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For Professional Client Use Only

Neuberger Berman

Global Opportunistic Bond FundSeptember 30, 2018


Government Bond Yields – End of Bull Run?

-2%

0%

2%

4%

6%

8%

10%

12%

14%

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

US 10yr UK 10yr EUR 10yr

Source: Bloomberg, 10Year Generic Government Bonds & Neuberger Berman Forecast

10 Year Government Bond Rates

As of September 30, 2018

2


Credit Spreads – Renewing Post-GFC Tights

0

2

4

6

8

10

12

14

16

18

20

0%

1%

2%

3%

4%

5%

6%

7%

2001 2003 2005 2007 2009 2011 2013 2015 2017

Cre

dit

Sp

read

(O

AS

), %

Cre

dit

Sp

read

(O

AS

), %

EUR IG Credit (LHS) US IG Credit (LHS) Global High Yield (RHS)

Source: Bloomberg Barclays Indices. Euro Aggregate Corporate, Sterling Aggregate Corporate, US Aggregate Corporate, Global High Yield Corporate.

Credit Spreads


3


Cost of Hedging Dollar Assets is Highest in 20 Years

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

Dec-98 Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12 Dec-14 Dec-16

EURUSD Hedge Cost GBPUSD Hedge Cost

Rec

eive

Hed

gin

g P

rem

ium

Pay

Hed

gin

g C

ost

Source: Bloomberg, Neuberger Berman Calculations. The 3m hedging cost is based off the 3m forward points for the EURUSD & GBPUSD currency pairs.

Cost of Hedging Dollar Assets


4


Investment Opportunities Vary Over Time

Capital markets are often short-sighted in their pricing of assets

2009

HY Credit

60.7%

Senior Loans

53.8%

EM Sovereign

24.7%

IG Credit

16.3%

EM Local

12.5%

DM Sovereign

0.9%

2011

EM Sovereign

6.4%

DM Sovereign

5.4%

IG Credit

5.0%

HY Credit

3.2%

Senior Loans

1.6%

EM Local

0.0%

2012

HY Credit

18.9%

EM Sovereign

17.3%

EM Local

13.9%

IG Credit

10.8%

Senior Loans

10.2%

DM Sovereign

4.5%

2013

HY Credit

7.1%

Senior Loans

5.4%

IG Credit

0.0%

DM Sovereign

-0.2%

EM Sovereign

-4.1%

EM Local

-5.7%

2010

HY Credit

15.4%

EM Local

12.8%

EM Sovereign

11.1%

Senior Loans

9.7%

IG Credit

7.4%

DM Sovereign

3.5%

2014

DM Sovereign

8.4%

EM Sovereign

7.8%

IG Credit

7.7%

Senior Loans

1.5%

EM Local

-4.5%

HY Credit

2.5%

Senior Loans

-25.3%

HY Credit

-27.0%

EM Sovereign

-8.0%

IG Credit

-4.8%

EM Local

-4.4%

DM Sovereign

9.2%

2008

0%

2015

DM Sovereign

1.4%

EM Sovereign

0.9%

IG Credit

-0.2%

Senior Loans

-0.8%

HY Credit

-2.0%

EM Local

-12.0%

2016

DM Sovereign

3.8%

EM Sovereign

8.5%

IG Credit

6.1%

Senior Loans

10.2%

HY Credit

16.2%

EM Local

6.5%

DM Sovereign

2.3%

EM Sovereign

9.3%

IG Credit

5.8%

Senior Loans

4.1%

HY Credit

8.0%

EM Local

14.7%

2017

Annual Returns Data as of December 31, 2017. Source: ICE BofA ML Developed Market Sovereign Bond Index (WSAV), ICE BofA ML Global High Yield Index (HW00), ICE BofA ML Local Debt Markets Debt Index (LDMP), ICE

BofA ML Global Broad Market Corporate Index (G0BC), ICE BofA ML EM External Sovereign Hard Currency (EMGB), S&P/LSTA Leveraged Loans (SPBDAL),

Indices are unmanaged, are not available for direct investment and are not subject to fees and expenses typically associated with managed accounts or investment funds.

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.

5


Why Neuberger Berman for Multi-Sector Fixed Income?

