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Press Release

Neuberger Berman Mid Cap Growth Fund Outpreforms Benchmark, Peers in Past Decade

Media Contact:

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

Ken Turek celebrates 10 years as portfolio manager of Mid Cap Growth Fund

NEW YORK, February 14, 2013 – Neuberger Berman Group LLC, one of the world's leading employee-controlled money managers, is pleased to mark the 10-year anniversary of Kenneth Turek's tenure as portfolio manager of the $697 million Neuberger Berman Mid Cap Growth Fund (as of January 31, 2013) (tickers: NMGAX, NMGCX, NBMLX, NMANX, NBMTX, NBMBX, NMGRX). Turek began managing the Fund in January 2003.

With Turek as manager, the Fund's institutional share class has generated a 11.27% annualized return for the 10 years through January 31, 2013 placing it ahead of its mid cap growth category, according to fund tracker Morningstar Inc., and its benchmark, the Russell Mid Cap Growth Index. The Morningstar ratings for Neuberger Berman Mid Cap Growth Fund – Investor Class for the Overall, 3-, 5-, and 10-year periods ended December 31, 2012 were 4 stars (out of 671 mid cap growth funds), 4 stars (out of 671 mid-cap growth funds), 4 stars (out of 591 mid cap growth funds) and 4 stars (out of 431 mid cap growth funds), respectively. The Morningstar ratings for Neuberger Berman Mid Cap Growth Fund – Class A for the Overall, 3-, 5-, and 10-year periods ended December 31, 2012 were 3 stars (out of 671 mid cap growth funds), 3 stars (out of 671 mid cap growth funds), 3 stars (out of 591 mid cap growth funds) and 4 stars (out of 431 mid cap growth funds), respectively. The Fund has also been has awarded a Bronze rating by the fund rating firm.

"We're delighted to celebrate the distinguished track record of the Neuberger Berman Mid Cap Growth Fund under the leadership of Ken Turek," said Joseph Amato, Neuberger Berman's president and chief investment officer. "We're pleased the Fund has garnered praise from independent analysts including Morningstar's for its strategy and its performance. The focus on research and risk management, and on delivering attractive long-term performance are hallmarks of our firm's distinctive and enduring investment culture."

Ken Turek is a Chicago-based managing director at Neuberger Berman who manages more than $2.1 billion mid-cap assets for institutional and individual investors in separate account and mutual fund assets (as of December 31, 2012). Before joining Neuberger Berman in 2002, Turek was an institutional portfolio manager at Northern Trust. Earlier, he was a portfolio manager at National Investment Services and chief investment officer at ColeTaylor Bank.

About Neuberger Berman

Neuberger Berman is a private, independent, employee-controlled investment manager. It partners with institutions, advisors and individuals throughout the world to customize solutions that address their needs for income, growth and capital preservation. With more than 1,700 professionals focused exclusively on asset management, it offers an investment culture of independent thinking. Founded in 1939, the company provides solutions across equities, fixed income, hedge funds and private equity, and had $205 billion in assets under management as of December 31, 2012. For more information, please visit our website at www.nb.com.