes only and may not represent the final capital structure and portfolio of any particular CLO. Please see the risks of investing in CLOs in the Disclosures section of this presentation. 1. Represents total cumulative portfolio asset losses to reach a 0% yield. Assumes 0% loan prepayment rate, 30% severity on defaults with immediate recoveries. Assumes reinvestment into 6-year bullets at par price and

reinvestment spread 10bps lower than initial portfolio spread. Assumes no reinvestment post Reinvestment Period. Uses forward LIBOR curve to compute yield.

CLO A Notes (AAA)

CLO B Notes (AA)

CLO A Notes (A)

CLO D Notes (BBB)

CLO E Notes (BB)

Subordinated Notes

15


Structural And Historical Performance Demonstrates Resiliency

CLO mezzanine debt may offer strong structural protections relative to corporate debt

Orig. Rating Tranches Defaulted

Tranches

Cumulative

Default Rate

Cumulative

Loss Rate

AAA 3,108 0 0.00% 0.00%

AA 1,829 1 0.05% 0.00%

A 1,820 5 0.27% 0.01%

BBB 1,653 9 0.54% 0.02%

BB 1,346 20 1.49% 0.06%

B 274 3 1.09% 0.05%

Total 10,030 38 0.38% 0.02%

_______________________

Historical trends do not imply, forecast, or guarantee future results. Please see the Risk Considerations section of this presentation.

1. CLO BB yield to maturity assumes 75% recovery rate on defaulted collateral with immediate recoveries Assumes no reinvestment post Reinvestment Period. Uses forward LIBOR curve to compute yield. US High Yield reflects yield to worst, assuming a 50% recovery rate.

2. Source: S&P Global Ratings. Includes CLO classes rated by S&P from 1994-2018.

Significant Credit Enhancement

• CLO debt is typically issued with significant credit enhancement to

absorb any credit losses

• In addition, CLO structures contain de-levering mechanisms in case

credit losses exceed certain hurdles

Strong Historical Credit Performance

• Out of the 10,000+ CLO debt tranches rated by S&P over two-

decades – only 38 tranches have defaulted.2

• 25+ year cumulative loss rate of 0.38%2

Annual, constant default rate

CLO BB YTM1

US BB High Yield1

-10%

-5%

0%

5%

10%

1% 2% 4% 5% 7% 8% 10% 11% 13%

CLO Structural Protections

16


CLO Market Overview

$500bn+ of US CLOs outstanding – large and diversified investor base

_______________________ Source: S&P LCD and Citi Research, September 2018. Historical trends do not imply, forecast, or guarantee future results. Please see the Risk Considerations section of this presentation.

CLO AAA INVESTOR BASE CLO MEZZ INVESTOR BASE CLO EQUITY INVESTOR BASE

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016 2017

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016 2017

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016 2017

Family Office

Permanent Capital

Pension

Hedge Fund

Bank

Asset Manager

Insurance

US Annual CLO Issuance ($bn)

$0

$30

$60

$90

$120

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018YTD

US CLO Market Highlights

Outstanding US CLOs ~$541bn

# of Active CLO Managers ~100

Typical CLO Size $500m

17


CLO Risk / Return Profile

CLO historical returns have been attractive relative to volatility

_______________________ Source: Bloomberg, Bank of America, JP Morgan, S&P Leverage Loan and Commentary. Five-year Risk/Return data for the 5 years ended September 30, 2018. Yield data as of 9/30/2018. Benchmarks are BAML High Yield Index, S&P/LSTA Leveraged Loan Index, BAML 0-5 year Constrained High Yield Index, J.P. Morgan CLO AAA through BB Indices. Historical trends do not imply, forecast, or guarantee future results. Please see the Risk Considerations section of this presentation.

Index

Yield

CLO AAA 4.1% 2.0%

CLO AA 4.6% 2.6%

CLO A 5.0% 3.9%

CLO BBB 5.9% 5.4%

CLO BB 8.8% 8.3%

CLO B 10.8% 5.5%

CLO Equity 12-14% N/A

5yr Avg

Annual TR

0%

2%

4%

6%

8%

10%

0% 2% 4% 6% 8% 10% 12% 14%

% Standard Deviation / Risk

CLO AAA

CLO AA

CLO BBB Short Duration High Yield

Senior Floating

Rate Loans

US High Yield

CLO A

CLO BB

Five Year Risk/Return Profile % Average Annual Benchmark Total Return CLO Capital Structure

18


Historical CLO Debt Spreads

CLO BBs off post-crisis tights, and basis to CLO BBBs remains elevated

100 bps

300 bps

500 bps

700 bps

900 bps

1100 bps

1300 bps

Sep 2013 Sep 2014 Sep 2015 Sep 2016 Sep 2017 Sep 2018

Primary Secondary

Primary Secondary CLO BBB

CLO BB

150 bps

200 bps

250 bps

300 bps

350 bps

400 bps

450 bps


CLO BB/BBB Basis Primary

CLO BB/BBB Basis Secondary

CLO BBB and CLO BB CLO BB / CLO BBB Basis

_______________________ Source: Wells Fargo Securities, September 2018 Historical trends do not imply, forecast, or guarantee future results. Please see the Disclosures and Risk Considerations at the end of this presentation.

19


150 bps

350 bps

550 bps

750 bps

950 bps

1150 bps


CLO Secondary BB

CLO Secondary BBB

US High Yield BB OAS

CMBS 2.0 BBB Swap Spread

Cross Asset Class Spread Comparison

CLO BB relative value to HY has remained consistent, widening in third quarter

-200 bps

0 bps

200 bps

400 bps

600 bps

800 bps


CLO BB DM - US HY BB OAS

CLO BBB DM - CMBS BBB Spread

Comparison to High Yield and CMBS Non-IG Spread Basis Comparison

_______________________ Source: Wells Fargo Securities, September 2018 Historical trends do not imply, forecast, or guarantee future results. Please see the Disclosures and Risk Considerations at the end of this presentation.

20


Year-to-Date Detailed Comparison To High Yield

High yield prices pressured by rising rates as CLOs experienced market technical

related spread widening

Price Comparison to High Yield Spread Basis Comparison to High Yield

_______________________ Source: Wells Fargo Securities, Palmer Square, ICE Data Services. October 2018 Historical trends do not imply, forecast, or guarantee future results. Please see the Disclosures and Risk Considerations at the end of this presentation.