Broad employee ownership, high retention rates and employee alignment with investors

150+ fixed income investment professionals globally managing over $132 billion in assets

Managing Multi-Sector Fixed Income strategies since 2004

Coverage of all key sectors and geographies across developed and emerging markets

Best-in-class capabilities in security selection, sector allocation and macro management

Ownership Structure and Stability

Global Investment Platform

Legacy and Experience

Breadth of Capabilities

Investment Excellence

As of June 30, 2018

6


Neuberger Berman Global Opportunistic Bond Fund

Flexible strategy that tactically allocates to changing market conditions

With the flexibility to invest across the fixed income spectrum

Adaptive to changing market conditions

No persistent biases or tilts in portfolio

Coupled with strong risk management

GLOBAL STRATEGY

DYNAMIC SECTOR ALLOCATION

MULTIPLE ALPHA SOURCES

COLLABORATIVE RESEARCH-DRIVEN PROCESS

A track record of client partnerships and long-term performance

HIGHLY EXPERIENCED TEAM

1

2

3

4

5

Source: Neuberger Berman.

The investment objective of an Absolute Return Fund is to achieve a positive return over a specified period. However, there is no guarantee that this will be achieved over any stated period: capital invested is at risk.

Our Offering Global Opportunistic

Benchmark Bloomberg Barclays

Global Aggregate Index

Investment Universe Broad Fixed Income

Type Global

Expected Tracking Error (over market cycle) 200-400

Asset Allocation

Individual Sectors Long / Short

Total Portfolio Long

Active Duration Management +/- 50% benchmark

AvailabilityUCITS fund (Dublin)

Separate Accounts

Liquidity Daily

Launch Date December 2016

7


Global Opportunistic: Performance

Consistent outperformance versus the benchmark

Source: Neuberger Berman as of September 30, 2018. Past performance is no guarantee of future results . Please see attached additional GIPS notes and disclosures, which are required as part of this presentation.

0.4

1.9

4.85.0

4.5

0.0

0.8

2.4

3.1

2.7

0.4

1.1

2.5

1.9 1.8

0.00

1.00

2.00

3.00

4.00

5.00

6.00

YTD 2018 1 Year 3 Years 5 Years Since Inception(10/1/2012)

Global Opportunistic Composite - Gross (%) Bloomberg Barclays Global Aggregate USD-Hedged Index (%) Value Added (%)

Total Return (%, gross of fees)

3 Years 5 Years

Since Inception

(10/1/2012)

Annualized Tracking Error (%) 2.54 2.42 2.35

Information Ratio 0.98 0.78 0.74

8


Experienced and Stable Fixed Income Team

As of June 30, 2018.Research and Trading professionals can be shared across multiple teams and may be counted more than once.1. As previously announced Andy Johnson 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.

Experienced investment team leverages the depth of insights from across the NB FI platform

Supported By Global Fixed Income Team With Over 150 ProfessionalsMulti-Sector Portfolio Managers

Brad TankChicago35 Yrs of Exp.

Ashok BhatiaChicago25 Yrs of Exp.

Jon JonssonLondon22 Yrs of Exp.

Senior Portfolio Managers1

Thanos BardasChicago20 Yrs of Exp

Ugo LancioniLondon23 Yrs of Exp.

Shanghai

Singapore

The Hague

Atlanta

London

New York

Chicago

Alex GitnikLondon21 Yrs of Exp.

Adam GrotzingerSingapore15 Yrs of Exp.

Global Investment Grade Credit Government Debt Municipal BondsSecuritizedDiversified CurrencyEmerging Market Debt

Global Non-Investment Grade

Lead PM (Yrs Exp.):

Tom O’Reilly (29)

46 Investment Resources

Lead PM (Yrs Exp.):

Dave Brown (27)



Lead PMs (Yrs Exp.):

Rob Drijkoningen (28)

& Gorky Urquieta (24)

Lead PM (Yrs Exp.):

Thanos Bardas (20)

9Investment Resources

Lead PM (Yrs Exp.):

Ugo Lancioni (23)


Lead PM (Yrs Exp.):

Tom Sontag (37)

18Investment Resources

Lead PM (Yrs Exp.):

James Iselin (25)


9


Overview of Asset Allocation and Portfolio Construction Process

Develop Market

and Macro Insights

Value Asset

Classes

Develop Asset

Allocations

Select Individual

Securities

Senior Multi-Sector Portfolio Managers determine risk budget and asset allocation

Sector-specialty teams are

responsible for selecting

securities and managing

their allocations

This material is intended as a broad overview of the portfolio managers' style, philosophy and investment process and is subject to change without notice.

