Neuberger Berman Canada ULC

Item 5:       Fees and Compensation

A. Fee Schedule

I. Separate Accounts (Other Than Sub-Advised Separate Accounts)

NB Canada’s fee schedules for Separate Accounts generally range up to 1.00% per annum of net
assets under management.

Fees depend, in part, on the size of the investment and the investment objective of that particular
Separate Account. See Item 7 for minimum account size requirements.

Management fees for Separate Accounts are generally based on a percentage of the market value
of the assets held in the Separate Account. NB Canada negotiates the Separate Account
management fee for each Separate Account based on a variety of factors, including the account
size and investment objectives. There may be differences in fees paid by certain clients based on
account inception dates.

The nature and scope of the advice provided to each Separate Account is tailored to each specific
investor; therefore, the management fee for each Separate Account is negotiable.

NB Canada may, in its sole discretion, reduce or waive fees or apply a different fee schedule for
any of its Separate Account clients, including employees and affiliates of the Firm and clients who
invest in new strategies at the initial launch.
NB Canada does not receive any performance-based compensation with respect to Separate
Accounts.

II. Private Funds

Pursuant to each of NB Canada’s investment management agreements with each Private Fund, NB
Canada receives a management fee up to 0.90% per annum that generally is based on the net asset
value (“NAV”) of each investor’s account in the Private Fund.

In some instances, NB Canada will also receive a performance fee (“Performance Fee”) (which
may be in the form of an incentive fee/allocation). The Performance Fee is generally based on a
share of capital gains on, or capital appreciation of, the assets of the relevant Private Fund.

The management fee for Private Funds may be negotiable under certain circumstances. The
performance-based compensation is generally not negotiable; however NB Canada or a Private
Fund’s general partner or managing member customarily retains discretion to waive or reduce the
management fees and Performance Fees as to all or any of the investors in a Private Fund,
including affiliates and employees (and relatives of such persons) of the Firm.

Investors should refer to the Offering Documents for the relevant Private Fund for further
information with respect to fees.

III. Sub-Advised Funds and Sub-Advised Separate Accounts

The adviser to each Sub-Advised Fund and Sub-Advised Separate Account has entered into a sub-
advisory agreement with NB Canada. In cases where advisory functions are delegated to an
affiliated investment advisor, a portion of the overall fee paid by the client is shared among the
relevant affiliates entities as determined between them. In all other cases, pursuant to each sub-
advisory agreement, NB Canada receives an advisory fee at a specified rate equal to a percentage
of the fund’s average daily net assets, with respect to the Sub-Advised Funds or a separate
account’s net assets under management, with respect to Sub-Advised Separate Accounts. NB
Canada’s fees with respect to its services as sub-adviser to each Sub-Advised Fund and Sub-
Advised Separate Account are generally individually negotiated (and, as such, will vary), and are
set forth in its sub-advisory agreement with each fund/investment adviser.

Certain sub-advised strategies (marketed as Custom Direct Investing, or CDITM) managed by NB
Canada on a sub-advised basis are offered through its affiliate, NBIA. Clients of NBIA who have
elected a CDITM strategy who have received the ADV materials for both NB Canada and NBIA should
refer to Item 5.A.1.a. of the client brochure for NBIA for the applicable advisory fees for their
accounts. For a discussion of conflicts of interest relating to fees charged to retail clients, please
see      NB       Canada’s       Conflict     Disclosures,      which      are      available       at
https://www.nb.com/en/global/regulatory-disclosures/conflicts-disclosure-nbc and NBIA’s
Conflicts Disclosures, which are available at http://www.nb.com/conflicts_disclosure_nbia/.

IV. Wrap Accounts

Wrap Clients pay Wrap Sponsors a bundled or “wrapped” fee that typically covers investment
management, trade execution, custodial services and other administrative services. Of that fee,
the Wrap Sponsors, in turn, pay advisory fees to the sub-adviser, such as NB Canada, that they
select to provide portfolio management services with respect to their Wrap Clients. NB Canada
generally negotiates its fees with each Wrap Sponsor, subject to varying factors, including the
Wrap Sponsor’s program size and style, the services performed by the Wrap Sponsor, and other
factors.

Wrap Clients should be aware that services similar or comparable to those provided to them as
participants in Wrap Programs are often available at a higher or lower aggregate cost elsewhere
either separately or on an unbundled basis. The overall cost to a Wrap Client that participates in
a Wrap Program can be higher than the aggregate cost of paying NB Canada’s standard advisory
fee for Separate Accounts, negotiating custody fees with a custodian and negotiating transaction
charges with a broker-dealer payable on a per transaction basis, depending upon the level of
custody fees and the number of securities transactions in the Wrap Client’s account. However,
typically Wrap Clients would not be eligible (due to the size of their accounts) for NB Canada’s
Separate Account management services and, therefore, could not otherwise have their assets
separately managed by NB Canada. NB Canada does not undertake any initial or ongoing

responsibility to assess for any Wrap Client the value of the services provided by the Wrap
Sponsor.

To the extent a Wrap Client has authorized the Wrap Sponsor to arrange for payment of the
...

Item 7:       Types of Clients

NB Canada provides investment advisory and sub-advisory services to individuals (all such
relationships are sub-advisory in nature) and institutional clients, including pension plans, trusts,
foundations, corporations, insurance companies, other financial institutions, other business
entities and unregistered investment vehicles .

Institutional Accounts— NB Canada manages customized Separate Accounts that are designed
to meet the specific risk and return goals, liquidity restraints, factor sensitivity targets and
other requirements of its clients. These Separate Accounts generally have a minimum account size
of $25 million. NB Canada may lower an account minimum at its discretion.

Private Funds— In general, investors in Private Funds must be (1)(a)“accredited investors”
under Regulation D under the Securities Act, and (b) “qualified purchasers” under Section
2(a)(51)(A) of the Investment Company Act or “knowledgeable employees” under Rule 3c-5 of the
Investment Company Act or (2) not “U.S. Persons” as defined under Regulation S of the Securities
Act. In addition, investors subject to Canadian securities laws must qualify as “permitted clients”
as defined in Canadian National Instrument 31-103 Registration Requirements, Exemptions and
Ongoing Registrant Obligations. For those funds that charge a Performance Fee, investors must be
eligible to enter into a Performance Fee arrangement under the Advisers Act.

The minimum investment required by an investor varies depending on the Private Fund and in
each case is subject to waiver by NB Canada or the Private Fund’s general partner, managing
member or similar entity. Investors should review the Offering Documents for each applicable
Private Fund for further information with respect to minimum requirements for investment.

Sub-Advised Funds and Sub-Advised Separate Accounts— Minimum account requirements for
Sub-Advised Funds and Sub-Advised Separate Accounts are generally established by the
intermediary investment adviser.

Wrap Program Accounts— The minimum account size will vary by Wrap Program, as set up by
the Wrap Program Sponsor or designated broker for its Wrap Program Clients, but is typically
$100,000 for equity accounts.
Non-Discretionary Services— Generally, the minimum account size for Non-Discretionary
Accounts is consistent with the information described above for Separate Accounts. For certain
Non-Discretionary Accounts account, size will be inapplicable.