Neuberger Berman Investment Advisers LLC

Item 5:        Fees and Compensation

A. Fee Schedule

1. Separate Accounts

NBIA’s standard fee schedules for Separate Accounts are set forth below. See also Item 7 for
minimum account size requirements. The fees payable to NBIA for Separate Accounts are
generally based on a percentage of the market value of the assets held in the Separate Account.
Some Separate Accounts are subject to minimum annual fees. In limited circumstances, NBIA also
provides investment management services to a Separate Account for a fixed fee. NBIA negotiates
the Separate Account standard fee schedules from time to time for certain accounts based on a
variety of factors including the account size, investment objectives, whether or not the Separate
Account involves a Multi-Asset Strategy Mandate and the type and number of other accounts a
client has with NBIA, including other accounts with affiliates of NBIA. Also, certain strategies do
not have standard fee schedules but are individually negotiated based on a variety of factors
including the portfolio manager or group managing the account, account size and investment
objectives. There are also differences in fees paid by certain clients based on (i) account inception
dates, including clients who became clients as the result of an acquisition or “lift-out” of a firm or
investment personnel by NBIA, or whose accounts are managed or serviced by individuals or
teams who have joined NBIA through such an acquisition or lift-out and (ii) arrangements with
the client’s third-party intermediary or consultant. Additionally, some Separate Account clients
are billed on fee schedules that are no longer offered. Those schedules are not otherwise available
to new or other existing clients of NBIA. In certain limited circumstances, Institutional Account
fee schedules are also offered to non-Institutional Account clients. Further, Neuberger Wealth
Account clients who have assets managed by the portfolio management groups for Institutional
Accounts will generally be subject to Neuberger Wealth Account fee schedules, and vice versa.
Moreover, certain Neuberger Wealth Accounts that are serviced by, introduced to, or that obtain
access to, NBIA or NBIA products by or through other entities, such as third-party broker-dealers
and investment advisers, are generally subject to varying types and degrees of client services
directly from such other entity and consequently some of those accounts are subject to a NBIA fee
schedule that provides for lower fees than NBIA’s published fee schedules for the same products
serviced directly by NBIA.

The billing for certain strategies is based on notional exposure for the Client Account. In addition,
the management and billing for certain options strategies are based on target notional
exposure/value. The target notional exposure/value is often higher or lower than the actual
notional exposure for the Client Account. In addition, options strategies can be implemented on
an overlay basis. In those cases, the assets serving as collateral for the option strategies are held
outside of the Client Account in which the options strategies are implemented. Accordingly,
Clients should be aware that those assets are generally invested in managed investment products
and strategies, including products and strategies of NBIA or its affiliates, which themselves are
subject to fees and expenses that are separate and distinct from, and in addition to, the fees and

expenses for the Client Account, including any fees assessed for the Client Account that are based
upon the target notional exposure/value for the Client Account.

In some instances, based upon particular facts and circumstances and, as permitted by applicable
law, NBIA as a courtesy will, in its sole discretion, permit “family billing” arrangements, where the
account values of two or more related accounts are combined for the purpose of reducing the
overall fees paid by the clients. With respect to existing Separate Account clients that convert to
an investment through the Wealth Advisory Program, the “family billing” calculation will
generally take into account a discount to the Wealth Program Client’s fees that reflects the Wealth
Program Client’s existing effective fee rate at the time of the conversion. For those Wealth
Program Clients, the discount will not apply to the investment strategy fee of any strategy in which
the Wealth Program Client’s assets are invested thereafter. For Neuberger Wealth Accounts, any
“family billing” arrangement is non-contractual and NBIA is permitted to terminate or change the
arrangement at any time. Because “family billing” would result in a Separate Account client paying
lower fees to NBIA, and NBIA and its employees are generally compensated based on the revenues
generated by NBIA and its affiliates with respect to its clients, this creates an incentive for NBIA
and its employees to limit “family billing” arrangements or to combine accounts in a manner that
limits the reductions of fees.

NBIA will, in its sole discretion, reduce or waive fees (including minimum annual fees) or apply a
different fee schedule for certain of its Separate Account clients, including employees and affiliates
of the Firm and certain clients who invest in new strategies or products at the initial launch.

Some Neuberger Wealth Accounts will include Client-Directed Transactions, which are generally
not included in the valuation of the Client Account for purposes of calculating the advisory fee
payable to NBIA.