100 bps

200 bps

300 bps

400 bps

500 bps

600 bps

700 bps

100 bps

150 bps

200 bps

250 bps

300 bps

350 bps

400 bps CLO Secondary BBB Spread (LHS)US High Yield BB OAS (LHS)US High Yield BBB OAS (LHS)CLO Secondary BB Spread (RHS)

$98

$99

$100

$101

$102

$103

$104

$105

$106

CLO Secondary BB Price

CLO Secondary BBB Price

US High Yield BB Price

US High Yield BBB Price

21


Cross-sector Total Returns

CLOs have demonstrated attractive returns compared to similarly rated assets

2013 2014

5%

3%

8% 7%

5%

7% 7%

11%

0%

5%

10%

15%

US Loans CLO A Short-DurationHY

US HY BRated

US HY BBRated

Full MarketHY

CLO BBB CLO BB

2015

2% 1% 1% 1%

5%

3% 3% 2%

0%

5%

10%

15%


US HY BRated

US HY BBRated

Full MarketHY

CLO BBB CLO BB

2016

2017

10% 7%

16% 17%

13%

17%

12%

22%

0%

5%

10%

15%

20%

25%


US HY BRated

US HY BBRated

Full MarketHY

CLO BBB CLO BB

2018 – YTD

4% 4% 6% 7% 7% 7% 9%

17%

0%

5%

10%

15%

20%

25%


US HY BRated

US HY BBRated

Full MarketHY

CLO BBB CLO BB

-1%

3%

-5% -5%

-1%

-5%

-1%

-6% -10%

-5%

0%

5%


US HY BRated

US HY BBRated

Full MarketHY

CLO BBB CLO BB

_______________________ Source: Bloomberg, Bank of America, JP Morgan, S&P Leverage Loan and Commentary. Benchmarks are BAML High Yield Index, S&P/LSTA Leveraged Loan Index, BAML 0-5 year Constrained High Yield Index, J.P. Morgan CLO BBB and BB Indices. As of October 11, 2018. Historical trends do not imply, forecast, or guarantee future results. Please see the Risk Considerations section of this presentation.

4% 3%

3% 2%

-1%

1%

3%

5%

-5%

0%

5%

10%


US HY BRated

US HY BBRated

Full MarketHY

CLO BBB CLO BB

2012

10%

17% 14% 15% 14% 16%

24% 29%

0%

10%

20%

30%

40%


US HY BRated

US HY BBRated

Full MarketHY

CLO BBB CLO BB

22


CLO Market Volumes

In recent history, a broad and deep market with meaningful trading volume

_______________________ Source: Interactive Data, September 2018. Data is notional trade volume for Non-Investment Grade (including unrated securities) in the category CBO/CDO/CLO. Historical trends do not imply, forecast, or guarantee future results. Please see the Risk Considerations section of this presentation.

Average Below-Investment Grade Daily Trading Volume ($mm)

$0

$50

$100

$150

$200

$250

Jan FebMar AprMayJun Jul AugSep Oct NovDec Jan FebMar AprMayJun Jul AugSep Oct NovDec Jan FebMar AprMayJun Jul AugSep Oct NovDec Jan FebMar AprMayJun Jul AugSep

2015 2016 2017 2018

23


CLO Equity Excess Spread, Or “Arbitrage”

Arbitrage around tights as CLO debt spreads compressed significantly

0

100

200

300

400

500

600

Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014 Q3 2014 Q1 2015 Q3 2015 Q1 2016 Q3 2016 Q1 2017 Q3 2017 Q1 2018 Q3 2018

Early 2013 CLOs issued at a

near-low CLO Cost of Debt

Collateral spread lower

through 2017 into 2018

Q312 CLOs issued at high

cost of debt, followed by

falling spreads

Bps

Portfolio Spread (Spread over LIBOR)

CLO Cost of Debt (Spread over LIBOR)

Arbitrage (Portfolio less Cost of Debt)

Post-Crisis Low for

CLO Cost of Debt

_______________________ Source: Wells Fargo Securities, July 2018 Historical trends do not imply, forecast, or guarantee future results. Please see the Disclosures and Risk Considerations at the end of this presentation.

Q1-16 CLOs issued at

high cost of debt,

followed by falling spreads

24

NEUBERGER BERMAN ADVANTAGE


CLO Debt – Neuberger Berman Advantage

Experienced team investing with a fundamental and quantitative strategy

Large and Experienced Non-Investment Grade and Structured Credit Team: 23 dedicated credit research analysts provide in-depth coverage for most loans included in CLO portfolios

Long History of Issuing and Managing CLOs: Issued 29 CLOs to date

Quality Focus: Focus on CLO portfolios that we believe provide the best downside protection

CLOs Issued Since 2004 28 CLOs

CLO Management AUM

$909m

Total Loan AUM $16.4bn

Non-Investment Grade AUM $42.0bn

Idea Generation / Sourcing

Investment opportunities sourced in primary and secondary markets

Proprietary system captures loan-level analysis on every CLO outstanding

Quality screen and relative value decisions driven by credit analyst team’s fundamental views on the underlying loans

Fundamentals Analysis

CLO Portfolio Analysis

CLO Manager Due Diligence

CLO Structure Analysis

CLO Documentation Review

_______________________ Historical trends do not imply, forecast, or guarantee future results. Please see the Risk Considerations section of this presentation. 1. Employee data as of September 30, 2018. AUM data as of September 30, 2018.This material is intended as a broad overview of the portfolio managers' style, philosophy and investment process and is subject to

change without notice. Portfolio managers' views may differ from those of other portfolio managers as well as the views of Neuberger Berman. Please see the Risk Considerations section of this presentation.

CLO Debt Tranche AUM

$7.5bn

26


Integrated CLO Team Advantages

A single CLO team can provide unique insights

Collateral Manager on 29 CLOs since

2004

Current AUM of $7.5bn

Focused on downside risk mitigation

with upside potential

Raised ~$450m for CLO Risk Retention

CLO Collateral Manager

Focus on underlying portfolio quality with

bottom-up investment process

Uses same credit research team and

investment philosophy

Current AUM of ~$909m

Invests across the entire capital structure

CLO Tranche Investing

Individual Loan Credit Analysis

Deal Structuring and Covenants

Knowledge of active CLO Investors

Market Technicals & Loan Supply/Demand

Relationships with CLO Arrangers

Manager and Platform Evaluation

Superior credit analysis, market knowledge, and relationships differentiate the NB CLO Platform

_______________________ AUM data as of September 30, 2018.This material is intended as a broad overview of the portfolio managers' style, philosophy and investment process and is subject to change without notice. Portfolio managers' views may differ from those of other portfolio managers as well as the views of Neuberger Berman. Please see the Risk Considerations section of this presentation.

27


CLO Investment Credit Process

Proprietary, disciplined approach to CLO investments seeks to maximize risk adjusted returns

_______________________ Please see the Risk Considerations section of this presentation. This material is intended as a broad overview of the portfolio managers' style, philosophy and investment process and is subject to change without notice. Portfolio managers' views may differ from those of other portfolio managers as well as the views of Neuberger Berman. Please see the Risk Considerations section of this presentation.

