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Press Release

Neuberger Berman Expands Insurance Solutions Group

Media Contacts:

Alexander Samuelson, 212.476.5392, Alexander.Samuelson@nb.com

New York, August 8, 2016 — Neuberger Berman, a private, independent, employee-owned investment manager, today announced that it is significantly expanding its Insurance Solutions Group. The Group, which serves insurance companies globally, had brought on several new team members and invested in additional tools and resources.

“Insurance companies continue to seek advice and access to diverse strategies and solutions across traditional and alternative asset classes. We are strengthening our resources and investing in the business in order to further engage and support insurance companies globally,” said Matt Malloy, who joined the firm in October 2015 as Global Head of Insurance Solutions and subsequently was named Head of the North American Institutional Business. Across the entire firm, Neuberger Berman has approximately $22 billion in insurance assets under management. “Our new team members will leverage our existing capabilities and strengthen the group as we expand our footprint and focus on innovative solutions in the global insurance market,” Mr. Malloy noted.

Recent additions include, J.P. Sursock, who joined the firm in August as a Client Advisor focusing on U.S.-based insurance clients and prospects. Prior to joining Neuberger Berman, he served as a Fixed Income Strategist at BlackRock.

Steve Smith joined the firm in July as Head of Insurance Analytics. Most recently, Mr. Smith served as an Insurance Strategist at Goldman Sachs Asset Management.

Jason Pratt joined the firm in June as Portfolio Manager and Head of Insurance Fixed Income. Prior to joining Neuberger Berman, Mr. Pratt served as chief investment officer of Montpelier Reinsurance Holdings Ltd, a global insurance and reinsurance organization.

Messrs. Sursock and Smith are based in New York and Mr. Pratt is based in Chicago. All three will report to Mr. Malloy.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 19 countries, Neuberger Berman’s team is approximately 2,000 professionals and the company was named by Pensions & Investments as a Best Place to Work in Money Management for three consecutive years. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $246 billion in client assets as of June 30, 2016. For more information, please visit our website at www.nb.com.