10


Asset Allocation Process

What market expectations

are driving/determining

asset prices?

Provide context

How do our views differ

from the markets?

Determine attractive

opportunities to allocate

capital

How much confidence do

we have in our views?

Determine how much

capital to allocate to each

opportunity

11


Trade Example: Adding HY Exposure in January 2016

IMPLEMENTEXAMINE TEST COMPARE

Confidence:

HIGH

Our view:

Continued

Economic

growth

Possible trade ideas

based on expected

outcomes:

• Rates

• FX

• Credit

• EMD

Consensus

view:

U.S is

heading into

recession

ALLOCATE

Decision:

Add HY exposure to

portfolios through

actively managed

portfolio

12


Multi-Sector Portfolios: Our Views on Credit Markets

Asset Class View Main Positions and Changes Recent Changes

Municipals

Tax-exempt municipals are fairly valued

Taxable municipals look attractive relative to similarly-

rated IG credit

Modest positions in tax-exempt municipals

Increasing taxable municipal exposure

_______________________Source: Neuberger Berman, As of September 30, 2018. For illustrative and discussion purposes only. Nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results.

Spread widening driven by technicals, not fundamentals

EUR IG credit is relatively cheapIG Credit

Overweight short duration IG

Overweight financials in US and corporate

hybrids in EUR

Securitized Spread sectors such as seasoned CRT and non-AAA

ABS remain attractive

Overweight pre-2018 vintage CRT, reducing

non-agency MBS exposure, and selective

additions to credit-oriented ABS

High YieldHigh yield remains on track for low-to-mid single digit

total returns

EUR HY is relatively cheap

Underweight CCC’s

Underweight cyclicals

Bank Loans

Robust demand with elevated CLO issuance

Defaults will likely remain low but increase in lower-

rated issuance and diminished debt cushions bear

watching

Maintaining reduced exposure, increasing focus

on mezzanine CLOs

Emerging

MarketsBoth low beta and high beta EM exposure is

attractive given valuations and fundamentals

Diversified exposure, focused on hard

currency

Modest increases to Turkey and Argentina

13


Global Opportunistic: Diversified Array of Risks

Source: Neuberger Berman. For illustrative purposes only.


Positions taken across the range of fixed income markets and geographies

Rates USD36%

Rates non-USD4%

DM Gov. Spreads-3%

Rates Local EM5%

IG Corp Spreads1%

HY Corp Spreads14%

EM Spreads14%

Securitized Spreads1%

Inflation6%

Foreign Exchange16%

Rates USD

Rates non-USD

DM Gov. Spreads

Rates Local EM

IG Corp Spreads

HY Corp Spreads

EM Spreads

Securitized Spreads

Inflation

Foreign Exchange

Global Opportunistic

14


Global Opportunistic: Strong Diversification Benefits

Risk reduction through various sources of positions

Source: Neuberger Berman, Blackrock Aladdin. Data as of September 30, 2018.Spread and rates sub-factors shown on contribution to volatility basis.For illustrative purposes only.


Rates USD*

Rates non-USD*

DM Gov. Spreads*

Rates Local EM*

IG Corp Spreads*

HY Corp Spreads*

EM Spreads*

Securitized Spreads*

0

50

100

150

200

250

300

350

400

450

500

Rates Spreads Foreign Exchange Inflation Diversification Benefit Diversified

15


No persistent tilts or biases

Dynamic Risk Allocation

Source: Neuberger Berman. As of September 30, 2018. Representative portfolio information is subject to change without notice. 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

Global Opportunistic Active Risk Contribution (Tracking Error Bps Annualized)

-50

0

50

100

150

200

250

300

350

400

450

Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18

US Rates

Non-US Rates

DM Gov. Spreads

Inflation

Rates Local EM

IG Corp Spreads

HY Corp Spreads

Emerging Market Debt

Securitized Spreads

FX

16


Global Opportunistic: Composite Attribution

Source: Neuberger Berman.1. Refers to the difference in calculation methodology between composite performance and attribution. Any discrepancy in the total outperformance number between the two is attributed to ‘Rounding Effect’ and displayed as such.Past performance does not predict or guarantee future results. As with any investment, there is the possibility of profit as well as the risk of loss. Please note that some figures may appear incorrect due to rounding..

