Disruptive Forces in Investing

Using a deeper lens into financial crisis management and technological advances, we explore the investment behaviors of Millennials, the newest wave of investors, in comparison to their parents’ and grandparents’ generations before them. How are younger investors managing risk during this period of volatility in the markets? Are the more seasoned investors leaning as heavily into technology as their newer investor counterparts? Senior Vice President within Neuberger Berman Private Wealth Management, Joshua Bronstein, sits down with host of Disruptive Forces, Anu Rajakumar, who returns to the show, to discuss the generational investing spectrum and more.     This podcast includes general market commentary, general investment education and general information about Neuberger Berman.  It is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security.  This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of recording and is subject to change without notice.  Any views or opinions expressed may not reflect those of the firm as a whole. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.  Neuberger Berman products and services may not be available in all jurisdictions or to all client types. The use of tools cannot guarantee performance.  Diversification does not guarantee profit or protect against loss in declining markets.  Investing entails risks including the possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.   The views expressed herein may include those of the Neuberger Berman Multi-Asset Class (MAC) team, Neuberger Berman’s Asset Allocation Committee and Neuberger Berman’s Investment Strategy Group (ISG). The Asset Allocation Committee is comprised of professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large diversified mandates. Tactical asset allocation views are based on a hypothetical reference portfolio. ISG analyzes market and economic indicators to develop asset allocation strategies. ISG consists of five investment professionals and works in partnership with the Office of the CIO. ISG also consults regularly with portfolio managers and investment officers across the firm. The views of the MAC team, the Asset Allocation Committee and ISG may not reflect the views of the firm as a whole, and Neuberger Berman advisers and portfolio managers may take contrary positions to the views of the MAC team, the Asset Allocation Committee and ISG. The MAC team, the Asset Allocation Committee and ISG views do not constitute a prediction or projection of future events or future market behavior.   Discussions of any specific sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision.  The firm, its employees and advisory accounts may hold positions of any companies discussed.  It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable.  Any discussion of environmental, social and governance (ESG) factor and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision.  ESG factors are one of many factors that may be considered when making investment decisions.    This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions.    The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.                 © 2020 Neuberger Berman Group LLC. All rights reserved.

As of the 31st of January of this year, Brexit went into effect per the vote cast on the 23rd of June back in 2016. With the added element of the COVID-19 pandemic and its associated economic implications, how should global investors be thinking in our view as we approach 2021? How could those implications impact the United Kingdom’s trade relationship with the European Union? Joe McDonnell, Head of Portfolio Solutions, EMEA, sits with Head of EMEA Investment Writing, Martin Steward, to discuss the road ahead in this new, post-Brexit economy.       This podcast includes general market commentary, general investment education and general information about Neuberger Berman.  It is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security.  This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of recording and is subject to change without notice.  Any views or opinions expressed may not reflect those of the firm as a whole. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.  Neuberger Berman products and services may not be available in all jurisdictions or to all client types. The use of tools cannot guarantee performance.  Diversification does not guarantee profit or protect against loss in declining markets.  Investing entails risks including the possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.   The views expressed herein may include those of the Neuberger Berman Multi-Asset Class (MAC) team, Neuberger Berman’s Asset Allocation Committee and Neuberger Berman’s Investment Strategy Group (ISG). The Asset Allocation Committee is comprised of professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large diversified mandates. Tactical asset allocation views are based on a hypothetical reference portfolio. ISG analyzes market and economic indicators to develop asset allocation strategies. ISG consists of five investment professionals and works in partnership with the Office of the CIO. ISG also consults regularly with portfolio managers and investment officers across the firm. The views of the MAC team, the Asset Allocation Committee and ISG may not reflect the views of the firm as a whole, and Neuberger Berman advisers and portfolio managers may take contrary positions to the views of the MAC team, the Asset Allocation Committee and ISG. The MAC team, the Asset Allocation Committee and ISG views do not constitute a prediction or projection of future events or future market behavior.   Discussions of any specific sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision.  The firm, its employees and advisory accounts may hold positions of any companies discussed.  It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable.  Any discussion of environmental, social and governance (ESG) factor and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision.  ESG factors are one of many factors that may be considered when making investment decisions.    This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions.    The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.                 © 2020 Neuberger Berman Group LLC. All rights reserved.