Portfolio Construction

CLO Investment

Credit Process

Underlying Portfolio

Analysis

Manager

Evaluation

Legal

Documents

Structure

Active Monitoring

Underlying Portfolio Analysis

• Loan-by-loan fundamental analysis aided

by 22-member credit analyst team

• Evaluation of portfolio concentration, tail

risk, liquidity, issuer strength

• Proprietary scenario analysis driven by

internal credit views to seek to avoid

downside

Manager Evaluation

• Evaluate manager behavior across

CLOs vintages

• Seek to identify implemented

investment philosophy and style drift

quickly and ahead of broader market

• Monitor credit analyst and PM team for

changes, expertise and performance

Legal Documents

• Each CLO is a bespoke transaction

with hundreds of pages of relevant

contractual language

• Certain restrictions or abilities

afforded to the collateral manager

can have material impact on

portfolios and cashflow profiles

• Seek to negotiate for

advantageous terms when

purchasing in the primary market

Structure

• Investment team has decades of

experience structuring, issuing and

managing CLOs

• Evaluate relative value opportunities

driven by structural differences

28


Portfolio Construction Process

Fundamental credit approach aims to optimize return & volatility through market cycles

_______________________

This material is intended as a broad overview of the portfolio managers' style, philosophy and investment process and is subject to change without notice. Portfolio managers' views may differ from those of other portfolio managers as well as the views of Neuberger Berman. Please see the Risk Considerations section of this presentation.

CLO MANAGER DUE DILIGENCE

PORTFOLIO

CONSTRUCTION

• Estimated total US CLO outstandings of $500Bn+

• Estimated annual US CLO issuance of $100Bn+

PORTFOLIO SCREEN

Approximately 20% of the CLO market

INVESTMENT UNIVERSE

Driven by

Fundamental

Analysis

• Focused on high quality portfolios

• Seeks to eliminate: Heavy weighting towards less liquid issuers (EBITDA <$100MM) Lower credit quality portfolios

• Organizational set-up and AUM

• Investment team quality and experience

• Systems

• Detailed historical performance analysis

• Depth and size of team

• Fundamental / bottom-up analysis:

CLO structure CLO documentation CLO portfolio concentration limits

• Market opportunity Yield analysis Relative value

29


Investment Process Framework

Proprietary Analytics and Platform Individual CLO Deep-Dive

Advanced integrated tools that aggregate underlying credit information (internal ranking, analyst notes, etc), security level data (price, spread, liquidity), and manager trading activity (style drift, performance)

Allows team to efficiently evaluate large volumes of potential investments for selective deeper analysis

Seek to quickly/easily exploit opportunities to take advantage of market dislocations caused by CLO market inefficiencies

Monitor and track investments and watchlists for trading opportunities

Loan-level detail mapped to fundamental outlook on credits

Fundamental assessment of collateral quality, manager style, trading activity, and potential losses

Credit selectivity with focus on long-term capital preservation

Detailed evaluation of deal structure, covenants, and triggers to seek to uncover value

Portfolio Management team approves investments with culture of shared risk and ownership

Differentiated with advanced and rigorous portfolio management process

_______________________

This material is intended as a broad overview of the portfolio managers' style, philosophy and investment process and is subject to change without notice. Portfolio managers' views may differ from those of other portfolio managers as well as the views of Neuberger Berman. Please see the Risk Considerations section of this presentation.

30


CLO Quantitative Analysis

• Propriety analysis drives understanding and monitoring of

market structure. Seek to identify and capitalize on emerging

trends in CLO portfolios before broader market.

• CLO managers exhibit a wide range of styles

Buy and Hold

Active trader

Distressed Credit Picker

Risk Adverse

Highly Diversified/Concentrated Portfolio

• Vast trove of monthly reporting is available on every CLO of

the market, however investments required in systems to

synthesize and aggregate the data to investment actions can

be significant.

• For CLO tranches, manager and deal selection can be critical

not only for total returns, but also for reducing volatility of

returns and mark-to-market risk.

CLO managers and portfolios exhibit a wide range of styles and risk profiles that can be classified

_______________________

Source: Neuberger Berman, Intex, Markit, August 2017 2018.This material is intended as a broad overview of the portfolio managers' style, philosophy and investment process and is subject to change without notice. Portfolio managers' views may differ from those of other portfolio managers as well as the views of Neuberger Berman. Please see the Risk Considerations section of this presentation.

31


CLO Mezzanine Composite Performance

Downside risk mitigation with upside potential

Return by Quarter Return Since Inception

-2.9%

-5.4% -4.7%

6.2%

12.5%

5.0%

7.0%

1.5% 2.6%

4.8%

1.5% 1.6%

-3.5%

-7.6%

-2.6%

5.0%

13.5%

4.9%

8.0%

2.7% 2.1% 3.5%

1.4% 2.1%

-10%

-5%

0%

5%

10%

15%

3Q 2015 4Q 2015 1Q 2016 2Q 2106 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018

NB Composite Index

(Jul – Dec)

10.1% 9.9%

Since Inception (p.a)

Data as of June 30, 2018. 1. Source: Neuberger Berman. Index performance is representative of the JP Morgan CLO BB Index and composite performance is the NB CLO Mezzanine Composite (gross of fees). Please see attached additional notes and

disclosures, which are required as part of this presentation. The performance presented is supplemental to the GIPS-compliant presentation included as part of this presentation in the back. Preliminary returns, based on unreconciled data.

Past performance is not necessarily indicative of future results. As with any investment, there is the possibility of profit as well as the risk of loss. Please see the Risk Considerations section of this presentation.

Excess Return:

+0.18%

Performance vs. Index1

32


Risk Management

Firm-wide commitment of people, technology and an independent fixed income risk &

analysis team

RISK THEMES

• Daily position and exposure reports: Blackrock Aladdin, Intex

• Monitor primary and secondary markets for relative value opportunities

• Attribution to benchmark and absolute return to track performance and risk

• Evaluate portfolios to ensure underlying fundamentals are maintained

• Screen for issuers that our internal credit team are negative on

• Note large overweights in sectors or issuers that we believe could pose considerable risk

• Monitor trading activity for changes in styles, volumes, methodology

• Meet with each manager we invest with at least two times a year

• Note key changes in portfolio management personnel, firm ownership, and credit research team

• Pre- and Post-Trade Compliance

• Dedicated portfolio compliance staff

• Trade restrictions customized for each investment management agreement

Ongoing Monitoring

Portfolio Risk/Migration

Manager Monitoring

Portfolio Compliance

_______________________

This material is intended as a broad overview of the portfolio managers' style, philosophy and investment process and is subject to change without notice. ERISA For illustration purposes only and not intended to be a comprehensive description of all risk management practices. Please see the Risk Considerations section of this presentation.