Return Attribution

As of September 30, 2018 – benchmarked to the Bloomberg Barclays Global Aggregate USD-Hedged

Index

2013 2014 2015 2016 2017

YTD

2018

Average Since

Inception

Global Securitized +50 +68 +23 +71 +156 +35 +67

Security Selection +44 +70 +20 +39 +145 +34 +59

Asset Allocation +6 -2 +2 +32 +11 +1 +8

Global Investment Grade Corporates +26 +6 +1 +62 +10 +9 +19

Security Selection +36 +2 -10 +97 +35 +8 +28

Asset Allocation -10 +4 +11 -35 -25 +1 -9

Emerging Markets Debt -13 +6 -85 +33 +64 -96 -15

Security Selection -15 +0 +0 +0 +0 +0 -3

Asset Allocation +2 +6 -85 +33 +64 -96 -13

Global Rates +25 +11 -8 +39 +4 -2 +11

Security Selection +12 +7 -1 +16 +26 -52 +1

Asset Allocation +13 +4 -7 +23 -22 +49 +10

US High Yield +112 -42 -113 +248 +60 +35 +50

US Senior Floating Rate Loans +37 +0 +2 +24 +13 -0 +13

Yield Curve -112 +21 +74 -71 +83 +46 +7

Active FX Overlay Only -31 +110 +82 -18 +45 +34 +37

FX Hedging & Other -5 -57 -30 -61 -78 -14 -41

Cash +16 +7 +0 +5 +10 +13 +8

Trading Effects & Other +8 +13 -13 +14 +1 -17 +1

Rounding Effect1

+2 -3 -3 +0 +0 +0 -1

TOTAL +115 +140 -70 +345 +369 +41 +157

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - basis points - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

17


Risk Considerations

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.

Credit Risk: The risk that bond issuers may fail to meet their interest repayments, or repay debt, resulting in temporary or

permanent losses to the Strategy.

Liquidity Risk: The risk that the Strategy may be unable to sell an investment readily at its fair market value. In extreme market

conditions this can affect the Strategy’s ability to meet redemption requests upon demand.

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

Derivatives Risk: The Strategy is permitted to use certain types of financial derivative instruments (including certain complex

instruments). This may increase the Strategy’s leverage significantly which may cause large variations in the value of your share.

(Investors should note that the Strategy may achieve its investment objective by investing principally in Financial Derivative

Instruments (FDI). There are certain investment risks that apply in relation to the use of FDI.)

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

due date.

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.

Currency Risk: Investors who subscribe in a currency other than the base currency of the Strategy are exposed to currency risk.

Fluctuations in exchange rates may affect the return on investment. The past performance shown is based on the share class to

which this presentation relates. If the currency of this share class is different from your local currency, then you should be aware

that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.

18

APPENDIX


Global Opportunistic Bond Fund: Characteristics


Global

Opportunistic

Bond Fund

Bloomberg Barclays

Global Aggregate

Index

Yield to Worst (%) 4.96 3.54

Weighted Average Duration (years) 5.07 7.05

Weighted Average Quality (S&P) A- AA-

Weighted Average Coupon 3.95 2.72

Source: Blackrock Aladdin. Past performance is not indicative of future results. Portfolio characteristics are as of the date indicated and subject to change without notice.

1. Credit-quality ratings are obtained from Barclays using ratings derived from Moody’s, S&P, and Fitch. When calculating the credit quality breakdown, if a security is rated by each of these three rating agencies, then the middle

rating will be used. If only two rating agencies rate a security, then the lower of the two ratings will be used. If only one rating agency rates a security, then that one rating will be used. Where none of the agencies rate a security,

the security will be considered unrated. Portfolio holdings, underlying ratings of holdings and credit quality composition may change materially over time.