Economic policy, geopolitical issues, COVID-19 crisis and a supreme court nominee, to name a few, all come into play when it comes to the next president of the United States. The choice that Americans face in the upcoming election will impact not only the next four years in the United States but could impact the world at large. To understand more about Donald Trump and Joe Biden as candidates, and provide thoughts on who might be the next president, we invited Dr. Sam Potolicchio, PhD, political scientist and professor at Georgetown University to sit with Neuberger Berman’s President and CIO—Equities, Joe Amato, to speak more about what is at stake as the U.S. election nears.   This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.  This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. © 2020 Neuberger Berman Group LLC. All rights reserved.

Volatility is not a word that the Options market is a stranger to, but after a period of relative calm, Options market volatility has returned for the foreseeable future. The first question that comes to mind is – are the opportunities still there amid these volatile times? And if so, are emerging Options investors in a good position to go out and find them? Derek Devens, Managing Director and Senior Portfolio Manager of the Neuberger Berman Option group, chats with Vanessa Rosenthal, COO of Neuberger Berman’s Quantitative and Multi-Asset Class Investments, on what the options are in Options investing.     This podcast includes general market commentary, general investment education and general information about Neuberger Berman.  It is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security.  This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of recording and is subject to change without notice.  Any views or opinions expressed may not reflect those of the firm as a whole. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.  Neuberger Berman products and services may not be available in all jurisdictions or to all client types. The use of tools cannot guarantee performance.  Diversification does not guarantee profit or protect against loss in declining markets.  Investing entails risks including the possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. The views expressed herein may include those of the Neuberger Berman Multi-Asset Class (MAC) team, Neuberger Berman’s Asset Allocation Committee and Neuberger Berman’s Investment Strategy Group (ISG). The Asset Allocation Committee is comprised of professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large diversified mandates. Tactical asset allocation views are based on a hypothetical reference portfolio. ISG analyzes market and economic indicators to develop asset allocation strategies. ISG consists of five investment professionals and works in partnership with the Office of the CIO. ISG also consults regularly with portfolio managers and investment officers across the firm. The views of the MAC team, the Asset Allocation Committee and ISG may not reflect the views of the firm as a whole, and Neuberger Berman advisers and portfolio managers may take contrary positions to the views of the MAC team, the Asset Allocation Committee and ISG. The MAC team, the Asset Allocation Committee and ISG views do not constitute a prediction or projection of future events or future market behavior. Discussions of any specific sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed.  It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Any discussion of environmental, social and governance (ESG) factor and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision.  ESG factors are one of many factors that may be considered when making investment decisions.   This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. © 2020 Neuberger Berman Group LLC. All rights reserved.

