NB Alternatives Advisers LLC

Item 5:       Fees and Compensation

A. Fee Schedule

I. PRIVATE FUNDS

NBAA is typically compensated for its advisory services to the Private Funds based on a percentage
of assets under management (e.g., commitments, invested capital, or net asset value (“NAV”)) and
also can receive performance-based compensation from a Private Fund, as described below and in
more detail in the Private Fund Offering Documents.

Each Private Fund generally pays to NBAA (or its affiliate) semi-annual, quarterly or monthly
advisory or management fees (“Management Fees”) equal to a certain percentage of (i) the total
capital commitments (regardless of whether such capital has been invested) of the investors in the
applicable Private Fund; (ii) the total invested capital of the applicable Private Fund; or (iii) the
NAV (as defined in the applicable Private Fund Offering Documents). Management Fees can be
negotiable under certain circumstances. NBAA, or its affiliate acting as General Partner of a Private
Fund, in its discretion, is permitted to waive or reduce the Management Fee applicable to all or
any of the investors in each Private Fund or agree with an investor to waive or alter the
Management Fee as to that investor.

Each Private Fund also typically charges performance-based fees or makes performance-based
allocations of income. Those are typically in the form of carried interest distributions (“Carried
Interest” and, collectively with incentive allocations and any performance-based fees,
“Performance-based Compensation”) based on the net cash proceeds attributable to Private
Fund investments. Performance-based Compensation can be negotiable under certain
circumstances and is often subject to high water provisions or preferred returns, whereby NBAA
or an affiliate receives Performance-based Compensation only on increases in the NAV in excess
of the highest NAV the Client Account has previously achieved. Performance-based Compensation
generally is apportioned to the General Partners or special limited partners of the Private Funds,
which are affiliates of NBAA.2 NBAA or its affiliate, acting as the General Partner of a Private Fund,

2       In the case of certain legacy funds managed by Almanac Realty Investors and Insurance-Linked
Strategies, the Performance-based Compensation is apportioned to special limited partners or general
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in its discretion, is permitted to waive or reduce the Performance-based Compensation applicable
to all or any of the investors in each Private Fund or agree with an investor to waive or alter the
Performance-based Compensation as to that investor. The Performance-based Compensation for
certain Private Funds is subject to a “clawback,” in each case in accordance with such Private
Fund’s Offering Documents. Additionally, for a limited number of Private Funds, a portion of the
Management Fees or the Performance-based Compensation, or both, will be paid to one or more
anchor investors. As a result, NBAA may not have the same alignment of interests with the
investors of those Private Fund as they would have in the absence of the revenue share with those
anchor investors. See Item 6 for more information about Performance-based Compensation.

For certain Private Funds, in addition to management fees and Performance Fees, Neuberger
Wealth Account clients will be subject to a fee paid to Neuberger Berman BD LLC (“NBBD”) for
placement and onboarding services (“PW Access Fee”). The PW Access Fee is described in the
Offering Documents of the applicable Private Funds.

Management Fees and Performance-based Compensation will generally be waived or partially
waived in connection with capital commitments and contributions made by the General Partners
or related persons, such as Neuberger employees, senior advisors, and their families who, directly
or indirectly, invest, or have invested, in the Private Funds as well as certain Dyal Capital Partners-
managed private funds (each, a “Dyal Fund”) now managed by Blue Owl, including pursuant to
the Firm’s employee investment program.

Lower fees and expenses for comparable services are available from unaffiliated managers. The
fees and expenses of a Private Fund, including the Management Fee and Performance-based
Compensation, could constitute a higher percentage of average net assets than would be found in
other investment vehicles not managed by NBAA.

Management Fees, Performance-based Compensation, and PW Access Fees (where applicable) for
Private Funds are negotiable under certain circumstances. Investors should refer to the respective
Private Fund Offering Documents for additional or supplementary information regarding the
Private Fund, including the fees and expenses paid by such Private Fund.

II. SEPARATE ACCOUNTS

Separate Accounts pay a Management Fee equal to a certain percentage of the Separate Account’s
(i) total capital commitment (regardless of whether such capital has been invested); (ii) total
invested capital; or (iii) NAV (as defined in the relevant Separate Account Offering Documents).
Certain Separate Accounts also pay Performance-based Compensation. Fees are negotiable and set
forth in the relevant Separate Account Offering Documents. All U.S. Separate Account clients of
NBAA are Qualified Purchasers and those charged Performance-based Compensation must be
eligible to enter into such an arrangement under the Advisers Act.

partners that include members currently or previously not affiliated with NBAA (for example, former
Almanac employees and senior advisors).

Fees will vary depending on a variety of factors including, but not limited to, the identity of the
portfolio manager or group managing the account, account size and investment objectives.
Investors should refer to the respective Separate Account Offering Documents for additional or
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Item 7:        Types of Clients

NBAA’s clients include the Private Funds, the Separate Accounts, the U.S. Registered Funds, NBPE,
and the Sub-Funds of NB Alternative Funds SICAV S.A. Separate Account clients include U.S. and
non-U.S. institutional investors, including public and private pension plans.

Set forth below are the minimum account requirements for NBAA’s accounts:

Private Funds

Investors in the Private Funds generally must qualify as (1)(a) Accredited Investors; and (b)
Qualified Purchasers or knowledgeable employees; or (2) non-“U.S. persons” as defined under
Regulation S of the Securities Act.

The minimum investment required by an investor varies depending on the Private Fund and in
each case is subject to waiver by NBAA or the Private Fund’s General Partner. Potential investors
should review the applicable Private Fund Offering Documents for further information with
respect to minimum requirements for investment.

Separate Accounts

NBAA generally creates Separate Accounts for accounts in excess of $100 million but can consider
accounts with lesser commitment amounts in its sole discretion. These customized portfolios are
designed to meet the specific risk and return goals, liquidity restraints, factor sensitivity targets
and other requirements of its clients. Separate Account investors generally must qualify as (1)(a)
Accredited Investors and (b) Qualified Purchasers; or (2) non-“U.S. persons” as defined under
Regulation S of the Securities Act.

U.S. Registered Funds

Investors in the U.S. Registered Funds (except the Interval Funds) generally must be Qualified
Clients eligible to be charged Performance-based Compensation under the Advisers Act. Certain of
the U.S. Registered Funds also require investors to be Accredited Investors. Please refer to the U.S.
Registered Fund Offering Documents for information pertaining to the U.S. Registered Funds.

NBPE

Investors in NBPE generally must qualify as (1)(a) Accredited Investors; and (b) Qualified
Purchasers or knowledgeable employees; or (2) non-“U.S. persons” as defined under Regulation S
of the Securities Act.

Sub-Funds of NB Alternative Funds SICAV S.A.

Investors in the Sub-Funds must be eligible investors as set out in the Sub-Fund Offering
Documents pertaining to each Sub-Fund.