Components are rounded to 2 decimal places and may incorporate immaterial rounding differences as a result.

Characteristics Sector Duration Contribution

Credit Quality1

Cash1.96%

AAA23.22%

AA2.85%

A13.65%

BBB20.91%

BB and below

37.39%

Duration Contribution (years)

Portfolio Benchmark Active

High Yield 1.13 - 1.13

US Credit 0.75 1.09 -0.35

Non-US Credit 0.55 0.89 -0.33

Non Agency MBS/CMOs 0.00 0.01 -0.01

CRTs 0.00 0.00 0.00

MBS 0.54 0.74 -0.20

CMBS - 0.04 -0.04

US Rates -1.05 0.94 -1.99

Non US-Rates 1.48 3.31 -1.83

US TIPS 0.70 0.70

Non US-TIPS 0.46 0.46

US Agencies 0.04 0.02 0.02

CLOs 0.00 0.00

Emerging Market Debt 0.45 0.00 0.45

Net Unsettled Positions 0.00 0.00

Cash / Equivalents 0.00 0.00 0.00

Total 5.07 7.05 -1.98

20


Global Opportunistic Bond Fund: Currency Positioning

Source: Neuberger Berman.


Duration Contribution by Currency (years) Active Currency Positions

4.1%

3.8%

3.1%

3.0%

1.0%

1.0%

1.0%

1.0%

0.3%

0.2%

-0.2%

-4.6%

-5.3%

-8.5%

-10.0% -6.0% -2.0% 2.0% 6.0%

JPY

GBP

SEK

NOK

RUB

BRL

ZAR

MXN

AUD

CAD

USD

CHF

NZD

EUR

FX Positions vs. Benchmark

-0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0

JPY

USD

EUR

GBP

AUD

CAD

NZD

NOK

KRW

CHF

SEK

Others

Bloomberg Barclays Global Aggregate Index Global Opportunistic

21


Global Opportunistic: Asset Allocation Historical Perspective

Source: Neuberger Berman. Sector information is as of the dates indicated and subject to change without notice. The Benchmark is the Bloomberg Barclays Global Aggregate USD-Hedged Index.Representative portfolio information (characteristics, holdings, weightings, etc.) is subject to change without notice. Investing entails risks, including possible loss of principal. Please see additional disclosures at the end of this material, which are a required part of this presentation.


-35%

-15%

5%

25%

45%

65%

85%

105%

125%

145%

May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18

Active Currency

Bank Loans

Emerging Market Debt

High Yield

US Agencies

US CMBS

Non-Agency MBS/CMOs

MBS

Non-US IG Credit

US IG Credit

Non US-TIPS

US TIPS

Non US-Rates

US Rates

Cash / Net Unsettled

Historical

Allocation (%)

Current Allocation

(%)

Lowest Highest Portfolio Benchmark

0.0 29.6 17.94 --

0.0 23.6 0.00 --

3.5 14.1 12.94 --

10.0 22.8 11.40 --

0.0 1.1 1.08 0.61

0.7 6.5 0.72 0.78

4.0 17.4 14.89 0.24

11.1 29.3 13.73 14.14

4.1 10.7 9.49 14.28

7.4 11.0 8.98 16.28

1.6 7.5 6.98 --

3.3 10.3 8.36 --

7.5 22.9 9.65 38.12

0.0 7.6 5.97 15.53

-23.6 2.6 -4.18 --

Global Opportunistic Asset Allocation

22


Global Opportunistic: Return Capture

Since inception Upside Capture: 120%, Downside Capture: 71% (vs Bloomberg Barclays Global

Aggregate USD Hedged Index)

Data as of September 30, 2018. Inception Date of Global Opportunistic Composite is October 1, 2012.Source: Neuberger Berman, Bloomberg Barclays Global Aggregate USD Hedged Index, Bloomberg Barclays Global Treasury USD Hedged Index, Bloomberg Barclays Global Aggregate Corporate USD Hedged Index, Bloomberg Barclays Global Securitized USD Hedged Index, ICE BofAML U.S. High Yield Index (H0A0) S&P/LSTA Leveraged Loan Index, J.P. Morgan EMBI Global Diversified Index.Past performance is no guarantee of future results . Please see attached additional GIPS notes and disclosures, which are required as part of this presentation.