33

FUND SUMMARY


Fund Summary Terms – CLO Income Fund

Investment Manager Neuberger Berman Europe Limited

Sub – Investment Manager Neuberger Berman Investment Advisers LLC

Inception Date July 12, 2018

Structure UCITS

Structure

Includes EUR, USD, GBP, CHF, SEK

Distributing & accumulating

Investment Objective & Strategy

The fund’s objective will be to seek to generate an attractive level of total return, predominantly through interest income,

by primarily investing in CLO mezzanine floating rate debt and US high yield while also preserving investor capital through

active management of the portfolio.

Target Return LIBOR +4-5%

Average Credit Quality BB

Liquidity Fortnightly. Every Second Thursday.

Dealing cut-off six (6) business-days before Dealing Day

Redemption applications higher than 10% of fund NAV

At the discretion of the investment manager, redemptions in excess of 10% of fund NAV for any one Dealing Day may be

scaled down pro-rata so that no more than 10% of total assets is redeemed on any one Dealing Day. Any redemptions

that are not fully met on such Dealing Day will be treated as redemptions on the next Dealing Day.

Fees / Expenses Institutional share class: 0.75%

Operating Expenses: capped at 0.30%

Fund Codes ISIN: IE00BG7PQ018 (Euro Institutional Accumulating)

Base Currency US Dollars

_______________________

Other terms and conditions may apply and are subject to change without notice.

35


_______________________ Source: Aladdin, Blackrock, Intex as of September 28, 2018. Differences in allocation are due to rounding. Portfolio statistics are based on traded investments. 1. Yield to worst shown in USD terms excluding FX forwards, incorporates forward LIBOR. 2. Credit Spread based on Discount Margin for CLOs and Government OAS for High Yield. 3. Traded securities balances that include unsettled positons, does not reflect negative traded cash balances or future anticipated transactions.

Neuberger Berman CLO Income Fund

Security Type Breakdown (% of investments)3 Summary Statistics

Yield to Worst (%)1 7.93

Credit Spread (bps) 2 533

Duration (yrs) 0.3

Modified Duration (yrs) 5.8

Average Rating BB-

Number of Bonds 50

Number of Issuers 50

Fund Market Value ($ USD mn) 97

Portfolio characteristics

Ratings Stratification (% of investments)

Current Yield Stratification (% of investments)

CLO, 86%

High Yield, 14%

0.0%

2.0%

1.0%

7.5%

84.2%

3.8%

1.0%

0.5%

BBB

BBB-

BB+

BB

BB-

B+

B

B-

0.0% 1.8%

10.4% 2.4%

2.1% 3.0%

7.2% 10.7%

71.5% 10.0%

0.0% 0.0%

4.0%4.5%5.0%5.5%6.0%6.5%7.0%7.5%8.0%8.5%9.0%9.5%

36

RISK CONSIDERATIONS


Risk Considerations

An investment in notes in a CLO Income fund involves risks. The following list of risk factors is a preliminary summary only and is qualified in its entirety by the more detailed description of the

risk factors described in the 'investment risk' section of the prospectus for details.

Market Risk: The risk of a change in the value of a position as a result of underlying market factors, including among other things, the overall performance of companies and the market

perception of the global economy. Volatility in Market. In recent years, securities issued in securitization transactions have experienced significant fluctuations in market value and accordingly

high price volatility relative to historical experience. There is no assurance that such volatility will not continue or (to the extent it has eased) return.

Liquidity Risk: The risk that the Fund may be unable to sell an investment readily at its fair market value. In extreme market conditions this can affect the Fund’s ability to meet redemption

requests upon demand. CLO securities are generally illiquid and dealer marks and valuations provided may not represent prices where assets can actually be purchased or sold in the market

from time to time. Accordingly, the mark-to-market value of CLOs maybe volatile and the value of the relevant interests could likewise be volatile.

Credit Risk: The risk that debt instrument issuers may fail to meet their interest repayments, or repay debt, resulting in temporary or permanent losses to the Fund.

Interest Rate Risk: The risk of interest rate movements affecting the value of fixed-rate bonds.

Operational Risk: The risk of direct or indirect loss resulting from inadequate or failed processes, people and systems including those relating to the safekeeping of assets or from external

events.

Counterparty Risk: The risk that a counterparty will not fulfil its payment obligation for a trade, contract or other transaction, on the due date.

Currency Risk: Investors who subscribe in a currency other than the base currency of the Fund are exposed to currency risk. Fluctuations in exchange rates may affect the return on

investment.

Default Risk: As a holder of CLO equity, a Portfolio will have limited remedies available upon the default of an obligor of the collateral underlying such CLO. For example, from time to time,

the market for CLO transactions has been adversely affected by a decrease in the availability of senior and subordinated financing for transactions, in part in response to regulatory pressures

on providers of financing to reduce or eliminate their exposure to such transactions.

Concentration. The concentration of an underlying portfolio in any one obligor would subject the related CLOs to a greater degree of risk with respect to defaults by such obligor, and the

concentration of a portfolio in any one industry would subject the related CLOs to a greater degree of risk with respect to economic downturns relating to such industry.

Collateral Risk: The collateral may primarily consist of non-investment grade senior secured loans, which have greater credit and liquidity risk than more highly-rated securities. The

collateral may include debt obligations which may be unsecured, or may have been issued in connection with highly leveraged transactions or may be subordinated to certain other

obligations of the underlying obligors. The lower rating of these obligations reflects a greater possibility that adverse changes in the financial condition of an obligor or in general economic

conditions or both may impair the ability of such obligor to make payments of principal and interest.

CLO Issuer Risk: The issuer of a CLO will generally be a newly formed entity. As a newly formed entity, the issuer will have no prior operating history. The issuer will have no significant

assets other than the collateral (portfolio investments and other assets of the issuer). CLO issuers may acquire interests in loans and other debt obligations by way of sale, assignment or

participation. The purchaser of an assignment typically becomes a lender under the credit agreement with respect to the loan or debt obligation; however, its rights can be more restricted

than those of the assigning institution. In purchasing participations, a CLO issuer will usually have a contractual relationship only with the selling institution, and not the borrower. The CLO

issuer generally will have neither the right directly to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, nor have the

right to object to certain changes to the loan agreement agreed to by the selling institution. The CLO issuer may not directly benefit from the collateral supporting the related loan and may be

subject to any rights of set-off the borrower has against the selling institution. In addition, in the event of the insolvency of the selling institution, under U.S. federal and state laws, the CLO

issuer may be treated as a general creditor of such selling institution, and may not have any exclusive or senior claim with respect to the selling institution’s interest in, or the collateral with

respect to, the loan. Consequently, the CLO may be subject to the credit risk of the selling institution as well as of the borrower.

