Neuberger Berman Introduces Long Short Multi-Manager Fund

Media Contacts:

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

Range of Long Short Strategies, External Subadvisers Employed in Mutual Fund Structure

NEW YORK, December 19, 2013 – Neuberger Berman Group LLC, one of the world's leading employee-owned money managers, announced today the launch of Neuberger Berman Long Short Multi-Manager Fund (tickers: NLMIX, NLMAX, and NLMCX) (the "Fund"). The Fund seeks longterm capital appreciation with a secondary objective of principal preservation by allocating its assets to a select group of external hedge fund advisers that employ distinct long short strategies investing primarily in equity securities of companies throughout the world.

Unlike traditional hedge funds, the Fund provides daily liquidity, lower investment minimums ($1,000 for Class A and C shares), and 1099s for shareholders, while offering full transparency of portfolio holdings without a performance-based management fee. It employs the risk management and monitoring, mix of managers and long short strategies, and operational due diligence traditionally available only to institutional and high-net-worth investors through traditional hedge funds.

The Fund is managed by members of the Neuberger Berman Hedge Fund Solutions group serving the needs of institutional and high-net-worth investors since 2002, including David Kupperman, Ph.D., managing director; Jeff Majit, managing director; Ian Haas, senior vice president; Fred Ingham, managing director; and Eric Weinstein, managing director. The team currently manages the $630 million Neuberger Berman Absolute Return Multi-Manager Fund, introduced in 2012. Overall, Neuberger Berman currently manages over $42 billion in mutual fund assets.

"We believe 'liquid alternatives' – hedge fund strategies in a mutual fund format – can present attractive solutions for investors who have not been able to access traditional hedge funds as well as for defined contribution plan sponsors seeking to provide their participants with a full range of investment options," said David Kupperman.

Subadvisers for the Neuberger Berman Long Short Multi-Manager Fund are: Cramer Rosenthal McGlynn, LLC and Lazard Asset Management LLC, both for global long short equities; Levin Capital Strategies, L.P. for utilities long short investments; SLS Management, LLC for equity restructuring long short investments; and Turner Investments, L.P. for healthcare sector long short.

"We are delighted to introduce the Neuberger Berman Long Short Multi-Manager Fund in a format that offers the daily liquidity and accessibility of a mutual fund, and believe this fund can serve as a core hedge fund allocation for mutual fund investors," said Jeff Majit.

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. Neuberger Berman has more than 1,900 employees worldwide, with approximately 450 investment professionals, offering an investment culture of independent thinking. Founded in 1939, the company provides solutions across equities, fixed income, hedge funds and private equity, and had $227 billion in assets under management as of September 30, 2013. For more information, please visit our website at www.nb.com.

An investor should consider the Fund's investment objectives, risks and fees and expenses carefully before investing. This and other important information can be found in the Fund's prospectus or summary prospectus, which you can obtain by calling 877.628.2583 or visiting www.nb.com. Please read the prospectus or summary prospectus carefully before investing.

The Fund's performance will largely depend on the success of Neuberger Berman's methodology in allocating the Fund's assets to subadvisers, and its selection and oversight of the subadvisers. The subadvisers' investment styles may not always be complementary, which could adversely affect the performance of the Fund. Some subadvisers have little experience managing registered investment companies which, unlike the hedge funds these managers have been managing, are subject to daily inflows and outflows of investor cash and are subject to certain legal and tax-related restrictions on their investments and operations.

Stock markets are volatile and may decline significantly in response to adverse issuer, political, regulatory, market or economic developments. To the extent that the Fund sells stocks before they reach their market peak, it may miss out on opportunities for higher performance. Small- and mid-capitalization stocks trade less frequently and in lower volume than larger company stocks and thus may be more volatile and more vulnerable to financial and other risks. The employment of hedging strategies, if any, in an attempt to mitigate risk may cause the Fund's returns to be lower than if hedging had not been employed.

Investing in foreign securities may involve greater risks than investing in securities of U.S. issuers, such as currency fluctuations, potential social, political or economic instability, restrictions on foreign investors, less stringent regulation and less market liquidity. Securities issued in emerging market countries may be more volatile and less liquid than securities issued in foreign countries with more developed economies or markets as such governments may be less stable and more likely to impose capital controls as well as impose additional taxes and liquidity restrictions. Exchange rate exposure and currency fluctuations could erase or augment investment results. Funds may hedge currency risks when available, though the hedging instruments may not always perform as expected. Derivatives contracts on non-U.S. currencies are subject to exchange rate movements. The risks involved in seeking capital appreciation from investments primarily in companies based outside the United States are set forth in the prospectus. Shares in a Fund may fluctuate based on interest rates, market condition, credit quality other factors. In a rising interest rate environment, the value of a Fund's fixed-income investments is likely to fall. Derivatives may involve risks different from, or greater than, those associated with more traditional investments.

The Fund's investing approach may dictate an emphasis on certain sectors, industries, or sub-sectors of the market at any given time. To the extent the Fund invests more heavily in one sector, industry, or sub-sector of the market, it thereby presents a more concentrated risk and its performance will be especially sensitive to developments that significantly affect those sectors, industries, or sub-sectors. Two of the Fund's subadvisers invest primarily in securities of companies in the health care and utilities sectors, the Fund's performance may be adversely affected by a downturns in those two sectors.

Investments in the over-the-counter ("OTC") market introduces counterparty risk due to the possibility that the dealer providing the derivative may fail to timely satisfy its obligations. Investments in the futures markets also introduce the risk that its futures commission merchant ("FCM") may default on its obligations including the FCM's obligation to return margin posted in connection with a fund's futures contracts. Short sales, selling a security a fund does not own in anticipation that the security's price will decline, theoretically presents unlimited risk on an individual stock basis, since a fund may be required to buy the security sold short at a time when the security has appreciated in value. Leverage may amplify changes in a fund's net asset value. ETFs are subject to tracking error and may be unable to sell poorly performing stocks that are included in their index. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. The use of options involves investment strategies and risks different from those associated with ordinary securities transactions. A "covered call" involves selling a call option while simultaneously holding an equivalent position in the underlying security. A put option involves buying the right to sell a security at a specific price within a given time period.

Several of the strategies utilized by the Fund may engage in frequent and active trading and have a high portfolio turnover rate, which may increase the Fund's transaction costs, may adversely affect the Fund's performance or may generate a greater amount of capital gain distributions to shareholders than if the Fund had a low portfolio turnover rate.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. “Neuberger Berman Management LLC” and the individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Management LLC. ©2013 Neuberger Berman Management LLC, distributor. All rights reserved.