COVID-19 has created a “new normal” as we navigate today’s unknowns, especially when it comes to travel. As we continue to maintain social distancing guidelines, how has the travel industry been keeping up with the new ways of operating under these circumstances? What can we anticipate from travel sectors in the months ahead? Kevin McCarthy, Senior Research Analyst in Lodging and Leisure, and Michael Barr, Senior Research Analyst in Airlines and Transportation, speak to Peter Andjelkovich, Managing Director at Neuberger Berman, to help to answer these questions and more.     This general market summary and the opinions and beliefs expressed in this podcast are provided for general informational purposes only.  Nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security, and the views and beliefs expressed are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally.  This presentation is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this presentation should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability, and has not been independently verified. All information, opinions and beliefs set forth in this presentation are current as of the date of this presentation and are subject to change without notice.  We do not undertake to advise you of any change in the opinions and beliefs or the information contained in this presentation.  Any views or opinions expressed may not reflect those of the firm as a whole. We may issue presentations or have opinions that are inconsistent with, and reach different conclusions from, this presentation.  No representation is made that any investment process, investment objectives, goals or risk management techniques discussed herein will or are likely to be achieved or successful.   Any forward-looking opinions, beliefs, estimates, assumptions, outlooks, projections, assessments, or similar statements (collectively, “Statements”), constitute only subjective views, estimations or intentions, should not be relied on, are subject to change due to many factors, including fluctuating market conditions and economic factors.  Such Statements involve inherent risks, many of which cannot be predicted or quantified and are beyond our control.  Future evidence and actual results could differ materially from those set forth in, contemplated by, or underlying these Statements, which are subject to change without notice.  Considering the foregoing, there can be no assurance and no representation is given that these Statements are now, or will prove to be, accurate or complete.  Neuberger Berman undertakes no responsibility or obligation to revise or update such Statements.   Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Diversification does not guarantee profit or protect against loss in declining markets. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Investments in hedge funds, private equity and other private funds are speculative and involve more risk than more traditional investments. Investments in hedge funds, private equity and other private funds are intended for sophisticated investors only. Past performance is no guarantee of future results.   Portfolio, volatility or return targets or objectives, if any, are used solely for illustration, measurement or comparison purposes. Such targets or objectives reflect subjective determinations based on a variety of factors including, among others, strategy and prior performance (if any), volatility measures, portfolio characteristics and risk, and market conditions.  Volatility and performance will fluctuate, including over short periods, and should be evaluated over the time indicated and not over shorter periods.  Performance targets or objectives should not be relied upon as an indication of actual or projected future performance.  Actual volatility and returns will depend on a variety of factors including overall market conditions and the ability of to implement the contemplated investment process, investment objectives and risk management.  No representation is made that these targets or objectives will be achieved, in whole or in part.   The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.   © 2020 Neuberger Berman Group LLC. All rights reserved.

The real estate market has been heavily impacted as a result the COVID-19 crisis. Investors have needed to evolve alongside the current societal shift. With all of this change, have new investment opportunities come up or is now too risky to invest? In this episode, Matthew Kaplan, Head of Almanac Realty Investors and Managing Director at Neuberger Berman, in conversation with guest moderator Matthew Malloy, Head of the North American Institutional Client Group and Global Head of Insurance Solutions, dives deeper into today’s real estate investing landscape and more.     This general market summary and the opinions and beliefs expressed in this podcast are provided for general informational purposes only.  Nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security, and the views and beliefs expressed are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally.  This presentation is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this presentation should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability, and has not been independently verified. All information, opinions and beliefs set forth in this presentation are current as of the date of this presentation and are subject to change without notice.  We do not undertake to advise you of any change in the opinions and beliefs or the information contained in this presentation.  Any views or opinions expressed may not reflect those of the firm as a whole. We may issue presentations or have opinions that are inconsistent with, and reach different conclusions from, this presentation.  No representation is made that any investment process, investment objectives, goals or risk management techniques discussed herein will or are likely to be achieved or successful.   Any forward-looking opinions, beliefs, estimates, assumptions, outlooks, projections, assessments, or similar statements (collectively, “Statements”), constitute only subjective views, estimations or intentions, should not be relied on, are subject to change due to many factors, including fluctuating market conditions and economic factors.  Such Statements involve inherent risks, many of which cannot be predicted or quantified and are beyond our control.  Future evidence and actual results could differ materially from those set forth in, contemplated by, or underlying these Statements, which are subject to change without notice.  Considering the foregoing, there can be no assurance and no representation is given that these Statements are now, or will prove to be, accurate or complete.  Neuberger Berman undertakes no responsibility or obligation to revise or update such Statements.   Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Diversification does not guarantee profit or protect against loss in declining markets. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Investments in hedge funds, private equity and other private funds are speculative and involve more risk than more traditional investments. Investments in hedge funds, private equity and other private funds are intended for sophisticated investors only. Past performance is no guarantee of future results.   Portfolio, volatility or return targets or objectives, if any, are used solely for illustration, measurement or comparison purposes. Such targets or objectives reflect subjective determinations based on a variety of factors including, among others, strategy and prior performance (if any), volatility measures, portfolio characteristics and risk, and market conditions.  Volatility and performance will fluctuate, including over short periods, and should be evaluated over the time indicated and not over shorter periods.  Performance targets or objectives should not be relied upon as an indication of actual or projected future performance.  Actual volatility and returns will depend on a variety of factors including overall market conditions and the ability of to implement the contemplated investment process, investment objectives and risk management.  No representation is made that these targets or objectives will be achieved, in whole or in part.   The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC.   © 2020 Neuberger Berman Group LLC. All rights reserved.