Risks of Investing in the Neuberger Berman CLO Income fund

38


Risk Considerations

Credit Ratings. Any credit ratings of certain of the notes, or the loans and other assets that may comprise the collateral, represent the rating agencies’ opinions regarding their credit quality

and are not a guarantee of future credit performance of such securities. Rating agencies attempt to evaluate the safety of principal and interest payments and do not evaluate the risks of

fluctuations in market value. Therefore, the ratings assigned to securities by rating agencies may not fully reflect the true risks of an investment. Also, the rating agencies may not make timely

changes in credit ratings in response to subsequent events so that an issuer’s current financial condition may be better or worse than a rating indicates. Ratings may be subject to revision or

withdrawal by a rating agency at any time including to the extent the issuer doesn’t comply with its obligation under European and US regulatory and supervisory framework. Rating

reductions or withdrawals may occur for any number of reasons and may affect numerous assets at a single time or within a short period of time, which in turn may have a material adverse

effect upon the notes.

Leveraged Capital Structure. A CLO will generally be substantially leveraged. Use of leverage is a speculative investment technique and involves certain risks to investors in the notes. The

leverage provided to the issuer by the issuance of the notes will result in interest expense and other costs incurred in connection with such borrowings that may not be covered by the net

interest income, dividends or other proceeds of the collateral or any appreciation thereof. The use of leverage generally magnifies the issuer’s opportunity for gain and risk of loss.

Subordinated CLO security risk. A substantial amount of the Fund’s investments may be subordinated to most or all other securities of the relevant CLO issuer and most or all other

amounts due under the priority of payments set forth in the operative documents of such CLO issuer. As such, the greatest risk of loss relating to defaults in the collateral underlying such

CLO is borne by the Fund’s investments. The Fund, therefore, as holder of such investments, will rank behind most or all of the creditors, whether secured or unsecured and known or

unknown, of such CLO issuer. Further, CLO equity will not be a secured debt of the applicable CLO. In addition, the senior most class of notes then outstanding in the capital structure (the

“Controlling Class”) will be entitled to exercise certain rights which are superior and may be detrimental to the holders of any class of notes which is subordinated to the Controlling Class.

Payments in Respect of the Subordinated Notes. The issuer will generally pledge substantially all of its assets to secure the secured notes and certain other obligations pursuant to an

indenture. The proceeds of such assets will only be available to make payments in respect of the subordinated notes as and when such proceeds are released from the lien of such indenture

in accordance with the priority of payments that will be set forth therein. There can be no assurance that, after payment of principal and interest on the secured notes and other fees and

expenses in accordance with such priority of payments, the issuer will have funds remaining to make distributions in respect of the subordinated notes.

General Market Risk with Respect to Collateral Performance. Negative economic trends nationally as well as in specific geographic areas of the United States continue to be indicators of

potential loan defaults and delinquencies. The levels of defaults and delinquencies have been increasing and/or volatile, and there is a material possibility that economic activity will continue

to be volatile or to slow. Some obligors may have been significantly and negatively impacted by such negative economic trends. A continuing decreased ability of obligors to obtain

refinancing (particularly as high levels of required refinancings approach) may result in a further economic decline that could delay an economic recovery and cause a further deterioration in

loan performance generally. There is no way to determine whether such trends in the credit markets will improve or worsen in the future.

Illiquidity in the CLO, Leveraged Finance and Fixed Income Markets may Affect the Holders of Notes. A severe liquidity crisis in the global credit markets has resulted in substantial

fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. No assurance can be made that the conditions giving rise to such price

fluctuations and limited liquidity will not continue or become more acute. During periods of limited liquidity and higher price volatility, an issuer's ability to acquire or dispose of collateral at a

price and time that the issuer deems advantageous may be severely impaired. Regardless of current or future market conditions, certain items of collateral purchased by an issuer will have

only a limited trading market (or none). Illiquid debt obligations may trade at a discount from comparable, more liquid investments.

No Information on the Obligors. Investors generally have limited rights to obtain from the collateral manager information regarding the obligors on the collateral. The collateral manager may

from time to time receive material non-public information or other notices with respect to assets comprising the collateral or the obligors thereon which they will not be required to disclose to

investors. The collateral manager has no obligation to keep investors informed as to matters arising in relation to any obligors on the collateral.

No Market for Notes. Transfer Restrictions. Generally no market will exist for CLO notes. If a secondary market does develop, there can be no assurance that it will provide holders of notes

with liquidity on investment or that it will continue for the life of notes. In addition, CLO notes are subject to certain transfer restrictions. Consequently, an investor in CLO notes must be

prepared to hold such notes for an indefinite period of time or until their stated maturity.

Risks of Investing in the Neuberger Berman CLO Income fund – continued

39


Risk Considerations

Final Maturity, Average Life and Prepayment Considerations. The average lives of notes are expected to be shorter than the number of years until the final stated maturity date, and their

average lives may vary due to various factors affecting the early retirement of the collateral, the timing and amount of sales of collateral and the ability of the collateral manager to invest in

additional collateral. Retirement of the collateral prior to final maturity will depend, among other things, on the financial condition of the obligors on the underlying collateral and the respective

characteristics of such collateral, including the existence and frequency of exercise of any optional redemption, mandatory redemption or sinking fund features, the prevailing level of interest

rates, the redemption prices, the actual default rates and the actual amount collected on any defaulted collateral and the frequency of tender or exchange offers for such collateral. In

particular, loans are generally prepayable at par, and a high proportion of loans could be prepaid. The ability of the issuer to reinvest proceeds in securities with comparable interest rates that

satisfy the reinvestment criteria specified herein may affect the timing and amount of payments received by the holders of notes and the yield to maturity of notes.

Limited Recourse Obligations. CLO notes will be limited recourse obligations of the issuer and secured notes will be non-recourse obligations of the co-issuer. Distributions of interest on

and principal of notes will be payable solely from the collateral pledged to secure the secured notes. The issuer, as a special purpose entity, will have no significant assets other than the

collateral. The issuer will not be obligated to make any payments on notes from a source other than such pledged collateral. No person other than the co-issuers will be obligated to make

payments on the notes. Consequently, holders of the notes must rely solely upon distributions on the collateral for the payment of amounts payable in respect of the notes. If distributions on

such collateral are insufficient to make payments on the notes, no other assets of the issuer or any other person or entity will be available for the payment of the deficiency.

Projections. Cash-flow projections are based on assumptions that are unlikely to be consistent with, and may differ materially from, actual events. Actual events will vary from projections and

the variations may be material. Some important factors that could cause actual results to differ materially from projections include the actual composition of the portfolio, and defaults in

respect of the portfolio, the timing of any defaults and recoveries, changes in interest rates, loan prepayments, price of assets, spread on assets, liquidity of loans, the ability of the issuer to

reinvest in new assets or remain fully invested, and any weakening of the specific investments included in the portfolio, among others.

