Neuberger Berman Absolute Return Multi-Manager Fund Wins Institutional Investor “Innovation in Alternative Mutual Funds” Award

Media Contacts:

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

NEW YORK, April 21, 2015 –Neuberger Berman, one of the world’s leading private, employee-owned investment managers, is pleased to announce that its Absolute Return Multi-Manager Fund (tickers: NABIX, NABAX, NABCX, NRABX) (the Fund) was named last week as the winner of this year’s Institutional Investor magazine US Investment Management Awards for innovation in alternative mutual funds.

Neuberger Berman Absolute Return Multi-Manager Fund, launched in 2012, is a multi-strategy core hedge fund strategy seeking capital appreciation with an emphasis on absolute return by allocating capital among high quality hedge fund managers that employ various alternative investment strategies. Managing Directors David Kupperman and Jeffrey Majit lead a team of alternative investment veterans who oversee the Fund. Underlying hedge fund managers in the Fund currently include: Blue Jay Capital Management LLC for Healthcare Long/Short Equity; Cloud Gate Capital for Long/Short Equity; Gamco Investors for Merger Arbitrage; Cramer Rosenthal McGlynn and Lazard Asset Management for Global Equity Long/Short and Lazard for Japan Equity Long/Short; Good Hill Partners for Asset-Backed Securities; Levin Capital Strategies, LP and Visium for Event Driven; MacKayShields and SoundPoint Capital for Credit Long/Short; and SLS Capital for Equity Restructurings Long/Short.

“We are very pleased to have received this award, as it recognizes excellence amidst a very strong field of competitors,” said Kupperman. “We are very gratified to research and identify many of the best hedge fund managers and provide a vehicle for making their expertise available to the mutual fund marketplace.”

According to Institutional Investor, the winners of its 6th Annual US Investment Management Awards were chosen from a short list of top-performing managers across a range of investment strategies identified by the magazine’s editorial and research teams in conjunction with eVestment. Investment strategies were evaluated based on such factors as one-, three- and five-year performance, Sharpe ratio, information ratio, standard deviation and upside market capture. More than 1,000 leading U.S. pension plans, foundations, endowments and other institutional investors were also surveyed and voted for the top-performing managers in each strategy over the past year.

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 18 countries, Neuberger Berman’s team is more than 2,100 professionals and the company was named by Pensions & Investments as a 2013 and 2014 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 $251 billion in client assets as of March 31, 2015. For more information, please visit our website at www.nb.com.