Neuberger Berman Europe Limited

Item 5:       Fees and Compensation

A. Fee Schedule

Funds and Separate Accounts
Client Accounts are charged a management fee. In very limited circumstances, Client Accounts may
also be charged a fee based on the performance of the Account (a “performance fee”) in addition
to the management fee. Fees are negotiable and are set forth in the investment management
agreement with the Client. There may be differences in fees paid by certain Clients or Client
Accounts. In addition, some Client Accounts may pay more or less than others for the same or
similar services depending on, for example, account inception dates, number or value of related
accounts, total assets under management, fee negotiation, fee waiver or the manner in which NBEL
services are obtained.
Detailed descriptions of the management and performance fees can be found in the respective
Offering Documents of the Funds, or the applicable investment management agreement for the
Separate Accounts.
Sub-Advised Accounts
Sub-advisory fees for the Sub-Advised Accounts are individually negotiated and vary depending
on the account. NBEL receives management fees in its role as sub-adviser to certain funds and
accounts offered, sponsored or managed by its affiliates.

B. Payment Method

Calculation and Payment of Fees
Management fees generally accrue on a daily or monthly basis, depending on the particular
requirements of each Client Account, and generally are charged monthly in arrears as documented
in the relevant investment management agreement. Where a performance fee is charged for a
Client Account, such fees accrue on a daily, monthly basis or other basis, depending on the
particular requirements of each Client Account, and may be payable semi-annually or annually in
arrears, as set forth in the investment management agreement of each particular Client Account.
Client Accounts may be invoiced for any management fees or performance fees (where
applicable), or such fees may be deducted directly from the Client Account, in accordance with the
investment management agreement governing the particular Client Account.
Where NBEL begins managing an account during the applicable fee calculation period, the fee
charged for such period will be pro-rated based on the portion of the period that NBEL actually
manages the account.
Termination of an agreement will not affect or preclude the consummation of any transaction
initiated prior to termination and the Client Account may be subject to transaction-related costs
associated with the unwinding of such transactions.
Valuation of Assets

The market value of securities and other financial instruments is determined by unaffiliated third-
party service providers, which also serve as administrator or custodian for NBEL Client Accounts.
NBEL uses market values of securities generally obtained from various quotation services for its
own internal purposes. Each Client generally retains a third-party administrator or custodian to
provide various administrative services to the Client. For each Client, this may include keeping the
official books and records, calculating the Client Account’s NAV, as well as other administrative
services on behalf of the Client.
Where significant issues regarding valuation arise that cannot be addressed by the methods
described above, NBEL will convene the European Valuations and Pricing Committee to evaluate
the issues and seek prompt resolution thereof.

C. Other Fees and Expenses

In addition to the management and performance fees paid to NBEL, Client Accounts are charged
other fees associated with their accounts and investments. Such fees include the following:
Custodial Fees
Each Client has generally engaged either a prime broker or custodian, depending on the specific
requirements of the Client, to hold the Client’s assets and will bear any fees charged by such prime
broker or custodian. To the extent that cash is held in such accounts and fees are charged by the
provider of such service, the fees so incurred by the Client will be in addition to the fee payable to
NBEL on the overall value of the account. See Item 15.
Transaction-Related Fees
Client Accounts generally must bear all transaction-related costs, including brokerage
commissions, for transactions affected for the account. See Item 12.
Other Fees and Expenses
Investors in the Funds will incur other fees and expenses associated with their investments in such
Funds. Fund expenses are described in the respective Fund’s Offering Document. These expenses,
in addition to brokerage and other transaction-related costs will generally include the fees and
expenses of other service providers to the Fund, such as prime brokers, custodians, transfer
agents, administrators, valuation agents, auditors and counsel.
The Client Accounts may themselves invest in other funds as described in each Fund’s Offering
Document or investment management agreement. To the extent a Client Account invests in
another unaffiliated fund, it will bear the costs and expenses associated with an investment in that
underlying fund. If, however, a Client Account invests in another affiliated Fund, the fees
associated with that underlying fund will typically be waived.

D. Prepayment of Fees and Refunds

As described above, management fees may be paid monthly or quarterly, in arrears depending on
the particular requirements of each Client Account. Certain Clients are charged performance fees
at the end of their fiscal year, or upon withdrawal by an investor in the case of a Fund. Investors
should refer to the applicable Offering Document if investing in a Fund for more information

related to fees.

E. Sales Compensation

NBEL’s products and strategies may be marketed by the Firm’s salesforce (the members of the
Firm’s salesforce, the “Salespersons”), which also markets the products and strategies of NBEL’s
affiliates. Certain Salespersons are registered representatives of NBEL’s affiliate, Neuberger
...

Item 7:       Types of Clients

NBEL provides investment management services to institutional clients, including insurance
companies, banks, investment companies, pension schemes, trusts, charitable organizations
foundations, corporations, other financial institutions and other business entities.
The minimum investment required by an investor in a Fund varies depending on the particular
Fund. In general, NBEL requires a commitment in excess of $50 million in order to set up a
Separate Account, but may consider smaller investments in its discretion. A detailed description
of the minimum investments for each Fund is contained in the relevant Fund’s Offering
Documents.