Neuberger Berman Large Cap Value Fund Top 1% for 2016 as Active Manager Outperforms Benchmark

Media Contact:

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

Large Cap Value Fund Managers’ Conviction-based Approach Identifies Undervalued Companies and Leads to Outperformance

New York, January 31, 2017 — The Neuberger Berman Large Cap Value Fund institutional class generated a 28.48% return for the 2016 calendar year, ranking in the first percentile of Morningstar, Inc.’s Large Value Category (out of 1268 funds), and outperforming the Russell 1000 Value Index by over 1,100 basis points (tickers: NPNAX, NBPBX, NPNCX, NBPIX, NPRTX, NPNRX, NBPTX) (the “Fund”). The Fund’s institutional class returns were 7.87% for the three years and 14.11% for five years ended December 31, 2016 placing it in the 27th (out of 1088 funds) and 26th (out of 934 funds) percentiles respectively.

Eli Salzmann, the Fund’s Portfolio Manager, utilizes a value-investing discipline with a patient, conviction-based approach creating a portfolio wherein the top 10 contributors of the Fund’s 2016 returns accounted for a 37.6% average weighting, while the 10 worst performers accounted for only a 9.9% average weighting; 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 business-friendly environment characterized by lower taxes, less restrictive regulations and robust capital spending, which could provide a tailwind for corporate earnings and stocks in the United States. As interest rates begin to normalize, stock performance will once again be differentiated by company fundamentals, creating an environment that may benefit high-conviction, fundamental investors.”

December 2016 marked five years since Mr. Salzmann has managed the fund. Mr. Salzmann has close to 30 years of 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 equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 19 countries, Neuberger Berman’s team is more than 1,900 professionals and the company has been named by Pensions & Investments as a Best Place to Work in Money Management for four consecutive years. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $255 billion in client assets as of December 31, 2016. For more information, please visit our website at www.nb.com.