For Neuberger Wealth Accounts, clients generally enter into agreements where advisory services
are provided by NBIA and brokerage services are provided by NBBD. Certain of the fee schedules
below assume that the clients have entered into such agreements and consented to the use of
NBBD as broker for the accounts. Generally, those accounts are billed an “all-inclusive” fee that
captures NBIA’s investment management and NBBD’s brokerage fees. In those cases, no separate
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Item 7:          Types of Clients

NBIA provides investment advisory and sub-advisory services to individuals and institutional
clients, including registered investment companies, pension plans, trusts, charitable
organizations, foundations, endowment funds, corporations, insurance companies, banks, other
financial institutions, other business entities, unregistered investment vehicles, collateralized
loan obligation vehicles, and state and municipal entities and other governmental entities, as well
as individuals. NBIA also serves as an investment adviser or sub-adviser to non-U.S.-domiciled
clients, including non-U.S. investment companies not subject to the Investment Company Act.

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

Institutional Accounts—Generally, there is a minimum account size of $25 million for all Equity
Institutional Accounts and $50 million for all Fixed Income Institutional Accounts, except for the
following:

   Equity

   •   All Cap Intrinsic Value mandates: $500k

   •   Mid Cap Intrinsic Value, REIT, Small Cap Intrinsic Value, Sustainable Equity, Large Cap
       Core, Large Cap Growth, and All Cap Core mandates: $10 million

   •   Global Equity Megatrends (Fully Invested) mandates: $20 million

   •   Large Cap Value, Multi-Cap Opportunities mandates: $50 million

   •   China Equity mandates: $100 million

   Fixed Income

   •   Emerging Markets Debt—Blend mandates: $150 million

   •   Crossover Credit, Strategic Multi-Sector Fixed Income, Global Opportunistic Bond, Multi-
       Sector Credit, , Emerging Markets Debt – Asia Hard Currency, , Emerging Markets Debt—
       Hard Currency, Emerging Markets Debt—Local Currency, Emerging Markets Debt—
       Corporate, and Emerging Markets Debt—Short Duration mandates: $100 million

   •   European High Yield mandates: €50 million

   •   Municipal – Intermediate / Long Duration, Municipal – Cash / Short Duration, Diversified
       Currency, CLO Equity and Diversified Currency High Alpha mandates: $25 million

The minimum account size for the Alternatives and Multi-Asset Strategy Institutional Accounts is
as follows:

   •   S&P 500 PutWrite (OTM), Global PutWrite (OTM), and Emerging Markets PutWrite (ATM),
       Russell 2000 Strangle, S&P 500 Strangle, and S&P 500 Iron Condor mandates: $10 million

   •   S&P 500 PutWrite (ATM), U.S. PutWrite (ATM), and Global PutWrite (ATM) mandates: $25
       million

   •   Risk Parity: $30 million

   •   Commodities and Multi-Asset Income mandates: $50 million

   •   Risk Premia—5%, Risk Premia—10%, Long Short Equity, Global Multi-Asset Absolute
       Return and Global Multi-Asset Relative Return mandates: $100 million

NBIA also manages customized Institutional Accounts that are designed to meet the specific risk
and return goals, liquidity restraints, factor sensitivity targets and other requirements of its
clients. Customized Institutional Accounts generally have a minimum account size of $100 million.

NBIA can lower an account minimum at its discretion. NBIA can negotiate higher minimum
account sizes for Multi-Asset Strategy Mandates.

Neuberger Wealth Accounts— The Wealth Advisory Program is typically available to clients
investing a minimum of $5 million. Individual investment strategy accounts are typically available
to clients investing a minimum of $1 million. Certain offerings may be available at lower
investment minimums; for example, GPS Program accounts require a minimum initial investment
of $100,000 with a minimum for subsequent investments of $5,000. NBIA can change or waive
the minimums for particular clients, including employees of NBIA or its affiliates.

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. Certain Private Funds rely on Section 3(c)(1) of the Investment Company Act. The investors
in those Private Funds are not required to be “qualified purchasers” or “knowledgeable
employees”; rather those Private Funds restrict the beneficial ownership of its outstanding
securities to not more than one hundred persons. For Private 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 NBIA or the Private Fund’s GP Entity. Investors should review
the Offering Documents for each applicable Private Fund for further information with respect to
minimum requirements for investment.

Affiliated Registered Funds— NBIA serves as the investment adviser to the Affiliated Registered
Funds. NBIA also serves as the administrator to the Listed Closed End Funds. Certain Affiliated
Mutual Funds will only be sold to insurance company separate accounts in connection with
variable life insurance contracts and variable annuity certificates and contracts issued by

unaffiliated insurance companies and other qualified plans, accounts, funds and investors. Certain
Registered PE Funds will only be sold to investors that are both (a) “accredited investors” under
Regulation D under the Securities Act, and (b) “qualified clients” as defined in Rule 205-3 under
the Advisers Act. The eligibility and minimum investment requirements for the Affiliated
Registered Funds are described in each Affiliated Registered Fund’s Registration Statement.

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

Wrap and Related Program Accounts— The minimum account size will vary by Program, as set
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