Collateral Manager: Performance. The collateral manager’s performance history in other transactions may not be indicative of future results including any results it may achieve in this

transaction. The nature and risks associated with the issuer’s future investments may differ materially from those investments and strategies historically undertaken by the collateral manager.

There can be no assurance that the collateral manager or the persons associated with it or any other entity or person will realize returns comparable to those achieved in the past or generally

available in the market. Because the composition of the collateral will vary over time, the performance of the notes depends heavily on the skills of the collateral manager in analyzing,

selecting and managing the collateral. As a result, the issuer will be highly dependent on the analytical and managerial experience of the collateral manager and certain of its officers and

employees to whom the task of managing the collateral has been assigned.

Collateral Manager: Conflict of Interests. Various potential and actual conflicts of interest may arise from the overall investment activity of the collateral manager and its affiliates and the

payment of management fees to the collateral manager.

Recent Developments with Respect to LIBOR. Recent information has called into question the integrity of the process for determining LIBOR, and the full implications of such information is

unknown at this time. An inaccurate LIBOR setting could have adverse effects on a CLO issuer and/or the holders of secured notes. For example, holders of secured notes would receive

lower dollar amounts as interest payments if LIBOR was artificially lower than a properly functioning market would otherwise set LIBOR. Other negative consequences of the perceived

inaccuracy of LIBOR could include fewer loans utilizing LIBOR as an index for interest payments and/or erratic swings in LIBOR, both of which could result in interest rate mismatches

between the issuer's assets and its liabilities and expose the issuer to cash shortfalls. Furthermore, questions surrounding the integrity in process for determining LIBOR may have other

unforeseen consequences, including potential litigation against banks and/or obligors on loans, which could result in a material and adverse effect on the issuer or the holders of notes.

In addition, recent events have indicated that the UK’s Financial Conduct Authority intends to cease sustaining LIBOR from the end of 2021, and for the development of alternative

benchmark rates. As of the date hereof, no specific alternative rates have been generally agreed in the market for debt obligations similar to CLO notes or underlying obligations. It is possible

that the LIBOR administrator and the panel banks could continue to produce LIBOR on the current basis after 2021, if they are willing and able to do so. However, the survival of LIBOR in its

current form, or at all, is not guaranteed until or after 2021 and, if LIBOR in its current form does not survive, it could cause a disruption in the credit markets generally, which could negatively

impact the market value and/or transferability of CLO securities and/or underlying senior floating rate loans.

Risks of Investing in Neuberger Berman CLO Income fund – continued

40


Risk Considerations

Risks of Investing in Loans. The underlying collateral will be comprised primarily of loans, which will be obligations of corporations, partnerships or other entities or participation interests in

such loans. Loans may become non-performing for a variety of reasons. Nonperforming loans may require substantial workout negotiations or restructuring that may entail, among other

things, a substantial reduction in the interest rate and/or a substantial write-down of the principal of a loan, in addition to the devotion of substantial resources of the manager and the

incurrence of substantial costs to the CLO. In addition, because of the unique and customised nature of a loan agreement and the private syndication of a loan, certain loans may not be

purchased or sold as easily or as quickly as publicly traded securities, and historically the trading volume in the loan market has been small relative to the corporate bond market. Loans may

encounter settlement delays which may be significant due to their unique and customised nature, and transfers may require the consent of an agent bank, borrower or other persons.

Risk Retention: Beginning 1 January 2019, the Fund will become subject to certain risk retention and due diligence requirements. Amongst other things, these requirements will restrict the

Fund from investing in a CLO unless: (i) the originator, sponsor or original lender in respect of the relevant CLO has explicitly disclosed that it will retain, on an on-going basis, a net economic

interest of not less than 5% in respect of certain specified credit risk tranches or securitised exposures; and (ii) the Fund is able to demonstrate that it has undertaken certain due diligence in

respect of various matters. The Fund may be required to dispose of any CLOs that are non-compliant. Under such circumstances, the Fund could sustain losses.

Risks of Investing in the Neuberger Berman CLO Income fund - continued

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COMPOSITE PERFORMANCE


CLO Mezzanine Composite (Inception 8/1/2015)

Investment Performance Results – As of June 30, 2018

Compliance Statement • Neuberger Berman Group LLC ("NB", "Neuberger Berman" or the "Firm") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards.

Neuberger Berman was independently verified for the period January 1, 2011 to December 31, 2016. The GIPS® firm definition was redefined effective January 1, 2011. For prior periods there were two separate firms for GIPS® firm definition purposes and such firms were independently verified for the periods January 1, 1997 to December 31, 2010 and January 1, 1996 to December 31, 2010, respectively. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS® standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS® standards. Verification does not ensure the accuracy of any specific composite presentation. The verification reports are available upon request.

Definition of the Firm • The firm is currently defined for GIPS® purposes as Neuberger Berman Group LLC, ("NB", "Neuberger Berman" or the "Firm"), and includes the following subsidiaries: Neuberger Berman Investment Advisers LLC, Neuberger Berman Europe Ltd.,

Neuberger Berman Asia Ltd., Neuberger Berman East Asia Ltd., Neuberger Berman Singapore Pte. Ltd., Neuberger Berman Taiwan Ltd, Neuberger Berman Australia Pty. Ltd., Neuberger Berman Trust Company N.A., Neuberger Berman Trust Company of Delaware N.A. and NB Alternatives Advisers LLC.

Policies • Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

Composite Description • The CLO Mezzanine Composite (the "Composite") includes the performance of all fee-paying CLO Mezzanine portfolios, with no minimum investment, managed on a fully discretionary basis by the Non Investment Grade Fixed Income team. The

CLO Mezzanine strategy is designed for investors who seek to achieve total returns relative to a broad CLO mezzanine index. The principal objectives are high current income, lower volatility and capital preservation achieved through the avoidance of credit deterioration in the underlying portfolios, manager selection, and focus on structural protections. The Composite creation and performance inception date is August 2015. A complete list of Neuberger Berman's composites is available upon request.

Primary Benchmark Description • The benchmark is the JPM Collateralized Loan Obligation Index ("CLOIE"). The index is reflects the market for broadly-syndicated, arbitrage CLOs denominated in US dollars. CLOIE is divided by time period of origination (pre versus post crisis)

and is broken out further into five original rating classes (AAA, AA, A, BBB, BB). The specific benchmark for the CLO Mezzanine Strategy is the Post-Crisis BB CLOIE. The index is rebalanced monthly with daily reported index values.

Reporting Currency • Valuations are computed and performance is reported in U.S. Dollars.