Despite the volatility since March, credit markets have in fact seen opportunities as a result of the COVID-19 crisis. In this episode, David Brown, Senior Portfolio Manager and Global Co-Head of Investment Grade Credit, and Joe Lynch, Senior Portfolio Manager and Global Co-Head of Non-Investment Grade Credit, speak with Ashok Bhatia, Deputy CIO of Fixed Income, on how global credit markets have rallied and what they expect might come next for investors as market conditions seem to have great expectations for credit sectors.   This podcast includes general market commentary, general investment education and general information about Neuberger Berman.  It is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security.  This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of recording and is subject to change without notice.  Any views or opinions expressed may not reflect those of the firm as a whole. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.  Neuberger Berman products and services may not be available in all jurisdictions or to all client types. The use of tools cannot guarantee performance.  Diversification does not guarantee profit or protect against loss in declining markets.  Investing entails risks including the possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. The views expressed herein may include those of the Neuberger Berman Multi-Asset Class (MAC) team, Neuberger Berman’s Asset Allocation Committee and Neuberger Berman’s Investment Strategy Group (ISG). The Asset Allocation Committee is comprised of professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large diversified mandates. Tactical asset allocation views are based on a hypothetical reference portfolio. ISG analyzes market and economic indicators to develop asset allocation strategies. ISG consists of five investment professionals and works in partnership with the Office of the CIO. ISG also consults regularly with portfolio managers and investment officers across the firm. The views of the MAC team, the Asset Allocation Committee and ISG may not reflect the views of the firm as a whole, and Neuberger Berman advisers and portfolio managers may take contrary positions to the views of the MAC team, the Asset Allocation Committee and ISG. The MAC team, the Asset Allocation Committee and ISG views do not constitute a prediction or projection of future events or future market behavior. Discussions of any specific sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision.  The firm, its employees and advisory accounts may hold positions of any companies discussed.  It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable.  Any discussion of environmental, social and governance (ESG) factor and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision.  ESG factors are one of many factors that may be considered when making investment decisions. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. © 2020 Neuberger Berman Group LLC. All rights reserved.

In light of recent events surrounding racial inequality, many of us may wonder about the challenges that ethnic minorities face across industries. In this episode, Patricia Miller Zollar, Managing Director and Head of NorthBound Equity Partners here at Neuberger Berman, in conversation with guest moderator Gabe Feghali, discusses what is happening in the Private Equity space in regard to investing with diverse and emerging managers, while also providing insight on what these managers are doing to strive for success in order to get a seat at the table.   This general market summary and the opinions and beliefs expressed in this podcast are provided for general informational purposes only.  Nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security, and the views and beliefs expressed are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally.  This presentation is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions and the appropriateness of this presentation should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability, and has not been independently verified. All information, opinions and beliefs set forth in this presentation are current as of the date of this presentation and are subject to change without notice.  We do not undertake to advise you of any change in the opinions and beliefs or the information contained in this presentation.  Any views or opinions expressed may not reflect those of the firm as a whole. We may issue presentations or have opinions that are inconsistent with, and reach different conclusions from, this presentation.  No representation is made that any investment process, investment objectives, goals or risk management techniques discussed herein will or are likely to be achieved or successful. Any forward-looking opinions, beliefs, estimates, assumptions, outlooks, projections, assessments, or similar statements (collectively, “Statements”), constitute only subjective views, estimations or intentions, should not be relied on, are subject to change due to many factors, including fluctuating market conditions and economic factors.  Such Statements involve inherent risks, many of which cannot be predicted or quantified and are beyond our control.  Future evidence and actual results could differ materially from those set forth in, contemplated by, or underlying these Statements, which are subject to change without notice.  Considering the foregoing, there can be no assurance and no representation is given that these Statements are now, or will prove to be, accurate or complete.  Neuberger Berman undertakes no responsibility or obligation to revise or update such Statements. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Diversification does not guarantee profit or protect against loss in declining markets. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Investments in hedge funds, private equity and other private funds are speculative and involve more risk than more traditional investments. Investments in hedge funds, private equity and other private funds are intended for sophisticated investors only.  Past performance is no guarantee of future results. Portfolio, volatility or return targets or objectives, if any, are used solely for illustration, measurement or comparison purposes.  Such targets or objectives reflect subjective determinations based on a variety of factors including, among others, strategy and prior performance (if any), volatility measures, portfolio characteristics and risk, and market conditions.  Volatility and performance will fluctuate, including over short periods, and should be evaluated over the time indicated and not over shorter periods.  Performance targets or objectives should not be relied upon as an indication of actual or projected future performance.  Actual volatility and returns will depend on a variety of factors including overall market conditions and the ability of to implement the contemplated investment process, investment objectives and risk management.  No representation is made that these targets or objectives will be achieved, in whole or in part. The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. © 2020 Neuberger Berman Group LLC. All rights reserved.    

