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Press Release

Neuberger Berman Launches Unconstrained Bond Fund

Media Contact:

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

Offers Investors Active Absolute-Return Focus Across Global Fixed Income Universe

NEW YORK, February 18, 2014 – Neuberger Berman Group LLC, one of the world's leading employee-controlled money managers, announced today the launch of Neuberger Berman Unconstrained Bond Fund (tickers: NUBAX, NUBCX, NUBIX, and NRUBX) (the "Fund"), which seeks to maximize total returns over the long term.

Investing in fixed income today requires a flexible and dynamic approach to capture the optimal risk-reward profile of fixed income markets given the low interest rate environment and credit spread normalization. The Fund provides investors with an alternative approach to traditional benchmark driven long only investing, responding to current market dynamics.

The Fund is an absolute return oriented global strategy that utilizes a broad set of tools to take advantage of market mispricing. This flexibility provides the ability to express investment views and pursue extracting relative value through both long and short positioning. The full global credit and securitized spectrum will be utilized and the fund will have complete duration flexibility with the ability to have positive, negative or zero duration. The Fund will be unconstrained by benchmark (US T-bill index) as its managers seek to capitalize on best opportunities worldwide.

The Fund's managers include Andy Johnson, Neuberger Berman's Head of Global Investment Grade fixed income, Jon Jonsson, a London-based senior portfolio manager, and managing directors Thanos Bardas, David Brown, Ugo Lancioni, and Thomas Marthaler. They have an average of over 21 years of managing assets for institutions and individuals.

"U.S. investors are re-evaluating their fixed income exposures as a traditional benchmark-driven long-only approach comprised primarily of domestic investment-grade bonds may no longer fully meet their objective of stable income with low risk to principal," said Brad Tank, Neuberger Berman's chief investment officer for fixed income. "We believe Neuberger Berman is in a unique position to introduce an unconstrained bond strategy in a mutual fund structure for U.S. investors, as we have specialist sector teams covering the full breadth of the global fixed income universe and a proven process that the Fund's managers will employ to take advantage of market mispricings and allocate risk across global rates, currencies and credit. This fund takes a place among our current fixed income strategies including Short Duration, Core and Strategic Income and others."

About Neuberger Berman

Neuberger Berman is a 75-year-old private, independent, employee-controlled investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions, advisors and individuals worldwide. With offices in 16 countries, Neuberger Berman's team is approximately 2,000 professionals and the company was named by Pensions & Investments as a 2013 Best Place to Work in Money Management. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $242 billion in client assets as of December 31, 2013. For more information, please visit our website at www.nb.com.