Fees • Composite Gross of Fee returns are the return on investments reduced by any trading expenses incurred during the period. Composite Net of Fee returns are the Gross of Fee returns reduced by investment advisory fees.

Fee Schedule • The annual investment advisory fee, generally payable quarterly, is as follows: 0.70% on the first $50mn; 0.65% on the next $50mn; 0.50% thereafter.

Internal Dispersion • Internal dispersion is calculated using the asset-weighted standard deviation of annual gross returns of those portfolios that were in the Composite for the entire year. Internal dispersion is not calculated if the Composite does not contain at least 6

portfolios for the entire year.

Annualized Standard Deviation • The three-year annualized standard deviation measures the variability of the Composite and the benchmark returns over the preceding 36-month period. The standard deviation is not required for periods prior to 2011. Past performance is no guarantee of future results. Please see attached important disclosures which contain complete performance information and definitions.

Composite Benchmark Composite 3 Year Standard Deviation

Total Return

(%, Gross

of Fees)

Total Return

(%, Net

of Fees)

JPM

Collateralized

Loan Obligation

Index ("CLOIE")

(%)

No. of

Accounts

Market Value

($, m)

Total Firm

Assets

($, bn)

% of Firm

Assets

Internal

Dispersion

Composite

(%)

JPM Collateralized

Loan Obligation

Index ("CLOIE")

(%)

YTD Jun-

20183.16 2.82 3.49 8 231.9 -- -- -- -- --

2017 16.77 16.02 17.18 10 303.4 295.2 0.10 -- -- --

2016 19.52 18.75 21.72 ≤ 5 35.4 255.2 0.01 -- -- --

5 Months

2015-8.14 -8.34 -10.84 ≤ 5 67.4 240.4 0.03 -- -- --

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DISCLOSURES


Disclosures

S&P/LSTA Leveraged Loan Index: The S&P/LSTA Leveraged Loan Index is a subset of the S&P/LSTA Leveraged Loan index, which is is a daily total return index that uses LSTA/LPC Mark-

to-Market Pricing to calculate market value change. On a real-time basis, the S&P/LSTA Leveraged Loan index tracks the current outstanding balance and spread over LIBOR for fully funded

term loans. The facilities included in the index represent a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers.

BAML High Yield Index: The BofA Merrill Lynch US High Yield Index tracks the performance of US dollar denominated below investment grade rated corporate debt issued in the US

domestic market. This index can be broken out into subsets by rating.

BAML 0-5 year Constrained High Yield Index: The BofA Merrill Lynch US Corporate 0-5 Constrained Index value, a subset of the BofA Merrill Lynch US High Yield Master II Index tracking

the performance of US dollar denominated below investment grade rated corporate debt issued in the US domestic market that have a remaining maturity of less than 5 years.

J.P. Morgan CLO Index: The J.P. Morgan Collateralized Loan Obligation Index (CLOIE) is a benchmark to reflect the market for US dollar denominated broadly-syndicated, arbitrage CLOs.

The CLOIE index is comprised solely of cash, arbitrage collateralized loan obligations (CLOs) backed by broadly syndicated leveraged loans. The CLOIE index is rebalanced at the close of

the last business day of each month, following the US holiday calendar. New transactions that meet our inclusion criteria and have been priced by PricingDirect in the prior month will be

incorporated into the index on the next rebalancing date. The Post-Crisis index includes CLOs issued after 2009 and credit rating is determined by lowest NRSRO rating.

Benchmarks

45


Disclosures

Notice to investors in Argentina: This document it is addressed only to you on an individual, exclusive, and confidential basis, and its unauthorised copying, disclosure or transfer by any

means whatsoever is absolutely and strictly forbidden. The information contained in this document is for general guidance only, and it is the responsibility of any person or persons in

possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. This document does not constitute a public offer of

securities in Argentina and as such it is not and will not be registered with, or authorised by, the Argentine Securities Commission.

Notice to investors in Chile: This private offer avails itself of the General Regulation No. 336 of the Superintendence of Securities and Insurances, currently the Financial Markets

Commission. This offer relates to securities not registered with the Securities Registry or the Registry of Foreign Securities of the Financial Markets Commission, and therefore such securities

are not subject to oversight by the latter; Being unregistered securities, there is no obligation on the issuer to provide public information in Chile regarding such securities; and These

securities may not be subject to a public offer until they are registered in the corresponding Securities Registry.

Notice to investors in Panama: This is not a public offering. This document is only for the exclusive use of institutional investors. The securities mentioned in this document have not been

registered with nor fall under the supervision of the Superintendence of the Securities Market of Panama. The distribution of this document and the offering of shares may be restricted in

certain jurisdictions. The above information is for general guidance only, and it is the responsibility of any person or persons in possession of this document and wishing to make application

for shares to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants for shares should inform themselves as to legal

requirements also applying and any applicable exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile. This document does

not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it would be unlawful to make such offer or

solicitation.

Notice to investors in Peru: The fund has not been registered before the Superintendencia del Mercado de Valores (SMV) and is being placed by means of a private offer. SMV has not

reviewed the information provided to the investor. This document is only for the exclusive use of institutional investors in Peru and is not for public distribution.“

Notice to investors in Uruguay: The sale of the shares/units qualifies as a private placement pursuant to section 2 of Uruguayan law 18,627. The shares/units must not be offered or sold to

the public in Uruguay, except in circumstances which do not constitute a public offering or distribution under Uruguayan laws and regulations. The product is not and will not be registered

with the Financial Services Superintendency of the Central Bank of Uruguay. The product corresponds to investment funds that are not investment funds regulated by Uruguayan law 16,774

dated September 27, 1996, as amended.

County Disclaimers

46


Disclosures

Institutional-Oriented Equity and Fixed Income AUM Benchmark Outperformance Note: Institutional-oriented equity and fixed income assets under management (“AUM”) includes the firm’s equity and fixed income institutional

separate account (“ISA”), registered fund, and managed account/wrap (“MAG”) offerings and are based on the overall performance of each individual investment offering against its respective benchmark offerings and are based on

the overall performance of each individual investment offering against its respective benchmark. High net worth/private asset management (“HNW”) AUM is excluded. For the period ending June 30, 2018, the percentage of total

institutional-oriented equity AUM outperforming the benchmark was as follows: Since Inception: 90%; 10-year: 44%; 5-year: 78%; and 3-year: 73%; and total institutional-oriented fixed income AUM outperforming was as follows:

Since Inception: 95%, 10-year: 82%; 5-year: 69%; and 3-year: 68%. If HNW AUM were included, total equity AUM outperforming the benchmark was as follows: Since Inception: 88%; 10-year: 31%; 5-year: 55%; and 3-year: 53%; and

total fixed income AUM outperforming was as follows: Since Inception: 94%; 10-year: 82%; 5-year: 69%; and 3-year: 68%. Equity and Fixed Income AUM outperformance results are asset weighted so individual offerings with the

largest amount of assets under management have the largest impact on the results. As of 6/30/2018, six institutional-oriented equity offerings accounted for approximately 54% of the total firm institutional-oriented equity AUM

reflected, and nine institutional-oriented fixed income offerings accounted for approximately 53% of the total firm institutional-oriented fixed income AUM reflected. Performance for the individual offerings reflected are available upon

request. AUM for multi-asset class, balanced and alternative (including long-short equity or fixed income) offerings, as well as AUM for hedge fund, private equity and other private investment vehicle offerings are not reflected in the

AUM outperformance results shown. AUM outperformance is based on gross of fee returns. Gross of fee returns do not reflect the deduction of investment advisory fees and other expenses. If such fees and expenses were reflected,

AUM outperformance results would be lower. Investing entails risk, including possible loss of principal. Past performance is no guarantee of future results.

Private Equity Outperformance Note: The performance information includes all funds, both commingled and custom, managed by NB Alternatives Advisers LLC with vintage years of 2005 – 2015, with the exception of a closed-end,

public investment company registered under the laws of Guernsey (the “Funds”). Accounts that are only monitored are excluded. Vintage years post 2015 are excluded as benchmark information is not yet available. Please note that

private debt funds are also excluded as benchmark data is not yet available for the applicable vintages.

Percentages are based on the number of funds, calculated as the total number of funds whose performance exceeds their respective benchmarks divided by the total number of all funds with vintage years of 2005 through 2015.

Performance is measured by net IRR, MOIC, and DPI and is compared to the respective index’s median net IRR, MOIC and DPI, respectively. The Cambridge Secondary Index was used for secondary-focused funds; the Cambridge

Buyout and Growth Equity for US and Developed Europe was used for co-investment-focused funds; the Cambridge Fund of Funds Index was used for commingled funds and custom portfolios comprised of primaries, secondaries

and co-investments; and the Cambridge Global Private Equity was used for strategies focused on minority stakes in asset managers fund and healthcare credit.

The Cambridge Associates LLC indices data is as of December 31, 2017, which is the most recent data available. The Cambridge Associates Fund of Funds Index is the benchmark recommended by the CFA Institute for

benchmarking overall private equity fund of funds performance. The benchmark relies on private equity funds self-reporting data for compilation and as such is subject to the quality of the data provided. The median net multiple of

Cambridge Associates Fund of Funds Index is presented for each vintage year as of December 31, 2017, the most recent available. Cambridge Associates data provided at no charge.

While one of the secondary funds closed in 2008, Cambridge Associates classifies that particular fund as a 2007 vintage year fund (the year of its formation) and, therefore, the Cambridge Associates benchmarks used herein are for

2007 vintage year funds.

Private Offerings: Certain strategies referenced herein may only be available through a private offering of interests made pursuant to offering and subscription documents, which will be furnished solely to qualified investors on a

confidential basis at their request for their consideration in connection with an offering. These documents will contain information about the investment objective, terms and conditions of an investment in such vehicle and will also

contain tax information and risk disclosures that are important to an investment decision. Any decision to invest in such vehicle should be made after a careful review of these documents, the conduct of such investigations as an

investor deems necessary or appropriate and after consultation with legal, accounting, tax and other advisors in order to make an independent determination of the suitability and consequences of an investment in such vehicle.

Firm Slides

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Disclaimer

This document is addressed to professional clients only.

This document is a financial promotion and is issued by Neuberger Berman Europe Limited, which is authorised and regulated by the Financial Conduct Authority and is registered in England and Wales, at Lansdowne

House, 57 Berkeley Square, London, W1J 6ER and is also a Registered Investment Adviser with the Securities and Exchange Commission in the U.S. and regulated by the Dubai Financial Services Authority.

This fund is a sub-fund of Neuberger Berman Investment Funds PLC, authorised by the Central Bank of Ireland pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities)

Regulations 2011, as amended. The information in this document does not constitute investment advice or an investment recommendation and is only a brief summary of certain key aspects of the fund. Investors should

read the prospectus and the key investor information document (KIID) which are available on our website: www.nb.com/europe/literature. Investment objectives, risk information, fees and expenses and other important

information about the fund can be found in the prospectus.

Notice to investors in Switzerland: Neuberger Berman Investment Funds plc is established in Ireland as an investment company with variable capital incorporated with limited liability under Irish law, and the sub-funds

are also authorised by the Swiss Financial Market Supervisory Authority (FINMA) for distribution to non-qualified investors in and from Switzerland. The Swiss representative and paying agent is BNP Paribas Securities

Services, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zürich, Switzerland. The prospectus, the key investor information documents, the memorandum and articles of association and the annual and semi-

annual reports are all available free of charge from the representative in Switzerland.

This document is presented solely for information purposes and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security.

We do not represent that this information, including any third party information, is complete and it should not be relied upon as such.

No recommendation or advice is being given as to whether any investment or strategy is suitable for a particular investor. Each recipient of this document should make such investigations as it deems necessary to arrive

at an independent evaluation of any investment, and should consult its own legal counsel and financial, actuarial, accounting, regulatory and tax advisers to evaluate any such investment.

It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable.

Any views or opinions expressed may not reflect those of the firm as a whole.

All information is current as of the date of this material and is subject to change without notice.

The fund described in this document may only be offered for sale or sold in jurisdictions in which or to persons to which such an offer or sale is permitted. The fund can only be promoted if such promotion is made in

compliance with the applicable jurisdictional rules and regulations. This document and the information contained therein may not be distributed in the US.

Indices are unmanaged and not available for direct investment.

An investment in the fund involves risks, with the potential for above average risk, and is only suitable for people who are in a position to take such risks. For more information please read the prospectus which can be

found on our website at: www.nb.com/europe/literature.

Past performance is not a reliable indicator of current or future results. The value of investments may go down as well as up and investors may not get back any of the amount invested. The performance data does not

take account of the commissions and costs incurred on the issue and redemption of units.

The value of investments designated in another currency may rise and fall due to exchange rate fluctuations in respect of the relevant currencies. Adverse movements in currency exchange rates can result in a

decrease in return and a loss of capital.

Tax treatment depends on the individual circumstances of each investor and may be subject to change, investors are therefore recommended to seek independent tax advice.

Investment in the fund should not constitute a substantial proportion of an investor’s portfolio and may not be appropriate for all investors. Diversification and asset class allocation do not guarantee profit or protect

against loss.

No part of this document may be reproduced in any manner without prior written permission of Neuberger Berman Europe Limited.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.

© 2018 Neuberger Berman Group LLC. All rights reserved.

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