As we have concluded this year’s inaugural advanced proxy vote disclosure initiative, NB25+, Jonathan Bailey, head of ESG Investing, in conversation with Chairman and CEO, George Walker, discuss the importance of advanced vote disclosure, how engagement with portfolio companies is at the core of the investment process and what lies ahead for the next proxy voting season.   This podcast includes general market commentary, general investment education and general information about Neuberger Berman.  It is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security.  This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of recording and is subject to change without notice.  Any views or opinions expressed may not reflect those of the firm as a whole. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed.  Neuberger Berman products and services may not be available in all jurisdictions or to all client types. The use of tools cannot guarantee performance.  Diversification does not guarantee profit or protect against loss in declining markets.  Investing entails risks including the possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. The views expressed herein may include those of the Neuberger Berman Multi-Asset Class (MAC) team, Neuberger Berman’s Asset Allocation Committee and Neuberger Berman’s Investment Strategy Group (ISG). The Asset Allocation Committee is comprised of professionals across multiple disciplines, including equity and fixed income strategists and portfolio managers. The Asset Allocation Committee reviews and sets long-term asset allocation models, establishes preferred near-term tactical asset class allocations and, upon request, reviews asset allocations for large diversified mandates. Tactical asset allocation views are based on a hypothetical reference portfolio. ISG analyzes market and economic indicators to develop asset allocation strategies. ISG consists of five investment professionals and works in partnership with the Office of the CIO. ISG also consults regularly with portfolio managers and investment officers across the firm. The views of the MAC team, the Asset Allocation Committee and ISG may not reflect the views of the firm as a whole, and Neuberger Berman advisers and portfolio managers may take contrary positions to the views of the MAC team, the Asset Allocation Committee and ISG. The MAC team, the Asset Allocation Committee and ISG views do not constitute a prediction or projection of future events or future market behavior. Discussions of any specific sectors and companies are for informational purposes only. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision.  The firm, its employees and advisory accounts may hold positions of any companies discussed.  It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable.  Any discussion of environmental, social and governance (ESG) factor and ratings are for informational purposes only and should not be relied upon as a basis for making an investment decision.  ESG factors are one of many factors that may be considered when making investment decisions.  This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions.  The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. © 2020 Neuberger Berman Group LLC. All rights reserved.  

As the insurance industry has been potentially facing one of the biggest losses in history due to COVID-19, what lessons can we take from the past that could allow us to find opportunities in the future? Peter DiFiore, PhD, Managing Director of Insurance-Linked Securities, sits down with us to discuss the history of Insurance-Linked Securities, the impact of COVID-19 along with what the future might hold for the asset class as we move forward into the “new normal”. This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. ©2020 Neuberger Berman Group LLC. All rights reserved.