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Press Release

Neuberger Berman Large Cap Value Fund Is Top 1% For The Three Year Period Ending December 31, 2018

Media Contact:

Alex Samuelson, 212 476 5392, Alexander.Samuelson@NB.com

New York, February 11, 2019 — The Neuberger Berman Large Cap Value Fund Institutional Class (ticker: NBPIX) (the “Fund”) returns were 13.12% for the three years, 7.17% for five years, and 13.35% for 10 years ended December 31, 2018 placing it in the 1st (out of 1100 large value funds), 15th (out of 937 large value funds), and 5th (out of 686 large value funds) Morningstar, Inc. percentiles respectively. The Fund’s Institutional Class is rated 4-stars by Morningstar, Inc. for the year ended December 31, 2018 (out of 1100 large value funds) and for the 3-, 5- and 10-year periods ended December 31, 2018 it is rated 5 stars (out of 1100 large value funds), 4 stars (out of 937 large value funds) and 4 stars (out of 686 large value funds), respectively. The Fund’s Institutional Class generated a -0.80% return for the 2018 calendar year, ranking in the second percentile of Morningstar, Inc.’s Large Value Category (out of 1244 large value funds), and outperforming the Russell 1000 Value Index return of -8.27% by 747 basis points.

Eli Salzmann, the Fund’s Portfolio Manager, utilizes an active value-investing discipline with a patient, conviction-based approach creating a portfolio wherein 10 out of 11 sectors contributed positively to relative performance in 2018; demonstrating the benefits of a disciplined approach. Eli Salzmann’s team does research and analysis for Large Cap Value strategies at Neuberger Berman.

Salzmann’s team conducts independent, “bottom-up” fundamental and quantitative research to identify nuances of each company that cannot be captured solely by financial characteristics.

“The performance of the Neuberger Berman Large Cap Value Fund reflects the importance of active management and a conviction-based strategy,” Mr. Salzmann said. “We believe our approach will be especially relevant as we enter a more volatile equity market. As interest rates are already well into more normal territory, stock performance will once again be differentiated by company fundamentals, creating an environment that may benefit high-conviction, fundamental investors.”

December 2018 marked seven years since Mr. Salzmann has managed the fund. Mr. Salzmann has over 30 years of investing experience. The Large Cap Value team seeks to mitigate the downside and avoid “value traps” through their disciplined focus on rational valuations and catalysts.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 22 countries, Neuberger Berman’s team is more than 2,000 professionals. For five consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $304 billion in client assets as of December 31, 2018. For more information, please visit our website at www.nb.com.