Returns (gross of fees) and Volatility since strategy inception

Global Opportunistic

Global Aggregate Global Govt.

Global IG Corp.

Global Securitized

Bank Loans

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0%

To

tal R

etu

rn, p

.a.

Volatility, p.a.

23


Neuberger Berman Global Opportunistic Bond Fund Performance

ANNUALIZED RATES OF RETURN1


Preliminary figures are presented.1. Periods less than one year are not annualized.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.

Fund Performance is representative of the USD Institutional Accumulating Share Class and is Net of Fees. Risk Measures are calculated on a month end basis.

Period1

NB Global Opportunistic Bond FundUSD I Accumulating

(Net of Fees)(%)

Blooomberg BarclaysGlobal AggregateUSD Hedge Index

(%)Value Added

(%)

YTD 2018 -0.38 0.02 -0.40

1 Year 0.96 0.82 +0.14

Since Inception

(12/20/2016 – 09/30/2018)3.11 2.05 +1.06

24


Global Opportunistic Fixed Income Composite (Inception 10/1/2012)

Investment Performance Results – As of June 30, 2018

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)

Bloomberg

Barclays Global

Aggregate

Hedged Index (%)

No. of

Accounts

Market Value

($, m)

Total Firm

Assets

($, bn)

% of Firm

Assets

Internal

Dispersion

Composite

(%)

Bloomberg

Barclays Global

Aggregate Hedged

Index

(%)

YTD Jun-

2018-0.62 -0.81 0.07 ≤ 5 174.8 -- -- -- 3.01 2.31

2017 6.74 6.24 3.04 ≤ 5 154.6 295.2 0.05 -- 3.06 2.63

2016 7.42 6.88 3.95 ≤ 5 69.3 255.2 0.03 -- 3.23 2.73

2015 0.32 -0.19 1.02 ≤ 5 77.3 240.4 0.03 -- 3.53 2.66

2014 8.99 8.45 7.59 ≤ 5 88.0 250.0 0.04 -- -- --

2013 1.01 0.51 -0.14 ≤ 5 80.0 241.7 0.03 -- -- --

3 Months

20122.09 1.96 0.89 ≤ 5 86.1 205.0 0.04 -- -- --

25


Global Opportunistic Fixed Income Composite

Investment Performance Disclosure Statement

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 firmswere 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 theGIPS® 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 DelawareN.A. and NB Alternatives Advisers LLC.

Policies• Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.Composite Description• The Global Opportunistic Fixed Income Composite (the "Composite") includes the performance of all fee-paying Global Opportunistic Fixed Income portfolios, with no minimum investment, managed on a fully discretionary basis by the Investment Grade Fixed

Income team. The Global Opportunistic Fixed Income strategy is designed for investors who seek returns from a portfolio that has broad discretion to invest in global investment grade and global extended sectors such as high yield, bank loans, non-dollar and emerging market bonds. The emphasis is on global duration/yield curve positioning, country selection, currency management, and global credit allocation including sector rotation & bond selection. The Composite creation and performance inception date is October 2012. A complete list of Neuberger Berman's composites is available upon request.

Primary Benchmark Description• The benchmark is the Bloomberg Barclays Global Aggregate Hedged Index (the "Index"). The index is designed to measure the hedged Global investment grade fixed rate bond market performance, with index components for the U.S. Aggregate, the Pan-

European Aggregate, and the Asian-Pacific Aggregate indices.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: 0.40% on the first $50mn; 0.35% on the next $100mn; 0.30% on the next $100mn; 0.25% 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.

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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 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 accurate or 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 product

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 product can only be

promoted if such promotion is made in compliance with the applicable jurisdictional rules and regulations.

Indices are unmanaged and not available for direct investment.

An investment in this product involves risks, with the potential for above average risk, and is only suitable for people who are in a position to take such risks.

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 this strategy 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. Ref: 219595

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